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Wells Fargo to Pay $2.09 Billion Penalty for Mortgage Loan Abuses…

The Justice Department announced that embattled Wells Fargo, which has seen its name feature in virtually every prominent banking scandal in the past year, will pay a civil penalty of $2.09 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) based on the bank’s alleged origination and sale of residential mortgage […]

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U.S. Crude Oil and Natural Gas Hits Record…

Crude oil and natural gas production hit a new record in June with the highest production ever in the U.S. Production of crude topped 10.7 million barrels per day with production of natural gas hitting 4 million barrels per day, according to an analysis released by the American Petroleum Institute (API). Highlights from the June […]

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Who Needs the IMF: China Gives Pakistan $2 Billion Emergency Loan…

Following a July 12 report from the Financial Times that senior Pakistani finance officials were drawing up options for Pakistan’s new prime minister Imran Khan to seek an IMF bailout of up to $12 billion, U.S. Secretary of State Mike Pompeo warned against providing an International Monetary Fund bailout for Pakistan’s new government that includes […]

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ADP Private Payrolls: 219,000 Jobs Gained, 23,000 More Manufacturing Jobs…

The ADP national employment report is a monthly measure of the change in total U.S. nonfarm private employment derived from actual, anonymous payroll data of companies served by ADP. The report measures approximately 24 million U.S. workers along with employment trends in collaboration with Moody’s Analytics. For July 2018, ADP has calculated payroll increases of […]

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Trump Green Lights Sale of Revamped Short-Term Health Care Plans…

The Trump administration issued a final ruling on Wednesday allowing insurers to sell short-term, limited-duration health plans on the insurance markets as soon as this year. President Trump, who has promised to lower the cost of health care, said the new offerings will increase competition and offer more flexible options for Americans who don’t want […]

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NAFTA Development – U.S. and Mexico Plan Ministerial Session Thursday in DC…

Apparently our CTH suspicions were correct; this is interesting. Canadian Foreign Minister Chrystia Freeland is scheduled to leave Canada on Tuesday for a meeting of ASEAN foreign ministers in Singapore…. Meanwhile U.S. Trade Representative Robert Lighthizer and a high-level Mexican team -consisting of both incoming AMLO and exiting Nieto delegations- will be meeting again to […]

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Trump’s Economic Scorecard: 18 Months Into His Presidency…

The first estimate for June quarter’s GDP growth was released Friday morning, showing growth of 4.1%. This was a solid increase from the 2.2% first quarter print, but a little short of most projections. To smooth out any one quarter’s spike or drop, the U.S. economy grew 2.9% on a trailing four quarter basis, matching […]

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Puerto Rico Asks Judge to Force Federal Board to Share Its Power…

Puerto Rico Governor Ricardo Rossello is seeking to wrest back some of the budgetary authority that was ceded to the fiscal oversight board established by Congress to impose fiscal discipline on the bankrupt island and help pull it out of a long-running debt crisis. The attorneys for the territory made their plea during final arguments […]

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Facebook Has Worst Day in Wall Street History…

A historic drop in Facebook stock pulled technology stocks lower on Wall Street, even as other sectors climbed. Facebook plummeted 19 percent Thursday after warning of slower growth ahead, erasing more than $100 billion in value. The drop was the largest one-day loss in value of any publicly traded company in history, according to the […]

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Republicans Push Massive Foreign Worker Visa Expansion in DHS Spending Bill…

A Republican-controlled House committee moved to significantly expand foreign worker programs in a markup of the 2019 Department of Homeland Security appropriations bill on Wednesday. The House Appropriations Committee, chaired by GOP Rep. Rodney Frelinghuysen of New Jersey, tacked on two amendments that would raise annual caps on guest worker visas in agricultural and seasonal […]

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The S&P Just Ended Its Longest Stint in Correction Territory Since 1984…

The S&P 500 is back in business — at least for the moment. The broad-market benchmark ended its lengthiest period in correction territory in about 34 years, a move that may have bullish investors cheering and cracking open the bubbly. On Wednesday, the S&P 500 Index SPX, +0.91% soared 0.9% to 2,846.07, bursting above its […]

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Facebook Stock Drops More Than 20 Percent After Revenue Forecast Misses…

Facebook Inc. stock plunged as much as 23% in the extended session Wednesday after the social-media giant missed analyst expectations for the top line and user growth — which was flat in the U.S. and Canada compared with the first quarter — but beat on the bottom line. In the company’s earnings call with investors, […]

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Cease-Fire in Trade Wars: Working Toward Zero Tariffs Between U.S. and E.U., Purchasing Natural Gas from U.S. (VIDEO)…

So we had a big day. Very big. We met right here at the White House to launch a new phase in the relationship between the United States and the European Union — a phase of close friendship; of strong trade relations in which both of us will win; of working better together for global […]

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Sen. Elizabeth Warren Wants to Roll Back the GOP Tax Cuts…

Q: If Democrats take the Congress, if you’re in the White House, or both, would you like to see these corporate tax cuts repealed? A: Yeah, I really want to see them rolled back. Q: Back to 35 percent? A: Well, it’s not about the number. Here’s how I look at budgets and taxes are […]

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The Fed Is on a Collision Course…

Is the Trump economic boom a mirage? The data say yes, but the Fed models say no. The Fed has a long track record of sticking to its model-based approach and missing major turns in the U.S. economy. Current Fed policy will push the U.S. economy to the brink of recession later this year. When […]

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Alphabet Jumps More Than 4 Percent After Big Earnings Beat…

Google parent company Alphabet just reported its second quarter earnings and the stock popped after-hours on the results. Here are the most important numbers: Earnings per share (adjusted): $11.75 vs $9.59 expected by a Thomson Reuters consensus estimate; Revenue: $32.70 billion vs $32.17 billion expected by a Thomson Reuters consensus estimate. The stock soared more […]

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Nike Raises Pay for 7k Workers to Improve Compensation Equality…

Nike Inc. is raising salaries for more than 7,000 employees after an internal pay review and changing how it awards annual bonuses to its global staff, part of a broad overhaul of compensation at the sportswear giant. The changes, announced Monday in an internal memo, are the latest example of efforts by Nike management to […]

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Commerce Secretary Wilbur Ross Discusses the White House Workforce Initiative and Trade…

Yesterday U.S. Commerce Secretary Wilbur Ross sat down for a discussion about the White House workforce development program that aims to bridge the skills gap for American workers. Secretary Ross discusses the initiative and also shares insight to President Trump’s trade agenda. The important and interesting trade discussion begins at 04:15 and Secretary Ross outlines […]

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