MARKETS / FINANCE

Morgan Stanley agreed on Thursday to pay $102 million to end an investigation in Massachusetts into unfair lending practices.

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A sharp increase in temporary work -- a traditional leading indicator of in the early phase of recovery -- shows that many European countries and the United States are pulling out of recession, an industry association said on Thursday.

Last minute proposals to U.S. legislation designed to reduce risks in the $450 trillion derivatives markets may limit competition among firms seeking to centrally clear contracts, a trade association said on Thursday.

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Morgan Stanley agreed on Thursday to pay $102 million to end an investigation in Massachusetts into unfair lending practices.

Britain could force internet service providers such as BT, Virgin Media and TalkTalk to reveal whether they restrict access to some websites at peak times while favoring others, regulator Ofcom said.

Morgan Stanley has agreed to pay $102 million to settle an investigation in Massachusetts into the investment bank's subprime lending practices, a source familiar with the matter said on Thursday.

The top White House economic advisor said on Thursday world leaders must keep the tentative global recovery on track as Europe headed into this weekend's G20 summit defending plans for heavy cost-cutting.

The top White House economic advisor said on Thursday world leaders must keep the tentative global recovery on track as Europe headed into this weekend's G20 summit defending plans for heavy cost-cutting.

Corrects spelling of 'czar' in first paragraph

The number of workers filing new applications for unemployment insurance fell slightly more than expected last week, offering hope the fragile economic recovery remained intact.

Senators said on Wednesday they were unmoved by China's steps to partly free the yuan and vowed to push forward legislation to punish a Chinese currency misalignment they say distorts trade and steals jobs.

New claims for jobless benefits fell last week, while orders for long-lasting manufactured goods excluding transportation rose in May, offering hope the fragile economic recovery remained intact.

European policymakers defended budget austerity plans on Thursday ahead of a G20 summit set to pit calls for fiscal restraint against warnings that heavy cost-cutting threatens recovery.

Budget austerity plans will not drag the euro zone economy into stagnation, European Central Bank President Jean-Claude Trichet was quoted on Thursday as saying.

World leaders will warn this week against taking the global economic recovery for granted while also noting that the huge costs of stimulus could hurt long-term growth, a draft G20 document shows.

Kenneth Feinberg will step down from his role as U.S. Treasury's pay car later this summer to focus on administering the BP Plc's $20 billion oil spill fund, a Treasury spokesman said on Wednesday.

The Federal Reserve acknowledged a faltering pace of U.S. economic recovery on Wednesday as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period.

The Federal Reserve acknowledged a faltering pace of U.S. economic recovery on Wednesday as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period.

Sales of new homes dropped a record 32.7 percent in May to the lowest level in at least four decades as the boost from a popular tax credit faded, adding to worries over a slowing economic recovery.

U.S. stocks fell in a volatile session on Wednesday after the Federal Reserve downgraded its assessment of the economic recovery as it vowed to keep cheap money flowing.

Senator Blanche Lincoln, who has pushed a crackdown on Wall Street's use of derivatives, wants to give some banks a break from new capital requirements in the financial reform bill.

Connecticut's attorney general subpoenaed CVS Caremark Corp on Wednesday after the company threatened to shut down a consumer discount drug program rather than extend it to Medicaid patients.

Stocks zigzagged on Wednesday following a Federal Reserve statement that pointed to more cheap money even as the Fed acknowledged the pace of economic recovery is faltering.

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Four days after U.S. securities regulators charged Goldman Sachs Group with civil fraud, Ash Williams, the top administrator for Florida's $138 billion in public investments, wanted to talk to someone at the Wall Street firm.

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