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The U.S. Department of Justice has subpoenaed a high-profile whistleblower in its criminal investigation into Wells Fargo & Co’s (WFC.N) opening of accounts without customer permission. U.S. prosecutors in San Francisco have asked Wells Fargo banker Yesenia Guitron, who lost a private lawsuit against the fourth-largest lender, to testify before a grand jury in San Francisco on Tuesday, according to a subpoena dated Dec. 12, which was […]

The UN Security Council has passed a resolution demanding that Israel stop building settlements in the occupied Palestinian Territories, after the US abstained in spite of ferocious criticism from Prime Minister Benjamin Netanyahu’s government. The resolution was passed with 14 votes from the 15-member security council, hours after a senior Israeli official accused US President Barack Obama of working “behind Israel’s back” to cook up the resolution, in […]

UNITED NATIONS — Defying extraordinary pressure from President-elect Donald J. Trump and furious lobbying by Israel, the Obama administration on Friday allowed the United Nations Security Council to adopt a resolution that condemned Israeli settlement construction. The administration’s decision not to veto the measure broke a longstanding American policy of serving as Israel’s sturdiest diplomatic shield at the United Nations. While the measure will have no practical […]

What a difference a year makes. Having ended 2015 as the worst performing sector on the S&P 500, energy stocks are on track to become this year’s biggest winners as this month’s rally in crude prices further extended the sector’s gains. Despite falling 0.1 per cent on Friday, the S&P 500 energy index is still up more than 25 per cent this year, making it the top […]

By Michelle Nichols | UNITED NATIONS UNITED NATIONS The Obama administration on Friday allowed the U.N. Security Council to adopt a resolution demanding an end to Israeli settlements, defying pressure from U.S. President-elect Donald Trump as well as Israel and several U.S. senators who urged Washington to use its veto. The resolution was put forward at the 15-member council for a vote on Friday by New Zealand, […]

Panama City: From the Panama Papers to the impeachments of the presidents of Brazil and South Korea, 2016 was a year marked by corruption scandals, and by rising public outrage over graft. The question is, will that translate into a lasting demand for cleaner politics? “A new phenomenon” is being seen, said Jose Ugaz, a renowned Peruvian lawyer and the chairman of Transparency International, a Berlin-based anti-corruption […]

Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Most of us can feel unavoidably like Mongo in Mel Brooks’ “Blazing Saddles,” meaning a self-perception that “Mongo only pawn in game of life.” (YouTube) Yes, we all try to be philosophical but can lapse into merely being dim-witted, like […]

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Wall Street treaded water in light pre-holiday trading on Friday, with the three major indexes on track to post weekly gains. The Dow Jones Industrial Average, which came within spitting distance of the historic 20,000 mark earlier this week, looked set to record its seventh straight weekly gains. “There’s really nothing to move the market one way or another,” said Mohannad Aama, managing director at Beam Capital […]

Christmas is almost here (and so is Hanukkah), and so it is time for the Long View to revisit the offices of Hindsight Capital LLC once more. Hindsight Capital, for the uninitiated, is the hedge fund that beats all others year in and year out because it is endowed with 20/20 hindsight; it can see the future. The returns to clairvoyance are potentially infinite, so it has […]

Law Blog rounds up the morning’s legal news: Closing the book: The Obama administration scrambled to resolve its remaining crisis-era megabank mortgage cases, striking multibillion-dollar settlements with Deutsche Bank and Credit Suisse Group over toxic securities while separately filing a lawsuit against Barclays alleging more than $30 billion in fraud-tainted sales. [WSJ, NYT] Platinum probe: […] (via WSJ)

Good morning. A media A-list’s favorite books of 2016 Jake Tapper, the CNN reporter-show host, needed far less time than even a hyperactive wire service rewrite guy to answer a question about his favorite book this year: “‘Moonglow’ by Michael Chabon.” Bam, that didn’t take long. But it’s why amid a Trump- and-terrorism-centric moment, I asked busy and smart journalists to go high when so many others […]

How long ago it seems — that post-referendum panic in the UK stock market. The pound plunged and the crowd ran into “safe havens” in the form of government debt, ditching those risky, tricky shares. On July 13, this column pointed out the folly of this strategy. At that moment, buying and holding the UK government’s 10-year bond guaranteed an annual return of just 0.9 per cent. […]

Roy Zipstein | Apple Apple has given app developers more time to turn on App Transport Security (ATS) after originally insisting that software submitted to the App Store utilize the feature by the beginning of 2017. According to a brief note posted on the Apple developer website on Wednesday, ATS, first introduced in iOS 9 and OS X v10.11, will now not become mandatory for apps to […]

From the Panama Papers to the impeachments of presidents of Brazil and South Korea, 2016 was a year marked by corruption scandals, and by rising public outrage over graft. The question is, will that translate into a lasting demand for cleaner politics? “A new phenomenon” is being seen, said Jose Ugaz, a renowned Peruvian lawyer and the chairman of Transparency International, a Berlin-based anti-corruption watchdog, who expressed […]

By Michael Shields and Arno Schuetze | ZURICH/FRANKFURT ZURICH/FRANKFURT Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe’s leading investment banks as they grapple with falling profits. The penalty puts them at a further disadvantage to larger U.S. rivals. Credit Suisse (CSGN.S) agreed in principle to pay […]

Deutsche Bank and Credit Suisse have agreed to pay out billions to resolve a probe into the alleged mis-selling of mortgage-backed securities at the height of the US housing bubble, striking deals before the Trump administration takes power. The deals came as federal prosecutors announced they were suing Barclays and two of its executives over the issue of allegedly fraudulent residential mortgage-backed securities. The suit followed the breakdown of talks […]

Photo Basel Ghattas, an Arab member of Israel’s Parliament, in 2015. Mr. Ghattas was accused of smuggling cellphones to Palestinian prisoners. Credit Ahmad Gharabli/Agence France-Presse — Getty Images JERUSALEM — An Arab member of Israel’s Parliament was arrested on Thursday after being accused of smuggling cellphones to Palestinian prisoners, capping days of fractious debate that raised questions about the nature of loyalty and identity in a predominantly […]

By Karen Freifeld and Arno Schuetze | NEW YORK/FRANKFURT NEW YORK/FRANKFURT Deutsche Bank (DBKGn.DE) has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis. The agreement in principle, announced by Deutsche Bank’s Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was […]

Friday 02:50 GMT Overview Asian markets not already shut for the holidays went into retreat, following a negative lead from Wall Street as investors took a breather ahead of the Christmas break. Hot topic Most major global stock markets were on track to finish December in the black, continuing the rally set off by Donald Trump’s presidential election victory in early November. In Asia, Japanese equities have […]

(Image: file photo) Earlier this year, we were sent a series of large, encrypted files purportedly belonging to a US police department as a result of a leak at a law firm, which was insecurely synchronizing its backup systems across the internet without a password. Among the files was a series of phone dumps created by the police department with specialist equipment, which was created by Cellebrite, […]

Mr. Trump, who last week nominated as ambassador to Israel a bankruptcy lawyer who heads a fund-raising effort for a West Bank settlement, made clear on Thursday that he would not wait for his inauguration to weigh in. In a statement, he said bluntly that the resolution should be vetoed. Continue reading the main story “As the United States has long maintained, peace between the Israelis and […]

US trade policies under Donald Trump will be key to agricultural commodities next year, as the world continues to grapple with high levels of grain production and inventories, according to a leading forecaster. “The area of concern is whether anything is going to happen that is going to affect our trade with China, which is a big agricultural buyer,” said Don Riffe, senior vice-president for agribusiness intelligence […]

PANAMA CITY: From the Panama Papers to the impeachments of the presidents of Brazil and South Korea, 2016 was a year marked by corruption scandals, and by rising public outrage over graft. The question is, will that translate into a lasting demand for cleaner politics? “A new phenomenon” is being seen, said Jose Ugaz, a renowned Peruvian lawyer and the chairman of Transparency International, a Berlin-based anti-corruption […]

After India took the radical step of voiding the majority of its currency overnight to cut corruption and the nation’s reliance on cash, other countries with similar problems have been watching closely. Venezuala already followed suit by taking nearly half its bank notes out of circulation and now some politicians in Pakistan, India’s rival and neighbor, want their country to do the same. The upper house of […]

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