ECONOMIC REPORTS FOR THE WEEK AHEAD
c.2013 New York Times News Service
European Union finance officials begin convening in Brussels on Tuesday in an attempt to create a system to wind down failed banks, known as the Single Resolution Mechanism. Officials were unable to reach a deal last week amid disagreement on crucial issues of funding and resolution authority. Heads of state will be in town Thursday and Friday to sign off on any final agreement.
The monthlong trial of Michael S. Steinberg, the most senior employee at SAC Capital Advisors to face criminal insider trading charges, is expected to wrap up this week. The government, which accused Steinberg of trading on corporate secrets from large technology companies, is seeking to build on its broader investigation of SAC, the giant hedge fund run by the billionaire investor Steven A. Cohen. Last month, SAC pleaded guilty to criminal insider trading charges and agreed to pay a record $1.2 billion fine.
Expectations are low for the third-quarter financial results that BlackBerry, the struggling smartphone maker, will post Friday. But rather than focusing on how badly the company performed, many investors and analysts will most likely be more interested in what John S. Chen, the company’s new executive chairman and interim chief executive, has to say. Chen was brought into BlackBerry last month as its board abandoned efforts to sell the company and fired Thorsten Heins, the previous chief. Chen has since removed several senior executives. But besides general statements that the company intends to survive, he has yet to lay out a clear path for reaching that objective.