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Monday, Jan 16th

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Wells Fargo faces new restrictions from banking regulator

Wells Fargo A federal banking regulator has imposed tighter restrictions to Wells Fargo & Co.'s settlement regarding the company's fraudulent account sales scandal.

The Office of the Comptroller of the Currency released a statement announcing the bank will be required to seek permission before changing business plans, directors and senior executive officers and will be banned from offering "golden parachute" payments to departing employees.

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Ford CEO warns Trump's 35% car tariff would harm the economy

Mark FieldsFord Motors CEO Mark Fields said Tuesday that a 35% tariff on cars and trucks imported from Mexico — an idea promoted by President-elect Donald Trump — would have a "huge impact" on the entire U.S. economy.

Fields, who delivered the keynote speech at the Los Angeles Auto Show on Tuesday morning, spoke about Donald Trump for the first time in public since the businessman was elected to become the next president.

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GDP Grows 2.9% in Biggest Gain in 2 Years

US economyThe U.S. economy expanded at a 2.9% annual rate from July through September compared with the same time a year ago -- the fastest economic growth in two years.

It was the last reading on economic growth before the election, and it came as welcome news: Growth was sluggish in the first half of the year, averaging just above 1%.

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WEF: Gender wage gap will not close for 170 years

Gender wage gap not ot end for 170 yearsEfforts to close gender gaps in pay and workforce participation slowed so dramatically in the past year that men and women may not reach economic equality for another 170 years, according to the World Economic Forum.

Statistics just a year ago predicted the economic gap between genders could close in 118 years, but progress has decelerated, stalled or reversed in nations around the world, the Swiss non-profit WEF said in its annual gender gap index.

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Gannett to lay off two percent of workforce

Gannet to lay off 2 percent of workforceGannett, the largest U.S newspaper company, is cutting another two percent of its workforce. That cut, which should total about 350 or more positions throughout the company, was made official in an internal memo (reproduced below) to Gannett employees by CEO Bob Dickey moments ago.

On Friday, POLITICO had reported [“Gannett approaches possible billion dollar deal to buy Tronc – and layoffs, too”] the layoffs and other cost reductions would be announced this week.

Gannett will announce its third-quarter earnings on Thursday. Company insiders say they won’t be pretty, as print ad revenue losses largely between five and eight percent at many of its more than 100 properties swamp efforts at digital business revenue growth.

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Deutsche Bank faces new blow as Justice Department demands record $14B

Deutche bankDeutsche Bank faces the prospect of having to tap shareholders for more cash after the U.S. Department of Justice asked Germany’s flagship lender to pay $14 billion to settle an investigation into alleged mis-selling of mortgage-backed securities. The record fine marks the latest blow to the bank, which has run a gauntlet of setbacks since the 2008 financial crisis.

The Department of Justice move was only the first salvo in what could be a lengthy negotiation over the size of the fine, but it raised fears the final penalty will be far greater than expected. Deutsche Bank said on Friday it has “no intent” to settle the issue at “anywhere near the number cited.”

The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts.

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US corporations have $1.4tn hidden in tax havens, claims Oxfam report

US corporations hide 1.4t in tax havensUS corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.

The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said Oxfam.

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