Deutsche Bank cuts mark end to failed bid for global scale
BERLIN (AP) — The radical and painful restructuring of Germany’s Deutsche Bank, which is cutting 18,000 jobs, is the end of a long, failed attempt to compete with the global investment banking giants that left it overextended. The bank plan unveiled Sunday aims to go “back to our roots” by refocusing on traditional strengths like serving corporate customers and wealthy individuals and cutting down on its stock-trading business and fixed-income investments.
AP: Federal grand jury probing GOP fundraiser Elliott Broidy
NEW YORK (AP) — A federal grand jury in New York is looking into whether top GOP fundraiser Elliott Broidy used his position on President Donald Trump’s inaugural committee to pursue foreign business deals. That’s according to documents The Associated Press has obtained and people familiar with the matter. Broidy, a Los Angeles businessman, made a fortune in investments before moving into defense contracting and has played prominent roles in GOP fundraising.
US stocks drop as traders weigh odds for steep Fed rate cut
Technology and health care companies drove U.S. stocks to a lower finish Monday as the market pulled back from recent highs for the second straight day. The selling came amid growing speculation on Wall Street that an unexpectedly strong pickup in U.S. employment growth last month may keep the Federal Reserve from aggressively cutting its benchmark interest rate later this month.
US consumers step up borrowing at healthy pace in May
WASHINGTON (AP) — U.S. consumers borrowed more on their credit cards in May and also took out more student and auto loans, a modest sign of economic health. The Federal Reserve says that consumer borrowing increased 5% that month, just below April’s 5.2% rise
New report: US government faces potential default in Sept.
WASHINGTON (AP) — Lower than expected tax revenues now mean there is a “significant risk” that the federal government will run out of borrowing authority in the early part of September. That’s according to a new analysis by the Bipartisan Policy Center, a Washington think tank and advocacy group. The report adds urgency to Washington budget and debt talks that have yet to go anywhere. The group’s economic policy director says the main culprit is that tax revenues are persistently weaker than anticipated.
Poll: 1 in 4 don’t plan to retire despite realities of aging
CHICAGO (AP) — If you aren’t considering retiring any time soon — and maybe not at all — you aren’t alone. A new poll finds that nearly 1 in 4 Americans say they never plan to retire. The survey by The Associated Press-NORC Center for Public Affairs Research also finds that nearly 4 in 10 adults who are fully retired said they felt very or extremely prepared when they decided to leave the workforce for good.
Saudi carrier cancels troubled Boeing 737 order for Airbus
DUBAI, United Arab Emirates (AP) — A Saudi budget carrier flyadeal says it is ordering 30 new Airbus planes. They will replace a $6 billion agreement the airline had with Boeing for its troubled 737 Max jets, which are grounded after two crashes. The move comes as Chicago-based Boeing faces dozens of lawsuits over the crashes that killed 346 people. Preliminary investigations point to the role played by new software on the jet.
Bible shortage? Publishers say tariffs could cause it
NASHVILLE, Tenn. (AP) — Religious publishers say President Trump’s most recently proposed tariffs on Chinese imports could result in a Bible shortage. That’s because millions of Bibles are printed in China each year. Critics of a proposed tariff say it would make the Bible more expensive for consumers. It would also hurt the evangelical efforts of Christian organizations that give away Bibles as part of their ministry.
Fuel makers launch ad criticizing Trump ethanol mandates
MADISON, Wis. (AP) — An association representing oil refineries has launched a television ad in four swing states criticizing President Donald Trump’s moves to expand the use of ethanol in gasoline. The American Fuel and Petrochemical Manufacturers began running the ad statewide Monday in Michigan, Pennsylvania, Ohio and Wisconsin.
Oklahoma judge denies motion to end case against drugmaker
OKLAHOMA CITY (AP) — An Oklahoma judge says the state’s ongoing opioid drug lawsuit against consumer products giant Johnson & Johnson can move forward. District Judge Thad Balkman on Monday denied a motion from Johnson & Johnson lawyers asking him to end Oklahoma’s public-nuisance lawsuit case mid-trial and rule in favor of the New Brunswick, New Jersey-based company and its subsidiaries. The defendants filed the motion last week after the state rested its case. The trial began May 28.
The S&P 500 fell 14.46 points, or 0.5%, to 2,975.95. The Dow Jones Industrial Average slid 115.98 points, or 0.4%, to 26,806.14. The Nasdaq composite lost 63.41 points, or 0.8%, to 8,098.38. The Russell 2000 index of smaller company stocks dropped 14.24 points, or 0.9%, to 1,561.39.