February 28, 2014 |
Jos. A. Bank Clothiers Inc. rejected Men's Wearhouse latest acquisition offer late Thursday, calling it "inadequate" but agreed to meet with its rival to discuss a possible merger, heightening a months-long takeover battle between the retailers. Since September, the two menswear companies have been engaged in an elaborate cat-and-mouse game. Jos. A. Bank Clothiers Inc. initially offered to buy Men's Wearhouse but was rebuffed. Men's Wearhouse turned the tables and offered to buy Jos. A. Bank, kicking off more expensive acquisition offers and a series of maneuvers (a lawsuit and a proposed deal by Jos. A. Bank to buy Eddie Bauer, another retail firm)
February 27, 2014 |
The sudden collapse of the Mt. Gox bitcoin exchange Tuesday demonstrated to the public just how risky the virtual currency can be. Prosecutors have rushed to investigate, and regulators in the U.S. and Japan, where Mt. Gox was based, are mulling how to extend their purview to bitcoin trades. One senator even called for a ban on the currency. Investors, however, have long been keenly aware of the perils associated with the volatile commodity. While the currency is in its infancy, those with little appetite for risk should stay away.
February 25, 2014 |
JPMorgan Chase & Co. announced plans Tuesday to cut 8,000 positions, more than previously forecast, as fewer Americans refinance their mortgages because of rising interest rates. The cuts will hit its mortgage and retail banking businesses, according to a Tuesday presentation, reports said . QUIZ: How much do you know about Bitcoin? JPMorgan, the country's largest bank, also increased its target for annual net income to $27 billion. That would be a significant improvement from last year's $18-billion net income, which took a hit because of legal costs associated with regulatory enforcement actions.
February 25, 2014 |
WASHINGTON - A Senate subcommittee investigation accused Swiss banking giant Credit Suisse of using elaborate "cloak and dagger" methods to hide the accounts of 22,000 wealthy American citizens with a total of up to $12 billion in assets from U.S. authorities so they could avoid paying taxes. The bipartisan probe also sharply criticized the Justice Department for being lax in using subpoenas and other legal tools to pressure the bank to reveal most of the names of account holders, which have been withheld as part of a long Swiss tradition of bank secrecy.
February 24, 2014 |
Men's Wearhouse does not want to take "no" for an answer. The Fremont, Calif.-based retailer on Monday raised its offer to purchase rival Jos. A. Bank Clothiers Inc. to $63.50 a share, up from $57.50, and has also sued to prevent Jos. A. Bank's planned acquisition of retailer Eddie Bauer Holdings Inc. The newly issued offer is good through March 12 and could potentially be raised to $65 a share after further "limited due diligence," Men's Wearhouse...
February 23, 2014 |
TEMPE, Ariz. - No one in camp is comparing Kevin Jepsen to sidearm-throwing Joe Smith , but there is a noticeable difference in the delivery of the Angels reliever, who has gone from a straight over-the-top motion to a three-quarter-arm slot. "This off-season I thought, 'As a kid, you pick up a rock and throw it, you're going to throw your natural way,' and my natural way is down here," Jepsen said, mimicking his new motion. "Since I had shoulder surgery in 2004, I've been trying to find something that didn't hurt.
February 19, 2014 |
A top European Union regulator raised concerns Wednesday that new Federal Reserve rules for foreign banks operating in the U.S. could place an unfair burden on EU financial firms. The Fed's Board of Governors now requires Barclays, Deutsche Bank and other large foreign banks doing business in the U.S. to hold more capital in reserve for their U.S. operations to guard against losses and undergo stress tests to determine their financial health. The requirements, approved unanimously Tuesday, are similar to those for the largest U.S. banks.
February 17, 2014 |
WASHINGTON - Brutal winter weather contributed to a downturn in job growth and other economic data, raising questions about the strength of the recovery and testing the Federal Reserve's resolve in unwinding its key bond-buying stimulus program. Fed policymakers will have another month of data to consider when they next meet in mid-March. But if the views of John C. Williams are any indication, the Fed is likely to hold course. As president of the Federal Reserve Bank of San Francisco, one of the Fed's 12 district banks, Williams has a seat at the mahogany table where top Fed officials meet regularly to discuss the economy and make policy decisions.
February 14, 2014 |
If you're keeping track of what so far has been the creeping acceptance and legalization of marijuana in the U.S., on Friday things took a huge leap forward. The U.S. Treasury issued guidelines stating, in effect, that it's legal for banks to provide financial services to marijuana-related businesses . That removes a huge impediment to the growth of the businesses, for up to now federal banking restrictions have forced them to operate in cash. The Obama administration plainly recognizes that with the sale or use of marijuana now legal in some form in 20 states and the District of Columbia, the old restrictions are anachronistic.