A U.S. regulator has ordered Merrill Lynch & Co to pay close to $40 million after its Advest unit advised an endowment to buy a stake in a fund affiliated with the collapsed commodities broker Refco Inc.
Years of inaction dramatically raised the economic costs of the U.S. financial crisis, highlighting the need for a new approach, a top Federal Reserve policy-maker said on Tuesday.
U.S. mutual fund giant Vanguard is introducing a clutch of low-cost investment products in a move that could shake up the UK retail fund market and pension provision, a senior executive said on Tuesday.
The United States offered Taliban fighters who renounce violence in Afghanistan an honorable form of reconciliation on Tuesday as part of a revamped strategy to tackle a deepening insurgency.
Fiat's (FIA.MI: Quote, Profile, Research, Stock Buzz) chief executive has flown to Chrysler LLC's CBS.UL home town of Detroit to meet trade unions and creditors after U.S. authorities gave the carmakers 30 days to set up a partnership to save Chrysler.
U.S. Treasury Secretary Timothy Geithner heads for a summit of world leaders this week having strengthened his president's hand by rolling out key pieces of a U.S. financial rescue plan.
U.S. consumer confidence rose slightly in March but remained near record lows as the economy remained weak and job prospects grew increasingly uncertain.
President Barack Obama headed to Europe on Tuesday with a hefty agenda for tackling the economic crisis and seeking support for his new Afghanistan strategy on a trip that will test his global leadership.
The Sun-Times Media Group, parent of the Chicago Sun-Times, filed for bankruptcy protection on Tuesday, earning Chicago the distinction of being the first U.S. city served by two bankrupt newspaper publishers.
Ford Motor Co introduced an incentive covering payments for up to a year if customers lose their jobs, joining rivals in offering heavy discounts to attract consumers sidelined by a deepening recession.
Fiat's chief executive has flown to Chrysler LLC's home town of Detroit to meet trade unions and creditors after U.S. authorities gave the carmakers 30 days to set up a partnership to save Chrysler.
The world economy will shrink at a far faster pace than originally expected this year, sending unemployment soaring and highlighting the need for extra steps to halt the crisis, the OECD said on Tuesday.
Prices of U.S. single-family homes in January plunged a record 19.0 percent from a year earlier, indicative of a U.S. housing market that is still in the throes of a deep recession, according to a Standard & Poor's/Case-Shiller report on Tuesday.
Barclays is in exclusive talks to sell its iShares asset management unit to CVC Partners for about 3 billion pounds ($4.3 billion), a person familiar with the situation said on Tuesday.
The United States is heading for only a tepid recovery next year, and the central bank may need to buy even more assets to combat the growing threat of deflation, the OECD said on Tuesday.
The dollar will remain the world's dominant reserve currency and a strong U.S. currency is critical to pull the world out of crisis, World Bank President Robert Zoellick said on Tuesday.
The World Bank announced a $50 billion program on Tuesday to counter a decline in global trade and Britain called on G20 leaders to supply the oxygen of confidence to save the world economy from recession.
The U.S. recession may be easing, but the economy has not hit bottom yet and mounting unemployment looks likely to keep demand sluggish for a while. While the economy still appears on a downward path, the slope is not as steep as many had feared.
Some frustrated U.S. taxpayers cheered President Barack Obama's tough steps to shore up the reeling auto industry on Monday but critics called his decision to fire General Motors' chief a heavy-handed power grab.
Online advertising in the U.S. grew 10.6 percent to $23.4 billion last year, according to a report released by the Interactive Advertising Bureau on Monday.
Canada said on Monday plans set out by the Canadian units of General Motors Corp and Chrysler don't go far enough to make them viable, but it offered C$4 billion ($3.2 billion) in bridge loans to tide the automakers over while they restructure.
Banks agree that compensation for top executives contributed to the financial crisis and are trying to realign pay based on performance and long-term shareholder interests, an international bank lobby group said on Monday.
