Post

EU Fines 5 Banks $1.2 Billion In ‘FX Cartel’ Case

Via Zerohedge Over the past few years, US prosecutors fined more than a dozen banks $11.8 billion over allegations of collusion and manipulation in the FX market – a case that helped upend the culture of traders sharing “market color” in Bloomberg chatrooms. Those same banks have reached other settlements over behavior tied to the...

Post

IRS could be wasting even more taxpayer dollars than it reports

Via Fox Business While it is known the IRS is having a hard time preventing overpayments to individuals claiming a tax credit typically awarded to low-income families, they could be underreporting improper payments being made to taxpayers claiming other credits, too. A report from the Treasury Inspector General for Tax Administration released this week found...

Post

Walmart warns that higher tariffs will mean higher prices

Via AP Business NEW YORK (AP) — Walmart warned on Thursday that higher tariffs on imports from China will mean higher prices. The comments came after the nation’s largest retailer reported its best sale performance at its established U.S. namesake stores for the fiscal first quarter in nine years. It marked 19 straight quarters of...

Post

Something Just Broke In The Chinese Yuan

Via Zerohedge Having been well-managed all week, amid various headlines (and extreme hopium in US equities), something just snapped in the Chinese yuan…   As we just detailed, from Deutsche Bank, who worry that USD/CNY will break through 7… Asia is the region we expect to suffer most from the renewed global headwinds. We argue...

Post

Canada’s Pipeline Crisis Isn’t All Bad For Investors

Via Oilprice.com Canadian oil producers have been having a hard time after the 2014 crisis, harder than their peers elsewhere, constrained in their recovery and growth plans by a shortage of oil export capacity. However, in evidence of silver linings, they are now focusing on paying down debt and buying back shares issued at the...

Post

Nestle makeover advances with $10 billion sale of skin health unit

Via Reuters Finance ZURICH/FRANKFURT (Reuters) – Nestle has entered exclusive talks to sell its skin health business to a consortium led by EQT Partners for 10.2 billion Swiss francs ($10.1 billion), as the food group shifts its portfolio in response to changing consumer demands. FILE PHOTO: A logo is pictured during the 152nd Annual General...

Post

NTSB: Autopilot was in use before Tesla hit semitrailer

Via AP Business DETROIT (AP) — A Tesla Model S involved in a fatal crash with a semitrailer in Florida March 1 was operating on the company’s semi-autonomous Autopilot system, federal investigators have determined. The car drove beneath the trailer, killing the driver, in a crash that is strikingly similar to one that happened on...

Post

Sanders, Ocasio-Cortez socialist agenda concerns Alan Greenspan

Via Fox Business Former Federal Reserve Chairman Alan Greenspan is worried about the socialist agenda of Bernie Sanders and Alexandria Ocasio-Cortez. “Beware of double-entry bookkeeping — it’s only one side of an issue,” he told FOX Business’ Maria Bartiromo on Thursday regarding Medicare for all and the Green New Deal. “The question is where is...

Post

Saudi Arabia’s Oil Addiction Won’t End Anytime Soon

Via Oilprice.com OPEC de facto leader and the world’s largest crude oil exporter Saudi Arabia is still trying to pivot away from over-reliance on crude oil export revenue. But, to achieve this goal may be more difficult that planners in Riyadh have considered and may also take longer than anticipated. Naif Al-Rasheed, managing director of...

Post

SE: Markets Price In a Fed Rate Cut and a Soft Landing

Bloomberg Markets & Finance via Youtube May.16 — Tony Dwyer, chief market strategist at Canaccord Genuity, George Rusnak, co-head of global fixed income at Wells Fargo Investment Institute, and Alessio de Longis, portfolio manager at OppenheimerFunds, discuss market expectations for the Federal Reserve to engineer a soft landing for the U.S. economy. They speak with...