World Trade Week Strengthens Economic Growth President Donald Trump has issued a presidential proclamation to create World Trade Week. World Trade Week will take place the week of May 21 through May 27 per the Proclamation. Trump's Presidential Proclamation to promote global trade should calm world trade markets which have been uneasy since Trump was elected in November. The America First
China Fines GM $29 Million for Monopolistic Pricing BEIJING China will fine U.S. automaker General Motors Co's (GM.N) joint venture 201 million yuan ($29 million) for monopolistic pricing, state television reported on Friday, ending speculation after an official forewarned of penalties against a U.S. automaker. Shanghai's pricing regulator said that it would fine GM's venture with China's largest automaker SAIC
US Penalizes Credit Suisse and Deutsche Bank ZURICH/FRANKFURT Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe's leading investment banks as they grapple with falling profits. The penalty puts them at a further disadvantage to larger U.S. rivals. Credit
ZURICH Credit Suisse (CSGN.S) had agreed in principle to pay US authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank said on Friday. Credit Suisse will also provide $2.8 billion in consumer relief over five years from the settlement, it said in
NEW YORK/FRANKFURT Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard
LONDON European stocks edged higher on Friday helped by banks after two regional bellwethers settled U.S. mortgage securities probes, while oil and the dollar were on the back foot in light trading ahead of the Christmas break. In another boost to European financials, a bailout for Italy's oldest bank Monte dei Paschi was approved as the country's government looks to
NEW YORK The U.S. Department of Justice on Thursday sued Barclays Plc (BARC.L) and two former executives on civil charges of fraud in the sale of mortgage-backed securities during the run-up to the 2008-09 financial crisis. The lawsuit was filed after Barclays resisted a penalty the U.S. government had sought in settlement negotiations, a person familiar with the matter said.
WASHINGTON U.S. consumer spending increased modestly in November as household income failed to rise for the first time in nine months, suggesting the economy slowed in the fourth quarter after growing briskly in the prior period. The economy, however, remains on solid footing as other data on Thursday showed new orders for capital goods rising last month amid demand for
LONDON Global investors' equity holdings rose to six-month highs in December on bets that U.S. President-elect Donald Trump's promised fiscal splurge would spur higher growth and inflation, a Reuters monthly poll showed on Thursday. Trump's plans to cut taxes and boost spending have sent Wall Street to record highs in December as investors pile into everything from banks, to energy
NEW YORK President elect Donald Trump is pro-business and anti-red tape. But what if your business is red tape? Companies whose technology helps banks and investors cope with the welter of post-financial crisis regulations and avoid increasingly hefty fines - a sector known as "regtech" - are sanguine about Trump’s pledge to dismantle some of those reforms. Their equanimity is
