Kathy Kraninger was confirmed Thursday by the US Senate to be director of the Consumer Financial Protection Bureau. In her July nomination hearing Kraninger emphasized support for limited data collection, "effective use of notice and comment" when shaping new rules and the "tailoring" of regulations to reduce compliance burdens on smaller entities.
On-demand e-scooters, which are available in more than 60 cities, present insurers with the opportunity to offer coverage to the scooter companies and to riders, notes Jesse Krompier of Michelman & Robinson in Los Angeles. "Whoever the insured may be, insurers should familiarize themselves with the types of events that could result in liability due to scooter operation," Krompier writes.
ESL Investments, the hedge fund controlled by Edward Lampert, has bid $4.6 billion to buy Sears and keep the retailer operating, according to a regulatory filing. The proposal, which would preserve about 50,000 jobs, includes about 500 Sears and Kmart stores and other assets including the Kenmore and DieHard brands.
"If you're highly successful, your achievements are obvious. It's more novel and inspiring for others to learn about your mistakes," says Harvard Business School Assistant Professor Alison Wood Brooks. Sharing past failures can actually improve the working relationships that a manager has with employees because it reduces resentment.
China will "immediately implement the consensus" reached between the country and the US at the Group of 20 summit regarding products including cars, energy and farm products, Chinese Commerce Ministry spokesman Gao Feng says. The statement signals optimism that the arrest of Huawei Technologies' chief financial officer will not disrupt efforts toward a trade agreement.
Federal Reserve funds futures contracts indicate 63% of investors expect the US central bank to increase interest rates this month, down from over 80% in September, as market jitters grow.
Renewed US-Chinese trade tensions after the arrest of Huawei Technologies Chief Financial Officer Meng Wanzhou, coupled with a 5% decline in oil prices ahead of an OPEC meeting, triggered a global stock market sell-off Thursday. The STOXX Europe 600 index lost as much as 2.8%, more than any full-day drop since June 2016, while S&P 500 futures declined nearly 2%, Japan's Nikkei 225 index fell 1.9% and Hong Kong's Hang Seng Index shed 2.5%.
European Commission President Jean-Claude Juncker and Italian Prime Minister Giuseppe Conte have pledged to maintain contact as the two sides work toward a deal on Italy's 2019 budget proposal, which the commission says breaches EU fiscal-stability rules. A spokeswoman for Juncker confirms the leaders are in touch but denies a claim by Conte that a meeting has been scheduled.
Price indices for leveraged loans in the US and Europe are trading at the lowest levels in two years as concerns grow among lenders about the state of the global economy and the US-Chinese trade dispute. Less than 4% of leveraged loans traded above face value in November, down from over 65% in October, according to JPMorgan Chase.
British Prime Minister Theresa May has continued to push for a parliamentary vote on her Brexit deal Tuesday but has stopped short of ruling out postponement. Members of May's party have urged her to delay the vote, and a source says she has discussed options with top ministers, including rescheduling the vote.