CIT collapse would be a mess, turnaround pros say
If struggling U.S. commercial lender CIT Group Inc were to collapse it would be a drastic mistake as the small businesses that rely on it would have few alternate sources of funding, turnaround experts said at the Reuters Restructuring Summit this week. Read Full Article here.
IMF raises U.S. GDP forecast, warns on debt
The U.S. economy is mending more quickly than anticipated, although high unemployment and growing commercial property defaults will put a drag on the recovery, the International Monetary Fund said on Thursday. Read Full Article here.
BofA CEO Lewis out by year's end, search on for successor
Bank of America Corp CEO Kenneth Lewis announced he was retiring, after months of being dogged by a series of government investigations into the company's acquisition of Merrill Lynch last year that had become a major distraction for the biggest U.S. bank. Read Full Article here.
China marks 60 years with spectacle of power
China celebrated its ascendance with a show of goose-stepping troops, gaudy floats and nuclear-capable missiles in the nation's capital on Thursday, 60 years after Mao Zedong proclaimed its embrace of communism. Read Full Article here.
New media upends TV ratings system
The explosion of ways people watch television is confounding the media industry, which has relied for decades on the Nielsen ratings but now must adapt to the realities of the Internet and on-demand video. Read Full Article here.