Simplify U.S. financial reform rules, Fed’s Plosser urges
PHILADELPHIA (Reuters) – A top U.S. central banker on Tuesday criticized the complexity of a nearly four-year-old financial-reform law, urging simpler and more transparent laws for Wall Street that would rely more on the free market to discipline banks…
Fed could cut rates to combat joblessness: Kocherlakota
ROCHESTER, Minnesota (Reuters) – The Federal Reserve should do more to boost both inflation and jobs, a top Fed official said on Tuesday, including possibly pushing its main interest rate even lower or cutting the rate it pays banks on excess reserves …
CVS to pay $20 million to settle SEC fraud charges
(Reuters) – CVS Caremark Corp, the second largest U.S. drugstore chain, will pay $20 million to settle U.S. Securities and Exchange Commission charges that it defrauded investors in 2009 during a debt offering and by accounting improperly for an acquis…
Wall Street watchdog kicks off review of rules to gauge impact, costs
The Financial Industry Regulatory Authority, Wall Street’s watchdog, on Tuesday launched a review of its rules to determine whether they are effective and their costs and benefits are in line with the securities industry’s expectations, according to re…
Senate panel approves Massad to head CFTC
WASHINGTON (Reuters) – A U.S. Senate panel on Tuesday approved Timothy Massad as the next chairman of the Commodity Futures Trading Commission, but a second nominee to the derivatives watchdog hit a snag.
Wilbur Ross says eyeing assets in southern Europe
TORONTO (Reuters) – Billionaire investor Wilbur Ross said on Tuesday he is assessing distressed assets in southern Europe and was looking to make some investments in the next few months.
Intel closes Costa Rica operation, cuts 1,500 jobs
SAN FRANCISCO (Reuters) – Chipmaker Intel, struggling with a shrinking personal computer market, is shutting its assembly and test operation in Costa Rica and eliminating 1,500 jobs, a spokesman said on Tuesday.
New Morgan Stanley brokerage sales chief reorganizes leadership
NEW YORK (Reuters) – Six weeks after being named to lead Morgan Stanley’s brokerage force of more than 16,000 financial advisers, managing director Shelley O’Connor has streamlined the sales organization and replaced some key executives.
Wal-Mart plans 50 more India wholesale outlets, e-commerce launch
MUMBAI (Reuters) – Wal-Mart Stores Inc on Tuesday announced plans to open 50 more wholesale outlets in India and start online operations to sell to small shopkeepers, several months after it decided against opening its own retail stores there.
Japan drugmaker Takeda to fight $6 billion damages awarded by U.S. jury
SAN FRANCISCO/TOKYO (Reuters) – Takeda Pharmaceutical Co Ltd said it would contest $6 billion in punitive damages imposed by a jury in the United States in a case that accused Japan’s largest drugmaker of concealing cancer risks associated with its Act…
