Top News & Analysis New York City

  • NEW YORK— U.S. stocks skidded Thursday as drug companies and banks absorbed large losses. Drugmakers faced scrutiny over price increases, while banks fell as investors worried about the stability of Deutsche Bank and other financial institutions. The Dow Jones industrial average slid 195.79 points, or 1.1 percent, to 18,143.45.

  • *Prices up 7-8 pct since news of OPEC cuts. *OPEC plans to cut 700,000 bpd, glut at 1.0-1.5 million bpd. OPEC said other details will be known at its policy meeting in November, leaving unanswered when the agreement will come into effect, what new quotas for member countries will be and for what periods, and how compliance will be verified.

  • BERLIN, Sept 29- Deutsche Bank admitted on Thursday it had an image problem with investors as fresh concerns over the stability of Germany's largest lender pushed its U.S.-listed shares to a record low. The latest lurch came after Bloomberg reported that a number of hedge funds that clear derivatives trades with Deutsche had withdrawn some excess cash and...

  • Sept 29- Wall Street dropped on Thursday, weighed down by Apple as well as selling in Wells Fargo, Citigroup and other major banks as investors worried about the health of Deutsche Bank. The S&P 500 financial index declined 1.49 percent after Bloomberg reported that some hedge funds have withdrawn excess cash and positions held at the German lender.

  • NEW YORK, Sept 29- The U.S. dollar hit a more than one-month low against the Swiss franc and trimmed gains against the yen on Thursday on concerns over Deutsche Bank, while increased expectations for a December Federal Reserve rate hike kept the greenback generally afloat. U.S.-listed shares of Deutsche Bank, which is fighting a $14 billion U.S. demand to settle...

  • *Prices up 7-8 pct since news of OPEC cuts. *OPEC plans to cut 700,000 bpd, glut at 1.0-1.5 million bpd. OPEC said other details will be known at its policy meeting in November, leaving unanswered when the agreement will come into effect, what new quotas for member countries will be and for what periods, and how compliance will be verified.

  • Sept 29- Two consortia have formed to make offers to buy Cabela's Inc this week, people familiar with the matter said, making the sale of the U.S. outdoor gear retailer, which has been targeted by activist fund Elliott Management Corp, more likely. Privately held retailer Bass Pro Shops, which has partnered with Goldman Sachs Group Inc's private equity arm, is now...

  • *Crude futures add to Wednesday's gains on OPEC deal. NEW YORK, Sept 29- Crude oil futures on Thursday added to the previous session's rally on optimism over an OPEC plan to curb output, while stocks fell as Deutsche Bank tumbled after a report said clients have withdrawn excess cash and positions held in the largest German lender. The Organization of the Petroleum...

  • LOS ANGELES/ NEW YORK, Sept 29- Eleven years ago, media mogul Sumner Redstone declared "the age of the conglomerate is over" as he prepared to split old-school broadcaster CBS from the fast-growing Viacom Inc cable networks and the Paramount film studio. Now, the Redstone family's National Amusements, the controlling shareholder of Viacom and CBS Corp, wants the...

  • NEW YORK, Sept 29- U.S. "It was all about Deutsche Bank," said Justin Lederer, Treasury analyst and trader at Cantor Fitzgerald in New York. For instance, there is tension in India, which on Thursday said it conducted "surgical strikes" on suspected militants preparing to infiltrate from Pakistan- ruled Kashmir, making its first direct military response to an attack on...

  • Sept 29- Two consortia have formed to make offers to buy Cabela's Inc this week, people familiar with the matter said, making the sale of the U.S. outdoor gear retailer more likely as it has been targeted by activist fund Elliott Management Corp.. Privately held retailer Bass Pro Shops, which has partnered with Goldman Sachs Group Inc's private equity arm, is now...

  • The Securities and Exchange Commission announced in Washington that it reached a $200 million civil settlement in the corruption scandal involving Och-Ziff Capital Management Group, considered the largest publicly traded hedge fund in the U.S. The SEC had accused Och-Ziff of being part of a scheme to secure mining rights and influence officials in Libya,...

  • NEW YORK— It was a good summer for fund investors, as calm and strong markets around the world lifted most categories to gains from July into September. The third quarter's smooth ascent was a turnaround from the topsy-turvy returns of the spring, when worries about the British vote to leave the European Union had global markets convulsing.

  • Och-Ziff also plans to enter into a differed prosecution agreement with the U.S. Department of Justice later Thursday to resolve related criminal charges in federal court in Brooklyn and pay an additional $213 million fine, according to the Securities and Exchange Commission. The SEC said Chief Financial Officer Joel Frank agreed to settle civil charges.

  • Sept 29- Warren Buffett, chairman of Berkshire Hathaway Inc, has had one conversation with Wells Fargo& Co boss John Stumpf since a sales scandal erupted on Sept. 8, knocking billions of dollars in market cap off the company, Buffett's office confirmed on Thursday. Stumpf told the House Financial Services Committee on Thursday that he and Buffett had one...

  • BERLIN, Sept 29- Germany will not help ailing lenders such as Deutsche Bank, senior lawmakers in Chancellor Angela Merkel's conservative bloc said on Thursday, as resistance grew to any possibility of staging a rescue. Concerns over the stability of Germany's largest bank pushed its U.S-listed shares down by more than 8 percent in New York on Thursday after...

  • After a deadly rush-hour train crash at a busy New Jersey station, commuters have more limited options to travel between NJ and NY.

  • *Oil prices slip as investors question OPEC results. NEW YORK/ LONDON, Sept 29- Gold was up a shade on Thursday after the dollar flip-flopped in the wake of mixed U.S. data and as scepticism grew over whether OPEC members would be able to implement production cuts that could fuel inflation. Gold pared earlier gains in the aftermath of a decision by the OPEC on...

  • NEW YORK— The federal government is beefing up emergency cellphone alerts like the one used in New York to advertise a search for a bombing suspect earlier in September. The Federal Communications Commission approved a measure Thursday that will let messages be up to four times longer than the current 90- character limit. The New York alert had an awkward...

  • WASHINGTON/ NEW YORK, Sept 29- U.S. lawmakers called for Wells Fargo& Co chief John Stumpf to resign on Thursday and a top House Democrat demanded the bank be broken because it is too big to manage. Stumpf's second trip to Capitol Hill on Thursday went no better than his first as lawmakers from both parties angrily rebuked his handling of sales abuses and said the bank...