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Jul 16, 2015

Federal Reserve Board announces approval of application by Cathay General Bancorp: FRB Press Release - July 16, 2015.

www.federalreserve.gov


Press Release

Release Date: July 16, 2015

For release at 5:00 p.m. EDT

The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act by Cathay General Bancorp, Los Angeles, California, to acquire Asia Bancshares, Inc., and thereby indirectly acquire its wholly owned subsidiary, Asia Bank, National Association, both of Flushing, New York.  
Attached is the Board's order relating to this action.

For media inquiries, call 202-452-2955.
Attachment (104 KB PDF)
Board Votes
 
Last update: July 16, 2015

Litigation Costs Drag Down Goldman Sachs's Earnings DealBook P.M. Edition Top Story - July 16, 2015.

Thursday, July 16, 2015
TOP STORY
Lloyd Blankfein, the chief executive of Goldman Sachs. The bank's profit nearly halved in the second quarter.
Litigation Costs Drag Down Goldman Sachs's Earnings Trading revenue at the Wall Street bank weakened in the second quarter as it faced "uncertainty" in Europe.

U.S. Stocks Close Higher as Greece Fear Wanes, Yellen speaks: Wall Street at Close report on July 16, 2015.

marketwatch.com

U.S. stocks close higher as Greece fear wanes, Yellen speaks

Wallace Witkowski, Mark DeCambre
 
U.S. stocks finished higher Thursday, with the Nasdaq Composite reaching a new closing high, as fears of a Greek exit from the eurozone subsided and Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress.

The Economist This Week - July 16, 2015: Greece Punished | Politics This Week | Business This Week

Selected Articles From The Economist



 
 

Greece punished
The latest agreement with the euro zone averts one disaster and hastens the next. In the cradle of democracy, it will leave a bitter taste
READ MORE >


Politics this week
Barack Obama commuted the prison sentences of 46 drug offenders, arguing that their sentences didn’t match their crimes. This came as he proposed a raft of reforms to America’s criminal-justice system, including a review of sentencing guidelines, especially for non-violent crimes, ahead of his visit to a federal prison, the first ever by an American president
SEE ARTICLE >
MORE FROM POLITICS THIS WEEK > 


Business this week
China’s GDP grew by 7% in the second quarter, which was higher than had been expected. Some questioned the veracity of the 7% figure, which matches the government’s official growth target. A spokesman said 7% “objectively described” the economic situation
SEE ARTICLE >
MORE FROM BUSINESS THIS WEEK >


SEC Charges Pennsylvania Attorney with Insider Trading in Advance of Merger Announcement: SEC Enforcement Actions July 16, 2015.

SEC Seal

SEC Charges Pennsylvania Attorney with Insider Trading in Advance of Merger Announcement
07/16/2015 02:10 PM EDT

The Securities and Exchange Commission today charged a Pennsylvania attorney with insider trading in the stock of Harleysville Group, Inc. in advance of the 2011 announcement of a $760 million merger of Harleysville and Nationwide Mutual Insurance Company.

Investment Executive Sentenced to 21 Months in Prison for $37.5MN Fraud Scheme: SIGTARP Press Release - July 16, 2015.

Allen Reichman, a former investment banker, was sentenced to 21 months in federal prison for his role in a $37.5 million insurance fraud scheme in connection with the fraudulent purchase of an Oklahoma-based insurance company, announced the Special Inspector General for the Troubled Asset Relief Program. 
Read the news release

CMI | Spot Prices as of Close of Trading in New York on July 16, 2015.

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Thursday, July 16, 2015


Gold

Today Change Week Ago Month Ago Year Ago
$1,145.20 -$3.60 $1,160.70 $1,182.60 $1,317.15

Silver

Today Change Week Ago Month Ago Year Ago
$15.01 -$0.07 $15.40 $16.00 $21.17

Platinum

Today Change Week Ago Month Ago Year Ago
$1,014.50 -$13.10 $1,029.30 $1,082.30 $1,507.10

Palladium

Today Change Week Ago Month Ago Year Ago
$634.55 -$10.35 $640.40 $735.45 $888.10

Gold/Silver Ratio

76.30

SEC Charges Purported Investment Adviser in San Diego With Stealing Client Funds and Conducting a Ponzi Scheme: SEC Enforcement Actions - July 16, 2015

SEC Seal

SEC Charges Purported Investment Adviser in San Diego With Stealing Client Funds and Conducting a Ponzi Scheme
07/16/2015 02:05 PM EDT

The Securities and Exchange Commission today charged a purported investment adviser in San Diego with stealing money from clients for personal use and conducting a Ponzi scheme to pay customers making redemption requests.

Agency MBS Transaction Summary From July 9, through July 15, 2015: Federal Reserve Bank of New York Org.


Agency MBS Transaction Summary
Gross purchases from July 9 through July 15: $4,545 million
Sales (dollar rolls) from July 9 through July 15: $100 million
Net purchases from July 9 through July 15: $4,445 million

All amounts reflect current face

E.U. Investigates Qualcomm for Antitrust Violations: NYT Bits | The Business of Technology - July 16, 2015.

Thursday, July 16, 2015
 



Daily Report
E.U. Investigates Qualcomm for Antitrust Violations | The European Commission announced two antitrust investigations on Thursday into the chip maker Qualcomm, the latest in a number of recent competition inquiries that have focused on United States technology giants,

Europe closes higher after ECB gives Greece hope: European Markets at Close Report on July 16, 2015.

cnbc.com

Europe closes higher after ECB gives Greece hope

Holly Ellyatt, Arjun Kharpal, Alexandra Gibbs
 
European equities finished higher on Thursday after the Greek parliament approved Prime Minister Alexis Tsipras' reforms plan and the European Central Bank (ECB) extended its emergency funding for the stricken country's banks.

Dalai Lama Gets Mischievous: NYT Opinion Today - July 16, 2015.



Op-Ed Columnist
Dalai Lama Gets Mischievous
By NICHOLAS KRISTOF
The Dalai Lama has a suggestion for China's Communist leaders: Take up reincarnation.
Op-Docs
'A Ride Home from Prison'
By KATIE GALLOWAY and KELLY DUANE de la VEGA
This short documentary profiles a former prisoner who guides men released from life sentences in California through their first hours of freedom. 

FDIC Financial Institution Letter - July 16, 2015: FIL-30-2015: Consolidated Reports of Condition and Income for Second Quarter 2015

FDIC

Financial Institution Letter

Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Board of Governors of the Federal Reserve System
FIL-30-2015
July 16, 2015
DEPOSITORY INSTITUTION REPORTS
TO: CHIEF EXECUTIVE OFFICER

SUBJECT: Consolidated Reports of Condition and Income for Second Quarter 2015
The attached materials pertain to the Consolidated Reports of Condition and Income (Call Report) for the June 30, 2015, report date. Please plan to complete the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR) as early as possible. Starting your preparation early will help you identify and resolve any edit exceptions before the submission deadline. If you later find that certain information needs to be revised, please make the appropriate changes to your Call Report data and promptly submit the revised data file to the CDR.

DealBook Today's Top Headlines - July 16, 2015: Greece Adopts Austerity | Icahn Calls BlackRock Dangerous | Santander Consumer USA Hires Blythe Masters | Macy's Gets a Lift From Starboard.

Thursday, July 16, 2015
TODAY'S TOP HEADLINES

By AMIE TSANG
GREECE ADOPTS AUSTERITY Life is likely to get tougher for millions of Greeks. With the threat of losing the bailout package, Greece's Parliament approved painful new austerity measures early on Thursday morning, Suzanne Daley and James Kanter report in the New York Times.

The measures passed easily, with a vote of 229 to 64 and six abstentions. But much of the support came from opposition parties - 32 members of Prime Minister Alexis Tsipras's Syriza party voted against the package. The rebels included three of his ministers, throwing the stability of his left-wing coalition government into question.

Mr. Tsipras made no secret of his unhappiness with the deal but said the alternative - exile from the eurozone - was the greater evil. "We took on powerful opponents, we clashed with the international financial system," he said. "And in that sense it was an uneven battle. But I'm proud of our fight."

A Close Look at Donors, War Chests and 'Burn Rates': NYT First Draft on Politics - July 16, 2015.

7/16/2015 nytimes.com/firstdraft »
First Draft

A Close Look at Donors, War Chests and ‘Burn Rates’

Potential supporters and donors listened to Gov. Chris Christie of New Jersey in late June in New Hampshire, his first campaign stop after announcing his candidacy. Ian Thomas Jansen-Lonnquist for The New York Times
7/16/2015
By Maggie Haberman
Good Thursday morning from Washington, where both the Obama administration and Republicans are charting their next moves on the Iran nuclear deal. But the focus now shifts back to the campaign trail, where the deadline to file financial disclosure forms offered a glimpse into the money coming in and going out of the campaigns.
The campaign finance filings of the 2016 presidential candidates, filed until the last minute on Wednesday night, bring into sharper relief the cash available to their campaigns and paint a picture of their spending habits.

U.S. Stock Market Future Indications - July 16, 2015: Wall Street set for higher open after Greek vote.

marketwatch.com

Wall Street set for higher open after Greek vote

Sara Sjolin
 
U.S. stock futures headed north on Thursday, keying off gains in Europe, where fears of a Greek exit from the eurozone subsided after the country’s parliament approved tough austerity measures to receive financial aid.
Futures for the Dow Jones Industrial Average YMU5, +0.32%  gained 50 points, or 0.3%, to 18,042, while those for the S&P 500 index  ESU5, +0.48%  added 8 points, or 0.4%, to 2,112.50. Futures for the Nasdaq-100 index NQU5, +0.46%  climbed 19 points, or 0.4%, to 4,555.50.

Asian Markets at Close Report on July 16, 2015 Chinese shares manage to hang on to gains

marketwatch.com

Chinese shares manage to hang on to gains

Chao Deng
 
Chinese shares managed to hold on to gains Thursday, as trading resumed for hundreds of firms this week, while markets elsewhere in Asia rose after Greece approved austerity measures to secure a bailout.
The Shanghai Composite SHCOMP, +0.46%  ended up 0.5% at 3,823.18, having lost as much as 3% earlier in the session. The gains follow two days of losses and the index is still down more than a quarter from its seven-plus-year high.