Reuters USA

Bigger banks rise while regionals slump as Q1 earnings season kicks off

By Sinéad Carew and Saqib Iqbal Ahmed (Reuters) – Shares in U.S. banks were a mixed bag on Friday with JPMorgan Chase soaring 7.0% after its quarterly report impressed investors while PNC Financial was among regional bank decliners after it reduced growth expectations for 2023. JPMorgan, the biggest U.S. lender by assets, reported a first-quarter …

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Florida to allow death penalty with 8-4 jury vote instead of unanimously

(Reuters) -Florida Governor Ron DeSantis is expected to sign a bill on Friday allowing juries to recommend the death penalty in capital cases on an 8-4 vote, a move spurred by the less-than-unanimous vote that led to the Parkland school shooter being sentenced to life in prison. The state’s Republican-led House of Representatives approved the …

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JPMorgan surpasses Wall St forecasts, winning business as crisis roils industry

By Niket Nishant and Nupur Anand (Reuters) -JPMorgan Chase & Co beat Wall Street’s estimates for quarterly profit and raised its outlook for interest income on Friday, emerging as one of the biggest winners of a flight to safety during last month’s banking crisis. The largest U.S. lender gained $50 billion in deposits at the …

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BlackRock eyes banking rout as chance for growth as inflows rise

By Jaiveer Shekhawat and Davide Barbuscia (Reuters) – BlackRock Inc expects dislocations created by a recent banking rout to present “enormous” opportunities to expand its business, as investors shift allocations to avoid abrupt market gyrations and profit from a higher interest rate environment. The world’s largest asset manager reported an 18% drop in first-quarter profit …

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Citigroup beats estimates on higher income from loans; shares rise

By Tatiana Bautzer and Mehnaz Yasmin (Reuters) – Citigroup Inc’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23% to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according …

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Wells Fargo profit exceeds estimates as rising rates bolster income

By Noor Zainab Hussain, Manya Saini and Saeed Azhar (Reuters) -Wells Fargo & Co’s profit surpassed expectations for the first quarter on Friday as it earned more from higher interest rates, even while executives forecast tighter monetary policy would dampen economic activity. The bank also reported a $643 million increase in the allowance for credit …

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U.S. begins testing bird flu vaccines for poultry after record outbreak

CHICAGO (Reuters) – The U.S. government is testing several potential bird flu vaccines for poultry, officials said on Friday, after more than 58 million chickens, turkeys and other birds have died in the nation’s worst outbreak ever. The trials, conducted by the U.S. Department of Agriculture’s (USDA) Agricultural Research Service, are the first step in …

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U.S. Supreme Court empowers bids to curb authority of federal agencies

By Andrew Chung and John Kruzel WASHINGTON (Reuters) – The U.S. Supreme Court on Friday made it easier to challenge the regulatory power of federal agencies in two important rulings backing Axon Enterprise Inc’s bid to sue the Federal Trade Commission and a Texas accountant’s gripe with the Securities and Exchange Commission. A 9-0 ruling …

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Leak of classified information was deliberate criminal act -Pentagon

WASHINGTON (Reuters) – The leak of classified information was a “deliberate, criminal act,” the Pentagon said on Thursday. Pentagon spokesman Brigadier General Pat Ryder referred questions about the investigation to the Department of Justice. Ryder added the Pentagon had taken steps to review distribution lists and ensure that people receiving information had a need to …

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US retail sales post second straight monthly drop; factory output falls

By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, suggesting that the economy was losing steam at the end of the first quarter because of higher interest rates. Ebbing demand for goods is undercutting production at …

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