Archive for January, 2015

JPMorgan to pay $99.5 mln to resolve currency rigging lawsuit

January 31st, 2015

JPMorgan to pay $99.5 mln to resolve currency rigging lawsuit
NEW YORK, Jan 31 (Reuters) – JPMorgan Chase & Co, the largest U.S. bank, agreed to pay $99.5 million to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging…


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Reuters: US Dollar Report

Greek minister wants to link debt payments to growth: Der Spiegel

January 31st, 2015

Greek minister wants to link debt payments to growth: Der Spiegel
Greece’s economy minister said it would be better to link the country’s debt repayments to its economic growth rate as it needs a feasible solution to bring its sovereign debt under control. “At the moment, we spend around five percent of gross domestic product on servicing our debt. …It would be better if we linked the repayment to growth: if growth is higher, we pay more, if it is lower, we pay less,” Georgios Stathakis said in an interview with German weekly magazine Der Spiegel. New Prime Minister Alexis Tsipras has promised to renegotiate agreements with the European Commission, ECB and International Monetary Fund “troika” and write off much of Greece’s 320 billion euro debt, which at more than 175 percent of gross domestic product is the world’s second-highest after Japan.
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Economy News Headlines – Yahoo! News

2.1 million cars recalled for crash sensors

January 31st, 2015

2.1 million cars recalled for crash sensors
The National Highway Traffic Safety Administration announced on Saturday the recall of over 2 million vehicles to fix faulty crash sensors that could cause airbags to deploy for no reason.
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Latest financial news – CNNMoney.com

Energy may see further weakness as key names report

January 31st, 2015

Energy may see further weakness as key names report

A street sign for Wall Street hangs in front of the New York Stock ExchangeThe group has been falling alongside crude oil prices, which are down about 60 percent since June. For the full year, earnings are seen down almost 45 percent, nearly twice the decline of 23.3 percent forecast on Jan. 1.

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Business News Headlines – Yahoo! News

Germany, ECB play hard ball with Greece

January 31st, 2015

Germany, ECB play hard ball with Greece

Dijsselbloem, head of the euro zone finance ministers' group, and Greek Finance Minister Yanis Varoufakis shake hands after their common press conference at the ministry in AthensBy Paul Carrel and Jussi Rosendahl BERLIN/HELSINKI (Reuters) – German Chancellor Angela Merkel ruled out a debt writedown for Greece on Saturday, and a European Central Bank policymaker threatened to cut off funding to Greek banks if Athens does not agree to renew its bailout package. The euro zone's paymaster and the ECB are both taking a tough line with Greece's new leftist government, whose leader swept to victory last Sunday promising that five years of austerity, "humiliation and suffering" were over. Alexis Tsipras has also promised to renegotiate agreements with the European Commission, ECB and International Monetary Fund "troika" and write off much of Greece's 320 billion euro ($360 billion) debt, which at more than 175 percent of gross domestic product is the world's second-highest after Japan.

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Business News Headlines – Yahoo! News

U.S. regulators recall 2.1 million vehicles in new air bag issue

January 31st, 2015

U.S. regulators recall 2.1 million vehicles in new air bag issue

A Toyota logo is seen on a car inside a showroom at a Toyota dealership in WarsawThe auto industry’s airbag troubles deepened on Saturday, as federal regulators said three big automakers will recall about 2.1 million older vehicles to fix defects that could cause airbags to deploy when they are not supposed to. Toyota Motor Corp , Fiat Chrysler Automobiles NV and Honda Motor Co have issued three earlier recalls to fix problems with a defective chip in the affected airbag systems. The latest air bag recalls were not related to a wider issue involving millions of vehicles recalled over Takata Corp air bags. NHTSA blamed the problems it reported on Saturday on "electrical noise" in the air bag system.

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Business News Headlines – Yahoo! News

JPMorgan to pay $99.5 million to resolve currency rigging lawsuit

January 31st, 2015

JPMorgan to pay $99.5 million to resolve currency rigging lawsuit

JP Morgan Chase & Co sign outside headquarters in New YorkBy Jonathan Stempel NEW YORK (Reuters) – JPMorgan Chase & Co, the largest U.S. bank, agreed to pay $99.5 million to settle its portion of an antitrust lawsuit in which investors accuse 12 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market. Made public on Friday night, the settlement is the first in the nationwide litigation and resolved claims over JPMorgan's role in alleged collusion among banks since January 2003 to manipulate the WM/Reuters Closing Spot Rates, known as the Fix. …

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Business News Headlines – Yahoo! News

Exclusive: Treasury official among those eyed for regional U.S. Fed openings

January 31st, 2015

Exclusive: Treasury official among those eyed for regional U.S. Fed openings

Detail from the front of the United States Federal Reserve Board building is shown in WashingtonA U.S. Treasury official and a director at the New York Federal Reserve are among those who have been considered to replace two hawkish Fed policymakers, according to people familiar with the searches. Final decisions are not imminent in the efforts to find successors to Philadelphia Fed President Charles Plosser, who steps down March 1, and Richard Fisher of the Dallas Fed, who retires on March 19. Matthew Rutherford, whose stint as Treasury's top domestic finance official ended on Friday, was under consideration at least in early stages of the searches, according to three sources. James McAndrews, who heads up research at the neighboring New York Fed, was considered for the job in Philadelphia, where he once worked.

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Business News Headlines – Yahoo! News

BMW, Bosch join Deutsche Bahn in airline cartel damages claim

January 31st, 2015

BMW, Bosch join Deutsche Bahn in airline cartel damages claim

A BMW logo is seen on a car at the Brussels International Auto ShowGerman carmaker BMW and car supplier Bosch [ROBG.UL] said on Saturday they would join Deutsche Bahn [DBN.UL] in two claims for about 2.1 billion euros ($2.4 billion) in damages from air freight carriers who were involved in a cartel. The air cargo cartel, which included Europe's biggest airline Lufthansa and British Airways, was first discovered seven years ago and triggered fines in the European Union and in the United States. Confirming a report in German magazine WirtschaftsWoche, spokespeople for BMW and Bosch said the companies had joined the lawsuits, announced by Deutsche Bahn in December.

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Business News Headlines – Yahoo! News

Exclusive: GM and China’s SAIC to push into Indonesia with no-frills vans

January 31st, 2015

Exclusive: GM and China’s SAIC to push into Indonesia with no-frills vans

A man walks in front of the gate of Shanghai Automotive Industry Corp., in ShanghaiBy Norihiko Shirouzu BEIJING (Reuters) – General Motors and Chinese partner SAIC Motor Corp will soon announce a joint push into Indonesia, using their no-frills Wuling brand to establish a beachhead in Southeast Asia’s biggest market and from there tackle other markets in the region. They have already made moves to purchase a property in an industrial district on the outskirts of Jakarta, according to two people familiar with the matter, and are expected to detail within days what GM China chief Matt Tsien called an important joint venture in a country of 240 million people. In a report late Friday, officials from Indonesia's industry ministry told state Antara news agency that GM and SAIC would invest a total of $700 million in Indonesia to set up operations to manufacture and market Wuling vehicles in the country.

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Business News Headlines – Yahoo! News