Finance

Wells Fargo fired four foreign-exchange executives amid an investigation into that business both internally and from regulators, The Wall Street Journal reported Friday, citing sources familiar with the matter. Wells Fargo confirmed the departures to the Journal and CNBC. Shares of Wells Fargo remained about 2 percent higher Friday afternoon. The executive firings and investigation
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Getty Images John Taylor, of professor of economics at Stanford University (l), and Jerome Powell, governor of the Federal Reserve. President Donald Trump‘s options for the future Federal Reserve leadership could include not one but two of the top contenders. Trump is leaning toward appointing both current Fed Governor Jerome “Jay” Powell and Stanford economist
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House flipping, which declined after the financial crisis in 2008, is on the rise again, thanks to low interest rates and rising home prices. And with the renewed interest comes investors looking for a high return. But the real estate strategy — in which a home is bought, renovated and resold quickly — requires fast
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Thomas Hugger, founder and CEO of fund manager Asia Frontier Capital, added: “We are not really bullish on the oil price due to the strong push by China to reduce the air pollution. However, each investment has its price and if the valuation is very attractive (which I doubt) it could be worth an investment.”
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At the moment, the Tezos Foundation holds all of the fundraising proceeds, while the Breitmans, through their Delaware company, control much of Tezos’ intellectual property. The plan is for the foundation to acquire the Breitmans’ company and release the technology under a free software license, according a “Transparency Memo” on the Tezos website. Gevers, who
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American Express on Wednesday reported quarterly earnings and revenue that beat analysts’ expectations and raised its forecast for the year. The company also announced that Stephen Squeri will succeed Kenneth Chenault as CEO, effective Feb.1, 2018. Here’s how the company did in the third quarter compared with what Wall Street expected: EPS: $1.50 vs. $1.48
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Analysts at Citi upgraded shares of Dow-component Merck to buy from neutral, noting they expect strong sales from its Keytruda drug. Keytruda is an immunotherapy drug used in cancer treatments. Citi increased its peak Keytruda sales forecast on the drug to $16 billion from $9 billion. “Merck’s success with Keytruda has clearly outperformed our initial
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Check out the companies making headlines after the bell: Shares of International Business Machines jumped more than 5 percent in the extended session after the company reported third quarter earnings. This was the company’s 22nd consecutive quarter of declining revenue, yet its top and bottom lines for the period exceeded Wall Street’s expectations. Cree Inc.
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Goldman Sachs posted earnings Tuesday that easily beat expectations on the top and bottom lines. The company also disclosed it plans to buy back $8.7 billion in shares after being “extensively engaged” with shareholders on the issues. After rising during the premarket, shares fell at the market open and were last down about 1.5 percent.
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Check out the companies making headlines after the bell: Netflix‘s stock rose more than 1 percent in the extended session after the company posted slightly better-than-expected third quarter results. Sonic‘s stock dropped more than 2 percent in extended trading after the company posted fourth quarter earnings. The fast-food chain blamed Hurricane Harvey, in part, for
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Ford is unlikely to surprise to the upside in the next year because new CEO Jim Hackett’s proposals may not have a measureable impact until 2020, according to one Wall Street firm. RBC Capital Markets on Monday reduced its rating on Ford to sector perform from outperform, saying the automaker is still “very early in
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JPMorgan Chase CEO Jamie Dimon might still think those buying bitcoin are “stupid,” but that didn’t stop the cryptocurrency from trading at records above $5,800 last week. Optimism around bitcoin drove its market capitalization above that of Goldman Sachs on Friday, with some market insiders forecasting that figure to reach at least $1 trillion in
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Win McNamee | Getty Images An employee walks outside the World Bank headquarters in Washington, United States. Experts say the roles of both institutions have shifted since their inception at Bretton Woods more than 70 years ago. “The IMF is heavily involved in fighting crises around the world,” Steil said. “Neither the British nor the
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As bitcoin soars to all-time highs, the pace of gains is rapidly picking up speed. For example, it took well over 1,000 days for each leg of bitcoin’s climb from a few cents to $1,000, and from $1,000 to $2,000. But since bitcoin topped $2,000 for the first time this May, the digital currency has
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Traditional money transfer services like Western Union charge 7 to 8 percent per $100 of money transferred from one country to another, a big price for migrant workers who want to send money home to their families. “That’s a huge cut, right?” argued Wood. But if cryptocurrency transfers can put pressure on traditional companies, those
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“Who cares about bitcoin? The world economy is so big,” Dimon said, noting the bank moves about $6 trillion in money around the world every day. In comparison, bitcoin only has a market capitalization of less than $100 billion. Twenty-four hour trading volume in bitcoin-U.S. dollars was $3.7 billion Friday, according to CoinMarketCap. “This is
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The bank also said, however, its fixed-income trading revenue fell 22 percent on a year-over-year basis. Third-quarter fixed-income revenue totaled $2.152 billion versus $2.646 billion in the year-earlier period. Bank of America said the slowdown was “driven by less favorable market conditions across credit-related products, as well as lower volatility in rates products.” “This slowly
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