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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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U.S. regulators fail 'living wills' at five of eight big banks

5 big banks fail regulation testFive out of eight of the biggest U.S. banks do not have credible plans for winding down operations during a crisis without the help of public money, federal regulators said on Wednesday.

The banks have until October 1 to resubmit their plans with serious "deficiencies" corrected, or face stricter regulations, like higher capital requirements or limits on business activities, regulators said.

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Goldman Sachs to pay $5 billion in U.S. Justice Dept mortgage probe

Goldman SachsGoldman Sachs Group Inc (GS.N) has agreed to pay $5.06 billion to settle claims that it misled mortgage bond investors during the financial crisis, the U.S. Department of Justice said on Monday.

The settlement, which Goldman disclosed in January, stems from Goldman's conduct in its packaging, securitization, marketing and sale of residential mortgage-backed securities between 2007 and 2009, the Justice Department said.

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American executives' names surface in Panama Papers

American Execs named in Panama papersThe names of hundreds of Americans have surfaced in the Panama Papers, including a handful of U.S. businessmen accused or convicted by U.S. authorities for ties to financial crimes or Ponzi schemes.

The identities of the Americans emerged from the treasure trove of documents obtained by the German newspaper Süddeutsche Zeitung, the U.S.-based International Consortium of Investigative Journalists and hundreds of other media organizations.

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Forty millionaires ask New York to raise taxes on wealthy in '1% plan for fairness'

40 millionaires ask for tax raise in NYMore than 40 millionaires on Monday asked New York state to raise taxes on the wealthy, under what they called a “1% plan for tax fairness”.

“As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share,” the millionaires said in an open letter to Governor Andrew Cuomo and state lawmakers.

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U.S. watchdog to probe Fed's lax oversight of Wall Street

Janet YellinA U.S. watchdog agency is preparing to investigate whether the Federal Reserve and other regulators are too soft on the banks they are meant to police, after a written request from Democratic lawmakers that marks the latest sign of distrust between Congress and the central bank.

Ranking representatives Maxine Waters of the House Financial Services Committee and Al Green of the Subcommittee on Oversight and Investigations asked the Government Accountability Office on Oct. 8 to launch a probe of "regulatory capture" and to focus on the New York Fed, according to a letter obtained by Reuters.

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Wal-Mart to shutter 269 stores, 154 of them in the US

walmart closing 269 storesWal-Mart is closing 269 stores, more than half of them in the U.S. and another big chunk in its challenging Brazilian market.

The stores being shuttered account for a fraction of the company's 11,000 stores worldwide and less than 1 percent of its global revenue.

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