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BRIEF-Bankrate Inc, Red Ventures received request for additional information from FTC in connection with FTC's review ...
Bankrate Inc(RATE): * Bankrate Inc(RATE) - on Aug 18, co, Red Ventures received request for additional information from FTC in connection with FTC's review of merger. * Bankrate (RATE) - parties continue to expect that all required regulatory approvals for merger to be obtained, that merger will be completed by end of 2017 Source text: Further company coverage:
BRIEF-Tyson Foods, Bank of America, N.A. entered into a second amendment of an April 7, 2015 term loan agreement
* Tyson Foods - on August 18, 2017, Tyson Foods, Inc, Bank
of America, N.A. entered into a second amendment of an April 7,
2015 term loan agreement
Exclusive: Citigroup tops eight-bank group for Petrobras unit IPO - source
SAO PAULO (Reuters) - Citigroup Inc and seven other banks will underwrite the initial public offering of Petróleo Brasileiro SA's fuel distribution unit, which will likely occur in November, a person with direct knowledge of the plan said on Thursday.
BRIEF-Air Berlin files for protection from creditors in United States
Aug 18 (Reuters) - Air berlin files for protection
from creditors in the united states -- court filing
AIR BERLIN SAYS FILING IS INTENDED TO HELP IT SHIELD ASSETS
LOCATED WITHIN THE UNITED STATES FROM THE REACH OF CREDITORS
AIR BERLIN FILES FOR PROTECTION FROM CREDITORS WITH THE U.S.
BANKRUPTCY COURT IN MANHATTAN
AIR BERLIN SEEKS RELIEF UNDER CHAPTER 15 OF THE U.S. BANKRUPTCY
U.S. subsidiary of Italian bank to pay $35 mln over improper ADRs- SEC
Banca IMI Securities Corp., a subsidiary of Italian bank Intesa Sanpaolo SpA (IITSF), has agreed to pay $35 million to settle charges it violated U.S. securities laws governing the issuance of American Depositary Receipts, the Securities and Exchange Commission said on Friday.
SEC drops case against ex-JPMorgan traders over 'London Whale'
NEW YORK (Reuters) - The top U.S. securities regulator on Friday dropped its civil lawsuit accusing two former JPMorgan Chase & Co traders of trying to hide some of the bank's $6.2 billion of losses tied to the 2012 "London Whale" scandal.
BRIEF-Groenlandsbanken H1 pretax profit DKK 73.8 million
Groenlandsbanken A/S: * H1 pretax profit 73.8 million dkk versus 47.7 million dkk year ago. * Groenlandsbanken A/S says loans have increased by a total of dkk 280.6 million since end of 2016, amounting to dkk 3.354 billion at end of june 2017.
Deutsche Bank, Bank of America settle agency bond rigging lawsuits
NEW YORK, Aug 17 (Reuters) - Deutsche Bank AG and
Bank of America Corp agreed to pay a combined $65.5
million to settle investor litigation accusing large banks of
rigging the roughly $9 trillion government agency bond market
over a decade.
BRIEF-Nicholas Donofrio to retire from Bank of New York Mellon board effective sept 30
* Bank of New York Mellon Corp - on Aug 14, Nicholas
Donofrio notified co of his decision to retire from co's board
effective Sept 30 - SEC filing
Source text: (http://bit.ly/2w6kyiD)
Further company coverage:
Dow industrials just marked the first tumble of at least 1% in 64 sessions
The Dow Jones Industrial Average on Thursday closed with its first drop of at least 1%, snapping a streak that had run for more than 60 sessions. The Dow finished 274 points, or 1.2%, lower at 21,750, as the broader stock market faced its biggest selloff since last week's North Korea-fueled jitters. The blue-chip gauge's absence of down days of at least 1% was the longest since a 69-day streak ended Oct. 25, 1995, or about 22 years, according to WSJ Market Group Data. Thursday's fall for the Dow came as the broader market appeared to be fretting about a number of bearish factors, including a record-setting market that has been viewed as too rich and due for a pullback, concerns about the health of the economy and the Federal Reserve's comfort in normalizing interest rates amid levels of inflation that have run below their 2% target, considered indicative of a normally functioning economy. Heightened questions about President Donald Trump's ability to pass a raft of pro-growth policies amid the business world's fervent denouncement of his reaction to a white-supremacist rally also has helped to erode bullish sentiment. "Markets have been looking for an excuse to sell off for a few months. We may now have that excuse," said David Schiegoleit, managing director of investments at U.S. Bank Private Wealth Management. "The most recent political discourse coming out of Washington adds further risk of the President's tax reform agenda being jeopardized. This would be a fundamental blow to stocks," he said. The S&P 500 index , meanwhile, ended down 1.5% at 2,430 and the Nasdaq Composite Index shed 1.9% at 6,221. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
U.S. pension funds sue Goldman, JPMorgan, others over stock lending market
(Reuters) - Three U.S. pension funds sued six of the world's largest banks on Thursday, including Goldman Sachs Group Inc and JP Morgan Chase & Co , accusing them of conspiring to stifle competition in the more than $1 trillion stock lending market.
MOVES- Mazquarie, HSBC, Scotiabank
The following financial services industry appointments were announced on Thursday. MACQUARIE GROUP LTD (MCQEF). The Australian bank has appointed Ric Deverell chief economist and head of macro research. HSBC HOLDINGS PLC (HSBC). The bank has hired Andrew Salvoni as a director to bolster its public sector coverage in Canada, according to a memo seen by Reuters IFR.
HDFC Bank, PNB cut savings rate by 50 basis points
HDFC Bank cut its interest rate by 50 basis points (half a per cent) to 3.5 per cent on savings bank deposits for balances up to Rs 50 lakh. This makes it the seventh to do so after State Bank of India (SBI) acted last month. Axis Bank, Bank of Baroda (BoB), Indian Bank, Karnataka Bank, Kotak Mahindra Bank and most recently YES Bank had preceded it. Axis, BoB and HDFC Bank all followed SBI's 50 bps cut to 3.5 per cent from the existing four per cent, for varying deposit amounts. HDFC Bank said its revision would be with effect from this Saturday. Customers maintaining a savings bank account balance of Rs 50 lakh and above will continue to earn interest at four per cent yearly. The revised rates will apply to both resident and non-resident customers. Banks have been cutting interest on term deposits for a little over two years. Demonetisation brought huge amounts into savings bank accounts as a one-time benefit. After that, banks substantially cut lending rates in the March quarter. .
MOVES-Head of LatAm DCM leaves Scotiabank
Michael Schoen, Scotiabank's head of Latin America debt capital markets, has left the Canadian financial institution to work for a biotech firm, a source told IFR on Thursday. Schoen joined Scotiabank in 2012 after spending more than 12 years at Credit Suisse, where he had held a similar position. Schoen is now chief of staff to the CEO of BeiGene (BGNE), according to his LinkedIn page.
Westlake Reimburses Borrowers Charged Over 21% APR
The Massachusetts Division of Banks has ordered several fines and penalties against a number of buy-here-pay-here auto lenders — including Westlake Financial Inc.’s subsidiary Western Funding Inc. — for failure to obtain proper licensing and illegal lending practices. Last week, the agency announced in a press release that Westlake enteredRead More
GM creditor trust drops settlement with ignition switch plaintiffs
NEW YORK (Reuters) - In a blow to people suing General Motors Co over faulty ignition switches and other alleged vehicle defects, a trust that holds many GM liabilities from before its 2009 bankruptcy has canceled a settlement that sought to force the automaker to pay $1 billion in shares to resolve millions of claims.
Fed's Fischer says move to unwind bank regulation 'dangerous': FT
LONDON (Reuters) - Efforts by the United States government to loosen regulations on banks are "dangerous and extremely short-sighted", one of the U.S. central bank's top policymakers said in an interview with the Financial Times published late on Wednesday.
Seven charged in U.S. insider trading ring
NEW YORK (Reuters) - U.S. authorities on Wednesday announced insider trading charges accusing seven people of generating more than $5 million of profit based on tips from a Bank of America Corp employee about dozens of pending corporate transactions.
UPDATE 2-Seven charged in U.S. insider trading ring
* Alleged tipper has been suspended by Royal Bank of Canada
(Recasts to add criminal charges, comments, background)
SEC and DOJ file insider charges seven using stolen bank data
The Securities and Exchange Commission charged seven individuals on Wednesday with insider trading in what it said was a wide-ranging scheme that generated millions in profits by trading on confidential information about dozens of impending mergers and acquisitions.
The SEC says Daniel Rivas, a former IT employee of a large bank, allegedly misused his access to his former employer's computer system to tip four individuals who traded on confidential information about upcoming transactions and others who also traded and passed along the tips. According to the SEC, the traders profited on market-moving news related to 30 impending corporate deals from October 2014 to April 2017.
Rivas also allegedly tipped his girlfriend's father, James Moodhe, who traded on the information and used coded conversations and in-person meetings to relay the tips to his friend, Michael Siva, a financial advisor at a brokerage firm. Siva allegedly used the confidential information to make profitable trades for his brokerage firm clients, earning commissions for himself in the process, and he passed numerous tips along to a client who traded on them. Siva also allegedly traded on behalf of himself and his wife based on two of the tips he got from Moodhe, a former financial services company treasurer.
Two of Rivas's friends in Florida, Roberto Rodriguez and Rodolfo Sablon, allegedly discussed tips on an encrypted, self-destructing smartphone messaging application and used shell companies to carry out their insider trading. Rodriguez and Sablon allegedly converted less than $100,000 into more than $2 million in profits by making aggressive options trades based on the confidential information. Rodriguez also is alleged to have passed several tips to one of his friends who also traded.
A third alleged trading ring involved Jhonatan Zoquier who profited by trading on inside information communicated through the encrypted messaging application. New Jersey-based Zoquier allegedly passed confidential information to Jeffrey Rogiers of Oakland, California more than once. Rogiers allegedly placed several illegal trades for himself and tipped others to trade.
The traders allegedly attempted to evade detection by using shell companies, code words, and an encrypted, self-destructing messaging application. However, the SEC Market Abuse Unit's Analysis and Detection Center used data analysis tools to detect suspicious patterns such as the improbably successful trading across different securities over time.
The SEC's investigation is continuing. The U.S. Attorney's Office for the Southern District of New York also filed criminal charges on Wednesday against the same seven individuals.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Dow books 4th straight gain, but Trump, Fed make for bumpy stock-market ride
U.S. stocks ended a volatile session slightly higher on Wednesday, following what might have seemed to some like a torrent of political drama, economic reports and minutes from the Federal Reserve that showed that the central bank is contending with sluggish inflation. The Dow Jones Industrial Average finished up 0.1% at 22,025, marking its fourth straight advance, the S&P 500 index closed 0.1% higher at 2,468, and the Nasdaq Composite Index advanced 0.2% to end at 6,345. Markets traded unsteadily Wednesday afternoon, reflecting uncertainty about the strategic path for the central bank and political tensions facing President Donald Trump that could upend his pro-growth agenda. President Trump announced the dissolution of a pair of business advisory panels following a wave of high-profile departures of corporate leaders after widespread criticism over the president's reaction and late-Tuesday remarks to violence in Charlottesville, Va., over the weekend. Meanwhile, the Fed adopted a dovish posture, indicating that some members are concerned about sluggish inflation. In economic news, housing starts fell 5.6% in July weaker than expected. In corporate news, shares of retailing giant Target Corp. rose after it reported an increase in same-store saales and lifted its guidance for the full-year 2017. The Fed's minutes had a pronounced effect on the yields of 10-year Treasurys, driving prices higher and yields down by the most in 3 weeks, while the ICE U.S. Dollar Index, which measures the buck against a basket of six rivals, declined precipitously due to a combination of shaky economic reports and news about turmoil in Washington. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Fed Officials Confront New Reality: Low Inflation and Low Unemployment
A growing number of officials see a need to adjust the central bank’s assumptions on the economy, according to an account of the latest policy meeting.
Black banker sues Goldman Sachs for racial discrimination
Aug 16 (Reuters) - A black banker in Goldman Sachs Group
Inc's personal wealth management unit filed a lawsuit on
Wednesday accusing the firm of steering top clients to her white
colleagues and denying her promotions because of her race.
UPDATE 1-U.S. judge in Takata bankruptcy halts lawsuits vs automakers
Aug 16 (Reuters) - A U.S. judge overseeing the bankruptcy of
Japanese auto supplier Takata Corp's U.S. business has
halted for 90 days the lawsuits brought by victims of its faulty
air bag inflators against automakers, a ruling that temporarily
smooths its efforts to exit bankruptcy.
U.S. regulators charge bank employee, six others with insider trading
NEW YORK (Reuters) - U.S. securities regulators on Wednesday accused an employee of a large multinational bank and six other people of taking part in an insider trading scheme that reaped more than $5 million in profits.
U.S. judge in Takata bankruptcy halts lawsuits vs. automakers
CHICAGO (Reuters) - A U.S. judge overseeing the bankruptcy of Takata Corp's U.S. business on Wednesday halted lawsuits for 90 days against automakers brought by victims of its faulty air bag inflators.
U.S. judge in Takata bankruptcy halts lawsuits vs automakers
CHICAGO, Aug 16 (Reuters) - A U.S. judge overseeing the
bankruptcy of Takata Corp's U.S. business on Wednesday
halted lawsuits for 90 days against automakers brought by
victims of its faulty air bag inflators.
Dow needs about 40 points to retake its all-time closing high
The Dow Jones Industrial Average on Wednesday was trading modestly higher, but the climb was enough to put within a reach a fresh record. The blue-chip gauge was less than 40 points, at its peak level in early trade at 22,081, of surpassing its Aug. 7 record of 22,118.42, according to FactSet data. The Dow's intraday peak of 22,179.11 on Aug. 8, however, may be a tougher mark to surpass. Overall the Dow was up 0.4% at 22,080 in late-morning trade on Wednesday, the S&P 500 index gained 0.3% at 2,472, while the Nasdaq Composite Index was 0.4% higher at 6,356 on the session. Those benchmarks are further away from records because of a divergence between blue-chips and the S&P 500 and Nasdaq, but are still relatively close to retouching their all-time highs. The S&P 500's closing record stands at 2,480.91, hit Aug. 7 and its intraday record is at 2,490.98, reached Aug. 8, while the Nasdaq's last record close was July 26 at 6,422.75 and its intraday marker is 6,460.84, achieved July 27. An abatement of tensions between the U.S. and North Korea has provided some catalyst for stocks to return to testing their upper limits. Meanwhile, Wall Street is looking ahead to a 2 p.m. release of minutes from the Federal Reserve's policy-setting meeting in July, which could influence stocks, bonds, currencies and dollar-priced commodities, with an expectation the central bank will hint the start of an unwind of its $4.5 trillion balance sheet as soon as next month. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
China reclaims spot as No. 1 holder of Treasurys after 8-month hiatus
China overtook Japan as the top holder of Treasurys in June, according to the Treasury International Capital report. The last time China was the top holder was back in last October. China's holdings of U.S. government paper rose to $1.147 trillion, up more than $44 billion from the previous month. Japan's holdings slipped $20.5 billion to $1.09 trillion. The report comes amid the yuan's strengthening in the past three months against the greenback. The dollar bought 6.68 yuan on Tuesday, compared with 6.90 yuan back in May. The yuan has been supported by efforts of the People's Bank of China, its central bank, to beat off currency speculators. A steadying economy and attempts to stem capital flight have helped to prop up the yuan, too. A strengthening currency and growing exports can lead to a rapid accumulation of Treasurys. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
HDFC Bank plans to raise Rs 15,000 cr via infra bonds
The bank's total advances stood at Rs 580,976 cr at June-end, an increase of 23.4% over a year
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