WASHINGTON—Britain’s WPP has agreed to pay more than $19 million in a settlement with U.S. authorities relating to bribery allegations and accounting controls for its subsidiaries, including in India and China. The world’s largest advertising firm did not admit or deny allegations that it violated provisions of the Foreign Corrupt Practices Act but agreed to…
US Oil Refiners Pick Iraqi, Canadian Crudes to Replace Storm Losses: Traders
HOUSTON—U.S. oil refiners hunting to replace crude lost after a storm hit the U.S. Gulf of Mexico last month have been turning to Iraqi and Canadian oil, while Asian buyers have been pursuing Middle Eastern and Russian grades, analysts and traders said. Royal Dutch Shell, the largest producer in the U.S. Gulf of Mexico, this…
Wall Street Eyes Four More Years for Powell at Fed
September 25, 2021
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Federal Reserve Chairman Jerome Powell remains favored for renomination by the White House, and if recent history repeats itself a decision may come at any time before the central bank meets again in early November. Wall Street expects Powell, who was nominated for the role by President Donald Trump in 2017 and confirmed by the…
White House Prods Companies on Chips Information Request
WASHINGTON—The White House pressed automakers, chip companies and others on Thursday to provide information on the ongoing semiconductor crisis that has forced cuts to U.S. auto production, and to take the lead in helping solve it. Secretary of Commerce Gina Raimondo, who along with Brian Deese, director of the National Economic Council, met on Thursday…
Global Money Market Funds See Biggest Inflow in Seven Weeks: Lipper
Global money market funds attracted large inflows in the week to Sept. 22, as expectations that the Federal Reserve might soon start tapering its stimulus measures made investors cautious. Troubles at property group China Evergrande also affected sentiment, raising concerns about spillover risks to other economies. Investors purchased a net $30.25 billion in global money…
Britain’s Sunak Accepts Call for Financial Reforms After Greensill Collapse
British finance minister Rishi Sunak has ordered two immediate reviews of the country’s financial regulation related to the collapse of supply chain finance firm Greensill Capital. In a letter to a parliamentary committee that issued a report in July related to Greensill’s collapse, released on Friday by the same committee, Sunak said he had accepted…
NFL Adds Monday Night to Wild Card Weekend
NEW YORK—The NFL is adding Monday night to its Wild Card Weekend. The league announced Friday that it will play one of its first six playoff games on Monday night, beginning with this season. The NFL added a third wild-card team in each conference last season, and then played three wild-card games on Saturday and…
Chinese Property Debt Issuers Face ‘Evergrande Premium’ as Worries Mount
Analysis HONG KONG—As uncertainty looms over cash-strapped China Evergrande Group, seizing up China’s junk bond market, pressure is building on its peers to access fresh funding to repay notes worth nearly $300 billion due over the next two years. Once its top-selling developer, Evergrande now looms as one of China’s largest-ever restructurings as a crackdown…
German Millionaires Rush Assets to Switzerland Ahead of Election
ZURICH—A potential lurch to the left in Germany’s election on Sunday is scaring millionaires into moving assets into Switzerland, bankers and tax lawyers say. If the center-left Social Democrats (SPD), hard-left Linke, and environmentalist Greens come to power, the reintroduction of a wealth tax and a tightening of inheritance tax could be on the political…
Maryland Awards $3 Million to Combat Hate Crimes
More than 30 organizations and religious institutions are being awarded grant funding to combat hate crimes, Gov. Larry Hogan announced late Tuesday. “Hate, bigotry, or racism of any kind is un-American, unacceptable, and wrong,” Hogan said in a news release. That state is providing $3 million in funding through the Protecting Against Hate Crimes program…
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