By Jonathan Stempel (Reuters) -Citizens Bank, one of the largest U.S. regional banks, will pay a $9 million civil penalty to resolve charges it mismanaged customers’ credit card disputes and fraud claims, the Consumer Financial Protection Bureau said on Tuesday. The regulator had accused the Citizens Financial Group Inc unit of violating the federal Truth…
WASHINGTON (Reuters) – U.S. business activity increased to a 13-month high in May, lifted by strong growth in the services sector, the latest indication that the economy regained momentum early in the second quarter despite rising risks of a recession. S&P Global said on Tuesday its flash U.S. Composite PMI Output Index, which tracks the…
MILAN (Reuters) – BlackRock, the world’s biggest asset manager, has named Giovanni Sandri, its current head of Italy, as head of southern Europe, creating a cluster that also includes Spain, Portugal, Greece and Israel, two sources familiar with the matter said. The southern Europe cluster follows similar regional hubs BlackRock has created across Europe such…
LONDON (Reuters) -Barclays has appointed a Morgan Stanley veteran Scott McDavid as its new global head of equities, the British bank said on Tuesday, the latest in a series of high-profile hires to its New-York investment banking operations. The bank also said it had appointed Ronnie Wexler as global head of equities distribution. McDavid will…
RICHMOND, Virginia (Reuters) – U.S. banks should be prepared to borrow regularly from the Federal Reserve’s discount window, while the Fed should make sure loans can be accessed at any time given changes in the speed of banking and transactions, Dallas Fed President Lorie Logan said on Tuesday. The rapid run on and sudden failure…
RICHMOND, Virginia (Reuters) – U.S. banks should be prepared to borrow regularly from the Federal Reserve’s discount window, while the Fed should make sure loans can be accessed at any time given changes in the speed of banking and transactions, Dallas Fed President Lorie Logan said on Tuesday. The rapid run on and sudden failure…
LONDON (Reuters) – International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday she hoped the world economy would not have to wait until the 11th hour for a solution on the U.S. debt ceiling. White House and congressional Republican negotiators are seeking to resolve a months-long impasse over raising the U.S. government’s $31.4 trillion…
By Dan Williams JERUSALEM (Reuters) – The top Israeli general raised the prospect of “action” against Iran on Tuesday even as Prime Minister Benjamin Netanyahu’s national security adviser played down any immediate threat posed by a new underground nuclear facility being dug by Tehran. World powers’ efforts to negotiate new curbs to Iranian uranium enrichment…
BEIJING (Reuters) – China plans to build world-class advanced factory clusters in the Beijing-Tianjin-Hebei region focused on products such as electric vehicles and robots, it said on Tuesday, as the country seeks to confirm its global competitiveness. As tensions have mounted with the United States, Chinese leaders have pledged to build a modern industrial system…
BEIJING (Reuters) – China plans to build world-class advanced factory clusters in the Beijing-Tianjin-Hebei region focused on products such as electric vehicles and robots, it said on Tuesday, as the country seeks to confirm its global competitiveness. As tensions have mounted with the United States, Chinese leaders have pledged to build a modern industrial system…
