BRICS to Launch Rival World Bank and IMF Alternatives
Five emerging economies Brazil Russia India China and South Africa plan a shared $100 billion crisis fund and a World Bank style lender to fund infrastructure in the developing world. They seek more say in global finance amid Western dominance and IMF reform debates.
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VW to expand Chattanooga plant for seven passenger SUV
Volkswagen plans to expand its Chattanooga factory in Tennessee to build a seven seat sport utility vehicle, creating about 2,000 U.S. jobs and investing around 900 million dollars including 600 million at the plant. The move aims to revive U.S. sales as VW targets 800,000 yearly deliveries by 2018. The company has 2,500 Passat workers there and posted a 13 percent year‑to‑date sales drop.
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Citigroup to pay 7 billion in subprime mortgage settlement
Citigroup agreed to a 7 billion dollar settlement with the U S Justice Department over subprime mortgages. The package includes a 4 billion dollar civil penalty, 2 5 billion in consumer relief, and 500 million to settle state AG and FDIC claims.
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Eric Holder
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Ernst & Young to pay 4 million in SEC settlement
The SEC announced a 4 million settlement with Ernst & Young over lobbying Congress through its EY Washington Council unit on behalf of two audit clients. Regulators said the actions made EY appear to advocate for those clients while labeling itself independent in their financial statements. The conduct occurred before 2009. EY says it stopped lobbying for audit clients in 2012.
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