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Former employees file class action against Wells Fargo

As a retired employee who spent 20-plus years at Wells Fargo, and also as a customer and former shareholder, I have become deeply saddened, disappointed, embarrassed, and very angry about the events have come to light in recent weeks about Wells Fargo's bogus customer accounts that were created to meet onerous sales targets set by management.

Business

Wall Street rallies after Fed leaves interest rates unchanged

The Dow Jones industrial average rose 120 points, or 0.7 percent, to 18,414 as of 12:45 p.m. The benchmark USA 10-year was down 3.5 basis points at 1.62% Thursday. Gold climbed $13.30, or 1 percent, to $1,344.70 an ounce, silver rose 33 cents to $20.10 an ounce and copper increased 4 cents to $2.19 a pound. "A US rate rise remains plausible this year, but the Fed has sketched out a shallower slope for monetary policy in 2017, and that puts the dollar on a slippery footing", said Joe ...

Business

Trump reveals why he dropped the birther issue

Instead, he tried to spread even more lies. "Saturday's attacks show that failed Obama/Hillary Clinton polices [sic] won't keep us safe!" A lot of people were asking me questions. They know it's ludicrous, but they're having the time of their lives. Patrick Foye, the Port Authority's executive director who blew the whistle on the closures, conceded that he signed off on a press release referencing a bogus traffic study, even knowing it wasn't true.

Business

Dollar Edges Higher on Gains Against Pound, Yen

Australia's S&P/ASX 200 rose 0.6 percent to 5,404.50. Banco BPI rose 3.6 percent after Spain's Caixabank launched a bid for the Portuguese lender and slightly raised its offer price. "The market, for the last eight years, has enjoyed this elixir of easy money from the central banks", Stephenson said. "A rate hike is probable in December, but it has once again become clear that rates will go up only very gradually", said Philippe Gijsels, head of research at BNP Paribas Fortis.

Business

Goldman axing nearly 30% of Asia investment banking jobs

Most of the employees being laid off are from the Singapore and Hong Kong offices . The axe will fall on those working on mergers and acquisitions (M&A), and equity and debt capital markets deals, Reuters quoted two sources as saying. It still tops the Asia-Pacific M&A league tables, but in the first half of the year it came third after JPMorgan Chase & Co and Citigroup Inc as the biggest bank by revenue in Asia, according to data published on Friday by industry analytics firm Coalition ...

Business

Yellen Says Fed Isn't Playing Politics With Interest Rates

Federal Reserve , the agencies said . The central bank characterized the near-term risks to its economic outlook as "roughly balanced". THE QUOTE: In the last two weeks, a few Fed leaders gave different opinions on whether the central bank should raise interest rates now.

Business

What the Marriott and Starwood merger means for hotel guests

Starwood and Marriott , as with other chains, own very few hotels instead they franchise or manage their brands to individual owners. Sorenson said the goal is to "emphasize the distinctions" between each brand, and giving the consumer more options.

Business

Shares of Deutsche Bank plunge amid USA legal dispute

It seems like it's soon to be Deutsche Bank's (NYSE: DB) turn on the regulatory wheel of punishment. The German bank expects a negotiated outcome that is in the range of its competitors, which have already agreed with the US Justice Department to significantly lower amounts, " it added.

Business

Oil Advances Near $45 as OPEC May Hold Formal Meeting in Algiers

Brent crude futures were at $46.54 per barrel at 0645 GMT (02:45 a.m. EDT), up 77 cents, or 1.7 percent, from their previous settlement. Oil producers are to meet on the sidelines of an industry conference in Algeria next week for talks on potentially freezing oil production, ahead of OPEC's all-important policy meeting in November.

Business

Markets recover to end the week with minor gains, up 69 points

The Nifty dropped 94.40 points or 1.07% at the day's low of 8,737.15 in afternoon trade, its lowest level since 15 September 2016. The barometer index fell 37.30 points or 0.13% at the day's high of 28,630.92 at the onset of the trading session.

Business

Twitter's sale would trigger bumper payout to its top executives

The company's business struggles have come even as the 10-year-old service has evolved into a potent global source of news, entertainment and social commentary. Salesforce serves business customers with cloud-based computing services and has virtually no presence in consumer media. Vala Afshar, who is "chief digital evangelist" at Salesforce, appeared to confirm the reports in a tweet on Twitter .

Business

Deutsche Bank says to solve problems without help from Berlin

These analysts have also projected a Low Estimate of $0.58/share and a High Estimate of $0.58/share. The company had Year Ago Sales of 7.33 Billion. Deutsche Bank AG has the Market Capitalization of 17.77 Billion. In Dublin, Bank of Ireland shres lost over 2.5 per cent in early trading to just over 18 cent. During the 52-week period, the peak price level of the share was observed at $30.82; this is higher price of share and down price level of the share was seen at $12.40; this is lower ...

Business

Gulf markets set to start the week down after oil tumbled

But Saudi Arabian and Iranian oil officials have also clashed this week over production limits while meeting at the Organization of the Petroleum Exporting Countries' headquarters in Vienna , The Wall Street Journal reported later Friday morning.

Business

Venezuela: Oil stabilizing deal close

Late on Monday, Venezuelan President Nicolas Maduro said that OPEC and non-OPEC countries had nearly reached a deal to stabilize oil markets and prices, adding that he expected the deal to be announced before the end of the month. U.S. West Texas Intermediate futures were down 24 cents, or 0.6 percent, at $43.67 a barrel. U.S. crude imports rose last week by 77,000 barrels per day, but the rate dropped sharply in the U.S.

Business

Pipeline protesters disrupt North Dakota oil group's meeting

Brian Cladoosby, president of the National Congress of American Indians, which represents more than 500 tribes, spoke to almost a dozen of President Barack Obama's Cabinet-level advisers at a September 6 meeting of the White House's three-year-old Native American Affairs Council.

Business

Wells Fargo (WFC) Stock Closed Down, Goldman: Costs Should Be 'Manageable'

An ex-employee working in Wells Fargo's human resources department told CNN Money the bank had a method in place to retaliate against tipsters. "John made a personal decision to resign as the Twelfth District's representative to the Federal Advisory Council", Mark Folk, a Wells Fargo spokesman, said in an e-mailed statement Thursday.

Business

Cowboys show they'll stay relevant without Romo

Dallas' rookie outplayed his Chicago counterpart, and the Cowboys pounded the Bears 31-17 at AT&T Stadium. The Bears (0-3) weren't as fortunate with Brian Hoyer at the helm. He also had two third-down conversion catches. It was Eli Manning's second pick of the quarter, with the other coming in the end zone by Quinton Dunbar after NY got to the Redskins 15 on a big play by Odell Beckham Jr.

Business

Blunkett: Labour Party under Jeremy Corbyn not electable

Derek Hatton applied previous year to re-join the Labour party but said the issue is still not resolved and he is not a party member. It's also the relationships, the community, the effectiveness of representation. Shadow Chancellor John McDonnell , meanwhile, says that he's putting Labour on an election footing. "The most fundamental aim of such allegations, I suggest, is to undermine Jeremy, silence his supporters and ensure any chance of an alternative to the neoliberal diet of cutting ...

Business

Snapchat to launch sunglasses with built-in video camera for users

The new product is a spin on Glass eyewear abandoned by Google more than a year ago. Along with this, the Spectacles battery should last a full day and can easily be recharged by simply placing the glasses into their portable charging case.

Business

Finance Republicans Call for Review of Rebate Practices for Mylan's EpiPen

Mylan CEO Heather Bresch is defending the cost for life-saving EpiPens. Since 2007, when Mylan took over EpiPen, the price for a two-pack has jumped from $94 to over $600. While Bresch pointed to Mylan's response in expanding its patient assistance program (PAP) and its "unprecedented" step to offer an authorized generic at a 50 percent discount, lawmakers countered with her almost $19 million salary and the fact that the Epipen generates 9 percent of the profit for a company that ...

Business

Protests in Lancaster, Lebanon County against Dakota Access Pipeline

Industry leaders said moving forward with the Dakota Access pipeline is central to keeping the US shale oil sector a strong component of the national economy. It also asked for a " voluntary pause " of work by Energy Transfer Partners for 20 miles on either side of Lake Oahe, to which ETP has not indicated its position, though it noted in an email that work was ongoing elsewhere in the other four states.

Business

Oil prices rise ahead of OPEC meeting

Oil pared its biggest drop in more than two months as Saudi Arabia's offer to cut output opens the door to a future OPEC deal, even as it doesn't expect an agreement this week when members meet in Algiers . Even if an agreement is reached, Russian Finance Minister Anton Siluanov told CNBC it wouldn't have the desired impact because higher prices would support a recovery in US oil production "and then the prices will fall again".

Business

Libya clashes, signs of OPEC-Russia deal fuel oil prices

Nearly two years after the Organization of Petroleum Exporting Countries set a strategy to eliminate the global oil glut by pressuring rivals with lower prices, markets continue to struggle with excess supply and crude remains capped below US$50 a barrel.

Business

US Fed keeps rates unchanged, setting stage for rate hike by year-end

Fed governors Lael Brainard and Daniel Tarullo have both recently argued that the central bank should wait for more evidence of sustained inflation before another rate hike. Yellen stressed that the USA economy is progressing, close to a sustainable unemployment rate below 5 percent and in time the inflation rate is expected to rise to the Fed's 2 percent goal.

Business

Rodgers expecting tough test against City and Aguero

Speaking to the Daily Record, the 34-year-old said: "In terms of the passing, I don't think I've played against a team in the Premier League who keep the ball as well they do with the rotation and the movement". Rodgers was understandably pleased with the way his side warmed up for their second Group C game, although they went a goal down in the 33rd minute to a remarkable long-range shot from Souleymane Coulibaly.

Business

Oil Climbs as Venezuela Sees Output Deal

Oil has fluctuated since August's rally on speculation the Organization of Petroleum Exporting Countries and Russian Federation will agree on ways to stabilize the market at the meeting. The first crude shipment from Libya in two years had no immediate impact on prices a week before OPEC producers and Russian Federation meet in Algeria to discuss ways to stabilise prices.

Business

Ted Cruz Throws Support to Donald Trump's Campaign at Last

The short answer is, in Ted's mind, Hillary is far worse. Assurances from the IN governor that Trump's potential Supreme Court justice nominations would be restricted to the list of 21 justices circulated by his campaign a year ago - with the addition of Cruz's buddy Sen.

Business

Germany: Merkel's party suffers loss in Berlin election

Angela Merkel's Christian Democratic Union was ousted from power after the Berlin state elections as traditional supporters of the party fled to other candidates. Left-leaning Die Tageszeitung newspaper sees CDU's descent as an opportunity for a different sort of "alternative for Germany", namely a grand coalition of the left, rather than the right-wing alternative AfD proposes.

Business

Prime Minister Theresa May: Britain is open for business

Michel Barnier, the French politician who will lead EU negotiations with London on Britain's exit from the European Union, plans to tour member states once he takes office on October 1, EU sources said on Tuesday. "This is not just about us, it's actually about their relationships and trading within that European arena", she added. Last month the secretary general of the European Federation of Financial Advisers and Financial Intermediaries said passporting is the main issue which United ...

Business

Deutsche Bank to fight USA $14bn claim

EUROPE DRAGS: The news out of Deutsche Bank dragged European stocks broadly lower, with Germany's DAX down 1.5 percent, France's CAC-40 index down 1.1 percent and the U.K.'s FTSE 100 index down 0.3 percent. At the current figure, the fine facing Deutsche Bank it is one of the largest penalties handed out by USA authorities in the aftermath of the financial crisis.

Business

Residents Evacuate Areas of Cedar Rapids Ahead of Flooding

The National Weather Service predicted that the river will crest at 23 feet in Cedar Rapids on Tuesday morning. Only 2008 saw higher river levels. Residents are leaving low-lying areas of Iowa's second-largest city, Cedar Rapids, that are in danger of flooding from the rising Cedar River.

Business

Gold And The Interest Rate Disconnect

Wall Street looked set to open slightly lower on Friday as oil prices came off a two-week high, a day after the Nasdaq closed at a record high for the second straight day. Copper miner Freeport-McMoRan rose 4 percent. You are exclusively responsible for your comments and by using TribLive.com you agree to our Terms of Service.

Business

It's Here: CRN Hits The iPhone 7 Launch Day In Boston

Eager customers joined long lines in cities like Sydney, Hong Kong, London, New York, Boston and San Francisco on Friday as the new models went on sale, more than a week after they were unveiled. Despite these stats, just 39 per cent said they had insured their hardware. "What we don't know is whether or not the hype and demand will last". When asked why they were queuing today, 59 per cent said it was because they were "die hard" Apple fans, with a further 38 per cent claiming they had ...

Business

9 people, including former top Cuomo aide, facing corruption charges

His lawyer, Michael Miller, declined to comment. Kaloyeros and executives of Competitive Power Ventures , COR Development and LPCiminelli are also facing federal charges . Also part of the purported Percoco ring was Steven Aiello, the president of Syracuse's COR Development. Kaloyeros' pay, the highest among public officials in the state of NY, is based in part on the amount of research money he attracts to the school.

Business

China, Canada resolve canola-shipping dispute

The launch of trade talks comes as the Trans-Pacific Partnership trade agreement-to which Canada has signed on-is meeting fierce resistance in the U.S. Li's visit came just a day after Japanese Prime Minister Shinzo Abe's two-day visit to Cuba from Thursday to Friday. Canadian exporters, which include Richardson International, Glencore PLC unit Viterra Inc, and Cargill Ltd, have raised concerns that the tougher standard would curb sales to China as it raises their costs.


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