Business


Wells Fargo CEO resigns position on Fed advisory body

Eight U.S. Democratic senators asked the Labor Department on Thursday, Sept. 22, to launch a probe into whether Wells Fargo may have violated wage and working hour laws by failing to pay overtime to tellers and sales representatives who stayed late to meet sales quotas.



Gold, silver are up after Yellen backs off hike

The Fed came into 2016 expecting to raise interest rates four times, based on their December dot plot projections. Generally, the primary concern helping to preclude a rate hike was low inflation, but the Fed also stated that it would like to see more improvements in the labor market.


Tesla Sues Michigan State Officials In Federal Court

Tesla Sues Michigan State Officials In Federal Court

In 2014, the Republican governor and GOP-controlled Legislature amended state law to clarify that auto companies can only sell through franchised dealers. "The governor is always willing to review legislation presented to him if the state Legislature feels a change in the law is necessary", he said. Michigan State had rejected the application of the Palo Alto based company earlier this month to allow the direct sales of its vehicles.


Bank of Japan policy tinkering explained

Bank of Japan policy tinkering explained

With the global economy showing few signs of rebounding and investors fretting about the limits of major central banks' easing, the BOJ's move came as a welcome relief for markets. Earlier, Japanese stocks rallied, with the Nikkei and the Topix indexes rising 1.9% and 2.7%, respectively, after the BoJ said 2.7 trillion yen ($26.60 billion) of its exchange traded fund purchases would be linked to the bank-heavy Topix index.


SEC accuses hedge fund manager Cooperman of insider trading

SEC accuses hedge fund manager Cooperman of insider trading

Andrew Ceresney, director of the SEC's division of enforcement, said Cooperman "took advantage of other investors who did not have this information". The hedge fund which as of the 31st of August has $5.4 billion in assets under management has been losing investors in recent quarters as the value of the funds inits custody was closer to $6.7 billion as of the end of past year, which was yet lower by a quarter from the amount reported at the end of 2014.


OECD cuts Canadian economic growth estimate

OECD cuts Canadian economic growth estimate

The OECD yesterday also warned that the expansions in developed economies are weakening as major emerging market commodity producers show only a "gradual improvement". India's growth forecasts were also retained at 7.4 percent for this year and 7.5 percent for 2017. In an interim global economic outlook issued Wednesday, the OECD said commercial and residential prices in the US, the United Kingdom and Canada have snapped back to levels preceding the 2008 fiscal crisis and its credit crunch ...