MARKETS / FINANCE

Worried that Congress will not act in time to raise the country's borrowing cap, the Obama administration is enlisting the business community to persuade lawmakers that a default will have dire consequences.

Corporate profit margins in the United States are likely to remain at elevated levels for the foreseeable future, despite concerns about an economic slowdown, former IMF chief economist Raghuram Rajan said on Wednesday.

Lehman Brothers Holdings Inc is delaying its fight to block real estate developer SunCal from challenging $1.5 billion in claims Lehman asserted as a creditor in bankruptcy court against a number of Lehman/SunCal real estate projects.

Joe Lockhart, a former press secretary for President Bill Clinton, is joining Facebook to oversee the company's policy, international and corporate communications efforts.

The United States and China will need to work out a high-level understanding to limit cyber attacks and spying, U.S. elder statesman Henry Kissinger said on Tuesday.

- JPMorgan Chase & Co shuffled several retail banking executives, signaling Chief Executive Jamie Dimon's determination to rebuild the bank's profits and elevate in-house talent to high-profile roles.

Republicans and Democrats grappled over the government's annual spending levels on Tuesday as they worked toward a deal that would narrow annual budget deficits and allow the country to continue borrowing at rock-bottom rates.

Lockheed Martin Corp's space systems unit said on Tuesday it would cut 1,200 workers, or about 7.5 percent of the division's total workforce, by year's end to reduce costs and improve its competitive standing.

The chairman of the Federal Reserve warned on Tuesday that a failure to lift the government's borrowing limit could risk a potentially disastrous loss of confidence, giving further impetus to the latest round of deficit-reduction talks by top lawmakers.

Rambus successfully fended off an attempt by opponents in an upcoming $4.38 billion antitrust trial to use a recent negative court ruling over document shredding against the chipmaker.

Citigroup Inc is in the early stages of looking for about 1 million square feet of office space in Manhattan and considering space at the World Trade Center site and at the Hudson Yards, according to two people familiar with the matter.

About eight people besides a Taiwan-born technology consultant who is on trial for insider trading provided stock tips to Barai Capital Management, a former employee of the hedge fund testified on Tuesday.

The recent string of sensational hacker attacks is driving companies to seek cyberinsurance worth hundreds of millions of dollars, even though many policies can still leave them exposed to claims.

It may take the Supreme Court to end a years-long battle between a pair of Olympic rowing twins and Facebook Inc founder Mark Zuckerberg.

Consumers have not pulled back aggressively despite the recent slowdown in the economy, retail sales data showed on Tuesday, and falling gasoline prices should support growth in the months ahead.

Federal Reserve Chairman Ben Bernanke warned on Tuesday that a failure to lift the government's $14.3 trillion debt ceiling risks a potentially disastrous loss of confidence in America's creditworthiness.

U.S. regulators threw a temporary bridge across the increasingly awkward gap between the idea of regulating the $600-trillion swaps market and the reality of actually doing it.

Stocks posted their biggest gains in nearly two months on Tuesday as retail sales figures allayed fears over the economy that had driven a six-week slump in the market.

It was supposed to be much smoother sailing by now.

JPMorgan Chase & Co has pushed out its head of home lending, David Lowman, who had been sidelined in February after the bank racked up billions of dollars in losses on mortgages and became mired in litigation over foreclosures.

Federal Reserve Chairman Ben Bernanke warned on Tuesday that a failure to lift the government's $14.3 trillion debt ceiling risks a potentially disastrous loss of confidence in America's creditworthiness.

Federal Reserve Chairman Ben Bernanke warned on Tuesday that a failure to lift the government's $14.3 trillion debt ceiling risks a potentially disastrous loss of confidence in America's creditworthiness.

Stocks rose more than 1 percent on Tuesday, primed by a market that was oversold on a technical basis and better-than-expected retail sales data that helped trigger a relief rally.

JPMorgan Chase & Co has pushed out its head of home lending, David Lowman, who was sidelined in February after the bank racked up billions of dollars in losses on soured mortgages and became mired in litigation over a wave of foreclosures.

Stocks jumped more than 1 percent on Tuesday as investors were drawn by oversold conditions on a technical basis and retail sales data was better than expected.

Most chief executive officers of large U.S. companies expect higher sales and higher capital spending in the next six months, but their optimism about economic conditions and expectations for growth are more muted than three months ago, according to a quarterly survey.

The chances of positively resolving Europe's serious debt problems are decreasing from day to day as authorities focus on buying more time, not solving problems, billionaire investor George Soros said on Tuesday.

Retail sales fell in May for the first time in 11 months, dragged down by a sharp drop in receipts from auto dealerships, according to a government report that could raise fears of a prolonged economic slowdown.

Retail sales fell in May for the first time in 11 months, dragged down by a sharp drop in receipts from auto dealerships, according to a government report that could raise fears of a prolonged economic slowdown.