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1 Article
Source: Global News

Pennsylvania Kmart manager gives emotional sign-off on store’s last day

Today 18:09 GMT

A Kmart manager in McMurray, Pa., gave an emotional sign-off this past Sunday as the store closed for good — a casualty of Sears filing for Chapter 11 bankruptcy protection in the U.S.. For Joshua Englert, giving the sign-off was his way of saying goodbye to a store he had worked at for 18 years.

“I wanted to take this opportunity not to sell you 40-cent plaid skirts or five-cent panties, but instead to thank you for supporting a lifetime of memories,” Englert begins in his sign-off. READ MORE: Sears files for bankruptcy protection in U.S. over massive debt, plunging sales. As he announces that the store is closing for the last time “in five minutes,” a person can be heard in the background expressing her sadness, prompting him to look over and smile in recognition.

1 Article
Source: Fox News

California bank executive's very busy, perfect daily routine goes viral, mocked online

Today 12:39 GMT

We know this because she told the entire world about it in an article and very staged photoshoot chronicling her daily routine in Business Insider.

She returns to work at 1:30 p.m. That’s a 90-minute meal break involving no business lunches, which seems pretty unusual for a very senior, very busy tech executive. “There is always fresh seasonal produce, and the waterside views refresh me for the rest of the day,” she said.

1 Article
Source: Global News

Paul Manafort to be sentenced Feb. 8 on bank fraud and tax charges

Saturday 15:25 GMT

– U.S. prosecutors on Friday agreed to drop criminal charges against Paul Manafort that a jury deadlocked on in August, as a federal judge set a Feb. 8 date for the former Trump campaign manager’s sentencing on charges of bank fraud and filing false tax returns.

At his trial in August, Manafort was convicted on eight counts of bank fraud, tax fraud and failing to disclose foreign bank accounts. But the jury was unable to reach a verdict on 10 other charges, including failure to register foreign bank accounts and conspiracy to commit bank fraud, so a mistrial was declared on those.

1 Article
Source: CBS News

Banksy implies he wanted his partially shredded painting to shred all the way

Thursday 23:41 GMT

Sotheby's quoted the buyer of the partially shredded painting as saying, "When the hammer came down last week and the work was shredded, I was at first shocked, but gradually I began to realize that I would end up with my own piece of art history." Alex Branczik, head of contemporary art for Europe at Sotheby's, said it was "the first artwork in history to have been created live during an auction."

1 Article
Source: Common Domain

Deutsche Bank Ex-Traders Guilty in Libor Rigging Scandal

Friday 08:05 GMT

The German bank in 2015 agreed to pay $2.5 billion in penalties to resolve related charges in the U.S. and the U.K. and a unit in London pleaded guilty in the U.S. to one count of wire fraud.

Two former Deutsche Bank AG DB 0.90% traders were found guilty of trying to rig a key lending benchmark that was considered one of the most important barometers of the world’s financial health. Matthew Connolly, who led Deutsche Bank’s pool trading desk in New York, and Gavin Campbell Black, a former derivatives trader who worked on the bank’s London desk, were convicted Wednesday of conspiracy and wire fraud charges following a monthlong trial in Manhattan federal court.

1 Article
Source: BBC

Banksy shredding 'did not go to plan'

Friday 08:05 GMT

The new Banksy video shows the reaction of Oliver Barker, the auctioneer on the night - who appears both miffed and worried by the shredding.

It shows new footage from inside the auction room - including a clip of the button which triggered the shredding being pressed. Alex Branczik, Sotheby's head of contemporary art in Europe, has also reiterated in a new interview that the auction house was not in on the stunt.

1 Article
Source: Washington Post

‘He wears his moral bankruptcy on his sleeve’: Trevor Noah rips Trump’s stance on Saudi Arabia

Friday 08:05 GMT

It’s not gone unnoticed by the likes of Trevor Noah, who lambasted the president on Wednesday for his answers regarding Saudi Arabia’s role in Khashoggi’s disappearance and potential murder, or what Noah called “the question that everyone is really after this week.”

‘Davos in the Desert’: Once a sign of Saudi Arabia’s clout, the spectacle now highlights its isolation. Trump Tower board seeks $90,000 from estate of art collector who died in 50th floor fire. ‘Honestly, it’s not for everyone’ says Nebraska’s self-deprecating, new tourism campaign

1 Article
Source: Reuters

Banks urge U.S. regulators to reconsider 'Volcker Rule' tweaks

Friday 20:02 GMT

Banks on Thursday pushed back on how regulators are attempting to simplify rules prohibiting banks from trading on their own account, a development that is likely to delay efforts to wrap up the overhaul in the coming months.

On May 30, U.S. regulators unveiled a plan to modify the so-called Volcker Rule introduced following the 2007-2009 financial crisis, aiming to make compliance easier for many firms and relieving small banks altogether.

1 Article
Source: Fox News

Banksy calls incomplete shredding a malfunction

Friday 04:15 GMT

Banksy posted a new video to his website Tuesday implying the partial shredding of his “Girl With Balloon” at a London auction was supposed to have been complete.

His “Girl With Balloon” was originally stenciled on a wall in east London and has been endlessly reproduced, becoming one of Banksy’s best-known images.

3 Articles
Source: Common Domain

Talk Is Cheap for China’s Economy—and Stocks

Saturday 10:50 GMT

Ahead of disappointing third-quarter figures released Friday that showed the Chinese economy grew at 6.5%—its slowest rate since 2009—the head of the country’s central bank, securities and banking regulators took to state media to emphasize the financial system’s stability, how cheap stocks look, and Beijing’s recent measures to support struggling companies.

Chinese equities still do look cheap, with Shanghai stocks trading at 12 times trailing earnings, around their lowest level since 2014.

1 Article
Source: The Guradian

Revealed: Russian billionaire set up US company before Trump Tower meeting

Friday 08:05 GMT

A Russian billionaire who orchestrated the June 2016 Trump Tower meeting formed a new American shell company a month beforehand with an accountant who has had clients accused of money laundering and embezzlement.

On 9 June, one of Agalarov’s top executives and several other Russians met Donald Trump Jr and two other senior Trump aides at Trump Tower to discuss the offer. A month earlier, Agalarov’s US-based accountant, Ilya Bykov, had incorporated a corporation for him in Delaware, a state favoured by businesses for its low taxes and protection of corporate secrecy.

1 Article
Source: Common Domain

Quarles Backs Fed’s Gradual Policy Course

Friday 23:42 GMT

Federal Reserve Vice Chairman for Supervision Randal Quarles reaffirmed the central bank’s gradual monetary-policy course Thursday, saying policy makers should avoid focusing too much on metrics that come with a higher degree of uncertainty, such as some measures of labor slack, productivity and inflation.

It means Fed officials should “chart a course that is stable, gradual and predictable,” and follow that “unless some strong and steady signal requires a firm but moderate correction.”

1 Article
Source: Common Domain

Fed’s Bullard Says It Is Still a Mistake for Central Bank to Project Rate Rises

Saturday 04:14 GMT

St. Louis Fed President James Bullard said Thursday that unexpectedly strong economic performance had so far provided some justification for central bank rate rises that he had long argued against.

While Mr. Bullard has long opposed raising rates, “I’ve been willing to go along” with the rate rises, he said, because so far events in the economy have given officials a reason to boost the cost of short-term borrowing. “We are in great shape right now” in the economy, Mr. Bullard told reporters after a speech in Memphis, Tenn.

1 Article
Source: The Guradian

Zimbabwe needs aid to prevent further crisis, warns ruling party

Saturday 04:14 GMT

Zimbabwe will plunge further into economic crisis unless international lenders provide aid to the heavily indebted former British colony, senior officials from the Zanu-PF ruling party have said.

Mnangagwa’s campaign slogan was “Zimbabwe is open for business”, and ruling party officials hoped the poll would lead to a new wave of international investment and aid to allow the country to pay off some of its massive external debt, estimated at $18bn (£13.8bn).

1 Article
Source: Common Domain

Morgan Stanley Banker Is Also an Uber Driver

Friday 22:47 GMT

Mr. Grimes, Morgan Stanley’s top technology banker, has moonlighted for years as a driver for the ride-hailing service, according to people familiar with the matter.

Morgan Stanley MS -2.46% and Goldman Sachs Group Inc. GS -1.46% recently gave presentations to Uber outlining an IPO that could launch in early 2019, The Wall Street Journal reported Tuesday. Some people briefed on the matter say Morgan Stanley is the odds-on favorite to land the coveted role of top underwriter, which carries higher fees and prestige.


“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte