the-financial

Oil prices fall on high production despite planned OPEC output cut

Oil prices fell away from $50 per barrel on Monday despite an agreement last week by exporters to cut output, with traders doubting the step was enough to rein in production that has exceeded consumption for the better part of three years. Brent crude futures were trading down 25 cents, or 0.5 percent, at $49.94 per barrel at 0205 GMT. U.S. West Texas Intermediate (WTI) futures were down 26 cents, or 0.5 percent, at $47.98 a barrel.

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Oil prices fall on high production despite planned OPEC output cut

the-financial

UBS chief says Swiss government is leaving banks exposed

Switzerland's politicians have done too little to protect the country's banks from demands for data from foreign governments, UBS Chief Executive Sergio Ermotti said in an interview published by the SonntagsZeitung newspaper on Sunday. Since the financial crisis, cash-strapped governments around the world have clamped down on tax evasion, with authorities investigating Swiss banks in Germany, France and the United States. “This is unacceptable and opens the door for a new offensive against Swiss banks,” he told the paper, adding that the government…

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UBS chief says Swiss government is leaving banks exposed

the-financial

GE’s finance unit sheds its ‘too big to fail’ designation

The move by the Financial Stability Oversight Council was the first time a non-banking firm has been freed from the designation, a product of the financial crash that can trigger stricter oversight and requirements to hold more capital. It was a big victory for GE …

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GE’s finance unit sheds its ‘too big to fail’ designation

the-financial

Hong Kong launches fresh plan to fortify cyber security after SWIFT heist

Hong Kong's central bank has a launched a new program to strengthen lenders' ability to protect their critical technology systems after recent attacks by unidentified groups on a global messaging system used by the financial community. The Hong Kong Monetary Authority's latest measure, known as the “Cybersecurity Fortification …

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Hong Kong launches fresh plan to fortify cyber security after SWIFT heist

the-financial

Boeing plans to cut up to 8,000 airplane jobs: sources

Boeing Co plans to cut up to 8,000 jobs this year at its commercial airplane division, according to two people familiar with the matter, a move that could slash $1 billion in costs and help it battle for sales against European rival Airbus. Boeing on Wednesday acknowledged plans to cut about 4,000 jobs in its commercial airplanes division by…

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Boeing plans to cut up to 8,000 airplane jobs: sources

the-financial

U.S. judge strikes down MetLife designation of ‘too big to fail’

MetLife had argued in court that the Financial Stability Oversight Council (FSOC), made up of the heads of the country's financial regulatory agencies, used a secretive and flawed process when in 2014 it designated the …

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U.S. judge strikes down MetLife designation of ‘too big to fail’

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Exclusive: Citigroup executives avoid U.S. charges over mortgage bonds – document

By Nate Raymond NEW YORK (Reuters) – U.S. authorities have decided not to pursue criminal charges against any Citigroup Inc executives or employees involved in packaging and selling mortgage-backed securities at the heart of the 2008 financial crisis, a government report shows. The decision, which followed Citigroup's $7-billion settlement in 2014 resolving federal and state civil claims related to mortgage bonds, was described in a November report…

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Exclusive: Citigroup executives avoid U.S. charges over mortgage bonds – document

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AB InBev seeks to sell SABMiller’s Grolsch, Peroni brands

By Philip Blenkinsop BRUSSELS (Reuters) – Anheuser-Busch InBev is looking to sell SABMiller's Grolsch and Peroni brands to address potential concerns among European competition regulators over its planned acquisition of the world's second largest brewer. The sale of the brands and their related businesses in Italy, the Netherlands and Britain would be conditional on AB InBev acquiring SABMiller in a cash and share offer currently worth some 72 billion pounds ($108 billion). AB InBev said on Thursday…

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AB InBev seeks to sell SABMiller’s Grolsch, Peroni brands

the-financial

U.S. law saves billions on credit card fees, but risks remain: CFPB

Credit card holders have avoided more than $16 billion in fees over the last few years because of tighter regulation of the U.S. card market, but they are still vulnerable to…

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U.S. law saves billions on credit card fees, but risks remain: CFPB

the-financial

Icahn takes stake in Xerox, calls shares ‘undervalued’

The billionaire revealed a 7.13 percent stake in Xerox in a securities filing on Monday, making him the second-largest shareholder of the 109-year-old company. Icahn, who recently took stakes in American International Group and Freeport-McMoran Inc , said he would look at getting representation on Xerox's board, as well as pursuing strategic alternatives. “We are aware that Carl Icahn has

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Icahn takes stake in Xerox, calls shares ‘undervalued’

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