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January 18, 2020
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Reuters - Business

U.S. housing starts at 13-year high in December; permits ease

Reuters
WASHINGTON (Reuters) – U.S. homebuilding surged to a 13-year high in December as activity increased across the board, suggesting the housing market recovery was back on track amid low mortgage rates, and could help support the longest economic expansion on record. FILE PHOTO: A new apartment building housing construction site......
Reuters - Business

Trade deal touts financial sector wins; China to scrap securities business cap faster

Reuters
WASHINGTON/HONG KONG (Reuters) – The long-awaited U.S.-China trade deal touted new wins for U.S. companies looking to access China’s $40 trillion financial sector, but many of the changes were already in the works with Beijing stepping up the pace of opening up in the past year. Under the deal, China......
Reuters - Business

U.S.-China trade deal touts financial sector wins, but there’s a sense of deja vu

Reuters
WASHINGTON/HONG KONG (Reuters) – The long-awaited U.S.-China trade deal unveiled on Wednesday touted new wins for U.S. companies looking to access China’s $40 trillion financial market, but many of the changes were already in the works even before the trade war ignited. U.S. President Donald Trump shakes hands with Chinese......
Reuters - Business

Wells Fargo’s new chief promises more change as profit slumps

Reuters
(Reuters) – Wells Fargo & Co’s (WFC.N) profit slumped 55% in the fourth quarter as new boss Charles Scharf set aside another $1.5 billion for legal costs related to the bank’s sales scandal and promised “fundamental changes.” FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and......
Reuters - Business

Citigroup beats estimates on credit card, trading revenue growth

Reuters
(Reuters) – Citigroup Inc beat analysts’ estimates for fourth-quarter profit on Tuesday, boosted by growth in its credit card business and a jump in trading revenue. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris......
Reuters - Business

Citigroup profit rises 15% as credit card, trading revenue jump

Reuters
FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren (Reuters) – Citigroup Inc reported a 15% jump in fourth-quarter profit on Tuesday, driven by higher credit card and trading revenue, as well as a......
Reuters - Business

As businesses hold back, U.S. consumers seen boosting big banks’ profits

Reuters
NEW YORK (Reuters) – Consumer lending is expected to propel profits for big U.S. banks when they unveil fourth-quarter results this week, though stress in corporate lending and uneven capital markets may cast a shadow over results. FILE PHOTO: Signs of JP Morgan Chase Bank, Citibank and Wells Fargo &......
Reuters - Business

Goldman Sachs finally launches app for online bank Marcus

Reuters
FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid/File Photo NEW YORK (Reuters) – Goldman Sachs Group Inc launched a long-awaited app this week for......
Reuters - Business

Louis Dreyfus owner pledged stake to raise $1 billion Credit Suisse loan

Reuters
PARIS (Reuters) – Margarita Louis-Dreyfus borrowed $1 billion from Credit Suisse (CSGN.S) last year to buy out minority shareholders of Louis Dreyfus Company (LDC), pledging her majority stake in the commodities trader as collateral, a company filing showed. FILE PHOTO: Olympique de Marseille’s majority owner, billionaire businesswoman Margarita Louis-Dreyfus attends......
Reuters - Business

Louis Dreyfus owner pledges her stake as collateral in $1 billion Credit Suisse loan: filing

Reuters
PARIS (Reuters) – Margarita Louis-Dreyfus borrowed $1 billion from Credit Suisse (CSGN.S) last year to buy out minority shareholders of Louis Dreyfus Company (LDC) and pledged her majority stake in the commodities trader as collateral, a company filing showed. FILE PHOTO: Olympique de Marseille’s majority owner, billionaire businesswoman Margarita Louis-Dreyfus......
Reuters - Business

California to reject Sezzle’s application for lending license in state

Reuters
(Reuters) – A California state agency announced its intention to reject buy-now-pay-later company Sezzle Inc’s (SZL.AX) application for a lending license in the state, sending its shares to a record low on Thursday. The California Department of Business Oversight (DBO), which oversees and regulates financial service providers in the state,......
Reuters - Business

Record online sales give U.S. holiday shopping season a boost: report

Reuters
(Reuters) – U.S. shoppers spent more online during this year’s holiday shopping season, a report by Mastercard Inc (MA.N) showed on Wednesday, with e-commerce sales hitting a record high. FILE PHOTO: Shoppers make their way through Fashion Centre at Pentagon City, decorated for the holidays, in Arlington, Virginia, U.S. December......
Reuters - Business

Record online sales give short U.S. holiday shopping season a boost: report

Reuters
(Reuters) – U.S. shoppers spent more online than in retail stores during the shortest winter shopping season in the past six years, with online sales hitting a record high, a report by Mastercard Inc showed. FILE PHOTO: Shoppers make their way through Fashion Centre at Pentagon City, decorated for the......
Reuters - Business

Capital One is a banking-peer bargain, even with recent gains: Barron’s

Reuters
FILE PHOTO: People walk past a Capital One banking center in New York’s financial district January 17, 2013. REUTERS/Brendan McDermid/File Photo NEW YORK (Reuters) – Shares of Capital One Financial Corp (COF.N) could climb significantly if investors look beyond its well-known credit card arm to see the bank within it,......
Reuters - Business

Wells Fargo names Scott Powell as COO

Reuters
FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake (Reuters) – Wells Fargo & Co said on Monday Scott Powell will become chief operating officer, the second external recruit to join the top ranks since Chief Executive Charles Scharf took......
Reuters - Business

State-controlled lender Banco do Brasil sees 2020 profit up 10%

Reuters
SAO PAULO (Reuters) – Brazilian state-controlled lender Banco do Brasil SA (BBAS3.SA) sees its profits likely growing 10% in 2020 from this year, its Chief Financial Officer Carlos Hamilton Araujo said on Thursday in a meeting with analysts. FILE PHOTO: A man walks in front of the Banco do Brasil......
Reuters - Business

Grain trader Louis Dreyfus to cut costs in ongoing overhaul

Reuters
SAO PAULO/PARIS (Reuters) – Louis Dreyfus Company is making sweeping cost cuts, starting with travel, entertainment, hiring and salaries, as the 168-year-old agricultural commodities firm tries to revive dwindling profits. FILE PHOTO: Olympique de Marseille’s majority owner, billionaire businesswoman Margarita Louis-Dreyfus attends a news conference in the Velodrome Stadium in......
Reuters - Business

Timeline: A turbulent decade for grain trader Louis Dreyfus and its owner

Reuters
PARIS (Reuters) – Louis Dreyfus Co (LDC) has launched a sweeping cost-cutting plan in the latest attempt to revive profits at the 168-year-old family-owned firm, one of the world’s largest agricultural commodity merchants. FILE PHOTO: Olympique de Marseille’s majority owner, billionaire businesswoman Margarita Louis-Dreyfus attends a news conference in the......
Reuters - Business

U.S. companies say consumer still strong even as broader outlook dims

Reuters
NEW YORK (Reuters) – Walmart became the latest company to point to a strong U.S. consumer, adding to a raft of firms in recent weeks citing healthy demand at a time when spending is seen as an increasingly key support for the economy. FILE PHOTO: People shop during a Black......
Reuters - Business

Visa discloses FTC probe on debit transactions

Reuters
FILE PHOTO: VISA credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo GLOBAL BUSINESS WEEK AHEAD (Reuters) – Visa Inc (V.N) on Thursday said the Federal Trade Commision (FTC) has initiated an inquiry into whether the payments processor’s actions prohibited merchants from using other......

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