U.S. authorities subpoena Goldman in 1MDB probe: WSJ
(Reuters) – U.S. authorities have issued subpoenas to Goldman Sachs Group Inc for documents related to the bank’s dealings with scandal-hit Malaysian state fund 1MDB, the Wall Street Journal reported late on Friday.
No clean bill of health for EU banks in stress test
LONDON (Reuters) – Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region’s banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc’s economy.
Data in focus as market struggles for direction
NEW YORK (Reuters) – Wall Street, seeking direction as the S&P 500 has been stuck in a narrow trading range for 12 days, will next week shift its attention from second-quarter corporate earnings reports to economic data.
Tech shares and muted GDP growth push S&P 500 to record
NEW YORK (Reuters) – Wall Street rose on Friday, with the S&P 500 index hitting a record intraday high for the seventh time this month as gains in technology heavyweights Alphabet and Amazon more than made up for losses in energy shares.
Pennsylvania attorney general announces Hershey trust reform deal
HARRISBURG, Penn. (Reuters) – The Pennsylvania Attorney General’s office on Friday unveiled the terms of a reform agreement with the charitable trust that controls Hershey Co that includes a 10-year term limit for trustees and limits on their compensa…
Berkeley study finds scarce evidence of market ‘front-running’
NEW YORK (Reuters) – Two University of California, Berkeley professors have taken a deep dive into new data and found that claims in Michael Lewis’ bestseller “Flash Boys” that retail investors are being gouged, or “front-run,” by high-speed traders no…
U.S. extends oversight of Fiat Chrysler safety practices by a year
WASHINGTON (Reuters) – U.S. auto safety regulators said on Friday they were extending oversight of Fiat Chrysler Automobiles NV for an additional year, requiring the Italian-American automaker to submit to monthly meetings and early disclosures of pot…
Delaware judge proposes October trial over removal of Viacom directors
(Reuters) – A Delaware judge on Friday ruled that Sumner Redstone’s lawyers must defend in a trial his move to oust five directors from Viacom Inc’s board and suggested that he wants to get a better picture of the 93-year-old media mogul’s mental capacity.
Oil rout erodes second-quarter profits for U.S. majors Exxon, Chevron
HOUSTON (Reuters) – Chevron Corp posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector.
Inventory reduction curbs U.S. economic growth; rebound expected
WASHINGTON (Reuters) – U.S. economic growth unexpectedly remained tepid in the second quarter as inventories fell for the first time in nearly five years and business investment weakened further, offsetting robust consumer spending.
