caption Soldiers of China’s People’s Liberation Army (PLA) are seen during a military promotional event in Baoding, Hebei province, China March 30, 2018. Picture taken March 30, 2018 source Reuters Who will win a trade war between the US and China? The US has a more stable economy, but China has some advantages too. When you’re about to inflict pain on your own people, authoritarianism has its benefits. The US just slapped tariffs on $50 billion of Chinese products (an effort to punish the country for stealing US intellectual property). And China says it’ll retaliate with steep taxes on a slew of American products, including soybeans. China buys more US soybeans than any other country. So, while the President seems confused as to whether or not we’re in the trade war he started, Wall Street is not. Soybean prices took a dive in Chicago on Wednesday, and in New York City … [Read more...] about Here’s what China has going for it in a trade war — and what it doesn’t
Deutsche bank collapse
Barclays to pay US$2b fine for crisis-era fraud
WASHINGTON: British banking giant Barclays has agreed to pay a US$2 billion fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said on Thursday (Mar 29).Authorities said the loans underlying the investment vehicles "were significantly less creditworthy than Barclays represented," and the company "intentionally misrepresented" key facts about the mortgages involved.Federal prosecutors also reached settlements with two former Barclays executives over their roles in the sale and trading of residential mortgage-backed securities (RMBS), a type of investment derivative that bundled home loans into securities sold to investors.Paul Menefee of Austin, Texas, the former head banker for sub-prime RMBS securitisations at Barclays, and John Carroll of Port Washington, New York, former head trader for subprime loan acquisitions, will pay a combined total of US$2 million.The settlement makes Barclays the … [Read more...] about Barclays to pay US$2b fine for crisis-era fraud
Barclays to pay US$2b fine for crisis-era fraud: US authorities
WASHINGTON: British banking giant Barclays has agreed to pay a US$2 billion (RM7.7 billion) fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said Thursday. Authorities said the loans underlying the investment vehicles "were significantly less creditworthy than Barclays represented," and the company "intentionally misrepresented" key facts about the mortgages involved. Federal prosecutors also reached settlements with two former Barclays executives over their roles in the sale and trading of residential mortgage-backed securities (RMBS), a type of investment derivative that bundled home loans into securities sold to investors. Paul Menefee of Austin, Texas, the former head banker for subprime RMBS securitizations at Barclays, and John Carroll of Port Washington, New York, former head trader for subprime loan acquisitions, will pay a combined total of US$2 million. The settlement makes Barclays … [Read more...] about Barclays to pay US$2b fine for crisis-era fraud: US authorities
Barclays to pay US$2 bn fine for crisis-era fraud: US authorities
WASHINGTON: British banking giant Barclays has agreed to pay a US$2 billion (RM7.7 billion) fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said Thursday. Authorities said the loans underlying the investment vehicles "were significantly less creditworthy than Barclays represented," and the company "intentionally misrepresented" key facts about the mortgages involved. Federal prosecutors also reached settlements with two former Barclays executives over their roles in the sale and trading of residential mortgage-backed securities (RMBS), a type of investment derivative that bundled home loans into securities sold to investors. Paul Menefee of Austin, Texas, the former head banker for subprime RMBS securitizations at Barclays, and John Carroll of Port Washington, New York, former head trader for subprime loan acquisitions, will pay a combined total of US$2 million. The settlement makes Barclays … [Read more...] about Barclays to pay US$2 bn fine for crisis-era fraud: US authorities
Stocks make strong comeback to cap wild week of trading
US stocks rebounded in late-afternoon trading to end a volatile week. On Thursday, the Dow Jones industrial average and the S&P 500 tumbled into a correction, defined as a 10% drop from their most recent highs. Track the Dow at Markets Insider. US stocks surged in late trading on Friday to end their worst week in two years. The three major indexes rose out of correction territory, defined as a 10% drop from the most recent highs. Here’s the scoreboard for Friday:Dow: 24,192.76, +332.30, (1.39%) S&P 500: 2,619.57, +38.57, (1.49%) Nasdaq: 6,874.49, +97.33, (1.44%) Illustrating the speed of this week’s drop, Ryan Detrick, a senior market strategist at LPL Financial, noted it was the first time the S&P 500 corrected 10% from an all-time high within nine days. The worst of the sell-off began with last Friday’s jobs report, when data on wages showed that inflation may be picking up … [Read more...] about Stocks make strong comeback to cap wild week of trading