NEW YORK (Reuters) – Normally a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, even after the market posted its worst weekly loss for the year and the S&P fell for six straight sessions. With the corporate earnings season drawing to an end and recent U.S. economic data raising doubts about the pace of growth, the S&P 500, which is down 7.3 percent so far in May, could decline further next week as concerns about the financial health of Europe persist. …
Wall St Week Ahead: The market is oversold, but major signs say “sell”
Analysis: JPMorgan to be haunted by change in risk model
(Reuters) – JPMorgan Chase & Co’s decision to radically change the way risk was measured in its Chief Investment Office is likely to dog the bank in the developing crisis over the big trading losses it has suffered. The move, which allowed the bank to disguise the level of risk that the CIO was taking … Continue reading
Police probe Sky over rape victim’s name
Police have interviewed staff at Sky News after the broadcaster published the name of the teenager raped by the Sheffield United footballer Ched Evans. Related Stories Abu Qatada could be freed by end of the month Abu Qatada could be bailed by end of the month Ryan Giggs settles phone hacking claim Labour MP’s wife … Continue reading
Kenya: Community radio brings succour to dwellers
Korogocho, a slum in northeastern Nairobi with 100,000 inhabitants, had many of the ingredients for a political explosion similar to those that rocked other parts of Kenya in early 2008. It is crowded and very poor and has a reputation for brutal crime. But when a contested election brought violent protests to Mathare and other … Continue reading
Analysis: More U.S. shareholders call for independent chairmen
Boston (Reuters) – Welcome to the club, Jamie Dimon. Embarrassed by a surprise $ 2 billion trading loss last week, the chairman and chief executive of JPMorgan Chase & Co faced heightened criticism at the bank’s annual meeting on Tuesday. That included 40 percent backing from shareholders for a resolution to strip Dimon of his … Continue reading
Investor group seeks JPMorgan governance changes
NEW YORK, May 18 (Thomson Reuters Accelus) – A labor-backed investor group critical of JPMorgan Chase & Co’s corporate governance said the bank has failed to address concerns over its risk oversight and it will try to rally other shareholders for changes after a $ 2 billion trading loss. CtW Investment Group, which advises labor … Continue reading
Wall Street banks facing second-quarter slowdown: analyst
(Reuters) – Wall Street banks will report sharp declines in trading and investment banking revenues in the second quarter because of weaker client activity, JPMorgan analyst Kian Abouhossein said in a report on Friday. Fixed income, currency and commodities trading revenue is likely to be particularly challenged for a group of banks including Goldman Sachs … Continue reading
Abu Qatada could be freed by end of the month
Jordanian terror suspect Abu Qatada could be freed on bail by the end of the month. Related Stories Children’s memorial theft condemned Skippers in £1 million confiscation orders Juror fined £450 after smoking cannabis on rape trial lunch break Abu Qatada could be bailed by end of the month Ryan Giggs settles phone hacking claim … Continue reading
Ghana: Foreign retailers cited for currency depreciation
The Ghana Union of Traders Association (GUTA) is attributing the sharp depreciation of the Ghana cedi against major currencies to the illegal activities of foreigners in the retail sector. GUTA President, George Ofori, has cited this as one of the justifications in the renewed drive to flush out foreigners operating in the retail business, emphasizing… … Continue reading
Europe thinks the unthinkable on Greece
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, while Berlin said it was prepared for all eventualities. European shares were on course for their steepest weekly decline since November and are now in the red for the … Continue reading
