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Fed official stands by Wall Street reforms, says must complete work

New York Fed President William Dudley takes part in a panel convened to speak about the health of the U.S. economy in New YorkThe United States "absolutely must" complete unfinished work ending the too-big-to-fail bank problem that helped plunge the global economy into recession eight years ago, an influential Federal Reserve policymaker said on Saturday. Dudley's comments, to a Group of 30 meeting of top world regulators, came a day after another powerful regulator at the U.S. central bank, Daniel Tarullo, also warned against "backsliding" after years of implementing the landmark 2010 Dodd-Frank financial-reform law. Challenges especially remain in regulators safely and smoothly handling the hypothetical failure of a massive bank with operations in multiple jurisdictions, Dudley said.

S&P holds South Africa's rating at BBB-, downgrades local debt

A view shows the Standard & Poor's building in New York's financial districtBy Mfuneko Toyana and James Macharia JOHANNESBURG (Reuters) - Standard & Poor's downgraded South Africa's local debt by one notch to BBB on Friday but kept its sovereign credit rating unchanged at BBB-, one level above "junk" status, while saying the economy was still struggling. S&P retained its negative outlook on the rating. A cut would take South Africa below investment grade, pushing its bonds out of global indices and preventing institutional investors from buying its debt.

Wall Street Week Ahead - Small banks rally pauses but may not be over yet

Traders work on the floor of the NYSE in New York CityBy Sinead Carew and Chuck Mikolajczak NEW YORK (Reuters) - The rally in regional U.S. bank stocks that followed last month's election of Donald Trump may not be over, but investors may have to wait for policy to take shape for the massive move to extend further. The S&P 600 index of small-cap banks has surged more than 20 percent since Trump's surprise Nov. 8 victory, while their large-cap peers on the S&P 500 index have jumped over 17 percent. Smaller lenders could potentially add as much as 40 percent to their fourth-quarter 2017 earnings if Trump's promises of tax cuts and regulatory changes materialise, according to Sandler O' Neill analyst Brad Milsaps.

Wall Street little changed as bank rally pauses

Traders work on the floor of the NYSEA U.S. Labor Department report showed employers in private and public sectors hired more people last month than economists had expected, further strengthening expectations of a hike when the U.S. central bank meets Dec. 13 and 14. "If it is in the high one hundred (thousands) on payrolls then everybody is pretty much just yawning at it," said Jeff Weniger, senior strategist at BMO Private Bank in Chicago.

Fed's Tarullo warns against 'backsliding' on bank regulations

US Federal Reserve Governor Tarullo delivers remarks at the Center for American Progress in WashingtonU.S. banking regulators must defend tough rules governing Wall Street and resist efforts to dilute regulations that might prevent a future financial crisis, Federal Reserve Governor Daniel Tarullo said on Friday. "It is critical that we not forget our still quite recent history," Tarullo told a meeting of financial market researchers in Washington, referring to the 2008 housing bust that pushed global financial markets to near-collapse.

Here Are the CEOS and Wall Street Titans Trump Will Turn to for Advice

Here Are the CEOS and Wall Street Titans Trump Will Turn to for AdviceAs President-elect Donald Trump looks to ?Make America Great Again,? he?ll be relying on advice from a who?s who of Wall Street titans and corporate executives, including his picks for Treasury and Commerce secretaries, Steve Mnuchin and Wilbur Ross. ?My administration is committed to drawing on private sector expertise and cutting the government red tape that is holding back our businesses from hiring, innovating, and expanding right here in America,? Trump said in a statement. Or that, as the Obama White House points out, U.S. businesses have added 15.6 million jobs since early 2010.

EXCLUSIVE - Trump financier Ladder Capital explores sale - sources

U.S. President-elect Donald Trump speaks at a rally as part of their "USA Thank You Tour 2016" in CincinnatiBy Carl O'Donnell (Reuters) - Ladder Capital Corp, a real estate investment trust which has bankrolled much of U.S. President-elect Donald Trump's property development, is exploring the possibility of a sale, according to people familiar with the matter. The move comes as Ladder grapples with new regulations making selling on mortgages more difficult. Founded in 2008, it has been one of the key lenders that Trump has turned to after his relations with major Wall Street banks soured following some of his business bankruptcies in the 1990s.

Coal minister denies plan to split Coal India, sees no value

Worker unloads coal from a goods train at a railway yard in ChandigarhBy Devidutta Tripathy and Jatindra Dash BHUBANESWAR, India (Reuters) - Power and coal minister Piyush Goyal said on Friday there was no value in splitting up India's biggest coal producer Coal India Ltd and denied any plans to break it up. In a presentation seen by Reuters on Thursday, government officials recommend that Coal India - with a stock market valuation of $28 billion - should be broken up into seven companies, which they say would make it more competitive and efficient. The proposal, dated November 30, is expected to be presented to Prime Minister Narendra Modi soon, three government officials with direct knowledge of the situation said.

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