Tillerson to be called as witness in Trump ally’s foreign agent trial

Tillerson to be called as witness in Trump ally’s foreign agent trial

NEW YORK, Oct 1 (Reuters) – Former US Secretary of State Rex Tillerson will be called as a witness by federal prosecutors in the trial of Tom Barrack, a one-time fundraiser for former President Donald Trump, on charges of illegally acting as a foreign agent for the United Arab Emirates, a court filing showed on … Read more

Analysis: Under water: how the Bank of England threw markets a lifeline

Analysis: Under water: how the Bank of England threw markets a lifeline

Bank of England bought bonds after pension fund pleas Some UK pension funds faced problematic margin calls BoE support seen as giving window to build collateral The British government’s unfunded tax plan spooked markets LONDON/NEW YORK, Oct 2 (Reuters) – Calls to the Bank of England saying some British pension funds were struggling to meet … Read more

Credit Suisse has strong capital base and liquidity -CEO memo

ZURICH, Sept 30 (Reuters) – Credit Suisse (CSGN.S) has solid capital and liquidity, Chief Executive Ulrich Koerner told staff in a memo seen by Reuters on Friday and confirmed by a spokesperson for the Swiss bank that is due to announce the outcome of a strategic review next month. “I know it’s not easy to … Read more

Intel’s Mobileye files for listing in first sign of thawing tech IPO market

Sept 30 (Reuters) – Intel Corp’s (INTC.O) self-driving unit Mobileye on Friday unveiled its filing for a US initial public offering, testing support for a high profile stock debut even as the market for new issues has virtually collapsed. The tech IPO market globally is in the middle of its worst drought in almost two … Read more

Japan spent a record of nearly $20.0 billion on intervention to support the yen

Intervention drains nearly 15% of readily available funds Japan can avoid selling US Treasury bills for now – analysts Impact of further intervention may diminish – analysts TOKYO, Sept 30 (Reuters) – Japan spent up to a record 2.8 trillion yen ($19.7 trillion) intervening in the foreign exchange market last week to prop up the … Read more

Barclays hit by $361 million US penalty for ‘staggering’ blunder

Sept 30 (Reuters) – British lender Barclays (BARC.L) agreed a $361 million penalty with US regulators on Thursday for “staggering” failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO CS Venkatakrishnan’s first year in charge. The bank said after the London market … Read more

India market regulator mandates enhanced disclosure norms for IPO-bound companies

New disclosure rules target companies planning IPOs Regulator aims to curb pre-listing price speculation Companies will have to provide key performance indicators Also required will be past share price details and performance MUMBAI, Sept 30 (Reuters) – India’s market regulator on Friday mandated enhanced disclosure norms for IPO-bound companies amid concerns that traditional financial disclosures … Read more

Exclusive: JPMorgan to hire about 2,000 engineers even as the economy softens

PLANO, Texas, Sept 30 (Reuters) – JPMorgan Chase & Co plans to hire about 2,000 engineers worldwide through the end of the year despite a worsening economy, its global chief information officer, Lori Beer, said on Wednesday. The biggest US lender added a net more than 5,000 software developers and data scientists last year and … Read more

Hong Kong retail sales slip 0.1% in August

HONG KONG, Sept 30 (Reuters) – Hong Kong’s August retail sales slipped 0.1% from a year earlier amid a high base of comparison, government data showed on Friday. Sales decreased to HK$28.6 billion ($3.64 billion), having grown 4.1% in July. In volume terms, retail sales fell 2.9% year-on-year in August. That compares with a revised … Read more

Biden administration changes student loan guidance, as Republican-led states file lawsuit

WASHINGTON, Sept 29 (Reuters) – The Biden administration changed its guidance on who qualifies for federal student loan forgiveness on Thursday, as seven Republican-led states filed a challenge to its student debt cancellation program. President Joe Biden said in August that the US government will forgive $10,000 in student loans for millions of debt-saddled former … Read more