Documents have been demanded from Deutsche Bank as part of an investigation into manipulation of commodity prices. The FT reports.» Read More
*Germany agrees to link national funds but only after 10 years. After a financial storm that toppled banks and dragged down states from Ireland to Spain, countries are considering a fresh blueprint outlining what to do when a bank fails, a critical second pillar of a wider reform dubbed banking union.
*No immediate reaction to budget deal in Washington. TOKYO, Dec 11- The dollar wobbled near a six-week low against a basket of currencies on Wednesday, hampered by a growing view that the Federal Reserve needs more positive economic data before it decides to start reducing its monetary stimulus.
NEW YORK, Dec 10- The euro hit a six-week peak against the dollar on Tuesday, helped by expectations of a banking deal in the euro zone and a growing view the Federal Reserve needs more positive economic data before it decides to start reducing its monetary stimulus.
After a financial storm that toppled banks and dragged down states from Ireland to Spain, countries examined a fresh blueprint outlining what to do when a bank fails, a critical second pillar of a wider reform dubbed banking union. But it remains to be seen if France, Spain and others will sign up.
WASHINGTON, Dec 10- The U.S. Senate is likely to vote next week on President Barack Obama's choice of Janet Yellen to be the next chief of the Federal Reserve, a senior Senate Democratic aide said on Tuesday. Yellen, the Fed's vice chair, is widely expected to win Senate confirmation, which would make her the first woman to lead the U.S. central bank.
"The benefit of the great American growth story is through equities," Charles Schwab says.
In an exclusive CNBC interview, Charles Schwab, chairman of the eponymous firm, discusses its accountability guarantee, as well as retail investors and bitcoin.
Dec 10- What happens when credit conditions are far too loose, the banking system is fragile and interest rates start to rise? The Bank for International Settlement's quarterly review of financial conditions is an exercise in nightmarish deja vu: familiar to those who watched the last crisis but just different enough to be plausible.
*Santander to buy 8 pct Bank of Shanghai stake from HSBC. MADRID/ LONDON, Dec 10- Santander, Spain's largest bank, is to buy HSBC's 8 percent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China.
The first Swiss banks have signaled their readiness to work with U.S. officials in a crackdown on wealthy Americans evading taxes.
*Rambus rallies after settling with Micron. NEW YORK, Dec 10- U.S. stocks slipped on Tuesday, a day after a record close on the S&P 500, with traders looking ahead to next week's Federal Reserve meeting in the absence of market-sensitive economic data.
The U.S. Commodity Futures Trading Commission on Tuesday adopted the Volcker rule, which bans proprietary trading by banks.
WASHINGTON, Dec 10- The U.S. consumer bureau on Tuesday ordered General Electric Co's GE Capital Retail Bank and one of its subsidiaries to refund up to $34.1 million to customers who it said were misled about healthcare credit cards.
CNBC's Eamon Javers breaks down the 5 key exemptions of the Volcker Rule, including underwriting and risk mitigated hedging.
*EU seen creating euro zone banking union. NEW YORK, Dec 10- The euro climbed to a six-week peak against the dollar on Tuesday, helped by expectations of a banking deal in the euro zone and a growing view that the Federal Reserve would need additional positive data before it can decide to reduce its economic stimulus.
CLSA research analyst Mike Mayo shares his views on the Volcker Rule and says that "there's always ways for smart bankers and lawyers to get around" such precise regulations.
In an exclusive CNBC interview, Kenneth Jacobs, Lazard, chairman & CEO discusses the financial crisis, the global economy and CEO confidence. Jacobs says, "CEO confidence is a factor of the real economy." CNBC's Kayla Tausche reports.
WASHINGTON, Dec 10- Two U.S. regulatory agencies on Tuesday voted to unanimously approve the Volcker rule to restrict banks from trading for their own profits. The U.S. Federal Deposit Insurance Corp board of directors and the U.S. Federal Reserve Board of Governors both approved the rule on Tuesday morning.
WASHINGTON, Dec 10- Emerging markets could adjust to the withdrawal of the Federal Reserve's massive monetary stimulus as long as it happens gradually, World Bank President Jim Yong Kim said on Tuesday.
Discussing the Volcker Rule and the improvements made to make the legislation stronger, with CNBC's Rick Santelli and Sheila Bair, former chair of the FDIC.