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7/22/2019

Walmart is continuing to make executive changes as it works to integrate physical and digital operations, according to an internal memo. The retailer is merging its e-commerce and greater US finance teams, as well as its supply chain groups, with Greg Smith set to lead the newly integrated supply chain team.

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Walmart, Greg Smith
7/22/2019

Statements from Federal Reserve Chairman Jerome Powell and Federal Reserve Bank of St. Louis President James Bullard suggest a quarter-point interest-rate decrease will occur this month. Bullard has emphasized the move should be seen as recalibration, rather than the first in a series of cuts.

7/22/2019

Federal Deposit Insurance Corp. Chairman Jelena McWilliams has expressed an interest in granting new bank charters, and more new banks are sprouting up across the country. The number of community banks declined after the recession, but a strong economy has led to more de novo activity.

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Bankrate
7/22/2019

President Donald Trump said comments by New York Federal Reserve President John Williams about the Fed having raised rates too quickly were accurate, and he criticized the central bank, saying US rates were higher than those in other countries. The president has been critical of Federal Reserve Chairman Jerome Powell for raising rates, saying his presidential administration has been successful despite the Fed.

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Politico
7/22/2019

The Federal Reserve is expected to announce plans for a new instant payment system, but some banks say it is not needed. More than $1 billion dollars has been invested by large banks in the Clearing House Payments Co., but some say the payment system should not be managed by private companies.

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Politico
7/22/2019

J.C. Penney has not sought out advisers to help the retailer look at restructuring or bankruptcy options, the company said Friday. An earlier report had indicated Penney's had plans to explore options for restructuring debt.

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J.C. Penney
7/22/2019

China will repeal limits on the amount of fund, securities and insurance companies that foreign investors can own in 2020, one year earlier than planned, according to the Financial Stability and Development Committee. China will also encourage foreigners to establish pension- and wealth-management companies, as well as currency brokerages, the committee says.

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Agence France-Presse
7/22/2019

The European Commission is preparing to give Ireland billions of pounds in aid to help it ride out economic damage it will suffer if a no-deal Brexit occurs, a senior EU diplomat says. The bloc reportedly is ready to "spend whatever [is] necessary" to help Ireland if Brexit disrupts trade.

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EU, Brexit, European Commission, Brexit, Brexit
7/22/2019

US equity indices keep breaking records, largely because of the performance of Amazon, Apple, Facebook and Microsoft. The companies make up 19% of the total return in 2019 for the S&P 500, according to S&P Dow Jones Indices.

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Facebook, Amazon, Apple, Microsoft
7/22/2019

US Ambassador to the EU Gordon Sondland says he hopes Ursula von der Leyen, incoming president of the European Commission, can restart US-EU trade talks. The US is prepared to impose additional tariffs on the EU if negotiations fail to produce results or if member states enact taxes on digital services, Sondland says.