Just weeks before she quit her job at a white-shoe law firm in New York and was arrested on charges of stealing more than $5 million from two former employers and a client, Keila Ravelo was named one of 100 “Women Worth Watching” by a diversity publication.
Ms. Ravelo’s photo and bio are still posted on the website of Profiles in Diversity Journal even though she is now facing criminal charges that could send her to prison. Other alleged actions by Ms. Ravelo could unravel the largest antitrust settlement in history – a $6 billion pact between Visa, MasterCard and millions of merchants.
“We had some internal discussion about whether to … (full story)
While the most recent decline in oil prices raises uncertainty about whether the worst is over for the Canadian economy, Standard & Poor’s analyst Joydeep Mukherji told MNI that more important to Canada’s outlook is the U.S. economy, which he expects to maintain a “steady growth. “
He added that the upcoming federal election on October 19 won’t change the country’s overall credit profile given that all three main parties have signaled responsible budgets.
So overall, whether the federal budget ends up showing a slight deficit or a surplus, Canada’s stable outlook and AAA rating are not at risk.
“The fiscal profile … (full story)
China accounted for 17 percent of the world’s gross domestic product in 2014.1 It is also the world’s largest saver,2 but it is almost a closed economy in terms of capital flows.
China has undertaken various economic reforms in recent years. These reforms include deepening its capital markets and increasing the importance of the yuan in the global economy.3 Some commentators have argued that the yuan may become a global reserve currency in the near future, given these reforms and China’s rising importance in world trade. In fact, China’s recent move to devalue the yuan was seen by some as a way to let the market play a bigger role in … (full story)
Last week was characteristically quiet and lackluster in global markets, with the US dollar edging slightly higher as traders tried to soak up the last of the late summer sun.
The dollar did manage to gain ground across the board, but only after Monday’s precipitous drop. In fact, volatility across the foreign exchange market (and other markets more broadly) was as high last week as it has been at any point since the Great Financial Crisis. Taking a step back to survey the damage, the US dollar has been one of the primary beneficiaries, though the dollar index still remains generally range-bound between 94.00 and … (full story)
U.S. stocks traded mildly lower on Monday, the last day of trade for August, as investors eyed a renewed recovery in oil prices and digested recent news out of China and the Federal Reserve following a turbulent markets week.
“Oil has helped us come off the lows,” said JJ Kinahan, chief strategist at TD Ameritrade. He also noted some support for investor sentiment from greater consensus in Fed policymaker comments and solid U.S. GDP figures last week.
The energy sector turned positive, briefly rising more than 1 percent, to lead S&P 500 gains after earlier losing more than 2 percent. Oil reversed an early decline to surge … (full story)
Bloomberg is gearing up for a big round of layoffs before Labor Day, The Post has learned.
The financial news and data giant will cut 80 people, or about 3.3 percent of its 2,400 newsroom employees, as early as Tuesday, according to a source familiar with the plans.
The Post first reported Aug. 19 that Bloomberg was planning to slim its ranks by as many as 100 employees — a number that has been whittled down since then. A Bloomberg spokesman declined to comment.
While most of the layoffs will be in the US, they will not be focused on one particular coverage area. Staffers in the DC bureau have been on pins and needles, fearing that … (full story)
The Chicago Business Barometer held on to most of
July’s gain, falling just a fraction to 54.4 in August
from 54.7 in July. While below the highs seen towards
the end of last year, it’s still consistent with a
bounceback in activity in the third quarter following
recent weaker growth.
A slight easing in both Production and New Orders
prompted the latest decline in the Barometer, with
both paring some of the large gains seen in July that
had left them at the highest level since January.
While New Orders and Production softened in
August, both remained above their 12-month
averages and significantly up from the depressed
levels … (full story)
European stocks were poised to close out the worst month in years for the region on Monday with more losses, as major oil companies fell on the heels of lower oil prices.
The Stoxx Europe 600 SXXP, -0.11% was flat at 363.56, leaving it poised for a monthly loss of 8.5%. According to FactSet Research, that would be the biggest monthly loss since August 2011, when the index fell nearly 10.5%. The index fell 6.8% in May 2012 and 5.3% in June 2013.
Fears of more volatility for Chinese stocks rattled investors. Beijing plans to stop large-scale purchases of stocks, according to a report in the Financial Times on Monday. The Shanghai … (full story)
After a tumultuous week, the global capital markets are struggling to stabilize. Chinese equities were under sharp downward pressure following news reports that the large-scale intervention was to end. However, stocks roared back in late dealings, and other reports indicated that brokerages were being asked to boost their contribution to the equity market rescue fund by another CNY100 bln (~$15.7 bln).
Meanwhile, the message from Jackson Hole was the officials in US, Japan and Europe expect inflation pressures to increase. The signal from Fed officials was a rate hike this year remained likely, and a move in September could not be … (full story)
Canada’s current account deficit (on a seasonally adjusted basis) narrowed by $0.7 billion in the second quarter to $17.4 billion. The reduction in the deficit was mainly reflected in the trade in goods and services balance.
In the financial account (unadjusted for seasonal variation), transactions in the other investment category, mainly in the form of deposit liabilities, led the inflow of funds into the economy. Record Canadian direct investment abroad along with transactions in securities moderated the overall net inflow over the quarter. The deficit on international transactions in goods was reduced by $0.3 billion in the second … (full story)