FURTHER FURTHER READING
- A profile of Dan Tarullo.
- Halloween costumes for economists.
- You can find political science research topics everywhere.
- Hatzius on US homebuilding.
- The rise of invisible work.
FT EVENING ROUND-UP
Wells Fargo strikes deal on bad mortgages: "Wells Fargo, the largest US bank by market value, has quietly settled claims from the Federal Housing Finance Agency that it mis-sold mortgages in the run-up to the financial crisis, said people familiar with the matter. The pricetag is considerably lower than the $5.1bn paid by JPMorgan Chase in a landmark settlement agreed last week, these people said. " (Financial Times)
Eike Batista to sit on both sides of debt talks: "Creditors of Brazilian businessman Eike Batista's failed oil enterprise OGX will have an unlikely competitor for any proceeds paid out from the group's debt restructuring talks – the industrialist himself. Mr Batista's oil services company OSX is one of the biggest contractors of OGX with claims estimated at up to $2.6bn. The group has included $900m of this in its estimated liabilities of $5.1bn, but if the full amount was realised it would take the total to $6.8bn." (Financial Times)
Germany rebuffs US Treasury criticism: "Germany has struck back at the US Treasury after it became the target of an unusual swipe in a report blaming the eurozone's biggest economy for giving a deflationary bias to the euro area and the world economy. Although the US Treasury has criticised German policy before, in its new semi-annual currency report it elevated the comments to a "key finding" alongside China's undervaluation of the renminbi and Japan's monetary stimulus." (Financial Times)
Refining overcapacity hits oil majors: "Squeezed margins in the global refining industry are hurting the world's largest oil companies, as Royal Dutch Shell, Total and ExxonMobil all blamed poor quarterly earnings on a decline in their downstream businesses. Results from Shell were the most disappointing Thursday, as its profit dropped almost a third to $4.5bn. ExxonMobil's profit fell 18 per cent to $7.87bn, while Total's declined almost a fifth to €2.72bn." (Financial Times)
