Biden’s Pick for Bank Regulator Worries Banks Are Getting Too Powerful

Saule Omarova, a Cornell law professor, has advocated a more equal share of power and success between taxpayers and big banks. By Emily Flitter President Biden has chosen Saule Omarova, a Cornell Law School professor, to lead the Office of the Comptroller of the Currency, the regulator overseeing the largest U.S. banks, according to a White House official. If confirmed, […]

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Grant Dalton admits on-demand loans from Team New Zealand principal are a wild card

Much of the financial support provided to Team New Zealand from Matteo de Nora comes in the form of on-demand loans, something Grant Dalton has acknowledged is something of a “wild card”. Since 2000 de Nora, a low-profile Swiss-Italian businessman, has been providing support for Team New Zealand. He has never been a member of the syndicate’s board. While Team […]

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Unit of SMCP's majority shareholder fails to redeem bonds

PARIS (Reuters) -French fashion company SMCP, whose brands include Sandro and Maje, said on Thursday that a unit of its majority shareholder failed to meet a debt obligation, which could open the door to a change in ownership of the retailer.FILE PHOTO: An employee arranges a clothing display inside a Sandro luxury clothing store, operated by SMCP Group, in Paris, […]

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Stocks shrug off hawkish Fed, Evergrande soars in China

LONDON (Reuters) – World markets rallied on Thursday after the U.S. Federal Reserve flagged plans to reel in stimulus this year, Norway became the first rich economy to raise interest rates since COVID-19 struck and China Evergrande leapt ahead of a crucial debt payment.FILE PHOTO: Investors look at computer screens showing stock information at a brokerage house in Shanghai, China, […]

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Wall Street extends rally as economically sensitive sectors bounce

(Reuters) – Economically sensitive stocks boosted Wall Street on Thursday as investors largely brushed off concerns over the Federal Reserve’s plans for tapering, while forecast raises from Accenture and Salesforce added to the positive mood.FILE PHOTO: A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., September 17, 2019. REUTERS/Brendan McDermidThe […]

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China's mom-and-pop investors, builders and homebuyers caught in Evergrande debt crisis

SUZHOU/SHENZHEN, China (Reuters) – At an eerily quiet construction site in eastern China’ Suzhou, worker Li Hongjun says property developer Evergrande’s debt crisis means he will soon run out of food. Christina Xie, who works in export in the bustling southern city of Shenzhen, fears Evergrande has swallowed her life savings.A man rides a vehicle past the construction site of […]

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Bank of England keeps interest rate unchanged at 0.1%

FILE PHOTO: A person stands outside the Bank of England in London, Britain, September 13, 2021. REUTERS/Hannah McKay/File PhotoLONDON (Reuters) – The Bank of England kept its main interest rate unchanged at 0.1% on Thursday and stuck to its 895 billion pound ($1.22 trillion) asset purchase target. Economists polled by Reuters had expected no change to the BoE’s main policy […]

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U.S. 'pink sheets' in shakeup as securities regulator looks to stamp out fraud

WASHINGTON/NEW YORK (Reuters) – As many as 2,000 companies could disappear from the off-exchange “pink sheets,” long a favorite of retail investors, when a new rule aimed at stamping out fraud in this notoriously risky enclave of U.S. equities markets comes into effect next week.FILE PHOTO: A cup of coffee is poured during Luckin Coffee’s IPO at the Nasdaq Market […]

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Stocks shrug off hawkish Fed, Evergrande soars in China

LONDON (Reuters) – World markets rallied on Thursday after the U.S. Federal Reserve confirmed plans to start reeling in stimulus, Norway became the first rich economy to raise rates since COVID struck and China Evergrande shares leapt ahead of a crucial debt payment.FILE PHOTO: Investors look at computer screens showing stock information at a brokerage house in Shanghai, China, April […]

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China Evergrande chairman says to ensure home deliveries and wealth products redemption

FILE PHOTO: Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country’s second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File PhotoHONG KONG (Reuters) – Cash-strapped developer China Evergrande Group said it held an internal meeting late on Wednesday night, in which its chairman urged company […]

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