WASHINGTON-The White House proposed a sweeping government reorganization Thursday that would sharpen the focus on workforce training, consolidate government-assistance programs and shrink federal agencies. It is unlikely Congress would move to enact far-reaching and much-debated changes as the November midterm elections approach, congressional aides said. The plan was an opportunity for the Trump administration to make its case for a longtime conservative goal. The plan would consolidate the government's higher-education programs, including student aid, with workforce-development programs.
The 35 largest US banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to meet regulatory requirements, the Federal Reserve said on Thursday. Since the first test was conducted in 2009, big banks have seen losses abate, loan portfolios improve and profits grow. The banks that now undergo the exam have also strengthened their balance sheets by adding more than $800 billion in top-notch capital, the Fed said.
PayPal Holdings Inc (PYPL.O) has agreed to acquire fraud prevention technology company Simility for $120 million in cash, it said on Thursday. Palo Alto, California-based Simility sells machine-learning-based technology to help online merchants spot fraudsters and improve risk management. In May it said it had agreed to acquire Swedish payments company iZettle for $2.2 billion, in its largest ever acquisition. The Simility deal comes as the threat of fraud for e-commerce companies continues to grow, as more business moves online and fraudsters refine their techniques.
If confidence is waning because of immigration and tariffs, those two things are putting pressure on the market. You have seen the tug of war as far as investors are concerned with the trading ranges since the announcement. Declining issues outnumbered advancing ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.58-to-1 ratio favored decliners. The S&P 500 posted 25 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 130 new highs and 40 new lows.
The Fed's annual simulation tested 35 of the largest banks, including the United States units of several foreign banks. To prevent a repeat of those taxpayer-financed rescues, the Fed now requires banks to maintain capital cushions that would allow them to keep lending during periods of financial stress. Since 2009, the 35 banks have added about $800 billion in the highest quality type of capital, the Fed said.
When those quesadillas finally hit the market, Chipotle simply must get them right. They take two and a half minutes to cook a quesadilla, which some stores already offer as an off-menu item. Chipotle already offers a small cheese quesadilla on its children's menu, but the grown-up version - a bigger tortilla with meats, salsas and other toppings - is more complicated.
Amazon dropped as much as 1.9 percent after the ruling, which allows states to force online retailers to collect sales taxes, before paring losses to trade down 0.9 percent. Wayfair lost 0.7 percent, Overstock.com tumbled 6.5 percent, Etsy declined 1.0 and Ebay dropped 3.2 percent. Our feeling had been there is some complacency built in to that expectation that it is more ploy than policy. Declining issues outnumbered advancing ones on the NYSE by a 2.07-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored decliners.
China and Mexico have already struck back with their own tariffs, and Canada, Japan and Turkey are readying similar offensives. The risk of escalation is high because Mr Trump has promised even more tariffs. The path to reconciliation is shrouded in uncertainty, creating the potential for broader strain in the global economy. At least for the moment, vehicles made in Mexico are not subject to tariffs when they are imported into the United States.
__________ In a Dublin courtroom earlier this month, David Drumm, the former CEO of Anglo Irish Bank, joined an exclusive club. He became the latest senior banking executive to be convicted of a crime tied to the 2008 global financial crisis. Few of the top executives that helped push the global economy to the brink have been convicted of crimes in the decade since the financial crisis. Here's a look at some of those that were charged with crimes related to the downturn in 2008.
Kushner Companies and the Trump Organization recently dropped plans for the Trumps to manage an oceanfront hotel that the Kushners are building at the Jersey Shore. While both sides were in agreement about the decision to forgo the deals, it is the latest frustration for the Trump Organization. The company earned $20,000 in fees for managing the hotel for part of last year, according to the president's financial disclosure last month.
Since those were also still the glory days of telephones, she answered it. We have to change the name, thundered Alexander Liberman, the formidable minence grise of Cond Nast. Oh my God, Ms Wells thought exasperatedly and hung up, before going on to edit Allure for almost a quarter century. Mr Liberman isn't around to opine on her new cosmetics line, fantasized about always, always, always, Ms Wells said, and at last made reality in her current position as chief creative officer of Revlon.
Beginning June 30, it will ask international screeners to adopt the limits on powders for fliers coming into the United States. He identified powders including fentanyl and pepper powder that could be used to irritate or harm aircraft passengers and aircrew if released during flight. They may also affect parents carrying infant gear including containers of baby powder or powdered formula and those who pack protein or energy powders or cosmetics. Gun powder is already banned from both carry-on and checked luggage.
One image depicted charity workers handing out life jackets to migrants on an overflowing raft off the coast of Libya. Both pictures were published on the retailer's Twitter account and in print in the Italian daily La Repubblica with the United Colors of Benetton logo. One of its most famous advertisements is a picture of three hearts with Black, White and Yellow emblazoned across them.
Canada is discussing changes to a multibillion-dollar fighter jet procurement process that could make it harder for a US company to win the order as trade relations between the neighbors sour, two sources with direct knowledge of the discussions said. Canada is considering whether to penalize companies from countries that have caused it economic damage, the sources said on Wednesday. Canada has been trying unsuccessfully for almost a decade to buy replacements for its aging F-18 fighters, some of which are 40 years old.
Speaking with reporters on Tuesday, a senior administration official said Mr Trump's tariffs are designed to benefit American high-tech industries from the sort of predation China has used in the past. Many economists say those steps are insufficient - and possibly counterproductive - to position American companies to compete in emerging, high-tech, globalized industries. Many experts worry is the United States is not doing enough to help its own advanced industries compete - not just against China, but the rest of the world.
__________ The Supreme Court's decision on Thursday to give states broader authority to collect taxes on e-commerce sales - even if the retailers have no presence in those jurisdictions - knocked the stock prices of many prominent online sellers. Yet it had a relatively muted effect on the biggest one, Amazon. Shortly after the 5-4 decision in the case, Quill Corporation v. North Dakota, was released, shares of online retailers fell. Here's where they were trading on Thursday: But Amazon suffered the least of all.
WPP founder Martin Sorrell lashed out at the ad giant on Thursday, criticizing the company's strategy as well as its handling of his resignation as chief executive. In his first appearance at the Cannes Lions advertising festival since stepping down in April, Mr Sorrell said he violently disagreed with Chairman Roberto Quarta's claim that he received equal treatment to any other employee facing dismissal.
Global auto stocks were pummeled Thursday after Daimler AG issued a profit warning overnight that the Mercedes-Benz owner blamed on trade tensions between the US and China. Daimler's warning-that Chinese retaliatory import duties on cars built in the US would hurt sales and profits of its sport-utility vehicles-sparked a 5% fall in its shares and also hit other auto stocks as investors scanned for the next victim. Shares in Fiat Chrysler Automobiles NV dropped 4.8%, BMW AG fell 3.7% and Volkswagen AG was down.