SEC moves to tighten regulations on money market funds
WASHINGTON (Reuters) – A portion of the $2.6 trillion money market fund industry would be required to fundamentally change how it prices its shares under proposals issued by U.S. regulators on Wednesday to reduce the risk of abrupt withdrawals.
Senators renew push against China currency ‘manipulation’ despite yuan’s rise
WASHINGTON (Reuters) – A bipartisan group of senators on Wednesday introduced legislation to give the United States new tools to fight currency manipulation, an effort aimed mainly at China, just days before President Barack Obama and Chinese President…
IKEA reshuffles the furniture with new generation
STOCKHOLM (Reuters) – Asked if he would ever quit IKEA, 87-year-old founder Ingvar Kamprad told an interviewer last year he “had no time to die”. But his latest step back from the world’s biggest furniture group has pushed a younger generation to the f…
Exclusive: Tycoon Fredriksen sees tanker market weak for at least 2 years
OSLO (Reuters) – Shipping magnate John Fredriksen expects the tanker market to remain depressed for at least two more years, but is more optimistic about the outlook for other arms of his shipping empire, he told Reuters on Wednesday.
Former head of Spain’s Caja Madrid sent back into custody
MADRID (Reuters) – The former head of Spanish savings bank Caja Madrid has been ordered back into custody by a judge investigating allegations of mismanagement, a Madrid court said, as the hunt for those at fault for the country’s banking crisis gains …
Pages Jaunes shareholders reject Wyser-Pratte board seat
PARIS (Reuters) – Shareholders in French directories company Pages Jaunes on Wednesday resoundingly rejected activist investor Guy Wyser-Pratte’s attempt to get himself and an ally named to its board as independent directors.
Monte Paschi could propose scrapping 4 percent voting cap next week: sources
ROME (Reuters) – Italy’s third biggest bank Monte dei Paschi di Siena could propose getting rid of the current 4 percent cap on voting rights next week as it seeks to win EU approval for a 4.1 billion euro ($5.4 billion) state bailout, sources close to…
Alabama’s bankrupt Jefferson Co. aims to sell $1.89 billion debt
BIRMINGHAM, Alabama (Reuters) – Alabama’s bankrupt Jefferson County aims to sell $1.89 billion of municipal debt in late 2013 as part of a bankruptcy-exit plan that will hand historic losses to Wall Street banks and other investors, a lawyer for the co…
Treasury to sell more GM shares as it winds down stake
WASHINGTON/DETROIT (Reuters) – The Treasury Department on Wednesday announced plans to sell 30 million shares of General Motors Co common stock as part of its ongoing effort to wind down the government’s stake in the bailed-out automaker.
Judge sets November 4 insider trading trial for SAC’s Martoma
NEW YORK (Reuters) – A federal judge on Wednesday set a November 4 start for the criminal trial of Mathew Martoma, a former portfolio manager at hedge fund SAC Capital Advisors, on insider trading charges.
