The Japanese affiliate of Ernst & Young LLC has launched an in-house investigation into its audit of Toshiba Corp in the wake of the electronics maker’s $1.2 billion accounting scandal, a person with knowledge of the matter said. Ernst & Young ShinNihon LLC has established a team of about 20 executives to investigate whether there were any problems with how it conducted its audits of Toshiba, the person said. Last
Unless next week’s payrolls report is an outlier, investors should expect a continuation of the directionless market that has kept the S&P 500 trading in place for most of the year. Should July post strong job gains, it would point to an economy strong enough for the Federal Reserve to raise interest rates for the first time in almost a decade.
Pacific Rim trade ministers failed to clinch a deal on Friday to free up trade between a dozen nations after a dispute flared up over auto trade between Japan and North America, New Zealand dug in over dairy trade and no agreement was reached on monopoly periods for next-generation drugs. Trade ministers from the 12 nations negotiating the Trans-Pacific Partnership, which would stretch from Japan to Chile and cover 40
U.S. labor costs in the second quarter recorded their smallest increase in 33 years as workers earned less in commissions and bonuses, in what appeared to be a temporary wage growth setback against the backdrop of diminishing labor market slack. The surprisingly smaller rise reported by the Labor Department on Friday did little to temper expectations that the Federal Reserve is set to raise interest rates later this year. The
Pension funds led by NECA-IBEW Health & Welfare Fund of Illinois accused the bank of misleading investors about the risks associated with mortgage securities offerings. NECA-IBEW, an electrical workers’ pension fund, owned some mortgage-backed certificates underwritten by Goldman. Goldman and its rivals have faced many lawsuits by investors seeking to recoup losses on mortgage securities.
Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island’s debt, totaling $72 billion, was unpayable and required restructuring. According to a 2014 bond offering statement, Puerto Rico has never defaulted on the payment of principal or interest of debt. “Tomorrow is Aug. 1 and we don’t have the money,” Victor Suarez, chief of staff for Puerto Rico’s governor, told journalists in San Juan, referring
Exxon Mobil (XOM.N) shares dropped 4.58 percent while Chevron (CVX.N) lost 4.89 percent after reporting poor quarterly earnings due to weak oil prices. Despite the S&P’s negative close on Friday, half of the 10 major S&P 500 sectors were higher, with the utilities index’s (.SPLRCU) 0.98 percent rise leading the advancers.
Yahoo Inc said on Friday it agreed to buy fashion start-up Polyvore to help drive traffic and strengthen its mobile and social offerings. Yahoo, which did not disclose terms of the deal, said Polyvore …
Valerie Harper is setting the record straight about her heath—and she’s cracking jokes! The 75-year-old Mary Tyler Moore Show and Rhoda alum was rushed to a hospital…
Woke up like this? Better believe it. If there’s one thing that’s true about August, it’s this: The month is dayum hot. As in, wearing a crop top is more a means of…