Bank of America profit beats on consumer loan growth, lower expenses

Bank of America profit beats on consumer loan growth, lower expenses

(Reuters) – Bank of America Corp reported quarterly profit above analyst expectations on Monday as the second-largest U.S. lender cut expenses and benefited from growth in loans and deposits on the back of a strengthening economy. Noninterest expense dropped 5 percent in the quarter from a year earlier as the bank trimmed headcount and worked […]

The rich world needs higher real wage growth

The rich world needs higher real wage growth

CENTRAL bankers and economists have spilled much ink in recent years on the question of why wages have not grown more. The average unemployment rate in advanced economies is 5.3%, lower than before the financial crisis. Yet even in America, the hottest rich-world economy, pay is growing by less than 3% annually. This month the […]

Pakistan economy set to surpass last year's decade-high growth

Pakistan economy set to surpass last year's decade-high growth

Islamabad: Pakistan’s economy is set to surpass last year’s decade-high growth of 5.3 per cent in the current fiscal year 2017-18 but would remain short of the target set by the government, the country’s central bank said on Saturday. The economy will remain at risk of a widening current account deficit, which is a combination […]

U.S. wage growth, tax-bonuses spark shopping in retail stocks

NEW YORK (Reuters) – U.S. fund managers are betting that rising wages and the effects of the Republican-led corporate tax cut will prove a lifeline to middle-market retailers who have struggled to remain relevant in the age of Amazon. Wells Fargo, CM Advisors and Plumb Funds are among those asset management firms that are increasing […]