Police break up second day of anti-IMF protest in IstanbulISTANBUL — Protesters hurled firebombs at banks and police and smashed shop windows in a second day of protests Wednesday against the International Monetary Fund. FDIC sells 40 percent stake in $4.5 billion worth of Corus Bank assets to Starwood-led groupWASHINGTON — The Federal Deposit Insurance Corp. has agreed to sell a 40 percent stake in a portfolio of Corus Bank assets for $554.4 million to a private-equity consortium led by Starwood Capital Group. After 4 years, auto parts supplier Delphi emerges from Chapter 11 as new companyNEW YORK — Auto parts supplier Delphi finally exited bankruptcy protection on Tuesday nearly four years to the day it filed for Chapter 11. Findings of mutual fund advertising study at a glanceUniversity researchers have concluded a two-year-old rule requiring equal disclosure of mutual fund expense information alongside performance data may not lead to better decisions by consumers, who tend to ignore the importance of expenses. Here’s some information on the study and its findings: Bank of America vows not to change credit card rates before FebruaryNEW YORK — Bank of America Corp. on Tuesday pledged not to hike credit card interest rates or fees before a new law intended to reform industry practices takes effect in February. Say one thing, do another: Investors focus on past fund returns, even when they get cost dataBOSTON — A study by university researchers suggests the adage about horses not drinking even if you lead them to water is also true of mutual fund investors. Australian rate hike seen as endorsement of global recovery, but not likely to be imitatedWASHINGTON — A move by Australia’s central bank to raise its benchmark interest rate, the first major economy to do so since the financial crisis worsened last fall, may signal a vote of confidence in a global recovery. Awaiting pay czar’s rules, largest bailout recipients rework compensation for top earnersWASHINGTON — Several firms that received large taxpayer bailouts have adjusted executive compensation to trim cash payouts before the Obama administration’s pay czar issues new rules. Some fear those rules will go too far, preventing them from attracting the talent they need to remain competitive. Insurers AIG, Hartford, Travelers look to cash in as Verisk Analytics IPO expected WednesdayCHARLOTTE, N.C. — Insurance data specialist Verisk Analytics Inc. shares are set to debut Wednesday, and a handful of insurance giants, including government-supported American International Group Inc., are looking to cash in their shares. Former NY power broker Raymond Harding pleads guilty in pension fund corruption scandalNEW YORK — A political power broker and an investment executive who advised government officials in several states have pleaded guilty to securities fraud in connection with a “pay-to-play” scandal at New York’s public pension fund. Lawmakers split on proposals to revamp financial rules affecting investorsWASHINGTON — Regulators and investor advocates voiced support Tuesday for a proposal that addresses consumer protection and would bring investment funds under government supervision as part of Congress’ efforts to revamp the U.S. financial rule book. Dollar tumbles after Australia raises rate, signaling more hikes to come; UK report spooksNEW YORK — The dollar tumbled Tuesday, hitting a 14-month low against the Australian currency and circling year lows against the euro, after an interest rate increase from the Australian central bank signaled other countries might increase their rates. Stocks jump as investors continue rally into second day; weak dollar fans commoditiesNEW YORK — Investors rushed into stocks for a second day amid signs that the global economy is recovering and as a weak dollar pushed up prices of commodities. Report that oil producers may move away from dollar sends US currency close to year lowsLONDON — The dollar fell Tuesday towards year lows against the euro and the yen after a report that Arab states and other countries were contemplating an end to the U.S. currency’s role in the pricing oil. Stocks jump in morning trading as investors continue rally into second dayNEW YORK — Stocks rose in morning trading Tuesday as investors built further momentum amid fresh signs the global economy is recovering. House panel puts financial overhaul focus on investor protection, supervising investment fundsWASHINGTON — House lawmakers crafting legislation to overhaul the system of financial regulation are focusing on the key elements of investor protection and bringing investment funds under government supervision as they hear the views of regulators, industry officials and investor advocates. UK manufacturing down on the month in August, but car registrations, house prices riseLONDON — Manufacturing output in the United Kingdom fell during August, official statistics showed Tuesday, overshadowing more upbeat data on house prices and car sales and suggesting economic recovery will be slow. Australian central bank lifts interest rate by quarter point, optimistic on economySYDNEY — Australia’s central bank unexpectedly raised interest rates by a quarter point Tuesday, becoming the first major economy to increase the cost of borrowing amid signs its recovery from the global slump is gaining momentum. World markets buoyed by recovery hopes as Australia’s bank raises interest rates
Police break up hundreds of people protesting against the IMF in IstanbulISTANBUL — Turkish police used water cannons, tear gas and pepper spray on Tuesday to disperse hundreds of demonstrators protesting against the annual meetings of the International Monetary Fund and World Bank held in Istanbul. World markets higher as US services sector improves, Australia hikes interest ratesBANGKOK — World stock markets rose Tuesday after the U.S. service sector, a mainstay of the world’s No. 1 economy, showed growth for the first time in a year and Australia raised interest rates as its recovery strengthens. Asian markets mostly higher as US services sector improves, Australia hikes interest ratesBANGKOK — Asian stock markets mostly rose Tuesday after the U.S. services industry, a mainstay of the world’s No. 1 economy, showed its first growth in a year and Australia’s central bank raised interest rates. Health insurers lobbying against softening of requirement for Americans to obtain coverage
Health care issues: Are insurance market changes enough to fix the health care system?A look at key issues in the health care debate: Finance ministers: developing countries deserve more voting power in World BankISTANBUL — The World Bank needs to become more efficient in how it uses its resources and give more say to developing economies, several member states, including major donors the U.S. and Britain, said Monday. Report says credibility of bank rescue program was hurt by government’s inaccurate claimsWASHINGTON — The credibility of the government’s $700 billion financial rescue program was damaged by claims a year ago that all of the initial banks receiving support were healthy, a new report contends. Treasury says 3 more investment firms approved for toxic asset purchase programWASHINGTON — Three more large investment firms have raised sufficient capital to participate in the joint partnership with the government to purchase toxic assets from banks. Wall Street waits for earnings to determine whether rally continues into 8th month or stopsNEW YORK — The stock market’s bulls are slowing their charge, and upcoming earnings reports will determine whether they keep going forward or just stop. IMF says it is committed to giving more voting power to developing countriesISTANBUL — A key panel of the International Monetary Fund said Sunday that it supports giving more voting power to emerging market and developing countries, warning that the legitimacy of the institution was at stake. US Treasury Secretary Geithner urges IMF to implement internal reformsISTANBUL — U.S. Treasury Secretary Timothy Geithner on Sunday urged the IMF to implement reforms that would give emerging market and developing countries more say in the financial institution. |
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