World News

Whistleblower accuses GE of fraud and misleading investors

India celebrates independence day

It came as the restrictions and a communications blackout continued in Indian-Administered Kashmir since the region’s autonomy was revoked last week.

    India celebrated its Independence day on Thursday as the restrictions and a communications blackout continue in Indian-administered Kashmir, since the region’s autonomy was revoked last week.

    India’s Prime Minister Narendra Modi used the celebration to emphasize how the change in status will benefit everyone, including Kashmiris.

    Al Jazeera’s Faiz Jamil has more from New Delhi.

    ECB prepared to deliver ‘very strong’ stimulus package, policy maker says

    HELSINKI—The European Central Bank will announce a package of stimulus measures at its next policy meeting in September that should exceed investors’ expectations, a top official at the central bank said.

    Speaking in his offices in Finland’s capital on Thursday, Olli Rehn said the slowing global economy would see the ECB rolling out fresh stimulus measures that should include “substantial and sufficient” bond purchases as well as cuts to the bank’s key interest rate.

    “It’s important that we come up with a significant and impactful policy package in September,” said Rehn, who sits on the ECB’s rate-setting committee as governor of Finland’s central bank.

    “When you’re working with financial markets, it’s often better to overshoot than undershoot, and better to have a very strong package of policy measures than to tinker,” Rehn said.

    Read an expanded version of this article at WSJ.com.

    GE is new target of Madoff whistleblower

    Dow sheds 800 in biggest drop of year

    Once asking $1 billion, America’s priciest listing is scheduled for auction

    Victoria Ave flooded north of Regina’s General Hospital

    Water flooded Victoria Avenue and other nearby roads just north of Regina’s General Hospital on Thursday afternoon.

    City crews were on the scene over the noon hour as water appeared to be draining from the area.

    Global News has reached out to the City of Regina for more information on what may have caused the flood.

    A man works to clear a drain on Victoria Avenue in Regina on Aug. 15, 2019.

    More to come…

    CN Rail employee dies after rail car derails in Vaughan, police say

    VAUGHAN – Police say a Canadian National Railway employee has died after a rail car derailed in Vaughan.

    York Regional Police say they were called to the scene of what they described as an industrial accident around 2 a.m. Thursday morning.

    They say a rail car derailed and flipped on its side.

    Investigators say the employee ended up underneath the derailed car and died.

    CN Rail says it is investigating what happened.

    The company also offered condolences to the employee’s loved ones.

    10-year Treasury yield falls below 1.50%

    The breathless rally in long-term Treasury yields shows no signs of ending, with the benchmark 10-year bond rate breaking below the 1.50% level on Thursday. The 10-year Treasury note yield tmubmusd010y fell 8.4 basis points to 1.497%. The 2-year note yield TMUBMUSD02Y, -4.38% was down 9.8 basis points to 1.479%, while the 30-year bond yield TMUBMUSD30Y, -1.70% slipped 8.7 basis points to 1.940%. Debt prices move in the opposite direction of yields. Bond yields accelerated their mid-morning slide as comments from European Central Bank policymaker Olli Rehn raised the prospect of a more aggressive package of stimulus measures at the ECB’s September meeting. His comments helped draw investors into European debt. The German 10-year government bond yield TMBMKDE-10Y, -9.57% slipped 5.4 basis points to a negative 0.706%. The 10-year Italian bond yield TMBMKIT-10Y, -11.52% plunged 19.3 basis points to 1.334%.

    Dow falls to Thursday low and 10-year bond slides below 1.5% as ECB official points to shock-and-awe stimulus

    The Dow Jones Industrial Average DJIA, +0.18% fell to its Thursday low in afternoon trade as the market digested reports about coming monetary-policy action out of Europe. The Wall Street Journal reported that the European Central Bank was readying a package of stimulus measures at its next policy meeting in September that should exceed investors’ expectations. The 10-year Treasury note TMUBMUSD10Y, -2.88% yielded 1.48%, representing a fresh three-year low for the benchmark bond. Bond prices rise as yields fall. The WSJ reported that Olli Rehn, who sits on the ECB’s rate-setting committee as the head of Finland’s central bank, said the slowing global economy would see Europe’s central bank roll stimulus measures that should include "substantial and sufficient" bond purchases as well as cuts to the bank’s key interest rate. The comments come as the market has been rattled by worries about a global economic recession, heightened by a so-called yield-curve inversion, where the 2-year Treasury note has risen above the 10-year for the first time in more than a decade. The Dow, most recently, was down 100 points, or 0.4%, at 25,380, while the S&P 500 index SPX, +0.06% declined 0.4% at 2,831, while the Nasdaq Composite Index COMP, -0.21% retreating 0.6% at 7,724.

    Whistleblower accuses GE of fraud and misleading investors

    NEW YORK — General Electric’s stock is tanking after the release of a report claiming the company has been misleading investors.

    Investigator Harry Markopolos accused GE Thursday of engaging in accounting fraud worth $38 billion. He said GE is heading for bankruptcy and is hiding $29 billion in long-term care losses.

    GE says Markopolos’ claims are unsubstantiated and meritless, and the company stands behind its financial reporting.

    Markopolos is known for his role as the whistleblower who warned the Securities and Exchange Commission about Bernard Madoff’s Ponzi scheme.

    Markopolos disclosed that an unnamed hedge fund paid him for access to the GE report before it was released. Asked about the potential conflict of interest, he told CNBC he needs to support his family.

    GE’s stock was down 12% in late morning trading.