The March retails sales report in the US surprised to the upside with a 9.8% increase. Analysts at Wells Fargo point out March started out with retailers still under pressure from February's deep freeze which put a chill on spending activity; but consumers hit stores in March with a pocketful of money and eager to make up for the lost time.
NEW YORK (Reuters) - BlackRock Inc’s first-quarter profit beat Wall Street estimates on Thursday, as a continued rally in global financial markets and broad-based strength in the asset manager’s businesses helped vault the firm’s assets under management to a record $9.01 trillion.
“The broadness of our platform is really resonating with clients,” BlackRock’s chief executive, Larry Fink, said in an interview.
Clients, who a few years ago came to BlackRock mainly for its index and fixed income actives business, are now looking to the firm for a range of needs including investing in alternatives, active equities, risk management and technology, Fink said.
The firm reported a record $172 billion in net inflows to its various funds during the quarter with strength in its iShares and alternative assets businesses.
“They are definitely widening the competitive gap against peers and they continue to take wallet share,” said Kyle Sanders, an analyst with St....
ESZTERGOM, Hungary (Reuters) - The cross on top of Hungary’s largest church, the magnificent Esztergom Cathedral, has been hiding a 176-year-old time capsule that was only recovered during renovation work this year.
WASHINGTON—Federal Reserve Chairman Jerome Powell said Wednesday that the central bank will begin to slow the pace of its bond purchases “well before” raising interest rates.
The Fed has been buying at least $120 billion a month of Treasury debt and mortgage-backed securities since last June to hold down long-term borrowing costs. Since December, the central bank has said the economy must make “substantial further progress” toward its goals of maximum employment and 2% inflation before it scales back those purchases.
“We will taper asset purchases when we’ve made substantial further progress toward our goals, from last December when we announced that guidance,” Mr. Powell said in a virtual event held by the Economic Club of Washington, D.C. “That would in all likelihood be before—well before—the time we consider raising interest rates.”
The Fed has said it will hold rates near zero until it sees the labor market return to full employment and inflation...
LONDON (Reuters) -Activist hedge fund Elliott Management has taken a multi-billion pound stake in GlaxoSmithKline, the Financial Times reported on Thursday, after a year that has seen the British pharma firm take a backseat role in the COVID-19 vaccine race.
Shares in GSK erased losses and traded more than 7% higher on the report, and were last up 5% at 1151 GMT.
I took the first photo of my daughter, Rebecca, moments after she was born on August 3, 2005.
Barely more than 15 years later, I took the last photo of my daughter moments after she died, of cancer, on January 3, 2021.
DEL RIO, Texas (Reuters) - Sheriff Joe Frank Martinez is worried.
More migrants are crossing the U.S.-Mexico border near Del Rio, Texas than Martinez recalls in his 13 years as Val Verde County Sheriff. They wade across the Rio Grande river and into residents’ yards.
But it is members of his own community that have Martinez most concerned.
Last month, he said, a resident fired his gun to scare a group of migrants walking on the outskirts of town; nearby schools were locked down in response. He said unfounded accusations have spread on social media blaming migrants for crimes like break-ins. And at a recent community meeting, Martinez said, a resident asked him if she could use “deadly force” to stop migrants who step onto her land.
“Something like that happens, you got a different situation on your hands,” Martinez said.
Tensions are rising in Del Rio, a city of 35,000, as the nation once again grapples with an increase in migrants seeking entry...
Residents of postcodes in South and North London are being urged to get Covid-19 tests to help suppress the spread of the South African coronavirus variant which has increased resistance to vaccines.
Barnet Council said in a 14 April statement that the South African variant of Covid-19 has been found in the borough.
The council said it would...
Surging markets and an improving credit outlook handed Brian Moynihan his best return on equity to date. Yet it’s still half what Jamie Dimon’s bank managed, and their valuations are far apart. Given Bank of America’s conservativism, an economic growth spurt may widen that gap.
It’s been another one of those weeks that felt like a job guarantee for journalists who write the first draft of history. But this time, it wasn’t an entire decade flashing by in seven days. This week brought the ghosts of decades past returning for a visit. There was a life before lockdown, they remind us. You are here now because of what happened back then. Remember?
- voted 25-17 to advance a bill to study the effects of slavery and discrimination—and recommend remedies. It's the first time the full Congress will consider the measure, H.R. 40, which has been introduced in every session since the late 1980s. “This legislation is long overdue,” Judiciary Chairman Jerry Nadler, a New York Democrat,
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The Night Tube was first suspended on 20 March last year at the outbreak of the pandemic, with plans to restart this spring.
However, Byford told the Evening Standard the service is unlikely to resume until at least 2022, with potential delays running well into next year.
“We need the personnel to keep the day services going and frankly there isn’t the demand for it, so there are no immediate plans to restore the Night Tube within a year, and certainly not before 2022,” he said.
The news incensed businesses in the night time economy, which have seen the bulk of venues shuttered for more than a year during the pandemic.
Michael Kill, chief executive of the Night Time Industries Association (NTIA), said the decision would prove “catastrophic” for London businesses.
- Chip shortages for higher-end systems are not unusual. But it is uncommon for an array of industries to be scrambling for the common chips embedded in many of their products.Credit...Arno Burgi/picture alliance, via Getty Images
Prime Minister Mario Draghi’s cabinet approved the new numbers on Thursday, forecasting economic growth at 4.1% in 2021 and targeting it at 4.5% once stimulus measures and other legislation are factored in, according to a government official.
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