Financial News

Calvene Ann (Green) McMillan
October 7, 2020
AP-NC Newswatch
October 8, 2020
Financial News

 

 

Global shares mostly higher…Citigroup fine

 

TOKYO (AP) – Global shares are mostly higher on optimism that U.S. stimulus may be coming after all. In early trading, France’s CAC 40 edged 0.2% higher, Germany’s DAX gained 0.4%, Britain’s FTSE 100 added less than 0.1%. In Asia, Japan’s Nikkei finished nearly 1.0% higher, South Korea’s Kospi gained 0.2%, Hong Kong’s Hang Seng slipped 0.2%. U.S. shares are set for gains, with Dow and S&P future each up 0.4%.

 

NEW YORK (AP) – Citigroup has agreed to pay a $400 million fine imposed by U.S. regulators for failing to shore up the bank’s operations. The civil penalty is in response to shortcomings in the New York bank’s risk management, internal controls and data governance programs. It follows a settlement agreement between Citigroup and the Board of Governors of the Federal Reserve that calls for Citigroup to address “significant ongoing deficiencies” in how the bank has responded to prior orders for it to fix its anti-money laundering compliance program, among other bank management practices.

 

WASHINGTON (AP) – President Donald Trump says he wants everyday Americans to have access to the same experimental treatment he received for the coronavirus, says he wants to make the drug free. Trump received an experimental antibody cocktail made by Regeneron through a “compassionate use” exemption. The safety and effectiveness of the drug have not yet been proven. And there is no way for the president or his doctors to know that the drug had any effect. Most people recover from COVID-19.

 

PARIS (AP) – A French appeals court has upheld an order for Google to pay media companies to show their news content in search results. The Paris Court of Appeal rejected a challenge by the U.S. tech company, which had refused to comply with an order by France’s competition authority to negotiate with publishers and press agencies for payments. The court today rejected Google’s argument that the competition watchdog overstepped its authority. France became the first European Union country last year to adopt a directive aimed at modernizing copyright rules into national law, including a requirement that search engines pay for offering up snippets of news articles.

 

WASHINGTON (AP) – The head of the IRS says the agency is reaching out to low-income and homeless people, military personnel and veterans and those with limited English to notify them they may be eligible for economic relief payments. People who don’t normally file tax returns are among those being targeted. A congressional watchdog found that millions could miss the payments of up to $1,200 per individual because of incomplete government records. Nearly 9 million individuals who are eligible for the payments haven’t received them, according to recent estimates.