Tag: business & economy
British bank accused of laundering Iranian money, violating U.S. law
The British-based Standard Chartered Bank is accused of laundering over $250 billion for Iranian banks over the last ten years, allegedly with the support of upper management. It is against U.S. law to do business with Iranian banks....
New England's economy more linked with Europe than most of the U.S.
As Europe's economy veers further into trouble, one U.S. region in particular is at greater risk of seeing the European crisis impede its own economic fortunes. Europe and New England are closely tied together, and that's hurting New England's effort at its own economic recovery....
U.S. economy shows mixed signs -- adds 163,00 jobs, but unemployment rate rises
It was a mixed bag Friday morning when the latest labor report was released. Jobs were up, but so was unemployment. And both Republicans and Democrats were moving to capitalize politically on the mixed message. One bright point, though, was that manufacturing jobs are growing faster than at any point in almost 30 years....
European Central Bank officials express support for euro; decline to back words with action
The European economy continues to struggle, but European bankers say they're as confident as ever in the euro's stability. But with Germany watching on, they decline to take any action....
Postal Service defaults on $5.5 billion payment after Congress refuses to intervene
In its first-ever default, the U.S. Postal Service failed to make a $5.5 billion payment to the Treasury Department Wednesday. Government officials are calling for a massive overhaul of the country's mail program, but the Post Office says it could all be avoided with a vote by the House of Representatives....
Italy turns to shoe company billionaire to pay for Colosseum rennovations
Italy's historic Colosseum has been showing its age in recent years. There are cracks in the walls and pieces have even been falling off. But, with Italy's budget in a crunch, the government had to turn to private funds, from Tod's owner Diego Della Valle, to fix it up....
Economist says the American retirement system has failed
America is heading into a retirement crisis, an economist says. Most retirees haven't saved enough money to retire and Teresa Ghilarducci blames America's entire system for retiring....
Honduras looks to Hong Kong as a model for economic revitalization
Honduras' political leaders are hoping to jumpstart the country's flagging economy by separating one of the country's cities. A new law would allow the government to designate a city as a "charter city" subject to different laws and regulations and perhaps under some foreign supervision....
Proposed tax hikes in France strike a nerve with top earners
French President Francois Hollande has called for a 75 percent income tax on top earners in France to help lower the country's deficit. The hope is to stave off contagion from other faltering euro zone countries, but the proposal has received harsh criticism from France's business class....
U.K. rules restrict use of Olympic terms to official businesses, Union Jack steps in
As part of getting the Olympics, the United Kingdom had to pass a series of laws that made it illegal for businesses that aren't official sponsors to use certain Olympic terms. So local businesses have had to get creative....
