Author: FC

US defense contractor CACI attempts to break up General Dynamics’ acquisition of CSRA

U.S. defense contractor CACI International said on Sunday it had offered to merge with larger peer CSRA, seeking to disrupt the latter’s $6.8 billion acquisition by General Dynamics. The move comes after CSRA agreed last month to sell itself to General Dynamics, another defense contractor, for $40.75 per share in cash, as companies in the sector seek to position themselves for a pickup in go...

Singapore fines Standard Chartered $4 million over money laundering breaches

The Monetary Authority of Singapore (MAS) imposed penalties of S$5.2 million ($3.95 million) on the Singapore branch of Standard Chartered Bank (SCBC) and S$1.2 million on Standard Chartered Trust (Singapore) Ltd (SCTS) for anti-money laundering breaches and countering financing of terrorism (AML/CFT) requirements. In a statement on Monday, MAS said the breaches occurred when trust accounts of SCB...

Activist investor focused on ‘turnaround’ investments buys 5% stake in Barclays

Barclays CEO Jes Staley has been under pressure from shareholders to make the investment bank profitable.

Comparative Employment Growth in California and Wisconsin

Both Governors Brown and Walker are coming to the end of their second terms. Time to appraise how their respective economies have fared, in terms of employment. Figure 1 Log nonfarm payroll employment for California (blue), Wisconsin (red), and US (black), all normalized to 2011M01=0. Rank is rank by ALEC Laffer-Moore-Johnson Rich States, Poor States, 2017 Economic Outlook ranking. Source: BLS via...

It is ‘hard to understand’ why investors are suing Credit Suisse, its CEO says

Credit Suisse Chief Executive Officer Tidjane Thiam on Monday said that it’s “hard to understand” why investors are suing the bank over a complex financial product that yielded steep losses for some. Known as the VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note (ETN), the instrument is designed to go up when stock market volatility goes down. Last month, it sank b...

Entrepreneurs are driving Asia’s wealth creation: Credit Suisse

Entrepreneurs are the economic pulse of Asia Pacific, which continues to be the world’s fastest-growing region, according to Credit Suisse. “Asia has the highest number of first- and second-generation entrepreneurs, which drives the economy,” Credit Suisse Asia Pacific CEO Helman Sitohang told CNBC at the bank’s annual Asian Investment Conference. Countries have become more...

Credit Suisse CEO says bank will be ‘very profitable’ after it puts ‘undesirable’ trades behind it

There is no way to clean up the past without generating losses, Credit Suisse Chief Executive Officer Tidjane Thiam told CNBC on Monday — but profitability’s on the way. “We’ve been cleaning up a lot of undesirable trades that we should not have done” in the past, he said. Credit Suisse embarked on a three-year plan — slated to end this year — to reorganize operations aroun...

Bitcoin bounces $700 in less than three hours, capping wild weekend that brought it below $7,400

Bitcoin prices had a wild weekend on reports that Twitter will follow Google and Facebook's lead in banning cryptocurrency ads.

Nearly Two Decades of US-Canada Trade Balance Data

There seems to be some confusion regarding the distinction between trade balance in goods and services (a typical macro variable of interest) and trade balance in goods (more commonly reported, but less and less relevant on its own as countries become more service intenstive). Figure 1: US-Canada bilateral trade balance (bold blue), and merchandise trade balance (red). NBER defined recession dates...

Point72’s new president quits after a month after being hit with a gender bias lawsuit

A top executive at the investment firm led by the billionaire investor Steven A. Cohen has stepped down a month after a female employee sued the firm over accusations that it underpaid female employees and fostered a hostile work environment. Douglas D. Haynes resigned as president of the firm, Point72 Asset Management, on Friday, according to five people briefed on the matter but not authorized t...

Crafting a better retirement for workers at small businesses

Putting your savings strategy on autopilot is one sure-fire way to make certain that you’re regularly stashing away money for retirement. Financial advisors often suggest contributing to your 401(k) or other retirement savings plan at work as the first step in building your nest egg. Yet many Americans don’t do that. In fact, 20 percent of working Americans are failing to save any of t...

China and Germany agree to work on steel overcapacity following US tariffs

German Chancellor Angela Merkel and Chinese President Xi Jinping discussed overcapacity in world steel markets and agreed on Saturday to work on solutions within the framework of the G20 group of industrialised nations, Merkel’s spokesman said. In a telephone discussion, the two newly reelected leaders emphasised close ties between the two countries, both facing planned U.S. steel and alumin...