WSJ.com: What's News US

Asia Officials Dispute Savings Glut Theory

Fri, 03 Jul 2009 11:42:20 EDT

Asian officials and scholars say lax U.S. financial regulation is to blame for the financial crisis, rather than their countries' high savings rates.

Madoff Kickbacks Alleged in Austria

Fri, 03 Jul 2009 11:42:57 EDT

U.S., U.K. and Austrian prosecutors are investigating a former fund manager they believe was paid more than $40 million in kickbacks to funnel billions of dollars of investments to Madoff.

EU Seeks to Limit Derivatives Risk

Fri, 03 Jul 2009 12:11:26 EDT

European regulators proposed measures that could place additional burdens on Europe's derivatives industry, fueling concerns that trading could be pushed onto exchanges, crimping the profits.

CIC Takes 17% Stake in Teck

Fri, 03 Jul 2009 11:15:15 EDT

Mining company Teck Resources agreed to sell a 17% stake to China Investment Corp. for about $1.5 billion, with the aim of reducing bank debt.

Judge in Pang Case Rules for SEC

Fri, 03 Jul 2009 09:05:13 EDT

A federal judge ordered the appointment of a permanent receiver over Danny Pang's companies and ruled that there was sufficient evidence of fraud to justify a continued freeze of his assets.

Stanford Customers Sue Insurance Brokers

Fri, 03 Jul 2009 14:09:12 EDT

Two law firms representing Latin American customers of Stanford Financial have filed a class-action suit against U.K. insurance broker Willis, contending that it shoulders partial responsibility for investors' losses.

Rising Job Losses Damp Recovery Hopes

Fri, 03 Jul 2009 16:46:13 EDT

Job losses accelerated last month and the unemployment rate rose to 9.5%, casting doubt on the U.S. economy's ability to rebound soon.

Justice Probes Google Deal

Fri, 03 Jul 2009 04:34:39 EDT

The Justice Department confirmed that it is investigating a settlement between Google and authors and publishers due to antitrust concerns.

BA to Trim Capacity as Traffic Falls

Fri, 03 Jul 2009 10:30:57 EDT

British Airways reported that passenger traffic declined in June, prompting the carrier to further reduce summer and winter capacity.

Tally Hits 52 as Regulators Close 7 Banks

Fri, 03 Jul 2009 10:18:14 EDT

Regulators closed six banks in Illinois and one in Texas, raising the number of bank failures in the U.S. to 52 this year. The seizures were the most in a single day during the financial crisis.

Bold Investors Venture Back Into REITs

Fri, 03 Jul 2009 17:33:36 EDT

Most publicly traded vehicles that invest in mortgages have plummeted toward extinction, but some big names are trying to line up money to buy battered real-estate debt.

Utilities, Metals Weigh On Markets

Fri, 03 Jul 2009 17:41:20 EDT

European shares finished slightly lower, with utilities and metals producers pressuring markets.

Markets Fall on U.S. Jobs Data

Fri, 03 Jul 2009 07:48:13 EDT

Most Asian markets fell Friday following a dismal U.S. jobs report. The Nikkei was down 0.6%.

PVM Names Broker in Unauthorized Trades

Fri, 03 Jul 2009 11:42:18 EDT

Oil brokerage firm PVM Oil Futures identified the broker involved in unauthorized oil trades by the firm earlier this week, causing a loss totaling "a little under $10 million."

FDIC Can Bank on Opposition

Fri, 03 Jul 2009 04:27:05 EDT

The FDIC proposed new rules on private-equity investors wanting to buy failed banks to protect against aggressive management.

Iraq Moves Up Bids For Oil Fields

Fri, 03 Jul 2009 16:46:28 EDT

Iraq said it will move up a second round of licensing bids for 11 oil and natural-gas fields that was to be held at the end of this year.

J&J Pays $1.5 Billion for Elan Stake

Fri, 03 Jul 2009 16:46:28 EDT

J&J will buy an 18.4% stake in Irish biotech company Elan, in a bid to crack the potentially lucrative Alzheimer's market.

Oracle to Cut Up to 1,000 Europe Jobs, Union Says

Fri, 03 Jul 2009 12:46:24 EDT

Oracle is planning to cut up to 1,000 jobs in Europe, according to a French labor union.

Palin to Resign as Alaska Governor

Fri, 03 Jul 2009 20:34:11 EDT

Former Republican vice presidential candidate Palin announced she is stepping down as Alaska's governor on July 26. A source close to Palin said she she has been bogged down by opposition from Democrats and by fellow Republicans.

Marines Push Deeper Into Afghanistan

Fri, 03 Jul 2009 13:12:02 EDT

Marines moved into villages in Taliban strongholds in southern Afghanistan, meeting little resistance on the second day of a large U.S. offensive.