Author: Press Room

© Reuters. FILE PHOTO: JPMorgan Chase & Co President and CEO Jamie Dimon attends a U.S. House Financial Services Committee hearing titled ?Holding Megabanks Accountable: Oversight of America?s Largest Consumer Facing Banks? on Capitol Hill in Washington, U.S., Septe By Pete Schroeder, Michelle Price and Lananh Nguyen WASHINGTON (Reuters) -The top bosses of JPMorgan, Morgan Stanley, Goldman Sachs and other major banks warned on Wednesday that capital hikes and other new rules will hurt lending and the economy during a Senate hearing that was otherwise sedate compared with recent years. The industry has been waging a fierce campaign to kill…

Gargolas/iStock via Getty Images Shares of utility companies jumped Wednesday as long-dated U.S. Treasury yields fell to their lowest levels in three months after data showed private sector businesses added fewer jobs than expected last month. Long-dated Treasury yields have been sliding in recent weeks on hopes that evidence of a cooling labor market and easing inflation will allow the Federal Reserve to start cutting interest rates next year. The yield on the 10-year Treasury fell five bps Wednesday to 4.12% and the yield on the 30-year Treasury shed eight bps to 4.22%, marking the lowest levels for both rates…

Little more than a week after a panga boat full of suspected illegal migrants landed on a California beach near the homes of Hollywood stars, another vessel was spotted Wednesday morning in the area.A homeowner reported seeing the panga boat — narrow, high-bowed vessels often used by human and drug smugglers — at Malibu’s El Pescador Beach around 5:30 a.m. Wednesday. The Los Angeles County Fire Department was first on the scene.  Panga boats are often used to smuggle illegal immigrants and drugs. (KTTV)Responding units found the overturned boat on the shoreline with a debris field, including 15 fuel canisters…

McDonald’s revealed new details about its new restaurant concept CosMc’s on Wednesday. The restaurant concept menu includes customized cold drinks and sandwiches.The first of 10 stores opens this week near Chicago.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Watch out, Starbucks. McDonald’s is ready to launch its new beverage-focused concept, CosMc’s , which promises to solve for “3 pm slump.””Our universe is growing this week as McDonald’s starts testing CosMc’s, a new small-format beverage-led concept from McDonald’s that’s truly out of this world,” the…

Stay informed with free updatesSimply sign up to the US financial regulation myFT Digest — delivered directly to your inbox.A partisan divide between US lawmakers was on display on Wednesday over whether new international rules intended to prevent another global financial crisis would provide a buffer for banks or improperly weigh down the sector and constrain lending in the economy.The US implementation of the so-called Basel III endgame for banking standards was a central topic of discussion at a Senate banking committee hearing in which the chief executives of the eight largest US banks, including JPMorgan Chase, Goldman Sachs and…

© Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo By Jamie McGeever ORLANDO, Florida (Reuters) -The Federal Reserve could comfortably lop a percentage point off its policy rate next year without changing its mantra of ‘higher for longer’ – what seems a contradiction is easily resolved. Given the Fed’s best estimate of a ‘neutral’ policy rate that neither stimulates nor slows growth or inflation is 2.5%, anything above that is essentially still bearing down on the economy. Policy remains ‘restrictive,’ in central bank parlance. The Fed’s official…

5/5 © Reuters. A Venezuelan flag flies during a special session in support of the referendum over Venezuela’s rights to the potentially oil-rich region of Esequibo, which has long been the subject of a border dispute between Venezuela and Guyana, in Caracas, Venezuela D 2/5 By Julia Symmes Cobb (Reuters) – Tensions between neighbors Venezuela and Guyana have ratcheted up in recent weeks over a long-running territorial dispute. At issue is a 160,000-square-km (62,000-square-mile) border territory around the Esequibo river, which is mostly jungle, and an offshore area where massive discoveries of oil and gas have been made. Both countries…

jetcityimage/iStock Editorial via Getty Images Chevron (NYSE:CVX) said Wednesday it expects total capital spending for FY 2024 will rise ~14% Y/Y to $15.5B-$16.5B, plus an additional $3B for affiliate capex. Chevron (CVX) said upstream spending next year will total ~$14B, with two-thirds is allocated to the U.S., including $5B planned for development in the Permian Basin, $1.5B for other shale and tight oil projects, and $3.5B planned for projects in the Gulf of Mexico, including the Anchor project, which is expected to achieve first oil in 2024. The company allocated $2B for capex to lower the carbon intensity of traditional…

A Nevada grand jury indicted top leaders of the state’s Republican Party on charges of forging and submitting fraudulent documents in the fake elector scheme to overturn Joseph R. Biden Jr.’s victory in the 2020 presidential election, the state’s attorney general announced on Wednesday.The six Republicans charged, who claimed to be electors for Donald J. Trump, included the chairman of the state party, Michael J. McDonald. Also included are Jim Hindle, the state party’s vice chairman; Jim DeGraffenreid, a national committeeman; Jesse Law, the chairman of the Republican Party in Clark County, home to Las Vegas; and Shawn Meehan and…

North Korea unveiled a new “tactical nuclear attack submarine” in a ceremony in September. It comes five years after South Korea launched its own diesel-electric ballistic-missile submarine. The subs reflect both sides’ desire for a second-strike or even a secure pre-emptive strike capability. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app On September 6, North Korea launched its newest naval vessel — a “tactical nuclear attack submarine” powered by diesel-electric engines and capable of launching nuclear-armed missiles while submerged.After a lengthy speech at the…