Sterling sinks to three-year low on Brexit, European banks struggle again
LONDON Sterling slumped to a three-year low against the euro on Monday as Britain set a March deadline to start divorce proceedings from the European Union, while worries over Deutsche Bank and Europe's banking sector kept share prices in check.British stocks were the standout performers in Europe, lifted to an 18-month high by the pound's broad and deep weakness and figures showing the fastest rise in UK manufacturing output in more than two years.Apart from Britain's FTSE, however, Europe fa..>> view originalUS construction spending falls in headwind for third quarter GDP
WASHINGTON, U.S. construction spending fell in August for the second straight month to its lowest level in eight months, an unexpected drop driven by weakness across public and private sectors. The successive declines suggest home building might not help economic growth in the third quarter. The Commerce Department said on Monday construction spending dropped 0.7 percent in August to a seasonally adjusted annual rate of $1.142 trillion, the lowest since December 2015.Economists had expected ou..>> view originalING plan to cut 7000 jobs, spend on digital draws union ire
By Toby Sterling | AMSTERDAM AMSTERDAM ING Groep's plans to shed 7,000 jobs and invest in its digital platforms to make annual savings of 900 million euros ($1 billion) by 2021, drew swift criticism from unions of the Netherlands' largest financial services company on Monday.The layoffs represent slightly less than 12 percent of ING's 52,000 workforce because nearly 1,000 are expected to come at suppliers rather than the bank itself. But they are the heaviest since 2009, when ING was forced ..>> view originalAiling Obama Health Care Act May Have to Change to Survive
“Too many Americans still strain to pay for their physician visits and prescriptions, cover their deductibles or pay their monthly insurance bills; struggle to navigate a complex, sometimes bewildering system; and remain uninsured,” Mr. Obama wrote in The Journal of the American Medical Association.The marketplace faces a major test in the fourth annual open enrollment season, which starts on Nov. 1, a week before Election Day. In many counties, consumers will see higher premiums and fewer insu..>> view originalUS Auto Sales Slip in September
Updated Oct. 3, 2016 10:36 a.m. ET U.S. auto sales tapped the brakes in September, with the top three auto makers reporting declines, despite efforts to keep dealer lots stocked and lure more car shoppers with sweetened incentives. General Motors Co. GM 1.45 % reported sales slipped 0.6% to 249,795, amid a planned pullback in fleet deliveries. Retail sales, meanwhile, edged 0.3% higher to 204,449. Ford Motor Co. F 0.66 % ’s sales skidded 8.1% to 203,444, dragged..>> view originalTear Gassing of Greek Pensioners Adds Pressure on Government
ATHENS, Greece — Greek police fired tear gas and pepper spray at protesting pensioners who challenged a cordon near the office of Prime Minister Alexis Tsipras, whose left-wing government faces mounting pressure over planned austerity measures.More than a thousand people, some of them with canes, took part in Monday's rally. Protesters chanted "Shame on you, shame on you!" with one group of elderly demonstrators trying to tip over a riot police bus, triggering the police response.Protesters ra..>> view originalChicago to Pull $25 Million From Wells Fargo After Scandal
Chicago Treasurer Kurt Summers plans to divest $25 million the city has invested with Wells Fargo & Co. after the company admitted to opening potentially millions of bogus client accounts, joining state officials who have pulled business from the bank because of the scandal.Summers, whose office manages the city’s $7 billion investment portfolio, plans to “unwind these assets as expeditious as possible in a fashion that is prudent and will protect taxpayer money,’’ according to a statement from..>> view originalTrump running out of time as controversies pile up
With 36 days remaining before Election Day, the real estate mogul's campaign is consumed with the fallout from a New York Times story published over the weekend that found Trump reported a $916 million loss in 1995. That loss could mean Trump went 18 years without paying federal income taxes.Those findings -- which Trump's campaign isn't disputing but haven't been independently confirmed by CNN -- would be daunting for any presidential candidate to overcome. But they're especially challenging fo..>> view originalThe hunting and fishing company Bass Pro Shops is buying Cabela's for $5.5 billion
Cabela's. Wikimedia Commons The wilderness-themed store Bass Pro Shops is buying Cabela's for $65.50 per share, or about $5.5 billion. The outdoor-recreation retailers are expected to close the deal in the first half of 2017. Bass Pro Shops is also launching a new credit-card partnership with a banking subsidiary of Capital One. Guggenheim Securities was Cabela's exclusive financial adviser, and JPMorgan was the sole financial adviser to Bass Pro Shops. Goldman ..>> view originalDeutsche Bank shares slip again in race to reach US settlement
FRANKFURT Deutsche Bank (DB.N) shares resumed falling on Monday after recovering from a record low at the end of last week, as hopes faded of a swift deal with U.S. authorities over a multi-billion dollar penalty.The German lender is throwing its energies into reaching a settlement before next month's U.S. presidential election, with the Department of Justice demanding a fine of up to $14 billion for mis-selling mortgage-backed securities.Its shares didn't trade in Germany (DBKGn.DE) on Monday..>> view original
Saturday, October 8, 2016
Sterling sinks to three-year low on Brexit, European banks struggle again and other top stories.
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