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Largest banks clear U.S. Fed's toughest annual stress tests

WASHINGTON (Reuters) - The 35 largest U.S. banks are poised to put more money toward dividends, share buybacks and business investments, after clearing the first stage of an annual regulatory stress test on Thursday, showing they have enough capital to withstand an extreme recession. FILE PHOTO: The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts/File Photo. ... Full story

Saudi Arabia wants to troll Qatar by turning it into an island

Saudi Arabia may soon spend an excessive amount of money just to troll its neighbor, Qatar. Riyadh is reportedly fielding offers from at least five companies to dig a canal along the Qatari-Saudi border — known as the “Salwa Canal” project — that would turn the peninsula of Qatar into an island. That would mean creating a 38-mile-long, 65-feet-deep, 660-feet-wide channel simply to surround Qatar completely with water — turning an existing ... Full story

Ford and Volkswagen to Partner on Vans and Trucks

Ford and Volkswagen want to be friends. Specifically, they want to be the kind of friends that develop and build commercial vehicles together. The two automakers aren’t rushing into anything, however. They have announced a “potential alliance,” one that does not include either company taking an ownership stake in the other. The move takes place against a background of uncertain and aggressive trade talk on the part of the Trump administration, ... Full story

India imposes retaliatory tariffs on U.S., widening global trade war

A worker grinds a steel pipe to be used in air ducts inside a workshop in an industrial area in Mumbai. (Francis Mascarenhas/Reuters). June 21 at 2:57 PM Email the author. India joined the European Union and other U.S. trading partners in retaliating against the Trump administration’s tariff hikes on steel and aluminum Thursday by raising import duties on a variety of goods, including almonds, apples and some metal products. India had notified ... Full story

American Millennials Off Course on Wealth

The median American born in the 1980s -- the cradle of millennials -- had family wealth that was 34 percent below what earlier generations held at the same age, the Federal Reserve Bank of St. Louis reported last month. While it’s perfectly normal for people just starting out to have less in the bank, the longest expansion in decades has barely helped the generation. So how does the cohort rise above a statistically grim financial future ? One ... Full story

Barons Market VP: Why SoCal Grocery Stores Thrive Despite Competition From Amazon

Rachel Shemirani at a Barons Market store. We live in time where nearly everything can be done online. You can take a business class, book your hair appointment and now, thanks to the Amazon-Whole Foods merger , you can even buy organic asparagus – just with the click of a button. Convenience remains the driving force for this online trend. To many people, buying items online in their pajamas is more ideal than braving grocery store crowds. I’m ... Full story

Stocks Drop as Daimler Warning Revives Trade Angst: Markets Wrap

U.S. stocks fell following declines in Asia and Europe as Daimler AG’s profit warning fed into investor concern over the outlook for global trade and growth. Treasuries gained and the dollar weakened. The S&P 500 Index slumped and the Dow Jones Industrial Average posted its eighth straight drop after the Supreme Court ruled states can collect sales tax from online retailers, rattling and EBay. Automakers also came under pressure ... Full story

Internet Sales Tax Switch Is Good Policy Made the Wrong Way

Putting policy in the wrong hands. In the early days of the internet, online retailers were able to take advantage of a tax shelter that exempted them from sales taxes in states in which they did not have a physical presence. They used this tax shelter to challenge entrenched incumbents and provide consumers with a bounty of new options. Now, though, the largest internet retailer, Inc., has a stock market capitalization more than ... Full story

GE Dangled a Breakup. Investors Now Expect It.

Once again, General Electric Co. has found itself caught in a trap of high expectations. Shares of the industrial conglomerate fell to the lowest intraday level since July 2009 on Thursday after CNBC reported CEO John Flannery won't necessarily announce a full breakup when he discloses his vision for GE's portfolio (something he’s widely expected to do in the next couple of weeks). This should tell Flannery two things: Investors are ... Full story

Wall Street falls as drops in Amazon, Intel add to trade jitters

(Reuters) - U.S. stocks slipped on Thursday as oil prices slid, industrials dropped on worries over U.S.-China trade spat and Amazon led a decline in online retailers after the Supreme Court let states force the companies to collect sales tax. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 19, 2018. REUTERS/Brendan McDermid. Amazon dropped as much as 1.9 percent, before paring losses to trade down 1 ... Full story