Business and Finance news

Citigroup CEO Vikram Pandit thanked U.S. taxpayers for delivering billions of dollars of aid during of the depths of the credit crisis, but offered few details on why the government needed to step in more than once to rescue the embattled firm.
Testifying before a congressional watchdog group Thursday, Pandit tried to explain away the […]

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The European Central Bank said its offerings of three-month cash will return to variable interest rates on April 28. President Jean-Claude Trichet made the announcement at a press conference in Frankfurt.
“Amounts will be set with the aim of ensuring smooth conditions in money markets” and avoiding “significant spreads” between the ECB’s benchmark rate […]

Durham medical device company TransEnterix has named a medical device industry veteran chief financial officer.
David Gill's experience includes work as CFO of several companies, including NxStage Medical (Nasdaq: NXTM), CTI Molecular Imaging, and Novoste Corp. (Nasdaq: NOVT). CTI Molecular Imaging was acquired in 2005 by Siemens Medical Solutions USA Inc. for $1 billion.
Gill has led […]

General Motors has suspended production of Hummer vehicles pending Chinese government approval of its deal to sell the unit to Sichuan Tengzhong Heavy Industrial Machinery Co., a GM spokesman said Thursday.
The H3 and H3T, the last two Hummer models still being made, are produced at GM’s Shreveport, La., factory. The factory, which also makes […]

Timothy Hendron, who is believed to have gone on a homicidal rampage at his workplace Thursday, was suing his employer and Fidelity Management Trust Co., the mutual fund giant. He claimed that he and fellow employees were victimized by excessive fees charged in their 401(k) retirement plan.
Hendron, of Webster Groves, was one of […]

Economic growth in the U.S. this quarter is accelerating even more than previously anticipated as business investment picks up and stockpiles fall at a slower pace, according to economists at Morgan Stanley in New York.
The world’s largest economy is poised to grow at a 5.1 percent annual rate from October through December, according […]

Dutch consumer confidence climbed to the highest in 21 months in December as a recovery of global trade helped boost exports.
The consumer-sentiment index in the euro area’s fifth- largest economy rose to minus 11 from minus 14 in the previous month, the national statistics bureau in The Hague said on its Web site […]

Estonia is set to adopt the euro on its target date in 2011 because of the Baltic country’s work on fulfilling economic requirements, European Union Economic Affairs Commissioner Joaquin Almunia said yesterday.
“It is quite possible that Estonia will be in the euro by 2011,” Almunia told the European Parliament in Strasbourg. The data […]

India’s central bank may withdraw more stimulus measures by the end of the year after Asia’s third-biggest economy grew at the fastest pace in six quarters.
“The chances of a rate move before the end of December have risen,” said Robert Prior-Wandesforde, senior Asia economist at HSBC Holdings Plc in Singapore. Economic growth of […]

In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday.
Almost 10.7 million U.S. mortgages were "underwater" as of September, said research firm First American CoreLogic.
Another 2.3 million homeowners are within 5% of negative territory, […]