ECONOMY & MARKETS

Bank of New York Mellon Adds Fee for $50 Million-plus Accounts

At Issue: Bank Fees
The Bank of New York Mellon announced Thursday that it will start charging large customers a small fee for taking their deposits. Starting August 8, clients with $50 million or more will be charged 0.13 percentage points for balances 110 percent above their average balance.
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Apple retail store in upper west side, New York City

Apple Aggressive in Defending Own IP: Analyst

Apple Inc. is being aggressive defending its own IP with well publicized suits against Samsung and HTC, Barclays Capital said. Key companies in the wireless arena including Apple and Google continue to acquire and invest in IP to cement their positions.
Spanish Prime Minister Rodriguez Zapatero

Worsening Debt Crisis Means Euro Zone Could Fall Apart: CEBR

With signs emerging that the financial foundations of two of Euro Zone's founding members -- Italy and Spain -- are shaken badly by the worsening debt crisis, the continued existence of the euro area grouping has become doubtful, according to a major think tank.
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Canada says G20 monitoring global economy

Canadian Finance Minister Jim Flaherty said on Wednesday he has been having discussions with his Group of 20 colleagues about the global economic situation, which has been hit by U.S. and European debt fears.
South Africa's Minister of Finance Pravin Gordhan delivers the 2010 budget speech at parliament in Cape Town

S.Africa throws Swaziland $370 mln lifeline

South Africa has agreed to a 2.5 billion rand bailout for Swaziland to help it through a budget crunch that had prompted unprecedented protests against Africa's last absolute monarch, officials said on Wednesday.
A South African child holds a 50 rand note in a file photo

S.Africa bonds up sharply, stocks at 5-week lows

South African government bonds rallied sharply on Wednesday and the yield on the benchmark note fell to 9-month lows as a gloomy global economic climate cast a shadow on the domestic outlook.
A general view of a container port in Shanghai

World's Private Sector Stumbles as Debt Crisis Bites

The world's economy moved closer to stagnation last month as firms in Asia and Europe reined back in the face of an ongoing debt crisis and signs of a new U.S. slowdown, business surveys showed on Wednesday.
U.S. President Barack Obama

It's Recession 2012! Early Signs of Economic Slump Emerge

With more than 14 million people out of work, consumer spending falling by the day, the GDP growth outlook remaining grim and rising inflation denting confidence of ordinary people, a massive spending cut of more than $2 trillion would be the proverbial last straw on the camel's back.
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Moody's outlook means downgrade possible in 12-18 mths

Moody's Investors Service on Tuesday confirmed its Aaa rating of the United States, citing the decision to raise the debt limit, but assigned a negative outlook that could pressure lawmakers to cut the U.S. deficit.
U.S. dollar notes are seen in this picture illustration

Zimbabwe needs additional $73 mln aid: UN

Zimbabwe needs an extra $73 million in humanitarian aid this year, mainly due to increased food needs for vulnerable groups despite improvements in the agriculture sector, United Nations agencies said on Tuesday.

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