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1 Article
Source: Common Domain

Trump Today: President vows to remain partners with Saudis and takes shot at Fed over interest-rate policy

Tuesday 21:51 GMT

President Donald Trump on Tuesday said the U.S. was standing with Saudi Arabia in the wake of the killing of journalist Jamal Khashoggi, as he leveled fresh criticism at the Federal Reserve over interest-rate policy.

On a day the Dow Jones Industrial Average DJIA, -2.21%   tumbled more than 500 points, Trump doubled down on his criticism of the Federal Reserve by saying, “I’d like to see the Fed with a lower interest rate. I think the rate’s too high.”

1 Article
Source: Common Domain

Société Générale Touts Compliance Improvements When Striking Settlements

Tuesday 09:56 GMT

French bank Société Générale SA pointed to its cooperation with authorities and enhancements to its corporate compliance programs Monday as reasons the bank received settlements over allegations it had violated U.S. sanctions law.

Société Générale said it reorganized the structure of the teams responsible for sanctions compliance and enhanced reporting procedures. In addition, the bank said it created an independent compliance role directly supervised by general management and established a training program focusing on culture and conduct in its global offices.

2 Articles
Source: Common Domain

Trump wants Fed to cut interest rates after stock-market wipeout, but history not on his side

Tuesday 22:47 GMT

After the latest stock-market drubbing, President Donald Trump said Tuesday he’d like the Federal Reserve to cut interest rates.

The Fed has cut rates a few times when gross domestic product appeared strong, albeit it briefly, but almost never when both growth was stable and unemployment low. Shortly before flying to Florida for Thanksgiving, the president told reporters the Fed was somewhat to blame when asked about the plunging stock market and overall health of the economy.

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