UBS ignored rules for profit, says "rogue trader" lawyer
LONDON (Reuters) – Managers at Swiss bank UBS turned a blind eye when traders exceeded their agreed limits as long as the bank was making money from their deals, a lawyer for accused “rogue trader” Kweku Adoboli told a London court on Thursday.
Wall Street cuts losses on hope for lift from easy money
NEW YORK (Reuters) – The Dow edged up while the S&P 500 and Nasdaq cut most of their losses on Thursday as investors shifted attention from weak manufacturing data around the world to the belief that central banks’ easy money policies will help revive …
Air France head says no need to toughen restructuring plan: paper
PARIS (Reuters) – The head of the French unit of Air France-KLM said in an interview that the flag carrier is doing well enough to avoid seeking further cost cuts beyond an existing restructuring plan calling for 5,000 layoffs company-wide.
Exclusive: ABN AMRO to shut grain desk on CBOT trading floor
CHICAGO (Reuters) – Brokerage ABN AMRO will close its pit trading grains desk on the floor of the Chicago Board of Trade on November 1, the team’s five members said on Thursday, in one of the clearest signs that the iconic ‘open outcry’ style of tradin…
Lonmin says South Africa pay deal will add 14 percent to wage bill
JOHANNESBURG (Reuters) – The world’s No. 3 platinum producer Lonmin said on Thursday its wage bill would rise 14 percent from October 1 because of a pay deal reached this week to end a violent 6-week strike.
Analysis: Brazil ethanol returns to US as biofuel rules pave way
SAO PAULO (Reuters) – Brazilian ethanol is rushing back into the United States after a three-year ebb, drawn less by the severe drought that has inflated corn costs than by biofuel regulations that could more than triple next year’s shipments.
BofA speeds up plans to cut 16,000 jobs: WSJ
(Reuters) – Bank of America Corp is speeding up planned job cuts as revenue continues to decline amid new regulations and a tepid economy, the Wall Street Journal reported.
Factory, jobless claims reports signal weakness
WASHINGTON/NEW YORK (Reuters) – Manufacturing closed out its weakest quarter in three years this month and the number of Americans filing new claims for jobless benefits held near two-month highs last week, suggesting the economic recovery is failing t…
Leading economic indicator dips in August
WASHINGTON (Reuters) – A gauge of future U.S. economic activity slipped in August, the Conference Board said on Thursday, pointing to sluggish economic growth in the months ahead.
