Fiscal spending by core eurozone economies would help offset the negative effects of structural reforms in peripheral countries, according to research released Thursday by the European Central Bank. The findings support ECB President Mario Draghi's call for fiscal spending among the richer countries, particularly Germany, which has had its largest budget surplus since 1990.
JPMorgan Chase is partnering with TrueCar, an online car-buying service, to enable consumers to find and get financing approval for vehicle purchases via mobile phones and computers. Chase Auto Direct is being rolled out to existing customers in 30 states, with additional availability planned for next year.
In a statement by US Treasury Secretary Jack Lew, President Barack Obama nominated Jim Yong Kim for a second term as president of the World Bank. A Treasury spokesman said the announcement was made at the beginning of the period for submitting nominations, to signal the president's strong support for Kim.
There were twice as many security breaches in the US financial industry in 2015 as in 2014, with more than 25% of attacks traced back to lost or stolen devices, a Bitglass report states. Five of the 20 largest US financial institutions and 32 other banks reported security leaks in the first half of this year, with JPMorgan experiencing repeated breaches for almost a decade.
The hedge fund controlled by Sears Holdings CEO and majority shareholder Edward Lampert will loan the retailer $300 million, the company said Thursday after reporting a $395 million second-quarter loss. The retailer, which has been selling assets and closing stores to cut costs, will also shutter its 40-year-old anchor store at Minnesota's Eden Prairie Center in November.
Federal Reserve Chair Janet Yellen may have teed up an increase in interest rates in her much-anticipated speech on the economy today. "I believe the case for an increase in the federal funds rate has strengthened in recent months," she said.
The Securities and Exchange Commission voted to amend its rules to require investment advisors to provide more information about separately managed accounts in reports to clients and the SEC. The agency's head, Mary Jo White, said the changes are part of an effort to improve regulation and monitoring of asset management.
Financial technology groups in more than 20 cities plan to launch a federation next month to pool resources quicker. "We're hoping to really be able to accelerate the connection of fintechs [start-ups] and institutions to the source of knowledge," Innovate Finance's Lawrence Wintermeyer said.
The Labor Department has published its final rule smoothing the path for states that want to create workplace retirement-savings plans. The rule guarantees that the plans won't have to comply with the federal Employee Retirement Income Security Act as long as a few basic requirements are met.
Families are eager to get detailed professional advice on how to save for their children's college expenses, according to a Fidelity survey. Among parents who have children expected to attend college, seven out of 10 want more specific and precise guidance about how much to save for higher education.
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