Judy Shelton, the economic adviser President Trump says he is nominating to the Federal Reserve Board, has long been a predictable voice in monetary policy debates. Predictability is often a good thing in that context: It beats being erratic. Many monetary policy specialists want central banks to minimise the possibility of surprises by announcing relatively simple rules they will follow. ...

Rejoice, people of Earth! News outlets are reporting that Nasa is planning to visit an asteroid made of gold and other precious metals! At current prices, the minerals contained in asteroid 16 Psyche are said to be worth $700 quintillion — enough to give everyone on the planet $93 billion. We’re all going to be richer than Jeff Bezos! OK, ...

Bloomberg US stocks pared some early losses as markets await an onslaught of central bank news this week. The dollar strengthened to its highest level since mid-June and Treasuries slipped. The S&P 500 Index declined, led lower by materials and utilities stocks, as investors absorb recent profit warnings and stand by for more clues on the path for US monetary ...

Bloomberg It’s an old saw of India’s budget documents — the devil lies in details of the fine print. A higher surcharge on wealthy Indians in the budget has spooked non-resident and overseas funds enough to erase 2.3 trillion rupees ($30 billion) in market value from companies in the S&P BSE Sensex over the past three sessions. The reason: the ...

Bloomberg Jerome Powell is likely to leave Federal Reserve interest-rate cuts firmly on the table when he appears before Congress this week, even though the latest US jobs report dialed down the urgency to ease borrowing costs. The Fed chairman, who has been hectored for months by President Donald Trump for not cutting rates, will probably repeat language from the ...

Bloomberg Australia’s banking regulator has softened its capital buffer requirement on the nation’s largest banks after they argued that there wasn’t sufficient market capacity available to raise the necessary funds. The so-called Big Four banks will need to lift their total capital by three percentage points of risk-weighted assets by January 2024, less than an initial target of four to ...

Bloomberg Danske Bank A/S, contending with negative interest rates and a money-laundering scandal, cut its outlook for profit this year after trading income fell short of expectations and compliance costs mount. The Danish lender now expects profit of $1.9 billion to 15 billion kroner, down from a previous range of 14 billion to 16 billion kroner. The company said second-quarter ...

Bloomberg Credit Suisse Group AG has hired Joe Heyer from Ford Motor Co to oversee investment banking in the automotive technology sector. Heyer’s coverage area will include autonomous vehicles, components and software, the bank said in a memo that was confirmed by a spokesman. He will report to David Wah, the global head of technology, and will also partner with ...

Bloomberg Deutsche Bank AG’s massive reorganisation will put thousands of finance employees out of work. And with firms throughout the industry running lean, they won’t all find jobs easily. The German lender’s sweeping turnaround plan, including an exit from the equities sales and trading business, will slash Deutsche Bank’s workforce by about 18,000 employees globally. Workers from Sydney to London ...

Bloomberg Billionaire Richard Branson’s Virgin Galactic aims to go public later this year and become the world’s first listed space-tourism venture. A stake in Virgin Galactic will be sold to a shell company that already trades on the New York Stock Exchange, raising about $800 million as the project nears its first commercial flights, a person familiar with the matter ...