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Friday, November 24, 2017

France cuts cost of sacking traders to lure banks post-Brexit

PARIS (Reuters) - The French parliament has approved measures to cut the cost of sacking traders by excluding their bonuses from compulsory redundancy payouts, in a move aimed at luring banks' trading activities to Paris as Britain leaves the European Union.

Your Money: Uncertain future for those counting on medical deductions

NEW YORK (Reuters) - At a retirement community near Chicago, Jay Schachner and his friends are nervously awaiting the fate of their medical expenses amid U.S. tax overhaul.

Sovereign funds pull $3.7 billion from global stock, bond markets in third quarter

LONDON (Reuters) - Sovereign wealth funds (SWFs) withdrew more money from global stock and bond markets in the third quarter of 2017, albeit at a slower pace with net outflows of $3.7 billion, data from research firm eVestment showed on Thursday.

U.S. bond fund investors stirred, not shaken

NEW YORK (Reuters) - U.S. fund investors pumped millions into bond funds for a 50th straight week, the Investment Company Institute (ICI) said on Wednesday, showing that caution in recent weeks may not portend a flight from debt generally.

Illinois returns to muni market with $750 million bond sale

CHICAGO (Reuters) - Illinois, which sold $6 billion of bonds last month to raise money to pay overdue bills, will be back in the U.S. municipal market next week with another $750 million of debt.

Vanguard's Davis makes case for index funds even in tough times

BOSTON (Reuters) - The rush of money into big index funds has raised concerns about whether they would still prove attractive in a downturn, an issue taking on more importance especially for industry leader Vanguard Group Inc as its passive products soar in scale.

Your Money: Gear up for a big year of giving

CHICAGO (Reuters) - If proposed tax overhaul changes are adopted, giving to charity for tax reasons will no longer be as valuable for most people as it is this year.

Citi hit with $6.5 million in U.S. fines over student loans

WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau (CFPB) said on Tuesday it had ordered Citibank to pay $6.5 million for allegedly harming borrowers with student loan servicing failures.

Paris watchdog win bolsters its fight for Brexit banks

PARIS/LONDON (Reuters) - The surprise decision to move the European Banking Authority to Paris will boost its chances of attracting London banks after Brexit, French officials said on Tuesday.

FINRA fines JPMorgan $1.25 million for failures in employee background checks

NEW YORK (Reuters) - The Financial Industry Regulatory Authority said on Tuesday it fined JPMorgan Chase & Co's securities division $1.25 million for failing to conduct adequate background checks on 8,600 employees, including four people whose criminal convictions automatically disqualified them from working there.