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UN's Earth Summit Sputters As Top World Leaders Back Out

Rio+20, the U.N. Conference on Sustainable Development set for Rio de Janeiro next month, has been hailed as a major opportunity for world leaders to address climate change, but its importance threatens to be diminished as key players opt out.
A trader works in the J.P. Morgan stall on floor of the New York Stock Exchange, September 14, 2009.

SEC 'Probably' Drafting JPMorgan Subpoenas: Former Agent

U.S. Securities and Exchange Commission investigators are probably in the process of drafting subpoenas against JPMorgan Chase & Co. (NYSE: JPM), if they have not already filed them, regarding the bank's loss of $2 billion through proprietary trading, said ex-SEC New York Regional assistant director Joseph Dever.
Ai in Tate

Chinese Dissident Ai Weiwei's Sunflower Seeds Pull In $782,000

An auction of Chinese dissident artist Ai Weiwei's porcelain sunflower seeds at Sotheby's in New York on Wednesday has fetched almost $800,000 - but it's unclear how much of the money will find its way to the hundreds of Chinese workers who made them.
U.S. investors came back from a long holiday weekend to a flurry of big news from Spain Tuesday, as the government there is looking to stave off the imminent collapse of nationalized financier Bankia S.A. -- the country's fourth-largest bank -- with a €19

Spain Agrees To Independent Banking Audit, Orders More Reserves From Banks

The Spanish government agreed Friday to an independent audit of the holdings of its banking sector, as requested by the European Union. It also said that banks would be required to set aside more cash in the face of losses from toxic loans, as the country's economy teeters from high unemployment and weak economic output, and also offered high-interest loans for weaker lenders.
George Clooney

Barack Obama Cracks Jokes At George Clooney's $40,000-A-Plate Fundraiser

George Clooney hosted a $40,000-a-plate fundraiser for President Barack Obama at his Los Angeles home Thursday, May 10. The event, which reportedly took place in a decked out tent at Clooney's L.A. mansion, included 150 of George's closest and richest friends, not to mention a Clooney roast by the Commander in Chief himself.
Indian Rupee

Rupee Remains Volatile Despite RBI Intervention While India's Industrial Production Shows Surprising Decline

Despite RBI's desperate efforts to prop it up, rupee declined by 18 paise to reach 53.60 against dollar in the late morning trade on Friday. However, rupee stabilized in the later sessions at 53.54/55 before closing at 53.45 and India's industrial production surprisingly declined by 3.5 percent in March, for the first time in five months, prompting the industry to seek cut in interest rates.
Mitt Romney Gets Another Big Endorsement: Paul Ryan

US House GOP Votes To Cut Food Stamps Over Military Spending

In a vote that solidifies the Republican Party's economic platform heading into the 2012 election, the House voted on Thursday to reverse mandated cuts to the Pentagon by slashing social assistance programs that largely benefit poor Americans.

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