Author: FX_Trdr

Although the unemployment rate fell to 7.4 percent, the share of American adults with jobs is stuck at just 58.7 percent.

A former Goldman Sachs trader was found liable of misleading investors about subprime mortgages, while a hedge fund bet against those mortgages. Fabrice Tourre faces fines and could be banned from working in finance. (Aug. 2)

A British regulator finds that Barclays is seriously undercapitalized, and the bank doesn’t have much time to fix that.Shares of Barclays lost 10 percent of their value after the company disclosed that its capital,as seen by the regulator,needed to grow by 38 percent to be adequate under new rules, unless the bank reduced its assets.

Prime Minister Manmohan Singh was all praise for Union Finance Minister P Chidambaram’s conviction on economic reforms. He said this while releasing a book ‘An Agenda for India’s Growth: Essays in Honour of P Chidambaram’ in New Delhi.

A bill that would lower the cost of student loans has passed the House and is heading to President Barack Obama for his signature. Undergraduates this fall would borrow at a 3.9 percent interest rate for subsidized and unsubsidized loans. (July 31)

German engineering giant Siemens named finance chief Joe Kaeser, a 33-year company veteran, as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a series of profit warnings.

The debate over whether Janet Yellen or Lawrence H. Summers will be the next Federal Reserve chairman ? or some dark horse, (Timothy F. Geithner perhaps?) ? is doubtlessly important. But few outside the arcane world of banking rules understand that on matters of financial regulation and reform, the Federal Reserve staff is just as powerful, maybe even more.

The International Monetary Fund said Greece had made “exceptional” progress in stabilizing its economy and remains on course to emerge from a near six-year recession in 2014, despite missing targets to ax state jobs and the threat of an 11 billion euro ($14.6 billion) gap in bailout financing.

House leaders, both Democrats and Republicans, responded to President Barack Obama’s Capitol Hill meeting with Democrats on pressing issues including immigration reform, the budget deficit and health care. (July 31)

U.S. economic growth unexpectedly accelerated in the second quarter, laying a firmer foundation for the rest of the year that could bring the Federal Reserve a step closer to cutting back its monetary stimulus.