The San Francisco-based bank has received "formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans," it said in a regulatory filing without elaborating. Wells Fargo faced a string federal investigations for most of the last three years after a sales practices scandal erupted in 2016. It wrapped up the last major probe into the issue in February, in a $3 billion settlement with the Department of Justice and Securities and Exchange Commission.Small businesses have filed lawsuits against U.S. banks including Wells Fargo, JPMorgan Chase & Co and Bank of America alleging unfair practices in processing loans under the program, including prioritizing larger loans over smaller ones....
Drugmaker AbbVie Inc has won U.S. antitrust approval to buy Botox maker Allergan , a blockbuster $63 billion deal when it was announced last year, the companies said on Tuesday. AbbVie, which has been under pressure to diversify its portfolio, said in June 2019 that it would acquire Allergan in a deal that gives AbbVie control over the lucrative wrinkle treatment Botox and buys time to seek new growth before its arthritis treatment Humira loses U.S. patent protection in 2023. The combined AbbVie and Allergan will be based in AbbVie's home of North Chicago....
Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by the Organization of the Petroleum Exporting Countries. Brent was up 45 cents, or 1.5%, at $31.42 a barrel at 0830 GMT, having risen in the past six sessions. West Texas Intermediate (WTI) crude added 27 cents, or 1.1%, to $24.83....
Oil prices were mixed on Wednesday as a higher than expected rise in U.S. inventories refocused investors on the risk of oversupply despite hopes for a recovery in demand as some countries ease coronavirus lockdowns. U.S. West Texas Intermediate (WTI) crude futures dipped 26 cents, or 1.06%, to $24.30 a barrel by 0723 GMT, snapping a five-day winning streak. WTI slipped after a report showed U.S. crude inventories rose 8.4 million barrels last week, more than expected, according to data from the American Petroleum Institute (API) late on Tuesday....
Oil prices reversed course to edge lower on Wednesday as a higher than expected rise in U.S. inventories refocused investors on the risk of oversupply amid a coronavirus-driven slump in fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 1.1%, to $24.29 a barrel by 0436 GMT, snapping a five-day winning streak. Oil slipped after a report showed U.S. crude inventories rose 8.4 million barrels last week, more than expected, according to data from the American Petroleum Institute(API) late on Tuesday....
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were down 14 cents at $24.41 a barrel at 0201 GMT. Brent crude futures were flat at $30.97 a barrel....
(Bloomberg) -- Oil’s rally ran out of steam -- after prices doubled over five days -- as optimism that output cuts are easing the supply glut was balanced by trepidation over what promises to be a long and uncertain recovery.Futures in New York fell toward $24 a barrel in Asian trading after surging 20% on Tuesday to close at the highest level in almost a month. Diamondback Energy Inc. and Parsley Energy Inc. became the latest U.S. drillers to cut production in the country’s biggest shale fields, although they said they would consider restoring output if prices rose above $30 a barrel.OPEC+ began implementing 9.7 million barrels per day of production curbs on May 1, helping to ease fears the world will run out of storage space for crude and fuels. The supply glut has probably hit its apex, according to Morgan Stanley, though the market will likely remain oversupplied for...
