Citigroup Inc's contract with an energy trader who may be owed up to $100 million in compensation this year is exempt from rulings by the Obama administration's pay czar, a source close to the bank said on Wednesday.
Hedge fund manager John Paulson, who earned a fortune by betting against financial companies after foreseeing the credit crisis, stocked up on shares of Bank of America Corp and other lenders during the second quarter, according to a regulatory filing.
Former AIG chief executive, Maurice Hank Greenberg, and five other defendants, have agreed to pay $115 million to settle a shareholder lawsuit, according to a person familiar with the matter.
Lehman Brothers Holdings Inc is suing American International Group for $9 million in payments the bank says it is owed from credit default swap protection it bought from the insurer on companies including General Motors and Washington Mutual.
The U.S. Securities and Exchange Commission has told Arthur Samberg, a once powerful hedge fund manager, it plans to file civil insider trading charges against him and his firm, Pequot Capital Management.
The Federal Reserve said on Wednesday the U.S. economy was showing signs of leveling out two years after the onset of the deepest financial crisis in decades and it moved to phase out one emergency measure.
The U.S. Federal Reserve said on Wednesday the economy was showing signs of leveling out two years after the onset of the deepest financial crisis in decades and moved to shut down one emergency measure.
The Federal Reserve on Wednesday made two notable changes to its eagerly awaited policy meeting statement since its last meeting in June, as it upgraded its view of the economy and set a clear date to end its bond purchase program.
The Federal Reserve on Wednesday kept its key interest rate near zero as expected and said it would end its purchase of $300 million in Treasury securities in October, one month later than previously announced. The Fed is expected to maintain the current rate of between 0 and 0.25 percent.
Citigroup Inc's contract with energy trader Andrew Hall, which reports say could pay him up to $100 million this year, will not be subject to rulings by the Obama administration's pay czar, a source close to the bank said on Wednesday.
U.S. stocks powered higher on Wednesday as the Federal Reserve said it saw signs of a more stable economy.
The days of secret bank accounts are numbered for U.S. taxpayers and European tax dodgers should also watch out after the United States and Swiss bank UBS AG agreed to settle a tax evasion case.
The U.S. Federal Reserve said on Wednesday the economy was showing signs of leveling out after 20 months of recession and it will extend the duration but not the size of a program to buy long-term government securities to minimize any disruptions from completing it.
U.S. stocks added to gains on Wednesday as the Federal Reserve said it saw signs of a more stable economy, while an upbeat report from chip equipment maker Applied Materials boosted technology shares.
The U.S. Securities and Exchange Commission has told former hedge fund manager Arthur Samberg that it planned to bring an enforcement action against his firm, Pequot Capital Management, according to a source familiar with the matter.
Department store operator Macy's Inc posted a better-than-expected quarterly profit and raised its full-year outlook as cost-cuts overshadowed lower sales, but mixed results from two of its suppliers showed that the retail industry remains tough.
Emdeon Inc soared in its trading debut on Wednesday while Starwood Property Trust Inc fell slightly after their respective initial public offerings.
The Federal Reserve on Wednesday kept its key interest rate near zero as expected and said it would end its purchase of $300 million in Treasury securities in October, one month later than previously announced.
Information received since the Federal Open Market Committee met in June suggests that economic activity is leveling out.
A jump in oil prices helped widen the U.S. trade deficit in June, but a sharp fall in manufactured goods exports and imports appears to have stabilized, a Commerce Department report showed on Wednesday.
Stocks rallied on Wednesday, led by tech and homebuilding stocks, as investors awaited a key announcement by the Federal Reserve.
The Federal Reserve is expected to end its buying program of long-term government securities at a meeting that concludes on Wednesday, but keep U.S. interest rates steady at near zero amid signs the economy is stabilizing from a deep recession.
Belgian-based RHJ International is set to sweeten its offer for General Motors' European business in its race with Canadian rival Magna to buy Opel, sources close to the situation said on Wednesday.
The U.S. trade deficit widened in June to $27.0 billion, as goods imports increased for the first time in 11 months on the back of higher oil prices, a Commerce Department report said on Wednesday.
Stocks gained on Wednesday ahead of a key announcement by the Federal Reserve, led by technology and homebuilding shares after positive earnings reports.
Google has once again opened its Google Code Jam, an annual programming competition allowing global community of computer scientists to show their talents.
U.S. mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday.
The U.S. government and Swiss bank UBS have reached an agreement in a case seeking names of approximately 52,000 names of suspected American tax evaders. The governments have initialed agreements and will later sign a final accord, Justice Department lawyer Stuart Gibson told U.S. District Judge Alan Gold in Miami today, Bloomberg reported.
Department store operator Macy's Inc posted a better-than-expected quarterly profit and raised its full-year outlook as cost cuts overshadowed lower sales, but mixed results from two of its suppliers showed that the retail industry remains challenging.
The dollar is little changed against its major rivals Wednesday morning as the market largely shrugs off U.S. trade data for June and focuses on the Federal Reserve's policy meeting.
