Forever 21, the fast fashion clothing retailer and a staple of malls around the country, announced it has filed for bankruptcy and will close hundreds of stores, a move that underscores the struggles brick-and-mortar stores are facing among the rise in e-commerce. The California-based company, which boasts 800 stores worldwide, plans to shutter 350 stores, […]
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The Repo Loan Crisis, Dead Bankers, and Deutsche Bank: Timeline of Events…
Last week, as the Fed was carrying out hundreds of billions of dollars in emergency loan operations on Wall Street for the second week in a row – the first such operations since the financial crisis – Deutsche Bank’s headquarters office in Frankfurt, Germany was being raided by police for the second time in less […]
White House Deliberates Block on All U.S. Investments in China…
The White House is weighing some curbs on U.S. investments in China, a source familiar with the matter told CNBC. This discussion includes possibly blocking all U.S. financial investments in Chinese companies, the source said. It’s in the preliminary stages and nothing has been decided, the source said. There’s also no time frame for their […]
House Passes Marijuana Banking Bill with Bipartisan Support, Amid Uncertain Prospects in Senate…
The House of Representatives passed a bill Wednesday that provides safe harbor to banks that work with legal marijuana businesses, removing a significant roadblock to growth in the budding cannabis industry. Rep. Steny Hoyer, D-Md., announced last week that the chamber would vote on the Secure and Fair Enforcement Banking Act – known as the […]
U.S. Charges Israel and German Operatives of Bloombex Options, Morton Finance and Starling Capital with $100M Fraud…
The United States Securities and Exchange Commission on Thursday charged two Israeli men and a German man with binary options fraud to the tune of $100 million. The three defendants were named as Gil Beserglik, 63, an Israeli citizen living in Germany, his son Raz Beserglik, 33, who lives in Israel, and Kai Christian Petersen, […]
President Trump and Prime Minister Shinzo Abe Sign “Stage-One” of U.S-Japan Trade Agreement – Video and Transcript…
President Donald Trump and Prime Minister Shinzo Abe of Japan sign “stage-one” of a U.S-Japan trade agreement negotiated by U.S. Trade Representative Robert Lighthizer and Foreign Minister Motegi; both are very strong negotiators. The agreement has been in the works for several years as President Trump and PM Abe both held firm to positions that […]
Former Danske Estonia Boss Found Dead Amid Money Laundering Inquiry…
A former head of Danske Bank’s (DANSKE.CO) Estonian branch, which is at the center of inquiries into the world’s largest money laundering scandal, was found dead on Wednesday. Police in Estonia discovered the body of Aivar Rehe, who ran the Danish bank’s Estonian business between 2007 and 2015 and had been among those questioned as […]
U.S.-China Trade Talks Will Resume in Two Weeks…
U.S. Treasury Secretary Steven Mnuchin said on Monday that he and U.S. Trade Representative Robert Lighthizer would meet with Chinese Vice Premier Liu He for trade talks in two weeks. “It’s actually, I think, it’s not next week, but the following week we’ll be having those talks,” Mnuchin said in an interview with Fox Business […]
Apple in America: Latest Mac Pro to Be Made in Texas After Securing Tariff Exemptions…
Apple is boosting its commitment to the American workforce, part of a push to invest hundreds of billions into the U.S. economy. In a major announcement on Monday, Apple said it will build its redesigned Mac Pro in Austin, Texas. The move comes three days after U.S. trade officials approved exemptions that allow Apple to […]
How Afghan Opium Poppy Farming Has Grown and Grown and Grown…
The US has spent $1.5m (£1.15m) a day since 2001 fighting the opium war in Afghanistan. It’s November 2017. The night vision camera shows a network of streets in a town in Helmand province, the poppy-growing centre of Afghanistan. The camera wheels around the targets before the missiles come arcing in. There are nine strikes […]
JPMorgan Chase Has Billions in CRE Loans Riding on WeWork Surviving…
WeWork’s business model isn’t workable. Everybody understands that except the Wall Street bank that has the most to lose if WeWork’s initial public offering (IPO) of its stock doesn’t move forward. That bank is JPMorgan Chase, one of the two main underwriters of the IPO, along with Goldman Sachs. WeWork’s business model is to take […]
Fed’s $400 Billion Plan to Bailout Repo Market…
One of the most vital pieces of plumbing that powers the global financial system usually runs so smoothly that it gets overlooked by market watchers. It’s the “repo market,” comprising the short-term funding that banks and financial counter-parties regularly tap to lend each other trillions. It’s suddenly in the news again, and for all the […]
President Trump Tells China Only a Full Trade Deal, No Partials – Pouting Deputy Pandas Leave Early…
For the past several weeks China has been hoping to divide the trade dispute into two tracks thereby separating trade issues related to U.S. national security. Beijing wants, heck needs, the simple agricultural trade because they are food dependent and need that uninterrupted. However, they are strongly opposed to a comprehensive trade reset. Beijing wants […]
Thousands More Auto Workers Furloughed with More Layoffs Coming as GM and Suppliers Idle Plants in UAW Strike…
Thousands of Canadian auto industry workers have been furloughed, with more temporary layoffs coming, as negotiations on a new labor contract between General Motors and the United Auto Workers drags into a fifth day. Jerry Dias, president of Canadian trade union Unifor, which represents GM and other auto workers in Canada, said in an interview […]
The Fed’s “Emergency” Actions this Week Were Dated a Full 48 Days Earlier…
The storyline in the business press is that the lending rate on overnight repos had spiked to an unprecedented 10 percent, necessitating an emergency infusion of $53 billion by the New York Fed on Tuesday to ramp up liquidity for overnight loans and bring down the loan rate. (That was followed with $75 billion more […]
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DOT, EPA Announce ‘One, and Only One’ National Fuel Standard, Hit California…
The Department of Transportation and Environmental Protection Agency Thursday announced that there will be “one, and only one” national fuel standard, a move made to cut the costs of vehicles and bar California from making stricter standards. In a release and in a briefing today, the department said, “This action will help ensure that there […]
At Press Conference, Fed Chair Powell Refuses to Answer Whether Wall Street Banks Are Too Big to Manage…
Following a lack of liquidity on Wall Street, which necessitated the Federal Reserve having to provide $53 billion on Tuesday and another $75 billion on Wednesday to normalize overnight lending in the repo market, the Chairman of the Fed, Jerome (Jay) Powell held his press conference at 2:30 p.m. yesterday. The press gathering followed both […]
The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You…
Yesterday felt a little like that scene from the 1946 movie “It’s a Wonderful Life” starring Jimmy Stewart. There’s a run on Stewart’s bank because his absent-minded Uncle Billy loses the cash he was sent off to deposit on behalf of the bank. The bank examiners discover there’s money missing and rumors spread. The rumors […]
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Regulators Expand Already Massive Precious Metals Manipulation Probe to Other Markets…
Just two days after the DOJ took the unprecedented step of designating the JPMorgan precious metals trading desk as a “criminal enterprise” using unusually aggressive language which reminded legal experts of indictments utilizing the RICO Act, and which hopefully ended years of precious metal manipulation by the group formerly headed by Blythe Masters, CNBC now […]
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Fed Cuts Rates, Cites Weakening Exports and Low Inflation…
The Federal Reserve on Wednesday cut its benchmark interest rate by 25 basis points, citing weakening exports and low inflation. The reduction, which lowered the federal funds rate to a range of 1.75 percent to 2 percent, was the central bank’s second in as many meetings. In July, the Fed lowered rates for the first […]
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