PJT Partners to step down as financial advisor to Brazil’s Oi: sources

Restructuring firm PJT Partners will step down as financial advisor to Brazilian phone carrier Oi SA , which filed for the country's largest-ever bankruptcy protection in June, two sources with direct knowledge of the matter said on Friday. PJT and Oi are discussing the size of a break-up fee and the company will start looking for a new financial advisor as early as next week, the sources said. The advisor had disagreements with part of Oi's board over the restructuring, the sources added.

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PJT Partners to step down as financial advisor to Brazil’s Oi: sources

Illinois and Chicago eye Wells Fargo business bans

Wells Fargo & Co faces possible bans from doing business with the city of Chicago and the state of Illinois in the wake of its sales scandal that erupted earlier this month. Alderman Edward Burke, who heads the Chicago City Council's finance committee, introduced an ordinance on Friday that would suspend the bank from acting in several capacities, including as a municipal depository, bond underwriter and financial adviser. Illinois Treasurer Michael Frerichs set a Monday news conference to announce “plans to suspend billions of dollars in investment activity with Wells Fargo,” according to an advisory from his office on Friday.

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Illinois and Chicago eye Wells Fargo business bans

Yahoo hack may become test case for SEC data breach disclosure rules

By Dustin Volz WASHINGTON (Reuters) – Yahoo's disclosure that hackers stole user data from at least 500 million accounts in 2014 has highlighted shortcomings in U.S. rules on when cyber attacks must be revealed and their enforcement. Democratic Senator Mark Warner this week asked the U.S. Securities and Exchange Commission to investigate whether Yahoo and its senior executives properly disclosed the attack, which Yahoo blamed on Sept. 22 on a “state-sponsored actor.” The Yahoo hack could become a test case of the SEC's guidelines, said Jacob Olcott, former Senate Commerce Committee counsel who helped develop them, due to the size of the breach, intense public scrutiny and uncertainty over the timing of Yahoo's discovery.

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Yahoo hack may become test case for SEC data breach disclosure rules

Viacom forms committee to consider Redstone’s CBS merger push

(Reuters) – Viacom Inc said it had formed a special committee to consider National Amusements Inc's proposal to combine the company with CBS Corp . National Amusements, owned by media baron Sumner Redstone and his daughter Shari Redstone, on Thursday urged the boards of Viacom and CBS to explore a combination. National Amusements, the majority shareholder of CBS and Viacom, also said it would not support the acquisition of either media company by a third party or surrender its control of either firm.

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Viacom forms committee to consider Redstone’s CBS merger push

Wall Street rallies, led by Deutsche Bank, financials

By Lewis Krauskopf NEW YORK (Reuters) – Wall Street rallied on Friday, lifted by a surge in Deutsche Bank shares and financial stocks after concerns eased about the health of the German bank. Deutsche Bank's U.S.-listed shares jumped 14 percent a day after sinking to a record low. French news agency AFP reported that Deutsche Bank was nearing a $5.4 billion settlement with U.S. officials over charges related to selling toxic mortgage bonds.

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Wall Street rallies, led by Deutsche Bank, financials

Betting on the U.S. election via the ‘Trump ETF’

An exchange-traded fund focused on Mexico has become a weather vane for Republican Donald Trump's chances winning the U.S. presidential election in November, investors said. Mexico has been a prime target for Trump, who has accused the country of taking away jobs from Americans, focusing particular ire on a landmark 1990s trade agreement with the United States' southern neighbor and Canada. Although a range of factors influence all markets, investors said this week that the U.S.-listed iShares MSCI Mexico Capped ETF (EWW) is increasingly being driven by the prospect of the New York businessman's election.

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Betting on the U.S. election via the ‘Trump ETF’

Drop in U.S. consumer spending clouds Fed rate hike outlook

U.S. consumer spending fell in August for the first time in seven months while inflation showed signs of accelerating, mixed signals that could keep the Federal Reserve cautious about raising interest rates. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, fell 0.1 percent last month after accounting for inflation. “Consumers took a breather in August,” said Chris Christopher of IHS Global Insight.

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Drop in U.S. consumer spending clouds Fed rate hike outlook

Oil shares pull Asian stocks higher; yen slips

HONG KONG (Reuters) – Oil shares pulled regional stock markets higher on Thursday after OPEC members agreed to curb output in a surprise deal, though investors were wary of chasing markets higher as the U.S. presidential election neared.

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Oil shares pull Asian stocks higher; yen slips

Oil prices retreat as investors wait for clarity on OPEC deal

Oil futures retreated on Thursday as the market grew more skeptical on how OPEC would implement a plan to curb oil output a day after the group agreed to limit production. Benchmark prices had initially extended gains made in the previous session following the decision by the Organization of the Petroleum Exporting Countries (OPEC) to reduce its aggregate output by 700,000-800,000 barrels per day (bpd), or to around 32.5 million to 33 million bpd. OPEC said each member's output cuts will be decided at its next formal meeting in November, when an invitation to join the deal could also be extended to other producers such as Russia.

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Oil prices retreat as investors wait for clarity on OPEC deal

VW brand CEO expects 2016 auto sales to grow year-over-year

PARIS (Reuters) – Volkswagen expects sales of its VW-branded cars to rise this year, brand chief Herbert Diess said on Thursday at the Paris car show.

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VW brand CEO expects 2016 auto sales to grow year-over-year