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Archive: (15 Stories)

Reports: RBS to cut up to one-quarter of workforce

02/21/2014 2:18am
U.K. media are reporting that taxpayer-backed Royal Bank of Scotland is set to cut up to one quarter of its workforce amid massive restructuring.

Gucci owner Kering profit nearly wiped out in '13

02/21/2014 3:33am
Kering, the corporate parent behind Saint Laurent couture and Puma streetwear, says profits were nearly wiped out last year by costs associated with disposing of its retail chains Fnac and Redcats.

BNSF plans to upgrade tanker fleet after accidents

02/21/2014 4:51am
BNSF Railway Co. said it intends to buy a fleet of 5,000 strengthened tank cars to haul oil and ethanol in a move that would set a higher benchmark for safety within an industry that's seen multiple major accidents.

Fannie earns $6.5B in 4Q; repaying US bailout

02/21/2014 7:09am
Fannie Mae posted net income of $6.5 billion from October through December, its eighth straight profitable quarter. Fannie will have repaid its full government bailout after paying its fourth-quarter dividend.

US home sales plunged 5.1 percent in January

02/21/2014 8:46am
Sales of existing U.S. homes plummeted in January to the worst pace in 18 months. Cold weather, limited supplies of homes on the market and higher buying costs held back purchases.

Repsol in $1.76B loss on Argentina expropriation

02/21/2014 9:08am
Spanish energy giant Repsol says it is recording a 1.28 billion-euro ($1.76 billion) net loss in its 2013 results to account for Argentina's expropriation of its YPF oil and gas divisions.

Detroit files plan to fix debt, leave bankruptcy

02/21/2014 10:38am
Detroit's emergency manager filed a plan Friday to restructure the city's $18 billion debt by making cuts to pensions and creditors while offering a blueprint for emerging from the largest municipal bankruptcy in U.S. history.

G Asset offers $672M for Barnes & Noble stake

02/21/2014 12:43pm
Investment firm G Asset has offered to buy 51 percent of the Barnes & Noble bookstore chain for about $672 million.

Endo Health to pay $192.7M in gov't settlement

02/21/2014 1:20pm
Endo Health will pay almost $193 million to resolve claims that it improperly marketed the shingles treatment Lidoderm for unapproved uses like treating lower back pain.

Mom who bought 'inappropriate' PacSun shirts receives national support

02/21/2014 1:48pm
The Orem woman who made headlines by purchasing almost $600 worth of T-shirts she said were indecent says she is getting offers of money from around the country to help pay her tab, but she's not taking any money — she's asking people to donate to anti-porn groups instead.

FDA to boost India staff overseeing drug imports

02/21/2014 2:22pm
The head of the Food and Drug Administration said Friday that her agency will add more inspectors in India to better monitor drugs from the country's burgeoning pharmaceutical industry, even as her agency also seeks closer cooperation from Indian regulators.

Credit Suisse to pay $196M to settle SEC charges

02/21/2014 2:30pm
Credit Suisse Group AG will pay $196 million to settle charges that it violated federal securities law by providing cross-border financial services for U.S. clients without registering with regulators.

Behind the scenes at the Fed in a year of crisis

02/21/2014 3:06pm
In 2008, as they faced imploding financial markets and a staggering economy, Federal Reserve policymakers occasionally lightened their mood with references to Monty Python, "Desperate Housewives," "Star Wars" villains and plastic surgeons in San Francisco's East Bay.

Transcripts show Fed at times slow to grasp crisis

02/21/2014 4:12pm
The Federal Reserve agonized in 2008 over how far to go to stop a financial crisis that threatened to cause a recession and at times struggled to recognize its speed and magnitude.

Widespread weather delays cap lousy travel week

02/21/2014 4:30pm
In a fitting end to a miserable week for travelers, U.S. airlines canceled more than 1,350 flights and another 7,300 were running late on Friday.