IBT Staff Reporter

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Second-hand retailers score during recession

The recession has taken its toll on many large U.S. retailers but smaller ones catering to the second-hand market are flourishing as the cash-strapped seek the holy grail of the American consumer: a bargain.

BofA to select emergency CEO this week: report

Bank of America Corp plans to select an emergency chief executive officer this week if legal issues force Ken Lewis to leave before year-end, the Wall Street Journal said, citing a person familiar with the situation.

High-tech video surveillance to expand in New York

New York City's police video camera surveillance network will be expanding with the help of $24 million in Federal grants, New York Mayor Michael Bloomberg and Police Commissioner Ray Kelly announced on Sunday.

Goldman owed $1 billion if CIT fails

Goldman Sachs Group Inc would be due a payment of about $1 billion if troubled commercial lender CIT Group were to file for Chapter 11 bankruptcy, according to a source familiar with the matter.

Goldman owed $1 billion if CIT falls

Goldman Sachs Group Inc would be due a payment of about $1 billion if troubled commercial lender CIT Group were to file for Chapter 11 bankruptcy, according to a source familiar with the matter.

Stocks may hit earnings speed bumps

U.S. stocks could hit more speed bumps this week if the start of the third-quarter earnings season offers little evidence that the economic recovery is gaining strength.

Goldman owed $1 billion if CIT goes bankrupt

Goldman Sachs Group Inc would be due a payment of about $1 billion if troubled commercial lender CIT Group were to file for Chapter 11 bankruptcy, according to a source familiar with the matter.

HSBC chief cautious on growth: report

HSBC Chief Executive Michael Geoghegan is cautious about growing too fast because he fears a second economic downturn could force the bank to make write-downs, he said in an interview with the Financial Times.

U.S.-led consortium wants to buy Volvo from Ford: FT

LONDON A U.S.-led consortium has entered the race to buy Volvo from Ford , the Financial Times reported, in a challenge to China's Geely Automotive , which confirmed its interest in the money-losing Swedish carmaker last month.

Goldman owed $1 billion if CIT goes bankrupt: report

Goldman Sachs Group Inc would be due a $1 billion payment if troubled commercial lender CIT Group were to file for Chapter 11 bankruptcy, the Financial Times reported on Sunday, citing people familiar with the matter.

Rising Cholesterol Levels Deepen Cost Burden to Nation

One in two adult Australians has a blood cholesterol level over 5.5 resulting in a huge cost to the community in terms of lives lost, and financial cost to the nation's Pharmaceutical Benefits Scheme (PBS) in order to control it.

IMF members make little headway on power shift

Global finance chiefs made little headway on Sunday in overcoming long-standing disagreements over how much power rich nations should cede to major developing countries at the International Monetary Fund.

Weber sees financial crisis aftershocks: report

The global financial crisis is probably not completely over and banks are likely to experience further setbacks, European Central Bank Governing Council member Axel Weber said in a newspaper interview released on Sunday.

Pope says Western materialism corrupts Africa

Pope Benedict opened a synod of Roman Catholic bishops on Africa by denouncing the West's materialism and lack of moral values, which he said were contaminating the world's poorest continent like toxic waste.

Report says Iran has data to make atom bomb

A confidential analysis by staff of the U.N. nuclear watchdog has concluded that Iran has acquired sufficient information to be able to design and produce an atom bomb, The New York Times reported on Saturday.

Former Japan finance minister found dead

Former Japanese finance minister Shoichi Nakagawa, who resigned his key post after being forced to deny he was drunk at a G7 news conference in February, has died, Tokyo police said on Sunday.

Indonesia prepares for mass burial of quake dead

Indonesians dug a pit for a mass burial in the earthquake shattered city of Padang on Sunday, while in nearby hills villagers with wooden hoes clawed in the mud in a near-hopeless search for hundreds entombed by landslides.

North Korea's Kim woos visiting China Premier

North Korea's leader Kim Jong-il made a rare appearance to greet visiting Chinese Premier Wen Jiabao, starting a trip that swiftly drew a statement from the North that it was willing to discuss its nuclear weapons.

IAEA to inspect Iran's Qom site October 25

U.N. experts will inspect Iran's newly disclosed uranium enrichment plant on October 25, the IAEA nuclear agency chief said on Sunday, praising a shift from conspiracy to cooperation in Tehran's dealings with the West.

Too big to fail must end for all: FDIC chief

The head of the U.S. Federal Deposit Insurance Corp. said on Sunday that she wanted to end the too big to fail doctrine and shrink the shadow banking system that operates outside the reach of regulators.

Dispute over control clouds IMF expansion

Fierce disagreement over how much power rich nations should cede to developing countries clouded talks between global finance chiefs on expanding the role of the International Monetary Fund.

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