Biden taps CFTC commissioner Goldsmith Romero to lead scandal-hit FDIC
U.S. President Joe Biden will nominate Christy Goldsmith Romero, a Democratic member of the Commodity Futures Trading Commission (CFTC), to replace Martin Gruenberg as chair of the Federal Deposit Insurance Corporation (FDIC), the White House said on Thursday. The intended nomination from the White House comes after Gruenberg, a Democrat, said in May he would […]
Yellen: US growth needs public, private investments, China subsidies excessive
U.S. Treasury Secretary Janet Yellen said on Thursday that U.S. public investments that attract private capital are crucial to promote sustainable and inclusive growth over the long term, but warned that China’s model of massive state industrial subsidies were unacceptable to the world. Yellen said in prepared remarks to the Economic Club of New York […]
Edmond de Rothschild to open Saudi office and launch debt platform
Edmond de Rothschild Group, a specialist in asset management and private banking, is set to open an office in Saudi Arabia this year and launch a platform to provide debt finance for infrastructure projects there, the Swiss bank said on Thursday. The platform could help Saudi Arabia with its vast Vision 2030 plan which aims […]
How Labour’s election pledges stack up for UK markets
Britain’s opposition Labour party, which is predicted to win a July 4 election, on Thursday unveiled a manifesto pledging to keep spending tight, control sky-high debt, boost homebuilding and upgrade crumbling infrastructure. UK stocks and sterling have rallied ahead of the vote as traders see Britain being steadied by a strong-majority Labour administration after Brexit, successive Conservative leadership changes […]
Wells Fargo fires more than dozen employees for allegedly faking work, Bloomberg News reports
Wells Fargo (WFC.N), last month terminated over a dozen employees after reviewing allegations that they were involved in simulation of keyboard activity, creating an impression of active work, Bloomberg News reported, on Thursday. The fired employees worked in the bank’s wealth and investment management unit, according to the report, which cited the bank’s disclosures filed with the […]
European Union borrowing costs rise after global index compiler excludes its bonds
The European Union’s borrowing costs rose on Thursday as investors tried to assess what MSCI’s decision to leave the bloc out of its government bond indexes meant for jointly issued EU debt. Global index compiler MSCI said on Wednesday that following an investor consultation it had decided not to include the EU’s debt in its […]
Swedish central bank gets smaller-than-requested cash injection
The Swedish parliament’s finance committee has proposed that the central bank receive a capital injection of 25 billion crowns ($2.40 billion), less than requested by the board, the Riksbank said on Thursday. The central bank in April asked parliament for a capital injection of 43.7 billion crowns following a fall in the value of bonds bought between […]
Foreign credit card transactions add scarce dollars to Venezuela circulation
Transactions paid with foreign credit cards are helping circulate more foreign currency in Venezuela, where the government has locked in an exchange rate as part of efforts to control double-digit inflation, four public sector and finance sources said. The transactions have been growing steadily since the government of President Nicolas Maduro, who is running for […]
Shein’s pre-IPO charm offensive hits roadblocks in Europe
As online fast-fashion retailer Shein ramps up its pre-IPO charm offensive in Britain, pushback is growing too from Europe’s retail industry and lawmakers. As citizens of 27 countries vote in European Union elections, European manufacturers of fabric, clothes, leather goods and shoes this week called on future EU policymakers to protect the 1.5 million jobs […]
Britain’s Lloyds Bank consolidates London offices
Lloyds Banking Group (LLOY.L), will leave one of its London office sites as part of a consolidation into three remaining premises, the British bank said on Thursday. Lloyds will leave its building at 125 London Wall, in the capital’s City financial district, by 2025, the bank said. The lender’s nearby office in Old Broad Street, which […]