Lagarde keeps IMF job, escapes penalty after negligence conviction in France
PARIS/WASHINGTON (Reuters) – International Monetary Fund chief Christine Lagarde escaped punishment and kept her job on Monday despite a conviction on negligence charges over a state payout made while she served as France’s finance minister in 2008.
U.S. charges Platinum Partners execs with $1 billion fraud
NEW YORK (Reuters) – Top executives of New York-based hedge fund manager Platinum Partners were arrested on Monday and charged with running a $1 billion fraud that federal prosecutors said became “like a Ponzi scheme” as its largest investments lost mu…
Wall Street extends rally but Germany truck deaths reduce gains
(Reuters) – Wall Street extended a recent rally on Monday but finished the session short of earlier highs after several people were killed by a truck driven into a Christmas market in Germany.
Whippocalypse? U.S. ready-made whipped cream in short supply
NEW YORK (Reuters) – American sweet tooths may suffer this holiday season as a ready-made whipped cream shortage could leave such favorites as apple pie or a mug of hot chocolate without a little extra on top.
Boeing airplane unit to cut more jobs in 2017, shares rise
SEATTLE (Reuters) – Boeing Co’s commercial airplane unit said on Monday it would cut an as-yet-undetermined number of jobs in 2017 after slashing its workforce by 8 percent in 2016, as it struggles to sell planes in the face of a strong dollar.
Exclusive: U.S. proposed $5 billion – 7 billion penalty on Credit Suisse on toxic debt – source
ZURICH/NEW YORK (Reuters) – The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
Fed approves rule requiring banks to publicly disclose liquid assets
WASHINGTON (Reuters) – The Federal Reserve on Monday finalized a rule requiring big banks to disclose certain liquidity measures for the first time, as part of an effort to make sure they can cover large or rapid withdrawals.
Apple appeals against EU tax ruling, Brussels says no cause for low tax bill
BRUSSELS (Reuters) – Apple Inc. appealed on Monday against a $14-billion tax demand as the European Union issued details of its ruling that the iPhone maker won sweetheart tax deals from the Irish government which amounted to illegal subsidies.
Fed’s Yellen trumpets education in changing economy
WASHINGTON (Reuters) – Changing technologies and globalization have put a premium on completing a college education in order to get and keep higher-paying jobs, Federal Reserve Chair Janet Yellen said on Monday.
GM says will shut five U.S. plants in January to adjust supply
DETROIT (Reuters) – General Motors Co will shut five U.S. auto assembly plants for varying durations in January, primarily to cut oversupply of sedans which have fallen out of favor among U.S. consumers.
