Government shutdown watch: Are enough House Republicans on board?
1/16/2018 6:00 PM
Republican leaders are full speed ahead on a short-term funding bill -- now they just need the votes for it. House GOP leaders are cautiously optimistic they can muster the votes for their short-term funding bill released Tuesday night.Senate Republicans leaders have convinced themselves Democrats will have to peel off to support the spending packa...Read More
BofA Tops IBM, Payments Firms With Most Blockchain Patents
1/15/2018 6:00 PM
Bank of America Corp. may not be willing to help customers invest in Bitcoin, but that doesn"t mean it isn"t plowing into the technology underlying the cryptocurrency. The Charlotte, North Carolina-based lender has applied for or received at least 43 patents for blockchain, the ledger technology used for verifying and recording transactions that"s ...Read More
Citigroup Plays Up Investor Payouts Once Tax Cuts Trigger Profits
1/15/2018 6:00 PM
As big U.S. banks weigh how to divvy up their windfall from a massive U.S. tax cut, Citigroup Inc."s approach appears to be set: Shower profits on investors. Lower tax rates mean the bank can stick to its multiyear plan to pay out at least $60 billion in capital to shareholders even after booking a larger-than-forecast charge of $22 billion to adju...Read More
BP says Deepwater disaster will cost another $1.7bln
1/15/2018 6:00 PM
The London-based company will record a new $1.7 billion charge in the fourth quarter of 2017 and pay $1 billion of that bill in 2018, it said in a statement Tuesday. The remainder will be distributed over a number of years."With the claims facility"s work very nearly done, we now have better visibility into the remaining liability," Chief Financial...Read More
The Senate"s push to overrule the FCC on net neutrality now has 50 votes, Democrats say
1/15/2018 6:00 PM
Fifty senators have endorsed a legislative measure to override the Federal Communications Commission"s recent decision to deregulate the broadband industry, top Democrats said Monday. The tally leaves supporters just one Republican vote shy of the 51 required to pass a Senate resolution of disapproval, in a legislative gambit aimed at restoring the...Read More
Bitcoin, rival cryptocurrencies plunge on crackdown fears
1/15/2018 6:00 PM
Bitcoin slid as much as 18 percent on Tuesday to a four-week low, as fears of a regulatory crackdown on the market spread after reports suggested it was still possible that South Korea could ban trading in cryptocurrencies....That came amid news that a senior Chinese central banker had said authorities should ban centralised trading of virtual curr...Read More
Washington edges closer to a government shutdown
1/15/2018 6:00 PM
We"ve been here before -- Congress and the Trump White House facing a potential government shutdown -- and each time the major players have backed away from the brink. But this time feels different, with the government"s funding expiring on Saturday....And maybe the biggest casualty here is the breakdown in trust -- between Trump and Durbin over th...Read More
Blame the deluded board members for Carillion"s collapse
1/14/2018 6:00 PM
... the hard fact is that Carillion directors were boasting in March last year of having "substantial liquidity with some £1.5bn of available funding" yet the company ran out of money 10 months later. That suggests delusion in the boardroom on a grand scale. Hedge funds, looking from outside and betting on the shares going south, seem to have had a...Read More
Three years on from currency shock, Swiss central bank can"t get back to normal
1/14/2018 6:00 PM
If it raises rates, the Swiss franc strengthens. If it sells off its massive balance sheet, the Swiss franc strengthens. If a global crisis hits, the Swiss franc strengthens...."The SNB will most probably be one of the last central banks to change course, and it will take years or even decades for monetary policy to return to ‘normal"," said Daniel...Read More
Euro Resurgence and QE Wind-down, US Political Dysfunction Weigh on Dollar
1/14/2018 6:00 PM
... the drop [in the dollar of 12% this year so far and last year] is a bit of a mystery because the Federal Reserve has been raising interest rates for the past year... Hussein Sayed, chief market strategist at FXTM, an online currency brokerage firm, wrote in a report Monday that signs of life in Europe"s economy, particularly Germany and France,...Read More