Better Data Raise Doubts Of Quick Fed Easing Move
The better tone of the economic data in the two weeks since the Federal Reserve’s last policy meeting have caused some Fed watchers to doubt that the central bank will launch another massive bond purchase program next month.
Buffett’s Berkshire exits Intel, buys more banks
Warren Buffett’s Berkshire Hathaway Inc. disclosed late Tuesday that it sold all shares of Intel Corp. INTC -0.71% and bought into Phillips 66 and National Oilwell Varco Inc. in the second quarter. It added to existing stakes in Wells Fargo & Co. and Bank of New York Mellon Corp. significantly while unwinding some shares of U.S. Bancorp.
Treasury: U.S. to lose $25 billion on auto bailout
The Detroit News
The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.
Liquidity Is King
While it is summertime, the livin’ is not (always) easy. The EU regulatory process continues unabated and with the publication of a first complete Compromise Text on MiFID 2/MiFIR earlier this summer, the journey to trading obligations and platforms in the EU has well and truly begun.
BofA Bids Were Made to Rig Muni Prices With UBS, Witness Says
A prosecution witness who claims he conspired to rig bids on municipal bonds with three former UBS AG employees denied bids he made were legitimate as a defense attorney sought to characterize them as simply hurried.
Greece seeks two-year austerity extension
Kerin Hope in Athens – FT.com
Greece is seeking a two-year extension of its latest austerity programme aimed at improving the country’s debt sustainability and prospects for a return to growth, according to a document obtained by the Financial Times.
Citigroup Plans $200 Million Collateralized Loan Obligations Fund
Citigroup Inc.’s alternative asset management unit is planning to launch a $200 million fund to invest in collateralized loan obligations, seeking to take advantage of investors’ demand for yield in a low interest rate environment.
Goldman Sachs and Investment Banking’s Swan Song
The Motley Fool
Goldman Sachs’ dismal second quarter earnings report confirms that the investment bank bubble has finally burst. The firm lost $194 million on its investment in the Industrial and Commercial Bank of China on top of the $112 million lost on their other stock investments.
China Bad Loans Rise for Third Straight Quarter as Economy Slows
Chinese banks’ bad loans increased for a third straight quarter for the first time in eight years, highlighting pressures on asset quality and profit growth as the economy weakens.