The manufacturer of the most popular hunting rifle in the world has been aware of potential safety problems with the gun since before it went on the market—60 years ago. Newly uncovered documents, including memos and drawings by the gun’s inventor, show company officials discussing the potential problem, as well as whether a design change is worth “the high expenditure required to make the conversion.”
US public pensions face a shortfall of $2,500 billion that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund, reports the Financial Times.
Despite criticism that it grows by keeping its currency weak to boost exports, China is actually increasing its domestic consumption very fast, Jim O'Neill, Goldman Sachs Asset Management chairman, told CNBC.
Overheating emerging markets, in China in particular, pose the biggest threat to the market and political situation in 2011 according to Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets.
The economy has improved in the last six months, signaled by greater consumer spending, durables purchases and some signs of increased investment, Daniel K. Tarullo, Federal Reserve governor, told CNBC Friday, echoing what his boss, Chairman Ben Bernanke said on Thursday.
Jean-Claude Trichet’s hawkish comments on inflationary pressures and the resultant jump in the euro following Thursday’s European Central Bank's press conference talk has turned attention back to central bank exit strategies, an economist said Friday.
Federal Reserve Chairman Ben Bernanke said Thursday that the US economy is strengthening, with three to four percent growth likely this year, but that it won't reduce unemployment "at the pace we'd like it to."
Disappearing credit is pushing borrowers with lower credit scores into the arms of alternative lenders such as pawn shops, Internet lenders and payday stores. Among the most controversial of these subprime substitutes are payday loans.
Even with the Republicans in control of the House, major changes in the Dodd-Frank financial overhaul law are unlikely and it's time for the country "to get on with it," Sheila Bair, chairwoman of the FDIC, told CNBC Thursday.
The newly created European Banking Authority says it will publish the results of new stress tests on big European banks in mid-2011.
Alex Pollock of the American Enterprise Institute assembled a collage of quotes from former Treasury Secretary Henry Paulson’s memoir of the financial crisis, On the Brink. The collage paints a stunning and frightening picture of a confused and panicked government without a coherent strategy for containing the financial crisis and preventing worldwide financial panic.
Concerned by the wave of requests for customer data from law enforcement agencies, Google last year set up an online tool showing the frequency of these requests in various countries. In the first half of 2010, it counted more than 4,200 in the United States. The New York Times reports.
Federal regulators are investigating whether California violated securities laws and failed to provide adequate disclosure about its giant public pension fund, according to a person with knowledge of the investigation. The New York Times reports.
The Greek government announced Thursday it is shutting down bars and nightclubs in Athens that are guilty of tax offenses in an effort to put more teeth into revenue collection.
Reform of the Dodd-Frank Wall Street reforms might be a good starting place for the Republicans who formally took control of the House of Representatives today.
Facebook’s practice of raising capital on private markets largely out of the direct oversight of regulators has spurred an inquiry by the Securities and Exchange Commission.
Companies spend millions of dollars each year complaining to Congress about burdensome laws and regulations, pressing their concerns in public campaigns and in private meetings. They rarely wait for invitations. The New York Times reports.
January in the northern hemisphere is usually the coldest month of the year and it might prove to be a bitter one for euro zone governments trying to raise money in the capital markets, reports the Financial Times.
The Vatican planned to issue new rules Thursday designed to make its financial transactions more transparent after a money laundering probe resulted in the seizure of 23 million euros ($30.21 million) from a Vatican account.
ICE Trust, the world’s largest clearinghouse for credit-default swaps, cited “significant changes” to proposed regulations in deciding to withdraw its application, the New York Times reports.