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LONDON/BRUSSELS The European Union is close to a deal over tougher capital rules for banks after officials struck a series of preliminary agreements, including to introduce the rules in January 2014 and to cap bankers’ bonuses. EU states and the European Parliament met in Strasbourg, France, on Thursday and failed to agree an overall deal on a law to implement so-called Basel III rules, which require banks to hold more capital as a buffer against business setbacks. However, progress was made and a spokeswoman for the parliament said there would be a further meeting on Tuesday to iron out remaining [...]

The Christmas trees are up. The Hanukkah menorahs are being lit. And New Year’s is just around the corner. So, what are jolly ol’ Chairman Ben Bernanke and his Federal Reserve policymaking elves bringing the economy in their last meeting of the year? With the election out of the way and the jobs picture looking a bit rosier, the Federal Open Market Committee, or FOMC, is sunsetting one rate-reducing strategy and most likely expanding another. The group might also revisit how it offers interest rate guidance after several members grumbled over tying low rates to a date rather than an [...]

U.S. regulators are near a settlement with Google Inc in a dispute over the search giant’s efforts to stop the sale of products it says infringe essential patents, according to two sources close to the probe. But the Federal Trade Commission is not expected to reach a deal soon on the larger, more contentious issue of whether Google tweaks its search results to disadvantage rivals in travel, shopping and other specialized searches. Its rivals say Google fears the specialized sites will siphon away its most lucrative advertising and the revenue that goes with it. Under the expected settlement, which could [...]

NEW YORK Lockheed Martin Corp and the Defense Department are nearing agreement on a long-delayed contract for a fifth batch of F-35 fighter jets, the Pentagon’s chief weapons buyer told Reuters on Wednesday. “I think we’re getting close,” Defense Undersecretary Frank Kendall told Reuters after a speech to an investor conference hosted by Credit Suisse. Kendall said he had “a very positive meeting” on Tuesday with Lockheed President Marillyn Hewson about a range of issues, including the $ 396 billion F-35 program, the Pentagon’s largest weapons program. Lockheed, the Pentagon’s largest contractor, and its suppliers are already building the fifth [...]

Online financial services company E*Trade Financial Corp will shut down its British brokerage business as the company shifts focus back to its core U.S. operations, the Wall Street Journal reported, citing people familiar with the decision. Customers of the British unit, E*Trade Securities Ltd, were recently notified of the planned shutdown and were given the option to transfer their accounts to another financial institution or to liquidate their positions, the paper said. (http://link.reuters.com/dyz93t) Recently, E*Trade rivals Charles Schwab and TD Ameritrade moved ahead to shut down some of their European businesses. European brokers have struggled to maintain profits this year [...]

Hostess Brands Inc said it will ask a U.S. bankruptcy judge for permission to liquidate if enough striking workers do not return to work by the end of Thursday to let the maker of Twinkies and Wonder Bread resume normal operations. The announcement escalates a bitter dispute between the company and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, whose members comprise about one-third of Hostess’ nearly 18,000 employees. Unionized workers at Hostess plants across the country had gone on strike or refused to cross picket lines on November 9 to protest court-ordered pay cuts. Hostess said that, [...]

Hostess Brands Inc said it will ask a U.S. bankruptcy judge for permission to liquidate if enough striking workers do not return to work by the end of Thursday to let the maker of Twinkies and Wonder Bread resume normal operations. Wednesday’s announcement escalates a bitter dispute between the 82-year-old company and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, whose members constitute about one-third of Hostess’ nearly 18,000 employees. Neither the union nor its president, Frank Hurt, immediately responded to requests for comment. Workers at Hostess plants across the country had gone on strike or refused to [...]

The monthly jobs report is the last one before next week’s presidential election It may be the single most motivating event at this point in the campaignAmericans are generally partisan and split when evaluating which candidate will create more jobs But they believe propelling America forward fundamentally means jobs creation The monthly jobs report — the last before the nail-biting election next week — may be the single most motivating event to take place at this point in the campaign.On its own, it wouldn’t be. But with a race so tight in so many swing states, swayable, uncommitted, undecided and [...]

Standard Chartered is close to wrapping up discussions to resolve U.S. investigations into its Iran-linked transactions and nearing agreement on a fine in the $ 300-million range, mirroring a much-publicized state settlement over similar allegations, according to four people familiar with the matter. The London-based bank agreed in August to pay New York’s banking regulator $ 340 million after that authority filed a surprise order accusing the bank of hiding some $ 250 billion worth of transactions with Iran. In bringing its case in August, the New York Department of Financial Services broke away from other authorities also investigating the [...]

LONDON British electricals retailer Comet is set to enter into administration next week, the latest household name to fall by the wayside in the consumer downturn. Directors of the struggling company, which employs 6,500 staff in 240 stores, filed a notice on Thursday to a British court, a spokesman confirmed on Thursday. “Comet Group Limited can confirm that it has taken steps to seek the protection of the court with a view to the company entering into administration during week commencing Nov 5,” the spokesman said. “In the meantime the board is urgently working with its advisers to seek a [...]