Bankrupt ResCap did not put value on intercompany claims: exec
NEW YORK (Reuters) – Bankrupt mortgage lender Residential Capital LLC made no effort to put a value on the legal claims that are now an obstacle to its plan to repay creditors, the company’s restructuring chief said on Wednesday.
Mexico Pemex CEO criticizes Repsol chairman’s pay
MEXICO CITY (Reuters) – The chief executive of Mexico’s state-run oil monopoly Pemex on Wednesday criticized the compensation paid to the chairman of Spain’s Repsol as excessive, amid a tussle over the handling of a dispute involving Argentina.
U.S. retail sales signal rise in demand; inflation tame
WASHINGTON (Reuters) – A gauge of U.S. consumer spending rose more than expected in October as households bought a range of goods, suggesting upside momentum in the economy early in the fourth quarter.
Wall Street slips; Fed minutes hint of taper in next few months
NEW YORK (Reuters) – U.S. stocks fell on Wednesday after minutes from the Federal Reserve’s last meeting said the central bank could begin to scale back its stimulus program at one of its next few meetings.
Yellen says Fed will weigh compliance extension for Volcker rule
WASHINGTON (Reuters) – The Federal Reserve is weighing whether banks should get more time to comply with the Volcker rule, which bans them from trading with their own money, Federal Reserve Vice-Chair Janet Yellen said in a November 18 letter to a U.S….
Fed officials felt taper may happen at next few meetings: minutes
WASHINGTON (Reuters) – Federal Reserve officials felt they could decide to start scaling back the U.S. central bank’s massive asset-purchase program at one of its next few meetings provided this was warranted by economic growth.
Yum Brands to combine business units by brands
(Reuters) – Yum Brands Inc said it would combine the U.S. and international divisions of KFC, Pizza Hut and Taco Bell and keep its China and India units separate as part of a reorganization.
Chrysler adds four underwriters as it eyes December IPO: sources
NEW YORK (Reuters) – Chrysler Group LLC has added four banks to help underwrite its proposed initial public offering, as the U.S. automaker looks to launch the deal as soon as early December, according to people familiar with the matter.
Hungary’s competition watchdog fines banks for cartel
BUDAPEST (Reuters) – Hungary’s competition watchdog has fined a group of banks 9.5 billion forints ($43.3 million), saying they had operated a cartel during a state-imposed scheme two years ago designed to help holders of disastrous foreign-currency mo…
Peugeot, Renault to end production alliance in France
PARIS (Reuters) – Carmakers PSA Peugeot Citroen and Renault are about to end cross-shareholdings in two French plants that made up their last production alliance in the country, spokespeople for the companies said on Wednesday.
