Verizon planning more generous trade-in offer for old iPhones
Verizon is planning to offer customers up to $400 for trading an old iPhone when they buy a new iPhone.
China unveils details of state-firm reforms as growth sputters
China unveiled details on Sunday of how it would restructure its state-owned enterprises (SOEs), including partial privatization, as data pointed to a cooling in the world’s second-largest economy. The guidelines, jointly issued by the Communist Party’s Central Committee and the State Council, China’s cabinet, included plans to clean up and integrate some state firms, the official Xinhua news agency said. Reform of underperforming state-owned enterprises is one of China’s most
Fed to dominate week of central bank meetings
The U.S. Federal Reserve takes center stage in the coming week, eclipsing industry data from China, another grim inflation reading from the euro zone and rate decisions in Japan and Switzerland. An unexpected drop in the jobless rate to 5.1 percent and an upward revision in second quarter growth to 3.7 percent support calls for a hike as the labor market tightens and utilization is at its best level since
Credit Suisse plans to sell U.S. private bank: newspaper
Credit Suisse Group (CSGN.VX) intends to sell its U.S. private bank and slash its prime brokerage business under a strategy being developed by new Chief Executive Tidjane Thiam, Swiss newspaper Schweiz am Sonntag reported on Sunday. The newspaper cited “insiders” as saying the bank’s U.S. private banking business had around 100 billion Swiss francs ($103 billion) under management but was not making progress there, unlike rival UBS (UBSG.VX). The prime
Curbing enthusiasm ahead of Fed meeting
With stocks already in a corrective phase on Wall Street, next week’s long-awaited Federal Reserve meeting may not spur a wild market reaction, even if the central bank hikes rates for the first time in almost a decade. Economists are about equally split on whether the long-awaited move will come, though futures market trades are pointing to at least one more month of the Fed delaying its 0.25 percentage point
Weak U.S. consumer sentiment, tame inflation muddy Fed rate outlook
U.S. consumer sentiment hit its lowest in a year in early September and producer prices were flat in August, signaling moderate economic growth and tame inflation that could weigh on the Federal Reserve’s decision whether to hike interest rates next week. The slump in consumer sentiment and persistently weak inflation reported on Friday are in stark contrast with a tightening labor market. Sentiment was likely undermined by recent stock market
Big banks in $1.865 billion swaps price-fixing settlement
Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors …
Germany will back sharing bank risk only responsibility shared as well
Germany made clear it would agree to sharing more banking risk only if governments first proved they were ready to share more responsibilities as well, at a meeting of European Union finance ministers on Saturday. The ministers were discussing a deposit guarantee plan, an idea backed by the European Commission. It wants to propose steps toward a deposit insurance and reinsurance scheme in October, Commission Vice-President Valdis Dombrovskis said.
Major car makers agree to make automatic braking standard in U.S
A group of major automakers accounting for more than half of U.S. auto sales will make automatic emergency braking standard on new U.S. vehicles in one of the industry’s biggest auto safety moves since it embraced technology to prevent rollovers more than a decade ago. The car makers, which accounted for 57 percent of car and light truck sales in the United States last year, said Friday they will work
KKR, Apollo Global seek to buy GE's inventory finance arm
KKR & Co and Apollo Global Management are seeking to acquire General Electric Co’s inventory finance arm, Bloomberg reported on Friday. The buyout firms made bids two weeks ago for GE Capital Commercial …
