U.S. regulators step up warnings to banks for poor risk-spotting

The firms who received the warnings are among the largest banks in the world, but the sources declined to name individual firms because the enforcement actions are not public.


Median income is on the rise ... finally!

The typical American is finally bringing home a bigger paycheck. Median household income has been on the rise for the past three years, climbing 3.8% to $53,891 in June, according to newly released data ...


Sears 2Q loss widens on sluggish sales

Sears said Thursday that its second-quarter loss widened as it continues to deal with weak sales. The retailer — which runs Sears and Kmart stores — lost $573 million, or $5.39 per share, for the period.


Chinese hackers vacuum data from U.S. health industry

For four years, a sophisticated group of Chinese cyberspies has cut a digital swath through the health-care industry, stealing everything from trade secrets to trial data, say security firms probing the campaign. The group infiltrated one U.S. In other cases, the hackers accessed pharmaceutical labs through their connections with university researchers, scooping up trial data and other trade secrets, said Aaron Shelmire, a threat researcher for Dell SecureWorks. A newly reported theft of personal data from 4.5 million patients served by Community Health Systems Inc., the second biggest U.S.


Russia extends scrutiny of McDonald's restaurants

Russia ramped up its scrutiny of McDonald's restaurants on Thursday, as the state food safety watchdog began unscheduled checks in several Russian regions, a day after four branches in Moscow were shuttered by the same agency. The food safety agency cited breaches of sanitary rules by restaurants in the fast food chain, but the action came after Moscow and the West imposed tit-for-tat sanctions over the conflict in Ukraine. "There are complaints about the quality and safety of the products in fast food restaurant chain McDonald's," said the regulatory agency, known in Russian as Rospotrebnadzor. It declined to comment on the scope of the planned checks.


Gold premiums to stay low in 2014 due to weak demand - refiner

Indian gold premiums will average $3-$4 an ounce over London prices this year, roughly half what they were last year, because of continuing restrictions on imports that will soften demand, the head of the country's biggest gold refiner said on Thursday. Struggling with a high trade deficit, India raised its gold import duty to a record 10 percent last year and made it mandatory to export a fifth of all bullion imports. Gold is India's second-biggest expense on the import bill after oil. Premiums - the difference between local prices and the global benchmark - are a good measure of supply and demand in the market.


BofA's $17B settlement not as large as it appears

WASHINGTON (AP) — Bank of America's purchase of Countrywide Financial has cost it tens of billions of dollars over the past six years. An expected $17 billion settlement with the Justice Departm ent will increase that toll, but not by a full $17 billion.


China manufacturing drags on Asia, but Europe up

Asian stock markets were dampened by a weak China manufacturing survey Thursday, but European stocks opened higher. Japan gained on the prospect of a stronger dollar after Fed minutes showed policymakers ...


Futures edge higher ahead of Jackson Hole meeting, data

Federal Reserve Chair Janet Yellen scheduled to speak Friday. Investors will digest a host of economic data prior to the start of the Jackson Hole conference, with weekly initial jobless claims data due at 8:30 a.m. EDT (1230 GMT). Shortly after that, at 10:00 a.m. (1400 GMT), existing home sales for July, the Philadelphia Fed business index for August and the Conference Board's gauge of leading economic indicators will be released.


G20 edging towards deal on 'bail-in' bond cushion for banks

Government leaders are expected to agree in November that the world's top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis instead of calling on taxpayers to come to the rescue, industry and G20 officials said. The bonds, known as "gone concern loss absorption capacity" or GLAC, are seen by regulators as essential to stopping the world's 29 biggest lenders from being "too big to fail". The plans are being drafted by the Financial Stability Board, the regulatory task force of the Group of 20 economies which declined to comment ahead of a G20 summit in November, when G20 leaders will discuss the reform before it is put out to public consultation. There had been unease in Asia and parts of Europe over how big the bond issues need to be to provide this cushion but there is now a new optimism amongst bankers and regulators that the G20 will reach a deal in November.

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