Month: July 2013

Wall Street is experiencing its best month since January and looks poised to extend the rally with a deluge of earnings next week, though significant gains may be harder to come by with major indexes at record highs.

According to a court document, U.S. bankruptcy judge Steven Rhodes was selected to preside over Detroit’s Chapter 9 bankruptcy case. Rhodes has presided over the only previous Chapter 9 filing in the Eastern District of Michigan, according to a side letter included in the filing. The city of Detroit filed for Chapter 9 on Thursday, the largest municipal bankruptcy in U.S. history.

Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes.

China’s central bank announced interest rate reforms, removing minimum rates banks may charge clients for loans in a step toward more market-driven credit pricing. That move could allow banks to lower rates and more fiercely compete for customers.

The Organization for Economic Cooperation and Development announced at the G20 Finance Ministers’ Summit in Moscow a plan to limit the impact companies are having on international tax revenues. The 15-point plan, designed to stop corporations from moving profits overseas and saving billions of dollars in profits.

Two former brokers at RP Martin Holdings made their first court appearance in London in connection to charges tied to the manipulation of global benchmark interest rates.

German Chancellor Angela Merkel says she does not support a haircut for Greece’s debt, a day after Finance Minister Wolfgang Shaeuble told Greece to stop lobbying for debt forgiveness. Rough cut only, no reporter narration.

U.S. regulators are taking a deep look at automated trading firms to determine whether adequate risk controls are in place to prevent major technology glitches or at least minimize their impact.

Federal Reserve Chairman Ben Bernanke weighed into the contentious debate over the future of the housing finance system, saying some sort of backstop for mortgages was needed to protect the financial system in times of stress.

Federal Reserve Chairman Ben Bernanke weighed into the contentious debate over the future of the housing finance system, saying some sort of backstop for mortgages was needed to protect the financial system in times of stress.