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U.S. authorities subpoena Goldman in 1MDB probe - WSJ

U.S. Attorney Eileen M. Decker of the Central District of California, U.S. Attorney General Loretta E. Lynch, FBI Deputy Director Andrew McCabe, Assistant Attorney General Leslie R. Caldwell, and IRS Criminal Investigation Chief Richard Weber speak(Reuters) - U.S. authorities have issued subpoenas to Goldman Sachs Group Inc for documents related to the bank's dealings with scandal-hit Malaysian state fund 1MDB, the Wall Street Journal reported late on Friday. Goldman received the subpoenas earlier this year from the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), the Journal reported, citing a person familiar with the matter. The Department of Justice and the SEC declined to comment.


Data in focus as market struggles for direction

A Wall Street sign outside the New York Stock ExchangeWall Street, seeking direction as the S&P 500 has been stuck in a narrow trading range for 12 days, will next week shift its attention from second-quarter corporate earnings reports to economic data. Investors will be looking for signs of economic strength to reinforce the positive direction hit Friday, when the S&P 500 hit an intraday record high. The overall tone will be of an economy that is getting better at a reasonable pace," said John Manley, chief equity strategist at Wells Fargo Funds Management in New York.


Oil rout erodes second-quarter profits for U.S. majors Exxon, Chevron

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New YorkBy Ernest Scheyder HOUSTON (Reuters) - Chevron Corp posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector. "The key is to manage the cash flow as best they can and continue to execute on projects, which they do appear to be doing." Exxon, the world's largest publicly traded oil producer, shocked Wall Street as its quarterly profit missed expectations, sending its shares down as much as 4.5 percent on Friday. In the United States, where Exxon is the largest natural gas producer and a major oil producer, the company lost money.


Tech shares and muted GDP growth push S&P 500 to record

Traders work on the floor of the NYSEWall Street rose on Friday, with the S&P 500 index hitting a record intraday high for the seventh time this month as gains in technology heavyweights Alphabet and Amazon more than made up for losses in energy shares. Alphabet contributed the most to gains on the Nasdaq and the S&P 500. Aggregate second-quarter earnings of S&P 500 companies are now expected to fall 3.7 percent, worse than a 2.8 percent decline predicted on Thursday, according to Thomson Reuters I/B/E/S. U.S. gross domestic product in the second quarter grew at a 1.2 percent rate, coming in below expectations for a rise of 2.6 percent and fuelling arguments the Federal Reserve may not need to raise U.S. interest rates anytime soon.


US STOCKS-Tech shares and muted GDP growth push S&P 500 to record

Wall Street rose on Friday, with the S&P 500 index hitting a record intraday high for the seventh time this month as gains in technology heavyweights Alphabet and Amazon more than made up for losses in ...

Berkeley study finds scarce evidence of market 'front-running'

File photo of author Michael Lewis smiling during an interview at Reuters regarding his book about high-frequency trading (HFT) named "Flash Boys: A Wall Street Revolt," in New YorkTwo University of California, Berkeley professors have taken a deep dive into new data and found that claims in Michael Lewis' bestseller "Flash Boys" that retail investors are being gouged, or "front-run," by high-speed traders not to be true - at least not now. Professors Robert Bartlett and Justin McCrary said their findings contradict the common belief that fast traders systematically exploit others who rely on public data feeds, which in the past were notoriously slow. "Flash Boys: A Wall Street Revolt" touted two theories of market abuse that the study, "How Rigged Are Stock Markets?


US STOCKS-Tech shares and flaccid GDP growth push S&P 500 to record

Wall Street rose on Friday, with the S&P 500 index hitting a record intraday high for the seventh time this month as gains in technology heavyweights Alphabet and Amazon more than made up for losses in ...

Inmarsat Homes In On Smaller Rival Avanti

Inmarsat Homes In On Smaller Rival AvantiTwo of the London? stock market's satellite operators are on course to collide in a potential 4bn takeover deal. Sky News has learnt that Inmarsat (Other OTC: IMASF - news) has approached Avanti Communications (LSE: AVN.L - news) about a transaction that would help to consolidate an industry struggling amid a capacity glut. The approach from Inmarsat was a preliminary one and talks between the two companies remain at an early stage, according to people close to the situation.


 
 
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