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Oil prices down on profit-taking after two-day jump

Oil prices dropped on Friday on profit-taking, after rising 7 percent in the past two sessions, amid doubts that OPEC's first planned output cut in eight years would make a substantial dent in the global crude glut. NYMEX crude for November delivery was down 8 cents at $47.75. Both Brent and NYMEX

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Oil prices down on profit-taking after two-day jump

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Judge takes over questioning ex-AIG chief Hank Greenberg

The New York judge weighing whether ex-AIG chief Maurice “Hank” Greenberg should be liable for accounting fraud on Thursday pressed the 91-year-old executive about why AIG had created an offshore entity for losses from a failed automotive warranty program. Greenberg was on the stand for the third day for allegedly engineering the offshore entity, known as Capco, to hide $200 million in underwriting losses from shareholders. The transaction is one of two at the heart of a 2005 case against…

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Judge takes over questioning ex-AIG chief Hank Greenberg

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U.S. Air Force defends bomber competition process

U.S. Air Force Secretary Deborah James defended on Tuesday the process that selected Northrop Grumman Corp to build the next-generation U.S. bomber, saying it was “very deliberate” and included a number of independent reviews. James said the Air Force stood by its decision, announced last month. GAO is due to rule on the issue by Feb. 16, 2016.

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U.S. Air Force defends bomber competition process

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China says no tough rules for foreign bank card firms

China will not impose tough licensing restrictions on overseas bank card providers seeking to enter the country's $7 trillion card payment market, a senior central bank official said on Tuesday. “We will actively and cautiously open up China's card payment market according to laws and regulations, and encourage fair competition,” Fan said. Foreign card companies, including Visa Inc and MasterCard Inc , have been lobbying for more than a decade for direct access to China's fast-growing cards market, which is projected to become the world'…

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China says no tough rules for foreign bank card firms

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GE, Alstom land $5.6 billion deals to supply Indian railway

General Electric and Alstom have won contracts worth a combined $5.6 billion to supply India's railways with new locomotives, as the vast but dilapidated state-owned network looks to foreign companies to help it modernise. France's Alstom has been picked to…

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GE, Alstom land $5.6 billion deals to supply Indian railway