World Bulletin / News Desk
A top Trump administration financial regulator said Wednesday that tough bank capital requirements should be "recalibrated" as part of a regulatory pullback in order to boost economic growth.
J. Christopher Giancarlo, tapped by Trump on Tuesday to serve as chair of the Commodity Futures Trading Commission, also said regulators had gone too far in putting restrictions on financial derivatives after the 2008 financial crisis.
"Today, America's derivatives markets are struggling, in some cases, under the weight of flawed and excessive regulation," Giancarlo said in an address to a futures industry conference in Boca Raton, Florida.
Strict capital requirements on banks after the 2008 financial crisis were emblematic of the heavy-handed approach and needed to be rethought, said the official, who has been a member of the commission since 2014, but will require Senate confirmation to take the agency's top job although he currently serves as acting chair.
Supporters of the requirements say they are necessary to safeguard the financial system and prevent the excesses that led to the crisis, but large banks gripe that the limits have boxed them in and restricted their ability to return cash to shareholders.
Giancarlo said the rules were misguided because they heightened liquidity risk.
The CFTC focuses on derivatives but also has a hand in overall financial regulation through the joint Financial Stability Oversight Council, which also includes the Federal Reserve, Treasury and other regulators.
He also launched what he labeled as "Project KISS," for "keep it simple stupid," an initiative to simplify new rule implementation to be led by CFTC chief of staff Mike Gill, who also will have the title of "Regulatory Reform Officer."
Giancarlo also established a chief market intelligence officer to report directly to the chairman in an effort to set more future-oriented policies.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July