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Senior Italian bankers to meet Monday over sale of four banks: sources
Italy's economy minister has called a meeting with some of the country's top bankers on Monday to discuss stalled efforts to sell four small banks that were rescued from bankruptcy last year, sources said. Bank of Italy Governor Ignazio Visco was expected to join the gathering, which comes just days after sources said the European Union had agreed to extend… More: Senior Italian... [Read more]
Bass Pro consortium in the lead to acquire Cabela’s: sources
A consortium of Bass Pro Shops, Goldman Sachs Group Inc's private equity arm and Capital One Financial Corp is in the lead to acquire U.S. outdoor gear retailer Cabela's Inc , according to people familiar with the matter. It would come close to a year after Cabela's said it would explore strategic alternatives, including a potential sale, after coming under pressure from activist fund... [Read more]
Clinton expected to hit Wells Fargo in speech on ‘bad corporate actors’
By Amanda Becker WHITE PLAINS, N.Y. (Reuters) – U.S. presidential candidate Hillary Clinton on Monday will unveil a plan to make it easier for consumers to take legal action against “bad corporate actors,” citing Wells Fargo & Co and Mylan Pharmaceuticals, according to a campaign official. While campaigning in Ohio, the Democratic nominee will explain how she would… View post: Clinton... [Read more]
Drop in U.S. consumer spending clouds Fed rate hike outlook
U.S. consumer spending fell in August for the first time in seven months while inflation showed signs of accelerating, mixed signals that could keep the Federal Reserve cautious about raising interest rates. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, fell 0.1 percent last month after accounting for inflation. “Consumers... [Read more]
Germany’s Merkel cannot afford to bail out Deutsche Bank: media
By Georgina Prodhan FRANKFURT (Reuters) – German Chancellor Angela Merkel cannot afford to bail out Deutsche Bank given the hard line Berlin has taken against state aid in other European nations and the risk of a political backlash at home, German media wrote on Saturday. The government denied a newspaper report on Wednesday that it was working on a rescue plan for Germany's biggest bank,... [Read more]
Exclusive: EU wants Google to stop anti-competitive Android practices, fine expected
By Foo Yun Chee BRUSSELS (Reuters) – EU antitrust regulators plan to order Alphabet's Google to stop paying financial incentives to smartphone makers to pre-install Google Search exclusively on their devices and warned the company of a large fine, an EU document showed. Google received a copy in April in which … More: Exclusive: EU wants Google to stop anti-competitive Android practices,... [Read more]
Zuckerberg initiative poaches AstraZeneca board member
The $3 billion health initiative set up by Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan has hired one of AstraZeneca's non-executive directors to head up its science drive. The British drugmaker said on Wednesday that Cornelia Bargmann would step down from its board next month to take up a new role as president of Chan Zuckerberg Science, part of the Chan Zuckerberg Initiative.... [Read more]
Wells Fargo CEO forfeits millions as board orders review
(Reuters) – Wells Fargo & Co said on Tuesday that Chief Executive Officer John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company's board investigates the bank's sales practices. Carrie Tolstedt, the former head of the retail division at the center of a burgeoning sales scandal, has left the company ahead of her planned... [Read more]
U.S. new home sales fall in August but trend still positive
July's sales pace was revised up 5,000 units to 659,000 units. Analysts said the level of sales generally supported their view of a strong underlying trend in new home sales and of a quickening pace of overall economic growth in the second half of the year. Following the new home sales release, analysts at Macroeconomic Advisers kept their estimate of third-quarter economic growth at 3 percent,... [Read more]
Iran downplays chances of oil deal, UAE keen on freeze
By Alex Lawler and Rania El Gamal ALGIERS (Reuters) – Iran downplayed on Monday the chances of OPEC and non-OPEC oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group said they still hoped for steps to tackle a price-eroding glut of crude. Oil prices have more than halved from 2014 levels due to oversupply, prompting OPEC producers... [Read more]