ISTANBUL (Reuters) -Turkey emerged as a critical stumbling block to a complex international plan to deprive Russia of wartime oil revenues as the number of tankers waiting to exit the Black Sea through Turkish straits continued to rise on Friday. Ankara has declined to scrap a new insurance inspection rule it implemented at the beginning of the month despite days of pressure from Western officials. A total of 28 oil tankers are in a queue seeking to leave the Bosporus and Dardanelles straits, the Tribeca shipping agency said on Friday.
"While the banking system has so far been relatively unscathed by the latest crypto crash, FTX’s collapse shows that crypto may be more integrated into the banking system than regulators are aware," the lawmakers wrote to the chiefs of the Fed, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency in letters dated Wednesday and released by Warren's office on Thursday. "We write to express concern ... and to inquire about how your agency assesses the risks to banks and the banking system associated with those relationships," wrote the senators, both Democrats on the Senate Banking Committee.
WASHINGTON, Kansas (Reuters) -Emergency crews on Friday were preparing to labor through the weekend to clean up the largest U.S. crude oil spill in nearly a decade, with workers descending on this farming community from as far away as Mississippi. A heavy odor of oil hung in the air, according to a Reuters witness, as tractor trailers ferried generators, lighting and ground mats to a muddy site. Federal investigators were at the scene trying to help determine what caused a leak of some 14,000 barrels of oil from Western Canada, an official said.
A Chicago jury found Christopher Jordan, 51, guilty of wire fraud affecting a financial institution after an eight-day trial in which prosecutors said he engaged in spoofing to defraud other market participants. The tactic involves placing and then quickly canceling orders to falsely create the impression of high demand or supply.
Foreigners dumped the most cash into emerging market portfolios in November than any month since June 2021 even as Chinese debt continues to see outflows, the Institute of International Finance (IIF) said on Thursday. "Non-resident investor flows to China have essentially ground to a halt, which is consistent with anecdotes we pick up from market participants who have become more attuned to geopolitical risk," said IIF economist Jonathan Fortun in a report alongside the flows data. China this week eased COVID-19 quarantine rules in a major policy adjustment which could reverse the flow of cash back into portfolios in the world's second-largest economy.
KPMG in Canada1 is proud to release its 2022 Our Impact Plan, the latest comprehensive update on the firm's progress towards its environmental, social, and governance (ESG) commitments. The report spotlights numerous initiatives KPMG has introduced to focus on key equity and sustainability issues through four central pillars: Planet, People, Prosperity, and Governance.
BERLIN/FRANKFURT (Reuters) -German rail operator Deutsche Bahn's management board has asked its supervisory board for the go-ahead to prepare a sale of its international logistics subsidiary Schenker, documents reviewed by Reuters showed on Thursday. The formality would allow management to "examine and prepare a sale of up to 100% of the shares in Schenker," the internal documents state ahead of a supervisory board meeting next week. This gives the state-backed train company the opportunity to consider a complete or partial sale to Schenker's competitors or to financial investors.
TORONTO — Canada's financial regulator is raising the amount of capital major banks need to have on hand over concerns of high household debt levels and other elevated systemic vulnerabilities. The Office of the Superintendent of Financial Institutions said Thursday the domestic stability buffer will go up by half a percentage point to three per cent as of Feb. 1, 2023. It also increased the possible range of future adjustments to between zero and four per cent, rather than the previous top end
Porter Airlines is introducing the first three routes with its new Embraer E195-E2 aircraft, between Toronto Pearson International Airport (YYZ) and Vancouver International Airport (YVR), Ottawa International Airport (YOW), and Montreal–Trudeau International Airport (YUL).
PARIS (AP) — Families of the 228 people killed on a Rio-Paris flight that crashed in 2009 were hoping for justice at last. Instead, they're wracked with anger and disappointment as a long-awaited trial wraps up Thursday with little sign that anyone will be held accountable. The verdict is expected on April 17 next year. Airbus and Air France, two major players in the aviation industry, face manslaughter charges in the trial over the crash of storm-tossed Flight 447 over the Atlantic. But even th
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A new survey suggests the rising cost of living has forced more than half of Canadians to cut costs in myriad ways including by choosing cheaper, less healthy foods and skipping medications. The Salvation Army released the data today as part of its Christmas fundraising campaign. Research by Edelman Data & Intelligence suggests a growing number of Canadians are worried about inflation costs, with 52 per cent of those polled reporting food-related budget challenges over the past year. That’s up f
Canada's main stock index closed slightly lower on Thursday as a drop in oil prices weighed on high-flying energy shares and a senior Bank of Canada official left the door open to additional interest rate hikes. The Toronto Stock Exchange's S&P/TSX composite index ended down 4.03 points at 19,969.19, its fifth straight day of declines and its lowest closing level since Nov. 17. The Bank of Canada will study the most recent economic data to gauge whether to raise interest rates further, Deputy Governor Sharon Kozicki said, adding the central bank would still move forcefully if necessary.
This time next year, the Bank of Canada will be forced to cut rates again to combat the recession and ensuing deflation
Because it is not often 10-year yields suddenly drop 11 basis points, break a chart big barrier and hit three-month lows for no discernible reason. True, the Bank of Canada did manage to be both hawkish and dovish by hiking 50bp but flagging it might be near done tightening. Since the Fed hiked 75bp in November, 10-year yields have fallen 90bps to be 37 basis points under the cash rate, while 10-year fixed mortgage rates have dropped to 6.07% from 6.67%.
U.S. wholesale inventories increased less than initially thought in October, suggesting that businesses were carefully managing their inventory amid slowing demand. The Commerce Department said on Friday that wholesale inventories rose 0.5% instead of 0.8% as reported last month. Stocks at wholesalers increased 0.6% in September.
Ma'aden, Saudi Arabia's leading mining company, today announced its sponsorship of the upcoming Future Minerals Forum (FMF), which will take place in Riyadh between 10-12 January 2023. As Founding Partner, Ma'aden will showcase its latest achievements in the mining industry, which contribute to developing economies and societies.
Proposed European Union rules aimed at tempering natural gas price spikes may actually jeopardize financial stability and need to be redesigned, the European Central Bank said on Thursday in a formal opinion. The EU proposed a "market correction mechanism" last month aimed at tempering natural gas prices and market volatility after a spike in energy costs pushed inflation to record highs and raised financial market stress in energy derivatives trading. The ECB, a guardian of the bloc's financial stability, acknowledged that the goal was to moderate extreme price levels and volatility, but warned that the rules could achieve the exact opposite.
SHANGHAI (Reuters) -China's passenger vehicle sales fell for the first time in six months in November and are expected to stay flat next year, an industry body said on Thursday, as demand weakens faster than expected, even as stringent COVID rules are eased. Vehicle sales last month fell 9.5% from a year earlier to 1.67 million units, the first decline since May, according to the China Passenger Car Association (CPCA). "The November sales were far worse than previous expectations," Cui Dongshu, the CPCA's secretary general, told an online briefing.
BANGKOK (AP) — Shares rose in Asia on Friday after an advance on Wall Street led by the latest rally in technology companies. Chinese benchmarks rose on reports the government is planning new measures to support the ailing property sector, which has dragged on growth over the past several years. The relaxation of some of the country’s “zero-COVID” rules is also boosting hopes for the economy will gain momentum, though experts say it will take months for tourism and other business to recover from