BofA reached a record $17 billion settlement over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.» Read More
WASHINGTON— Some Federal Reserve officials think the U.S. economy is improving fast enough that the Fed will need to act sooner than previously thought to slow the extraordinary support it's been providing through ultra-low interest rates.
WASHINGTON, Aug 20- The Federal Reserve has been surprised by how quickly the U.S. labor market is healing but doesn't want to bring forward a planned rate hike until the recovery looks more convincing, according to minutes of its last policy meeting.
JOHANNESBURG, Aug 20- Unemployed South African construction worker Daniel isn't sure how he fell so deeply in debt. All he knows is that African Bank Investments, which was bailed out this month, kept offering him money and he kept taking.
NEW YORK— Women are a growing force in the business world, but if they own a company, they may still struggle to get a loan from a bank. Carrie Charlick and Marcia Cubitt have $4 million in sales but have been rejected for $500,000 credit lines since 2012. Their 11- year-old company, Essential Body Wear, sells women's underwear at parties at customers' homes.
WASHINGTON— Janet Yellen has won credit for guiding the Federal Reserve's first six months of transition from the Ben Bernanke era. Bernanke's Fed had steered the economy through a deep crisis by slashing interest rates and restoring confidence in banks.
NEW YORK— U.S. stocks are drifting in midday trading as traders wait for the latest news from the Federal Reserve. Slightly more stocks fell than rose on the New York Stock Exchange. J.M. Smucker fell 2 percent after the food company cut its full-year sales outlook.
*Lowe's pares losses, Target rebounds, after dim forecasts. NEW YORK, Aug 20- U.S. stocks inched higher Wednesday after two days of gains, ahead of the release of minutes from the most recent Federal Reserve meeting, as investors brushed off bleak earnings forecasts from some retailers like Lowe's and Target.
*BoE looks at how to end crisis-era money market measures. LONDON, Aug 20- Bank of England policymakers have started to discuss how to end crisis-era measures which pegged overnight money market rates to the central bank's official interest rate, the BoE said on Wednesday.
NEW YORK, Aug 20- U.S. Looks like we are continuing that move ahead of the Fed minutes today, "said Ellis Phifer, market strategist at Raymond James in Memphis, Tennessee. Some of the Fed's counterparts at the Bank of England voted unexpectedly to raise interest rates this month, according to minutes of the BOE's policy meeting of Aug. 6-7.
*Lowe's pares losses, Target rebounds, after dim forecasts. NEW YORK, Aug 20- U.S. stocks were little changed Wednesday after two days of gains, ahead of the release of minutes from the most recent Federal Reserve meeting, as investors shrugged off bleak earnings forecasts from some retailers like Lowe's and Target.
*Lowe's, Target fall in premarket after results, forecasts. *Hertz tumbles after withdrawing forecast. NEW YORK, Aug 20- U.S. stocks were set for a slight dip at the open on Wednesday after weak earnings forecasts from retailers Lowe's and Target, ahead of the release of minutes from the most recent meeting of the Federal Reserve.
*Sterling rebounds from four-month low, UK government bonds fall. LONDON, Aug 20- Bank of England policymakers broke ranks over interest rates for the first time in three years this month, when two unexpectedly voted to tighten policy and revived speculation about a 2014 rate hike.
LONDON, Aug 20- World stocks fell on Wednesday as investors braced for the possibility that a major central bank could raise interest rates this year after Bank of England minutes showed two of the bank's nine rate-setters voted for a hike earlier this month.
SAO PAULO/ RIO DE JANEIRO, Aug 20- Brazil cut the amount of capital that commercial banks must put on compulsory deposit with the central bank in an effort to free up more capital for loans and boost a stagnant economy, the bank said in a statement on Wednesday.
LONDON— The Bank of England's consensus on maintaining record-low interest rates has crumbled after more than three years, with two members of the central bank's monetary policy committee voting to increase borrowing costs this month.
TOKYO, Aug 20- Citigroup Inc is preparing to sell its Japanese retail banking operations, a source with direct knowledge of the matter said on Wednesday, as it waves the white flag on a venture plagued by regulatory troubles and anaemic lending.
SYDNEY, Aug 20- It is not often the biggest bear on a currency is its own central bank, yet the Reserve Bank of Australia has been warning for months that the Aussie dollar will slide to match the falling prices of the country's key commodity exports.
TOKYO, Aug 20- Citigroup Inc is considering the sale of its Japanese retail unit and has approached about 10 banks, a source with direct knowledge of the matter said on Wednesday, as the U.S. banking company struggles to turn around its Japanese operations.
Citigroup told the US appeals court that Argentina's banking license may be at risk as a result of the standoff between the country and hedge funds.
ALBANY, N.Y.— Standard Chartered Bank reached an agreement with New York regulators to pay a $300 million penalty and suspend dollar exchanges through its New York branch for high-risk retail business clients at its SCB Hong Kong subsidiary.
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