The Dow dropped more than 200 points on Tuesday, handing Wall Street its worst day in almost three months on renewed fears of a disorderly default in Greece and concerns that China's slowdown would hit global growth.
Stocks fell the most in nearly three months on Tuesday, with the Dow tumbling more than 200 points as the risk of a disorderly default in Greece and a reduced growth target in China dented recent confidence in the global economic recovery.
Athens turned up the heat on its creditors on Tuesday as it sought to secure a bond swap that will cut its mountainous debt, while the main bondholders group warned a disorderly default would cause more than a trillion euros of damage to the euro zone.
The Justice Department plans to take action in the coming months against individuals involved in corporate fraud, Attorney General Eric Holder said on Tuesday, adding that fines against companies are not enough of a deterrent.
Lamborghini announced its new speedster, the Lamborghini Aventador J, Unica, on Monday evening and confirmed that it would be a totally unique, one-off production. The car sold for €2.1 million, or approximately $2.76 million, a spokesperson confirmed Tuesday.
Allen Stanford was convicted on Tuesday of running a $7 billion Ponzi scheme, a verdict that caps a riches-to-rags trajectory for the former Texas financier and Caribbean playboy.
Lehman Brothers Holdings Inc's record $639 billion bankruptcy ended on Tuesday, clearing the way for it to start distributing about $65 billion to creditors starting on April 17, court documents show.
British Web users face having their Internet connections throttled or suspended if they are found to have downloaded music or movies illegally after Internet service providers BT and TalkTalk lost a court appeal on Tuesday.
Stocks fell the most in nearly three months on Tuesday with the Dow tumbling more than 200 points as recent government data rekindled concerns about global growth and a deadline loomed for private holders of Greek debt to agree to hefty losses.
U.S. authorities said on Tuesday top members of the LulzSec computer hacking group were arrested and its leader had previously pleaded guilty to carrying out over a dozen cyber attacks on major companies.
Stocks were on track to post their worst day so far in 2012 on Tuesday as recent government data rekindled concerns about global growth and as a deadline loomed for private holders of Greek debt to agree to hefty losses.
Economists are increasingly confident that Ireland will avoid falling back into recession when quarterly growth figures are released later this month, but the economy faces growing pressure from weak domestic demand, a poll showed on Tuesday.
JPMorgan , Goldman Sachs and Barclays Capital tightened their grip on the over-the-counter market for commodity derivatives among corporations and investors last year, a survey released on Tuesday showed.
After the slowest year for U.S. bank mergers in three decades, investment bankers are seeing flickers of a recovery.
Stocks were on track to post their worst day so far in 2012 on Tuesday as recent government data rekindled concerns about global growth and as a deadline loomed for private holders of Greek debt to agree to hefty losses.
France is prepared to switch allegiance from Spain to Luxembourg in the battle for a seat on the Executive Board of the European Central Bank, according to diplomatic sources, an appointment that would tilt the balance towards anti-inflation traditionalists.
Wall Street fell on Tuesday on renewed concerns that Greece and private bondholders may not meet a looming deadline to complete a debt swap and as caution grew over the global economic outlook after recent weak data.
Online advertising will continue to gain share at the expense of print-based media, Nomura said, starting coverage of Google Inc with its top rating.
Stock index futures fell on Tuesday on renewed concerns that Greece and private bondholders would not meet a looming deadline to complete a debt swap, potentially opening the way for a messy default that could hurt neighboring economies.
By a Reuters staff reporterMyanmar will begin a managed float of its currency in the fiscal year from April and develop an interbank money market, according to central bank documents obtained by Reuters, ending a fixed-rate currency system that has stifled investment and fueled a black market.
A disorderly Greek default would cause more than a trillion euros ($1.3 trillion) of damage to the euro zone and could leave Italy and Spain dependent on outside help to stop contagion spreading, the main bondholders group has said.
Stock index futures fell on Tuesday on renewed concerns that Greece and private bondholders would not meet a Thursday deadline to complete a debt swap, potentially opening the way for a messy default.
Stock index futures pointed to a lower open for equities on Wall Street on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 futures down 0.8 to 0.9 percent.
European shares fell sharply and the euro hit a near three-week low on Tuesday on worries that Greece will not be able to complete a major debt restructuring deal and on growing concern that global economic growth is weakening.
Shares in AIA Group Ltd had their second-biggest one-day percentage fall on Tuesday after its former parent, American International Group ), raised about $6 billion by selling shares at the bottom end of the marketing range.
A disorderly default in Greece would likely necessitate outside support for Spain and Italy to stop the threat of contagion, and could cause more than 1 trillion euros of damage to the euro zone, a group of bondholders warned.
- American International Group raised about $6 billion by cutting its AIA Group stake in a deal that was priced at the bottom of the bailed-out U.S. insurer's own expectations.
International tax evasion by multinational companies that take advantage of tax-rate disparities among countries is on the rise, according to an international study group.
Wall Street's bonuses fell nearly 25 percent in 2011, a New York City fiscal watchdog estimated on Monday, a less severe drop than the industry had anticipated, though still likely to deal a blow to the economies of New York City and New York state.
Wall Street's bonuses fell nearly 25 percent in 2011, a New York City fiscal watchdog estimated on Monday, a less severe drop than the industry has anticipated, though still likely to deliver a blow to the economies of New York City and New York state.
