Fashion retailer H&M has debuted a new, two-tier loyalty program with expanded rewards for its biggest-spending customers. Perks will include discounted blowouts at Drybar, invitation-only events and free-shipping offers.
The US dollar has rallied to trend against the yuan and could gain further if China devalues to offset the impact of US tariffs. However, technical analyst Blake Morrow says an overbought relative strength index indicates pressure on the upward trend.
The Rolling Stones are set to kick off a 17-date US tour in June that will be sponsored by the Alliance for Lifetime Income, a trade group representing financial-services firms that sell annuities. Tables at the concert venues will offer information on annuities.
The relationship between inflation and labor, as well as other resource markets, has broken down and could be problematic if the Federal Reserve cannot bring inflation closer to a 2% target, said Fed Governor Lael Brainard. Eventually, Americans could lose faith that inflation will ever meet the target, she said.
Five banks have agreed to pay fines to the EU, which says nine traders have colluded via online chat to manipulate the foreign exchange market. Barclays, Royal Bank of Scotland, Citigroup, JPMorgan Chase and Mitsubishi UFJ Financial Group will pay €1.07 billion combined, the European Commission says.
The EU is examining ways to counter the US dollar's dominance as a reserve currency amid fears the US will sanction EU companies that trade with Iran. "A stronger international role for the euro is a key priority," says French Economy and Finance Minister Bruno Le Maire, adding, "I don't want our companies to suffer from American decisions that we do not share."
Investors have repeated calls for Deutsche Bank to trim its underperforming investment bank to improve profitability. "Without cuts in investment banking, we believe it will not be possible to achieve targets on returns," portfolio manager Alexandra Annecke says.
Goldman Sachs has agreed to pay $750 million in cash for boutique wealth manager United Capital Financial Advisers. United Capital, which manages $25 billion in assets, will join Goldman's wealth-management unit and will bring along clients with at least $1 million in assets.
The Bank of England has no desire to weaken rules for banks after Brexit, Deputy Governor Sam Woods says. "Alternatively, we could adopt a hybrid approach which doesn't replicate either of the preexisting EU or British approaches," Woods says.
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