Category: Business

Bank of America CEO Brian Moynihan to Participate in Bank of America Merrill Lynch’s 22nd Annual Financials CEO Conference on September 27

3:38 pm Eastern | Business

Bank of America Chief Executive Officer Brian Moynihan will participate in Bank of America Merrill Lynch’s 22nd Annual Financials CEO Conference in London on Wednesday, September 27 at 9 a.m. Eastern Time (2 p.m. London Time).

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Pharmaceutical Company Paying Penalty for Misleading Investors About Sales Metric

12:55 pm Eastern | U.S. News

The Securities and Exchange Commission today filed fraud charges against a Massachusetts-based biopharmaceutical company that exaggerated how many new patients actually filled prescriptions for an expensive drug that was its sole source of revenue. Aegerion Pharmaceuticals, now a subsidiary of Novelion Therapeutics, has agreed to pay a $4.1 million penalty to settle the charges that it misled investors on multiple occasions in 2013.  The SEC’s complaint alleges that Aegerion told investors that the number of unfilled prescriptions for Juxtapid was not material and the “vast majority” of patients receiving prescriptions ultimately purchased the drug.  The SEC alleges that Aegerion’s records reflect that it was actually around 50 percent of prescriptions that resulted in actual drug purchases. “By no one’s math is 50 percent a vast majority,” said Paul Levenson, Director of the SEC’s Boston Regional Office.  “When companies publicly discuss their financial data, they mread more »

SEC Announces Agenda for October 12 Investor Advisory Committee Meeting

12:00 pm Eastern | U.S. News

The Securities and Exchange Commission today announced the agenda for the October 12 meeting of its Investor Advisory Committee.  The meeting will begin at 10 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public.  The meeting will be webcast live and archived on the committee’s webpage for later viewing. The committee will hold three panel discussions covering blockchain technology and implications for securities markets, law school clinic advocacy efforts on behalf of retail investors, and electronic delivery of information to retail investors, which may include a Recommendation of the Investor as Purchaser Subcommittee. The committee welcomes new members Allison A. Bennington, a Partner and General Counsel at ValueAct Capital, andread more »

Your IMF Update: Press Release - Rwanda

22 Sep 11:43 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

SEC Suspends Trading in Company Purporting Involvement in Hurricane Harvey Relief Efforts

22 Sep 10:30 | Weather

The Securities and Exchange Commission today suspended trading in a company amid questions surrounding its statements about sending response teams and equipment to help with Hurricane Harvey disaster recovery efforts in Houston and surrounding areas. The SEC’s trading suspension order says that a recent press release issued by Texas-based Grupo Resilient International claimed that the company added a “FEMA approved contractor” to the board of its subsidiary and was deploying workers and preparing to deploy a network of mobile broadband trailers to assist in relief efforts. The SEC’s order also says there are questions regarding the adequacy and accuracy of statements made by the company on other matters in prior press releases.  Grupo was previously known as Paradise Ridge Hydrocarbons and trades under the ticker symbol GRUI. Earlier this month, the SEC read more »

Your IMF Update: Press Release - Germany

22 Sep 10:29 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Your IMF Update: Speech

22 Sep 06:13 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Trump's Leadership Qualities Assessed a Year Later

22 Sep 04:29 | Business

The Latest From Gallup News

Trump's Leadership Qualities Assessed a Year Later

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Pre-Election, Germans Satisfied With Their Political System

22 Sep 02:22 | Business

The Latest From Gallup News

Pre-Election, Germans Satisfied With Their Political System

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Your IMF Update: Press Release - Kiribati

21 Sep 17:28 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Federal Reserve Board announces approval of application by PacWest Bancorp

21 Sep 17:00 | Business

Federal Reserve Board announces approval of application by PacWest Bancorpread more »

SEC Adopts Interpretive Guidance on Pay Ratio Rule

21 Sep 16:17 | Business

The Securities and Exchange Commission has approved interpretive guidance to assist companies in their efforts to comply with the pay ratio disclosure requirement mandated by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Under the Commission’s rule implementing the pay ratio requirement, companies are required to begin making pay ratio disclosures in early 2018.  “It’s our priority to make sure that we implement disclosure rules mandated by Congress in a way that is true to the mandate and, to the extent practicable, allows companies to use operational data and otherwise readily available information to produce the disclosures,” said Chairman Jay Clayton.  “Today’s guidance on pay ratio reflects the feedback the SEC has received and encourages companies to use the flexibility incorporated in our prior rulemaking to reduce costs of compliance.”   In particular, the guiread more »

SEC Adopts Interpretive Guidance on Pay Ratio Rule

21 Sep 16:17 | Business

The Securities and Exchange Commission has approved interpretive guidance to assist companies in their efforts to comply with the pay ratio disclosure requirement mandated by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Under the Commission’s rule implementing the pay ratio requirement, companies are required to begin making pay ratio disclosures in early 2018.  “It’s our priority to make sure that we implement disclosure rules mandated by Congress in a way that is true to the mandate and, to the extent practicable, allows companies to use operational data and otherwise readily available information to produce the disclosures,” said Chairman Jay Clayton.  “Today’s guidance on pay ratio reflects the feedback the SEC has received and encourages companies to use the flexibility incorporated in our prior rulemaking to reduce costs of compliance.”   In particular, the guiread more »

Bank of America Scores 100 Percent on U.S. Business Leadership Network Disability Equality Index

21 Sep 15:05 | Business

Bank of America been named as a leader in supporting people with disabilities. The company announced today that it scored 100 percent on the 2017 U.S. Business Leadership Network’s (USBLN) Disability Equality Index (DEI), an annual listing of companies that are leading the way in policies, practices and programs that are inclusive of people with disabilities.

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Z1: Z.1 release: 2017:Q2 data now available for the Financial Accounts of the United States

21 Sep 15:04 | Business

This release incorporates several revisions, structural changes, and enhancements. Major changes are described in the "Release Highlights" section of the publication. These and other changes, such as code changes, are also described in the online Financial Accounts Guide (www.federalreserve.gov/apps/fof/). The file structure of the Z.1 release consists of a single Z.1 PDF, corresponding HTML tables, and a single set of compressed CSV files with accompanying data dictionary text files. Data are available for download through the Federal Reserve Data Download Program (DDP). Series that appear in published tables are available immediately. Underlying detail series are generally available for download within two business days of the Z.1 release. The next Z.1 release will be Thursday, December 7, 2017, at 12:00 noon.read more »

Gallup Vault: Praise for U.S. Constitution at 200 Years

21 Sep 14:27 | Business

The Latest From Gallup News

Gallup Vault: Praise for U.S. Constitution at 200 Years

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Telecommunications Company Paying $965 Million For FCPA Violations

21 Sep 13:45 | Business

Sweden-based telecommunications provider Telia Company AB has agreed to pay $965 million in a global settlement with the Securities and Exchange Commission, U.S. Department of Justice, and Dutch and Swedish law enforcement to resolve charges related to violations of the Foreign Corrupt Practices Act (FCPA) to win business in Uzbekistan. According to the SEC’s order, Telia entered the Uzbek telecommunications market by offering and paying at least $330 million in bribes to a shell company under the guise of payments for lobbying and consulting services that never actually occurred.  The shell company was controlled by an Uzbek government official who was a family member of the President of Uzbekistan and in a position to exert significant influence over other Uzbek officials, causing them to take official actions to benefit Telia’s business in Uzbekistan. “Corporate bribery is not just unfair and illegal, it has terribly corrosive effects on business, government, and read more »

Telecommunications Company Paying $965 Million For FCPA Violations

21 Sep 13:45 | Business

Sweden-based telecommunications provider Telia Company AB has agreed to pay $965 million in a global settlement with the Securities and Exchange Commission, U.S. Department of Justice, and Dutch and Swedish law enforcement to resolve charges related to violations of the Foreign Corrupt Practices Act (FCPA) to win business in Uzbekistan. According to the SEC’s order, Telia entered the Uzbek telecommunications market by offering and paying at least $330 million in bribes to a shell company under the guise of payments for lobbying and consulting services that never actually occurred.  The shell company was controlled by an Uzbek government official who was a family member of the President of Uzbekistan and in a position to exert significant influence over other Uzbek officials, causing them to take official actions to benefit Telia’s business in Uzbekistan. “Corporate bribery is not just unfair and illegal, it has terribly corrosive effects on business, government, and read more »

Democrats' Confidence in Mass Media Rises Sharply From 2016

21 Sep 13:43 | Business

The Latest From Gallup News

Democrats' Confidence in Mass Media Rises Sharply From 2016

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Your IMF Update: Press Release - Republic of Madagascar

21 Sep 13:28 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Federal Reserve Board announces termination of enforcement action with The First Bank of Baldwin

21 Sep 11:00 | Business

Federal Reserve Board announces termination of enforcement action with The First Bank of Baldwinread more »

Your IMF Update: Press Release - France

21 Sep 10:47 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Your IMF Update: Press Release

21 Sep 09:58 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Confidence in Public's Judgment Reverses Seven-Year Slide

21 Sep 04:18 | Business

The Latest From Gallup News

Confidence in Public's Judgment Reverses Seven-Year Slide

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SEC Chairman Clayton Issues Statement on Cybersecurity

20 Sep 19:36 | Business

SEC Chairman Jay Clayton today issued a statement highlighting the importance of cybersecurity to the agency and market participants, and detailing the agency’s approach to cybersecurity as an organization and as a regulatory body. The statement is part of an ongoing assessment of the SEC’s cybersecurity risk profile that Chairman Clayton initiated upon taking office in May. Components of this initiative have included the creation of a senior-level cybersecurity working group to coordinate information sharing, risk monitoring, and incident response efforts throughout the agency.   The statement provides an overview of the Commission’s collection and use of data and discusses key cyber risks faced by the agency, including a 2016 intrusion of the Commission’s EDGAR test filing system. In August 2017, the Commission learned that an incident previously detected in 2016 may have provided the basiread more »

SEC Chairman Clayton Issues Statement on Cybersecurity

20 Sep 19:36 | Business

SEC Chairman Jay Clayton today issued a statement highlighting the importance of cybersecurity to the agency and market participants, and detailing the agency’s approach to cybersecurity as an organization and as a regulatory body. The statement is part of an ongoing assessment of the SEC’s cybersecurity risk profile that Chairman Clayton initiated upon taking office in May. Components of this initiative have included the creation of a senior-level cybersecurity working group to coordinate information sharing, risk monitoring, and incident response efforts throughout the agency.   The statement provides an overview of the Commission’s collection and use of data and discusses key cyber risks faced by the agency, including a 2016 intrusion of the Commission’s EDGAR test filing system. In August 2017, the Commission learned that an incident previously detected in 2016 may have provided the basiread more »

Your IMF Update: World Economic Outlook Report

20 Sep 17:43 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Trust in Judicial Branch Up, Executive Branch Down

20 Sep 15:11 | Business

The Latest From Gallup News

Trust in Judicial Branch Up, Executive Branch Down

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Your IMF Update: Press Release - Belgium

20 Sep 14:15 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Your IMF Update: Press Release - Switzerland

20 Sep 14:15 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Your IMF Update: IMF Policy Paper

20 Sep 14:15 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Federal Reserve issues FOMC statement

20 Sep 14:00 | Business

Federal Reserve issues FOMC statementread more »

Federal Reserve Board and Federal Open Market Committee release economic projections from the September 19-20 FOMC meeting

20 Sep 14:00 | Business

Federal Reserve Board and Federal Open Market Committee release economic projections from the September 19-20 FOMC meetingread more »

Thomas J. Butler Named an Associate Regional Director for Examinations in New York Regional Office

20 Sep 13:00 | Business

The Securities and Exchange Commission today announced that Thomas J. Butler has been named an Associate Regional Director for the Investment Adviser and Investment Company examination program in the agency's New York Regional Office.  Mr. Butler is leaving his current position as Director of the SEC's Office of Credit Ratings (OCR), a position he has held since June 2012. "I am delighted to welcome Tom to the team," said Pete Driscoll, Acting Director of the Office of Compliance Inspections and Examinations. "The New York region is responsible for more than 2,800 registered investment advisers with more than $18 trillion in assets under management and over 200 investment company complexes. Tom's significant industry experience and leadership prior to and at the SEC will be invaluable to the experienced and dedicated staff in the New York examination program." Prior to his 2012 appointment as the inaugural Director of OCR, Mr. Butler was a Managing Director at Morganread more »

Thomas J. Butler Named an Associate Regional Director for Examinations in New York Regional Office

20 Sep 13:00 | U.S. News

The Securities and Exchange Commission today announced that Thomas J. Butler has been named an Associate Regional Director for the Investment Adviser and Investment Company examination program in the agency's New York Regional Office.  Mr. Butler is leaving his current position as Director of the SEC's Office of Credit Ratings (OCR), a position he has held since June 2012. "I am delighted to welcome Tom to the team," said Pete Driscoll, Acting Director of the Office of Compliance Inspections and Examinations. "The New York region is responsible for more than 2,800 registered investment advisers with more than $18 trillion in assets under management and over 200 investment company complexes. Tom's significant industry experience and leadership prior to and at the SEC will be invaluable to the experienced and dedicated staff in the New York examination program." Prior to his 2012 appointment as the inaugural Director of OCR, Mr. Butler was a Managing Director at Morganread more »

CEO Charged With Using Secret Accounts for Insider Trading in Company Stock

20 Sep 12:15 | Business

The Securities and Exchange Commission today charged the former CEO of a Silicon Valley-based fiber optics company with insider trading in company stock by using secret brokerage accounts held in the names of his wife and brother. The SEC alleges that Peter C. Chang, who also was the founder and chairman of the board at Alliance Fiber Optic Products, generated more than $2 million in illicit profits and losses avoided by trading on nonpublic information and tipping his brother ahead of two negative earnings announcements and the company’s merger.   According to the SEC’s complaint, Chang was the company’s largest shareholder and required under the federal securities laws to disclose his ownership of company securities as an officer and director.  Chang allegedly traded company shares secretly in the family member accounts, often times from his work computer after attending board meetings where confidential information was discussed.   He also allegedly tipped his broread more »

Business Employment Dynamics Latest Numbers

20 Sep 10:12 | Business

Gross Job Gains: Total Private 7,465,000 in 4th Qtr of 2016 Historical Data Goods-Producing 1,306,000 in 4th Qtr of 2016 Historical Data Service-providing 6,159,000 in 4th Qtr of 2016 read more »

Import/Export Price Indexes Latest Numbers

20 Sep 10:12 | Business

Imports All Commodities: +0.6% in Aug 2017 Historical Data Fuels & Lubricants: +4.2% in Aug 2017 Historical Data All Imports Excluding Fuels: +0.3% in Aug 2017 read more »

Major Economic Indicators Latest Numbers

20 Sep 10:12 | Business

Consumer Price Index (CPI): +0.4% in Aug 2017 News Release Historical Data Unemployment Rate: 4.4% in Aug 2017 News Release Historical Data Payroll Employment: read more »

Consumer Price Index Latest Numbers

20 Sep 10:11 | Business

CPI-U, US City Average, All Items: NSA +0.3% in Aug 2017 Historical Data SA +0.4% in Aug 2017 Historical Data NSA +1.9% since Aug 2016 Historical Dread more »

Current Employment Statistics Latest Numbers

20 Sep 10:11 | Business

Change in Total Nonfarm Payroll Employment: +156,000(p) in Aug 2017 Historical Data Change in Total Private Average Hourly Earnings for All Employees: +$0.03(p) in Aug 2017 Historical Data Change in Total Private Average Weekly Hours for All Employees: read more »

Mass Layoff Statistics Latest Numbers

20 Sep 10:11 | Business

Seasonally Adjusted: Total Mass Layoff Events 1,301 in May 2013 Historical Data Change in Total Mass Layoff Events +102 in May 2013 Historical Data Total Mass Layoff Initial Claimants 127,821 read more »

Olympians, NYC Champions Among Added Athletes to 2017 Bank of America Chicago Marathon Elite Field

20 Sep 10:04 | Business

Today, the Bank of America Chicago Marathon announced changes to the elite field for the Oct. 8, 2017 race.

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Gross Domestic Product by Metropolitan Area, 2016

20 Sep 08:30 | Business

Real gross domestic product (GDP) increased in 267 out of 382 metropolitan areas in 2016. Real GDP by metropolitan area growth ranged from 8.1 percent in Lake Charles, LA and Bend-Redmond, OR to -13.3 percent in Odessa, TX. Real GDP for U.S. metropolitan areas grew 1.7 percent in 2016, led by growth in professional and business services; information services; and finance, insurance, real estate, rental, and leasing. Full Textread more »

Narrow Majority Trust Government to Handle Foreign Problems

20 Sep 04:21 | Business

The Latest From Gallup News

Narrow Majority Trust Government to Handle Foreign Problems

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Your IMF Update: Speech

19 Sep 17:58 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Your IMF Update: Press Release - Senegal

19 Sep 17:13 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Your IMF Update: IMF Working Paper

19 Sep 16:14 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

Catherine McGuire to Retire After More Than 40 Years at the SEC

19 Sep 15:30 | Business

The Securities and Exchange Commission today announced that Catherine McGuire, Counsel in the Division of Trading and Markets, is retiring after 44 years at the SEC. Ms. McGuire has received more than a dozen awards for her service, including the Distinguished Service Award, the SEC’s highest award, in 1992, and the Presidential Meritorious Executive Award, in 2000.  She began her SEC career in 1973 in what was then the Division of Market Regulation and was promoted to positions of increasing responsibility, including serving as Counsel to Commissioner Bevis Longstreth from 1982 to 1983.  She was named Chief Counsel and Associate Director of the division in 1993 and has advised the division as Counsel since 2008. “Catherine McGuire has been an outstanding advocate for investors and a guardian of safe and efficient markets throughout her career at the Commission,” said Division of Trading and Markets Acting Director Heather Seidel.  “She has beread more »

Your IMF Update: Press Release - Republic of Serbia

19 Sep 12:24 | Business

International Monetary Fund International Monetary Fund: New item in your series of interest.read more »

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