In a surprise, Pandit steps down as Citigroup CEO
2012-10-17 00:56:10 UTC
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director.
The move shocked Wall Street, and Citigroup offered no explanation. There had been no hint of the departure Mond...
Expect small '13 Social Security benefit increase
2012-10-15 10:37:36 UTC
WASHINGTON (AP) — Social Security recipients shouldn't expect a big increase in monthly benefits come January.
Preliminary figures show the annual benefit boost will be between 1 percent and 2 percent, which would be among the lowest since automatic adjustments were adopted in 1975. Monthly be...
Merkel gets a hostile reception on Greek visit
2012-10-10 03:06:58 UTC
ATHENS, Greece (AP) — German Chancellor Angela Merkel got a hostile reception from many ordinary Greeks Tuesday when she flew into Athens on her first visit to the country since its debt crisis erupted three years ago.
But she praised the current Greek government for covering "much of the grou...
World Bank cuts Asia growth outlook for this year
2012-10-08 08:58:04 UTC
BEIJING (AP) — The World Bank cut its growth forecast for Asia on Monday in a new sign of the impact of weakening global demand and warned China's cooling economy faces the risk of a "more pronounced slowdown."
The bank cut this year's growth outlook for developing Asia-Pacific economies to 7....
Analysts: Spike in Calif. gas prices may linger
2012-10-05 08:38:34 UTC
SAN FRANCISCO (AP) — The recent spike in gasoline prices around the nation is expected to wane slowly in coming weeks, but California may not be so lucky due to supply challenges fueled by refinery issues and pipeline outages, analysts said.
Throughout the state, the average price of a gallon ...
Iran tightens measures to stem currency fall
2012-10-03 16:59:08 UTC
TEHRAN, Iran (AP) — Police threatened merchants who closed their shops in Tehran's main bazaar and launched crackdowns on sidewalk money changers on Wednesday as part of a push to halt the plunge of Iran's currency, which has shed more than a third its value in less than a week.
The measures u...
NY AG sues JPMorgan over Bear Stearns securities
2012-10-02 10:31:25 UTC
NEW YORK (AP) — The New York attorney general's office has hit JPMorgan Chase & Co. with a civil lawsuit, alleging that investment bank Bear Stearns — prior to its collapse and subsequent sale to JPMorgan in 2008 — perpetrated massive fraud in deals involving billions in residential mortgage-ba...
Spain's registered jobless ticks up in September
2012-10-02 10:27:11 UTC
MADRID (AP) — The number of people registered as unemployed in Spain rose by a little under 80,000 in September as summer tourism season came to an end.
The Labor Ministry says the total number of people registered as jobless is now 4.71 million.
Spain is in its second recession in three ...
Survey shows China manufacturing contracting
2012-10-01 10:44:21 UTC
BEIJING (AP) — China's manufacturing contracted again in September but improved from the previous month in a possible sign an economic slowdown is bottoming out.
An industry group, the China Federation of Logistics & Purchasing, said Monday its monthly purchasing managers' index stood at 49.8 ...
EU seeks $12B in sanctions vs US over Boeing case
2012-09-27 12:27:20 UTC
GENEVA (AP) — The European Union is seeking some $12 billion in sanctions against the United States as part of a long-running dispute before the World Trade Organization involving subsidies to plane makers Airbus and Boeing.
The Geneva-based trade body said Thursday that the EU plans request...
Economists say US needs more taxes, spending cuts
2012-09-24 13:45:07 UTC
NEW YORK (AP) — The best way to reduce the federal deficit is through a combination of higher taxes and spending cuts, according to a group of economists.
The 236 members of the National Association for Business Economics recently surveyed say the country needs more fiscal stimulus through 2...
Democrats: Political slant marks Romney tax return
2012-09-22 12:06:01 UTC
WASHINGTON (AP) — Democrats say Mitt Romney manipulated his deductions to keep his overall 2011 federal income tax rate below a certain level for political purposes. The Republican presidential nominee is certain to face new questions about his finances.
Romney and his wife, Ann, donated rough...
China's foreign investment falls for 3rd month
2012-09-19 08:36:12 UTC
BEIJING (AP) — Foreign direct investment in China declined in August for a third straight month as the impact of economic weakness in Europe and the United States worsened, the government said Wednesday.
Foreign investment in factories, real estate and other assets declined 1.4 percent from ...
Japan's central bank joins Fed in easing policy
2012-09-19 08:21:54 UTC
TOKYO (AP) — Japan's central bank expanded its monetary easing by 10 trillion yen ($126 billion) Wednesday, moving to nurture the country's feeble economic recovery and cushion its exporters from the yen's rise against other currencies.
The Bank of Japan wrapped up a two-day policy meeting by ...
China files trade case against Washington
2012-09-18 08:37:34 UTC
BEIJING (AP) — China filed a World Trade Organization case Monday challenging U.S. anti-dumping measures on billions of dollars of kitchen appliances, paper and other goods, adding to worsening trade strains as global demand weakens.
Beijing's move came shortly before the Obama administration ...
Merkel insists bank supervision must not be rushed
2012-09-17 11:44:58 UTC
BERLIN (AP) — German Chancellor Angela Merkel is digging in her heels on plans for a new European banking supervisor, insisting that they must not be rushed and that she has no intention of considering joint European deposit insurance.
The design of the new banking supervisor is widely consi...
Russia to sell $5.7 billion stake in Sberbank
2012-09-17 11:10:52 UTC
MOSCOW (AP) — Russia's Central Bank says it will sell part of its majority stake in the state-controlled Sberbank in a move that could raise some $5.7 billion.
The Central Bank said in a statement Monday that it will sell 7.6 percent of its stock. That will reduce its share, held on behalf o...
India central bank cuts cash reserve ratio
2012-09-17 11:06:48 UTC
NEW DELHI (AP) — India's central bank Monday cut the cash reserve ratio as it tries to kick-start flagging growth and welcomed government efforts to open Asia's third-largest economy to more foreign investment.
The Reserve Bank of India said the share of deposits that banks must keep with it...
Spanish rail and subway transport hit by strikes
2012-09-17 11:01:28 UTC
MADRID (AP) — Hundreds of Spanish train services have been canceled, resulting in traffic jams on roads into Madrid and Barcelona, as rail and subway workers staged strikes to protest wage cuts and reforms.
State rail company RENFE said Monday it had canceled some 300 high-speed and intercit...
Report: US banks subject of money-laundering probe
2012-09-16 13:24:43 UTC
NEW YORK (AP) — Regulators are investigating whether several major U.S. banks failed to monitor transactions properly, allowing criminals to launder money, according to a New York Times story. The newspaper cited officials who it said spoke on the condition of anonymity.
The Office of the Comp...
Ex-UBS trader goes on trial accused of $2.3B fraud
2012-09-14 16:18:46 UTC
LONDON (AP) — A senior trader at the Swiss bank UBS was a "master fraudster" who lost his bank $2.3 billion — and risked a $12 billion loss that threatened its very existence — through more than two years of risky deals and deceit, prosecutors said Friday.
Prosecution lawyer Sasha Wass told a ...
Fed to spend $40B a month on bond purchases
2012-09-13 19:17:02 UTC
WASHINGTON (AP) — The Federal Reserve unleashed a series of bold and open-ended steps Thursday to stimulate the economy by making it cheaper for consumers and businesses to borrow and spend.
The Fed said it will spend $40 billion a month to buy mortgage bonds for as long as it deems necessary ...
Spain PM's bailout comments spur market wariness
2012-09-11 17:54:42 UTC
MADRID (AP) — Investors reacted warily Tuesday to comments by Spain's prime minister that he won't accept certain conditions in return for a European Central Bank proposal to buy Spanish government bonds.
In his first televised interview since being elected last November, Mariano Rajoy warned ...
German high court: No delay in bailout decision
2012-09-11 08:42:19 UTC
BERLIN (AP) — Germany's high court on Tuesday rejected a last-minute plea to postpone its ruling on a request to kblock the country's approval of the eurozone's permanent bailout fund.
The complaint was brought by Peter Gauweiler, a backbench lawmaker with Chancellor Angela Merkel's conserva...
China factory output weakest in 3 years in August
2012-09-09 17:38:45 UTC
BEIJING (AP) — Growth in China's factory production slowed to a three-year low in August, suggesting Beijing might need to launch more stimulus efforts to reverse a painful slowdown in the world's second-largest economy.
Inflation climbed to 2 percent as food prices rose, and further increases...