Credit Suisse Business Stable, Chairman Tells Broadcaster SRF

ZURICH (Reuters) – Credit Suisse has seen a stabilisation in the outflows of client funds, Chairman Axel Lehmann told Swiss broadcaster SRF on Monday, adding that the embattled bank’s business is “definitely stable.” “Thankfully the outflows have stabilised,” Lehman told SRF in an interview to be broadcast on Monday. Funds were also starting to return to the bank, he said, particularly in its Swiss home market. (Reporting by John Revill; Editing by Mark Porter)

Oil Falls Nearly 3% After Data Raises Fed Interest Rate Worries

By Stephanie Kelly NEW YORK (Reuters) – Oil prices fell nearly 3% on Monday, following U.S. stock markets lower, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by 1:23 p.m. EST (1823 GMT). West Texas Intermediate crude (WTI) fell $2.28, or 2.9%, to $77.70 a barrel. Both benchmarks had earlier risen more than … Read more…

Italy Urges EU Subsidy Package In Response To U.S. IRA Scheme

ROME (Reuters) – Italian Economy Minister Giancarlo Giorgetti on Monday called for a common European Union approach to support competitiveness and protect strategic production, in response to the massive subsidies in the United States’ Inflation Reduction Act (IRA). The EU fears that the $430 billion IRA scheme, with its generous tax breaks for domestic production of energy sector components, may lure away EU businesses and disadvantage European companies, from car manufacturers to makers of green … Read more…

Factbox-How Governments Are Trying To Ease Inflation Pain

(Reuters) – Pandemic-related disruptions to global supply chains and the knock-on effects of Russia’s war in Ukraine have driven up prices of energy, commodities and necessities. Here’s how governments are trying to help hard-hit consumers and companies: AMERICAS: * The U.S. government in early November announced $4.5 billion in measures to help Americans lower home energy bills. The administration also put forward the $430 billion Inflation Reduction Act in August. * Mexico will raise the … Read more…

U.S. Services Industry Regains Steam; Factory Orders Accelerate

By Lucia Mutikani WASHINGTON (Reuters) – U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create jobs at a solid clip in November, with wage growth accelerating. Consumer spending also … Read more…

GM’s BrightDrop Signs First Customer In Canada, Unveils Country’s First Large EV Factory

By Lisa Baertlein (Reuters) -The first electric delivery trucks rolled off production lines at BrightDrop’s new factory in Canada on Monday, when the upstart unit of General Motors Co also announced DHL Express Canada as its first customer outside the United States. GM spent seven months and more than $2 billion transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada’s first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. Before … Read more…

Crypto Lender Nexo To Quit United States

By Elizabeth Howcroft LONDON (Reuters) – UK-based crypto lender Nexo said on Monday it would phase out its U.S. products and services over the coming months due to clashes with regulators. “Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end,” Nexo said in a blog post on Monday. Crypto lenders act like banks for the crypto world, offering customers interest … Read more…

GM’s BrightDrop Signs First Customer In Canada, Unveils Country’s First Large EV Factory

By Lisa Baertlein (Reuters) – The first electric delivery trucks rolled off production lines at BrightDrop’s new factory in Canada on Monday, when the upstart unit of General Motors Co also announced DHL Express Canada as its first customer outside the United States. GM spent seven months transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada’s first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. Before the switch, the site … Read more…

Slack CEO Butterfield To Depart Next Month

(Reuters) -Slack Chief Executive Officer Stewart Butterfield plans to leave the workplace messaging platform in January, parent company Salesforce Inc said on Monday. Lidiane Jones, who is the senior vice-president of product management for Salesforce Commerce Cloud, will take over as CEO of Slack, a company spokesperson said. Business Insider had first reported the news earlier in the day. Shares in Salesforce, a component of the Dow Jones Industrial Average, slumped about 4%. Salesforce had … Read more…

Slack CEO Butterfield To Depart Next Month – Business Insider

(Reuters) – Workplace messaging platform Slack’s Chief Executive Officer Stewart Butterfield plans to leave the company in January, the Business Insider reported on Monday. Lidiane Jones will take over as CEO, Insider reported, citing an internal memo. Salesforce Inc, which acquired Slack last year, did not immediately respond to a Reuters’ request for comment. (Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips)