A pickup in manufacturing, "widespread" reports of labor shortages and improving business investment set the stage for the Federal Reserve's December rate hike amid signs of steady economic growth across the country, the Fed reported Wednesday in its latest Beige Book compendium of economic conditions. Manufacturers in "most" of the Federal Reserve System's 12 regions reported increased sales, the Fed reported in the document, a collection of anecdotal information from businesses assembled before each Fed meeting.
By Karen Freifeld NEW YORK (Reuters) - Credit Suisse has formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis. As part of the settlement, announced by the U.S. Department of Justice on Wednesday, the Zurich-based bank acknowledged that home loans it pooled into the securities did not meet underwriting guidelines, with some described by employees as "complete crap" and "[u]tter complete garbage." "The bank concedes that it knew it was peddling investments that were likely to fail," Principal Associate Attorney General Bill Baer said in a statement announcing the deal. Credit Suisse will pay a $2.48 billion cash penalty and provide $2.8 billion in consumer relief, including loan forgiveness and financing for affordable housing, the Justice Department said in the statement.
DAKAR, Senegal (AP) — Gambia headed late Wednesday toward a midnight showdown between a president who refuses to leave office and a president-elect who insists he will take power, while a regional force moved toward the country's borders in a threat to intervene.