Oil soars 6 percent as OPEC reaches deal to limit output in November
NEW YORK (Reuters) – Oil prices settled up nearly 6 percent on Wednesday after OPEC struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since 2008 and after the market crashed on oversupply.
VW CEO: Hopeful for deal with U.S. authorities by end of the year
PARIS (Reuters) – Volkswagen AG Chief Executive Matthias Mueller said on Wednesday he is hopeful the German automaker can reach agreement by the end of the year with the U.S. government on the size of a fine to settle a criminal investigation of the c…
U.S. approves Boeing, Lockheed fighter jet sales to Gulf: sources
BERLIN (Reuters) – The United States has begun notifying lawmakers that it has approved $7 billion in long-stalled sales of Boeing Co fighter jets to Kuwait and Qatar, two sources familiar with the decision said on Wednesday.
Och-Ziff unit to plead guilty in U.S. bribe probe – sources
NEW YORK (Reuters) – Och-Ziff Capital Management Group LLC will pay $400 million and a subsidiary will plead guilty to resolve U.S. probes into its involvement in bribes paid to African officials, two people familiar with the matter said on Wednesday.I…
SEC says UBS to pay $15 million over sales practices
NEW YORK (Reuters) – UBS Group AG has agreed to pay more than $15 million to settle U.S. Securities and Exchange Commission charges that its failure to properly train brokers led to customers buying hundreds of millions of dollars of unsuitable securi…
OPEC could announce oil freeze in Algeria, details later: sources
ALGIERS (Reuters) – OPEC could announce an output-freeze deal on Wednesday in Algeria, although full details are unlikely to be firmed up before a formal meeting of the Organization of the Petroleum Exporting Countries in November, two OPEC sources sai…
Wells Fargo scandal reignites debate about big bank culture
(Reuters) – In the aftermath of the 2008 financial crisis, the banking industry sought to address an ethics crisis with surveys, town hall meetings, appointments of overseers and mechanisms for employees to report malfeasance.
Germany denies preparing to rescue Deutsche Bank
FRANKFURT (Reuters) – The German government denied that it was working on a rescue of Deutsche Bank after a newspaper report about such plans fueled fears over the future of the biggest lender in Europe’s largest economy.
U.S. to expand rules for ‘too-big-to-fail’ clearing houses
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Wednesday said it would adopt rules to strengthen the regulatory framework for clearing agencies deemed systematically important or that are involved in complex transactions, such as s…
IMF chief sees lower U.S. growth, calls trade barriers ‘malpractice’
CHICAGO (Reuters) – International Monetary Fund Managing Director Christine Lagarde said on Wednesday the institution would lower its 2016 U.S. growth forecast again and called policies that restrict trade “economic malpractice” that would choke off growth.
