FINANCIAL NEWS

What Is and Isn't Available on ESPN's New Streaming Service

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 16:04
ESPN is launching a new streaming service that will test the sports juggernaut’s ability to appeal to customers who don’t want to pay for cable while trying to keep serving those who do.

Egypt, Russia resume flights halted after 2015 attack

AP Business - Thu, 04/12/2018 - 16:03
CAIRO (AP) -- Egypt and Russia resumed direct flights on Thursday, more than two-and-a-half years after they were suspended in the wake of a bombing that brought down a Russian passenger plane over the Sinai Peninsula....

Green Dot adds investment firm Stash to list of tech partners

AMERICAN BANKER - Thu, 04/12/2018 - 16:02
The announcement is an example of how Green Dot, which swung from a loss to a profit last quarter, is focusing on technology partnerships with Intuit, Uber and others to boost its bottom line.

Powerful Forces Seen Restraining U.S. Pay Growth

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 16:02
U.S. wage growth is set to pick up modestly in the coming years, but economists surveyed by The Wall Street Journal think pay raises are being depressed by sluggish productivity gains, an aging population and overseas competition.

Uber CEO Says Self-Driving Cars Are 'Student Drivers'

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 16:02
Uber Chief Executive Dara Khosrowshahi said the ride-hailing firm is “absolutely committed” to its self-driving-car program after one of its autonomous vehicles struck and killed a pedestrian in Arizona last month, but said the technology needs to be refined.

VW poised to confirm restructuring under new chief

FINANCIAL TIMES - Thu, 04/12/2018 - 15:52
German carmaker expected to appoint Herbert Diess as it moves to end leadership scrutiny
Categories: FINANCIAL NEWS

U.K. banks start cracking down on consumer borrowing

AMERICAN BANKER - Thu, 04/12/2018 - 15:52
Concerned about rising default rates, banks "significantly" tightened underwriting in the first quarter, the Bank of England said in a report published Thursday.

Regulators are fueling another housing boom

AMERICAN BANKER - Thu, 04/12/2018 - 15:50
The government is pushing up mortgage prices to dangerous levels by easing credit standards in a market where supply is low but demand is high.

Why banks should care about ‘ambient’ computing

AMERICAN BANKER - Thu, 04/12/2018 - 15:47
Dominic Venturo, chief innovation officer at U.S. Bank, shares his vision for digital banking ten years from now. It includes ambient computing – interconnected devices, machines and sensors that are sensitive and responsive to the presence of people.

Jefferies’ trades for failed fund examined in lawsuit

FINANCIAL TIMES - Thu, 04/12/2018 - 15:40
Prime brokerage arm alleged to have aided illicit trading by partner at Carbon Fund
Categories: FINANCIAL NEWS

OMB Will Review More Tax Rules

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 15:38
The Trump administration ended an internal dispute and the result will shape regulations under last year’s tax law, giving the Office of Management and Budget more involvement and authority in the process.

Flush with cash, Canada banks poised for expansion and takeovers

AMERICAN BANKER - Thu, 04/12/2018 - 15:36
The country's six largest lenders are approaching their strongest capital position since 2013, leaving them with enough resources to pursue acquisitions, buy back shares or build from within. That has the chiefs of Canada's big banks weighing options.

Fee income drives earnings growth at Commerce Bancshares

AMERICAN BANKER - Thu, 04/12/2018 - 15:36
The Kansas City, Mo., company also benefited from higher yields on its loans and flat funding costs.

S&P warns of risks in leveraged loan market

FINANCIAL TIMES - Thu, 04/12/2018 - 15:15
Limited investor security in debt agreements seen ending badly as credit cycle peaks
Categories: FINANCIAL NEWS

Volkswagen Set to Elevate New CEO, Roll Out Broad Restructuring

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 15:04
Volkswagen’s board is expected to name Herbert Diess, the chief of the company’s namesake brand, as its new chief executive, paving the way for him to push through a broad reorganization.

Uber to up its background checks for drivers

AP Business - Thu, 04/12/2018 - 14:47
DETROIT (AP) -- Uber will start doing annual criminal background checks on U.S. drivers and hire a company that constantly monitors criminal arrests as it tries to do a better job of keeping riders safe....

IAG weighs takeover offer for Norwegian

FINANCIAL TIMES - Thu, 04/12/2018 - 14:46
Shares in low-cost carrier soar as British Airways owner takes 4.6% stake
Categories: FINANCIAL NEWS

‘We’ll get back to you’: questions Zuckerberg dodged

FINANCIAL TIMES - Thu, 04/12/2018 - 14:40
Facebook chief tight-lipped on contentious issues during Congressional grilling
Categories: FINANCIAL NEWS

U.S. Weekly Jobless Claims Hold Below 300,000 for Longest Streak on Record

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 14:36
The number of Americans claiming new unemployment benefits has never been so low for so long. Initial jobless claims, a proxy for layoffs across the U.S., decreased by 9,000 to a seasonally adjusted 233,000 in the week ended April 7.

BA Parent Mulls Bid for Budget Carrier Norwegian Air

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 14:24
British Airways parent IAG has built a small stake in Norwegian Air Shuttle and is considering a full takeover—doubling down on the booming market for trans-Atlantic budget travel.

The Grande Dame of Videogames Is Closing Her Tiny Tokyo Mecca

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 14:19
Ma-Ya, a videogame shop in east Tokyo, wielded outsize power because of its owner, Hisako Akitani, whose frank feedback and community of young players made her influential with many top designers.

Delta Faces New International Challenge

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 14:13
Delta said international travel boosted profits in the latest quarter as the airline industry faces a potential shakeout of the Trans-Atlantic market following a rival’s interest in buying a low-cost carrier.

Amazon's Rivals Fear They Will Lose Out on Pentagon's Cloud-Computing Contract

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 14:08
The Defense Department will release a revised list of requirements in the coming days for a hotly contested, multibillion-dollar contract to move the Pentagon’s data into the cloud, and it says it won’t give in on a central demand: awarding the business to a single winner.

Mulvaney backs group-run CFPB; another capital relief plan

AMERICAN BANKER - Thu, 04/12/2018 - 14:02
Acting director wants agency run by a bipartisan body, not a lone director; Fed and OCC push for relaxing the supplementary leverage ratio at the biggest banks.

Zuckerberg's Time in Washington Well-Enough Spent

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 13:50
Facebook CEO survives grilling as fractious lawmakers seem unlikely to take harsh action.

Chemical weapons agency backs up UK stance on Skripal

FINANCIAL TIMES - Thu, 04/12/2018 - 13:46
OPCW confirms Britain’s scientific analysis of toxic chemical as pressure builds on Russia
Categories: FINANCIAL NEWS

After tax season, beleaguered IRS must deal with overhaul

AP Business - Thu, 04/12/2018 - 13:45
WASHINGTON (AP) -- The IRS, pummeled for years by congressional Republicans and funding cuts, faces the challenge of administering the most sweeping overhaul of the U.S. tax code in three decades. But first the beleaguered agency had to get through the current tax-filing season....

$30,000 rumor? Tabloid paid for, spiked, salacious Trump tip

AP Business - Thu, 04/12/2018 - 13:39
NEW YORK (AP) -- Eight months before the company that owns the National Enquirer paid $150,000 to a former Playboy Playmate who claimed she'd had an affair with Donald Trump, the tabloid's parent made a $30,000 payment to a less famous individual: a former doorman at one of the real estate mogul's New York City buildings....

Paris Sues Airbnb Over Rental Listings

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 13:38
The French capital is suing Airbnb to remove tens of thousands of unregistered listings, a move that could lead to a costly showdown in one of the home-sharing firm’s largest markets.

EU seeks to protect farmers from unfair trade practices

AP Business - Thu, 04/12/2018 - 13:15
BRUSSELS (AP) -- The European Union executive is seeking to protect farmers by imposing fines on retailers and supermarket chains using unfair trade practices....

Chemical weapon watchdog backs UK analysis of nerve agent

FINANCIAL TIMES - Thu, 04/12/2018 - 13:10
OPCW says poison used against former Russian spy was of ‘high purity’
Categories: FINANCIAL NEWS

Goldman’s Blankfein decries ‘bitter’ US politics

FINANCIAL TIMES - Thu, 04/12/2018 - 13:09
Upbeat economy failing to filter through to national mood, says bank boss
Categories: FINANCIAL NEWS

A year after United's public-relations disaster

THE ECONOMIST - Thu, 04/12/2018 - 12:29

A YEAR ago this week, David Dao went from being an unknown pulmonologist to a household name. Dr Dao had boarded a flight from Chicago to Louisville when the United Airlines crew announced that four passengers would have to leave to make room for additional staff. Three passengers accepted enticements to switch to a different flight, but Dr Dao, who said he had patients to see, refused to give up his seat. Eventually, he was dragged down the aisle by airport security, gaining a bloody face in the process and a national reputation as a consumer champion after videos and photos of the incident went viral. (One of the security officers, who was fired after the event, is suing the city's airport authority, claiming he hadn't been adequately trained.)  

The news was a public-relations disaster for United. A Continue reading

Syrian crisis: bombing is no substitute for policy

FINANCIAL TIMES - Thu, 04/12/2018 - 12:24
Western governments have hoped for Assad’s demise but without the will to act
Categories: FINANCIAL NEWS

Brooklyn apartment sales follow Manhattan lower

FINANCIAL TIMES - Thu, 04/12/2018 - 12:21
Declining demand for high-end properties drags down prices in once booming borough
Categories: FINANCIAL NEWS

British Airways parent weighs offer for Norwegian

FINANCIAL TIMES - Thu, 04/12/2018 - 12:11
International Airlines Group has already bought 4.6% stake in Norwegian
Categories: FINANCIAL NEWS

A $100 cash advance for free? One firm is trying the idea

AMERICAN BANKER - Thu, 04/12/2018 - 12:06
Oportun, a consumer lender that focuses on Latinos, is rolling out a product designed to combat overdraft fees.

World trade body warns US-China tensions may dent business

AP Business - Thu, 04/12/2018 - 12:05
GENEVA (AP) -- The World Trade Organization predicts continued trade growth this year, though it warns that tensions and "tit-for-tat" retaliatory measures, notably between the U.S. and China, could compromise those projections....

Amid Trade Feud, Recycling Is in Danger of Landing on Trash Heap

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 11:54
The U.S. generates more recyclable waste than any other country and China is the top customer for that scrap. China’s 25% tariff on U.S. scrap aluminum would make reusable metal from other countries more appealing.

Facing strikes, France's Macron defends economic vision

AP Business - Thu, 04/12/2018 - 11:43
PARIS (AP) -- Train workers, hospitals staff, students, retirees, lawyers and magistrates: they are all protesting the way President Emmanuel Macron's government is changing France....

GE Explores Hybrid Deals, Spinoffs in Strategic Review

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 11:30
As its strategic review stretches into a ninth month, General Electric is exploring a public offering for one of its divisions and discussing hybrid deals with public companies to combine assets.

Lands' End's Unfashionable Comeback: Bringing Back Elastic Waistbands

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 11:30
Within a week of taking the helm of Lands’ End, Jerome Griffith knew what he needed to do to fix the struggling apparel seller: Get rid of the flashy clothes.

Another Trump trade war, this time with Rwanda over clothes

AP Business - Thu, 04/12/2018 - 11:07
KAMPALA, Uganda (AP) -- The sweaty mechanic tossed aside the used jeans one by one, digging deep through the pile of secondhand clothes that are at the center of another, if little-noticed, Trump administration trade war....

Moscow says Syrian forces are now in full control of Douma

FINANCIAL TIMES - Thu, 04/12/2018 - 10:49
Defence ministry says Russian forces deployed where alleged chemical attack took place
Categories: FINANCIAL NEWS

Saudi Arabia says ‘supply’ a factor in bond sale

FINANCIAL TIMES - Thu, 04/12/2018 - 10:24
Gulf kingdom’s $11bn debt deal comes ahead of rival Qatar’s bid to raise finance
Categories: FINANCIAL NEWS

As royal wedding nears, brands benefit from 'Meghan effect'

AP Business - Thu, 04/12/2018 - 09:29
LONDON (AP) -- Canadian fashion designer Bojana Sentaler stared at her television on Christmas Day to see if Meghan Markle had a gift for her....

Policy Makers, Executives Gather for WSJ CEO Council Meeting

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 09:24
The Journal is hosting its CEO Council meeting in London, with President Donald Trump’s trade policy, relations with Russia and North Korea, the rise of artificial intelligence and potential regulation in the tech industry on the agenda.

Hino, VW partner on hybrids, autonomous drive, technology

AP Business - Thu, 04/12/2018 - 09:13
TOKYO (AP) -- Hino Motors, Toyota Motor Corp.'s group truck manufacturer, and Volkswagen Truck & Bus of Germany say they have agreed to work together in a partnership on technologies like hybrids, electric cars, autonomous driving and connectivity....

Construction is booming in North Korea, but who's paying?

AP Business - Thu, 04/12/2018 - 09:05
PYONGYANG, North Korea (AP) -- North Korea is racing ahead with major development projects some experts believe are aimed at expanding a market for rented or privately owned real estate to help fortify the finances of Kim Jong Un's regime against the bite of sanctions over its nuclear program....

US green group to launch methane detection satellite

FINANCIAL TIMES - Thu, 04/12/2018 - 08:36
Environmental Defense Fund to spend millions to spot emissions from oil and gas installations
Categories: FINANCIAL NEWS

Guitar makers hit hard by new regulations on prized rosewood

AP Business - Thu, 04/12/2018 - 07:20
CONCORD, N.H. (AP) -- An international crackdown on illegal logging in tropical forests has ensnared the makers of some guitars and other musical instruments, whose top-end products require small amounts of rosewood, a material prized for its rich, multicolored grain and resonant sound....

$30,000 rumor? Tabloid paid for, spiked, salacious Trump tip

AP Business - Thu, 04/12/2018 - 07:19
NEW YORK (AP) -- The company that publishes the National Enquirer paid a former doorman at one of Donald Trump's New York skyscrapers $30,000 during the presidential campaign for a tip about Trump it never ran....

Guitar makers hit hard by new regulations on prized rosewood

AP Business - Thu, 04/12/2018 - 06:35
CONCORD, N.H. (AP) -- An international crackdown on illegal logging in tropical forests has ensnared the makers of some guitars and other musical instruments, whose top-end products require small amounts of rosewood, a material prized for its rich, multicolored grain and resonant sound....

Made in China 2025 plan irking Beijing's trading partners

AP Business - Thu, 04/12/2018 - 06:33
BEIJING (AP) -- U.S. officials have a name for their frustration with Beijing's technology ambitions: "Made in China 2025."...

Takata acquired by Key Safety Systems, president resigns

AP Business - Thu, 04/12/2018 - 06:28
TOKYO (AP) -- Takata Corp., the Japanese air bag maker embroiled in a massive global recall, says its acquisition by U.S. mobility safety company Key Safety Systems has been completed and its president has resigned....

Salmon-smuggling ‘syndicate’ spawns raids

FINANCIAL TIMES - Thu, 04/12/2018 - 06:06
Norwegian seafood company executive detained after customs crackdown
Categories: FINANCIAL NEWS

EU parliament seeks clarity on future UK relations

FINANCIAL TIMES - Thu, 04/12/2018 - 06:01
Guy Verhofstadt says it is in interests of everyone to make Brexit work
Categories: FINANCIAL NEWS

SoftBank teams with investors in $25bn Fifa shake-up

FINANCIAL TIMES - Thu, 04/12/2018 - 06:01
China, Saudi Arabia, US and UAE investors envisage expanded ‘Club World Cup’
Categories: FINANCIAL NEWS

AI in banking: the reality behind the hype

FINANCIAL TIMES - Thu, 04/12/2018 - 06:01
The industry is excited about the chance to use new technology to boost returns, but an FT survey shows how cautious banks actually are
Categories: FINANCIAL NEWS

How a volatility virus infected Wall Street

FINANCIAL TIMES - Thu, 04/12/2018 - 06:00
The collapse of a few small funds in February helped fuel a terrifying stock-market slide. Why?
Categories: FINANCIAL NEWS

Museums should return looted treasures

FINANCIAL TIMES - Thu, 04/12/2018 - 06:00
Demands for repatriation of artefacts seized by marauders are becoming hard to resist
Categories: FINANCIAL NEWS

Takata acquired by Key Safety Systems, president resigns

AP Business - Thu, 04/12/2018 - 05:45
TOKYO (AP) -- Takata Corp., the Japanese air bag maker embroiled in a massive recall, says the acquisition by U.S. mobility safety company Key Safety Systems has been completed, and the president resigned....

Takata acquired by Key Safety Systems, president resigns

AP Business - Thu, 04/12/2018 - 05:39
TOKYO (AP) -- Takata Corp., the Japanese air bag maker embroiled in a massive recall, says the acquisition by U.S. mobility safety company Key Safety Systems has been completed, and the president resigned....

New Zealand to ban future offshore oil drilling

FINANCIAL TIMES - Thu, 04/12/2018 - 05:16
Environmental campaigners call move a major blow to ‘Big Oil’
Categories: FINANCIAL NEWS

Shell sets out strategy for shift from fossil fuels

FINANCIAL TIMES - Thu, 04/12/2018 - 05:00
Anglo-Dutch group sees little risk of being left with ‘stranded assets’
Categories: FINANCIAL NEWS

Where are all the female economists?

FINANCIAL TIMES - Thu, 04/12/2018 - 05:00
Few women reach senior positions — and the root of the problem lies in education
Categories: FINANCIAL NEWS

Trump’s new tough line on Russia raises risks

FINANCIAL TIMES - Thu, 04/12/2018 - 04:23
Russian experts say president’s Twitter threats are the wrong way to deal with Putin
Categories: FINANCIAL NEWS

IMF’s Lagarde warns China on Belt and Road debt

FINANCIAL TIMES - Thu, 04/12/2018 - 03:42
Balance of payments risks seen for recipients of infrastructure finance
Categories: FINANCIAL NEWS

Netflix and executives sued over bonus scheme

FINANCIAL TIMES - Thu, 04/12/2018 - 03:19
Shareholder complaint alleges ‘rigging’ and ‘misleading’ statements from streaming group
Categories: FINANCIAL NEWS

Oil company with checkered history hit with $12.5M fine

AP Business - Thu, 04/12/2018 - 02:20
LOS ANGELES (AP) -- A California oil company with a long history of safety violations and regulatory lapses was hit with a record $12.5 million fine by state regulators Wednesday for nearly 1,500 violations in the past year at an oil field in Orange County....

More Than 100 Trade Groups Oppose China Tariff Plans

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 01:20
The business coalition opposing White House plans to levy tariffs against Chinese goods has doubled to 107 trade groups.

Airlines Know You Hate the Airport, and Are Trying to Do Something About It

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 01:06
Airports are emerging as a new battleground for airlines trying to find a competitive edge. American Airlines signed on last month to a $8.5 billion renovation at O’Hare International Airport after bristling for months at what it argued was preferential treatment for the Chicago gateway’s largest tenant, United Continental Holdings.

Tesla Blames Driver in Fatal Car Crash

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 00:51
Tesla on Wednesday defended its semiautonomous Autopilot system in the wake of a fatal crash last month, blaming the incident on the driver after his family hired a lawyer to explore legal options.

Former Webster CEO Smith decides against run for Connecticut governor

AMERICAN BANKER - Thu, 04/12/2018 - 00:07
James Smith said his late enrollment in the state’s Republican Party meant he would be ineligible to be a candidate in its August primary and that he did not want to disrupt the nomination process.

Cambridge Analytica CEO Post Goes to Julian Wheatland

WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/12/2018 - 00:04
Cambridge Analytica’s acting Chief Executive Alex Tayler told the company’s leadership Wednesday that Julian Wheatland, the chairman of Cambridge Analytica’s British affiliate, would take over as the company’s next chief executive, according to people familiar with the matter.

Shocked commodity traders ask who might follow Rusal

FINANCIAL TIMES - Thu, 04/12/2018 - 00:00
US decision to target aluminium producer has put market on edge
Categories: FINANCIAL NEWS

Uber to expand transport options with new deals

FINANCIAL TIMES - Wed, 04/11/2018 - 23:49
Company adds public transit tickets, rental cars and bike sharing to its app
Categories: FINANCIAL NEWS

Oil company with checkered history hit with $12.5M fine

AP Business - Wed, 04/11/2018 - 23:43
LOS ANGELES (AP) -- A California oil company with a long history of safety violations and regulatory lapses was hit with a record $12.5 million fine by state regulators Wednesday for nearly 1,500 violations in the past year at an oil field in Orange County....

Is Facebook regulation 'inevitable'? Not so fast

AP Business - Wed, 04/11/2018 - 23:41
Facebook CEO Mark Zuckerberg told lawmakers that regulation of his company is "inevitable," but still came to Capitol Hill prepared to defend against proposals he thought went too far....

House Lawmakers Turn Up Heat on Facebook's Zuckerberg

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/11/2018 - 23:38
Facebook founder Mark Zuckerberg faced a second, more combative congressional committee, where lawmakers criticized the company’s privacy practices and ramped up calls for regulating internet firms’ use of personal data.

FirstGroup rejects takeover bid from Apollo

FINANCIAL TIMES - Wed, 04/11/2018 - 23:34
UK transport group says ‘opportunistic’ buyout offer undervalues company
Categories: FINANCIAL NEWS

Speaker Ryan will leave behind new tax code, busted budget

AP Business - Wed, 04/11/2018 - 23:33
WASHINGTON (AP) -- House Speaker Paul Ryan will leave Congress having achieved one of his career goals: rewriting the tax code. On his other defining aim - balancing the budget and cutting back benefit programs like Social Security, Medicare and Medicaid - Ryan has utterly failed....

Speaker Ryan will leave behind new tax code, busted budget

AP Business - Wed, 04/11/2018 - 23:29
WASHINGTON (AP) -- House Speaker Paul Ryan will leave Congress having achieved one of his career goals: rewriting the tax code. On his other defining aim - balancing the budget and cutting back benefit programs like Social Security, Medicare and Medicaid - Ryan has utterly failed....

California offshore oil firms hit with nearly 400 violations

AP Business - Wed, 04/11/2018 - 23:27
LOS ANGELES (AP) -- Oil and gas companies drilling in state waters off Southern California violated regulations nearly 400 times in the past three years, according to a report being released Wednesday by an environmental group....

Florida bank to be sold as part of bankruptcy process

AMERICAN BANKER - Wed, 04/11/2018 - 23:15
Beach Community Bank in Fort Walton Beach will be sold for $100 million once its holding company goes through bankruptcy, according to a local news report citing the bank.

JPMorgan sued over 'sky-high' fees for cryptocurrency buys

AMERICAN BANKER - Wed, 04/11/2018 - 22:55
JPMorgan Chase was sued for charging "sky-high" interest rates and fees to customers who used their credit cards to buy cryptocurrencies such as Bitcoin.

Zuckerberg faces 'Grandpa' questions from lawmakers

AP Business - Wed, 04/11/2018 - 22:37
NEW YORK (AP) -- Mark Zuckerberg faced two days of grilling before House and Senate committees Tuesday and Wednesday to address Facebook's privacy issues and the need for more regulation for the social media site....

Fed, OCC back proposal to ease big-bank capital measure

AMERICAN BANKER - Wed, 04/11/2018 - 22:33
The agencies proposed changes to the way they apply a capital backstop to the largest systemically important firms, replacing a static leverage ratio with a more dynamic ratio that takes each bank’s risk profile into account.

Trump administration weighing drug testing for food stamps

AP Business - Wed, 04/11/2018 - 22:21
WASHINGTON (AP) -- The Trump administration is considering a plan that would allow states to require mandatory drug testing for some food stamp recipients....

Debt to the Penny for 04/10/2018

US TREASURY DEBT DAY-TO-DAY - Wed, 04/11/2018 - 22:15
Debt Held by the Public: 15,457,815,316,605.78
Intragovernmental Holdings: 5,676,976,268,439.97
Total Public Debt Outstanding: 21,134,791,585,045.75

House Dems to Mulvaney: Where are the enforcement actions?

AMERICAN BANKER - Wed, 04/11/2018 - 22:05
In his first of two Capitol Hill hearings this week, Democrats hammered the acting director of the Consumer Financial Protection Bureau for ignoring what they view as the agency's core purpose.

Oil company with checkered history hit with $12.5M fine

AP Business - Wed, 04/11/2018 - 21:37
LOS ANGELES (AP) -- California regulators have issued at $12.5 million fine to an oil company with a long history of safety violations and regulatory lapses....

Mulvaney insists consumer watchdog is still doing its job

AP Business - Wed, 04/11/2018 - 21:32
WASHINGTON (AP) -- Mick Mulvaney tried Wednesday to reassure Democrats on a House finance panel that he's committed to punishing unscrupulous financial companies, while agreeing with Republicans that the watchdog agency he runs needs to be reined in and refocused....

SBA plan to share disaster-relief lending role is a bust

AMERICAN BANKER - Wed, 04/11/2018 - 21:30
A plan to bring in banks was created right after last summer’s hurricane devastation, but the magnitude of those storms, government dawdling on the issue and lenders’ reluctance to participate are key reasons zero loans have been made under the program.

Why one small bank wants to bring real estate appraisals in-house

AMERICAN BANKER - Wed, 04/11/2018 - 21:30
TriStar Bank in Tennessee says a shortage of appraisers is slowing down its commercial real estate lending and raising the cost of appraisals. The claim has outraged appraisers, who argue that the bank is simply trying to avoid paying their fees.

Apple Taps European Executive to Run Global Music Business

WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/11/2018 - 21:13
Apple Inc. tapped Oliver Schusser, the head of its European music and content operations, to lead Apple Music world-wide, a role of growing importance as the tech giant aims to boost its services revenue amid slower iPhone unit sales.

US draws up options for attack on Syria

FINANCIAL TIMES - Wed, 04/11/2018 - 21:06
Possible strike must send message to Assad regime without risking conflict with Russia
Categories: FINANCIAL NEWS

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