The nation’s commercial banks and savings institutions reported a 13% rise in net income in the third quarter, hitting a record as institutions’ profits soared and expenses moderated.
Read the Full Article: Source – Wall Street Journal
Time For Truth: (Wall Street Journal) – U.S. Banks Report Record Profit in Third Quarter
After years of slowing earnings growth and little in the way of excitement for many Wall Street analysts, many are now hopeful that President-elect Donald Trump will finally make things interesting.
When collating data for the Goldman Sachs Group Inc. Analyst Index — a proprietary measure of growth across different sectors of the S&P 500 — the firm included a question this month on what the election of Donald Trump will mean for the industries covered by those surveyed. Turns out, they are rather optimistic.
Read the Full Article: Source – Bloomberg
Time For Truth: (Bloomberg) – Goldman Says Trump's Presidency Will Benefit Stocks in Almost Every Sector
IMF chief Christine Lagarde goes on trial in France on Monday over a massive state payout to a flamboyant tycoon when she was finance minister in a case that risks tarnishing her stellar career.
Lagarde denies the charges of negligence, arguing she was acting “in the state’s interest” in making the payment to Bernard Tapie, the former owner of sportswear giant Adidas and Olympique Marseille football club.
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Venezuela will introduce six new notes and three new coins starting in mid-December to help alleviate practical problems in doing business with the world’s most inflationary currency, according to the central bank.
Currently, the OPEC nation’s largest note is worth just 2 U.S. cents on the black market, meaning cash transactions are extremely cumbersome.
Read the Full Article: Source – Reuters
Time For Truth: (Reuters) – Venezuela confirms bigger bills amid world's highest inflation
With the value of Venezuela’s largest banknotes reduced to a few U.S. cents by triple-digit inflation and the currency’s collapse on the black market, the country’s central bank said it will begin circulating higher-denomination notes this month.
New denominations including bills of 500, 1,000, 2,000, 5,000, 10,000 and 20,000 bolivars will start appearing at banks from Dec. 15, according to a Central Bank statement, adding that coins of 10, 50, and 100 bolivars would also be released. Bloomberg News first reported the plans for larger bills on November 30.
Read the Full Article: Source – Bloomberg
Time For Truth: (Bloomberg) – Venezuela to Issue Bigger Bills This Month as Currency Plunges