Critics of the International Monetary Fund are calling for reforming the global lender and changing the way it picks leaders. The head of Pimco, the world’s largest bond fund, economist Mohamed El-Erian says French Finance Minister Christine Lagarde is likely to be the next IMF Managing Director. He urges her to “hard-wire” a selection process […]
US Stocks Rise
Posted June 28th, 2011 at 1:10 pm (UTC-5)
U.S. stock market indexes rose in Tuesday’s midday trading. The Dow Jones Industrial Average and the S&P 500 advanced one percent, while the NASDAQ gained 1.2 percent. European stock markets were higher at the close of trading. London’s Financial Times 100 index gained eight-tenths of a percent to end at 5,767. The CAC-40 in Paris […]
US Wildfire Moves Closer to Nuclear Lab
Posted June 28th, 2011 at 1:05 pm (UTC-5)
A raging wildfire in the southwestern United States is moving closer to a key nuclear weapons laboratory, forcing it to shut down for another two days. The website for the Los Alamos National Laboratory in northern New Mexico said only essential personnel will have access to the facility. Lab officials have said all nuclear and […]
Iran: US Sanctions Preventing Iranian Planes From Refueling
Posted June 28th, 2011 at 12:45 pm (UTC-5)
Iran says U.S. economic sanctions against the country have made it harder for the national Iranian airline to refuel its planes abroad, a situation Tehran calls “inhumane.” Several Western companies have stopped selling fuel to Iran Air planes at European airports in recent months to comply with U.S. sanctions prohibiting the export of refined gasoline […]
Zimbabwe Court Dismisses Corruption Charges Against Minister
Posted June 28th, 2011 at 12:30 pm (UTC-5)
Zimbabwe’s High Court has acquitted the country’s energy minister of corruption charges, saying the state failed to produce evidence against him. Elton Mangoma was accused of bypassing purchasing procedures when he secured a $5 million fuel order from South Africa. Harare High Court Judge Chinembiri Bhunu dismissed the charges Tuesday, saying state witnesses had confirmed […]
Washington Backs Lagarde To Head IMF
Posted June 28th, 2011 at 12:25 pm (UTC-5)
The United States is supporting French Finance Minister Christine Lagarde in her bid to be the next head of the International Monetary Fund. Russia and Brazil also publicly endorsed her on Tuesday. U.S. Treasury Secretary Timothy Geithner cited Lagarde’s “exceptional talent and broad experience.” Geithner also commended her rival for the post, Mexican central bank […]
Sweden Reports E.coli Case Not Linked to Germany
Posted June 28th, 2011 at 12:25 pm (UTC-5)
Swedish health authorities say they have identified the first domestic case of a patient with the same strain of E.coli bacteria that has killed 48 in Germany, even though the patient had not traveled there. Health officials said Tuesday that the infected Swede also had no known connections with anyone who had taken ill after […]
US Legal Adviser Defends Obama Action on Libya
Posted June 28th, 2011 at 12:20 pm (UTC-5)
A top U.S. government lawyer has defended President Barack Obama’s decision to intervene in Libya, saying the administration is acting “lawfully.” Testifying before the Senate Foreign Relations Committee Tuesday, State Department legal adviser Harold Koh said the situation in Libya does not constitute a war requiring specific congressional approval under the Constitution. He argued that […]
Chinese Premier Signs Multi-Billion Dollar Deals with Germany
Posted June 28th, 2011 at 12:10 pm (UTC-5)
Chinese Premier Wen Jiabao has signed $15 billion worth of trade agreements with Germany as his delegation agreed to purchase 88 European-made Airbus planes. The contracts came at the end of the Chinese leader’s three-country tour of Europe, marked by billion-dollar deals with Britain and Hungary and promises of more to come. Mr. Wen also […]
Indian Automaker to Take Land Dispute to Top Court
Posted June 28th, 2011 at 12:05 pm (UTC-5)
Indian automaker Tata Motors says it will ask the country’s highest court to block a state government’s decision to return land for a factory back to farmers. West Bengal’s state legislature passed a law earlier this month allowing it to reclaim land in the town of Singur that was allotted for a factory to make […]
