Ex-head of New York bank sentenced to two-and-a-half years prison for TARP fraud
NEW YORK (Reuters) – A former president of a failed New York bank was sentenced to 2-1/2 years in prison on Thursday after becoming the first person to be convicted for trying to defraud the U.S. government bailout program established during the financ…
Gap profit falls again due to strong dollar, supply delays
(Reuters) – Apparel retailer Gap Inc reported a fall in quarterly profit for the second consecutive quarter, hurt by a stronger dollar, shipment delays and weak sales at its flagship brand.
Home sales near eight-and-a-half-year high, brighten economic outlook
WASHINGTON (Reuters) – U.S. home resales rose to a near 8-1/2-year high in July and factory activity in the mid-Atlantic region picked up this month, fresh signs of steady economic growth that likely keeps the Federal Reserve on track to raise interest…
Valeant to buy ‘female Viagra’ maker Sprout Pharma
(Reuters) – Canada’s Valeant Pharmaceuticals International Inc said on Thursday it would buy Sprout Pharmaceuticals, which makes a controversial new drug to treat low sexual desire in women, for about $1 billion.
Senators urge recall of all vehicles with Takata air bags
(Reuters) – Two U.S. senators on Thursday called on Japanese auto supplier Takata Corp to immediately recall all vehicles containing the company’s air bags.
China smartphone sales fall for first time: Gartner
(Reuters) – Smartphone sales in China, the world’s biggest market for the devices, fell in the second quarter for the first time, market research firm Gartner Inc said on Thursday.
Deere resumes production at Tianjin, China facilities
(Reuters) – Deere & Co said on Thursday that production has resumed at its facilities near Tianjin after a massive chemical explosion ripped through the Chinese port town last week.
Allianz’s El-Erian says Fed missed earlier chance to hike rates: CNBC
NEW YORK (Reuters) – Mohamed El-Erian, chief economic adviser at Allianz SE , said on Thursday that the U.S. Federal Reserve missed the opportunity to hike rates when both U.S. and international economic data were more in alignment.
ECB’s Nowotny dismisses ‘currency wars’ talk
VIENNA (Reuters) – European Central Bank policymaker Ewald Nowotny on Thursday dismissed suggestions that central banks around the world were racing to weaken their currencies to gain an export advantage.
Existing home sales rise to eight-year high
WASHINGTON (Reuters) – U.S. home resales rose more than expected in July to their highest level since 2007, a sign the U.S. housing market was heating up and could provide more support for the overall economy.
