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The Chronicle Telegram in Elyria, Ohio

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Newspaper

The Chronicle Telegram

Location

Elyria, Ohio, United States of America

Date

Jul 15, 2014

Page

17

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.

Washington U.S World Bank International Monetary Fund Brazil Russia India China South Africa Harold Trinkunas Brookings Institution Five Coun New Development Bank BRICS Shanghai Moscow New Delhi Johannesburg Sec Ond New Bank United States Thomas Wright Brookings’ Project Congress IMF IME Dilma Rousseff Manmohan Singh Vladimir Putin Xi Jinping Jacob Zuma St. Petersburg

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.

Volkswagen Chattanooga Tenn United States U.S

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.

Washington Citigroup Eric Holder Federal Deposit Insurance Corp Justice Department Jpmorgan Chase & Co Bank of America Corp Bartlett Naylor

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.

Citigroup Justice Department Washington Ernst & Young Congress Securities and Exchange Commission New York Deloitte KPMG PricewaterhouseCoopers SEC Washington Council EY

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