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JPMorgan ends WaMu disputes with FDIC, to receive $645 million
JPMorgan Chase & Co on Friday said it will receive $645 million in a settlement of litigation with the Federal Deposit Insurance Corp and Deutsche Bank AG arising from its purchase of Washington Mutual Inc's banking operations during the financial crisis in 2008. According to a regulatory filing, JPMorgan will collect the cash payment from the estate of Washington Mutual Bank, for which... [Read more]
VW says talks to end supplier dispute will resume on Monday
Volkswagen is seeking a negotiated settlement with suppliers in a dispute over contracts that is halting production at some of its plants and talks will resume on Monday, the German carmaker said. “Naturally, we remain in talks with the suppliers,” a VW spokesman said, adding that the negotiations had run late into the night View original here: VW says talks to end supplier dispute will... [Read more]
Viacom and controlling shareholder Sumner Redstone agree on settlement: sources
By Jessica Toonkel NEW YORK (Reuters) – – Viacom Inc and controlling shareholder Sumner Redstone have come to an agreement on terms of a settlement that would result in the departure of Chief Executive Philippe Dauman, two sources familiar with the situation told Reuters on Thursday. The settlement would end the battle for control over Redstone's $40 billion empire that includes Viacom... [Read more]
SolarCity slashing costs, including CEO pay
SolarCity Corp on Wednesday said it would cut operating costs, including slashing its chief executive's salary, to bring expenses in line with its reduced solar installation outlook. The company said Chief Executive Officer Lyndon Rive and his brother, Chief Technology Officer Peter Rive, had asked to have their annual salaries reduced to $1 Continued here: SolarCity slashing costs, including... [Read more]
Philippine ex-bank manager out on bail in case linked to cyber heist
A Philippine court on Thursday released on bail a former branch manager of a Manila bank in a perjury case linked to the world's largest known cyber bank heist, police said. Unknown criminals tried to steal nearly $1 billion from the Bangladesh central bank account at the Federal Reserve Bank of New York in February and succeeded in transferring … View post: Philippine ex-bank manager out... [Read more]
Sumner Redstone willing to be deposed in competency lawsuit
By Ross Kerber CANTON, Mass. (Reuters) – An attorney for Sumner Redstone said the media mogul would be willing to be interviewed briefly under oath in a lawsuit over his mental competency that could influence the future … See original here: Sumner Redstone willing to be deposed in competency lawsuit Read More →
Negative rates seen reducing Japan big banks’ profits by $2.96 billion: Nikkei
Japan's financial watchdog estimates that negative interest rates under the Bank of Japan's monetary easing policy will reduce profits for the country's three big banks by at least 300 billion yen ($2.96 billion) for the year… Read more here: Negative rates seen reducing Japan big banks’ profits by $2.96 billion: Nikkei Read More →
Global monetary taps still open wide, Fed minutes in focus
The glue binding a still-aggressive global monetary policy response to a struggling world economy and almost daily record highs for world stock markets along with record low bond yields is set to remain intact in the coming week. The one thing that could unstick it, apart from divine intervention, would be a change in tune from … Read more from the original source: Global monetary taps still... [Read more]
U.S. labor market firming; inflation remains benign
The number of Americans filing for unemployment benefits fell last week, pointing to sustained labor market strength in early August that could help spur faster economic growth. Other data on Thursday showed an unexpected rise in import prices in July as a drop in petroleum prices was offset by gains in the cost of other goods. “The data remain consistent with a still-strong trend in employment... [Read more]
Boeing won’t raise 787 production unless market demands it
By Alwyn Scott NEW YORK (Reuters) – Boeing Co said on Wednesday it will not increase 787 output unless sales improve, its clearest indication yet that its large jetliner production may have peaked for now. “If the market's not going to demand it, we're not going to go,” Chief Financial Officer Greg Smith said on the sidelines of an investor conference in New York organized... [Read more]