By WASHINGTON (Reuters) - A recent run of optimism in markets hit the brakes on Tuesday as investors mostly pulled back from stocks, though the Nasdaq extended its record run to a new high, while the safe-haven yen, Swiss franc and gold rallied.A slide in Europe and partially on Wall Street capped a rally that has pushed Asian stocks outside of Japan overnight higher for a ninth straight day.Oil prices closed higher as concerns about a resurgence in coronavirus cases were offset by recent commitments from the major oil producers to rein in production.The tech-heavy Nasdaq Composite shook...…By WASHINGTON (Reuters) - A recent run of optimism in markets hit the brakes on Tuesday as investors mostly pulled back from stocks, though the Nasdaq extended its record run to a new high, while the safe-haven yen, Swiss franc and gold rallied.A slide in Europe and partially on Wall Street capped a rally that has pushed Asian stocks outside of Japan overnight higher for a ninth straight day.Oil prices closed higher as concerns about a resurgence in coronavirus cases were offset by recent commitments from the major oil producers to rein in production.The tech-heavy Nasdaq Composite shook...WW…

By , WASHINGTON (Reuters) - The U.S. government on Monday was set to re-open its signature small business pandemic aid program with $284 billion in new funds and revamped rules that aim to get cash to the most needy businesses while stamping out fraud and abuse.The Small Business Administration (SBA) announced on Friday that it would launch a third round of the Paycheck Protection Program (PPP) this week, starting with small community financial institutions on Monday, and larger lenders in coming days.By prioritizing smaller lenders, the SBA hopes to address criticism from lawmakers that...…By , WASHINGTON (Reuters) - The U.S. government on Monday was set to re-open its signature small business pandemic aid program with $284 billion in new funds and revamped rules that aim to get cash to the most needy businesses while stamping out fraud and abuse.The Small Business Administration (SBA) announced on Friday that it would launch a third round of the Paycheck Protection Program (PPP) this week, starting with small community financial institutions on Monday, and larger lenders in coming days.By prioritizing smaller lenders, the SBA hopes to address criticism from lawmakers that...WW…

By , WASHINGTON (Reuters) - U.S. policymakers need to consider major changes to make money market funds less vulnerable to investor runs, a working group led by the Treasury Department said on Tuesday, stopping short of making specific recommendations.The group laid out several potential changes to those markets, in which the U.S. government intervened to stabilize after big outflows prompted by the coronavirus outbreak in March.Ideas included setting stricter rules around fund redemptions, or higher capital buffers for such funds, but the group said it was not favoring any specific...…By , WASHINGTON (Reuters) - U.S. policymakers need to consider major changes to make money market funds less vulnerable to investor runs, a working group led by the Treasury Department said on Tuesday, stopping short of making specific recommendations.The group laid out several potential changes to those markets, in which the U.S. government intervened to stabilize after big outflows prompted by the coronavirus outbreak in March.Ideas included setting stricter rules around fund redemptions, or higher capital buffers for such funds, but the group said it was not favoring any specific...WW…

By WASHINGTON (Reuters) - The U.S Senate on Friday passed a bill overhauling anti-money laundering rules and banning anonymous shell companies, a victory for law enforcement and rights groups which have long sought changes to make it easier to police illicit money flows.The bill requires most companies to report their true beneficial owners to the government, allows greater information sharing between law enforcement and regulators, and authorizes the use of new suspicious activity monitoring tools.Cracking down on legal vehicles that allow criminals and terrorists to move money around the...…By WASHINGTON (Reuters) - The U.S Senate on Friday passed a bill overhauling anti-money laundering rules and banning anonymous shell companies, a victory for law enforcement and rights groups which have long sought changes to make it easier to police illicit money flows.The bill requires most companies to report their true beneficial owners to the government, allows greater information sharing between law enforcement and regulators, and authorizes the use of new suspicious activity monitoring tools.Cracking down on legal vehicles that allow criminals and terrorists to move money around the...WW…

By WASHINGTON (Reuters) - The largest U.S. bank lobby group is spending $1 million on television ads to boost Republican Senator David Perdue in a bid to ensure the Senate remains in Republican hands after Georgia election runoffs in January, according to federal filings.Perdue, who sits on the Senate Banking Committee and has long been an industry ally, backing lighter banking regulations, is seeking re-election against Democratic challenger Jon Ossoff.The race is one of a pair of Georgia U.S. Senate runoffs on Jan. 5 after no candidate won a majority in the Nov. 3 election. Republican...…By WASHINGTON (Reuters) - The largest U.S. bank lobby group is spending $1 million on television ads to boost Republican Senator David Perdue in a bid to ensure the Senate remains in Republican hands after Georgia election runoffs in January, according to federal filings.Perdue, who sits on the Senate Banking Committee and has long been an industry ally, backing lighter banking regulations, is seeking re-election against Democratic challenger Jon Ossoff.The race is one of a pair of Georgia U.S. Senate runoffs on Jan. 5 after no candidate won a majority in the Nov. 3 election. Republican...WW…

By , (Reuters) - Democrat and former U.S. vice president Joe Biden was declared winner of the U.S. presidential election by several major television networks on Saturday, beating Republican incumbent Donald Trump who took an industry-friendly stance on regulation.While Biden is unlikely to prioritize a financial industry crackdown, he is expected to take a stricter line than Trump and his former boss President Barack Obama.Biden has tapped former derivatives market regulator Gary Gensler, who has a reputation for being tough on Wall Street, to work on a transition plan for financial...…By , (Reuters) - Democrat and former U.S. vice president Joe Biden was declared winner of the U.S. presidential election by several major television networks on Saturday, beating Republican incumbent Donald Trump who took an industry-friendly stance on regulation.While Biden is unlikely to prioritize a financial industry crackdown, he is expected to take a stricter line than Trump and his former boss President Barack Obama.Biden has tapped former derivatives market regulator Gary Gensler, who has a reputation for being tough on Wall Street, to work on a transition plan for financial...WW…

Want to discuss? Please read our first.AdvertisementClose XAAWASHINGTON, Oct 11 (Reuters) – Top U.S. infectious diseases expert Dr. said on Sunday he had not agreed to be featured in an ad by U.S. President ‘s re-election campaign and that his comments were taken out of context.The ad, released last week, discusses Trump’s effort to recover from the coronavirus personally, as well as his administration’s work to address the pandemic. The 30-second spot uses older remarks from Fauci in a way that suggests he was praising the president.“I can’t imagine that anybody could be doing more,” the...…Want to discuss? Please read our first.AdvertisementClose XAAWASHINGTON, Oct 11 (Reuters) – Top U.S. infectious diseases expert Dr. said on Sunday he had not agreed to be featured in an ad by U.S. President ‘s re-election campaign and that his comments were taken out of context.The ad, released last week, discusses Trump’s effort to recover from the coronavirus personally, as well as his administration’s work to address the pandemic. The 30-second spot uses older remarks from Fauci in a way that suggests he was praising the president.“I can’t imagine that anybody could be doing more,” the...WW…

By WASHINGTON (Reuters) - President Donald Trump paid just $750 in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises to offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data.In a report that Trump dismissed as “fake news,” the Times said the Republican president also paid no federal income taxes in 10 of the previous 15 years through 2017, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.The...…By WASHINGTON (Reuters) - President Donald Trump paid just $750 in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises to offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data.In a report that Trump dismissed as “fake news,” the Times said the Republican president also paid no federal income taxes in 10 of the previous 15 years through 2017, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.The...WW…

By WASHINGTON (Reuters) - In his first rally for his last-minute presidential campaign, rapper Kanye West ranted against abortion and pornography, argued policy with attendees and at one point broke down in tears.West, 43, a former supporter of President Donald Trump who has left voters befuddled over whether his campaign is genuine or a publicity stunt to help sell albums or merchandise, delivered rambling remarks during the event at a Charleston, South Carolina, wedding venue and convention center.In remarks that lasted just over an hour, he denounced abortion, swore, called on random...…By WASHINGTON (Reuters) - In his first rally for his last-minute presidential campaign, rapper Kanye West ranted against abortion and pornography, argued policy with attendees and at one point broke down in tears.West, 43, a former supporter of President Donald Trump who has left voters befuddled over whether his campaign is genuine or a publicity stunt to help sell albums or merchandise, delivered rambling remarks during the event at a Charleston, South Carolina, wedding venue and convention center.In remarks that lasted just over an hour, he denounced abortion, swore, called on random...WW…

By WASHINGTON (Reuters) - The novel coronavirus outbreak has exposed “cracks” in the global financial system and “will likely” see banks suffer both credit losses and market losses that will test their reserves, the International Monetary Fund (IMF) warned on Tuesday.The world’s largest multilateral lender cautioned that while banks have built up strong capital and liquidity buffers, and passed regular stress tests, since the 2007-2009 financial crisis, the potential for a long and severe downturn will put the firms to the test.“This crisis presents a very serious threat to the stability of...…By WASHINGTON (Reuters) - The novel coronavirus outbreak has exposed “cracks” in the global financial system and “will likely” see banks suffer both credit losses and market losses that will test their reserves, the International Monetary Fund (IMF) warned on Tuesday.The world’s largest multilateral lender cautioned that while banks have built up strong capital and liquidity buffers, and passed regular stress tests, since the 2007-2009 financial crisis, the potential for a long and severe downturn will put the firms to the test.“This crisis presents a very serious threat to the stability of...WW…