A $24 million tear down on Nantucket? Home prices on the island breaking records this summer
Vacation home sales on the tiny, toney island of Nantucket, a beach resort off the coast of Massachusetts, are seeing new life, and their prices are off the charts. If the first quarter is any indication, the dollar volume of...
Fed Chair Powell calls case ‘strong’ for more interest rate hikes
Citing robust growth and a generational low in unemployment, Federal Reserve Chairman Jerome Powell emphasized the central bank’s commitment to further interest rate hikes in a speech Wednesday. Economic gains are negating the need for crisis-era monetary policy, the Fed...
Buy beaten-down Citi shares ahead of stress test results and earnings, Deutsche Bank says
Deutsche Bank upgraded Citigroup shares to buy from hold, noting the stock could get a boost from beaten-down levels given upcoming stress test results and a better business environment. Citi shares are down 17 percent from their 52-week high hit...
FX: MTFs still reluctant to move even as Brexit approaches
The greatest obstacle to post-Brexit planning is uncertainty around the ability of UK financial services firms to access the single market after March 29, 2019. Discussions around this issue are likely to go right to the wire, leaving clients and...
Disability applications plunge as the economy strengthens
The number of Americans seeking Social Security disability benefits is plunging, a startling reversal of a decades-old trend that threatened the program’s solvency. It is the latest evidence of a stronger economy pulling people back into the job market or...
Germany will offer to scrap the EU’s 10% tax on US autos: Report
German auto makers are proposing an end to the European Union’s 10 percent import tax on U.S.-made cars, the Wall Street Journal reported Wednesday. The newspaper reported that Richard Grenell, the U.S. ambassador to Germany, has been in talks recently...
EU to hit $3.2 billion of US imports starting Friday in response to Trump’s tariffs
The European Union will start charging import duties of 25 percent on a range of U.S. products from Friday after Washington imposed tariffs on EU steel and aluminum at the start of June, the European Commission said on Wednesday. The...
Mortgage applications jump 5.1% as interest rates settle
Interest rate volatility has dissuaded borrowers for months, but some returned to the mortgage market last week. Mortgage application volume increased 5.1 percent from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted survey. The gain was driven...
A major cryptocurrency exchange says it was hacked and $30 million in coins was stolen
South Korea-based cryptocurrency exchange Bithumb said Wednesday it was temporarily suspending deposit and withdrawal services after about $30 million worth of cryptocurrency was stolen. The Seoul-based operator said on Twitter that the stolen coins would be covered from Bithumb’s own...
Lapses at many levels of bank led to India’s huge PNB fraud, internal report shows
A $2 billion fraud at India’s Punjab National Bank (PNB) may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank’s own internal...
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