Fed Rate Plans Sidetracked by Weak Jobs Data (WSJ)
A rate increase at the Fed’s June 14-15 meeting is almost surely off the table. A move at their July meeting six weeks later is still possible though less likely, because officials won’t have that much more economic data to reassure themselves about the course of the economy’s expansion, according to their remarks.
Saudi central bank bans use of options against riyal: executive (Reuters)
Saudi Arabia's central bank has told banks it is banning the use of options and other derivatives to speculate against the riyal, in a new effort to reduce pressure on its currency peg, a senior executive at a Saudi bank told Reuters on Sunday. The Saudi Arabian Monetary Agency "wants to make sure that there is no snowball effect against the riyal in the forwards markets", the executive said, declining to be named because of commercial sensitivities.
Valeant Looks to Show Steps Toward Normalcy (WSJ)
After months of turmoil over its drug-price increases and business practices, Valeant Pharmaceuticals International Inc. will try to show this week that it’s getting back to business as usual. Valeant reports its first-quarter earnings Tuesday. To paint a picture of normalcy, the Canadian drug company and its new chief executive, Joseph Papa, will have to address some pointed questions about its performance and prospects. Chief among them: Can Valeant meet its forecasts and prove it can generate profit and growth without the price increases and acquisitions that used to be central to its business? And can it make progress on paying down its massive $32 billion debt load?
NY Fed first rejected cyber-heist transfers, then moved $81 million (Reuters)
Hours before the Federal Reserve Bank of New York approved four fraudulent requests to send $81 million from a Bangladesh Bank account to cyber thieves, the Fed branch blocked those same requests because they lacked information required to transfer money, according to two people with direct knowledge of the matter. On the day of the theft in February, the New York Fed initially rejected 35 requests to transfer funds to various overseas accounts, a New York Fed official and a senior Bangladesh Bank official told Reuters. The Fed’s decision to later fulfill a handful of resubmitted requests raises questions about whether it missed red flags. The New York arm of the U.S. central bank initially denied the transfer requests because they lacked proper formatting for the SWIFT messaging system, the network banks use for international financial transfers, the two officials said.
Affordable housing plan has Hamptons residents fuming (NYP)
Officials from the town of Amagansett — where the average home sells for $2.8 million — say a 4.67-acre property at 531 Montauk Highway is actually zoned for affordable housing and plan to put up a 15-building development with 12 one-bedroom, 12 two-bedroom and 12 three-bedroom apartments, renting for from $1,100 to $2,300 a month. A family of four with a total annual household income of $106,200 or less would qualify. Well-heeled residents showed up at a public meeting last month to complain about “paving paradise.” And the issue has gotten so contentious that hundreds of locals have signed a move.org petition opposing the project.
Gravediggers in Hungary compete in first national grave-digging contest (UPI)
Participants competed in 18 two-person teams to dig graves 2 feet and 7 inches wide, 6 feet and 6 inches long and 5 feet and 3 inches deep, using tool such as shovels, rakes, axes and pickaxes. Each set of contestants were judged not only on how quickly they were able to dig their graves, but also on the style of the mounds surrounding the completed graves. Contestants were also allowed to choose how they went about digging the graves, with some opting to dig at the same time, while others had one member dig as the other piled dirt along the gravesite...The event was organized to draw young people to the profession of grave-digging as organizer Iren Kari said it was difficult to replace retiring employees.
Asset managers move to Brexit-proof funds (FT)
Paul O’Connor, who jointly leads Henderson’s multi-asset investment funds, has repositioned his portfolios by “[taking] out most Brexit-sensitive areas”, including smaller and midsized UK stocks, and property assets. He believes that in either case, leave or remain, smaller and midsized British companies will come under pressure: in a leave scenario because of uncertainty around trade rules and the economy, and in a remain scenario because interest rates are likely to rise more quickly and burden smaller companies.
Swiss Keep Corporate Allure as Basic Income, Pay Curbs Defeated (Bloomberg)
The Swiss rejected two popular initiatives that constituted the latest threat to the country’s business-friendly environment. Voters dismissed a measure that would have reduced the pay of Swisscom AG’s chief executive officer by three quarters and also shot down a proposal to establish a universal basic income, the federal chancellery said on Sunday.
Tesla Challenger in China Promises to Debut $106,000 E-Roadster (Bloomberg)
One of China’s biggest homegrown automotive design firms is taking the plunge into producing its own electric roadster, seeking to stand out from the gaggle of Chinese electric vehicle startups, as well as Tesla Motors Inc., by making a car with materials found more commonly in business jets and mega-yachts.
Murder Victim’s Parents Say Parrot Witnessed Crime (HP)
The parrot, named Bud, belonged to Martin Duram until May 2015, when a killer shot Duram to death in his home in Ensley Township, Michigan. Duram’s wife, Glenna, sustained a shotgun wound to her head in the attack, WOOD-TV reported at the time. Michigan State Police investigators initially suspected an intruder. But they now list Glenna Duram, who has since recovered from her injuries, as a suspect. Glenna Duram, who authorities said left three suicide notes, denied killing her husband when detectives interviewed her after she recovered...Her in-laws, however, finger Duram as the killer and say the parrot can prove her guilt. A few weeks after their son was murdered, Lillian and Charles Duram took a video of Bud repeating what sounds like an argument, complete with changing voices. At one point, Bud says, “Don’t f***ing shoot.” Charles Duram said he believes Bud’s verbal outburst is a sign the bird saw the crime. “I personally think he was there and he remembers it and he was saying it,” the victim’s father told WOOD-TV.