ECB's Mario Draghi said that the euro zone's looked brighter than it had done for the last 7 years. And he's not the only one seeing some light.» Read More
NEW YORK-- Citigroup Inc. says Vikram Pandit is stepping down as CEO and a board member. The New York bank's new CEO will be Michael Corbat, the CEO of the company's Europe, Middle East and Africa division. Pandit says that "now is the right time for someone else to take the helm at Citigroup" after the bank "emerged from the financial crisis as a strong institution."
Johnson& Johnson's third-quarter profit fell 7 percent as litigation and acquisition costs and factory upgrade expenses related to its consumer product recalls offset higher medicine and medical device sales.
Mattel and UnitedHealth posted strong results for the third quarter. Goldman Sachs and Johnson& Johnson both beat Wall Street expectations. The Coca-Cola Co. says its net income rose 3 percent.
ROME-- The embattled governor of Italy's powerful Lombardy region, which includes Milan, has announced the dissolution of the regional legislature as Italy's mounting political corruption scandal claims its biggest victim yet. He has said he would name a technical administration to run Lombardy until early elections.
LONDON-- Mounting hopes over the U.S. economic recovery bolstered markets for a second day on Tuesday and helped push the euro back above $1.30. Strong earnings figures from the likes of toy maker Mattel, Johnson& Johnson and Goldman Sachs, further buoyed sentiment.
ATHENS, Greece-- Greece has raised 1.625 billion in an auction of 13- week treasury bills at a slightly lower rate of 4.24 percent. The Public Debt Management Agency on Tuesday said the rate had dropped from 4.31 percent at the previous such auction on Sept. 18.
WASHINGTON-- Production at U.S. factories, mines and utilities likely showed a gain in September, rebounding after a big drop in August. Factories produced fewer cars and Hurricane Isaac triggered shutdowns along the Gulf Coast. The Institute for Supply Management said that its index of factory activity rose to 51.5.
ARMONK, N.Y.-- IBM Corp.' s third-quarter earnings will provide a glimpse at how well the technology services and business software markets have been holding up amid uncertainty about the global economy and the U.S. presidential election.
LISBON, Portugal-- Portugal's coalition government is facing a hail of criticism after announcing steep tax increases in its draft budget for next year. Finance Minister Vitor Gaspar met Tuesday with the governing parties' lawmakers, aiming to quell signs of revolt in their ranks ahead of Parliament's vote on the budget proposal later this month.
BERLIN-- German Chancellor Angela Merkel on Tuesday defended her government's decision to phase out nuclear power and switch to renewable energies within a decade, but acknowledged the need to overhaul and speed up the transition plan.
MADRID-- Spain has raised 4.9 billion at slightly lower interest rates in a debt auction that saw strong demand as the country considers whether to request international help to manage its finances. The Treasury sold 3.4 billion in 12- month bills at an average interest rate of 2.82 percent, down from 2.84 percent in the last such auction Sept. 18.
BRUSSELS-- Inflation in the 17- country eurozone was lower than previously expected in September. Eurostat, the EU's statistics office, said Tuesday that prices were 2.6 percent higher in September than the year before, down from its previous estimate of 2.7 percent.
FRANKFURT, Germany-- Investor optimism in Germany rose in October, sending an upbeat signal about Europe's largest economy. The ZEW, or the Center for European Economic Research, said that the results show "that risks for the German economy have somewhat diminished."
HONG KONG-- World stock markets were lifted Tuesday by better data on the U.S. economy and a report showing improving investor confidence in Germany. In early European trading, Germany's DAX rose 0.6 percent to 7,308.01 and France's CAC 40 gained 0.5 percent to 3,426.48.
FRANKFURT, Germany-- A closely-watched survey of investor optimism in Germany rose in October, in an upbeat sign for the eurozone's largest economy. Germany has kept on growing despite the debt problems afflicting a number of countries that use the euro.
MADRID-- Four people went on trial Tuesday for their role in the sinking of an oil tanker in Spain's northwestern coast in 2002, triggering one of Europe's biggest environmental catastrophes. The defendants include the ship's Greek captain Apostolos Mangouras, 77, his first officer and the former director general of Spain's Merchant Marine.
Shares in Roche Holding AG rose 0.38 percent to close at 184.60 francs on the Zurich exchange Tuesday. In a conference call with reporters, he declined to answer questions about whether Roche might reconsider its failed hostile bid of about $6.5 billion to acquire U.S. diagnostics firm Illumina Inc..
LONDON-- Inflation in Britain has fallen to 2.2 percent in September, its lowest annual rate in nearly three years. The Office for National Statistics said Tuesday that housing and household services costs were largely behind the decrease from August's 2.5 percent rate, as higher utility prices imposed in 2011 dropped out of the calculation.
By early afternoon in Europe, benchmark crude for November delivery was up 12 cents at $91.97 a barrel in electronic trading on the New York Mercantile Exchange. The contract finished Monday down 1 cent at $91.85 in New York. In London, Brent crude slipped 47 cents to $115.33 a barrel on the ICE Futures exchange.
BATUMI, Georgia-- Georgia's Black Sea resort of Batumi was once a bleak site: Roads were dotted with potholes, the city was pitch dark at night, running water was scarce and the city's best hotel was infested with rats.