American International Group Inc. (AIG), the insurer rescued by U.S. taxpayers, is weighing a move from its headquarters at 180 Maiden Lane in lower Manhattan, said two people with knowledge of the company’s planning.
The approximately 2,000 employees there may be transferred to other locations as part of a cost-saving consolidation, said one of the people, who asked not to be identified because...
S&P 500 Has Longest Weekly Rally Since March on Europe
U.S. stocks rose this week, giving the Standard & Poor’s 500 Index the longest rally since March, amid optimism Europe’s policy makers will act to ease the region’s debt crisis and better-than-expected earnings from Caterpillar Inc. (CAT) to Moody’s (MCO) Corp.
Financial and industrial shares in the S&P 500 climbed at least 2.5 percent as a group, as Caterpillar advanced 6.4 percent and Moody’s...
Spain Jobless Reaches Post-Franco Record Amid Austerity: Economy
Spanish unemployment rose to the highest on record after Prime Minister Mariano Rajoy made it easier to fire workers while implementing the steepest budget cuts in the country’s recent democratic history.
Unemployment, already the highest in the European Union, rose to 24.6 percent in the second quarter from 24.4 percent in the prior three months, the National Statistics Institute said in Madrid...
Barclays’s Lucas Probed in U.K. on Capital-Raise Fee Disclosure
Barclays Plc (BARC) is being investigated over whether it adequately disclosed fees it agreed to pay to the Qatar Investment Authority as it sought to raise money from investors including the sovereign wealth fund, according to a person with knowledge of the situation.
“The bank entered into an agreement for the provision of advisory services by Qatar Investment Authority to Barclays in the Middle...
Orders Signal Slowdown in U.S. Business Spending: Economy
A slump in June orders for equipment such as computers and machinery signals U.S. business investment will probably cool in the second half of the year and contribute less to the economic expansion.
Bookings for non-defense capital goods excluding aircraft, a proxy for future corporate spending, dropped 1.4 percent, the third decrease in the past four months, according to Commerce Department data...
U.S. Stocks, Commodities Gain on Draghi Pledge as Euro Advances
U.S. stocks snapped four days of losses and commodities rallied after European Central Bank President Mario Draghi pledged to preserve the euro. The 17- nation currency strengthened against the dollar by the most in almost a month.
The Standard & Poor’s 500 Index climbed 1.7 percent at 4 p.m. in New York for the biggest gain in almost two weeks. S&P 500 futures added 0.1 percent as of 5:38...
VW Calls for Marchionne to Quit as Head of Auto Group
Volkswagen AG (VOW) threatened to leave the ACEA European automakers association in response to comments by Fiat SpA (F) Chief Executive Officer Sergio Marchionne, a measure of rising tensions in the industry as sales slump.
According to a report in the New York Times published yesterday, Marchionne suggested VW’s pricing strategy was creating a “bloodbath.” The newspaper said that Marchionne, who...
IMF Urges Hungarian Overhaul to Spark Growth as Aid Talks Resume
The International Monetary Fund urged Hungary to make the economy more “business friendly” after a week of “constructive” bailout talks as the government said it may alter a tax that’s threatening negotiations.
Hungary “faces a series of interconnected challenges related to high public and external indebtedness, strained bank balance sheets, weak confidence, and elevated risk perceptions,” the Washington-based...
Libor Criminal Probe in U.K. Starts as U.S. Readies Indictments
The U.S. Justice Department is preparing to file charges this fall against traders from several banks in the global probe of interest rate-rigging. Meanwhile, U.K. prosecutors haven’t even decided whether they have a case.
The U.K. Serious Fraud Office opened a criminal investigation this month after Barclays Plc (BARC) was fined a record 290 million pounds ($450 million) by U.K. and U.S. authorities....
Analysis: Hollande's growth drive dogged by reality of austerity
The champion of a moderate stimulus plan for Europe, at home French President Francois Hollande is turning his back on the sort of infrastructure investment he hopes will revive European growth.
His cash-strapped Socialist government is considering scrapping all but the most needed projects as it is forced to weigh questionable economic benefits in an era of belt-tightening.
Yet, more investment...
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