China overtakes Japan to become world second economy
China surpasses Japan as the world’s second largest economy with a $1.33 trillion second quarter output compared with Japan’s $1.28 trillion. Economists warn China faces domestic consumption reforms and environmental risks while sustaining growth and managing currency policy.
MENTIONED IN THIS ARTICLE
Lenovo Electronic Technology Co
Shanghai
Japan
China
Beijing
Masamichi Adachi
Jpmorgan
Tokyo
United States
Liu Baocheng
University of International Business and Economics
Adachi
NHTSA Probes Kia Soul Steering Failure Issue
The NHTSA opened a preliminary investigation into the 2010 Kia Soul covering over 50 000 vehicles after one complaint of complete steering loss. The shaft detached from the wheel and interfered with braking. Kia Motors America said it is cooperating to assess a possible manufacturing cause.
MENTIONED IN THIS ARTICLE
Washington
National Highway Traffic Safety Administration
John Crowe
Kia Motors America
Fed Plans New Mortgage Disclosure Rules
The Federal Reserve proposed interim rules requiring lenders to show borrowers how adjustable-rate mortgage payments can change over the first five years including a worst case scenario. Lenders must warn that refinancing cannot always avoid payment increases and provide clearer terms for reverse mortgages and loan modifications. The measures accompany a housing finance policy push amid Capitol Hill battles over Fannie Mae and Freddie Mac.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Fed
Obama
U.S
Capitol Hill
Fannie Mae
Freddie Mac
FTC targets free trial pill scam tied to Oprah and Rachael Ray
The FTC filed a lawsuit to shut down Central Coast Nutraceuticals and related firms for a weight loss pill scam. The court froze assets and appointed a receiver. executives Graham Gibson and Michael McKenry face court appearances in Chicago.
MENTIONED IN THIS ARTICLE
Chicago
Oprah Winfrey
Rachael Ray
Federal Trade Commission
Central Coast Nutraceuticals Inc
Graham D. Gibson
Michael A. McKenry
Phoenix
Central Coast Nutraceuticals
Michael A. McKenzy
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