Nasdaq Commodities plans to launch a day-ahead auction market for electricity in all the Nordic countries, as well as Germany and France with a target date of April 2020. Nasdaq's head of European Commodities Georg Aasen says licenses needed are in place for most of the countries and they are working on the technical system.
As Federal Reserve policymakers see different justifications for last month's interest-rate decrease, Chairman Jerome Powell faces the challenge of forming a unified message on why the central bank might continue lowering rates, despite a lack of clear deterioration in the economy. Powell is delivering a speech today in Jackson Hole, Wyo.
About one-quarter of adults report having a disability, and Social Security Disability Insurance benefits can help. This article outlines how to make the most of these benefits and raise overall income.
Japan's government bonds could soon join Germany's in having negative yields on all maturities. Japanese debt has gone negative out to 15 years, and buyers are turning to 30- and 40-year bonds to get positive yields.
Consumers are beginning to use digital products more often, but some surveys show about half are continuing to use branches regularly. Branches are no longer a place where consumers perform transactions but a place where they receive advice, according to Jamie Warder, head of digital banking for KeyBank.
Lawrence Kudlow, the White House National Economic Council director, said the administration may unveil middle-class tax cuts and relief for small businesses ahead of next year's presidential election. Kudlow emphasized that President Donald Trump's comment this week that he had no plans for such cuts was in reference to the immediate future only.
Santander Bank will begin originating mortgages at its 600 US retail branches, ending its partnership with a third-party channel, bank officials said. About 60 employees are being laid off at the bank's Pennsylvania office that supported the third-party platform.
In a survey conducted by the Federal Reserve Bank of New York, a number of executives from the leading US banks expressed concern over the consistency and effectiveness of the Federal Open Market Committee's communications with the market. While last month's rate cut met broad expectations, some respondents to the survey said conflicting comments from individual Fed chiefs caused confusion.
Wells Fargo's $6.5 million settlement with the Navajo Nation is part of the bank's commitment "to make things right regarding past sales practices issues," officials said in a statement. The bank's sales team allegedly opened fake accounts in the names of tribe members, a practice that also affected thousands of other account holders.
While US banks are trying to outspend each other on technology upgrades, European banks are lagging largely because software assets must be 100% deducted from capital. Some in the industry say attempts by EU lawmakers to change the policy still might not level the playing field.
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