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U.S. consumer watchdog wants partial ban on arbitration clauses

Consumer Financial Protection Bureau Director Cordray speaks in WashingtonBanks and credit card companies may not force customers to sign away their legal rights to take part in class action lawsuits, under an early-stage U.S. government proposal that is likely to draw ire from Wall Street. The Consumer Financial Protection Bureau said on Wednesday the proposal marked the first step in the process of potentially drafting regulations to ban certain "free pass" arbitration clauses, often buried in fine print, that consumers must sign off on when opening financial accounts. Banks, credit card companies, lenders and broker dealers typically use such clauses as a way to shield themselves from lawsuits and lower their legal costs.

KL shares lower at opening

KUALA LUMPUR: Bursa Malaysia opened lower today on profit-taking activities and in tandem with the downtrend among regional peers. At 9.25 am, the key index was down 3.49 points to 1,659.02, after opening 3.86 points lower at 1,658.65. JF Apex Securities expects the key index to consolidate below the resistance of 1,670 points, following the mixed overnight performance of Wall Street, as the bulls took a breather with investors looking out for this month?s reporting season. ...

Clinton to announce plan to rein in Wall Street 'abuses'

U.S. Democratic presidential candidate Hillary Clinton holds a 'Grassroots' organizational event at Broward State College in DavieBy Luciana Lopez and Amanda Becker DAVENPORT, Iowa/WASHINGTON (Reuters) - U.S. Democratic presidential candidate Hillary Clinton said Tuesday that she will lay out her plan to rein in Wall Street "abuses" within the next week. "I'm going to be proposing in the next week what I think will be the best way to go after Wall Street abuses and rein in the too-big-to-fail banks and other institutions," Clinton said at an Iowa campaign stop. Clinton said her plan would focus on more than banks, taking into account any kind of financial institution that causes disruption in the marketplace.

Crude surges on output forecast; U.S. stocks fall

An oil pump jack can be seen in Cisco, TexasBy Herbert Lash NEW YORK (Reuters) - Crude oil jumped about 5 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Fed will not raise interest rates this year, although Wall Street fell on slumping biotech stocks. Helping crude was news that non-OPEC producer Russia and key OPEC member Saudi Arabia discussed the oil market last week and plan to continue exchanging views on demand, production and shale oil, Russian Energy Minister Alexander Novak told reporters. A weakening dollar added support for oil, while the U.S. ...

Wall Street lower, investors eye upcoming quarterly reports

Traders work on the floor of the New York Stock ExchangeU.S. stocks fell on Tuesday as healthcare companies lost ground and investors eyed upcoming quarterly reports that are expected to show a dip in corporate earnings. A surge in DuPont's stock helped keep the Dow Jones industrial average in positive territory but the S&P 500 and Nasdaq lost ground, with a sharp drop in biotech stocks. The S&P health index lost 2.2 percent, the worst performer among the ten major S&P sectors.

Wall Street and Its Workers Are Rolling in Dough Again

The stock market may not have gained much over the first six months of the year, but Wall Street?s banks still posted their strongest first half since 2011, generating $11.3 billion in profits ? a 29 percent jump from 2014 levels, according to a new report by New York State Comptroller Thomas P. DiNapoli. Wall Street workers are doing well, too, as salaries have catapulted to record highs. Wall Street bonuses reached an average of $172,900 ? a level surpassed only by the two years prior to the 2008 financial crisis.

NY comptroller: Wall Street profits hit $11.3B in 6 months

ALBANY, N.Y. (AP) ? The securities industry in New York City tallied $11.3 billion in profits during the first half of 2015, higher than in the past three years, while also adding jobs last year for the first time since 2011, the state comptroller reported Tuesday.

Wall Street profits rise by nearly a third in first half of 2015 - report

Traders work on the floor of the New York Stock ExchangeWall Street broker-dealers posted profits of $11.3 billion (74 billion) in the first half of 2015, up 29 percent from the same period last year and the strongest first half since 2011, a New York financial watchdog said on Tuesday. "After a very strong first half of the year, the securities industry faces volatile financial markets and an unsteady global economy," DiNapoli said in the report. The report said a recent return to jobs growth in the industry could be undermined in the remaining months of the year.

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