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Chrysler repays Treasury Dept. for auto bailout loan
WASHINGTON (Reuters) – The Treasury department said on Tuesday that automaker Chrysler Group LLC has repaid $5.1 billion in bailout loans and ended its ability to draw a remaining $2.1 billion. The government committed a total $12.5 billion to Chrysler under the Troubled Asset Relief Program, or TARP, and the…
World Bank unveils $6 billion in funding for Egypt and Tunisia
WASHINGTON (Reuters) – World Bank President Robert Zoellick on Tuesday unveiled $6 billion in funding to help Tunisia and Egypt address budget and reserve shortfalls this year and next, following popular uprisings that ended years of dictatorships but which have caused economic stress. Zoellick said a Group of Eight meeting…
New York police deny IMF ex-chief Strauss-Kahn DNA report
NEW YORK (AFP) – New York police on Tuesday denied reports of finding DNA traces from ex-IMF chief Dominique Strauss-Kahn on the clothes of a hotel maid, saying investigators had so far given “no result and no information” about the test results. DNA was found on the shirt of the…
More Sony websites hacked, 8,500 Greek accounts hit
TOKYO — Sony on Tuesday said its websites in three countries had been hacked with 8,500 Greek user accounts compromised, in a blow to efforts to restore confidence after a huge data breach affecting millions. Websites in Thailand and Indonesia had also been affected, it said. The Japanese entertainment and…
Bank of America pays $410 million to settle overdraft dispute
WASHINGTON (AFP) – Bank of America has entered into a preliminary agreement to pay $410 million to clients who accused it of excessive overdraft fees, according to court documents. The documents released Monday by a US district court in southern Florida said the class action lawsuit included some one million…
Japan’s TEPCO admits further nuclear reactor meltdowns
TOKYO (AFP) – The operator of Japan’s tsunami-hit Fukushima nuclear power plant on Tuesday said it believed fuel had partially melted inside three reactors, as long suspected by experts. Tokyo Electric Power Company (TEPCO) said new readings on water gauges indicated that the fuel had dropped to the bottom of…
Cisco Systems sued for helping China monitor Internet
SAN FRANCISCO – Falungong members are suing Cisco Systems for custom-building “Golden Shield” Internet technology used by China to track down devotees of the spiritual movement. Cisco dismissed the case Monday as being without basis and vowed to “vigorously defend” itself. A lawsuit filed in US federal court in the…
New Internet tech transmits data at 26 terabytes per second
In a dramatic breakthrough, scientists have learned how to use optical fiber to transmit data over a single laser at speeds that dwarf even today’s fastest Internet connections. Using techniques called “fast Fourier transform” and “orthogonal frequency division multiplexing,” scientists at the Karlsruhe Institute of Technology in Germany were able to stitch…
Utah legalizes use of gold, silver as currency
Utah this week became the first state to legalize the use of gold and silver coins as legal currency, the according to the Associated Press. Republican state Rep. Brad Galvez sponsored the bill, which also excludes gold and silver from capital gains taxes, as a protest against Federal Reserve policies.…
Electronics giant Sony expects to post losses near $3.2 billion
TOKYO (AFP) – Japan’s Sony on Monday said it expected to post a $3.2 billion net loss for the fiscal year ended March, after delaying its corporate results to gauge damage from the March 11 earthquake and tsunami. The expected third-straight annual loss for Sony comes as it tries to…
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Commentary
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Sexual harasser learns same old excuses don’t work anymore
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The real problem with 'check your privilege': It’s too generous
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