Wells Fargo

China imposes exit bans on Wells Fargo banker, U.S. government worker

The Chinese government is preventing a Wells Fargo employee, as well as an employee of the U.S. Patent and Trademark Office, from leaving the country. File Photo by Larry W. Smith/EPA-EFE

July 20 (UPI) — The Chinese government is preventing a Chinese American banker for Wells Fargo and, separately, an employee of the U.S. Patent and Trademark Office from leaving the country, reports said Sunday.

The identity of the detained U.S. government employee was not known to the Washington Post, which first reported the news. Mao Chenyue, the managing director of Wells Fargo Credit Solutions, was confirmed as the bank employee facing the exit ban by the company in statements to The New York Times and the Wall Street Journal.

People familiar with the Patent and Trademark Office employee’s case told the Washington Post that he traveled to China to visit family but allegedly failed to disclose on his visa application that he worked for the government.

Wells Fargo has since reportedly suspended travel by its executives to China, noting in its statement to The New York Times that the company is tracking the situation and working “through the appropriate channels” to ensure their employee is returned.

The company did not provide any details as to why Mao was prevented from leaving the country but noted that she has not been detained in China and is free to move about the country.

“We have raised our concern with Chinese authorities about the impact arbitrary exit bans on U.S. citizens have on our bilateral relations and urged them to immediately allow impacted U.S. citizens to return home,” said a U.S. Embassy in Beijing spokesperson.

A Chinese Foreign Ministry spokesman was asked about Mao’s exit ban on Friday but said he was not aware of it.

Her LinkedIn account, reviewed by UPI, shows that she was active on social media as recently as two weeks ago when she thanked people for congratulatory messages on her recent election as chairman of FCI.

Source link

May PCE: Fed’s preferred inflation gauge rises 0.1% higher than expected

June 27 (UPI) — The U.S. Bureau of Economic Analysis announced Friday that core inflation jumped higher than expected last month.

The BEA said in a press release that the personal consumption expenditures, or PCE, price index for May rose 0.1%, and if food and energy are excluded from the data, the index rose 0.2%.

This bumps the annual inflation rate up to 2.3%, or 2.7% when food and energy are left out of the math.

Economists surveyed by Dow Jones had been expecting the 0.1% and 2.3% but only estimated the numbers would hit 0.1% and 2.6% minus energy and food.

“This morning’s news was consistent with other reports showing the economy gradually losing momentum in the second quarter,” said Wells Fargo Investment Institute market strategist Gary Schlossberg to CNBC Friday.

Schlossberg added that this was “ahead of the brunt of tariff increases expected to wash ashore during the summer and early fall.”

The inflationary uptick got its biggest boost from service prices, which are 3.4% higher than a year ago, while goods only moved upwards by 0.1%.

Inflation pressures in May showed a 0.2% price increase in food, but that was balanced by a 1% decline in energy-related goods and services costs. Shelter prices, on the other hand, went up 0.3%.

The BEA also reported Friday that personal income decreased $109.6 billion in May, or 0.4% at a monthly rate. When personal current taxes are subtracted from personal income, the current disposable personal income, or DPI, went down around $125 billion, or 0.6%.

Source link