WASHINGTON Barclays (BARC.L) and Credit Suisse (CSGN.VX) have settled federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, federal and New York state officials said ... More »
ROME Italian fashion designers Domenico Dolce and Stefano Gabbana have appeared to weigh in to an impassioned debate about gay people’s rights in their home country with cozy designs showing same-sex couples with children. Last year, Dolce angered many when he... More »
ROME – Ennio Morricone, who wrote some of cinema’s best-known sound tracks, said on Saturday he was glad he agreed to Quentin Tarantino’s plea to do the score for the hit film “The Hateful Eight” after first turning him down. Morricone changed his mind only af... More »
BOSTON As 2016 shapes up to be even more unpredictable than last year, wealthy investors are planning to allocate more of their money to hedge funds focusing their bets on rates, currencies and commodities rather than stocks, a strategy which tends to fare bet... More »
NEW YORK Mohamed El-Erian, the chief economic advisor at Allianz, said on Friday the Bank of Japan’s shocking move to take one of its main interest rates into negative territory underscored the country’s hope to weaken the yen to re-inflate its economy. “Count... More »
WASHINGTON U.S. securities regulators plan to scale back examinations of brokers so they can shift resources to improve oversight of investment advisers, which have traditionally faced less scrutiny, several people familiar with the matter said on Friday. The ... More »
NEW YORK BlackRock Inc said on Friday it will change the benchmarks on four iShares Treasury exchange-traded funds (ETFs) from Barclays’ Treasury bond indexes to ICE’s Treasury bond indexes, effective on or after March 31. The four iShares ETFs affected by the... More »
NEW YORK Twenty-eight year old Margaret Davis was making nice money as a writer in the legal department of a big pharmaceutical company in New York. She liked her coworkers and enjoyed the job on a day-to-day basis – except it was not going anywhere. The compa... More »
MILAN Fiat Chrysler Automobiles (FCHA.MI) on Wednesday reported better-than-expected rise in fourth-quarter operating profit as strong results from North America and improving operations in Europe offset weakness in Latin America and Asia. The world’s seventh-... More »
BOSTON U.S. college and university endowments earned an average return of 2.4 percent after fees in the fiscal year ended in June, their lowest return since fiscal 2012 and a sharp drop from the 15.5 percent they earned in fiscal 2014, according to a study rel... More »
BOSTON Sitting on a double-digit loss that is the deepest in his firm’s history, billionaire investor Bill Ackman on Tuesday told investors that he made mistakes last year in not cutting two big positions but said he sees plenty of new investment opportunities... More »
WASHINGTON U.S. President Barack Obama will propose in his upcoming budget measures to help more than 30 million Americans save for retirement, such as automatically enrolling workers in Individual Retirement Accounts and making it easier for workers to keep s... More »
PARIS Known for his extravagant runway settings, designer Karl Lagerfeld led fashionistas into a serene garden on Tuesday at the Chanel haute couture catwalk show in Paris. Having, in previous years, turned the Grand Palais into an airport, a supermarket and a... More »
BOSTON Billionaire investor John Paulson has put up part of his personal fortune as collateral to back a credit line for his $18 billion hedge fund Paulson & Co., a government filing shows. According to a UCC Financing Statement filed in New York on Dec. 18, t... More »
NEW YORK Carlos Espinosa, a design professional based in Boulder, Colorado, has a completely decked-out “smart” home – light switches he can control from his mobile phone, a security system, moisture detectors that alert him to leaks and integrated stereo spea... More »
NEW YORK Greenlight Capital said in an SEC filing on Monday that the New York-based firm, run by influential hedge fund manager David Einhorn, has reached no agreement on gaining a board seat at SunEdison Inc. “To date, no understanding has been reached betwee... More »
PARIS With smart outfits and sweeping evening gowns, designers showcase their luxury creations at the Paris haute couture fashion shows this week. From France’s Chanel to Italy’s Versace, more than 20 fashion houses will show their spring-summer 2016 haute cou... More »
BOSTON Media giant Viacom Inc said on Wednesday it cut the compensation of its top two executives, Executive Chairman Sumner Redstone and Chief Executive Philippe Dauman, as the company faced business pressures and a sharp drop in its share price. Although Via... More »
NEW YORK Major U.S. growth mutual funds have been among the largest sellers of Apple Inc (AAPL.O) shares over the past six months, fueling speculation that the company’s days of supercharged growth have come to an end. Amid concerns that iPhone sales may be se... More »
NEW YORK With signs of a bear market in U.S. stocks emerging, some of the world’s biggest investors say the buying opportunity is not here yet and instead believe further drops of 10 to 20 percent are a possibility. However, they do not envision a repeat of a ... More »
Foursquare’s chief executive, Dennis Crowley, is stepping down and will be succeeded by Jeff Glueck, the company’s current chief operating officer. Foursquare, which makes apps that helps users find restaurants and stores and “check” into them, also raised $45... More »
The iconic Los Angeles mansion of Hugh Hefner, the founder of the Playboy empire, is being put up for sale for $200 million, Playboy Enterprises said, one of the highest asking prices for a private residence in the United States. The Gothic Tudor-style mansion... More »
SHANGHAI Swiss bank UBS AG plans to more than double the number of staff at its China wealth management teams over the next five years, said Kathryn Shih, Asia pacific president at the bank, in an interview with Reuters on Monday. Shih said market volatility w... More »
A federal appeals court on Friday set back Bank of New York Mellon Corp’s effort to recoup $312 million it lent to Sentinel Management Group Inc, a money manager that collapsed in 2007 and whose former chief is now in prison for fraud. The 7th U.S. Circuit Cou... More »
BOSTON Viacom Inc (VIAB.O) will allow investors to vote in March on a proposal to extend voting rights to all shareholders, though the measure is certain to fail as it is opposed by executive chairman Sumner Redstone’s holding company. Still, the vote will tes... More »
The hedge fund billionaire Steven A. Cohen has resolved U.S. charges related to insider trading, in an accord that clears the way for one of Wall Street’s top investors to soon manage outside money even after his former firm pleaded guilty to fraud. Cohen acce... More »
NEW YORK Citigroup retained its market-leading position at the top of the US Collateralized Loan Obligation (CLO) arranger league table in 2015 for volume and deal count while issuance fell 20% ahead of looming new regulations. Citigroup increased its share of... More »
CHICAGO The U.S. stock market may give us a rocky ride in 2016, but the year is shaping up to be a good one for retirement savers. At long last, investment advisers may be required to put your best interests ahead of their own. The U.S. Department of Labor is ... More »
FRANKFURT Chinese investment group Fosun has withdrawn its offer for wealth management group BHF Kleinwort Benson, the Belgian stock market regulator said on Friday. Fosun had offered 5.10 euros per share for BHF, but its bid was challenged by French private b... More »
NEW YORK Jeffrey Gundlach, the widely followed investor who runs DoubleLine Capital, said the U.S. economy faces a 30 percent chance of recession next year after the Federal Reserve’s first interest rate increase in nearly a decade on Wednesday. “Commodity pri... More »
BOSTON Billionaire hedge fund investor William Ackman, whose funds have suffered double-digit losses this year, on Tuesday told investors that 2015 could be his firm’s worst ever, but said clients are generally sticking with him. “If the year finishes with our... More »
OMAHA, Neb. Democratic presidential front-runner Hillary Clinton on Wednesday proposed expanding the “Buffett rule” to raise effective tax rates on the wealthy. Appearing in Omaha, Neb. alongside Warren Buffett for who the rule is named, Clinton said it will b... More »
CHICAGO The interest rate hike announced today by the Federal Reserve is a major milestone for retirees, who have been caught between a rock and hard place ever since the Great Recession, with zero interest rates and higher-than-average inflation. The Fed’s qu... More »
NEW YORK In the textbooks Zach Abrams studied to become a certified financial planner 10 years ago, there was talk of a curious strategy called ‘laddering CDs’. Yet since the 31-year-old has been a practicing financial adviser, it has not come up much. Parking... More »
LOS ANGELES For everyone who has been saying interest rates can only go up, well – now is their time. But what does the Federal Reserve’s decision to raise interest rates actually mean for your wallet? Probably not much for the near-term. One small interest ra... More »
BROOKLINE, Mass. Famed Massachusetts mill owner Aaron Feuerstein has this message for his friend and embattled media executive Sumner Redstone: hang in there. “As long as he is succeeding, and as long as it’s profitable, I don’t see why he should step down,” F... More »
NEW YORK New York City Mayor Bill de Blasio urged the city’s pension funds on Friday to divest their holdings in stocks of gun makers after this week’s mass shooting in San Bernardino, California. Two of the funds in the city’s $155 billion pension system drop... More »
NEW YORK The trustee liquidating Bernard Madoff’s firm on Friday began distributing another $1.19 billion to victims of the swindler’s Ponzi scheme. Irving Picard, the trustee, said the payout will boost distributions to more than $9.16 billion. Next week mark... More »
BRUSSELS EU antitrust regulators have dropped charges against 13 banks including Citigroup and Deutsche Bank for blocking exchanges from derivatives markets, but will continue their case against data company Markit and trade body ISDA. The European Commission ... More »
ZURICH Swiss watchmaker Swatch SA, Visa Inc and Visa Europe have launched a project that lets Visa cardholders in the United States, Switzerland and Brazil make payments with Swatch’s new “pay-by-the-wrist” Swatch Bellamy watch. Set to launch in early 2016, Sw... More »
SAN FRANCISCO The holiday shopping rush that kicked off on Friday is unlikely to bring much cheer to investors looking for a revival in retail stocks. After months of uninspiring sales growth and recent disappointments from Macy’s and Nordstrom, shareholders o... More »
SAO PAULO The reliance of Brazil’s Grupo BTG Pactual SA on market funding may pose an immediate challenge for new boss Persio Arida, who sought to calm clients on Friday after its shares fell for a third straight day. The São Paulo-based investment bank tapped... More »
A New York-based investment adviser filed a class action lawsuit against Barclays Plc on Friday alleging that rigged foreign exchange trading practices at the bank caused “significant damages” to its trading partners. The suit by Axiom Investment Advisors LLC,... More »
In the race to compete with low-cost, online algorithm-based investing services, financial advisers are constantly bombarded by sales pitches about the latest and greatest in financial technology. And they’re buying. In North America, adviser spending on digit... More »
SAO PAULO Clients stepped up withdrawals from Grupo BTG Pactual SA’s money management unit on Thursday, according to a source with knowledge of the bank’s strategy, as Latin America’s largest independent investment bank tries to contain fallout from the arrest... More »
COGNAC, France France’s centuries-old cognac houses are raising their bets on the U.S. market with new products and campaigns to broaden the drink’s appeal beyond its African American stronghold. The big four producers — LVMH Moet Hennessy (LVMH.PA), Remy Coin... More »
NEW YORK Fidelity Investments is building an automated portfolio-management service for individual investors, joining a growing group of money and brokers that have bought or designed such “robo-advisers,” a spokesman for the firm said Friday. The platform, ca... More »
NEW YORK It is not just millennials looking to cut the cable television cord: famed 73-year old billionaire value investor Mario Gabelli is planning to make a similar move. “I just got my bill for cable and it was outrageous,” Gabelli said at the Reuters Globa... More »
LONDON A bumper North American railroad bid and three other big tie-ups announced this week have taken the number of takeover deals worth $5 billion or more to a record 128 this year, according to Thomson Reuters data. Pacific Railway’s bid for rival Norfolk S... More »
NEW YORK DoubleLine Capital co-founder Jeffrey Gundlach said on Sunday that the Federal Reserve may hesitate to raise rates given rocky economic and financial conditions, though the Paris attacks alone are unlikely to play a factor in next month’s decision. Th... More »
NEW YORK/SAN FRANCISCO When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look int... More »
CHICAGO The sound of gunshots in Harlem in 1997 was nothing new to Jamal Joseph, who was then a 44-year-old filmmaker living in the New York City neighborhood. “You’d hear gunshots every night,” he recalled. “The crack epidemic was raging- the neighborhood was... More »
The New York Stock Exchange has asked U.S. federal regulators to let it flag “aberrant” pricing of exchange-traded funds, according to a filing on Thursday. The exchange asked regulators for permission to discourage traders from relying on prices “that the exc... More »
NEW YORK Gucci, Yves Saint Laurent and other luxury brands suing Alibaba Group Holding Ltd for promoting the sale of counterfeit goods will resort to mediation, backing away from a threat to withdraw from the process after Alibaba founder Jack Ma said that he ... More »
NEW YORK MSCI will add Alibaba Group, Baidu.com and a dozen other overseas-listed Chinese shares to its emerging market index beginning on Dec. 1, in a move that is expected to draw billions of dollars into the stocks and make MSCI the first indexer to include... More »
NEW YORK A Lucian Freud portrait of Andrew Parker Bowles – the ex-husband of Prince Charles’ wife Camilla – sold for $34.9 million at Christie’s on Tuesday as contemporary works by artists from Andy Warhol to Louise Bourgeois drew strong prices and spirited bi... More »
NEW YORK A Modigliani nude painting was sold to an unnamed Chinese buyer at Christie’s on Monday for $170.4 million, the second-highest price ever for a work of art at auction, as deep-pocketed collectors continue to pay, and pay big, for some rare masterpiece... More »
WASHINGTON/NEW YORK/YANGONWestern banks are cutting trade finance in Myanmar after learning that part of the country’s main port is controlled by a man blacklisted by Washington, threatening to stop nascent U.S. economic ties with the Southeast Asian nation in... More »
TOKYOActivist investor Daniel Loeb, famously branded a carpet-bagger by actor George Clooney, has turned from bruiser to charmer in Japan, where he has added diversified retailer Seven & I Holdings to his portfolio. Sources familiar with the situation say Loeb... More »
LONDONBanks struggled again to make money trading bonds, currencies and commodities in the third quarter, as regulatory changes squeezed liquidity and intensified the pressure to cut costs, staff and activity. Revenue and profit fell for most of the world’s ma... More »
NEW YORKDoubleLine Capital co-founder Jeffrey Gundlach, widely followed for his investment calls, warned on Thursday that the U.S. Federal Reserve should not raise rates in December as economic and financial conditions have become vulnerable. Gundlach said the... More »
BOSTON – Hedge fund manager David Einhorn, who has been nursing some of the year’s biggest losses, posted tiny gains in October when the U.S. stock market had a strong showing, a person familiar with his fund’s returns said on Friday. Einhorn’s $11 billion Gre... More »
Six big U.S. banks need to raise an additional $120 billion, most likely in long-term debt, under a rule proposed on Friday by the Federal Reserve. The requirements are aimed at ensuring that some of the biggest and most interconnected banks, which include Gol... More »
NEW YORK Bank of America Corp has reached a $335 million settlement of a federal lawsuit accusing it of misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS. The second-larg... More »
NEW YORK High-yield energy bonds are on track for their worst year since the global financial crisis yet some funds are holding on, convinced that markets underestimate the ability of many oil companies to ride out the crude price slump. Some money managers su... More »
TORONTO Bank of Nova Scotia said on Friday it is creating a digital hub in downtown Toronto to help lure technology talent and drive innovation for Canada’s third-biggest lender. The “digital factory” will have more than 350 employees, including existing staff... More »
ZURICH/LONDON When Tidjane Thiam unveils his plans for Credit Suisse on Wednesday the Swiss bank’s new chief executive will likely rest his case on three Cs: capital, cuts and charm. Thiam will show his hand after taking the reins at Zurich-based Credit Suisse... More »
NEW YORK Wall Street bankers and traders are likely to get smaller bonuses for 2015 as trading revenue plunges. Goldman Sachs said on Thursday that it set aside 16 percent less money for compensation in the third quarter compared with the same period in 2014. ... More »
LONDON French fashion house Chanel is putting on display its haute couture creations, dazzling diamond jewelry and the makings of its famed No. 5 scent in a London exhibition unveiling the creative history of one of the world’s most luxurious brands. The “Made... More »
NEW YORK The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention this week as a number of big banks post their quarterly results. Goldman Sachs Group Inc, Bank of America Corp, Wells Fargo & Co, Citig... More »
The U.S. Supreme Court’s June decision to legalize same-sex marriage did not eliminate the unique financial planning needs of lesbian, gay, bisexual and transgender (LGBT) clients. For years, same-sex couples in domestic partnerships needed financial advisers ... More »
NEW YORK/WASHINGTON U.S. Democratic presidential hopeful Hillary Clinton on Thursday called for the breakup of large banks that take excessive risks as part of a sweeping plan to curb what she says are Wall Street abuses. Under the proposal, large financial fi... More »
ZURICH Swiss bank Credit Suisse plans to tap investors for a “substantial” capital raising to fund a restructuring of the bank under new Chief Executive Tidjane Thiam, the Financial Times said on Thursday. Since taking charge of Credit Suisse in July, Thiam ha... More »
NEW YORK U.S. fund managers, hoping that a bit of Hollywood magic goes a long way in China, have been rushing to invest in IMAX Corp, best known for enormous movie screens. Prospects for growth in China, alongside upcoming releases of expected blockbusters tha... More »
Investors pulled $2.3 billion in assets from Pacific Investment Management Co’s flagship fund in September, up from $1.8 billion the previous month, as market sentiment soured over persisting concerns of the impact of Chinese slowdown on the global economy and... More »
TORONTO Royal Bank of Canada led a rise in the value of Canadian equity issues for the first nine months of 2015, overcoming a slowdown in the third quarter due to increased choppiness in equity markets. Equity financings rose to C$36 billion ($27.23 billion) ... More »
Now that the U.S. Federal Reserve has held back again on interest rates, advisers are taking advantage of attractive financing options before that window begins to close. Mortgaging property when rates are low is well-known advice. But unprecedented transparen... More »
JPMorgan Chase & Co is set to pay almost a third of a $1.86 billion settlement to resolve claims that a dozen big banks conspired to limit competition in the credit-default swaps market, Bloomberg reported. JPMorgan is paying $595 million, Bloomberg said, citi... More »
ZURICH The Swiss competition regulator has opened an investigation into possible collusion in the precious metals market by several major banks, it said on Monday, the latest in a string of manipulation probes. Switzerland’s WEKO watchdog said its investigatio... More »
SYDNEY A decision by Australia’s biggest tech company, Atlassian, to pursue a $3 billion listing in the United States is a blow to Australia’s ambitions to make technology a driver of the economy, a tech executive said on Monday. Atlassian’s defection comes ju... More »
MILAN Italian designer Giorgio Armani presented fluid silhouettes and overlapping layers in shades of pink inspired by a “summer breeze” on Friday as he showed next spring’s Emporio Armani collection for women at Milan Fashion Week. Armani, who celebrates four... More »
MILAN Italian fashion house Prada mixed masculine and feminine styles for next spring’s womenswear, presenting a reconstruction of skirt suits and outerwear in stripes, tweed and plaid. Under a ceiling of yellow fibreglass panels and cylinders, designer Miucci... More »
BOSTON Vanguard Group Inc could be forced to raise its fees to cover new tax payments, possibly undercutting a low-cost advantage that has made the company the dominate player in the U.S. mutual fund industry, a tax expert for a plaintiff in a lawsuit said on ... More »
NEW YORK U.S. pensions may add $21 billion to $26 billion in stocks and sell $19 billion to $24 billion in bonds in the third quarter as they seek to rebalance their portfolios as the stock market has fared poorly in the quarter, according to UBS analysts. Wit... More »
LOS ANGELES Millennial parents are far more likely than their predecessors to save for their children’s educations and far more of them want to pay the whole tab for college, according to a survey. Whether they will be able to do so is questionable, though, gi... More »
U.S. clothing design company Ralph Lauren (RL.N) looks like a buying opportunity, according to a report on Sunday in Barron’s financial newspaper, which said the company’s investment in new technology should lead to rising profit in coming years. Much of Ralph... More »
LONDON London Fashion Week has sharpened its business focus over the past few years to usher in a new generation of fashion designers who blend creativity with a healthy dose of commerce. Long known as the little sister to Paris, Milan and New York, London is ... More »
NEW YORK For U.S. banks’ bond trading desks, the Federal Reserve just made a bad quarter even worse, accentuating a longer-term decline in what was once their most lucrative business, executives, analysts and traders told Reuters. Bond trading volume is likely... More »
Former Wells Fargo chairman and chief executive Richard Kovacevich said that Bank of America shareholders are wrong to try to strip Bank of America CEO Brian Moynihan of his chairman title. Bank of America’s shareholders vote next week on whether CEO Moynihan ... More »
New York City’s $165 billion pension funds will vote to strip Bank of America CEO Brian Moynihan of his chairman title, a spokesman for the funds told Reuters on Thursday. The funds, overseen by New York Comptroller Scott Stringer, hold 25.2 million shares, wh... More »
NEW YORK Mohamed El-Erian, the chief economic adviser at Allianz SE, said Thursday that the Federal Reserve’s decision to hold off on a rate hike reflects policymakers’ reluctance to add to international financial fragility. The Fed kept interest rates unchang... More »
NEW YORK The global market volatility that upended investors over the last six weeks may last deep into autumn now that the Federal Reserve has decided to keep interest rates unchanged, several equity and fixed income portfolio managers said on Thursday. The F... More »
NEW YORK Jeffrey Gundlach, the widely followed investor who oversees DoubleLine Capital, said on Thursday the biggest surprise from the U.S. Federal Reserve’s decision to keep rates unchanged was policymakers’ focus on recent global economic and financial deve... More »
NEW YORK Some Bank of America Corp (BAC.N) officials told investors they could lose an upcoming shareholder vote on having Brian Moynihan continue as chairman and chief executive of the company, the Wall Street Journal reported on Sunday. The report, in a stor... More »
BOSTON/NEW YORK Big mutual funds are likely to vote later this month to allow Bank of America Corp Chief Executive Brian Moynihan to retain his chairman title, based on their voting history, governance experts said. That support could leave investors seeking t... More »
A Manhattan prosecutor on Thursday urged a jury to convict three former executives of Dewey & LeBoeuf for allegedly cooking their law firm’s books to defraud lenders and investors, arguing they ordered the fraud even if they did not personally carry it out. “T... More »
BOSTON Billionaire investor John Paulson, whose bets have long been closely followed on Wall Street, told investors on Thursday that the value of his biggest hedge fund portfolios fell last month as global markets sold off. The firm’s flagship Paulson Partners... More »
(The writer is a Reuters contributor. The opinions expressed are his own.) By Chris Taylor NEW YORK (Reuters) – For parents who dream their child will become a prodigy and stun the world with their brilliance, Chloe Hui has a message for you: Be careful what y... More »
BOSTON Proxy adviser Institutional Shareholder Services on Friday recommended Bank of America Corp shareholders vote to strip Chief Executive Brian Moynihan of his additional title of chairman, joining a chorus of critics ahead of a Sept. 22 shareholder meetin... More »
As the fall wedding season begins, advisers should make sure they have a comprehensive plan to help clients who are getting married. Advisers need to look at the big picture, like if the couple’s retirement goals align, and the nitty gritty, such as insurance ... More »
