TOP STORIES 
 
CITIBANK TO PAY $425 MILLION IN BENCHMARK PROBES 

Citibank agreed to pay $425 million to end long-running civil probes into the bank's alleged manipulation of key benchmarks, becoming the first U.S. bank to resolve claims related to the Libor benchmark.

STOCKS EXTEND RALLY, BUOYED BY OIL 

U.S. stocks marched higher Wednesday, driven by gains in energy and financial shares.

FED SURVEY FINDS IMPROVEMENT IN HOUSEHOLD FINANCES 

Most Americans reported their household finances mildly improved last year, but nearly half said they would struggle to cover a $400 expense in an emergency, according to a Federal Reserve survey.

CLINTON VIOLATED POLICY WITH EMAIL, WATCHDOG FINDS 

The State Department's independent watchdog has concluded that Hillary Clinton's use of a private email server and months of missing records from her tenure were violations of State Department policies.

MICROSOFT TO STREAMLINE SMARTPHONE BUSINESS 

Microsoft will lay off 1,850 workers and take an impairment and restructuring charge of approximately $950 million as it takes further step in dismantling the mobile-phone operations it acquired from Nokia.

IMF: NO IMF CASH NOW FOR GREECE IN ABSENCE OF DEBT RELIEF 

A senior International Monetary Fund official Wednesday said it can't help Europe with fresh emergency financing for Greece because Athens's creditors haven't yet committed to detailed debt relief.

WHITE HOUSE TO PUSH FIRMS ON GREENHOUSE-GAS DISCLOSURE 

The White House is set to propose a new rule Wednesday that would push companies with federal contracts to publicly disclose more information about their impact on climate change, their efforts to address the issue, and how a warmer planet could impact business operations.

SHELL TO LAY OFF ANOTHER 2,200 STAFF 

Shell plans at least another 2,200 job cuts this year, part of the oil group's effort to adjust to low crude prices while integrating the recently acquired BG Group.

SHRINKING OIL REVENUES PROMPT GULF STATES TO SELL BONDS 

As shrinking oil revenues erode their budgets, the oil-exporting countries of the Persian Gulf, from Qatar to Saudi Arabia, are turning to the public to sell debt.

SANOFI MOVES TO REPLACE MEDIVATION BOARD 

French drugmaker Sanofi said it is moving to call a vote on whether to remove the entire board of Medivation Inc. after the U.S. biotech company refused to engage in takeover talks.

BANK OF CANADA MAINTAINS KEY INTEREST RATE AT 0.5% 

Bank of Canada kept its main interest rate unchanged as it cautioned that the economic adjustment to lower energy prices is "proving to be uneven."

NEW YORK TIMES TO OFFER BUYOUTS 

New York Times said it would open up a voluntary buyout program at the end of month, as the publisher continues to struggle with declining print and digital advertising.

MITSUBISHI RESTATES EARNINGS OVER SCANDAL, WARNS ON COSTS 

Mitsubishi Motors Corp. restated its earnings for the previous financial year and booked a $174 million charge as it grapples with the fallout from a fuel economy testing scandal that has led to the resignation of its president.

CHEVRON-LED CONSORTIUM TO INVEST UP TO $37 BILLION IN KAZAKH OIL FIELD 

Investment represents one of the first big commitments by a large oil company to spend on new crude production following a two-year-long slump in oil prices.

GAWKER SEEKS TO HAVE HULK HOGAN JUDGMENT REDUCED 

Gawker Media says it hopes a Florida court will reduce a jury verdict against it in light of recent reports that claimed billionaire investor Peter Thiel provided the financial muscle behind Hulk Hogan's invasion-of-privacy lawsuit.

EU PROPOSED RULES COULD FORCE NETFLIX TO FUND EUROPEAN FILMS 

The European Union proposed legal changes that could force Netflix and other online-video providers to help finance European-made films.

CHINA FIXES YUAN AT WEAKEST LEVEL AGAINST DOLLAR IN MORE THAN FIVE YEARS 

The People's Bank of China on Wednesday set its daily yuan-fixing at the weakest level against the U.S. dollar in more than five years.

BRAZILIAN STATE MISSES DEBT PAYMENT 

A simmering debt crisis in Brazil's state governments entered a critical new phase this week the state of Rio de Janeiro missed an $8 million loan payment owed to an international creditor.

EXELON SAYS TWO PLANTS FAIL TO CLEAR AUCTION 

Exelon Corp. said two of its nuclear power plants, including one plant it has said it would close if Illinois lawmakers don't provide financial support, failed to secure contracts after a recent round of bidding.

TIFFANY SALES DECLINE MORE THAN EXPECTED 

Tiffany said its sales fell more than Wall Street had anticipated in the latest quarter and warned that earnings for the current period would be worse than it previously feared.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Markets Main 
TRILLIONS IN DEBT-BUT FOR NOW, NO REASON TO WORRY 
 

U.S. household borrowing is nearing precrisis peaks; global debt has already topped 2008 levels. A near-term debt crisis is unlikely, Ken Brown writes. But longer-term, the risks are mounting.

 
Markets Main 
BANKS RAMP UP RISK WITH BIG TRADES TO HELP COMPANIES SELL STOCK 
 

Wall Street firms have been doing more deals that help companies sell large chunks of stock, a process in which banks buy the shares and hope to sell for a profit later that day. But such block trades expose them to more risk.

(END) Dow Jones Newswires

May 25, 2016 13:00 ET (17:00 GMT)