Finance & Economics | WPN World People News

Bank of America Corporation Thursday reported net income of $653 million for the first quarter of 2012, a drop of 68 per cent compared with a year-earlier profit of $2.05 billion, as the second-largest US bank took accounting charges related to its debt.

The International Monetary Fund Wednesday warned that risk of another acute crisis in Europe remains a possibility, despite the progress made so far on building "firewalls" or bailout funds.

Spain Tuesday threatened to take swift economic retaliation against Argentina after it announced plans to take control of YPF, in which Spanish oil giant Repsol is the majority shareholder.

One would think that being a citizen of a country with the second-largest oil reserves in Africa came with some perks.

The International Monetary Fund says in a new report that the global economic outlook is improving. Despite a marked slowdown in Europe, the global lending institution projects the world economy will grow 3.5 percent this year, a slight improvement from its earlier forecast in January.

Argentina's government Monday announced plans for nationalization of the country's biggest energy company YPF, controlled by Spain's Repsol, in a bid to turn around the sagging domestic oil and natural gas output.

Tata Steel Ltd, the world's seventh-largest steel maker, plans to invest up to 800 million pounds in Wales over the next five years, Welsh first minister Carwyn Jones said Monday.

The World Bank Monday elected Korean-born American health expert Jim Yong Kim as its new president, maintaining the US grip on the job and leaving developing countries questioning the selection process.

Gasoline prices may be slowing down according to futures market pundits.

Cuba was renovating its oldest hydroelectric plant with Chinese parts and technology, media reports said.