Brussels, The European Commission today has sent a Statement of Objections to MasterCard. The Statement of Objections outlines the Commission’s preliminary view that MasterCard’s rules prevent banks from offering lower interchange fees to retailers based in another Member State of the European Economic Area (EEA), where interchange fees may be higher. As a result, retailers […]
Global growth is projected at 3.3 percent in 2015, marginally lower than in 2014, with a gradual pickup in advanced economies and a slowdown in emerging market and developing economies. In 2016, growth is expected to strengthen to 3.8 percent. A setback to activity in the first quarter of 2015, mostly in North America, has […]
The U.S. economy’s momentum in the first quarter was sapped by unfavorable weather, a sharp contraction in oil sector investment, and the West Coast port strike. But the underpinnings for a continued expansion remain in place. A solid labor market, accommodative financial conditions, and cheaper oil should support a more dynamic path for the remainder […]
The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage. Like all struggles for democratic rights, so too this historic rejection of the Eurogroup’s 25th June ultimatum comes with a large price tag attached. It is, therefore, essential that the great capital bestowed […]
Eurozone economic growth rose to a four-year high in June, as levels of new business and employment continued to expand at solid rates. The final Markit Eurozone PMI® Composite Output Index posted 54.2 in June, up from 53.6 in May and fractionally above the earlier flash estimate. The upturn in June also took the average […]
ZURICH and WARREN, NEW JERSEY — JULY 1, 2015 — ACE Limited (NYSE: ACE) and The Chubb Corporation (NYSE: CB) announced today that the Boards of Directors of both companies have unanimously approved a definitive agreement under which ACE will acquire Chubb. Under the terms of the transaction, Chubb shareholders will receive $62.93 per share […]
It is a pleasure to address today’s ABA National Institute on Bitcoin and Other Digital Currencies. As head of the Justice Department’s Criminal Division, I am privileged to lead over 600 attorneys who investigate and prosecute federal crime, help develop criminal law and formulate law enforcement policy. Our talented prosecutors perform crucial work in many […]
What is at stake here is the essential spirit of European shared solidarity and responsibility. Other European countries went through very difficult times – Ireland, Portugal, Spain, Cyprus and Latvia – to name only these few countries. All governments took very difficult decisions; some of them paid a very high political price for their solidarity […]
Washington, DC – JPMorgan Chase & Co. today launched the JPMorgan Chase Institute, a global think tank that will deliver better data, analyses and expert insights designed to address global economic challenges. The new think tank released a groundbreaking inaugural report, Weathering Volatility: Big Data on the Financial Ups and Downs of U.S. Individuals, that […]
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced that it will eliminate fees on its Desktop Underwriter® automated underwriting system and Desktop Originator® tool, enhance its EarlyCheck™ loan verification tool, and soon introduce a new loan delivery system. These changes are designed to help its customers originate mortgages with increased certainty, efficiency and lower costs. “We […]
