The economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said on Sunday.
The U.S. economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said on Sunday.
The United States, which targeted Swiss bank giant UBS in a damaging tax fraud probe last year, is not planning to carry out new tax investigations against Swiss banks, the U.S. ambassador to Switzerland said.
Just seven European banks failed a health check and were ordered to raise their capital by 3.5 billion euros ($4.5 billion), confirming fears the continent's long-awaited stress test was too soft.
U.S. bank failures reached 103 so far in 2010 on Friday as regulators seized seven small banks, a faster pace of closures than last year when the century mark was not reached until October.
Wall Street enters next week on the cusp of a breakout in U.S. stocks, but it will need another spate of convincing earnings reports to feed the rally that sprouted at the end of this week.
Wall Street enters next week on the cusp of a breakout in U.S. stocks, but it will need another spate of convincing earnings reports to feed the rally that sprouted at the end of this week.
Just seven European banks failed a health check and were ordered to raise their capital by 3.5 billion euros ($4.5 billion), much less than expected, confirming fears the continent's long-awaited stress test was too soft.
Seventeen financial firms made ill-advised payments to executives totaling $1.6 billion while taxpayers were bailing them out, U.S. pay czar Kenneth Feinberg said on Friday.
Morgan Stanley , Citigroup and JPMorgan Chase were among banks that sold Goldman Sachs protection against the risk of a collapse of giant insurer American International Group , a source familiar with the matter said on Friday.
The Obama administration warned on Friday the U.S. economy had encountered strong headwinds and the country's fiscal challenge remained grim, but it lowered an estimate for the budget deficit this year.
General Electric delivered a shot of confidence to U.S. investors when it raised its dividend on Friday, pushing the S&P 500 through the key 1,100 level.
Honeywell International Inc and Ingersoll-Rand Plc raised their 2010 profit forecasts and General Electric Co boosted its dividend in moves that underlined U.S. manufacturers' growing confidence in the economic recovery.
General Electric delivered a shot of confidence to U.S. investors when it raised its dividend on Friday, pushing the S&P 500 through the key 1,100 level.
Seven European banks are not strong enough to withstand another recession and would face a capital shortfall of 3.5 billion euros ($4.5 billion), far less than expected, stoking fears the keenly-awaited stress tests were too soft.
General Electric Co moved to raise its dividend by 20 percent on Friday, in a sign that the largest U.S. conglomerate has put the worst of the financial crisis behind it.
In many parts of the world, summer vacation season starts winding down at the end of August. Beach trips come to a halt as people start getting back to the daily grind for the push toward Christmas.
The Obama administration warned on Friday the U.S. economy had encountered strong headwinds and the country's fiscal challenge remained grave, but it lowered an estimate for the budget deficit this year.
McDonald's Corp reported weaker-than expected sales at established restaurants, overshadowing a profit beat for the second quarter, and its shares dropped 2 percent.
Stocks rose on Friday as a dividend hike by General Electric Co and solid earnings from companies including telecommunications provider Verizon Communications Inc boosted sentiment.
Seven of 91 European banks have failed stress tests and show an overall capital shortfall of 3.5 billion euros, the organizers of the tests said on Friday.
A federal judge approved on Friday a settlement of litigation brought by Intel Corp shareholders and designed to help the world's largest chipmaker avert future antitrust problems.
