ATM skimmers are becoming more sophisticated, with insert skimmers becoming the latest criminal trend, writes Brian Krebs, a security blogger. Insert skimmers are installed inside the card-acceptance slot, making them difficult to spot.
Construction loans by Federal Deposit Insurance Corp.-backed financial institutions rose to $255.8 billion in the second quarter, a 3.9% increase from the previous quarter. It was the fifth quarter in a row of year-over-year construction-lending growth since the market bottomed out at $201.5 billion in 2013.
European Central Bank President Mario Draghi has chosen his words carefully and left the door open for further quantitative easing, analysts say. Aggressive stimulus might come if inflation forecasts weaken significantly, they say.
The US will probably announce sanctions on Chinese companies next week in retaliation for cyberattacks, shortly before a visit by Chinese President Xi Jinping, US officials say.
Paul Schatz, president of Heritage Capital, notes that the stock market correction offers plenty of reasons for people to argue that another bear market is in the offing. But he disagrees. "I remain steadfast that while the bull market is old, wrinkly and not exactly the pillar of health, but it is nonetheless alive," he writes.
The International Monetary Fund thinks the Federal Reserve should not raise interest rates this month, IMF spokesman William Murray says. Because inflation and wage increases are minimal, the central bank "can afford to hold interest rates low until there are more tangible signs of wage or price inflation than are currently evident," Murray says.
The European Securities and Markets Authority is considering changing a two-day "liquidation period" for derivatives trades to align with a one-day practice in the US. "The difference in EU and US standards gives rise to the risk of regulatory arbitrage," according to an ESMA consultation paper.
The Financial Industry Regulatory Authority is warning that consumers should understand the risks they take when using securities-backed lines of credit, particularly when share prices fall.
This summer saw the most trading on ICAP's electronic BrokerTec platform in its 15-year history, according to a report. Transactions tallied $12.8 trillion during the period, the report said. "The market moves quicker, and there's more volatility," said Mitsubishi UFJ Securities senior Treasury trader Thomas Roth.
George Washington University Law School professor Lisa Fairfax is being floated by the White House as a candidate to fill a Democratic seat on the Securities and Exchange Commission.
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