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Bank of America shareholders approve executive compensation and elect directors
Bank of America shareholders approved pay packages for CEO Brian Moynihan, the lender's top executive and elected 14 directors to the board on Tuesday. Institutional Shareholder Services, a proxy adviser, had advised investors to vote against the payouts. They expressed concerns over the process that was used to determine the compensation. Moynihan's earnings for the last year increased by about 21%, to $35 million. The board of directors credited him for increasing the company's net income by 2.3% and revenue by 3.4% last year. Moynihan stated that any impact the tariffs will have on the bank is indirect, depending on the effects of a trade conflict on the economy. He said: "The impact on our Bank will be the economic impact of trade war... so, if you think that consumption drops and that results in a reduction in force of employees that would increase unemployment rate." Earlier this month, the administration of Donald Trump announced, and then paused, tariffs on dozens countries, throwing global economic uncertainty. Moynihan said that his bank's economists do not expect a recession in this year. However, they believe the Federal Reserve won't cut rates due to the sticky inflation. A question regarding the Trump risk Sacked Fed Chair Jerome Powell said that an independent central banks is important to U.S. consistency. Trump intensified his criticism of Fed chair Powell, calling him a'major loser', in a post on social media made Monday. This raised concerns over the president’s influence over central bank. BofA shareholders voted also on other management-related proposals but rejected each individual shareholder proposal. The board was asked to report annually on its lobbying activities and its efforts to influence policy in relation to its 2030 targets for sectoral emission reductions and its 2050 target of net zero emissions. BofA has Joined other major U.S. Banks In recent months, the Net Zero Banking Alliance has been one of the top climate coalitions for the banking sector in the world. BofA's first-quarter profits surpassed expectations as its interest income increased and volatile stock markets helped their traders make a record haul. (Reporting and editing by Margueritachoy, Saeed Azhar, Arasu Kanagi Basil)
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Republican Senator asks RFK Jr.
Shelley Moore Capito, a West Virginia Republican senator, asked Robert Kennedy Jr. of the U.S. Department of Health and Human Services on Monday to reinstate programs that protect coal miners who have received layoff notices. Capito, the chair of the Senate Appropriations Subcommittee on Labor, Health and Human Services, has said that the work of the National Institute for Occupational Safety and Health, a Division of HHS, was critical for her coal-producing State and did not duplicate any government program. HHS announced mass layoffs of NIOSH employees on April 1. This included around 875 out of the 1,000 strong workforce. About 500 employees from Morgantown, West Virginia worked on developing products to protect coal miner and running a surveillance program for detecting cases of black lung, which are on the rise throughout central Appalachia. I am worried that RIFs will undermine vital health programs for so many West Virginians. In a letter to RFK Jr., she urged him to immediately bring back NIOSH workers so that they could continue to support the nation's coal industries. She told me that she met RFK Jr. recently, and he agreed with her that NIOSH is unique. The cuts to NIOSH are removing important federal protections for miners who are more susceptible to black lung disease due to exposure to silica. NIOSH has suspended a program that was in place for decades to detect lung diseases among coal miners. The NIOSH has also suspended related programs that provided x-rays at mine sites and lung tests. The loss of NIOSH staff has also affected the ability of black lung infected miners to receive relocation with pay under the Part 90 program. Capito warned HHS that it will begin decommissioning labs in the near future, including those located in West Virginia, and this would cost taxpayers thousands of millions of dollars. She said that restarting the labs would add to costs. She wrote: "I do believe that the President's vision of right-sizing our government will achieve this goal, but I don't think eliminating NIOSH coal research and programs will accomplish this goal." (Reporting and editing by Mark Porter; Valerie Volcovici)
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Argentex suspended shares after margin calls triggered by volatility
The shares of British currency management company Argentex, which is based in London, were suspended on Tuesday. Argentex said that the sharp drop in the U.S. Dollar had caused a serious deterioration in its liquidity. Argentex, a financial firm that has been hurt by recent market turmoil, announced it was evaluating a variety of options to help the company. The global markets have been volatile this month as President Donald Trump’s tariff policy has increased uncertainty about the economy. In a filing to the stock exchange, "Argentex was exposed to significant volatility of foreign exchange rates. As a result, (it) experienced a rapid impact on its short-term liquidity position," it said. This was due in part to margin calls related to its FX options and forward books. The company has a market cap of 69 million dollars and said that it was supported by its main liquidity provider. It also stated that they were looking to improve their position. If the volatility of currency markets increases materially in the future, the financial position of the company will be severely strained if it is not bolstered in the near-term. Argentex stated that it was particularly exposed to the "rapid devaluation of the U.S. Dollar against other major benchmark currency." According to LSEG, the dollar is at its lowest level in three years compared with a basket major currencies. It's also on track for its worst first-four months performance in 50 years. Analysts believe that the decline in the stock market is due to global investors selling U.S. investments because they are worried about the health and economy of the United States. Argentex's website describes it as "a global expert in currency risk and alternative banking". It offers its clients payment services and strategies to hedge their currency risks. The shares of the company were suspended on February 2, but they have already logged a 50% gain in 2025.
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Dollar up after recent stock selloff; Investors assess Trump's comments about Fed chief
The dollar also recovered slightly as investors assessed the criticisms of Donald Trump by the Federal Reserve Chair. Investors have also taken in more first-quarter company reports from the United States. The shares of 3M Co, an industrial conglomerate, jumped by 5% after it beat expectations for the first quarter. However, the company warned that tariffs could have a negative impact on its 2025 profits. Trump intensified his criticism of Fed chair Jerome Powell, calling him a “major loser”, in a post on social media made Monday. This raised concerns over Trump's influence on the central bank. Investors are worried that the White House may try to replace Powell by someone who will cut interest rates. Gold prices rose above $3,500 early on Tuesday morning, another record high. Oliver Pursche is senior vice president and advisor at Wealthspire Advisors, Westport, Connecticut. Trump wants to "put pressure on Powell." Stocks: "Overall, the trend in stocks is down. But it's no fire sale. Get rid of everything." The people are looking for pockets of opportunity and value. They are available. Trump stated last week that he believed Powell would leave his position if Trump asked him to, despite Powell's own statement. Although it is not clear whether Trump has the power to fire Powell, lawsuits filed by Trump over other firings are being monitored as possible proxy actions. Investor confidence was already shaken by Trump’s constant back and forth announcements about tariffs. They worry that this could cause a severe disruption to world trade, as well as hurting the global economy. The International Monetary Fund On Tuesday, the price was slashed The company cited the high U.S. Tariffs as a reason for its revised growth forecasts in the United States and China. The Dow Jones Industrial Average rose by 531.19, or 1.39 percent, to 38.701.60. The S&P 500 gained 64.03, or 1.24 percent, to 5,222.23. And the Nasdaq Composite jumped 212.61, or 1.37 percent, to 16.087.72. Results of Tesla are due later on Tuesday. The MSCI index of global stocks rose by 5.67 points or 0.72% to 788.78. The pan-European STOXX 600 fell by 0.27%. The dollar index measures the greenback in relation to a basket including the yen, the euro and other currencies. The dollar rose by 0.29%, while the euro fell 0.45% to $1.1461. The dollar fell 0.06% against the Japanese yen to 140.69. The dollar and yen had reached a seven-month peak earlier. The dollar gained 0.68% against the Swiss Franc to reach 0.815. Analysts said The dollar The situation was, however, still fragile, amid concerns about the U.S. tariffs. Gold has reached a new record high of $3.500.05. Recent dollar weakness and demand for safe havens helped to push gold up to this level. Gold spot was up 0.8% to $3,452.20 per ounce. The yield on the benchmark U.S. 10 year notes dropped 2.8 basis points from late Monday to 4.377%. Oil prices were higher. U.S. crude climbed 0.89% to $63.64 per barrel. Brent rose 0.8% to $66.79 a barrel.
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Putin talks nuclear talks between the US and Iran with Oman's leader
A Kremlin official said that Russian President Vladimir Putin and Sultan Haitham bin Tariq al-Said discussed Iran's nucleotide programme with him on Tuesday. Oman is mediating between Iran, the United States and Iran as Donald Trump attempts to reach an agreement with Iran that will curb its nuclear program. Washington believes it aims at developing nuclear weapons. Interfax reported Kremlin Foreign Policy aide Yury Uschakov saying, "We discussed progress in negotiations between Iranians and American representatives." "We'll see what happens." We keep in close touch with our Iranian colleagues. "We help where we can." Trump has threatened to attack Iran if a deal cannot be reached. Iran denies that it is seeking atomic arms. In January, Russia signed a treaty of strategic partnership with Iran and is trying to improve its relations with Trump's administration. As a signatory of a previous deal with Iran that Trump abandoned in his first term, 2018, Moscow plays a part in the nuclear talks. Russia has stated that any U.S. action against Iran is illegal. Putin told the Sultan in televised remarks that Russian energy companies are interested in developing relations between Oman and Russia. Putin met with the emir from Qatar, who visited on April 17, for the second time within a week. Last week, Iran's Foreign Minister visited. Mark Trevelyan (reporting, writing and editing)
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EPA starts layoffs for environmental justice staff
The Environmental Protection Agency (EPA) sent notices of termination on Tuesday to employees who worked on environmental justice programs in its regional offices and at its headquarters, stating that their work did not align with the agency's mission. Nearly 200 employees of Office of Environmental Justice and External Civil Rights, who had been placed on administrative leave since February, received the reduction-in force letters. The employees were reinstated in the pending legal challenges. The RIF notifications now being served will take effect on 31st July. The letter sent to employees Monday stated that "this action is necessary in order to align our workforce to the agency's present and future needs, and to ensure efficient and effective operations of our programs." The mission of the environmental justice office was to integrate equity and civil rights in environmental policymaking and protect low-income groups and minorities who are most at risk due to air and water pollution. "Decimating the Environmental Justice and Agency workforce is against our oath of protecting human health, and keeping our planet healthy and habitable to future generations," said Joyce Howell. She represents more than 8,400 EPA employees nationwide. EPA Administrator Lee Zeldin spoke to reporters Monday. He was appointed by U.S. president Donald Trump. Zeldin acknowledged that "there are some communities that have fallen behind and need help," however, he said that environmental justice programs were not effective at the agency. He told reporters at the EPA headquarters that "the problem is that, in the name environmental justice," a dollar would be secured but not spent on remediating this environmental issue. "Instead, this dollar will be spent on a team to tell us we should spend a dollar to remedy environmental issues," he told reporters at EPA headquarters. Zeldin and EPA staff have been working on a broader plan for reorganizing the agency and reducing its budget by 65%. (Reporting and editing by Barbara Lewis; Valerie Volcovici)
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Governor of Zaporizhzhia: Russian-guided bombs killed woman in Ukraine’s Zaporizhzhia
Ivan Fedorov, the regional governor, said that Russia had struck Zaporizhzhia, Ukraine, with two guided aerial weapons on Tuesday. A woman was killed and 26 others, including four children were injured. Regional officials reported that Russian forces launched drone attacks against the cities of Kherson and Kharkiv, both in the south of Ukraine. Both Russia and Ukraine were under pressure by the United States to show progress in ending the war which began when Russia invaded Ukraine on a full-scale basis in February 2022. "All this is deliberate Russian terrorism that can be stopped by a single command, a command in Russia and an order for the Russian Army," Ukrainian President Volodymyr Zelenskiy said on the social media platform X. He added that there were also attacks on Sumy Donetsk, and Odesa. Russia has not yet commented on these reports. Zaporizhzhia is an important industrial and logistical hub located in the southeast of Ukraine, about 50 km from the frontline. It has been frequently targeted by intensified Russian guided bomb attacks. The Ukrainian air defences have a difficult time intercepting highly destructive guided bombs. Local officials shared images of a residential building with upper floors that were charred and rescuers who were helping the injured. Fedorov stated that doctors are treating all the boys, aged between 3 and 16, as well as other injured victims of the attack. One of the guided bombs hit a densely-populated area of the town at around 11:40 am (08:40 GMT). "I'm not able to think straight." Alla, an 73-year-old local, said that there was a loud bang and the balcony had been completely blown off. She was visibly trembling as she sat down on a nearby bench. The largest nuclear power station in Europe, the Zaporizhzhia Region, is located in a part of Russia. Six people were injured in Kherson and an entire hospital was damaged by regional prosecutors. Mayor Ihor Terekhov reported that at least 10 people in Kharkiv were injured and that several fires broke as Russia targeted the four districts of the city.
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IMF lowers Saudi Arabia's growth forecast for 2025, citing a slower oil recovery as a drag in the region
The International Monetary Fund lowered on Tuesday its GDP growth forecasts for Saudi Arabia and the region as a whole, citing headwinds such as a gradual return to oil production. The lowest crude oil prices since the COVID-19 epidemic are putting pressure on oil-dependent governments. Officials are preparing policies to deal with the drop in revenues, such as increasing debt or reducing expenditure. IMF's World Economic Outlook reduced the IMF's forecast for Saudi Arabia’s GDP growth to 3% in 2025, compared with a January estimate that predicted a 3.3% rise. IMF has also reduced its projection of growth in 2026 to 3.7%, down 0.4 percentage points from the January estimate. The growth forecast for the Middle East and Central Asia region has been lowered from 3.6% to 3%. The report stated that "compared with January's projection, the projection has been revised downward. This reflects a more gradual return to oil production, ongoing spillovers of conflicts, and slower than expected progress on structural reforms." A poll conducted in October predicted a 4.4% growth rate for Saudi Arabia, which is the top oil exporter in the world and a G20 member. Market volatility, lower prices and rising global risks are now threatening to impede the recovery of the economy, despite the Kingdom's efforts to diversify beyond oil. Economists claim that despite the volatility of oil markets, Gulf oil exporters remain relatively protected from it due to their higher reserves, reduced debt, and ongoing diversification initiatives. S&P upgraded Saudi Arabia's sovereign credit rating from 'A-' to 'A+-' in March. They cited stronger institutions, and a solid growth in non-oil sectors under Vision 2030. However, they warned that lower oil revenues could lead to increased fiscal deficits, and delays or reductions in major infrastructure project. Reporting by Manya SAINI in Dubai Editing Bernadette BAUME
Renewing fighting in eastern Congo as neighbours attempt to revive peace process
On Tuesday, M23 rebels backed by Rwanda in eastern Democratic Republic of Congo fought militiamen aligned with the government as regional countries sought to revive faltering peace efforts.
M23's rapid advance in eastern Congo since January has resulted thousands of deaths, and hundreds of thousands have been forced from their homes.
Southern and East Africa have repeatedly made diplomatic efforts to resolve the conflict, amid fears that it could spiral into an even larger regional war.
The latest setback in these efforts occurred on Monday, when the M23 rebels reneged on their pledge to withdraw from Walikale. They also accused the Congolese Army of failing to stop its offensive operations.
Residents said that Wazalendo, the pro-government militia fighters and rebels who are known as Wazalendo fought on Tuesday in North Kivu Province and South Kivu Province.
Muhindo Taffuteni, an activist from the local civil society, reported that in North Kivu, clashes continued to rage near the shores of Lake Edward which is located on the border of Congo and Uganda.
Residents in South Kivu said that fighting broke out in several towns north Bukavu (the provincial capital, which M23 captured last February), residents in South Kivu.
DIPLOMA REGIONAL
Leaders of the major political groups in Southern and Eastern Africa met on Monday in order to develop a plan that would secure a ceasefire. The conflict is rooted in the long-lasting fallout following the genocide of 1994 in Rwanda, and the competition over mineral resources.
They said in a later statement that they had nominated five former heads to facilitate the process of peace.
The nominees include Olusegun Obasanjo of Nigeria, Kgalema Motlanthe of South Africa, Sahle Work Zewde from Ethiopia, Uhuru Kenyatta of Kenya, and Catherine Samba Panza, Central African Republic.
The Congo's presidential office said that the new panel will name a mediator who will replace Angolan president Joao Lourenco. He resigned from his role as a mediator on Monday after years of trying to ease tensions in Rwanda and Congo.
The summit, according to Rwanda's government which has been sanctioned for its support of M23 by several Western countries, was "fruitful".
Rwanda denies that it supports M23, but says its forces acted in self-defence to defend themselves against the Congolese army and other militias hostile towards Kigali.
M23 claims that the only way to resolve the conflict is through negotiations between Kinshasa and the rebels.
Last week, Tshisekedi agreed to meet with M23 after dropping his refusal. However, the rebels retreated in protest of new European Union sanctions.
As regional countries met for peace talks, the danger of an escalation was not forgotten.
In an interview given to the BBC by President Evariste Ndayishimiye, who has fought alongside Congo's army in fighting M23, Ndayishimiye said that Rwanda was planning on attacking Burundi.
In a report that was published on Tuesday, he said: "Burundians won't accept being killed like Congolese." He added that he wanted the problem to be resolved through dialogue.
Burundi has long had tense relationships with Rwanda, but in the last few weeks officials from both sides met.
Yolande Makolo, Rwanda's spokesperson for the government, said: "These comments are shocking because Rwandan defence and security agencies have been meeting with Burundian counterparts to discuss ways to secure our shared borders." Reporting by Congo Newsroom, Writing by Hereward and Aaron Ross and Editing by Sharon Singleton & Angus MacSwan
(source: Reuters)