French bank Societe Generale unveiled Wednesday a new cost cutting plan of 850 million euros ($925 million) to compensate for higher regulatory costs, despite a jump in profits. Net profit at the bank jumped by 25 percent for the April through June period from the same quarter last year to 1.35 billion euros, considerably higher than the average of 856 million expected by analysts surveyed by the financial news service FactSet. Societe Generale did not specify what the provision was for, but its French rival Credit Agricole saw its shares plummet 10 percent on Tuesday after increasing its provisions by 350 million euros as it was in advanced talks with US authorities for violating rules for dollar transactions with countries under US embargoes.
WASHINGTON (AP) — President Barack Obama is casting a looming congressional vote on the Iran nuclear deal as the nation's most consequential foreign policy debate since the authorization of the Iraq war, a now unpopular decision that still reverberates through American politics.
MIDDLETOWN, Calif. (AP) — Firefighters are reporting some progress against a Northern California wildfire that has charred more than 100 square miles of terrain, destroying buildings, threatening many others and sending thousands of residents fleeing.