WASHINGTON - U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis. | Video
- Banks and asset managers scored some small victories after U.S. regulators narrowed the scope of a provision in the Volcker rule that restricts banks' ownership stake in hedge funds and private equity funds.
WASHINGTON - U.S. securities regulators voted to adopt the Volcker rule to ban proprietary trading by large banks on Tuesday, making them the fourth regulator to sign off on the measure.
WASHINGTON - The U.S. consumer financial watchdog on Tuesday ordered a General Electric Co unit to refund up to $34.1 million to customers who it said were misled about healthcare credit cards.
LONDON - The European Union's executive has ruled out hasty curbs on "shadow banking", or simplistic trading restrictions on mainstream lenders, in case it ends up crimping finance for the economy.
WASHINGTON - The Supreme Court on Tuesday dismissed a case concerning the practice of unions making agreements with private-sector employers when organizing workers, leaving lower courts divided on the issue.
ZURICH - The first Swiss banks have signaled their readiness to work with U.S. officials in a crackdown on wealthy Americans evading taxes and many more are expected to follow in the coming weeks, in the latest blow to Switzerland's cherished bank secrecy.
WASHINGTON - The United States will not implement the so-called Volcker rule before 2015, a top regulator said on Tuesday, a widely expected move after regulators struggled for years to agree on the ban on proprietary trading.
BRUSSELS - European Union regulators have fined drugmakers Johnson & Johnson and Novartis 16.3 million euros ($22 million) for blocking the sale of a cheaper generic rival to their painkiller fentanyl.
WASHINGTON - The Commodity Futures Trading Commission, one of five regulators due to adopt the so-called Volcker rule on Tuesday, said it canceled a public vote on the issue because of the threat of a snowstorm in the Washington area.
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- Energy: Mexican Senate gives general approval to historic energy bill
- Industrials: UPDATE 1-Australia clears way for China's Yanzhou Coal to buy out local unit
- M&A: UPDATE 1-UK Stocks-Factors to watch on Dec. 11
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- IPOs: Indian FX/debt factors to watch - Dec 11
- Private Capital: South Korea approves MBK's $1.8 bln purchase of ING unit
- Hedge Funds: New hedge funds need $300 million in assets just to break even
Inter-agency political battles among various regulatory bodies in the United States could provide a microcosm of the difficulties that may surface in the next crisis when each jurisdiction would look after its best interests.
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