U.S. Vice President JD Vance stated that European nations should bear the primary responsibility for Ukraine's security guarantees. He emphasized the U.S. role should be limited to assisting in ending the conflict and stopping the violence. Vance conveyed that the President anticipates Europe taking the lead in supporting Ukraine.
Bank of America has announced a leadership reshuffle within its global corporate and investment banking division. Faiz Ahmad and Mike Joo have been appointed as the new co-heads of global investment banking. Alex Bettamio and Thomas Sheehan will transition to chairs of GCIB, focusing on strengthening client relationships. BofA currently holds a 6% market share in global investment banking revenue.
The Centers for Disease Control and Prevention (CDC) is issuing permanent termination notices to at least 600 employees following a recent court decision. These cuts affect various departments, including violence prevention, impacting experts trained to address such issues.
In Washington DC, federal prosecutors will stop felony charges for rifle or shotgun possession. US Attorney Jeanine Pirro cites Justice Department guidance and Supreme Court rulings. Local authorities can still prosecute unregistered firearms. This policy shift aligns with President Trump's crime emergency declaration. The White House reports seizing 76 firearms this month.
On Wednesday, the Nasdaq and S&P 500 experienced declines as investors shifted away from tech stocks towards sectors with lower valuations, awaiting insights from Federal Reserve officials at the Jackson Hole symposium. Tech stocks faced pressure due to concerns about AI valuations and potential government intervention. Meanwhile, investors are closely monitoring upcoming economic data and earnings reports from major retailers.
The Reserve Bank of India (RBI) has proposed new Counterparty Credit Risk (CCR) norms for banks acting as clearing members in equity and commodity derivatives exchanges. These draft norms, aligning with global Basel standards, introduce higher risk weights for longer-tenor and more volatile instruments.
