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Spanish protests swell as jobless march on Madrid

MADRID (Reuters) – Hundreds of unemployed Spaniards who had walked hundreds of kilometers (miles) to Madrid joined protests on Saturday against Prime Minister Mariano Rajoy’s government and its handling of an economic crisis. Demonstrations have swollen across Spain since the center-right government announced 65 billion euros ($79 billion) in new spending cuts two weeks ago to cut its deficit and avert a full-blown bailout, with firefighters and […]

July 22

After Morgan Stanley And Chipotle Crater, Market Turns To Apple And Facebook

Forbes editors and reporters recap the past week, from Ben Bernanke to financial regulation and faltering restaurant stocks, then look ahead to upcoming earnings from the likes of Apple and Facebook. Click below to watch: Stocks had a rough finish to what was shaping up as a decent week. Chipotle landed with the biggest thud, plunging 21.5% after disappointing revenue Thursday, while Advanced Micro Devices dropped 13.2% […]

July 18

Wells Fargo Posts $4.6 Billion Profit, Up 17%

Wells Fargo reported its 10th consecutive quarter of earnings growth as a result of a booming business originating and refinancing mortgages. The bank’s second-quarter profit was a record $4.6 billion, a 17 percent rise from the $3.9 billion profit it reported a year earlier. The San Francisco-based company earned 82 cents a share, above the 81 cents expected by the analysts polled by SNL Financial. Wells has […]

July 14

PFGBest chief arrested, admits 20-year fraud, FBI says

CHICAGO (Reuters) – Russell Wasendorf Sr was arrested on Friday after allegedly stealing more than $100 million from clients of his now-bankrupt brokerage PFGBest, using little more than a rented P.O. Box, Photoshop and inkjet printers to dupe regulators for decades. In the dramatic conclusion to a week-long drama that has shaken trader confidence in the trillion-dollar U.S. futures markets, FBI agents arrested Wasendorf, 64, at the […]

July 13

Three Common Mistakes of First-Time Investors

Before you jump into the markets, take the time to learn from the missteps of novice investors. Here are three common first-time investing mistakes. Not having a plan A common mistake among first-time investors is that they lack a solid plan that will carry them through good and bad times, says Mark Holder, chief investment officer at Oklahoma-based portfolio management firm Stone Fox Capital Advisors. Failing to […]

July 13

Barclays Informed New York Fed of Problems With Libor in 2007

A Barclays employee notified the Federal Reserve Bank of New York in April of 2008 that the firm was underestimating its borrowing costs, following potential warning signs as early as 2007 that other banks were undermining the integrity of a key interest rate. In 2008, the employee said that the move was prompted by a desire to “fit in with the rest of the crowd” and added, […]

July 13

‘London Whale’ loss balloons to $US5.8 billion

“This has shaken our company to the core,” CEO Jamie Dimon said. The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years’ worth of pay from each of those executives. JPMorgan said it had lost $US4.4 billion because of the trade from April through June, and its chief financial officer said the bank had […]

July 13

DIB consolidates its role in real estate

K. Raveendran, Special to Gulf News When Dubai Islamic Bank announced the launch of its first property development in Dubai Marina in January last year, there was only a hint that the world’s first Islamic bank might be looking at the emirate’s booming real estate sector somewhat more seriously than the rest of the banks. But in less than a couple of years, DIB has emerged as […]

September 17