Treasury Secretary Timothy Geithner said on Tuesday that most U.S. banks have enough capital to keep lending but a pile of bad debts is fostering doubts about their health and slowing a recovery.
Treasury Secretary Timothy Geithner said on Tuesday that most U.S. banks have enough capital to keep lending but a pile of bad debts is fostering doubts about their health and slowing a recovery.
Citigroup Inc Chief Executive Vikram Pandit said he expects the No. 3 U.S. bank to rebound from its current woes and pledged that it would repay ever dollar it owes to the U.S. government.
President Barack Obama on Tuesday urged Israel and the Palestinians to step back from the abyss, saying he expected good faith gestures from both sides in coming months as part of a bid to revive stalled peace efforts.
Stocks rose on Tuesday, led by the financial sector, after Treasury Secretary Timothy Geithner said the vast majority of U.S. banks are well capitalized and industrial bellwether United Technologies Corp reported forecast-beating earnings.
The Connecticut state treasurer told beleaguered Bank of America Corp Chief Executive Kenneth Lewis on Tuesday she will be voting against his re-election at the bank's upcoming shareholder meeting.
Two U.S. manufacturing bellwethers, Caterpillar and United Technologies, said on Tuesday that falling global demand for big-ticket products battered their first-quarter results.
The New York Times Co reported a quarterly loss on Tuesday because of a 27 percent drop in advertising revenue and poor performance at The Boston Globe, which might close this year.
Chemical maker DuPont posted a better-than-expected quarterly profit, but trimmed its full-year outlook and said it would cut more jobs as weak economic conditions continued to constrict demand.
U.S. Treasury Secretary Timothy Geithner on Tuesday said difficulty in setting a value on banks' toxic assets was a continuing hindrance to their ability to lend and borrow.
Citigroup Inc Chief Executive Vikram Pandit said he expects the No. 3 U.S. bank to rebound from its current woes and pledged that it would repay every dollar it owes to the U.S. government. Pandit commented on the bank's prospects on Tuesday at the annual shareholders' meeting.
Stocks rose on Tuesday as a profit from United Technologies Corp topped expectations and lifted the Dow, and better-than-expected results from technology companies offset concerns about corporate profits and even cloudier outlooks.
Global write-downs of toxic debt among banks and other financial institutions in the United States, Europe and Japan could reach $4.1 trillion, the International Monetary Fund said on Tuesday.
Merck & Co reported disappointing sales and earnings on Tuesday due to the global economic slowdown and plunging sales of its Gardasil vaccine, and announced a setback for its experimental migraine drug, sending its shares down 7 percent.
France's Foreign Minister Bernard Kouchner criticized the United States Tuesday for boycotting a United Nations conference where Iran's president launched a verbal attack on Israel.
Two of the biggest U.S. custodial banks, Bank of New York Mellon Corp and Northern Trust Corp , reported disappointing earnings as declines in client assets depressed fees, sending their shares sharply lower.
China will show off its resurgent naval strength this week at a parade marking 60 years since the founding of its navy, presenting its fleet of warships and nuclear submarines as a force for peace, not aggression.
China this week marks the 60th anniversary of the founding of its navy with a parade in the seas off the northern port city of Qingdao.
Rare talks between North and South Koreas fizzled on Tuesday with the rivals unable to even agree on a venue for the meeting, which had already been clouded by Pyongyang's threat to restart its nuclear arms plant.
Penguin Group has become the first international publisher to sign an English electronic book distribution deal in China after seeing significant growth in the United States, the head of the group said on Tuesday.
UN Secretary-General Ban Ki-moon accused Iranian President Mahmoud Ahmadinejad Tuesday of misusing a UN conference on racism at which he attacked Israel's policy toward the Palestinians as racist.
President Barack Obama will participate in a meeting on Thursday with executives of U.S. credit card companies, the White House said.
