Yellen, White House Step Up Opposition to Fed Oversight Bill (Bloomberg)
"The bill would severely impair the Federal Reserve’s ability to carry out its congressional mandate and would be a grave mistake, detrimental to the economy and the American people,” Yellen wrote in a letter to U.S. House Speaker Paul Ryan and House Democratic leader Nancy Pelosi on Tuesday. The legislation was introduced in July by Michigan Republican Bill Huizenga and is scheduled for a vote this week in the Republican-controlled House.
Barclays faces another heavy forex fine (FT)
Barclays (NYSE: BCS) is set to pay at least another $100m to resolve allegations it abused foreign exchange markets through its electronic trading platform by next month, presenting an early test for the bank’s incoming chief Jes Staley. The New York Department of Financial Services is likely to impose a smaller penalty for the alleged electronic trading abuses than the $485m the bank agreed to pay New York’s banking regulator in May over manipulation of forex spot trading, people familiar with the case said.
Slow-selling ‘female Viagra’ is giving Valeant a headache (NYP)
Addyi, the so-called “female Viagra” pill made by Valeant Pharmaceuticals’ (NYSE: VRX) Sprout unit, is off to a slow start, with doctors writing just 227 prescriptions in its first few weeks on the market, according to a new report...Regardless, acquisition-hungry Valeant was so insatiable that it ignored the skepticism and agreed to pay $1 billion to buy Sprout just a day after it won government approval for Addyi. Valeant, which is already under fire for its drug pricing and dubious business practices, may also be running into a cost issue with Addyi. Sprout wouldn’t provide the price, but a Rochester women’s clinic told Bloomberg that it costs $26 a pill.
Tom Lee: S&P can still rise 10% this year (CNBC)
The index has fallen about 0.4 percent this year, and ended slightly lower on Tuesday. Still, seasonal strength and solid economic data could bring a year-end surge, said Lee, managing partner and head of research at Fundstrat Global Advisors. "I know it's a stretch, but it's a seasonally good period. I think the U.S. data has been, for the most part, very good," he told CNBC's "Power Lunch."
Saved from wrecking ball: Taco Bell to relocate original 1962 restaurant (OCR)
Taco Bell (NYSE: YUM) is saving its first fast-food restaurant from the wrecking ball by relocating the iconic 400-square-foot food stand from Downey to its corporate headquarters in Irvine. “This is arguably the most important restaurant in our company’s history,” said Taco Bell Chief executive Brian Niccol. “When we heard about the chance of it being demolished, we had to step in. We owe that to our fans; we owe that to Glen Bell.” Earlier this year, new development for the vacant Firestone Boulevard site triggered demolition plans for the nostalgic building, dubbed “Numero Uno.” An uproar in the community followed...The structure's 45-mile overnight journey begins Thursday at 10:30 p.m. It should garner much attention as it traverses the cities of Downey, Norwalk, Cerritos, La Palma, Buena Park, Anaheim, Orange and Tustin. Throughout the four to five hour trip, Taco Bell is encouraging fans to follow the historic relocation via a live webcam. The bedazzled structure will be visible as it is trucked through parts of Los Angeles and Orange counties, the company said: “We’re lighting this thing like the Fourth of July.”
Square IPO Offers Up a Litmus Test (WSJ)
The mobile-payments startup founded and run by Twitter Inc. (NYSE: TWTR) Chief Executive Jack Dorsey is perhaps the highest-profile IPO out of San Francisco this year and faces a barrage of questions from potential investors about its profitability and valuation, according to people who attended the roadshow. Square’s (NYSE: SQ) performance will be closely watched as a harbinger for the dozens of tech companies that have been valued at more than $1 billion in private fundraisings, as well as for financial technology, or fintech, companies that hope to use technology and new approaches to shake up the banking industry.
SEC Said Probing Ex-Deutsche Mortgage Trader Zhou's Transactions (Bloomberg)
Former Deutsche Bank AG (NYSE: DB) trader Arnie Zhou is being examined by U.S. regulators for possible misconduct in transactions involving commercial mortgage-backed securities, according to people with knowledge of the matter. The bank reported Zhou to the Securities and Exchange Commission after its internal investigation unit found evidence that he mismarked trades and masked the amount of risk he had taken on, said the people, asking not to be identified because the information is private. The regulator is looking at trades that may have prompted his departure from the Frankfurt-based lender earlier this month, the people said.
Fired Citigroup Currency Trader Wins Suit Over Rigging Probe (Bloomberg)
Former Citigroup Inc. (NYSE: C) currency trader Perry Stimpson won his lawsuit against the bank over claims he was unfairly fired during an investigation into allegations of market rigging. Citigroup breached his employment contract by failing to pay him notice, a panel of London employment tribunal judges said. They also said Stimpson’s conduct had contributed to his firing in 2014, without giving further details...Stimpson said he wasn’t rigging or manipulating the FX market and was following orders from management.
Kid Wants 'Grand Theft Auto V,' Without The Hookers (HP)
In his Christmas letter to Santa, a little boy named Rory Smith wanted to tell the man at the North Pole he'd like the video game "Grand Theft Auto V" for the upcoming holiday, but made his intentions extremely clear when he explained in his list, "i Just want to play with the cars (not the hookers)." The highly controversial game features the use of violence and gameplay elements that involve graphic depictions of prostitution.