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bank consumer national OCC Tech Top News 

New banking regulator defends agency effort to regulate fintech

July 19, 2017 By Pete Schroeder WASHINGTON (Reuters) – The new head of a U.S. banking regulatory agency on Wednesday defended his predecessor’s efforts to explore granting special federal charters to startup online lenders. The Office of the Comptroller of the Currency (OCC) has been facing pressure from state regulators ever since it announced last year that it would consider granting charters to so-called “fintech” lenders. But Keith Noreika, who took over as the OCC’s acting head in May, sounded like his predecessor, Tom Curry, in defending the agency initiative…

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case consumer Facebook Ireland Ltd lawsuit Tech Top News 

Austrian activist, 25,000 supporters seek right to bring class-action suit against Facebook

July 19, 2017 LUXEMBOURG (Reuters) – The Court of Justice of the European Union (ECJ) heard arguments on Wednesday over whether to allow a class action suit against Facebook, brought by Austrian privacy activist Max Schrems – and about 25,000 other users across the globe. Schrems is claiming 500 euros ($576) in damages for each signatory to his lawsuit, one of a series of European challenges to U.S. technology firms and their handling of personal data. Schrems’s lawsuit concerns alleged violations of privacy by Facebook through its use of personal…

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Bengaluru Editing Business consumer 

Reckitt cuts the mustard with $4.2 billion food business sale

July 19, 2017 By Martinne Geller LONDON (Reuters) – U.S. spices maker McCormick & Co Inc has won the battle to buy Reckitt Benckiser Group’s North American food business, paying a higher than expected $4.2 billion to add extra seasonings and sauces. London-listed Reckitt said in April it was reviewing options for the unit, which includes French’s mustard and Frank’s RedHot sauce, to cut its debt following the $16.6 billion purchase of baby formula maker Mead Johnson. The sale, announced late on Tuesday, will reduce Reckitt’s net debt to EBITDA…

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consumer economic growth Economy news policy Top News 

Dollar nurses losses, China data beats forecasts

July 17, 2017 By Wayne Cole SYDNEY (Reuters) – The dollar huddled near a 10-month trough on Monday as the diminished risk of aggressive U.S. policy tightening sent investors piling into leveraged positions in higher yielding currencies or risky assets. Sentiment got an added boost after Chinese economic data handily topped forecasts with second-quarter gross domestic product rising 6.9 percent on the year. Strength in retail sale and industrial output helped offset a weak start for Shanghai stocks which may have been linked to talk of tighter financial regulations. “It…

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bank Business consumer increase U.S. 

Futures flat ahead of key data; JPMorgan kicks off earnings

July 14, 2017 By Tanya Agrawal (Reuters) – U.S. stock index futures were little changed on Friday as investors awaited key data for a reading on the health of the economy while JPMorgan kicked off second-quarter earnings. * Analysts estimate second-quarter earnings for S&P 500 companies rose 7.8 percent from a year earlier, with financials projected to have had the third-best profit growth among sectors, according to Thomson Reuters I/B/E/S. * Shares of JPMorgan edged up 0.4 percent in premarket trading after the biggest U.S. bank by assets, reported a…

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consumer month report Tech Top News Trade Alert 

Snap shares draw bullish options bets after slipping below IPO price

July 13, 2017 By Saqib Iqbal Ahmed NEW YORK (Reuters) – Options traders were placing bets this week that shares of Snap Inc were primed for a rebound after slipping below their initial public offering price of $17. Shares of the Snapchat parent have slumped since a red-hot March IPO, falling below their initial sale price on Monday and hitting a record low of $15.21 two days later after a lead underwriter downgraded its rating on the stock. Traders in the options market have responded to the latest drop in…

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consumer FCC Federal Communications Commission report Tech Top News 

FCC votes to expand crackdown on ‘robocalls’

July 13, 2017 By David Shepardson WASHINGTON (Reuters) – The U.S. Federal Communications Commission voted on Thursday to pursue new rules to help consumers who are being inundated with “robocalls” and to set new standards to ensure phone calls come from legitimate numbers. The FCC wants a reliable verification system that would prevent scam artists from spoofing the number of a bank, debt collector, government tax agency or other organizations to trick consumers into disclosing confidential financial or account information. One report estimates U.S. consumers get 2.5 billion monthly robocalls…

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consumer economic growth Economy PPI speech Top News 

China’s June factory price inflation subdued on modest raw materials recovery

July 10, 2017 By Sue-Lin Wong BEIJING (Reuters) – China’s producer price inflation was unchanged in June and remained well off highs seen earlier this year, amid lingering oversupply issues in the steel sector and as signs of economic weakness weighed on the outlook for prices. The producer price index (PPI) rose 5.5 percent in June from a year earlier, the National Bureau of Statistics (NBS) said on Monday. This was in line with analyst forecasts and unchanged from the previous month. Prices of raw materials are making a modest…

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bank BOJ consumer Economy spending Top News 

Percentage of Japan households expecting inflation to rise hits more than one-year high: BOJ survey

July 7, 2017 TOKYO (Reuters) – The percentage of Japanese households that expect consumer prices to rise a year from now reached the highest level in more than a year, a central bank survey showed on Friday, suggesting progress in generating sustained inflation. The percentage of households that expect prices to increase five years from now also rose to the highest in a year, the survey for June showed, supporting the Bank of Japan’s optimism that its quantitative easing is gaining traction. The survey follows government data showing a pickup…

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BRC Britain consumer Economy Top News UK 

Fall in UK shop prices eases, food soars: BRC

July 4, 2017 LONDON (Reuters) – Overall prices in British shops fell in June at the slowest annual pace since November 2013, the British Retail Consortium (BRC) said on Wednesday, adding it expects rising inflation pressure soon to prompt outright price increases. Overall shop prices declined 0.3 percent year-on-year in June, compared with a 0.4 percent drop in May. The food price component rose 1.4 percent, however. The Bank of England is watching gauges of inflation pressure in Britain’s economy closely as it considers whether to raise interest rates from their record…

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