Dec 17, 2014

Obama signs $1.1 trillion spending bill into law

With little fanfare to mark a rare bipartisan achievement, President Barack Obama on Tuesday signed a massive, $1.1 trillion spending bill that keeps the federal government operating over the next nine months. The legislation was a compromise that angered liberals and conservatives alike but ...

Dec 17, 2014

U.S. Congress extends dozens of tax breaks

The U.S. Senate approved a sweeping package of tax breaks Tuesday, sending to President Barack Obama a bill that allows individuals and corporations to save billions of dollars on their 2014 taxes. On the Senate’s final day of the year, lawmakers passed some 55 ...

Russia's shriveling economy becomes a global threat

Dec 17, 2014

Russia's shriveling economy becomes a global threat

by Josh Boak

Russia’s suddenly escalating financial crisis risks spilling beyond its borders and endangering parts of the global economy. With economies in Japan, China, Europe and Latin America already ailing, fresh threats have emerged from Russia’s shriveled currency, its move to dramatically boost interest rates, the ...

Dec 16, 2014

Memories of financial crisis fading as risks rise

Six years after the collapse of Lehman Brothers, the lessons of the financial crisis may already be fading from collective memory. Just last week, Congress acted to loosen the regulation of the high-risk investments that ignited the 2008 crisis. Housing regulators cut minimum down ...

Gambling debt cripples Macau 'junket' model

Nov 30, 2014

Gambling debt cripples Macau 'junket' model

Companies that connect China’s wealthy gamblers to Macau’s casinos are waiting as long as a year for gamblers to repay billions of dollars of loans, crippling the business model of an industry that sustains the world’s biggest casino center. These “junket” businesses, which lend ...

Judge approves bankruptcy exit plan for Detroit

Nov 8, 2014

Judge approves bankruptcy exit plan for Detroit

A judge cleared Detroit to emerge from bankruptcy Friday, approving a turnaround plan that will require discipline after years of corruption, mismanagement and an exodus of residents brought this one-time industrial powerhouse to financial ruin. “What happened in Detroit must never happen again,” Judge ...

Skymark fears doom over Airbus A380 cancellation penalty

Aug 1, 2014

Skymark fears doom over Airbus A380 cancellation penalty

Skymark Airlines Inc., Japan’s third-largest carrier, said it’s at risk of going out of business should it have to pay Airbus Group NV a penalty after the planned purchase of six A380 superjumbos fell through. There is “material uncertainty” over whether the company will ...

Argentina won't submit to 'extortion' on debt to U.S.

Jun 17, 2014

Argentina won't submit to 'extortion' on debt to U.S.

Argentina’s president is refusing to go along with a U.S. judge’s ruling requiring a $1.5 billion repayment of defaulted bonds, even though the U.S. Supreme Court rejected her government’s appeals and left the order in place. In a national address Monday night, Cristina Fernandez ...