United States

Don't bank on the buck: Zoellick

In his upcoming speech, World Bank President Robert Zoellick might say that the U.S. would be mistaken to take for granted the dollar's place as the world's predominant reserve currency. The speech would be delivered to the Paul H. Nitze School of Advanced International Studies of the Johns Hopkins University.

Zoellicks' speech will highlight the increasing possibility of other options to the dollar. 

Satellite laser images reveal extensive thinning of polar ice

According to a new study by scientists at British Antarctic Survey (BAS) and Bristol University, an extensive thinning of polar ice has been revealed in Antarctica and Greenland, by the images captured by a laser aboard an orbiting NASA spacecraft.

The study, published Wednesday in the journal Nature, specified that the satellite laser is essentially used by the scientists with the BAS to measure infinitesimal changes in the thickness of glaciers and ice sheets, along the coast of the Amundsen Sea in West Antarctica.

Citigroup may close some of its US branches

Citigroup Inc. may close some of its existing branches as plans to focus on 6 major metropolitan areas.

Sources familiar with the plan said that bank executive are working on the plan and may hand the details over to the board next month.

Citigroup Inc., one of the biggest recipients of government bailout funds, would narrow its North American retail focus to area where it has higher branch concentrations.

Bank of America to face SEC Trial, ready to pay $425m

The Bank of America may see hard times ahead as the Securities and Exchange Commission said that it would widen its inquiry into alleged wrongdoing at the lender. As per regulator, the bank of America misled its shareholders in a proxy statement previous year at the time of acquiring Merrill Lynch.

It may be noted here that last week a federal judge rejected a $33 million settlement and ordered fresh trial.

Judge Jed Rakoff also asked the agency that why it did not punish the executives or lawyers involved in the disclosures.

Goldman Sachs PE fund to invest $250m in Geely Automobile

A private equity fund managed by Goldman Sachs has plans to invest as much as $250 million in Geely Automobile, as per a media report.

Hong Kong-listed Geely Automobile is the arm of Chinese auto-manufacturer Geely Holding Group.

The deal could free up capital for Geely Automobile's parent company to make a bid for Ford Motor's Volvo unit.

Geely Automobile confirmed earlier that its parent company was bidding for Volvo.

Neither Goldman Sachs nor Geely officials could be contacted for comments.

US regulators close two subsidiaries of Irwin Union Bank

Regulators closed two subsidiaries of Irwin Financial Corporation in Kentucky and Indiana, taking the toll of the federally insured failed banks to 94 this year.

The Federal Deposit Insurance Corp. was appointed receiver of the Louisville, Kentucky-based Irwin Union Bank FSB and Columbus-based Irwin Union Bank and Trust Co.

As of August 31, Irwin Union Bank FSB possessed assets worth $493 million and deposits worth $441 million, while Irwin Union Bank and Trust Co. owned assets worth $2.7 billion and deposits worth $2.1 billion.