19 August, 2015 by The TZ Newswire Staff Comments Off on Strong jobs, weak inflation data muddy Fed rate debate: minutes
Strong jobs, weak inflation data muddy Fed rate debate: minutes
Only one Fed policymaker was ready to vote for a rate hike at the central bank’s July 28-29 policy meeting, while some others “viewed the economic conditions for beginning to increase the target range for the federal funds rate as having been met or were confident that they would be met shortly,” according to minutes from the meeting released on Wednesday.
19 August, 2015 by The TZ Newswire Staff Comments Off on Bank of NY Mellon sued by U.S. regulator over $2 billion in soured mortgages
Bank of NY Mellon sued by U.S. regulator over $2 billion in soured mortgages
A U.S. regulator sued Bank of New York Mellon Corp (BK.N) on Wednesday over $2.06 billion in residential mortgage-backed securities purchased by a failed Texas bank, and accused it of breaching its duties as bond trustee to protect investors. In a complaint filed in Manhattan federal court, the Federal Deposit Insurance Corp, which sued in its capacity as receiver for the former Guaranty Bank, said it suffered more than $440 million in losses when it sold the securities in March 2010.
19 August, 2015 by The TZ Newswire Staff Comments Off on Valeant nears deal for ‘female Viagra’ maker Sprout Pharmaceuticals: WSJ
Valeant nears deal for ‘female Viagra’ maker Sprout Pharmaceuticals: WSJ
Valeant would pay all cash, one $500 million installment upfront and one next year, for Sprout Pharmaceuticals and its pink libido pills that will be sold under the brand name Addyi, the Journal reported, citing a person familiar with the matter. Reuters could not immediately reach Valeant or Sprout for comment outside regular business hours.
19 August, 2015 by The TZ Newswire Staff Comments Off on New Target COO’s headache: Too few goods to keep shelves filled
New Target COO’s headache: Too few goods to keep shelves filled
Two days after being promoted to the new position of Target Corp’s (TGT.N) Chief Operating Officer, John Mulligan’s big job is clear: fix a supply chain that the company blamed for shortages of goods that are undermining sales growth. On Wednesday, the fourth-largest U.S. retailer blamed its “incredibly complex supply chain” for unacceptable stock levels at its stores this year, forecasting weak growth in current quarter sales at established stores.
19 August, 2015 by The TZ Newswire Staff Comments Off on U.S. consumer prices up slightly, airfare weighs
U.S. consumer prices up slightly, airfare weighs
U.S. consumer prices rose only slightly in July as airline fares recorded their biggest drop since 1995, but tame inflation pressures will probably not discourage the Federal Reserve from raising interest rates this year. The Labor Department said on Wednesday its Consumer Price Index edged up 0.1 percent last month, with gasoline and food prices increasing marginally. “Fed officials made clear that they do not need to see higher inflation before hiking.
19 August, 2015 by The TZ Newswire Staff Comments Off on Fed’s Kocherlakota floats increase in U.S. inflation target
Fed’s Kocherlakota floats increase in U.S. inflation target
Minneapolis Fed President Narayana Kocherlakota, speaking at the Bank of Korea in Seoul, stopped short of advocating the move, saying that the Fed would need to weigh the benefits against costs including a possible hit to Fed credibility if it is seen as simply moving its own goal posts. Another dovish Fed policymaker, Boston Fed chief Eric Rosengren, has also recently raised the notion of boosting the Fed’s inflation target.
19 August, 2015 by The TZ Newswire Staff Comments Off on FINRA probes Merrill over anti-money laundering compliance: source
FINRA probes Merrill over anti-money laundering compliance: source
Wall Street’s self-regulatory body has been probing Bank of America Merrill Lynch over its failure to detect the activities of a former financial adviser, who pleaded guilty to helping a client cover up an insider-trading scheme and launder the proceeds, said a source familiar with the matter. The Financial Industry Regulatory Authority (FINRA), which has been in discussions with Merrill (BAC.N), may take enforcement action against the bank, most likely citing its alleged shortcomings in complying with anti-money laundering regulations, the source said.