U.S. bookseller Borders Group Inc said on Tuesday that Chief Executive Ron Marshall has resigned and will be replaced on an interim basis by the head of its marketing and merchandising teams.
New York City will have to lay off more than 10,000 public workers, in addition to 8,500 teachers, if the state legislature approves the $1.3 billion of cuts the governor proposed in his deficit-closing budget, Mayor Michael Bloomberg said on Monday.
U.S. stocks rose on Tuesday as consumer confidence data bolstered views the economy's recovery is on track and results from Travelers Cos and Apple Inc strengthened the fourth-quarter earnings picture.
Britain only just crept out of an 18-month recession at the end of 2009, suggesting any monetary tightening remains a long way off and raising fears about the prospects for recovery ahead of an election due by June.
According to a CNN poll released yesterday, almost 3 out of every 4 Americans think at least half of the money in last years $787 billion stimulus bill is being wasted.
The Dow Jones Industrial Average managed to gain 27.36 points, or 0.27 percent at 11:10 a.m. ET, as several of its components made big gains. The stocks that lifted the index into positive territory include Travelers (NYSE:TRV), Alcoa (NYSE:AA), Wal-Mart (NYSE:WMT), and American Express (NYSE:AXP).
U.S. stocks edged higher on Tuesday, as better-than-expected consumer confidence data and strong quarterly results from Travelers and Apple offset concerns about a Chinese government clampdown on bank lending.
Consumer confidence in January hit its highest level since September 2008 in data published on Tuesday, but another report showed house prices beginning to slip again after stabilizing last year.
Consumer confidence rose for the third straight month in January to the highest since September 2008, driven mostly by an improvement in present-day conditions, according to a private report released on Tuesday.
U.S. home prices slipped in November and were softer than expected in the latest sign that a rebound in the U.S. housing market is still tenuous, according to Standard & Poor's/Case-Shiller indexes on Tuesday.
Wall Street opened lower on Tuesday after China tightened bank lending requirements and data showed a rebound in the U.S. housing market is tenuous.
The S&P 500 continued its slide from yesterday in early trading in New York. It was trading down 3.82 points, or 0.35 percent at 9:41 a.m. EST.
Radical reform is needed to make the banking system safer, Britain's top central banker said on Tuesday, adding U.S. President Barack Obama's plan to curb some activities would not fully solve the too big to fail problem.
U.S. stock index futures were down on Tuesday after China clamped down on lending requirements, weighing on overseas markets.
A U.S. bailout watchdog has launched two new investigations into the New York Federal Reserve Bank's actions on insurer AIG's disclosure of payments to banks after its 2008 rescue, excerpts of prepared congressional testimony showed on Monday.
Britain needs a safer and more robust banking system, its top central banker said on Tuesday, urging the country to work with President Barack Obama on his plans for a drastic overhaul of the global financial system.
Standard & Poor's cut its rating outlook on Japan on Tuesday and China implemented a clampdown on lending, hitting investor confidence about global economic recovery.
Standard and Poor's on Tuesday threatened to cut Japan's credit rating unless it produced a credible plan to rein in its soaring debt and lift growth in an economy plagued by persistent deflation.
Fears of more Chinese policy tightening spooked global markets on Tuesday after Beijing ordered some banks to comply immediately with a planned increase in reserves and a report suggested earlier attempts at curbing lending had failed.
Major U.S. stock exchanges are pressing the regulator to allow price quotes in increments as small as one-tenth of a cent, the Wall Street Journal said on Tuesday.
Stock index futures pointed to a lower opening on Wall Street on Wednesday, following declines in Asia after China implemented an increase in higher reserve requirements for some lenders.
The yen hit a nine-month high against the euro on Tuesday, rallying after a Japanese Finance Ministry official pledged fiscal discipline after ratings agency S&P downgraded its outlook on the country's sovereign rating.
Standard and Poor's on Tuesday threatened to cut Japan's rating unless it produced a credible plan to rein in its soaring debt and lift growth in an economy plagued by persistent deflation.
Chinese state media stepped up their war of words with the United States over Internet control on Tuesday, with a top newspaper claiming a U.S. conspiracy and saying China can live without Google.
China implemented a planned increase in required reserves for some banks on Tuesday, sources said, sparking knee-jerk selling of Asian stocks which underscored how sensitive global investors are to Beijing's tightening of monetary policy.
Asian stocks fell on Tuesday as fears of further clampdowns on lending in China and a U.S. plan to freeze domestic spending sparked worries about the outlook for global growth.
Japanese Finance Minister Naoto Kan will ask the Bank of Japan to support the economy through flexible monetary policy in a speech in parliament this week, the Nikkei financial daily reported on Tuesday. Kan will make the unusual reference to the central bank's policy in a speech planned for Friday as part of the government's efforts to to overcome deflation, the paper said without citing sources.
The yen held broadly steady on Tuesday, hovering below a nine-month peak struck against the euro last week and taking a breather from a rally triggered by the onset of risk reduction. The yen surged last week as investors dumped higher-yielding currencies and risky assets on concerns that China's efforts to curb its surging economy could impair global growth and worries over a White House plan to curb risk-taking among banks.
NYSE Liffe, the European derivatives business of NYSE Euronext, today announced that the Exchanges Rapeseed Futures Contract has been added to the benchmark Rogers International Commodity Index (RICI) for the first time. The index now gives European rapeseed a weight of 0.25%.
After the slump in 2009, aluminium consumption is set to shoot up in the coming three years. Chief executive of Rio Tinto's Alcan division Jacynthe Cote told Chinese media that if there's one sector with enormous growth potential, it's aluminium.
