TOP STORIES
GLOBAL MARKETS RALLY ON CHINA, DRAGHI
Global financial markets rallied after China's central bank cut
interest rates and the ECB's president reiterated that the
institution was ready to expand its stimulus program. The Dow
industrials rose 95 points in recent trading.
CHINA CUTS INTEREST RATES
China's central bank succumbed to political and market pressure
and cut interest rates for the first time in more than two years,
in a sign that the country's leadership is leaning toward more
sweeping measures to bolster flagging economic growth.
BOEHNER SAYS WON'T 'STAND IDLE' ON OBAMA'S IMMIGRATION PLAN
House Speaker Boehner vowed to respond to President Obama's
decision to bypass Congress and shield as many as five million
illegal immigrants from deportation.
HOUSE GOP FILES LAWSUIT OVER OBAMA'S HEALTH LAW
House Republicans filed a lawsuit against the Obama
administration over implementation of its health-care law, which
GOP leaders have called executive overreach by President Barack
Obama.
ECB SIGNALS AGGRESSIVE ACTION ON INFLATION
European Central Bank President Mario Draghi sent a strong
signal that the central bank is ready to "step up the pressure" and
expand its asset-purchase programs if inflation fails to show signs
of quickly returning to the ECB's target.
HONDA IN TALKS WITH SUPPLIERS BESIDES TAKATA
Honda Motor is in talks with several suppliers besides Takata
about securing replacement parts for vehicles recalled over
defective Takata-made air bags.
FORD'S ALUMINUM-BODIED F-150 TRUCK MORE GAS EFFICIENT
Ford Motor said its aluminum-bodied F-150 pickup mated with a
new 2.7-liter, turbocharged V6 can achieve 22 mpg overall and 26
mpg on the highway, the best of any gasoline-fueled pickup
available.
TV PROGRAMMERS GRANTED STAY IN FCC DISPUTE
A federal appeals court handed TV channel-owners a preliminary
victory in their standoff with the FCC over disclosure of
programming contracts, raising the prospect of further delays to
the agency's review of big pay-TV industry mergers.
SOTHEBY'S CEO RUPRECHT TO STEP DOWN
Chief Executive William Ruprecht is leaving Sotheby's, months
after hedge-fund activist Dan Loeb and several others joined the
auction house's board. The company said the departure was by mutual
agreement with the board. Sotheby's shares up 9%.
DUDLEY DENIES 'SERIOUS PROBLEMS' IN FED'S REGULATION
New York Fed President William Dudley defended the regulator's
oversight of large financial firms in the face of tough questions
from Senate Democrats, who accused the Fed of kowtowing to the
biggest banks.
OIL PRICES JUMP ON CHINA'S SURPRISE RATES CUTS
Oil prices jumped after China surprised the market by cutting
interest rates, fanning hopes of increased demand from the world's
second-largest crude consumer.
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Heard on the Street
ECB MOVES A STEP CLOSER TO BOJ
Drawing inspiration from Japan isn't readily admitted to in
economic circles, Richard Barley writes. But under pressure, that
looks like what the European Central Bank is doing.
Money Talks
BRINGING ON THE CURRENCY WARS
Central bankers struggling against weak growth and falling
inflation have come up with a cunning plan: shift the problems onto
someone else. Alen Mattich explains.