Global Glance: Fed leaves rates unchanged; SEC probes Wells Fargo

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Here are today’s top business headlines from across the nation and world:

3 takeaways from Fed’s move to leave rates but hint at hike

WASHINGTON (AP) — With six days before Americans choose a new president, the Federal Reserve sent a dual message Wednesday: It isn’t yet time to raise interest rates. But it’s getting very close. After its latest policy meeting, the Fed dropped hints that it might resume raising rates at its next meeting in mid-December – a step that would likely lead to some higher loan rates for consumers and businesses. The Fed most recently raised rates in December last year but has since remained on the sidelines. Read more

SEC probes Wells Fargo, bank ups legal reserves fund

NEW YORK (AP) — Wells Fargo has confirmed the existence of an investigation by the Securities and Exchange Commission into its sales practices, and the bank revealed that it has almost doubled funds set aside to deal with its ongoing legal problems. The bank said in a regulatory filing Thursday that the SEC has joined other federal state and local government agencies and states attorneys general, prosecutors’ offices and Congressional committees, performing formal or informal inquiries, investigations or examinations. Read more

UK court: Government can’t trigger EU exit without Parliament

LONDON (AP) — Britain’s High Court brought government plans for leaving the European Union screeching to a halt Thursday, ruling that the prime minister can’t trigger the U.K.’s exit from the bloc without approval from Parliament. The government said it would go to the Supreme Court to challenge the ruling, which has major constitutional as well as practical implications. The pound, which has lost about a fifth of its value since the June decision to leave, shot up on the verdict, rising 1.1 percent to $1.2430. Read more

Egypt devalues, floats its currency, meeting key IMF demand

CAIRO (AP) — Egypt devalued its currency by 48 percent on Thursday and announced the pound would be allowed to float – measures that meet a key demand by the International Monetary Fund in exchange for a $12 billion loan over three years to overhaul the country’s ailing economy. The devaluation pegged the Egyptian pound at 13 to the dollar, up from nearly nine on the official market. A Central Bank auction of dollars will be held later Thursday, allowing for the first time supply and demand to determine the value of the pound. Read more

Cubs win 1st series title since 1908, beating Cleveland in Game 7

CLEVELAND (AP) — No more Billy Goat, no more Bartman, no more black-cat curses. Ending more than a century of flops, futility and frustration, the Chicago Cubs won their first title since 1908, outlasting the Cleveland Indians 8-7 in 10 innings of a Game 7 thriller early Thursday. “It happened. It happened. Chicago, it happened,” first baseman Anthony Rizzo said after gloving the ball for the final out. “We did it. We’re world champions. I tell ya, we’re world champions. I can’t believe it.” Read more

Greek retirees rally against planned new pension cuts

ATHENS, Greece (AP) — Greek retirees staged an anti-government rally in Athens on Thursday to protest a new round of cuts under the country’s international bailout program. More than 5,000 protesters marched to the labor ministry and outside parliament, burning copies of a letter send by Labor Minister George Katrougalos explaining the pension changes. The country’s largest labor union also called a 24-hour strike for Dec. 8. Read more


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