financial

UAW election by set of VW Tennessee workers upheld by NLRB

VW had asked for a review of the election, which involved about 160 skilled trades workers at the plant, in which 71 percent voted to join the UAW. The plant has a total hourly workforce of about 1,400 workers.

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UAW election by set of VW Tennessee workers upheld by NLRB

financial

Wells Fargo’s systemic importance rose, says U.S. report

Wells Fargo & Co is the only large U.S. bank to become “significantly” more important to the global financial system in recent years, according to a report on Wednesday by a U.S. government research group. The Office of Financial Research, a financial stability watchdog housed within the U.S. Treasury Department, studied the …

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Wells Fargo’s systemic importance rose, says U.S. report

financial

MetLife’s ‘too big to fail’ tag is ‘arbitrary, capricious’: U.S. judge

By Lisa Lambert WASHINGTON (Reuters) – Federal regulators' decision to designate insurer MetLife Inc as “too big to fail” was “arbitrary and capricious,” the U.S. judge who struck down the determination last month wrote in an opinion that was unsealed on Thursday. The U.S. government plans to appeal the court decision, a Treasury spokesman said in a statement late on Thursday. Treasury Secretary Jack Lew said he strongly disagreed with the decision and the government would vigorously defend the work of the Financial Stability Oversight…

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MetLife’s ‘too big to fail’ tag is ‘arbitrary, capricious’: U.S. judge

financial

U.S. job market firming despite anemic economic growth

The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market continued to strengthen despite tepid economic growth. Initial claims for state unemployment benefits declined 9,000 to a seasonally adjusted 267,000 for the week ended …

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U.S. job market firming despite anemic economic growth

financial

Swiss police raid UEFA as Panama Papers scandal spreads

ZURICH/REYKJAVIK, (Reuters) – Swiss police raided the European soccer body UEFA on Wednesday to seize information about a contract disclosed in the Panama Papers that was signed by Gianni Infantino, now head of the global soccer body FIFA. The impact of the leaked documents from a Panamanian law firm is snowballing, with Iceland facing a political crisis after its prime minister stepped aside on Tuesday following revelations about his wife's finances. Recently elected Infantino joined a growing list …

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Swiss police raid UEFA as Panama Papers scandal spreads

financial

U.S. weakens retirement advice rule, responding to industry

By Suzanne Barlyn and Lisa Lambert WASHINGTON (Reuters) – A new U.S. rule aimed at protecting retirement savers from profit-hungry brokers turned out to be much weaker than an initial proposal after the Obama administration bowed to pressure from the financial services…

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U.S. weakens retirement advice rule, responding to industry

financial

U.S. weakens retirement advice rule, responding to industry

By Suzanne Barlyn and Lisa Lambert WASHINGTON (Reuters) – A new U.S. rule aimed at protecting retirement savers from profit-hungry brokers turned out to be much weaker than an initial proposal after the Obama administration bowed to pressure from the financial services industry. The rule, announced by the Department of Labor on Wednesday, sets a so-called fiduciary standard for financial brokers who sell retirement products, requiring them to put clients' best interests ahead of their bottom line. The language is tougher than an existing rule that …

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U.S. weakens retirement advice rule, responding to industry

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’

financial

ECB rate meeting, Chinese data in focus

By Balazs Koranyi FRANKFURT (Reuters) – The European Central Bank is almost certain to ease policy next week as depressed commodity prices raise the risk of deflation, while a string of data from China will offer clues about the extent of the recent emerging market slowdown. Growth in most key economies has slowed this year as states such as China to Brazil attempt to rebalance, weighing on global demand and sending deflationary waves around the…

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ECB rate meeting, Chinese data in focus

financial

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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