IBT Staff Reporter

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FDIC backs pay clawback in bank liquidations

U.S. regulators will be able to snatch back up to two years of Wall Street executives' pay if they are found responsible for the collapse of a major financial firm, under a rule approved on Wednesday.

Washington Post's Dan Balz Named Chief Correspondent

Dan Balz, the veteran political reporter for the Washington Post who has spent more than three decades at the paper, will become its first ever “chief correspondent,” Marcus Brauchli, The Post's executive editor, said Wednesday.

The Giant Phoenix Dust Storm, Explained

The massive storm that rushed across Phoenix last night with a wall of dust at least 5,000 feet high might look crazy, but the phenomenon is not all that uncommon in southern Arizona.

China raises rates, shrugs off slowing growth

China raised interest rates for the third time this year on Wednesday, making clear that taming inflation remains a top priority even as the growth pace of its vast economy gently eases.

Hollywood's Highest Paid Actresses [PHOTOS]

Forbes magazine released its list of the highest paid actresses last year and Angelina Jolie and Sarah Jessica Parker were in the top spots as they both earned $30 million last year.

Wall Street slips on global growth worry

Stocks fell slightly on Wednesday after a downgrade of Portugal's credit rating, China's interest rate rise and a soft report on the U.S. services sector sparked jitters about global growth prospects.

Services growth slows in June, employment stable

The pace of growth in the U.S. economy's services sector remained sluggish in June and new orders fell, but employment held steady last month, according to an industry report released on Wednesday.

Amid rumors of Jiang Zemin's death, speculation about China's new leadership

As the core of the third generation of Communist Party leaders, and as someone famous for his flamboyant personality, Jiang's absence from CCP's 90th anniversary is unusual. Rumors of his death triggers speculations about the power shifts within the Communist Party as the 2012 leadership transition is drawing closer.

UK's Cameron calls for probe into phone hacking

LONDON, July 6 - British Prime Minister David Cameron on Wednesday called for an official inquiry into a phone hacking scandal at Rupert Murdoch's News International that has prompted national outrage.

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