FINANCIAL NEWS

Foreign leaders seek fresh ties with US governors, mayors

AP Business - 57 min 32 sec ago
WASHINGTON (AP) -- When Australian Prime Minister Malcolm Turnbull arrives in Washington this week for consultations with President Donald Trump, he won't be traveling solo....

Some Companies Move to Gender-Blind Leave for New Parents

In a few corners of corporate America, companies are discarding parental-leave policies that encode distinctions between mothers and fathers, arguably holding women back at work and relegating men to secondary roles at home. Instead, they are offering gender-blind time off for all new parents.

Small Business Thinks Big About Recruiting

To find qualified employees in a tight job market, small and midsize companies are getting creative, reaching out to local high schools, beefing up internships and even offering to pay vacation costs.

Romania corruption battle shows limits of EU sway

FINANCIAL TIMES - 1 hour 43 min ago
Bucharest, like Warsaw and Budapest, clashes with Brussels over the rule of law
Categories: FINANCIAL NEWS

Erdogan paves way for pact with nationalists

FINANCIAL TIMES - 1 hour 44 min ago
Alliance illustrates Turkish president’s drift towards rightwing agenda
Categories: FINANCIAL NEWS

Can anything stop the boom in Hong Kong property prices?

FINANCIAL TIMES - 1 hour 44 min ago
Buyers are looking for smaller and smaller homes in the search for affordable housing
Categories: FINANCIAL NEWS

Hate speech, atrocities and fake news: the crisis in Myanmar

FINANCIAL TIMES - 1 hour 56 min ago
As violence against the Rohingya is uncovered and Aung San Suu Kyi falters, the country faces a pivotal moment
Categories: FINANCIAL NEWS

How the alleged Punjab National Bank fraud unfolded

FINANCIAL TIMES - 2 hours 28 min ago
India has been gripped by the scandal involving billionaire jewellers and state-run institutions
Categories: FINANCIAL NEWS

Greek parliament to probe 10 politicians over pharma scandal

AP Business - 2 hours 43 min ago
ATHENS, Greece (AP) -- Greece's parliament voted early Thursday following a marathon 20-hour session to investigate 10 senior politicians, including two former prime ministers, over allegations they were involved in a pharmaceutical bribery scandal....

Rhodes will gaze down at another kind of scholar

FINANCIAL TIMES - 2 hours 44 min ago
The new global scholarships that are open to everyone are a century in the making
Categories: FINANCIAL NEWS

Beyond 'Obamacare': New liberal plan on health care overhaul

AP Business - 3 hours 32 min ago
WASHINGTON (AP) -- A major liberal policy group is raising the ante on the health care debate with a new plan that builds on Medicare to guarantee coverage for all....

Is blockchain a runaway train?

AMERICAN BANKER - 3 hours 41 min ago
Momentum is continuing unabated for blockchain projects and initial coin offerings (ICOs) as the potential for blockchain continues to be realized.

Priceline Group Rebrands to Booking Holdings

Priceline Group has changed its name to Booking Holdings, a move the company says better represents the diversity of its businesses.

Beyond 'Obamacare': New liberal plan on health care overhaul

AP Business - 4 hours 41 min ago
WASHINGTON (AP) -- A major liberal policy group is raising the ante on the health care debate with a new plan that builds on Medicare to guarantee coverage for all....

North Korea’s Kim Yo Jong emerges from the shadows

FINANCIAL TIMES - 4 hours 50 min ago
Supreme leader’s smiling sister credited with softening image of Pyongyang regime
Categories: FINANCIAL NEWS

Trump suggests arming teachers after Florida shooting

FINANCIAL TIMES - 5 hours 26 min ago
President hears emotional appeals from survivors to end school attacks
Categories: FINANCIAL NEWS

Ford executive departs over misconduct allegations

FINANCIAL TIMES - 5 hours 43 min ago
Carmaker finds Raj Nair’s behaviour was ‘inconsistent’ with its code of conduct
Categories: FINANCIAL NEWS

Federal Savings denies quid pro quo with Manafort

AMERICAN BANKER - 6 hours 16 min ago
The Chicago bank is denying a report that its CEO, Steve Calk, made $16 million in mortgage loans to former Trump campaign chairman Paul Manafort in exchange for a job in the White House.

R-Rated Behavior of Star Producer Causes Drama for Disney

Tom Schumacher, the executive behind Disney’s new “Frozen” musical, has been accused of explicit sexual language and behavior in the workplace, even as he turned the entertainment company into a powerful force on Broadway.

Judge orders gov't review of Keystone pipeline documents

AP Business - 6 hours 33 min ago
BILLINGS, Mont. (AP) -- Federal officials must go back and review documents related to the disputed Keystone XL oil pipeline, under a Wednesday court ruling that came after environmentalists accused President Donald Trump's administration of withholding details on the project's approval....

YouTube Says It Mistakenly Promoted a Conspiratorial Video on Florida Shooting

Google’s video site and other social media struggle to suppress misleading and false content on their platforms.

How Jeffrey Immelt's 'Success Theater' Masked the Rot at GE

A culture that disdained bad news contributed to overoptimistic forecasts and botched strategies. GE stock has almost halved since Mr. Immelt resigned as CEO and the company is considering whether to break itself up.

Merger Creates Regional Hospital Giant

Two large nonprofit hospital systems—Bon Secours Health System Inc. of Marriottsville, Md., and Mercy Health, headquartered in Cincinnati, have announced plans to merge, in another example of hospitals bulking as the battle for patients grows increasingly fierce.

Toys "R" Us Plans to Close Another 200 Stores

Toys “R” Us Inc. plans to close another 200 stores and lay off a significant portion of its corporate staff following a disappointing holiday sales season, according to people familiar with the matter.

Tops Markets Files for Chapter 11 Bankruptcy Protection

Supermarket chain Tops Markets LLC filed for bankruptcy protection Wednesday, the latest regional grocery chain to look to restructure its balance sheet as consumers move to nontraditional food retailers.

Green Dot enjoys revenue rebound as card usage soars

AMERICAN BANKER - Wed, 02/21/2018 - 23:53
The prepaid card issuer has bounced back from the hit it took after discontinuing a popular product that proved to be popular with fraudsters.

White House Reaches Out to Labor Unions on Trade Policy

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 23:50
President Donald Trump sought input Wednesday from the largest labor unions in the U.S. on trade policy, including the talks to renegotiate the North American Free Trade Agreement.

Brexit headcount: B of A, Northern Trust are in, and Deustche’s out

AMERICAN BANKER - Wed, 02/21/2018 - 23:44
Deutsche Bank on Wednesday became the first large bank to announce a wholesale relocation of client business out of the U.K., but B of A has extended the lease on its London headquarters, and Northern Trust is searching for a new lease in the city.

Ford ousts top exec over 'inappropriate behavior'

AP Business - Wed, 02/21/2018 - 23:44
DETROIT (AP) -- Ford Motor Co. has ousted one of its top executives over allegations of inappropriate behavior....

Mystery shoppers search for signs of discrimination in business lending

AMERICAN BANKER - Wed, 02/21/2018 - 23:41
A community group has secured a grant from the W.K. Kellogg Foundation to probe banks’ small-business lending practices. It follows a 2017 pilot study in which the group found that white shoppers posing as business owners were three times more likely to be invited for follow-up appointments than their black counterparts and twice as likely to be offered help in completing loan applications.

White nationalist is latest to sue over social media ban

AP Business - Wed, 02/21/2018 - 23:40
SAN FRANCISCO (AP) -- A prominent white nationalist is suing Twitter for banning his accounts at a time when social networks are trying to crack down on hateful and abusive content without appearing to censor unpopular opinions....

GE Won't Sell Baker Hughes Stake Yet, Lowers 2018 Profit View

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 23:33
GE lowered its 2018 profit outlook and said it has no intention of selling down its majority stake in oil services firm Baker Hughes before 2019, a shift from its previous exploration of exiting the business.

10 New York City Tow-Truck Firms Indicted

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 23:17
Manhattan prosecutors accused 17 people and 10 companies of using fraud and violence to create an illegal monopoly within New York City’s towing industry.

Ford North America President Leaves Following Misconduct Allegations

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 23:15
Raj Nair, a top Ford executive, has been fired following misconduct allegations, the latest high-ranking leader to be shown the door amid broader scrutiny of workplace behavior in corporate America.

Ford president out due to ‘inappropriate behaviour’

FINANCIAL TIMES - Wed, 02/21/2018 - 23:13
Raj Nair had been head of the car maker’s North American unit for just nine months
Categories: FINANCIAL NEWS

Ford ousts top exec over 'inappropriate behavior'

AP Business - Wed, 02/21/2018 - 22:59
DETROIT (AP) -- Ford Motor Co. has ousted one of its top executives over allegations of inappropriate behavior....

Can AI create a cognitive corporate bank?

AMERICAN BANKER - Wed, 02/21/2018 - 22:42
If so, what would it look like? And what is cognitive corporate banking?

A N.J. County Sues Purdue Pharma, Sackler Family for Opioid Marketing

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 22:35
Camden County in southern New Jersey has joined hundreds of counties nationwide in suing the opioid-painkiller manufacturer Purdue Pharma, but in an unusual step it also named members of the company’s controlling family, the Sacklers.

Why an American Airlines Monopoly Works for Charlotte

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 22:32
In contrast to many cities luring low-cost competitors to their airports, Charlotte, N.C., has stuck with a dominant carrier, accepting high prices in exchange for plentiful flights

Treasury endorses FDIC failure cleanup powers — with caveats

AMERICAN BANKER - Wed, 02/21/2018 - 22:27
The Treasury Department struck a middle ground in recommendations for Dodd-Frank Act wind-down powers, resisting calls to repeal those powers but still addressing concerns that they are too generous to large firms.

Ford ousts top exec over 'inappropriate behavior'

AP Business - Wed, 02/21/2018 - 22:23
DETROIT (AP) -- Ford has ousted one of its top executives over allegations of unspecified inappropriate behavior....

Debt to the Penny for 02/20/2018

US TREASURY DEBT DAY-TO-DAY - Wed, 02/21/2018 - 22:15
Debt Held by the Public: 15,068,459,260,605.44
Intragovernmental Holdings: 5,701,039,199,976.50
Total Public Debt Outstanding: 20,769,498,460,581.94

Broadcom Cuts Offer for Qualcomm Over New NXP Deal Price

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 21:30
Broadcom knocked more than $4 billion off its bid to acquire Qualcomm, firing back a day after Qualcomm sweetened its own offer to acquire NXP Semiconductors by billions.

US panel recommends new adult vaccine against hepatitis B

AP Business - Wed, 02/21/2018 - 21:21
NEW YORK (AP) -- A federal advisory panel on Wednesday recommended a new vaccine against hepatitis B....

Crypto exchanges welcome regulators to attract institutional clients

AMERICAN BANKER - Wed, 02/21/2018 - 21:07
As they cement major partnerships, launch overseas operations and woo banks and other institutional investors, top cryptocurrency exchanges now see regulatory approval as a competitive advantage.

US panel says it's OK to use nasal spray flu vaccine again

AP Business - Wed, 02/21/2018 - 20:54
NEW YORK (AP) -- A federal panel says it's OK for doctors to start using a kid-friendly nasal spray flu vaccine again....

Less is more: Why the Olympics broadcast beats online

AP Business - Wed, 02/21/2018 - 20:44
NEW YORK (AP) -- When it comes to the Olympics, too much choice can paralyze you with indecision....

Hawaiian Dumps Airbus Order for Boeing Jets

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 20:43
Hawaiian Airlines is expected to cancel an order for Airbus SE long-haul jets in favor of buying its first new Boeing Co. 787-9 Dreamliners, according to people familiar with the negotiations.

FDIC suit says big banks' Libor manipulation caused Doral failure

AMERICAN BANKER - Wed, 02/21/2018 - 20:37
The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse.

CFPB seeks input on how best to engage the public

AMERICAN BANKER - Wed, 02/21/2018 - 20:29
The Consumer Financial Protection Bureau is seeking comment on how to engage the public in field hearings and town hall meetings as part of a broad review of the all of the bureau's processes.

Fed sees US economy gaining momentum

FINANCIAL TIMES - Wed, 02/21/2018 - 20:06
Minutes from Janet Yellen’s last meeting boost case for more rate rises
Categories: FINANCIAL NEWS

Fed Officials Marked Up Inflation Outlook in January

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 20:06
Federal Reserve officials agreed last month that a strengthening economic growth outlook bolstered their plans to keep raising short-term interest rates this year.

Facebook seen struggling with new European privacy rules

FINANCIAL TIMES - Wed, 02/21/2018 - 20:02
Academics find social media group’s data policies will breach GDPR regime
Categories: FINANCIAL NEWS

After hurricane, an M&A flurry in Houston

AMERICAN BANKER - Wed, 02/21/2018 - 19:59
Bank consolidation in the city has picked up in recent months despite erratic oil prices and flooding tied to Hurricane Harvey.

Latvia says central bank scandal a smear campaign

FINANCIAL TIMES - Wed, 02/21/2018 - 19:23
President slams ‘constant information attacks’ on Baltic country amid bribery claims
Categories: FINANCIAL NEWS

JPMorgan plans massive HQ tower in New York’s Park Ave

FINANCIAL TIMES - Wed, 02/21/2018 - 19:09
Rebuilding at existing location instead of Hudson Yards is big boost for midtown
Categories: FINANCIAL NEWS

Here's another way Amazon and banks are collaborating

AMERICAN BANKER - Wed, 02/21/2018 - 19:07
The internet giant, SunTrust, Ally and other backers have invested $16 million in a new funding round for Greenlight Financial Technology, further blurring the lines between banks and tech companies.

Jobs, training, free tickets: Casino woos minority community

AP Business - Wed, 02/21/2018 - 18:48
ATLANTIC CITY, N.J. (AP) -- A new casino is making a massive effort to engage Atlantic City's large minority community in which it will operate, where black residents have long felt excluded from the riches that the gambling halls generate....

Google's digital assistant branches out to Nest camera

AP Business - Wed, 02/21/2018 - 18:42
SAN FRANCISCO (AP) -- Google's voice-activated assistant is branching out to Nest's deluxe security camera in an expansion that may amplify the privacy concerns surrounding internet-connected microphones....

White House says US could reach 3 percent growth rate

AP Business - Wed, 02/21/2018 - 18:21
WASHINGTON (AP) -- The White House top economist says the U.S. could achieve annual growth rates of 3 percent through the next decade if President Donald Trump's policies on regulations and infrastructure are enacted....

Trump Economic Report Blames Obama Policies for Slow Growth

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 18:00
President Donald Trump’s first official economic report to Congress makes a lengthy case that the U.S. economy has been weak in recent years, not because of the severity of the most recent recession, but because of policy mistakes by Mr. Trump’s predecessor.

Credit union trades fire back against bank effort to repeal tax exemption

AMERICAN BANKER - Wed, 02/21/2018 - 17:48
The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch, R-Utah, on Wednesday defending the credit union charter and its tax status.

Flagstar to expand in warehouse lending by buying Santander portfolio

AMERICAN BANKER - Wed, 02/21/2018 - 17:42
The Michigan company has been acquisitive lately, with a focus on branches and mortgage-related businesses.

Fast food is coming to your doorstep, but it can cost more

AP Business - Wed, 02/21/2018 - 17:32
NEW YORK (AP) -- It's never been easier to get burgers, burritos and other items from fast-food chains delivered to your doorstep. But the convenience can hurt your wallet....

US panel recommends new adult vaccine against hepatitis B

AP Business - Wed, 02/21/2018 - 17:25
NEW YORK (AP) -- A federal advisory panel is recommending a new vaccine against hepatitis B....

Hostile takeover attempt in N.C. escalates to litigation

AMERICAN BANKER - Wed, 02/21/2018 - 16:59
First Citizens, which wants to buy KS Bancorp, has filed a lawsuit to challenge a so-called poison pill provision that the much smaller bank's board recently passed.

Netanyahu confidant turns state witness in corruption probe

FINANCIAL TIMES - Wed, 02/21/2018 - 16:55
Shlomo Filber’s decision to testify adds to Israeli PM’s legal and political problems
Categories: FINANCIAL NEWS

Treasury proposes reforms to FDIC’s crisis-era resolution powers

AMERICAN BANKER - Wed, 02/21/2018 - 16:48
The Trump administration on Wednesday refrained from proposing the elimination of authority to clean up failed financial behemoths, but the Treasury Department still wants substantial reforms to the resolution powers.

Supreme Court: Dodd-Frank whistleblower protection is narrow

AP Business - Wed, 02/21/2018 - 16:43
WASHINGTON (AP) -- The Supreme Court said Wednesday that whistleblower protections passed by Congress after the 2008 financial crisis only apply to people who report problems to the government, not more broadly....

May bracing for Unilever to shift headquarters from UK

FINANCIAL TIMES - Wed, 02/21/2018 - 16:34
Anglo-Dutch group looks to consolidate in the Netherlands amid Brexit pressure
Categories: FINANCIAL NEWS

Why low returns are inevitable

THE ECONOMIST - Wed, 02/21/2018 - 16:20

WHEN the stockmarket is close to a record high, the chances are that recent returns will have been very strong. The terrible tendency among investors is to assume that those returns will contiue. But the higher you go, the harder it is to keep rising at the same pace. 

When I visited America for a story on pensions last autumn, I was struck by how few people failed to grasp this point. Public pensions have return targets of 7-8% for their portfolios. When challenged they tend to cite their 30-year record of achieving those numbers. But that record makes it less likely, not more that they will hit their targets. 

The easiest way to think of this is via the bond market. In 1987, the yield on the ten-year Treasury bond was just under 9%. Since then it has fallen to its current level of just under 3%. So not only did bond investors get a high yield in their early years,...Continue reading

U.S. Existing-Home Sales Slumped in January

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 16:06
Sales of previously owned U.S. homes declined in January, suggesting that fast-rising prices and tight inventory may be restraining buyer demand at the beginning 2018.

To get a ride, Uber says take a walk

AP Business - Wed, 02/21/2018 - 15:57
DETROIT (AP) -- The latest variation of an Uber ride will require a short walk....

CFPB has opportunity to reinvent approach to innovation

AMERICAN BANKER - Wed, 02/21/2018 - 15:32
The bureau’s policy of “no-action letters,” which offer some regulatory cover to participants, has failed to attract much interest from financial startups, suggesting change is needed.

US proposes overhaul of ‘too big to fail’ regime

FINANCIAL TIMES - Wed, 02/21/2018 - 15:31
Treasury proposals would curtail orderly liquidation system for banks
Categories: FINANCIAL NEWS

Amid a flood of plastic, big companies see opportunity

AP Business - Wed, 02/21/2018 - 15:27
LONDON (AP) -- Public awareness of the problem of plastic waste is swelling and companies are reacting....

South Africa's FM under scrutiny ahead of Cabinet reshuffle

AP Business - Wed, 02/21/2018 - 15:27
JOHANNESBURG (AP) -- South Africa's finance minister has announced the first increase in the value-added tax in a quarter-century as the country seeks to bring in new revenue....

US evangelist Billy Graham dies aged 99

FINANCIAL TIMES - Wed, 02/21/2018 - 15:21
‘Pastor to presidents’ said he received his calling on 18th green of local golf club
Categories: FINANCIAL NEWS

Broadcom lowers offer Qualcomm offer after new NXP deal

FINANCIAL TIMES - Wed, 02/21/2018 - 15:07
Revised bid comes after Qualcomm upped its offer for NXP
Categories: FINANCIAL NEWS

Why Trump will never escape Russia

FINANCIAL TIMES - Wed, 02/21/2018 - 15:04
The US president is being outplayed by special investigator Mueller’s chess moves
Categories: FINANCIAL NEWS

JPMorgan plans new Manhattan headquarters for 15,000 workers

AMERICAN BANKER - Wed, 02/21/2018 - 14:53
The nation's largest bank plans to consolidate employees from multiple office buildings into the 2.5 million-square-foot building. Construction is expected to be completed in 2024.

Can Brexit be stopped? Pro-EU campaigns try to turn the tide

AP Business - Wed, 02/21/2018 - 14:40
LONDON (AP) -- Britain is due to leave the European Union in just over a year. The country's main political parties agree that the decision can't be reversed. But with the U.K. government divided over the direction Brexit should take, pro-EU campaigners are stepping up efforts to make the country change course....

Fannie-Freddie case rejected; bitcoin regulator dies

AMERICAN BANKER - Wed, 02/21/2018 - 14:14
The U.S. Supreme Court refuses to hear an appeal by hedge funds; South Korea’s leading cybercurrency regulator dies of heart attack.

Britain heads for clash with EU on Brexit transition

FINANCIAL TIMES - Wed, 02/21/2018 - 14:08
UK proposals contain no transition end date but officials insist they will set one
Categories: FINANCIAL NEWS

Can Brexit be stopped? Pro-EU campaigns try to turn the tide

AP Business - Wed, 02/21/2018 - 13:33
LONDON (AP) -- Britain is due to leave the European Union in just over a year. The country's main political parties agree that the decision can't be reversed. But with the U.K. government divided over the direction Brexit should take, pro-EU campaigners are trying to make the country change course....

UK demands open-ended Brexit transition

FINANCIAL TIMES - Wed, 02/21/2018 - 12:47
Request features in a draft legal note
Categories: FINANCIAL NEWS

America's Emerging Petro Economy Flips the Impact of Oil

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 12:47
The effect of oil prices on the U.S. economy used to be straightforward: Higher was bad. Yet between 2014 and early 2016, as oil collapsed, growth slowed sharply. Since then oil has doubled, yet the economy has accelerated.

What to Watch in the Fed Minutes

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 02/21/2018 - 12:32
The Federal Reserve on Wednesday will offer more details on policy makers’ outlook for 2018 when it releases the minutes of their Jan. 30-31 meeting. Officials voted then to hold their benchmark federal-funds rate steady in a range between 1.25% and 1.5%. The minutes will be released at 2 p.m. EST.

Trump Jr: 'Nonsense' that family's profiting from presidency

AP Business - Wed, 02/21/2018 - 12:31
NEW DELHI (AP) -- Donald Trump Jr. said that any talk of his family profiting from his father's presidency is "nonsense" as he embarked on a trip to India that has raised ethical concerns about using the name of the American president to promote international business ventures....

Budget carrier flydubai sees profits and revenue increase

AP Business - Wed, 02/21/2018 - 12:06
DUBAI, United Arab Emirates (AP) -- Budget carrier flydubai says its earnings and profits have increased, with revenue reaching 5.5 billion dirhams ($1.5 billion) in 2017 compared to 5 billion dirhams ($1.37 billion) in 2016....

EU anti-trust watchdog imposes big cartel fines

AP Business - Wed, 02/21/2018 - 11:35
BRUSSELS (AP) -- The European Union's anti-trust watchdog is sounding the warning to business cartels by announcing fines totaling more than half a billion euros ($600 million) in three anti-trust cases....

Juncker aide Selmayr named Brussels’ top civil servant

FINANCIAL TIMES - Wed, 02/21/2018 - 10:42
Brexit critic and powerful backroom figure at European Commission wins influential post
Categories: FINANCIAL NEWS

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