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
Ford Motor Co. issued a recall Wednesday for 9,300 vehicles that are at risk of catching fire due to leakage of fuel. The company said that it is not aware of any fires, accidents or injuries related to the problem. Approximately 8,000 2017 Ford Super Duty vehicles and 1,300 2016 Ford Taurus, 2016-17 Flex, 2017 Explorer and Police Interceptor
Maybe not all of the Affordable Care Act needs to be repealed. Congressional Republicans may hold off repealing some of the taxes associated with the measure to provide funding for whatever replacement legislation is developed, sources told the Hill Wednesday. “Members are still reviewing all options on the table and no decisions have been finalized about how we will
'Tis the season of shopping, and Praxair Inc. appeared to be feeling the holiday spirit early this week. The Danbury, Connecticut-based industrial gas company announced its intentions to buy German competitor Linde for at least $35 billion on Tuesday, a move that would place it among the most valuable mergers of 2016. The deal isn't likely to reach completion
As the dollar value of global merchandise reduces, the value of cross-border services is rising, creating new opportunities for banks to innovative by embracing the change. In an analysis of bilateral trade between 25 key trading nations, Global Trade Forecast, HSBC and research partner Oxford Economics found that growth in services exports has outstripped growth in goods trade since the
