Volcker: US bank oversight ineffective, seeks overhaul
Former Federal Reserve Chairman Paul Volcker is calling for a reshaping of the U.S. financial oversight regime, which he says is splintered and ineffective.
Fed's Dudley hopeful on rate hike this year
Economic performance will determine when the Federal Reserve finally raises U.S. interest rates from near zero, an influential Fed official said on Monday, adding he hopes to tighten policy later this year. “We have to see what unfolds,” New York Fed President William Dudley said in a speech that repeated cautious optimism that the U.S. economy will continue to expand and that inflation will begin to firm later this year.
Oil falls on strong dollar and as Saudi output remains near record high
Oil prices fell to under $63 a barrel on Monday after Saudi Arabian Oil Minister Ali al-Naimi said production in the world’s biggest crude exporter would stay near record peaks.
Morgan Stanley posts highest profit since financial crisis
The bank’s trading business, like those of its main rivals, got a boost in the quarter after the Swiss central bank scrapped a cap on the franc, the European Central Bank announced its quantitative easing program and the U.S. Federal Reserve took steps toward tightening monetary policy. Morgan Stanley capped a mostly strong quarter for the big U.S. banks with its 60 percent rise in net profit, followed by Goldman
Halliburton profit surges past expectations as cost cuts pay off
Revenue fell by 4 percent to $7.05 billion in the first quarter, but beat analysts’ average expectation of $6.96 billion, according to Thomson Reuters I/B/E/S, helped by strength in the Middle East and Asia and Latin America. North America, which accounted for more than half the company’s first-quarter revenue, “experienced an unprecedented decline in drilling activity,” Chief Executive Dave Lesar said in a statement. The average U.S. rig count has
Earnings next test for stocks after market wipeout
Stocks could chop around and rack up more losses in the week ahead, with the next wave of corporate earnings reports.
Chinese leader in Pakistan to unveil $45B in investments
Chinese President Xi Jinping arrived in Pakistan on Monday for a two-day visit in which he is expected to announce $45 billion worth of investment projects in energy and infrastructure development. Pakistani …
Japan, U.S. report progress on trade talks, though Tokyo stands tough on rice
Japan and the United States reported progress in top-level trade talks on Sunday that could pave the way for a broader trans-Pacific trade deal, although Tokyo cautioned that a bilateral accord was unlikely in time for a summit next week. Japan’s Economy Minister Akira Amari and U.S. Trade Representative Michael Froman both said they had made good progress in the first of two days of cabinet-level discussions. “We exchanged opinions
Shanghai GM to invest $16 billion to develop new vehicles
Shanghai GM, a joint venture between General Motors and Chinese automaker SAIC Motor Corp , plans to spend 100 billion yuan over the next five years to develop new vehicles, Shanghai GM President Wang …
For short-sellers in U.S. stocks, the agony just piles on
In January 2014, veteran short-seller Bill Fleckenstein said he was readying a new fund to bet on falling stock prices. Despite lackluster U.S. economic data, a world grappling with slow growth, concern that Greece and Ukraine could default on their debts, the U.S. stock market has been more than resilient. It has been impossible,” Seattle-based Fleckenstein told Reuters. “It all comes down to free money and that old saw –
