IRMA, GOLDMAN SACHS AND ROBOTS: What you need to know on Wall Street right now
CIRA/RAMMB; NOAA
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Stanley Fischer, the vice chairman of the Federal Reserve, plans to step down by October 13.
In a letter addressed to President Donald Trump on Wednesday, Fischer cited "personal reasons" for his decision to step down. His resignation will create a key vacancy on the Fed's Board of Governors ahead of the February 2018 expiration of chair Janet Yellen's term. Yellen has said she would stay on for another term, although Trump reserves the option to nominate someone else. In related news, the Bank of Canada announced a surprise a rate hike.
Irma, the most powerful Atlantic hurricane in recorded history, is slamming the Caribbean — and Florida is now in the crosshairs. Here's the latest:
- Hurricane Irma is devastating the Caribbean: Barbuda, St. Martin, and Anguilla have been hit so far
- Richard Branson is having a big sleepover party on his private island as Hurricane Irma approaches
- Here are all the areas in Hurricane Irma's path and when the storm could arrive
In related news, Republicans are planning to combine the debt ceiling and Hurricane Harvey relief — despite objections from their own party. And a "Harvey Effect" could produce a new-car sales surge at the end of 2017.
The Trump administration's announcement Tuesday that it will end the Deferred Action for Childhood Arrivals (DACA) program drew swift backlash from lawmakers on both sides of the aisle. Here's how much money a DACA repeal could cost every state.
In Wall Street news, John Cryan, the chief executive of Deutsche Bank has warned that a "big number" of staff at the company will ultimately be replaced by robots and other forms of technology. JPMorgan Chase and United are unveiling a new travel-rewards credit card — with a twist. And there's a divide in how traders are prepping for a debt-ceiling showdown.
In deal news, Goldman Sachs has stopped working on an IPO for a unit of Chinese acquisitive giant HNA. Billionaire hedge fund manager Bill Ackman is selling out of his large stake in Nomad Foods. And banks could make more than $100 million in fees from the massive United Technologies acquisition.
In company news, Mercedes is pouring $50 million into an Uber competitor as people ditch their cars in big cities. And chocolate giant Mars is promising to spend close to $1 billion over the next few years fighting climate change.
In tech news, the high price of the iPhone 8 is likely out of Apple's control, according to UBS. Technologies like blockchain are IBM's "best hope for recovery." And an ad executive explained how Burning Man is really a massive marketing festival.
Lastly, lingerie tycoon Michelle Mone and her billionaire boyfriend are selling luxury Dubai flats pitched at bitcoin millionaires.
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