Beijing may have averted a crisis in its stock markets with heavy-handed intervention, but the world’s biggest corporate debt pile – $16.1 trillion and rising – is a much greater threat to its slowing economy and will not be so easily managed. Corporate China’s debts, at 160 percent of GDP, are twice that of the United States, having sharply deteriorated in the past five years, a Thomson Reuters study of
Google Inc’s strong quarterly results, which unleashed a massive surge in its shares on Friday, has investors feeling upbeat heading into next week’s tech-heavy slate of earnings reports. Among the numerous tech companies releasing earnings next week are International Business Machines, Microsoft Corp and Apple, all of which are expected to show growth. Wall Street analysts expect earnings of the S&P technology sector to grow by 2.7 percent for the
The Greek government ordered banks to open on Monday, three weeks after they were shut down to prevent the system collapsing under a flood of withdrawals, as Prime Minister Alexis Tsipras looked to the start of new bailout talks next week. The decree to re-open the banks came hours after new ministers were sworn in following a cabinet reshuffle in which Tsipras replaced dissident members of his ruling Syriza party
China must learn lessons from its stock market rout, the country’s vice finance minister said on Saturday, signaling his intent to focus on supervision and the development of new frameworks to make it possible to weather any future market turbulence. China’s stock market plunged by nearly a third at one stage earlier this month from a mid-June peak, wiping around $4 trillion from share values as investors were spooked by
The lawsuit, brought by Fort Worth Employees’ Retirement Fund and other investors in offerings made before the 2008 financial crisis, accused JPMorgan of misleading them about the underwriting, appraisals and credit quality of the home loans underlying the certificates. The lawsuit said that after Lehman Brothers Holdings Inc failed, the certificates were worth at most 62 cents on the dollar. JPMorgan agreed to a $13 billion settlement with the Justice
LONDON/MILAN (Reuters) – Fiat Chrysler Automobiles (FCA) (FCHA.MI) is considering whether to sell its auto parts maker Magneti Marelli after receiving interest from potential buyers, according to sources familiar with the matter. A recent offer, by a group including a U.S. buyout fund and valuing the business at less than 2.5 billion euros ($2.7 billion), was rebuffed in June as FCA would not agree to sell for less than 3
The lawsuits by the city of Los Angeles and by Cook County, Illinois, which includes Chicago, accused Wells Fargo of steering black and Hispanic borrowers into higher-cost loans, a process sometimes called “reverse redlining”. Los Angeles and Chicago are the second- and third-most populous U.S. cities.
Google’s class A shares chalked up their largest single-day percentage change in more than seven years on Friday. The rise in Google’s market value was more than the total market capitalization of Caterpillar Inc (CAT.N), the world’s biggest construction equipment maker. Google’s shares hit a record high of $703, valuing it at $471.50 billion and cementing its position as the world’s second most valuable company after Apple Inc (AAPL.O).
Japan’s financial watchdog plans to seek a financial penalty on Toshiba Corp , currently being investigated by an independent committee over accounting irregularities, the Nikkei reported on Saturday. The Securities and Exchange Surveillance Commission (SESC) believes the company falsified financial statements and will recommend as early as September that the Financial Services Agency impose a fine, the business daily said, citing sources. An SESC spokesman declined to comment, while Toshiba
The Massachusetts attorney general’s office is examining how Uber and Lyft ensure equal access for people with disabilities, a spokeswoman for the attorney general told Reuters, adding to numerous other business issues facing the two companies. Disabilities rights activists have questioned how Uber Technologies Inc [[UBER.UL] and Lyft drivers handle passengers in wheelchairs and the blind, but the Massachusetts inquiry appears to be the first from an attorney general, opening