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URGENT: Video shows beheading of second American journalist

DUBAI (Reuters) - The Islamic State militant group released a video purporting to show the beheading of U.S. hostage Steven Sotloff, the SITE monitoring service reported on Tuesday. A masked figure in the video also issued a threat against a British hostage, a man the group named as David Haines, and warned governments to back off "this evil alliance of America against the Islamic State", the monitoring service said. (Reporting by William Maclean, Editing by Angus MacSwan)

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BNY Mellon revenue falls 1 percent; tax case triggers loss

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid
A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid

(Reuters) - BNY Mellon Corp said on Wednesday that first-quarter revenue fell 1 percent as the world's largest custody bank reported a loss due to a high-stakes tax battle with the U.S. Internal Revenue Service.

BNY Mellon's net loss of $266 million, or 23 cents a share, reflected a U.S. Tax Court decision announced in February that triggered a previously announced $854 million charge against profits.

In the year-earlier quarter, BNY Mellon reported net income of $619 million, or 52 cents a share.

Excluding the tax-related charge, the bank earned 50 cents a share, missing the average analyst estimate by 2 cents, according to I/B/E/S Thomson Reuters.

Revenue totaled $3.61 billion, down 1 percent from a year ago. Bright spots included 10 percent gains in both investment management and performance fees, and foreign exchange trading.

Net interest revenue at the bank, however, fell 6 percent to $719 million, reflecting lower yields on reinvested securities and the elimination of interest on European Central Bank deposits.

(Reporting by Tim McLaughlin; Editing by Lisa Von Ahn and Jeffrey Benkoe)

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