Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Chip Somodevilla | Getty Images Facebook could be forced to abandon its own cryptocurrency project if the newly created group steering it decides to move forward without
Finance
Pedestrians walk past the People’s Bank of China headquarters in Beijing, China, on January 7, 2019. Giulia Marchi | Bloomberg | Getty Images BEIJING — The People’s Bank of China is choosing not to follow many other major central banks in cutting interest rates as it tries to navigate a challenging economic environment. China’s central
Check out the companies making headlines after the bell: Shares of Snap tanked as much as 15% during extended trade despite the company posting better-than-expected third-quarter earnings and user metrics. The maker of Snapchat posted a loss of 4 cents per share, which was better than the 5 cent loss per share Wall Street expected.
Sen. Elizabeth Warren said she is worried that banks may try to use the recent tumult in short-term lending markets as an excuse to get regulations eased on the industry. In a letter to Treasury Secretary Steven Mnuchin, the Masachusetts Democrat and presidential contender pointed to the mid-September repo market turmoil and the causes that
Revolut’s logo is displayed on a smartphone next to a Mastercard-branded debit card issued by the U.K. fintech firm. Revolut British fintech firm Revolut has partnered up with Mastercard to help it expand into the U.S. by the end of the year. The deal means all of Revolut’s first debit cards in the U.S. will
A pedestrian passes in front of a TD Ameritrade Holding Corp. location in San Francisco, California. David Paul Morris | Bloomberg | Getty Images Check out the companies making headlines after the bell: Shares of TD Ameritrade climbed more than 4% during extended trade after the company reported better-than-expected earnings for its fourth quarter. The
Traders work at the Coty booth on the floor of the New York Stock Exchange. Jin Lee | Bloomberg | Getty Images Check out the companies making headlines midday Monday: Coty — Coty shares surged 13.5% after the beauty-products maker announced the potential sale of the company’s professional and Brazil units. CEO Pierre Laubies said
Financial scandals like the one involving Malaysian sovereign wealth fund 1MDB are unlikely to happen again in Malaysia, said the country’s central bank governor. 1MDB — set up to promote Malaysia’s development — has been at the center of one of the world’s largest corruption and money laundering scandals, as billions of dollars went missing
Wells Fargo Securities’ Michael Schumacher sees year-end bond market volume dropping off earlier than usual. According to the firm’s global head of rate strategy, the slide will likely occur around Thanksgiving instead of mid-December. Not only is Wall Street still thinking about last year’s painful historic stock market drop, Schumacher blames the geopolitical backdrop. He
Federal Reserve policymakers don’t have their minds made up about where interest rate policy is headed and will weigh conditions as they unfold, central bank Vice Chairman Richard Clarida said Friday. With the Fed less than two weeks away from a meeting at which markets expect another rate cut, Clarida said decisions will be made