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(Bloomberg) -- The Federal Reserve Bank of New York’s Michelle Neal has resigned as head of the markets group and member of the executive committee, marking the latest in a string of high-status departures in recent years.Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersCity Hall Is HiringAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamNeal, who joined the

The U.S. Federal Reserve said on Thursday it had approved an application by Scotiabank to buy up to 14.99% of the voting shares in U.S. regional lender KeyCorp, as the Canadian bank looks to boost its exposure to developed markets. Scotiabank announced the $2.8 billion deal in August, which would also allow it to appoint two directors to the Ohio bank's board. Scotiabank CEO Scott Thomson's move to acquire a stake in the regional lender comes as the bank refocuses on the North American trade corridor as part of its new strategy, while it looks at possibly exiting some unprofitable markets in South America.

(Bloomberg) -- A rally that shot the world’s biggest technology stocks to all-time highs hit pause Thursday as Wall Street held off on big bets ahead of the Federal Reserve’s policy meeting next week. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersCity Hall Is HiringAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamIn afterhours trading, chip supplier Broad

The head of the Federal Reserve Bank of New York's powerful Markets Group, Michelle Neal, is stepping down and will leave the bank in March 2025, the bank said in a press release on Thursday. Neal will serve as a senior advisor at the bank until she exits, the bank said, adding that Neal is moving to a role in the private sector. Neal oversees the part of the New York Fed that interfaces with the financial sector.

Logistics firm Freight Essentials filed a federal lawsuit against WWEX Group and its affiliates, alleging that the company is engaging in fraudulent business practices with hidden fees. The post Freight Essentials takes aim at WWEX Group in federal lawsuit appeared first on FreightWaves.

Argentina's economy is expected to have contracted 2.6% in the third quarter of 2024 versus a year earlier, the sixth straight such decline, but expanded against the quarter before, breaking a technical recession going back to the end of last year. A Reuters poll on Thursday, involving 13 local and foreign analysts, gave the year-on-year contraction of gross domestic product (GDP), which follows a 1.7% contraction in the second quarter and a steep 5.1% drop in the first quarter. Economic activity, an early barometer of growth, slid 3.3% year-on-year in September, 3.7% in August and 1% in July, data from the INDEC statistics agency show, as industry slowed amid a harsh austerity drive by libertarian President Javier Milei.

(Bloomberg) -- Oil snapped a three-day rally to settle near $70 a barrel with expectations for a supply glut in 2025 countering geopolitical risks. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersCity Hall Is HiringAmerican Institute of Architects CEO ResignsCloud Computing Tax Threatens Chicago’s Silicon Valley DreamThe International Energy Agency on Thursday reiterated its calls for a large supply surplus nex