A Bank of America report is sounding the alarm on artificial intelligence and its impact on global employment. The report says 24 percent of jobs worldwide, or roughly 838 million positions, are exposed to generative AI.


Bank Of America: 1 in 4 Jobs Globally at Risk from AI 

Bank of America has lowered its US Treasury yield forecasts, citing weaker economic data and rising political risks that could push the Federal Reserve toward a more dovish policy stance. As per Bloomberg, interest-rate strategists led by Mark Cabana now expect two-year Treasury yields to end 2025 at 3.5 per cent, down from their earlier projection of 3.75 per cent. They see 10-year yields finishing the year at 4.25 per cent, compared with a previous forecast of 4.5 per cent.<h2>Weaker data shifts market outlook</h2>“Recent US data has meaningfully shifted market Fed pricing and our view on US rates,” Cabana wrote in a client note on Monday. He added that the risk of “Fed independence erosion," potentially leading to higher inflation tolerance and more policymakers advocating for lower rates is factored into the bank’s revised view.&nbsp;While Bank of America’s economics team still expects the Fed to hold rates steady until the second half of 2026, Cabana’s rates team highlighted that softer US labour market data has increased downside risks.&nbsp;The appointment of Stephen Miran, an ally of President Donald Trump, as a Fed governor is seen as another factor that could tilt the balance in favour of lower interest rates, Bloomberg reported.<h2>Market bets on rate cuts grow</h2>According to Bloomberg, the strategists are recommending bets on five-year overnight index swaps falling to 2.8 per cent from 3.46 per cent currently. They also advise “adding duration on any rate back up” and anticipate that breakeven rates, a measure of inflation expectations, will widen.Interest-rate swaps show traders have priced in more than two Fed rate cuts by December, with an 80 per cent probability of a quarter-point reduction as early as next month. While Bank of America sees September market pricing as “stretched,” the strategists said they are reluctant to bet against it due to the risk of a larger 50-basis-point cut,&nbsp;similar to the Fed’s surprise move in September 2024 when it began its easing cycle with a jumbo cut.<h2>Bank of America’s revised US Treasury yield forecasts</h2>The table below shows Bank of America’s old versus new year-end 2025 forecasts for US Treasury yields. The revision reflects expectations that the Fed could pivot to lower rates sooner, given softer economic data and political developments.

<figure class="table"><table><tbody><tr><td>Maturity</td><td>Previous Forecast (Dec 2025)</td><td>New Forecast (Dec 2025)</td></tr><tr><td>2-year</td><td>3.75%</td><td>3.50%</td></tr><tr><td>10-year</td><td>4.50%</td><td>4.25%</td></tr></tbody></table></figure>(Source: Bank of America projections, as per Bloomberg)

(With inputs from the agencies)&nbsp;

Two-year yields are now expected to finish 2025 at 3.5% (previously 3.75%), while 10-year yields are forecast at 4.25% (down from 4.5%). Increased bets on rate cuts reflect a dovish outlook for the Federal Reserve.

Bank of America has lowered its US Treasury yield forecasts, citing weaker economic data and rising political risks that could push the Federal Reserve toward a more dovish policy stance. As per Bloomberg, interest-rate strategists led by Mark Cabana now expect two-year Treasury yields to end 2025 at 3.5 per cent, down from their earlier projection of 3.75 per cent. They see 10-year yields finishing the year at 4.25 per cent, compared with a previous forecast of 4.5 per cent. Weaker data shifts market outlook “Recent US data has meaningfully shifted market Fed pricing and our view on US rates,” Cabana wrote in a client note on Monday. He added that the risk of “Fed independence erosion," potentially leading to higher inflation tolerance and more policymakers advocating for lower rates is factored into the bank’s revised view. While Bank of America’s economics team still expects the Fed to hold rates steady until the second half of 2026, Cabana’s rates team highlighted that softer US labour market data has increased downside risks. The appointment of Stephen Miran, an ally of President Donald Trump, as a Fed governor is seen as another factor that could tilt the balance in favour of lower interest rates, Bloomberg reported. Market bets on rate cuts grow According to Bloomberg, the strategists are recommending bets on five-year overnight index swaps falling to 2.8 per cent from 3.46 per cent currently. They also advise “adding duration on any rate back up” and anticipate that breakeven rates, a measure of inflation expectations, will widen. Interest-rate swaps show traders have priced in more than two Fed rate cuts by December, with an 80 per cent probability of a quarter-point reduction as early as next month. While Bank of America sees September market pricing as “stretched,” the strategists said they are reluctant to bet against it due to the risk of a larger 50-basis-point cut, similar to the Fed’s surprise move in September 2024 when it began its easing cycle with a jumbo cut. Bank of America’s revised US Treasury yield forecasts The table below shows Bank of America’s old versus new year-end 2025 forecasts for US Treasury yields. The revision reflects expectations that the Fed could pivot to lower rates sooner, given softer economic data and political developments.

Bank of America has revised its US Treasury yield forecasts downwards due to weaker economic data and rising political risks.

Bank of America cuts US rates outlook as weak data, Fed risks mount

Berkshire Hathaway, led by renowned investor Warren Buffett, has recently made headlines by reducing its stake in Bank of America to below 10 per cent. This strategic move marks a significant shift in the company's investment approach and alters its disclosure obligations regarding the bank's shares according to a detailed report by CNBC.

Berkshire's selling, as disclosed in a filing to the US Securities and Exchange Commission (SEC), involved the sale of over 9.5 million shares across three transactions from Tuesday to Thursday. Following this reduction, Berkshire now holds approximately 775 million shares, representing about 9.987 per cent of the bank's total equity the report further elaborated. With this stake now below the critical threshold of 10 per cent, Berkshire is no longer required to report its transactions related to Bank of America as promptly as before.

This decision comes amid a broader trend observed since mid-July, where Buffett has been strategically selling off various investments in the banking sector. The upcoming 13F filing, expected in mid-November, will provide insights into Berkshire's equity positions as of the end of September, but investors will have to wait to see how these recent changes influence Buffett's future strategies.

Despite these sales, Bank of America has experienced a slight stock increase of about 1 per cent over the past month. CEO Brian Moynihan has indicated that the market is absorbing the stock well, aided by the bank's own buyback initiatives. This resilience highlights the ongoing confidence in Bank of America's fundamentals despite Berkshire's reduced stake.

Warren Buffett's relationship with the Bank of America

Buffett's relationship with Bank of America dates back to his $5 billion investment in preferred stock and warrants in 2011, a move aimed at restoring confidence in the bank following the subprime mortgage crisis. In 2017, he converted those warrants into common stock, solidifying Berkshire's position as the bank's largest shareholder. His commitment continued with the acquisition of an additional 300 million shares in subsequent years.

The recent selling of Bank of America stocks align with Buffett’s broader concerns regarding the banking sector. Last year, he expressed a cautious outlook during a period of banking instability. "You can't ascertain how stable deposits are anymore," he remarked, referring to the lasting impacts of the 2008 financial crisis and more recent events that have shaken investor trust.

Buffett attributes these concerns to a decline in confidence within the banking system, worsened by poor communication from regulators and political leaders during times of crisis. He also noted that advancements in digital banking and fintech have made bank runs more feasible during periods of uncertainty.

As Berkshire Hathaway navigates this new chapter with Bank of America, market observers will be keenly watching for potential shifts in Buffett's investment strategy and his reflections on the evolution of the banking and finance sector.

Berkshire Hathaway, led by renowned investor Warren Buffett, has recently made headlines by reducing its stake in Bank of America to below 10 per cent. This strategic move marks a significant shift in the company's investment approach and alters its disclosure obligations regarding the bank's shares according to a detailed report by CNBC.

Berkshire Hathaway, led by renowned investor Warren Buffett, has recently made headlines by reducing its stake in Bank of America to below 10 per cent. This strategic move marks a significant shift in the company's investment approach and alters its disclosure obligations regarding the bank's shares according to a detailed report by CNBC. Berkshire's selling, as disclosed in a filing to the US Securities and Exchange Commission (SEC), involved the sale of over 9.5 million shares across three transactions from Tuesday to Thursday. Following this reduction, Berkshire now holds approximately 775 million shares, representing about 9.987 per cent of the bank's total equity the report further elaborated. With this stake now below the critical threshold of 10 per cent, Berkshire is no longer required to report its transactions related to Bank of America as promptly as before. This decision comes amid a broader trend observed since mid-July, where Buffett has been strategically selling off various investments in the banking sector. The upcoming 13F filing, expected in mid-November, will provide insights into Berkshire's equity positions as of the end of September, but investors will have to wait to see how these recent changes influence Buffett's future strategies. Despite these sales, Bank of America has experienced a slight stock increase of about 1 per cent over the past month. CEO Brian Moynihan has indicated that the market is absorbing the stock well, aided by the bank's own buyback initiatives. This resilience highlights the ongoing confidence in Bank of America's fundamentals despite Berkshire's reduced stake. Warren Buffett's relationship with the Bank of America Buffett's relationship with Bank of America dates back to his $5 billion investment in preferred stock and warrants in 2011, a move aimed at restoring confidence in the bank following the subprime mortgage crisis. In 2017, he converted those warrants into common stock, solidifying Berkshire's position as the bank's largest shareholder. His commitment continued with the acquisition of an additional 300 million shares in subsequent years. The recent selling of Bank of America stocks align with Buffett’s broader concerns regarding the banking sector. Last year, he expressed a cautious outlook during a period of banking instability. "You can't ascertain how stable deposits are anymore," he remarked, referring to the lasting impacts of the 2008 financial crisis and more recent events that have shaken investor trust. Buffett attributes these concerns to a decline in confidence within the banking system, worsened by poor communication from regulators and political leaders during times of crisis. He also noted that advancements in digital banking and fintech have made bank runs more feasible during periods of uncertainty. As Berkshire Hathaway navigates this new chapter with Bank of America, market observers will be keenly watching for potential shifts in Buffett's investment strategy and his reflections on the evolution of the banking and finance sector.

Warren Buffett’s Berkshire reduces Bank of America ownership to less than 10%

The trillion-dollar firm Berkshire Hathaway, led by Warren Buffett&nbsp;offloaded another chunk of Bank of America shares, bringing its total sales to more than $7 billion since mid-July and reducing its stake to 11 per cent.<o:p></o:p>

The Omaha, Nebraska-based conglomerate shed a total of 5.8 million Bank of America (BofA) shares in separate sales on Friday, Monday, and Tuesday for almost $228.7 million at an average selling price of $39.45 per share, according to a new regulatory filing. The latest action extended Berkshire’s selling streak to 12 consecutive sessions, matching the 12 consecutive sessions from July 17 to Aug 1 according to a recent report by CNBC US.

The report further stated that Berkshire has sold more than 174.7 million shares of the Charlotte, North Carolina-based bank for $7.2 billion, with 858.2 million shares remaining, or 11.1 per cent of shares outstanding. BofA has fallen to the No.3 spot on Berkshire’s list of top holdings, trailing behind Apple and American Express. Before the selling spree, BofA had long been Berkshire’s second-biggest holding.

How Buffett Invested in the Bank of America<o:p></o:p>

Buffett famously bought $5 billion worth of BofA’s preferred stock and warrants in 2011 in the aftermath of the financial crisis. He converted those warrants in 2017, making Berkshire the largest shareholder in BofA. The “Oracle of Omaha” then added 300 million more shares to his bet around 2018 and 2019.

Moynihan on Buffett<o:p></o:p>

BofA CEO Brian Moynihan made a rare comment about Berkshire’s sales Tuesday, saying he does not know Buffett’s motivation for selling.<o:p></o:p>

“I don’t know what exactly he’s doing, because frankly, we can’t ask him. We wouldn’t ask,” he said during Barclays Global Financial Services Conference, according to a transcript on FactSet. “But on the other hand, the market’s absorbing the stock ... we’re buying a portion of the stock, and so life will go on.” 

Shares of BofA have dipped just about 1 per cent since the start of July, and the stock is up 15.04 per cent this year, slightly outperforming the S&amp;P 500.

Moynihan, who has been leading the bank since 2010, praised the 94-year-old’s shrewd investment in his bank in 2011, which helped shore up confidence in the embattled lender struggling with losses tied to subprime mortgages. “He’s been a great investor for our company, and stabilized our company when we needed at the time,” Moynihan said.

To illustrate how lucrative Buffett’s investment has been, Moynihan said if investors were to buy his bank stock the same day Buffett did, they would have been able to capture the low price of $5.50 per share. The stock last traded just under $40 apiece.<o:p></o:p>

“He just had the guts to do it in a big way. And he did it. And it’s been a fabulous return for him. We’re happy that he gets it,” Moynihan said.

Recent developments in Berkshire Hathaway and Bank of America

It is important to note that the Warren Buffett-led multinational holding company Berkshire Hathaway has recently achieved a $1 trillion valuation, in the process, it becomes the first US company outside the tech world to reach this milestone. Currently, there are just 7 to 8 trillion dollar firms in the world. Bank of America on the other hand is a major US bank that has a market capitalisation of $305 billion dollars.&nbsp;

<o:p>&nbsp;</o:p>

The trillion-dollar firm Berkshire Hathaway, led by Warren Buffett offloaded another chunk of Bank of America shares, bringing its total sales to more than $7 billion since mid-July and reducing its stake to 11 per cent.

The trillion-dollar firm Berkshire Hathaway, led by Warren Buffett offloaded another chunk of Bank of America shares, bringing its total sales to more than $7 billion since mid-July and reducing its stake to 11 per cent. The Omaha, Nebraska-based conglomerate shed a total of 5.8 million Bank of America (BofA) shares in separate sales on Friday, Monday, and Tuesday for almost $228.7 million at an average selling price of $39.45 per share, according to a new regulatory filing. The latest action extended Berkshire’s selling streak to 12 consecutive sessions, matching the 12 consecutive sessions from July 17 to Aug 1 according to a recent report by CNBC US. The report further stated that Berkshire has sold more than 174.7 million shares of the Charlotte, North Carolina-based bank for $7.2 billion, with 858.2 million shares remaining, or 11.1 per cent of shares outstanding. BofA has fallen to the No.3 spot on Berkshire’s list of top holdings, trailing behind Apple and American Express. Before the selling spree, BofA had long been Berkshire’s second-biggest holding. How Buffett Invested in the Bank of America Buffett famously bought $5 billion worth of BofA’s preferred stock and warrants in 2011 in the aftermath of the financial crisis. He converted those warrants in 2017, making Berkshire the largest shareholder in BofA. The “Oracle of Omaha” then added 300 million more shares to his bet around 2018 and 2019. Moynihan on Buffett BofA CEO Brian Moynihan made a rare comment about Berkshire’s sales Tuesday, saying he does not know Buffett’s motivation for selling. “I don’t know what exactly he’s doing, because frankly, we can’t ask him. We wouldn’t ask,” he said during Barclays Global Financial Services Conference, according to a transcript on FactSet. “But on the other hand, the market’s absorbing the stock ... we’re buying a portion of the stock, and so life will go on.” Shares of BofA have dipped just about 1 per cent since the start of July, and the stock is up 15.04 per cent this year, slightly outperforming the S&P 500. Moynihan, who has been leading the bank since 2010, praised the 94-year-old’s shrewd investment in his bank in 2011, which helped shore up confidence in the embattled lender struggling with losses tied to subprime mortgages. “He’s been a great investor for our company, and stabilized our company when we needed at the time,” Moynihan said. To illustrate how lucrative Buffett’s investment has been, Moynihan said if investors were to buy his bank stock the same day Buffett did, they would have been able to capture the low price of $5.50 per share. The stock last traded just under $40 apiece. “He just had the guts to do it in a big way. And he did it. And it’s been a fabulous return for him. We’re happy that he gets it,” Moynihan said. Recent developments in Berkshire Hathaway and Bank of America It is important to note that the Warren Buffett-led multinational holding company Berkshire Hathaway has recently achieved a $1 trillion valuation, in the process, it becomes the first US company outside the tech world to reach this milestone. Currently, there are just 7 to 8 trillion dollar firms in the world. Bank of America on the other hand is a major US bank that has a market capitalisation of $305 billion dollars.

Berkshire sells more stake in Bank of America as CEO Moynihan lauds Buffett as a great investor

Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, has made headlines once again as he continues to capitalise on his investment in Bank of America Corp. Since mid-July, Buffett has extended his stock sales, amassing a staggering total of $6.97 billion.

This latest round of transactions, disclosed in a regulatory filing on Thursday, highlights Buffett's strategic approach to managing his portfolio while still retaining a significant stake in the banking giant according to a Bloomberg report. <o:p></o:p>

In the most recent transactions, Buffett's Berkshire Hathaway liquidated an additional $760 million worth of Bank of America shares just this week. Despite these sales, Berkshire remains the largest shareholder of Bank of America, holding approximately 11 percent of the company's total shares, which are currently valued at around $34.7 billion based on the latest closing price. This indicates that while Buffett is cashing in on his investment, he still believes in the long-term potential of the bank. It is crucial to note that the 94-year-old added Bank of America in Berkshire’s portfolio with a $5 billion deal in 2011 for preferred stock and warrants.

Who is Warren Buffett?<o:p></o:p>

Warren Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of June 2024, he had a net worth of $135 billion, making him the tenth-richest person in the world.<o:p></o:p>

Further, Buffett's strategy has often involved selling portions of his holdings when he perceives the stock to be overvalued or when he seeks to realise profits. His adeptness at timing the market has contributed to his reputation as one of the most successful investors of all time. The recent sales come amid a broader trend of profit-taking among investors, as market conditions fluctuate and economic uncertainties loom.

Market reactions and future implications 
 
The market has responded positively to Buffett's actions, as his reputation often influences investor sentiment. Analysts suggest that Buffett's continued confidence in Bank of America, despite the recent sales, signals a robust outlook for the bank's future performance. His ability to navigate market dynamics while maintaining a significant stake in the bank underlines his long-term investment thesis. 
 
As the financial landscape evolves, investors will be keenly observing Buffett's next moves. His decisions often serve as a barometer for market trends, and many look to his actions for guidance on potential investment opportunities. With the banking sector facing various challenges, including regulatory scrutiny and economic pressures, Buffett's ongoing involvement with Bank of America will be closely monitored.<o:p></o:p>

Hence, Warren Buffett's recent stock sales from Bank of America have not only yielded nearly $7 billion but also reaffirmed his position as a key player in the investment landscape. By strategically liquidating portions of his holdings while retaining a significant stake, Buffett demonstrates his commitment to long-term investment principles. As the market continues to evolve, his actions will undoubtedly shape investor sentiment and influence future market trends.<o:p></o:p>

<o:p>&nbsp;</o:p>

Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, has made headlines once again as he continues to capitalise on his investment in Bank of America Corp.

Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, has made headlines once again as he continues to capitalise on his investment in Bank of America Corp. Since mid-July, Buffett has extended his stock sales, amassing a staggering total of $6.97 billion. This latest round of transactions, disclosed in a regulatory filing on Thursday, highlights Buffett's strategic approach to managing his portfolio while still retaining a significant stake in the banking giant according to a Bloomberg report. In the most recent transactions, Buffett's Berkshire Hathaway liquidated an additional $760 million worth of Bank of America shares just this week. Despite these sales, Berkshire remains the largest shareholder of Bank of America, holding approximately 11 percent of the company's total shares, which are currently valued at around $34.7 billion based on the latest closing price. This indicates that while Buffett is cashing in on his investment, he still believes in the long-term potential of the bank. It is crucial to note that the 94-year-old added Bank of America in Berkshire’s portfolio with a $5 billion deal in 2011 for preferred stock and warrants. Who is Warren Buffett? Warren Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of June 2024, he had a net worth of $135 billion, making him the tenth-richest person in the world. Further, Buffett's strategy has often involved selling portions of his holdings when he perceives the stock to be overvalued or when he seeks to realise profits. His adeptness at timing the market has contributed to his reputation as one of the most successful investors of all time. The recent sales come amid a broader trend of profit-taking among investors, as market conditions fluctuate and economic uncertainties loom. Market reactions and future implications The market has responded positively to Buffett's actions, as his reputation often influences investor sentiment. Analysts suggest that Buffett's continued confidence in Bank of America, despite the recent sales, signals a robust outlook for the bank's future performance. His ability to navigate market dynamics while maintaining a significant stake in the bank underlines his long-term investment thesis. As the financial landscape evolves, investors will be keenly observing Buffett's next moves. His decisions often serve as a barometer for market trends, and many look to his actions for guidance on potential investment opportunities. With the banking sector facing various challenges, including regulatory scrutiny and economic pressures, Buffett's ongoing involvement with Bank of America will be closely monitored. Hence, Warren Buffett's recent stock sales from Bank of America have not only yielded nearly $7 billion but also reaffirmed his position as a key player in the investment landscape. By strategically liquidating portions of his holdings while retaining a significant stake, Buffett demonstrates his commitment to long-term investment principles. As the market continues to evolve, his actions will undoubtedly shape investor sentiment and influence future market trends.

Warren Buffett's profitable Bank of America stock sales approach $7 Billion

Warren Buffett is all over the headlines for unloading shares of Bank of America Corp. for the twelfth consecutive session, trimming his conglomerate's huge stake in the lender to 8.8 per cent since mid-July, with a total reduction of $3.8 billion. According to a regulatory filing late Thursday, Berkshire Hathaway Inc. had its latest series of sales to the tune of $779mn after offloading stock from July 30 to August 1. Despite such disposals, it still retains over 942 million shares of the Charlotte, North Carolina-based bank, valued at $37.2 billion as of the latest closing price.

He has not disclosed his reasons and intentions for trimming this highly profitable investment. Buffett's original investment in Bank of America was when the stock changed hands at around $5 in 2011. The shares had surged in momentum over the past several months before this recent selling spree, having gained 31 per cent this year before sliding over 10 per cent to $39.50, in line with the KBW Bank Index.

The continuing dispositions have been among Buffett's largest divestiture of an investment long believed to be an endorsement of Bank of America Chief Executive Officer Brian Moynihan. In his public remarks over the years, which are sparse for the 93-year-old billionaire, Buffett has specifically cited his appreciation for Moynihan. This retreat raised the question of what caused Buffett to summarise his writings by reducing his stake in a long-term investment that he otherwise held on to.

A representative for Berkshire didn't immediately respond to a message seeking comment outside normal business hours. A Bank of America spokesperson declined to comment.

Warren Buffett has cast interest and speculation among many investors and analysts by gradually selling his stake in Bank of America. With the legendary investor still tight-lipped over his intentions, the development simply brings to the surface the complexities and considerations involved in managing a multibillion-dollar investment portfolio. With further actions to be rolled out by Buffett, the financial world will not fail to keenly watch for every hint on his future investment strategy and plans.

Warren Buffett is all over the headlines for unloading shares of Bank of America Corp. for the twelfth consecutive session, trimming his conglomerate's huge stake in the lender to 8.

Warren Buffett is all over the headlines for unloading shares of Bank of America Corp. for the twelfth consecutive session, trimming his conglomerate's huge stake in the lender to 8.8 per cent since mid-July, with a total reduction of $3.8 billion. According to a regulatory filing late Thursday, Berkshire Hathaway Inc. had its latest series of sales to the tune of $779mn after offloading stock from July 30 to August 1. Despite such disposals, it still retains over 942 million shares of the Charlotte, North Carolina-based bank, valued at $37.2 billion as of the latest closing price. He has not disclosed his reasons and intentions for trimming this highly profitable investment. Buffett's original investment in Bank of America was when the stock changed hands at around $5 in 2011. The shares had surged in momentum over the past several months before this recent selling spree, having gained 31 per cent this year before sliding over 10 per cent to $39.50, in line with the KBW Bank Index. The continuing dispositions have been among Buffett's largest divestiture of an investment long believed to be an endorsement of Bank of America Chief Executive Officer Brian Moynihan. In his public remarks over the years, which are sparse for the 93-year-old billionaire, Buffett has specifically cited his appreciation for Moynihan. This retreat raised the question of what caused Buffett to summarise his writings by reducing his stake in a long-term investment that he otherwise held on to. A representative for Berkshire didn't immediately respond to a message seeking comment outside normal business hours. A Bank of America spokesperson declined to comment. Warren Buffett has cast interest and speculation among many investors and analysts by gradually selling his stake in Bank of America. With the legendary investor still tight-lipped over his intentions, the development simply brings to the surface the complexities and considerations involved in managing a multibillion-dollar investment portfolio. With further actions to be rolled out by Buffett, the financial world will not fail to keenly watch for every hint on his future investment strategy and plans.

Warren Buffett's retreat from Bank of America: Billionaire's motives analysed

A preliminary $80 million settlement reached by six major banks in New York , including Bank of America and Citigroup Inc., would resolve the antitrust litigation accusing them of conspiring to rig European government bond prices . Filed late Friday in Manhattan federal court, the preliminary settlement involves Bank of America, Citigroup, Jefferies, NatWest, Nomura Holdings Inc., and UBS awaiting a judge's approval.

The investors, led by three public pension funds, accused the banks of collusion in online chat rooms from 2007 through 2012 whereby they would bid high prices at bond auctions to secure dominant market share and sell those same bonds at inflated prices to mutual funds, pension funds, insurers, and other investors. All six banks have denied any wrongdoing in their agreement to settle.

If approved, this settlement would add to the total settlements of $120 million. JPMorgan Chase, Natixis, State Street and UniCredit previously settled for a combined $40 million. The case is part of more than a decade of litigation in the Manhattan court, which alleged that banks conspired in multiple markets, including US Treasuries, currencies, commodities, and interest-rate benchmarks.

The case is In re European Government Bonds Antitrust Litigation, US District Court, Southern District of New York, No. 19-02601.

This settlement reflects the continued scrutiny and legal pressure on the market behaviour of major financial institutions. This litigation chapter will likely be closed with another reminder that it is important for the smooth and fair operation of markets and investor confidence.

A preliminary $80 million settlement reached by six major banks in New York , including Bank of America and Citigroup Inc., would resolve the antitrust litigation accusing them of conspiring to rig European government bond prices .

A preliminary $80 million settlement reached by six major banks in New York , including Bank of America and Citigroup Inc., would resolve the antitrust litigation accusing them of conspiring to rig European government bond prices . Filed late Friday in Manhattan federal court, the preliminary settlement involves Bank of America, Citigroup, Jefferies, NatWest, Nomura Holdings Inc., and UBS awaiting a judge's approval. The investors, led by three public pension funds, accused the banks of collusion in online chat rooms from 2007 through 2012 whereby they would bid high prices at bond auctions to secure dominant market share and sell those same bonds at inflated prices to mutual funds, pension funds, insurers, and other investors. All six banks have denied any wrongdoing in their agreement to settle. If approved, this settlement would add to the total settlements of $120 million. JPMorgan Chase, Natixis, State Street and UniCredit previously settled for a combined $40 million. The case is part of more than a decade of litigation in the Manhattan court, which alleged that banks conspired in multiple markets, including US Treasuries, currencies, commodities, and interest-rate benchmarks. The case is In re European Government Bonds Antitrust Litigation, US District Court, Southern District of New York, No. 19-02601. This settlement reflects the continued scrutiny and legal pressure on the market behaviour of major financial institutions. This litigation chapter will likely be closed with another reminder that it is important for the smooth and fair operation of markets and investor confidence.

6 major banks settle for $80 million in European bond-rigging allegations

Bank of America (BAC.N) on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization.

Bank of America agreed to pay $100 million in restitution to harmed consumers and another $150 million in civil penalties after the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) said the bank violated a number of laws beginning in 2012.

Bank of America reaped hundreds of millions of dollars by charging multiple fees to customers who did not have enough funds in their accounts from February 2018 until February 2022, the CFPB said in a statement. Consumers could not reasonably expect or understand they would be hit with $35 fees each time the bank declined to pay a single transaction, regulators said.

In a statement, Bank of America said it voluntarily eliminated or reduced a range of fees last year.

The CFPB has launched a crackdown on a range of so-called "junk fees," including overdraft and non-sufficient fund fees, it says lenders unfairly charge customers for banking services.

"These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system," CFPB director Rohit Chopra said in a statement.

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Under sales pressure or seeking rewards, Bank of America employees illegally applied for and enrolled consumers, without their knowledge, in credit card accounts from at least 2012, the CFPB said. The accounts represented a "small percentage" of new accounts at the bank, regulators said.

The bank, based in Charlotte, North Carolina, also failed to make good on cash rewards and bonus points promised to tens of thousands of credit card customers, according to the CFPB.

In addition to paying penalties of $90 million to the CFPB and $60 million to the OCC, the bank agreed to update regulators on its compliance progress in a year.

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"We voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022. As a result of these industry leading changes, revenue from these fees has dropped more than 90 percent," Bank of America said in a statement.

Democratic Senator Sherrod Brown described the case as an example of U.S. banks padding their profits with Americans' money.

"This is just the latest in a long line of illustrations of why we can’t trust Wall Street to do the right thing,” he said.

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Separately, Bank of America's financial advisory arm Merrill Lynch, Pierce, Fenner &amp; Smith agreed to pay $12 million in penalties to the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority for failing to file hundreds of suspicious activity reports to regulators from January 2009 to November 2019.

Merrill discovered the issue in 2019, according to the SEC's order.

"Following an internal review, we reported this matter to regulators and have enhanced our process and training regarding these filings," the bank said in a statement on the matter.

Bank of America shares were up 1.1% by 2:02 p.m. ET (1802 GMT), recovering losses seen in early trading.

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Bank of America (BAC.N) on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization.

Bank of America (BAC.N) on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization. Bank of America agreed to pay $100 million in restitution to harmed consumers and another $150 million in civil penalties after the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) said the bank violated a number of laws beginning in 2012. Bank of America reaped hundreds of millions of dollars by charging multiple fees to customers who did not have enough funds in their accounts from February 2018 until February 2022, the CFPB said in a statement. Consumers could not reasonably expect or understand they would be hit with $35 fees each time the bank declined to pay a single transaction, regulators said. In a statement, Bank of America said it voluntarily eliminated or reduced a range of fees last year. The CFPB has launched a crackdown on a range of so-called "junk fees," including overdraft and non-sufficient fund fees, it says lenders unfairly charge customers for banking services. "These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system," CFPB director Rohit Chopra said in a statement. Also Read | Trial opens over New Zealand's 2019 White Island volcanic eruption incident that killed 22 Under sales pressure or seeking rewards, Bank of America employees illegally applied for and enrolled consumers, without their knowledge, in credit card accounts from at least 2012, the CFPB said. The accounts represented a "small percentage" of new accounts at the bank, regulators said. The bank, based in Charlotte, North Carolina, also failed to make good on cash rewards and bonus points promised to tens of thousands of credit card customers, according to the CFPB. In addition to paying penalties of $90 million to the CFPB and $60 million to the OCC, the bank agreed to update regulators on its compliance progress in a year. Also Read | Thailand's outgoing prime minister Prayut Chan-o-Cha announces retirement from politics "We voluntarily reduced overdraft fees and eliminated all non-sufficient fund fees in the first half of 2022. As a result of these industry leading changes, revenue from these fees has dropped more than 90 percent," Bank of America said in a statement. Democratic Senator Sherrod Brown described the case as an example of U.S. banks padding their profits with Americans' money. "This is just the latest in a long line of illustrations of why we can’t trust Wall Street to do the right thing,” he said. Watch | Why US military deals are not enough to wean India off Russian arms yet × Separately, Bank of America's financial advisory arm Merrill Lynch, Pierce, Fenner & Smith agreed to pay $12 million in penalties to the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority for failing to file hundreds of suspicious activity reports to regulators from January 2009 to November 2019. Merrill discovered the issue in 2019, according to the SEC's order. "Following an internal review, we reported this matter to regulators and have enhanced our process and training regarding these filings," the bank said in a statement on the matter. Bank of America shares were up 1.1% by 2:02 p.m. ET (1802 GMT), recovering losses seen in early trading. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Bank of America to pay over $250mn over junk fees, other issues

Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank.

In a memo sent out to all employees on March 13, as seen by Reuters news agency, JP Morgan said they "should never give the appearance of exploiting a situation of stress or uncertainty," adding, "We do not make disparaging comments regarding competitors."

The branch employees were told to “refrain from soliciting client business from an institution in stress," according to extracts seen by Reuters.

Citigroup has also given a similar note to its business heads, Reuters reported citing sources. The guidance includes not speculating about other banks or market rumours.

Similarly, Bank of America Corp briefed their employees asking them not to go after the customers of the embattled banks or doing anything to exacerbate the situation.

The collapse of the SVB and Signature Bank—the second and third largest lenders to fail in US history—forced the customers to move about half a trillion dollars of deposits from “vulnerable" banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday, according to Reuters.

As such, many banking giants absorbed these deposits as they are required by regulators to hold more capital to withstand shocks.

Though lenders have traditionally competed for customers, the loss of confidence on the country’s banking system in the last two weeks has sparked fears that it could lead to a broader panic.

(With inputs from agencies)

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Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank.

Leading US banking institutions like JP Morgan, Citigroup Inc and Bank of America have told their employees not to poach clients of the besieged banks, who are witnessing massive outflow of deposits amidst the crisis triggered by the collapse of Silicon Valley Bank and Signature Bank. In a memo sent out to all employees on March 13, as seen by Reuters news agency, JP Morgan said they "should never give the appearance of exploiting a situation of stress or uncertainty," adding, "We do not make disparaging comments regarding competitors." The branch employees were told to “refrain from soliciting client business from an institution in stress," according to extracts seen by Reuters. Citigroup has also given a similar note to its business heads, Reuters reported citing sources. The guidance includes not speculating about other banks or market rumours. Similarly, Bank of America Corp briefed their employees asking them not to go after the customers of the embattled banks or doing anything to exacerbate the situation. The collapse of the SVB and Signature Bank—the second and third largest lenders to fail in US history—forced the customers to move about half a trillion dollars of deposits from “vulnerable" banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday, according to Reuters. As such, many banking giants absorbed these deposits as they are required by regulators to hold more capital to withstand shocks. Though lenders have traditionally competed for customers, the loss of confidence on the country’s banking system in the last two weeks has sparked fears that it could lead to a broader panic. (With inputs from agencies) WATCH WION LIVE HERE

Leading US lenders ask employees not to poach clients of embattled banks: Report

The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse.

The total outstanding amount of all advances under the Bank Term Funding Programme reached $11.9 billion by Wednesday, the US central bank announced in a statement on Thursday.

The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday (March 12) night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California's SVB.

The new liquidity facility made additional funding available "to help assure banks have the ability to meet the needs of all their depositors," the statement read.

According to data made available on Thursday (March 16), the Fed drew an additional $152 billion in short-term borrowing for banks from its standing loan window, the traditional liquidity backstop for lenders, a dramatic increase against the roughly $5 billion from the previous week.

And with the seizure of failed SVB and Signature Bank, a second regional-size lender that collapsed at the weekend, an additional $142.8 billion was poured into the bridge banks created by regulators for the two collapsed entities, pushing the Fed's balance sheet up by about $300 billion in the past week.&nbsp;

US authorities moved swiftly to protect depositors at SVB and Signature Bank as they saw "serious risk of contagion" that could have triggered runs on many banks, Treasury Secretary Janet Yellen told senators in Congress on Thursday.

In the days since SVB's failure, a number of regional lenders led by First Republic Bank have seen their share prices plummet on concerns about their long-term financial health.

But markets responded positively after consortium of 11 of America's biggest banks, including Bank of America, Goldman Sachs and JPMorgan Chase,&nbsp;announced Thursday that they were depositing $30 billion into First Republic.

The group said in a statement that their actions reflect "confidence in the country's banking system." 
 
(With inputs from agencies)

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The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse.

The Federal Reserve has lent US banks nearly $12 billion under a new one-year lending programme unveiled last Sunday (March 12), as authorities moved to ease stress on the financial system after Silicon Valley Bank's collapse. The total outstanding amount of all advances under the Bank Term Funding Programme reached $11.9 billion by Wednesday, the US central bank announced in a statement on Thursday. The Fed had unveiled the scheme alongside the Treasury and the Federal Deposit Insurance Corporation on Sunday (March 12) night, as authorities looked to prevent other banks from running into the liquidity issues that ultimately doomed California's SVB. The new liquidity facility made additional funding available "to help assure banks have the ability to meet the needs of all their depositors," the statement read. According to data made available on Thursday (March 16), the Fed drew an additional $152 billion in short-term borrowing for banks from its standing loan window, the traditional liquidity backstop for lenders, a dramatic increase against the roughly $5 billion from the previous week. And with the seizure of failed SVB and Signature Bank, a second regional-size lender that collapsed at the weekend, an additional $142.8 billion was poured into the bridge banks created by regulators for the two collapsed entities, pushing the Fed's balance sheet up by about $300 billion in the past week. US authorities moved swiftly to protect depositors at SVB and Signature Bank as they saw "serious risk of contagion" that could have triggered runs on many banks, Treasury Secretary Janet Yellen told senators in Congress on Thursday. In the days since SVB's failure, a number of regional lenders led by First Republic Bank have seen their share prices plummet on concerns about their long-term financial health. But markets responded positively after consortium of 11 of America's biggest banks, including Bank of America, Goldman Sachs and JPMorgan Chase, announced Thursday that they were depositing $30 billion into First Republic. The group said in a statement that their actions reflect "confidence in the country's banking system." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Federal Reserve lent US banks nearly $12 billion for a year to ease stress after SVB collapse

The US Securities and Exchange Commission (SEC) has come down heavily on the banking giants of the country. Reportedly, the regulatory body has imposed a collective fine of over $1 billion on JP Morgan Chase & Co and Bank of America.

The US Securities and Exchange Commission (SEC) has come down heavily on the banking giants of the country. Reportedly, the regulatory body has imposed a collective fine of over $1 billion on JP Morgan Chase & Co and Bank of America. The fines were imposed after SEC began probing the bank's record-keeping practices and found that the employees were using unauthorised messaging tools such as WhatsApp and email to exchange vital information. According to SEC officials, it was the failure of the two banking behemoths to preserve the conversations on the unapproved messaging apps that prompted the fine as it violated federal securities law. This is not the first time that American banks have been given a rap on the knuckle by the financial regulators over the use of personal devices. Read More: Shares tumble, dollar advances as inflation-busting interest rate hikes trigger recession According to a Reuters report, a subsidiary of JP Morgan Chase & Co was caught in a similar manner last year and forced to cough out $200 million in fines. Apart from SEC, it was Commodity Futures Trading Commission that levied the fine on the bank. Meanwhile, Bank of America, in its second quarter earning report, has already set aside a sum of $200 million to deal with the previous offences. However, the bank might have to increase the amount in light of the new fine. Similarly, British bank Barclays in July stated that it had reached an agreement with the regulators to settle the case by paying $200 million in fines. Deutsche Bank, Gldman Sachs, Credit Suisse Group and Citi are the other affenders that have had to pay fines to the regulators. Why American banks keep flouting the rule? Despite the federal laws explicitly banning the use of personal devices to communicate with clients, American Banks are routinely found flouting the rules. Read more: US refuses to release $7bn frozen funds to Afghanistan, but commits to $150mn aid packages In the aftermath of the pandemic, the problem has only exacerbated as most bank employees have become privy to the use of communication tools such as Zoom, and Skype, amongst myriad other tools. In most cases, it is the natural reflex of employees to use personal channels to communicate. However, some use the back channels as it allows them to circumvent archiving top-secret, market-moving information. (With inputs from agencies) WATCH WION LIVE HERE:

US banking giants fined $1 billion for using unapproved apps including WhatsApp

Bank of America has been fined $225 million by a pair of U.S. banking regulators over what they called a "botched" handling of unemployment benefits during the pandemic.

Bank of America fined $225 million for 'botched' handling of unemployment benefits

Invisible to those below, sprawling gardens of rhubarb, carrots and radishes have been flourishing on top of Hong Kong skyscrapers.&nbsp;

Since 2015, around 60 such farms have sprouted up in the space-starved city of Hong Kong. Located on abandoned helipads, mall rooftops and public terraces, these are a part of an initiative&nbsp;by a local social enterprise called 'Rooftop Republic'.

Also read |&nbsp;<a href="https://www.wionews.com/world/champagne-is-french-ministers-denounce-russia-sparkling-wine-law-396989">'Champagne is French': Ministers denounce Russia 'sparkling wine' law</a>

In a city that practices what he calls the "instant-noodle city lifestyle", Cofounder Andrew Tsui sees these farms as a way to familiarising people with methods of producing sustainable food.

Tsui believes that the industrialisation of the food industry has damaged Hong Kongers' relationship with food. The organisation thus aims to enlighten people about food through the use of underused spaces in the city.

Pile after pile of food waste

Government statistics indicate Hong Kong discards around 3,500 tonnes of food waste daily, roughly the weight of 250 double-decker buses, the majority of which is not even recycled.

90 per cent of the food consumed by the city's 7.5 million residents is imported, mainly from mainland China. However, despite Hong Kong's high population density, there is still considerable room for growing food locally.

Also read |&nbsp;<a href="https://www.wionews.com/science/scientists-resolve-mystery-of-why-otters-stay-warm-in-cold-surroundings-397003">Scientists resolve mystery of why otters stay warm in cold surroundings</a>

The amount of farmable land is only about seven million square meters, according to Tsui. Nonetheless, there is over six million square metres of untapped space on the city's rooftops, which holds the potential to double the supply of fertile land.&nbsp;&nbsp;

He adds that the challenge is to incorporate urban farming into daily life and make it a lifestyle, and for that to happen, accessibility is the first step."

Rooftop Republic works closely with architects, developers, and property managers to integrate urban farms into office building blueprints.

Some major companies have signed up for the initiative. Among the biggest names are the Bank of America and Singaporean banking giant DBS, which have partnered with Rooftop Republic to run a series of workshops for professionals and beginners.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/science/winchcombe-meteorite-gets-official-classification-here-is-all-you-need-to-know-396877">Winchcombe meteorite gets official classification, here is all you need to know</a>

According to the group's senior director of property management, Eric Lau, while Hong Kong mostly focuses on commercial property values, their organisation aims to promote the concept of sustainability.&nbsp;

Currently, Tsui observes that there is little interest among young Hong Kongers but there is a great opportunity to generate enthusiasm when it comes to the environment and climate change.&nbsp;

The ability to grow your own food is a necessary new skill that we all must learn to ensure a regenerative and green environment, he said.

(With inputs from agencies)tre

Invisible to those below, sprawling gardens of rhubarb, carrots and radishes have been flourishing on top of Hong Kong skyscrapers. Since 2015, around 60 such farms have sprouted up in the space-starved city of Hong Kong.

Invisible to those below, sprawling gardens of rhubarb, carrots and radishes have been flourishing on top of Hong Kong skyscrapers. Since 2015, around 60 such farms have sprouted up in the space-starved city of Hong Kong. Located on abandoned helipads, mall rooftops and public terraces, these are a part of an initiative by a local social enterprise called 'Rooftop Republic'. Also read | 'Champagne is French': Ministers denounce Russia 'sparkling wine' law In a city that practices what he calls the "instant-noodle city lifestyle", Cofounder Andrew Tsui sees these farms as a way to familiarising people with methods of producing sustainable food. Tsui believes that the industrialisation of the food industry has damaged Hong Kongers' relationship with food. The organisation thus aims to enlighten people about food through the use of underused spaces in the city. Pile after pile of food waste Government statistics indicate Hong Kong discards around 3,500 tonnes of food waste daily, roughly the weight of 250 double-decker buses, the majority of which is not even recycled. 90 per cent of the food consumed by the city's 7.5 million residents is imported, mainly from mainland China. However, despite Hong Kong's high population density, there is still considerable room for growing food locally. Also read | Scientists resolve mystery of why otters stay warm in cold surroundings The amount of farmable land is only about seven million square meters, according to Tsui. Nonetheless, there is over six million square metres of untapped space on the city's rooftops, which holds the potential to double the supply of fertile land. He adds that the challenge is to incorporate urban farming into daily life and make it a lifestyle, and for that to happen, accessibility is the first step." Rooftop Republic works closely with architects, developers, and property managers to integrate urban farms into office building blueprints. Some major companies have signed up for the initiative. Among the biggest names are the Bank of America and Singaporean banking giant DBS, which have partnered with Rooftop Republic to run a series of workshops for professionals and beginners. Also read | Winchcombe meteorite gets official classification, here is all you need to know According to the group's senior director of property management, Eric Lau, while Hong Kong mostly focuses on commercial property values, their organisation aims to promote the concept of sustainability. Currently, Tsui observes that there is little interest among young Hong Kongers but there is a great opportunity to generate enthusiasm when it comes to the environment and climate change. The ability to grow your own food is a necessary new skill that we all must learn to ensure a regenerative and green environment, he said. (With inputs from agencies)tre

Short on space, Hong Kong sprouts sky gardens

Bank of America relies on higher interest rates to drive its profit growth as it has a large pool of deposits and rate-sensitive mortgage securities.

Bank of America profit falls as consumer banking business falters

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world.

BAML said its global earnings per share (EPS) "growth model" suggested an earnings recession. The model forecasts a 7.5% drop in EPS in the next 12 months.

With all major central banks coming out with less-dovish guidance, in the week to July 31 investors played it safe by pouring $10.5 billion into bonds while pulling some $1.7 billion money out of equities.

The US was the only region to attract investors, who pumped $4.8 billion into equities, while European and Japan stocks had outflows. Money has flowed out of European equities in 70 of the past 73 weeks.

Global equities were roiled last week by central bank comments that fell-short of expectations. European markets took a sharp hit after the European Central Bank kept interest&nbsp;rates intact and its outlook on easing came in below market expectations.

The US Federal Reserve cut interest rates in line with market expectations on Wednesday but poured cold water on market expectations of a lengthy easing cycle sending global stocks lower.

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world.

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world. BAML said its global earnings per share (EPS) "growth model" suggested an earnings recession. The model forecasts a 7.5% drop in EPS in the next 12 months. With all major central banks coming out with less-dovish guidance, in the week to July 31 investors played it safe by pouring $10.5 billion into bonds while pulling some $1.7 billion money out of equities. The US was the only region to attract investors, who pumped $4.8 billion into equities, while European and Japan stocks had outflows. Money has flowed out of European equities in 70 of the past 73 weeks. Global equities were roiled last week by central bank comments that fell-short of expectations. European markets took a sharp hit after the European Central Bank kept interest rates intact and its outlook on easing came in below market expectations. The US Federal Reserve cut interest rates in line with market expectations on Wednesday but poured cold water on market expectations of a lengthy easing cycle sending global stocks lower.

Fears of earnings recession keep investors away from stocks: Bank of America Merrill Lynch

Wall Street was set to open higher today, setting the stage for the Dow and S&amp;P 500 to hit fresh highs, as US corporate reports continue to top expectations. 
 
Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. 
 
With the S&amp;P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. 
 
&quot;The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now,&quot; said Peter Cardillo, chief market economist at First Standard Financial in New York. 
 
Bank of America profits show corporations making money&nbsp; 
 
Bank of America, the number 2 US bank by assets, and fellow S&amp;P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. 
 
&quot;The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that&#39;s what counts,&quot; Cardillo said. 
 
Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. 
 
S&amp;P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. 
 
Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. 
 
Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. 
 
Investors favouring riskier assets? &nbsp; 
 
British chip designer ARM&#39;s US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan&#39;s SoftBank agreed to buy the company for $32.2 billion. 
 
A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. 
 
Earnings of S&amp;P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. 
 
That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. 
 
Gold prices have fallen, while the yen was lower, indicating investors&#39; favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. 
 
(Reuters)&nbsp; 
&nbsp;

Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey

Wall Street was set to open higher today, setting the stage for the Dow and S&P 500 to hit fresh highs, as US corporate reports continue to top expectations. Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. With the S&P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. "The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now," said Peter Cardillo, chief market economist at First Standard Financial in New York. Bank of America profits show corporations making money Bank of America, the number 2 US bank by assets, and fellow S&P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. "The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that's what counts," Cardillo said. Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. S&P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. Investors favouring riskier assets? British chip designer ARM's US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan's SoftBank agreed to buy the company for $32.2 billion. A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. Earnings of S&P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. Gold prices have fallen, while the yen was lower, indicating investors' favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. (Reuters)

Wall Street gears up for upbeat earnings

The US Justice Department has dropped plans to sue the former head of Countrywide Financial, a driver of the subprime mortgage debacle behind the 2008 financial crisis, his lawyer said today. 
 
Los Angeles attorney David Siegel said that the Justice Department had informed him that Angelo Mozilo, who built and ran what became the country&#39;s largest mortgage issuer before the market collapsed in 2006, is no longer under investigation. 
 
&quot;We are pleased and gratified with the news that the DOJ has closed its investigation without further litigation,&quot; Siegel said. 
 
The Justice Department declined to comment on the issue. 
 
With the Obama administration under pressure to punish bankers and mortgage companies responsible for the crisis that spurred the 2008-2009 Great Recession, two years ago the Justice Department opened a civil investigation into Mozilo&#39;s role at Countrywide. 
 
In the housing boom in the early 2000s, Countrywide issued and sold millions of mortgages to home buyers. 
 
Many of those were low-quality loans that were fraudulently labeled good investments and packaged into securities that eventually failed, at a huge cost to investors. 
 
The 2014 Justice Department civil investigation into Mozilo&#39;s role was opened after a previous criminal probe was abandoned. 
 
Mozilo has not gone untouched by the fallout from the crisis. In 2010 he and others were ordered by the Securities and Exchange Commission to pay $67.5 million in fines and disgorged profits for related issues of substandard mortgages used in mortgage bonds. 
 
Bank of America, which purchased Countrywide in 2008, agreed in 2014 to pay $17 billion in fines, restitution and borrower relief over subprime mortgages issued by Countrywide and other units, and the damages homeowners suffered as a result to the market crash. 
 
Last month a US appeals court threw out a nearly $1.3 billion penalty against Bank of America, concluding the bank had not committed fraud amid the housing bust. 
(AFP)

Key driver of 2008 financial crisis goes unpunished despite pressure to target bankers and mortgage companies responsible for the collapse

The US Justice Department has dropped plans to sue the former head of Countrywide Financial, a driver of the subprime mortgage debacle behind the 2008 financial crisis, his lawyer said today. Los Angeles attorney David Siegel said that the Justice Department had informed him that Angelo Mozilo, who built and ran what became the country's largest mortgage issuer before the market collapsed in 2006, is no longer under investigation. "We are pleased and gratified with the news that the DOJ has closed its investigation without further litigation," Siegel said. The Justice Department declined to comment on the issue. With the Obama administration under pressure to punish bankers and mortgage companies responsible for the crisis that spurred the 2008-2009 Great Recession, two years ago the Justice Department opened a civil investigation into Mozilo's role at Countrywide. In the housing boom in the early 2000s, Countrywide issued and sold millions of mortgages to home buyers. Many of those were low-quality loans that were fraudulently labeled good investments and packaged into securities that eventually failed, at a huge cost to investors. The 2014 Justice Department civil investigation into Mozilo's role was opened after a previous criminal probe was abandoned. Mozilo has not gone untouched by the fallout from the crisis. In 2010 he and others were ordered by the Securities and Exchange Commission to pay $67.5 million in fines and disgorged profits for related issues of substandard mortgages used in mortgage bonds. Bank of America, which purchased Countrywide in 2008, agreed in 2014 to pay $17 billion in fines, restitution and borrower relief over subprime mortgages issued by Countrywide and other units, and the damages homeowners suffered as a result to the market crash. Last month a US appeals court threw out a nearly $1.3 billion penalty against Bank of America, concluding the bank had not committed fraud amid the housing bust. (AFP)

Countrywide Official ex-CEO Mozilo no longer under fraud investigation

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