Business

Wachovia Bank admits laundering Mexican drug money, pays $160 million in settlement

Fri, 19 Mar 2010 11:19:00 -0400

Wachovia Bank reached a $160 million settlement with the Justice Department over allegations that a failure in bank controls enabled drug traffickers to launder money by transferring money from Mexican currency-exchange houses to the bank.

UK to launch 250 MPH high speed train service

Sat, 13 Mar 2010 11:07:00 -0500

The British government announced on Thursday that it was planning to build a $45 billion high speed rail corridor between the cities of London and Birmingham, and eventually to link to the northern cities of Manchester and Leeds. The train's 250 mph speed could reduce the time to travel the distance between London and Birmingham from 84 minutes to 49 minutes, project developers claim.

Former HSBC employee accused of stealing data on 24,000 Swiss bank accounts

Fri, 12 Mar 2010 13:18:00 -0500

A former IT employee has stolen information on 24,000 HSBC customers with Swiss bank accounts, the British bank said Thursday.

Mexican telecom tycoon named world's richest man

Thu, 11 Mar 2010 09:51:00 -0500

Mexican telecom tycoon Carlos Slim Helu, named the world's richest man, according to a new ranking published by Forbes magazine on Wednesday.

Icelanders reject plans to repay debt of €3.9 billion to Britain and Netherlands

Mon, 08 Mar 2010 06:43:00 -0500

In a national referendum on Saturday, Icelanders rejected a plan to repay the U.K. and the Netherlands €3.9 billion ($5.3 billion) lost in the collapse of Icesave bank in 2008.

German MPs: Greece should sell islands to avoid bankruptcy

Fri, 05 Mar 2010 06:12:00 -0500

Two German congressmen suggested on Thursday that Greece should raise money from selling some of its uninhabited islands in order to avoid bankruptcy.

Apple sues HTC for patent infringement

Wed, 03 Mar 2010 08:42:00 -0500

Apple Inc. filed patent lawsuits against Taiwanese phone maker HTC Corp. on Tuesday, claiming violation 20 of its patents related the iPhone's touch screen technology and other features.

Warren Buffett calls for penalties for bank executives who led their companies to fall

Mon, 01 Mar 2010 07:39:00 -0500

Warren Buffett, America's most famous, chairman of Berkshire Hathaway Inc., launched an attack Saturday on bank giants' executives, calling for penalties for those who led their companies to near-collapse.

Apple admits employing 15-year-olds in factories

Mon, 01 Mar 2010 05:35:00 -0500

Apple has admitted that children were recruited at some of its factories that build its computers, iPods and mobile phones.

Head of International Monetary Fund Proposes New Global Reserve Currency

Sat, 27 Feb 2010 12:00:00 -0500

Dominique Strauss-Kahn, the head of the International Monetary Fund, said Friday the organization might explore the options of providing countries with a global reserve currency as an alternative to the U.S. dollar.

Goldman Sachs' role in Greek financial crisis investigated

Fri, 26 Feb 2010 12:50:00 -0500

The US central bank has launched an inquiry into derivatives contracts arranged between Goldman Sachs Group Inc. and investment banks with Greece, Ben Bernanke, chairman of the Federal Reserve, said on Thursday. .

Jobs That Pay $100,000 or More

Tue, 23 Feb 2010 12:04:00 -0500

A Newsweek column browses several job boards such as Indeed, Vault, and Yahoo! HotJobs to help you track the best job listings with salaries of $100,000 or more.

China's huge bubble to burst soon?

Tue, 23 Feb 2010 12:03:00 -0500

According to Marc Faber, publisher of the Gloom, Boom & Doom Report, the Chinese economy might crash in 2010.

Toyota memo shows staff trumpeting savings of $100 million by halting U.S. safety investigation in 2007

Tue, 23 Feb 2010 04:56:00 -0500

According to a 2009 internal Toyota Motor Corp document handed over to U.S. lawmakers and made public on Sunday shows Toyota's Washington D.C. staff boasting of saving over $100 million by persuading regulators to halt a 2007 investigation of sudden acceleration complaints with a relatively cheap floormat recall.

U.S. Department of Agriculture to pay black farmers $1.25 billion in discrimination suit

Fri, 19 Feb 2010 09:59:00 -0500

The U.S. Department of Agriculture agreed to pay $1.25 billion to settle more claims by black farmers who said they were discriminated against in federal farm loan programs.

South Carolina congressman proposes bill to ban US currency in state and use gold and silver coins instead

Thu, 18 Feb 2010 09:53:00 -0500

South Carolina State Rep. Mike Pitts has introduced a bill that would ban the recognition or use of US currency in South Carolina. The lawmaker says if the Federal Government continues to spend at the current rate, there’s a chance the U.S. economy could collapse and printed money would become worthless.

Joe Biden says stimulus good for Michigan, rest of US

Wed, 17 Feb 2010 19:06:00 -0500

UNIVERSITY CENTER, Mich. — The year-old federal Recovery Act that has pumped billions in stimulus dollars into economically devastated states such as Michigan is working well, Vice President Joe Biden said Tuesday.

Pennsylvania lawmaker tries again to loosen beer-sales law

Wed, 17 Feb 2010 19:03:00 -0500

Beer drinkers, meet your liberator. State Sen. John Rafferty, flanked by a fife and drum corps in Revolutionary War getup and dozens of convenience store employees holding "Free My Beer" signs, said Tuesday that he will attempt once again to loosen Pennsylvania's restrictive beer-sales law.