As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
J.P. Morgan Chase chief Dimon says he doesn't think the U.S. is close to recession and called the Fed's Powell "a quality human."Marketsread more
The unspecified action comes after the U.S. accused Iran of carrying out the weekend attacks on critical Saudi oil installations.Politicsread more
Drone and missile debris recovered by investigators at the Saudi Aramco attack site is proof of Iranian culpability, a Saudi defense ministry representative told media on...World Politicsread more
Four Wall Street firms downgraded FedEx after the company's poor earnings report.Marketsread more
The Business Roundtable said its members forecast that growth this year will clock in at 2.3%, down from last quarter's estimate of 2.6%.Politicsread more
Some worry the regulators will squander an opportunity to crack down on potentially monopolistic behavior due to their own infighting.Technologyread more
FedEx CEO Fred Smith is "basically implying that we're going to import" a global slowdown, says CNBC's Jim Cramer.Investingread more
Goldman Sachs has applied for majority control of its Chinese joint venture, the bank confirmed on Wednesday, the latest international bank to do so ahead of Chinese plans to eventually allow foreigners full control.
The bank submitted an application with the China Securities Regulatory Commission (CSRC) on Monday to take its stake in Goldman Sachs Gao Hua Securities to 51% — the maximum permitted — from its current 33% holding.
A spokesman for the bank confirmed the filing, which was first reported by Bloomberg.
Western banks' lack of control over the JVs, along with their limited contribution to revenues, have long been a source of frustration for foreign banks in China.
Management control would allow foreign banks to offer more services through their JVs and potentially leverage their global networks to win China market share, bankers have said.
Unlike most of the other joint ventures, Goldman Sachs already has day-to-day operational control of its joint venture, which offers investment banking services such as equities and bond underwriting and deal advice.
Despite that managerial control, Goldman has long made it clear it would eventually seek to take a majority stake too.
Under the new agreement submitted to regulators, the securities sales, trading and research operations that currently sit in the business of its partner, Beijing Gao Hua Securities, will be folded into the joint venture.
Beijing Gao Hua is controlled by veteran Chinese banker Fang Fenglei.
Goldman's move to go to 51% follows similar actions by many of its rivals following a relaxation of the rules in late 2017.
JPMorgan and Nomura have approval and are working to start up joint ventures from scratch.
Credit Suisse is seeking approval to inject fresh capital into its JV in a move that would take it to 51%.
HSBC launched its own majority-controlled joint venture in late 2017 under different rules that allowed Hong Kong-based companies special access to the mainland.