May 16, 2012
Strauss-Kahn Countersues New York Hotel Maid
Former International Monetary Fund chief Dominique Strauss-Kahn is countersuing the New York hotel maid who accused him of sexually assaulting her. His $1 million lawsuit says the maid, Guinea native Nafissatou Diallo, cost him not only his IMF…
May 16, 2012
Sina, China’s largest internet portal, swings to loss
Sina Corp, China's largest internet portal and media website, has swung to a loss in the first three months of the year. Its first quarter net loss was $13.7m (£8.6m) compared with a profit of $15m in the same period last year. The company said…
May 14, 2012
European, US Markets Fall on Greek Uncertainty
European stock markets fell sharply Monday as traders voiced new concerns about political uncertainty in Greece and whether it could become the first country to drop out of the 17-nation euro currency union. Stock indexes in London, Paris and…
May 14, 2012
Fallout Begins from Big JPMorgan Chase Loss
The fallout has begun from a $2 billion financial trading loss at the U.S.-based JPMorgan Chase investment company. The firm said Monday that Ina Drew, JPMorgan's chief investment officer and one of Wall Street's highest paid female executives, is…
May 14, 2012
Yahoo chief executive Scott Thompson steps down
The chief executive of computer firm Yahoo has stepped down, amid accusations that a fake computer science degree was included on his CV. The California-based company confirmed media reports that Scott Thompson had quit his post. He has been…
May 14, 2012
China, S Korea and Japan to begin free trade talks
The leaders of China, Japan and South Korea, three of Asia's biggest economies, have agreed to begin talks this year for a free-trade agreement. The three leaders also signed a trilateral investment agreement, at a summit in Beijing on Sunday.…
May 14, 2012
JPMorgan boss Jamie Dimon admits failures
The chief executive of JPMorgan Chase, Jamie Dimon, says he was "dead wrong" in April to dismiss concerns over the bank's trading practices. At the time he played down concerns over bets the bank made on the markets. On Thursday JPMorgan said it…
May 14, 2012
German Finance Minister Wolfgang Schaeuble eyes EU role
German Finance Minister Wolfgang Schaeuble has indicated interest in becoming chairman of the eurozone finance ministers' regular meetings. It is a key position that involves coordinating policy among the 17 countries that use the euro. Known as…
May 14, 2012
China allows banks to lend more in bid to boost economy
China has cut the amount of funds banks have to hold in a reserve, in a bid to boost its economy. It is the third time the central bank has made such a move in six months. It follows recent economic data suggesting that the Chinese economy is…
May 11, 2012
JPMorgan Reveals $2 Billion Trading Loss
The chief executive of JPMorgan Chase — America's largest bank — revealed Thursday that the bank recently lost $2 billion in the same complex, risky trades that helped bring on the 2008 financial crisis. Jamie Dimon called the bank's actions an…