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FSOC discussed designation of a systemically important institution
The Financial Stability Oversight Council said Friday it discussed the ongoing annual reevaluation of its designation of a nonbank financial company -- in all likelihood, a reference to American International Group , as media reports suggested the group of regulators would ahead of the meeting. The FSOC didn't say what, if anything, was decided. If the FSOC ruled that AIG was no longer a systemically important financial institution, the insurer would no longer be subject to federal oversight via the Federal Reserve. AIG was bailed out by the federal government during the financial crisis of 2008.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPDATE 2-Bank of America broker-dealer unit pay $5 mln penalty to settle trading probes
WASHINGTON, Sept 22 (Reuters) - The U.S. Commodity Futures
Trading Commission and Justice Department on Friday ordered
Merrill Lynch, Pierce, Fenner & Smith Inc to pay a total of $5
million in civil penalties for record-keeping violations and
failing to supervise its traders properly in 2010.
Fed's George wants to put QE 'in a box,' never to be reopened
Kansas City Fed President Esther George said Friday she hoped the central bank would put its "quantitative easing" bond-buying program "in a box" and not used again, according to a report by Reuters. In a speech in Oklahoma City, George said she was pleased with the muted reaction in the market to the Fed decision Wednesday to start the plan to allow assets to run off the balance sheet. George, who will not be a voting member of the Fed policy committee until 2019, said the recent spate of low inflation readings is no reason for the Fed to delay further interest rate hikes.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
China Telecom mulls participating in Brazil's Oi capital plan
China Telecom Ltd could participate in a plan to inject fresh capital into Oi SA (OIBRQ), the Brazilian phone carrier under bankruptcy protection, a senior executive at the Brazilian firm said on Friday. Ricardo Malavazi Martins, Oi's chief financial officer, said at the sidelines of an event in Rio de Janeiro that both companies signed a confidentiality agreement about the plan.
METALS--Shanghai, London metals skid on North Korea tensions, China credit jitters
(Adds comment, detail, updates prices)
By Melanie Burton
MELBOURNE, Sept 22 (Reuters) - Metals in Shanghai and London
fell on Friday as investors slashed risk given escalating
tensions on the Korean peninsula and ongoing jitters about China
debt after a ratings downgrade.
"Metals have had quite a rally in the past few months and
have done so much faster than fundamentals would suggest they
should," said analyst Amy Li of National Australia Bank in
A combination of fa
Yellen's stock rises as she leads Fed from crisis-era policy
NEW YORK/WASHINGTON (Reuters) - From her early days as Federal Reserve chair, Janet Yellen has been the target of criticism from Republicans worried that the central bank's massive bond-buying programs and near-zero interest rates engineered by her predecessor would be the ruin of the country.
Wall Street's 'fear gauge' sees muted reaction as Trump announces fresh North Korea sanctions
A measure of fear on Wall Street was hovering around its lowest level in its history, even as President Donald Trump unfurled executive orders to cut off funding to rogue nation North Korea. The CBOE Volatility Index , or VIX, was down 1.5% at 9.63 in most recent trade, putting it on track for its 9th lowest level since 1993 when the gauge of volatility and market fear was created, according to FactSet data. The VIX, also known as the fear gauge, measures options bets on the S&P 500 index 30 days in the future, and is viewed as a measure of market expectations for a fall because equity prices tend to fall faster than they climb. U.S. stocks were muted, holding a modest decline on Thursday. Meanwhile, the Dow Jones Industrial Average was down 44 points, or 0.2%, at 22,373, the S&P 500 index was trading 0.2% lower at 2,504, while the Nasdaq Composite Index retreated 0.3% at 6,434. Trump announced his executive orders following a meeting with South Korean President Moon Jae-in. As a part of order the People's Bank of China has been told to stop doing business with North Korea. Stock reaction was muted following Trump's news conference Thursday afternoon. The measures to curb North Korea's antagonism in the Korean Peninsula come as Pyongyang has fired a number of ballistic missile tests in Japanese airspace in recent weeks, and has tested of a thermonuclear bomb. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
National Bank of Canada faces website glitch -Bbg
Sept 21 (Reuters) - A glitch in National Bank of Canada's
website may have exposed personal information of about
400 customers, Bloomberg reported, citing an email statement
from the bank.
Florence declined and London may too, banks warn ahead of May's speech
Britain is in danger of losing its place in the financial world much in the same way Florence did after its Renaissance heyday, an industry group warned on Thursday. In statement ahead of Prime Minister Theresa May's speech on Brexit in the Italian city, TheCityUK, Britain's most powerful finance lobby said it was "crunch time" for finance firms.
Fed meeting: 3 things to watch for in Yellen's statement
The Federal Reserve will conclude its two-day policy meeting on Wednesday with a statement from chair Janet Yellen, who could provide some key insight into the bank’s assessment of the economy and consequently, its impending policy plans.
Bank stocks stand out as quick winners of Fed's latest move
Sept 20 (Reuters) - Shares of U.S. banks shot to a six-month
high on Wednesday afternoon, lifted by a sharp rise in bond
yields after the U.S. Federal Reserve signaled it was likely to
raise interest rates again by the end of the year.
Brazil's BNDES agrees to return $50 bln to govt in 2017 -source
RIO DE JANEIRO, Sept 20 (Reuters) - Brazilian state
development bank BNDES agreed to return 50 billion reais ($16.04
billion) to the National Treasury this year as requested by the
government, a person with knowledge of the discussions told
Reuters on Wednesday.
U.S. dollar index hit on a one-week high following Fed policy statement
The ICE U.S. Dollar index shot to the highest level since mid-September after the Federal Reserve left its key interest rate unchanged, but confirmed the start of the reduction its $4.5 trillion balance sheet. The U.S. central bank said it would start the the unwind in October at a pace of $10 billion per month, in line with analyst expectations. Meanwhile, the Fed's interest-rate projections, or dot plots, suggest another rate hike in 2017, followed by three additional raises in 2018. All totaled, the policy update offered a hawkish turn for the dollar, which turned positive against key rivals like the euro , Swiss franc and Canadian dollar , while breaking through ¥112 against the Japanese yen . The British pound, on the other hand, remained resilient, buying $1.3521 compared with $1.3511 late Tuesday.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Financial stocks spike up after Fed, with Bank of America and Wells Fargo shares swinging higher
Financial stocks spiked higher in afternoon trade Wednesday, after the Federal Reserve said it would begin normalizing its balance sheet, as expected, in October. The SPDR Financial Select Sector ETF was up 0.6%, after trading unchanged just prior to the Fed's announcement. Among the ETF's more heavily weighted components, J.P. Morgan Chase & Co.'s stock climbed 1.0%, after being up just 0.3% pre-Fed, while shares of Bank of America Corp. jumped up 0.9% after being down 0.4% pre-Fed. Elsewhere, Shares of Citigroup Inc. rallied 1.1%, Goldman Sachs Group Inc. gained 0.9% and Wells Fargo & Co. advanced 0.8%. Just before the Fed, shares of Citigroup were up 0.2%, of Goldman Sachs head inched up less than 0.1% and of Wells Fargo were down 0.1%. Meanwhile, the S&P 500 eased 0.1%, after being down less than 0.1% pre-Fed.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Treasury yields swings into positive territory after Fed statement
The Federal Reserve kept interest rate unchanged between 1% to 1.25%. The central bank said the reduction of its $4.5 trillion portfolio of government securities would begin in October. The dot plot, which shows senior Fed officials' forecasts for interest rates, shifted downward from 3% to 2.8% for its longer-rate expectations. 12 out of the 16 FOMC members said they expected a third rate hike for the year. The 10-year Treasury yield was higher at 2.268%, compared with 2.239% late Tuesday. The 30-year Treasury bond yield was up at 2.824%, versus 2.810%. While, the 2-year Treasury note yield jumped to 1.442% from 1.401%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Why the Bankruptcy Code is turning into a double-edged sword for banks
Are banks getting boxed in after introduction of the Bankruptcy Code? The signs are pointing that way. Not only are they looking at prospects of steep haircuts (write-offs) on their loans; the Code would mean banks losing their business to the bond market. The Code is also upsetting the traditional rules of the games, where banks sold the personal guarantor's assets if a company was in default. This Monday, the Chennai bench of the National Company Law Tribunal (NCLT) ruled against State Bank of India (SBI) trying to do so. The case in question is between Veesons Energy Systems and SBI, in which the bench ruled in favour of the former's promoter and managing director, V Ramakrishnan, who gave personal guarantees to banks. SBI notified Veesons and Ramakrishnan on November 12 last year that the personal assets would be sold off. The company challenged it, stating it had applied to the Board for Industrial and Financial Reconstruction and till its application was decided, dues could not .
Jakks Pacific expects 2017 net loss due to Toys 'R' Us bankruptcy
Sept 20 (Reuters) - Toy maker Jakks Pacific Inc
said it expects to report a net loss in fiscal 2017 due to
charges related to the bankruptcy of Toys 'R' Us Inc.
How $5 billion of debt caught up with Toys 'R' Us
(Reuters) - Toys "R" Us Inc has been making $400 million in interest payments on its debt every year, largely due to its $6.6 billion leveraged buyout in 2005. This week, it succumbed to its debt burden, leading to the biggest bankruptcy of a U.S. retailer since that of Kmart in 2004.
Eyeing Toys R Us' Future, Analyst Suggests Hands-On Displays
NPR's Ari Shapiro talks with Jim Silver, toy expert and CEO of TTPM (Toys, Tots, Pets & More), a website that reviews toys. They talk about Toys R Us' bankruptcy declaration and the state of the toy industry.
T-Mobile US explores takeover of Sprint: source
(Reuters) - U.S. wireless carrier T-Mobile US Inc is exploring taking over rival Sprint Corp in an all-stock deal, after SoftBank Group Corp offered to give up its majority ownership of Sprint, a person familiar with the matter said.
Retail chains filing for bankruptcy protection in 2017
Toys R Us has filed for Chapter 11 bankruptcy protection, joining a growing list of companies struggling to navigate a retail landscape.
Here's what a Toys R Us bankruptcy means for toymakers: More clarity ahead of the holidays
Since news broke that Toys R Us was weighing bankruptcy, the retailer's vendors have been punished by the Street.
Toys 'R' Us files for bankruptcy ahead of holiday season
(Reuters) - Toys 'R' Us Inc, the largest U.S. toy store chain, filed for bankruptcy protection late Monday, the latest sign of turmoil in the retail industry that is caught in a viselike grip of online shopping and discount chains.
Toys R Us files for bankruptcy
The bankruptcy comes ahead of the crucial holiday season, when the retailer does the majority of its sales.
Toys 'R' Us files for bankruptcy protection
Sept 18 (Reuters) - Toys "R" Us Inc, the largest U.S. toy
store chain, filed for bankruptcy protection on Monday, the
latest sign of turmoil in the retail industry caught in a
viselike grip of online shopping and discount chains.
Transaction banking revenues rise 4% in H1
LONDON, Sept 19 (IFR) - Global transaction banking revenues
rose 4% to US$13.8bn in the first half of this year from a year
ago, led by a jump in cash management income in the Americas and
Asia, analysis firm Coalition said.
Mark Carney says rate rises will be gradual and limited
The Bank of England governor said that inflation is likely to stay above 2% over the next three years.
After 50 years, Rolling Stone is up for sale: report
Rolling Stone, the iconic music magazine, is being put up for sale, according to a New York Times report Sunday. Founder Jann Wenner is ready to give up control of the independent magazine, the Times reported, putting Wenner Media, which owns a majority stake in Rolling Stone, on the market. The move comes in response to financial difficulties, largely related to the decline in print advertising in recent years. Last year, Wenner Media sold a 48% stake to Singapore's BandLab Technologies Ltd. Wenner has hired bankers to explore a sale, the Times reported, but no potential buyers have emerged yet. Wenner started the magazine in 1967 in San Francisco with music critic Ralph Gleason, and it made its mark in the 1970s with rollicking articles by the likes of Hunter S. Thompson, P.J. O'Rourke and Cameron Crowe. "I've enjoyed it for a long time," Wenner told the Times, but selling is "just the smart thing to do."Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Shoe chain Aerosoles hotfoots into bankruptcy, plans store closures
Women's footwear chain Aerosoles filed for bankruptcy protection with plans to close a substantial portion of its stores
Footwear chain Aerosoles trips into bankruptcy, plans store closures
Women's footwear chain Aerosoles filed for bankruptcy protection with plans to close a substantial portion of its stores
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