By ROBERT BARRAssociated Press
LONDON (AP) - A former top Barclays executive admitted ordering staff to submit false interest rates during the credit crisis in 2008 because he believed his action had been sanctioned by the Bank of England.
Jerry del Missier told the House of Commons Treasury
By The Associated Press
LOW WATER: A year after the Mississippi River swelled to near-historic levels, the river's southern half is so low that barges have run aground and operators have been forced to lighten their loads.
BLAME THE WEATHER: One reason for the difference is a lack of rainfall
By CHRIS KAHNAP Energy Writer
NEW YORK (AP) - Oil prices climbed for a fourth day on hopes that the Federal Reserve will take additional steps to prop up the economy.
Benchmark U.S. crude on Monday rose $1.33 to end at $88.43 per barrel in New York, while Brent crude rose by $1.95 to finish at $
By MARTIN CRUTSINGERAP Economics Writer
WASHINGTON (AP) - U.S. companies added to their stockpiles in May. But their sales fell for a second straight month, adding to worries that the economy has slowed.
Business stockpiles grew 0.3 percent in May from April, matching April's increase, the
By LINDA A. JOHNSONAP Business Writer
TRENTON. N.J. (AP) - U.K. drug maker GlaxoSmithKline has secured its takeover of longtime partner Human Genome Sciences after agreeing to pay more, a move to expand GSK's drug portfolio in crucial areas: biologic drugs and treatments for the hundreds of
By JOE McDONALDAP Business Writer
BEIJING (AP) - The International Monetary Fund cut its growth forecast for China's slowing economy Monday and said a "hard landing" was still possible.
The IMF reduced its China growth outlook for 2012 by 0.2 percentage point to 8 percent and for 2013 by 0.3
By CHRISTOPHER S. RUGABERAP Economics Writer
WASHINGTON (AP) - The global economy will grow more slowly over the next two years, according to the International Monetary Fund's latest forecast.
And Europe's financial crisis and a potential budget crisis in the United States could slow
NEW YORK (AP) - Barton Biggs, the former chief global strategist for Morgan Stanley, who warned three years before the crash in dot-com companies that stocks were too expensive, has died, the bank said Monday. He was 79.
Morgan Stanley CEO James Gorman confirmed Biggs' death in a memo to
By BERNARD CONDONAP Business Writer
NEW YORK (AP) - Stocks closed lower for the seventh day out of the last eight on Monday after the government reported that U.S. consumers cut their spending last month.
The news pushed stocks down from the start of the trading day. Though they recovered a bit
By ANNE D'INNOCENZIO and MARTIN CRUTSINGERAP Business Writers
WASHINGTON (AP) - The outlook for the U.S. economy appeared dimmer Monday after a report that Americans spent less at retail businesses for a third straight month in June.
The report led some economists to downgrade their estimates