PRESS DIGEST- British Business - June 27
June 27 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
WASHINGTON Oct 11 A U.S. appeals court on Tuesday ruled that the U.S. Consumer Financial Protection Bureau is unconstitutional because too much power is vested in the regulator's sole director, but that it can continue operating with the director removable by the president.
The U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of lender PHH Corp in its challenge to the financial watchdog created by the 2010 Dodd-Frank financial reform act, and threw out the $109 million penalty imposed on the company.
PHH objected after the agency in January 2014 accused the lender of referring customers to mortgage insurers who in turn bought reinsurance from a PHH unit. The bureau cast the reinsurance payments as improper kickbacks and imposed a $109 million penalty against PHH in June. (Reporting by Lisa Lambert; Editing by Chizu Nomiyama)
WASHINGTON, June 26 U.S. President Donald Trump urged Indian Prime Minister Narendra Modi to do more to relax Indian trade barriers on Monday during talks in which both leaders took great pains to stress the importance of a strong U.S.-Indian relationship.
WASHINGTON June 26 U.S. lawmakers said on Monday they wanted another $18.5 billion added to President Donald Trump's proposed defense budget of $603 billion to hire more troops and buy more aircraft and ships in fiscal 2018.