Architect of Allianz fraud made $ 60 million as he lied to investors, US says

Architect of Allianz fraud made $ 60 million as he lied to investors, US says

FRANKFURT, May 17 (Reuters) – The star portfolio manager at the center of a fraud at the US funds unit of Allianz SE (ALVG.DE) relied on the German insurer’s good name to lure investors and thrived from a lack of oversight as he pocketed $ 60 million in pay, US authorities said. Gregoire “Greg” Tournant, … Read more

Shares slide as global growth fears mount

Shares slide as global growth fears mount

FILE PHOTO – An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. REUTERS / Thomas Peter Register now for FREE unlimited access to Reuters.com Register BEIJING / HONG KONG, May 19 (Reuters) – Asian stocks slid on Thursday, tracking a steep Wall Street … Read more

US housing market cooling as building permits tumble, starts fall

US housing market cooling as building permits tumble, starts fall

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, US June 3, 2021. REUTERS / Mike Blake Register now for FREE unlimited access to Reuters.com Register Building permits decline 3.2% in April Single-family permits drop 4.6%; multi-family fall 1.0% Housing starts slip 0.2%; single-family dives … Read more

‘Huge’ pressure for Shanghai to stay COVID-free as lockdown end nears

‘Huge’ pressure for Shanghai to stay COVID-free as lockdown end nears

Shanghai health authorities warn of risks of COVID rebound Some migrant workers looking to leave Shanghai Goldman cuts China GDP forecast, warns of further slip E-commerce giant JD.com says consumers are losing confidence SHANGHAI / BEIJING, May 18 (Reuters) – Health authorities in Shanghai faced “huge” pressure to keep China’s most populous city free of … Read more

Strong US retail sales, manufacturing output boost economic outlook

Strong US retail sales, manufacturing output boost economic outlook

Retail sales increase 0.9% in April March retail sales gain raised to 1.4% from 0.5% Core retail sales up 1.0%; March revised to show 1.1% gain Manufacturing production increases 0.8% in April WASHINGTON, May 17 (Reuters) – US retail sales rose strongly in April as consumers bought more motor vehicles amid an improvement in supply … Read more

Fed’s Powell vows to raise rates as high as needed to kill inflation surge

Fed’s Powell vows to raise rates as high as needed to kill inflation surge

Federal Reserve Chair Jerome Powell testifies before the Senate Banking Committee in Washington, US, March 3, 2022. Tom Williams / Pool via REUTERS Register now for FREE unlimited access to Reuters.com Register WASHINGTON, May 17 (Reuters) – Federal Reserve Chair Jerome Powell on Tuesday pledged that the US central bank would ratchet interest rates as … Read more

Allianz to pay $ 6 billion in US fraud case, fund manager charged

Allianz to pay $ 6 billion in US fraud case, fund manager charged

NEW YORK / MUNICH, May 17 (Reuters) – Germany’s Allianz SE (ALVG.DE) agreed to pay more than $ 6 billion and its US asset management unit will plead guilty to criminal securities fraud over the collapse of its Structured Alpha funds early in the COVID-19 pandemic. Allianz’s settlements with the U.S. Department of Justice and … Read more

Normal still “far away” in Shanghai despite prized ‘zero COVID’ status

Normal still “far away” in Shanghai despite prized ‘zero COVID’ status

Shanghai goes three days with no new community infections Only a few signs of a gradual re-opening Amcham warns COVID controls hamper foreign investment SHANGHAI / BEIJING, May 17 (Reuters) – Shanghai achieved on Tuesday the long-awaited milestone of three consecutive days with no new COVID-19 cases outside quarantine zones but most residents will have … Read more

Shares recover even as inflation fears linger

Shares recover even as inflation fears linger

Blank prices are displayed in the stock quotation boards at the Tokyo Stock Exchange (TSE) after the TSE temporarily suspended all trading due to system problems in Tokyo, Japan October 1, 2020. REUTERS / Issei Kato / Files Register now for FREE unlimited access to Reuters.com Register LONDON / HONG KONG, May 17 (Reuters) – … Read more

Surging natural gas prices squeeze US industrial sector

Surging natural gas prices squeeze US industrial sector

An LNG tanker is guided by tug boats at the Cheniere Sabine Pass LNG export unit in Cameron Parish, Louisiana, US, April 14, 2022. REUTERS / Marcy de Luna Register now for FREE unlimited access to Reuters.com Register HOUSTON / CHICAGO, May 16 (Reuters) – Skyrocketing natural gas prices have raised manufacturing and transportation costs … Read more