(Reuters) – Progressive Corp said on Tuesday its third-quarter profit more than doubled, driven by strong demand for personal auto insurance policies. Encouraged by expectations of a soft landing, individuals and businesses are spending on insurance policies despite higher prices. Wage growth and a relatively strong labor market have also given confidence to customers to […]
Gold and coffee boost September hedge fund returns, says Societe Generale
By Nell Mackenzie LONDON (Reuters) – Gold and coffee helped to deliver trend-following hedge funds a positive result in September, a Societe Generale note showed on Tuesday, thanks to record commodities prices, rising equities and falling interest rates. Gold has surged almost 30% this year to a record high on Sept. 26. The precious metal […]
China ex central bank adviser proposes $1.4 trillion in stimulus measures
HONG KONG (Reuters) – China could issue ultra-long-term treasury bonds within two years to generate at least 10 trillion yuan ($1.4 trillion) worth of stimulus to the economy, a former central bank adviser said on Saturday, according to state media. China should introduce a basket of measures, focusing on enhancing social protections, buying unsold apartments […]
Central banks may face volatile inflation for years to come, ECB’s Lagarde says
FRANKFURT (Reuters) – Profound shifts in the world economy could make inflation volatile for years to come, complicating efforts to control prices, but sticking with inflation-targeting regimes is still the best option, European Central Bank President Christine Lagarde said on Friday. Economic shifts from deglobalisation and protectionism to vast advances in technology have puzzled economists […]
Angel Studios to go public via $1.6 billion SPAC deal
(Reuters) -Media company Angel Studios said on Wednesday it would go public via a merger with blank check firm Southport Acquisition Corporation in a deal valued at $1.6 billion. Co-founded in 2013 by CEO Neal Harmon, Angel Studios generates revenue from licensing its films and television shows to streaming platforms such as Amazon, Apple and […]
Ukraine forex reserves rise to $42.3 billion as of Sept 1
(Reuters) -Ukraine’s foreign currency reserves were up to $42.3 billion as of Sept. 1, the central bank said on Friday. The reserves grew by 13.7% over the past month, the bank said in a statement. The reserves stood at $37.2 billion as of Aug. 1. “Such dynamics were driven by large inflows from international partners, […]
Shares of Canada-focused banks outstrip rivals with overseas bets
By Nivedita Balu TORONTO (Reuters) – Three of Canada’s largest banks, driven by domestic growth, have soared in the stock market this year on a spate of acquisitions, while lenders with global ambitions have sagged on rising costs in foreign markets. Shares of Royal Bank of Canada, CIBC and National Bank have outperformed the broader […]
Mexico cenbanker warns rise in headline inflation could hit other prices
MEXICO CITY (Reuters) – Mexican central bank deputy governor Jonathan Heath warned in an interview published on Wednesday that a recent rise in headline inflation could hit other prices, while cautioning that he viewed the monetary authority’s recent rate cut as premature. Heath, in an interview with local outlet El Universal, said he thought “it […]
Customers Bancorp hit with Fed action for risk management deficiencies
By Pete Schroeder WASHINGTON (Reuters) – The U.S. Federal Reserve announced Thursday it had imposed an enforcement action against Customers Bancorp for “significant deficiencies” around the bank’s risk management and anti money-laundering practices. The bank’s stock fell sharply after the Fed announced the action, falling over 20% in midday trading. The enforcement action against the […]
U.S. regulators fine Piper Sandler $16 million for record-keeping failures
(Reuters) – Piper Sandler has agreed to pay a total of $16 million as a civil penalty to U.S. regulators to resolve investigations into its record-keeping practices, the investment banking firm said on Tuesday. The firm will pay $14 million to the U.S. Securities and Exchange Commission (SEC) and $2 million to the Commodity Futures […]