Sen. Bernie Sanders, I-Vt., blasted Amazon after it introduced a credit card for customers with bad credit, saying of its 28% interest rate, "This kind of greed makes the poor even poorer." He vowed to work with Rep. Alexandria Ocasio-Cortez, D-N.Y., to create a 15% interest rate cap on credit card issuers.
The city of Chicago tentatively plans to turn management of its workers' compensation program over to the public sector claims firm Gallagher Bassett, says Mayor Lori Lightfoot. An audit by Grant Thornton found "significant control deficiencies and weaknesses that would create an environment where (fraud, waste and abuse) could be present."
The House will not act on legislation to raise the US debt limit until the Trump administration agrees to lift spending restrictions on domestic agencies, House Speaker Nancy Pelosi said. Treasury Secretary Steven Mnuchin said if agreement is reached on spending caps, "the debt ceiling has to be included."
US retail sales grew 0.5% in May from the previous month and April sales were revised upward to 0.3% growth, according to the Commerce Department. May sales were up 3.2% from the same month last year, with increases in 11 of 13 categories including e-commerce, appliances and electronics, sporting goods and books.
The euro's use as a global currency has surged after sitting at a record low last year, according to the European Central Bank. Growing confidence in the eurozone and concerns about the US political landscape have pushed the euro's share of the foreign exchange reserve market to 20.7%, an increase of 1.2 percentage points during the past decade, while the US dollar's share has reached a historic low.
The Swiss National Bank said that the capital positions of the country's two largest banks, Credit Suisse and UBS, have improved. However, the banks must do more to show their systemically important functions are safe in a crisis scenario.
Initial public offering activity in London is at a 10-year low, with only 13 firms listing on the London Stock Exchange in the first half of the year and only one cross-border listing, and the trend is likely to continue, according to a report by law firm Baker McKenzie. "The markets will recover, but right now Brexit has a chokehold on the industry," said Adam Farlow, head of the Europe, Middle East and Africa capital-markets practice.
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