Eurozone recession ended in 2nd quarter
The 17 EU countries that use the euro saw their economic output increase by 0.3 percent in the second quarter, ending the longest recession to afflict the eurozone since the currency was launched in 1999.
The EU’s recovery marks the first time since a brief period in 2011 that the four major pillars of the world economy — the U.S., China, Japan and Europe — are growing at the same time.
Growth in Europe provides a boon to the global economy. The EU’s annual gross domestic product is about $17.3 trillion.
JPMorgan ex-traders charged in $6B loss
NEW YORK — Two former JPMorgan Chase & Co. traders falsified bank records, prosecutors said Wednesday. Javier Martin-Artajo, 49, and Julien Grout, 35, and co-conspirators were accused of marking up the market value of an investment portfolio to hide the fact that it was plummeting in value.
The portfolio eventually sank into a $6 billion loss attributed to Bruno Iksil, a trader who became known as the “London Whale” for his location and supersized bets.
Preet Bharara, the Manhattan U.S. attorney, hinted that the misconduct was not just the work of a couple of rogue traders, but was systemic in a bank that failed to keep adequate watch over its traders.
Likely regs would aid vets, disabled, unions
WASHINGTON — With Thomas Perez now confirmed as head of the Labor Department, the agency is expected to unleash new regulations that have been bottled up — a prospect that has business leaders worried and labor advocates cheering. Some rules would help boost employment for veterans and the disabled, increase wages for home health-care workers and set new limits for workplace exposure to dangerous silica dust.