Prudential to fight U.S. proposal to label it ‘systemic’
WASHINGTON (Reuters) – Insurance company Prudential Financial Inc said on Tuesday it will contest a proposal by the new U.S. risk council to designate it as systemically important, a tag that would subject it to stricter oversight by federal banking re…
HSBC wins OK of record $1.92 billion money-laundering settlement
(Reuters) – A federal judge has approved HSBC Holdings Plc’s record $1.92 billion settlement with federal and state investigators of charges that it flouted rules designed to stop money laundering and thwart transactions with countries under U.S. sanct…
Former FBI Director Freeh to probe BP spill claims payouts
(Reuters) – Former FBI Director Louis Freeh will investigate possible misconduct by a lawyer involved in making payments to settle claims by people and businesses affected by the BP spill in the Gulf of Mexico in 2010, the judge in the spill damages ca…
Auto, factory data hint at some momentum in economy
WASHINGTON (Reuters) – U.S. new motor vehicle sales in June were poised to record their strongest month in more than 5-1/2 years and factories posted a second straight month of gains in new orders in May, indicating some pick-up in economic activity.
Wall Street slips in volatile session
NEW YORK (Reuters) – U.S. stocks edged lower on Tuesday, erasing earlier gains as the S&P 500 met resistance around its 50-day moving average, a level the index has not been able to close above for the past two weeks.
Supreme Court declines Cablevision stay request
WASHINGTON (Reuters) – The U.S. Supreme Court on Tuesday declined a Cablevision Systems Corp request seeking a stay of National Labor Relations Board proceedings in light of a recent court action related to presidential appointments to the board.
Lululemon sued for fraud over sheer yoga pants, CEO exit
(Reuters) – Lululemon Athletica Inc has been hit with a U.S. lawsuit accusing it of defrauding shareholders by hiding defects in yoga pants whose sheerness led to a costly recall, and concealing talks that led to the sudden departure of its chief execu…
Analysis: Peru leader’s $11.5 billion gas project faces snags
LIMA (Reuters) – Peru has abundant natural gas reserves, but President Ollanta Humala’s $11.5 billion plan to use them to transform the country’s underdeveloped south is facing mounting hurdles.
Pimco Total Return Fund posts record outflows of $9.6 billion
NEW YORK (Reuters) – Pimco Total Return, the world’s largest bond fund, suffered record large outflows in June, in a second straight month of withdrawals amid carnage in the bond market that have reduced the fund’s assets by 8.5 percent, data from Morn…
Fed pledges to get tough on Wall Street as adopts Basel rules
WASHINGTON (Reuters) – The U.S. Federal Reserve pledged to draft tough rules for Wall Street while shielding smaller banks from some of the harshest impact of the global Basel III capital rules it adopted on Tuesday.
