U.S. Bank Earnings in 2Q Climbed 1.4 Percent to $43.6B
WASHINGTON (AP) — U.S. banks’ earnings in the April-June period rose 1.4 percent from a year earlier as growth in lending fueled interest income.
The data issued Tuesday by the Federal Deposit Insurance Corp. showed continued strength in the banking industry eight years after the financial crisis struck. However, the impact of low oil prices on energy companies led banks to continue to post bigger losses on commercial and industrial loans.
The FDIC reported that U.S. banks earned $43.6 billion in the second quarter, up from $43 billion a year earlier. It marks a record profit for the industry.
France Wants Halt to ‘Imbalanced’ EU-U.S. Trade Deal Talks
PARIS (AP) — The French government wants the EU to end talks with the United States on forging a sweeping trade deal that it sees as too friendly to U.S. businesses.
French President Francois Hollande said Tuesday that talks on a landmark trade deal between the United States and EU are unbalanced and cannot be completed before President Barack Obama leaves office.
It’s the latest blow to the proposed free-trade zone that would encompass half the world’s economy. There’s resistance on both continents, and the talks are complicated by Britain’s planned exit from the EU and presidential elections in the United States and France.
Seattle Weighs New Rules For Businesses With Hourly Workers
SEATTLE (AP) — Seattle leaders have proposed new rules for retail and food-service businesses with hourly employees, including requiring them to schedule shifts two weeks in advance and compensate workers for some last-minute changes.
It’s the latest push by a city that has led the nation in mandating worker benefits. Seattle was among the first to phase in a $15 hourly minimum wage, mandate sick leave for many companies and offer paid parental leave for city workers.
Now, leaders are targeting erratic schedules they say make it difficult for people to juggle child care, school or other jobs or to count on stable income.