05262016Thu
Last update: Thu, 26 May 2016 03pm

Business & Finance - Banking & Finance

Bank of America wins reversal of $1.27 billion penalty in US mortgage case NEW YORK: A US appeals court on Monday overturned a jury's finding that Bank of America Corp was liable for mortgage fraud leading up to the 2008 financial crisis, tossing a $1.27 billion penalty and dealing the US Justice Department a major setback. The 2nd US Circuit Court of Appeals in New York ruled that the proof was insufficient under federal fraud statutes to establish liability in connection with a mortgage program called "Hustle" run by the former Countrywide Financial Corp. The Justice Department claimed Countrywide, which Bank of America bought in July 2008, defrauded government-sponsored mortgage finance giants Fannie Mae and Freddie Mac by selling them thousands of toxic loans. But US Circuit Judge Richard Wesley said the evidence at most showed Countrywide breached contracts to sell Fannie and Freddie loans of a specified quality, but that no proof existed to show it intended to deceive the buyers when ...


Business & Finance - Industries & Sectors

Bayer defies critics with $62 billion Monsanto offer FRANKFURT: German drugs and crop chemicals group Bayer has offered to buy US seeds company Monsanto for $62 billion in cash, defying some of its own shareholders in a bid to grab the top spot in a fast-consolidating farm supplies industry. Monsanto Co's stock rose 5 percent to $106.61 by midday trade on the New York Stock Exchange - well below Bayer's offer price, in a sign that it faces a tough task convincing the ...

Business & Finance - Industries & Sectors

Novartis sticks to $200 million FY Entresto f'cast after recommendation ZURICH: Novartis on Monday stuck to its full-year forecast of $200 million in revenue from its new heart failure medicine Entresto "as of right now", even as analysts raised their estimates following an endorsement in global medical guidelines. "We're confident in the forecast we've laid out in the first-quarter call," Chief Medical Officer Vas Narasimhan said in an interview. "As of right now, there's no changes to the outlook but we are also extremely confident ...

Business & Finance - Industries & Sectors

Versace names former head of Alexander McQueen as new CEO MILAN: Italian fashion house Versace named the former head of British brand Alexander McQueen as its new chief executive, in an unexpected move ahead of a planned stock market listing against a backdrop of slowing luxury industry growth. Jonathan Akeroyd will take over from Gian Giacomo Ferraris who has led family-owned Versace since 2009 and is credited with relaunching the group after it averted bankruptcy in 2004. The brand famous for its Medusa head logo ...

Business & Finance - Banking & Finance

US Fed awards $78.11 billion in reverse repos NEW YORK: The US Federal Reserve on Monday awarded $78.11 billion of one-day, fixed-rate reverse repurchase agreements to 38 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. It was the biggest award since $89.12 billion to 44 bidders on April 1. On Friday, the Fed allotted $60.34 billion in three-day reverse repos to 28 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, ...

Business & Finance - Managed Funds

Short-dated US yields edge up on rate-hike bets NEW YORK: Short-dated US Treasury yields rose on Monday, with the two-year yield hovering at its highest in two months, as traders bet the Federal Reserve may raise interest rates as early as June if the economy shows further improvement.This view on a looming rate hike was reinforced by comments from top Fed officials following the release of minutes on the central bank's April policy meeting last Wednesday. The record of the meeting surprised investors ...

Business & Finance - Banking & Finance

Fed's Williams sees US rate hikes despite Brexit risk, more in 2017 NEW YORK: The Federal Reserve is on track to hike interest rates in June or July despite risks such as a "Brexit" vote, and will continue with even more hikes next year given U.S. economic strength, a top Fed official said on Monday.San Francisco Fed President John Williams reinforced the view both within the U.S. central bank and in financial markets that overseas risks, even the Brexit vote he said would loom over next month's ...