IBT Staff Reporter

Equity Investment management firm AXA Rosenberg LLC has found an error in its risk-modeling program that caused it to understate some common risks in its portfolio optimization system, according to a letter to investors posted on the company's website.

The Swiss bank UBS AG and the accounting firm Ernst & Young LLP have agreed to $250.5 million of settlements to resolve investor lawsuits over a fraud that nearly destroyed the hospital operator HealthSouth Corp.

DENVER - Offering 150,000-plus apps that have been downloaded more than 2 billion times, Apple's App Store is far and away the leading source of mobile applications driving today's mobile entertainment market.

Greece and top world finance officials raced to get rescue funds to the debt-stricken euro zone country but concern in Germany about the scale of the bailout threatened to slow down the process.

Countries must not be complacent about the state of the global economy, despite brighter signs of recovery, Japanese Finance Minister Naoto Kan on Saturday warned his counterparts at the International Monetary Fund.

Goldman Sachs Group Inc's top executive boasted in late 2007 about the money the investment bank was making from betting against risky mortgages, according to a collection of e-mails released by a Senate panel on Saturday.

Five senior executives at Goldman Sachs Group Inc sold company stock after the firm received notice of possible fraud charges, according to a report in the Wall Street Journal.

Goldman Sachs Group Inc officials boasted in late 2007 about the money the investment bank was making from betting against risky mortgages, according to a collection of e-mails released by a Senate panel on Saturday.

A bank levy to cover the cost of future bailouts is a flawed idea, a global banking group said on Saturday, calling instead for a global agreement for unwinding failing banks without resorting to taxpayer money.

Emerging-market economies should be given an increased say in global financial institutions at the cost of rich countries, Treasury Secretary Timothy Geithner said on Saturday.

Debt-stricken Greece appealed to its European partners and the IMF for emergency loans on Friday, yielding to overwhelming market pressure to start the first financial rescue of a member of the euro zone.

President Barack Obama said on Saturday taxpayer-funded bailouts of the auto industry that he approved had paid off, in what amounted to a rejection of conservative arguments against such government help.

The further integration of Arabic language capabilities in internet and other technological architecture will grant millions access to the digital world, Microsoft and Google executives said.

Goldman Sachs Group Inc officials discussed making serious money in 2007 off the subprime crisis as mortgages were starting to falter in rapid numbers, according to a collection of e-mails released by a Senate panel on Saturday.

Advanced economies must make good on pledges to tighten regulation and curtail government debt or the fragile recovery could unravel, a top European official said on Saturday.

Toyota Motor Corp has agreed to recall a yet-undetermined number of vehicles sold in Brazil since 2008 due to floor mat problems, the latest in a string of safety problems the Japanese automaker faces globally, local newspapers reported on Saturday.

Inflationary expectations are on the rise in China even though inflation itself remains mild, a senior government researcher said on Saturday.

When Ric Hull first looked at launching Great Wall Motor pickup trucks in Australia last year, he considered rebranding them, worried their obvious Chinese origins would raise questions about their quality.

The U.S. Army has recommended ending a joint Raytheon Co -- Lockheed Martin Corp precision-attack missile program that has cost some $1 billion so far, a prominent industry consultant said Friday.

Wall Street is heading into another earnings blitz next week and the prospects of strong results from bellwethers like Caterpillar Inc and 3M Co should propel indexes to new recovery highs.

G20 finance leaders said on Friday they had secured a better-than-expected global economic recovery but were wary of overconfidence as Greece's debt crisis put the focus on worsening public finances.

Senate Republicans vow to oppose a Democratic effort to begin debate next week on a proposed crackdown on Wall Street unless a bipartisan accord is reached, senior Republican aides said on Friday.

An Italian inventor, Luciano Marabese has combined faith and ingenuity to come up with a way to keep church traditions alive for the faithful without the fear of contracting swine flu -- an electronic holy water dispenser.

Fetuses begin moving at around 7 weeks of pregnancy, but it's only after around 16 to 18 weeks that expectant mums start to feel any kicking or movement.

Goldman Sachs Group Inc Chief Executive Lloyd Blankfein and other bank officials have been sued by shareholders in two lawsuits related to fraud allegations brought by the federal government.

A U.S. government watchdog will investigate the Securities and Exchange Commission's fraud lawsuit against Goldman Sachs Group Inc, the SEC's inspector general said on Friday, while two shareholders sued the bank over the fraud allegations.

G20 finance leaders said on Friday they had secured a better-than-expected global economic recovery but were wary of overconfidence as Greece's debt crisis put the focus on worsening public finances.

Income taxes withheld from paychecks earned by people who work in New York City rose 7.1 percent in the first quarter versus a year ago, indicating financial companies in the first quarter showed restraint in handing out cash bonuses, the city comptroller said on Friday.

Proposals to hit banks around the world with new taxes to help pay for bailouts split world finance leaders on Friday.