Deloitte fined $10M
Deloitte has agreed to a $10 million fine and a one-year ban from advising banks chartered in New York as part of a settlement with state officials. The move stemmed from what state authorities called "misconduct, violations of law, and lack of autonomy" during Deloitte's work for Standard Chartered, a British bank accused of illicitly transferring billions of dollars on behalf of Iran.
Obama says change
likely at the Fed
President Barack Obama has given the clearest signal yet that Chairman Ben Bernanke will likely leave the Federal Reserve when his term ends in January. During an interview with PBS' Charlie Rose, Obama said Bernanke has "already stayed a lot longer than he wanted or he was supposed to."
Boeing nets orders
for 102 stretch 787s
Boeing Co. won big orders from five customers for a stretched-out version of its 787 Dreamliner jet at the Paris Air Show Tuesday, further evidence of a strengthening market for long-haul jets. Boeing said it has commitments for 102 jets from Air Lease Corp., Singapore Airlines, United Airlines, International Airlines Group and GE Capital Aviation Services.
European car sales
hit a 20-year low
European car sales tumbled again in May, reaching their lowest level in 20 years, but analysts and industry officials said the market might have finally begun to bottom out. Sales fell 5.9 percent from a year earlier, to 1,042,742 units, the smallest number sold since May 1993.
climb in May
U.S. builders stepped up home construction in May and applied for permits to build single-family homes at the fastest pace in five years. The gains show housing remains a key source of growth for the economy. The overall pace of homes rose 6.8 percent, which offset part of the 14.8 percent decline in April.
set for Vegas Strip
Years of talk about building an arena capable of hosting professional sports yielded an announcement Tuesday that MGM Resorts International and entertainment company AEG will build a privately financed 20,000-seat indoor venue on the Las Vegas Strip. Construction on the $350 million arena should start next summer on land that MGM Resorts owns between the New York-New York and Monte Carlo resorts. Completion is expected by spring 2016.
Adobe sees 2Q
Adobe Systems Inc. has reported a profit of $76.5 million, or 15 cents a share, for the second quarter of its 2013 fiscal year, compared with a profit of $233.8 million, or 45 cents per share, for the same period a year ago. Revenue in its latest quarter ended May 31 fell to $1 billion. A year ago, Adobe reported second quarter revenue of $1.1 billion.