Madoff sons took millions for real estate, trustee alleges
NEW YORK (Reuters) – Bernard Madoff’s sons created accounts out of thin air and engineered sham loans to buy pricey Manhattan real estate as they diverted tens of millions of dollars of money from their father’s firm, a court-appointed trustee said on …
Deal shows Reynolds prefers menthols to e-cigarettes
(Reuters) – Reynolds American Inc’s proposed $25 billion acquisition of smaller rival Lorillard Inc shows how the tobacco company is placing its bets on the market for menthols even as a growing number of smokers opt for e-cigarettes.
Airbus clinches first airline customer for revamped jet
FARNBOROUGH England (Reuters) – Airbus clinched its first airline customer for a newly revamped model with a tentative deal with Malaysia’s AirAsia for 50 A330neo wide-body jets worth over $13 billion on Tuesday.
Yellen defends loose Fed policy, says job market still too weak
WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen said U.S. labor markets are far from healthy and signaled the Fed will keep monetary policy loose until hiring and wage data show the effects of the financial crisis are “completely gone.”
Higher stock underwriting revenue boosts Goldman profit
(Reuters) – Goldman Sachs Group Inc GS.N posted a 5 percent rise in quarterly profit, spurred by higher revenue from stock underwriting and a smaller decline in fixed-income trading than many on Wall Street had predicted.
JPMorgan profit declines 8 percent as fixed-income trading slides
(Reuters) – JPMorgan Chase & Co JPM.N, the biggest U.S. bank by assets, said on Tuesday that second-quarter profit fell 8 percent after customer stock and bond trading volume dropped and mortgage lending fees plunged.
Goldman’s investment management business peeks out from trading’s shadow
NEW YORK (Reuters) – Late last year, Goldman Sachs reached an important milestone: its investment management business surpassed $1 trillion in client money under supervision.
SEC official vows to defend agency from Fed encroachment
WASHINGTON (Reuters) – A member of the U.S. Securities and Exchange Commission is vowing to defend the regulator’s turf against what he said is growing encroachment by the Federal Reserve and a council of financial regulators on everything from asset m…
Exclusive: Argentina to contact debt mediator by telephone – source
BUENOS AIRES (Reuters) – Faced with a default by July 30, Argentina will likely be in touch with a mediator by telephone instead of sending a mission to New York this week in its battle with holdout bondholders, an Argentine economy ministry source sai…
U.S. retail sales, manufacturing data point at firming economy
WASHINGTON (Reuters) – A gauge of U.S. consumer spending rose solidly in June, in the latest indication that the economy ended the second quarter on a stronger footing.
