MARKETS / FINANCE

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Treasury sets wide scope for new consumer agency

The U.S. Treasury on Tuesday sent Congress proposed legislation to create a new regulatory agency with sweeping powers to write and enforce tough new consumer protection rules for banks and other financial institutions.

AIG says risk declining, new CEO likely soon

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American International Group Inc's chief executive said the government may never relinquish its 79.9 percent stake in the insurer, which has been rescued by $180 billion of federal bailouts.
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Oil drops 3 percent as dollar gains

Oil prices fell more than 3 percent to $69 a barrel on Tuesday, pressured by a stronger U.S. dollar and as weak consumer confidence data hit equities.
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General Motors to seek approval to sell itself

General Motors Corp is heading to bankruptcy court on Tuesday to seek approval to sell its assets to a New GM in a plan to reinvigorate the automaker under U.S. government ownership.
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Pace of home price declines slows in April

Prices of U.S. single-family homes fell in April from March but the pace of the decline moderated, suggesting stability is emerging in some regions, according to Standard & Poor's/Case Shiller home price indexes released on Tuesday.
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Bankruptcy court to rule on New GM plan

General Motors Corp is heading to bankruptcy court on Tuesday to seek approval to sell its assets to a New GM in a plan to reinvigorate the automaker under U.S. government ownership.
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Magna-Opel deal in doubt

Efforts to save two leading European carmakers took a twist on Tuesday that could change the ownership of both crisis-hit General Motors Corp's Opel and German sportscar maker Porsche .
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Stock futures flat as investors await data

U.S. stock futures were flat on Tuesday ahead of a batch of new data that may give investors insight into the state of the recession-hit economy on the last day of the second quarter.
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Stock futures point to a higher start

Stock futures pointed to a higher start on Wall Street on Tuesday, with futures for the S&P up 0.4 percent, Dow Jones futures up 0.2 percent and Nasdaq 100 futures up 0.1 percent at 5 a.m. EDT.
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World stocks eye best quarterly gain

The MSCI world equity index looked set on Tuesday for its best quarterly gain since its 1988 launch and oil was on course for its strongest quarter since 1990, as recovery talk fired up markets in the past three months.
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Asia stocks up, oil surges at quarter's end

Asian stocks rose on Tuesday, the last day of a torrid quarter, as investors added to trades based on a rebound in economic activity, while funds slashed bets against a fall in oil prices to keep crude on track for its biggest quarterly gain in 19 years.
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Asia stocks gain as risk taking persists

Asian stocks and the Australian dollar rose on the last day of the second quarter, as investors kept adding to bets global economic activity is rebounding, having driven Chinese shares to the highest in a year.
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Madoff gets 150 years for massive investment fraud

Bernard Madoff was sentenced on Monday to 150 years in prison -- the maximum penalty the judge could give him for extraordinarily evil crimes in Wall Street's biggest and most brazen investment fraud.
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AIG shareholders to elect new directors at meeting

American International Group Inc , the insurer rescued by a series of federal bailouts, is set to pad out its shrinking board on Tuesday when a new slate of directors stands for election at its annual meeting.
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It’s Not Even Cute When You Do It

Like the fish don't see the water they swim in, people don't often see how their conversations are infused with manipulation. One of the goals in our work is making the manipulation
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Wall St buoyed by oil sector, window dressing

Stocks rose on Monday as higher oil prices lifted shares of energy companies and investors bought shares to improve their holdings on the day before the second quarter draws to a close.
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Downturn creates more working mothers in Asia

The economic crisis is turning more Asian women into CFOs, or chief family officers, according to a new survey, juggling work and childcare as they try to boost the family income.
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Madoff gets 150 years for vast investment fraud

Disgraced financier Bernard Madoff was sentenced to 150 years in prison Monday for perpetrating Wall Street's biggest and most brazen investment fraud, the maximum punishment allowed for what the judge called extraordinarily evil crimes.Cheers and applause came from the courtroom -- filled with his fleeced investors -- as the judge handed down the penalty, apparently unconvinced that Madoff h...
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Bernard Madoff sentenced to 150 years in prison

Disgraced financier Bernard Madoff was sentenced to 150 years in prison on Monday for perpetrating Wall Street's biggest and most brazen investment fraud, the maximum punishment for what the judge called an extraordinarily evil crime.Cheers and applause came from the courtroom -- filled with his fleeced investors -- as the judge handed down the penalty.Madoff, 71, stood passively with his hands c...
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Recovery frail but stimulus exit must be timely

Unprecedented attempts to stimulate economic growth may fail to bring a sustained recovery, yet withdrawing them too late could be even more risky, leading central bankers said on Monday.Regional currencies would gain in importance, they also said after two days of talks. But the U.S. dollar still had no serious rival in playing a lead role in foreign reserves and trade settlement, according to th...
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Madoff sentenced to 150 years in prison

Disgraced financier Bernard Madoff was sentenced to 150 years in prison on Monday for perpetrating the biggest and most brazen investment fraud in Wall Street history.The courtroom erupted in cheers and applause as U.S. District Court Judge Denny Chin imposed the maximum possible prison sentence on the 71-year-old defendant.Madoff stood facing the judge with his hands clasped in front of him as he...

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