News on Permanent Portfolio Fund (PRPFX)Wednesday September 28th 2016
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Wednesday September 28th 2016: Latest financial news from the worldWells Fargo CEO forfeits millions as board orders review
(Reuters) - Wells Fargo & Co said on Tuesday that Chief Executive Officer John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company's board investigates the bank's sales practices. Carrie Tolstedt, the former head of the retail division at the center of a burgeoning sales scandal, has left the company ahead of her planned Dec. 31 retirement date, will get no severance and has forfeited unvested equity awards worth about $19 million, the bank said. Stumpf and Tolstedt will also not receive bonuses for 2016.
Deutsche helps lift European stocks before Yellen, Draghi
By Nigel Stephenson LONDON (Reuters) - A rise in Deutsche Bank shares helped push European stocks higher on Wednesday, easing concerns over Germany's financial sector that had hit equities in Asia and drove investors into safe-haven government bonds and the dollar. Beyond banking sector worries, investors were looking ahead to U.S. Federal Reserve Chair Janet Yellen's appearance before a Congressional committee, a speech by European Central Bank President Mario Draghi and a meeting of oil producers in Algiers Deutsche, Germany's biggest lender, faces big fines over claims it mis-sold mortgage-backed securities and, like other euro zone lenders, has been squeezed by the European Central Bank's low interest rates.
German government prepare Deutsche Bank rescue plan: Die Zeit
The German government and financial authorities are preparing a rescue plan for Deutsche Bank in case the lender would be unable to raise capital itself to pay for costly litigation, German weekly Die Zeit reported. According to the draft plan, Deutsche Bank would be enabled to sell assets to other lenders at prices that would ease the strain on the lender and not put an additional burden on the bank, the paper said. In an extreme emergency, the German government would even offer to take a direct stake of 25 percent, the paper added without saying where it got the information.
Saudis soften oil stance on Iran but OPEC deal still elusive
By Rania El Gamal and Alex Lawler ALGIERS (Reuters) - OPEC might still agree an oil output-limiting deal later this year after failing to do so in Algeria this week as the economic problems of its de-facto leader Saudi Arabia force Riyadh to cede more ground to arch-rival Iran. Saudi Energy Minister Khalid al-Falih said on Tuesday Iran, Nigeria and Libya would be allowed to produce "at maximum levels that make sense" as part of any output limits which could be set as early as the next OPEC meeting in November. Iran has argued it should be exempt from such limits as its production recovers after the lifting of EU sanctions.
Takata in talks with DoJ to resolve criminal allegations: WSJ
Federal prosecutors have found evidence of unlawful conduct in Takata's handling of rupture-prone air bags and are waiting for the company's proposal on how to resolve an anticipated criminal case, the Journal reported, citing people familiar with the matter. The prosecutors are examining a charge of criminal wire fraud after determining the company likely made misleading statements and concealed information about air bags. The DoJ investigators have held preliminary discussions with Takata that picked up steam in August and the company is expected to face a financial penalty as part of any settlement, according to the report.
Oil climbs after industry data shows U.S. inventory draw
By Keith Wallis SINGAPORE (Reuters) - Oil prices rose in mixed trading on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains. Brent crude rose 24 cents to $46.21 a barrel as of 0502 GMT after settling down $1.38, or 2.9 percent. U.S. West Texas Intermediate (WTI) crude was up 11 cents at $44.79 a barrel after climbing as high as $45.09 in earlier trading.
SABMiller shareholders comfortably back AB InBev takeover offer
SABMiller shareholders backed the brewer's $100-billion-plus takeover by rival Anheuser-Busch InBev by a large majority on Wednesday, paving the way for one of the biggest corporate mergers in history. The 79 billion pound deal was comfortably passed by the SAB shareholders who voted. It had required approval from a majority in number of shareholders and by at least 75 percent in share value.
Exclusive: U.S. seeks accused Manila banker's help to crack Bangladesh heist
The FBI is negotiating with a former branch manager of a Philippines bank for information relating to $81 million that she handled after it was stolen from the Bangladesh central bank's account at the New York Federal Reserve, her lawyer said. Federal Bureau of Investigation officials have presented a "proffer", or proposal, to the branch manager, Maia Deguito, to tell them all she knows about who received the money, the attorney, Ferdinand Topacio, told Reuters. According to Topacio, U.S. investigators are trying to get Deguito, who has been fired by the Rizal Commercial Banking Corp (RCBC) for her role in the case, to share details about long-time bank client Kim Wong, who is a casino owner and agent.
Zuckerberg initiative poaches AstraZeneca board member
The $3 billion health initiative set up by Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan has hired one of AstraZeneca's non-executive directors to head up its science drive. The British drugmaker said on Wednesday that Cornelia Bargmann would step down from its board next month to take up a new role as president of Chan Zuckerberg Science, part of the Chan Zuckerberg Initiative. Leif Johansson, AstraZeneca's chairman, said the board was sorry to see her leave but understood Bargmann's decision to focus on the new assignment.
Bank of America senior South Korea, Australia bankers to leave: IFR
Bank of America's head of South Korea investment banking Peter Kim is leaving the bank, IFR reported, citing people with knowledge of the matter, as part of the U.S. bank's move to cut some investment banking jobs in Asia. Ben Stewart, senior manager of debt capital markets and syndicate in Australia, and Niraan De Silva, head of Southeast Asia equity capital markets and head of equity-linked capital markets in Asia Pacific, are also leaving, Thomson Reuters publication IFR reported.
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