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Friday, May 24, 2013 | 4:15 p.m.

Financial Services

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International Monetary Fund chief Christine Lagarde arrives for a second day of the court hearing at a special court house, in Paris, Friday, May 24, 2013. Lagarde faced questioning at a special Paris court Friday over her role in the 400 million euro ($520 million) pay-off to a controversial businessman when she was France's finance minister. (AP Photo/Thibault Camus)

IMF chief named key witness in French payoff case

After two days of intense questioning from French magistrates, International Monetary Fund chief Christine Lagarde said Friday a court named her as a key witness in an investigation into a controversial payoff to an outspoken businessman that was arranged while she was France's finance minister — stopping short of charging ...

  • Updated: 2:39 p.m. Friday, May 24, 2013

Stocks barely budge; market ends week with loss

Major stock indexes closed out their first weekly loss in a month in quiet trading Friday. The Standard & Poor's 500 index dropped 0.91 of a point to close at 1,649.60. The Dow Jones industrial average rose 8.60 points to 15,303, a gain of 0.1 percent. Procter & Gamble supported ...

  • Updated: 2:16 p.m. Friday, May 24, 2013

4 convicted in Bank of Commonwealth fraud

Former Bank of the Commonwealth president and CEO Edward Woodard Jr. and three others were convicted Friday of conspiring to defraud the bank out of $71 million before its collapse in 2011. One other man, former vice president Simon Hounslow, was acquitted. Jury deliberations had begun May 17 following nine ...

  • Updated: 10:07 a.m. Friday, May 24, 2013

Former bank teller gets prison time in bank fraud

Former Picayune bank teller Vonetta Jordan has been sentenced to 17 months in prison for bank fraud and ordered to repay over $117,000. On Thursday, U.S. District Judge Sul Ozerden also ordered two years of probation after her release from prison. The 37-year-old Jordan, of Poplarville, was the head teller ...

  • Updated: 9:21 a.m. Friday, May 24, 2013
A man walks by an electronic stock board outside a securities firm in Tokyo, Friday, May 24, 2013. The Nikkei's dramatic fall Thursday was attributed on the spike in the interest rate on the country's benchmark 10-year bond to above 1 percent for the first time in a year, which came after Fed meeting minutes showed some of its policy makers want the U.S. central bank to start scaling back its monetary stimulus. (AP Photo/Itsuo Inouye)

World stocks lower after big sell-off

World stocks edged lower on Friday, a day after markets around the world dropped sharply on concerns global growth is slowing and the Federal Reserve could start scaling back its monetary stimulus. Japan's Nikkei, which had led the previous day's losses with a plunge of over 7 percent, seesawed throughout ...

  • Updated: 9:14 a.m. Friday, May 24, 2013

China gives US regulators access to audit records

China has agreed to give U.S. regulators access to audit records for Chinese companies whose shares trade on U.S. stock exchanges, a step forward in a long-running dispute. The Public Company Accounting Oversight Board, a watchdog agency for the accounting industry, announced the agreement with China on Friday. The Securities ...

  • Updated: 7:33 a.m. Friday, May 24, 2013
A money trader works under a screen indicating the U.S. dollar is traded at 103.08 yen at a foreign exchange company in Tokyo, Thursday, May 23, 2013. The dollar fell to 103 yen level. (AP Photo/Shizuo Kambayashi)

Asia stock markets edge up after big sell-off

Asian stock markets staged a mild recovery Friday, a day after being routed by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary stimulus. Japan's Nikkei 225 index, which plummeted more than 7 percent Thursday, bounced back a sizeable 2.8 percent to 14,892.57. South Korea's ...

  • Updated: 7:57 p.m. Thursday, May 23, 2013
FILE - In this Dec. 6, 2012, photo, an employee walks through the appliance department at a Sears in North Olmsted, Ohio. Sears Holdings Corp. reports quarterly financial results before the market opens on Thursday, May 23, 2013. (AP Photo/Mark Duncan, File)

Sears reports bigger-than-expected 1Q loss

It was another ugly quarter for Sears Holdings Corp. The beleaguered department-store chain reported a steeper-than-expected loss for its first quarter on slumping sales. It also announced that it is considering selling its protection-agreement business in an ongoing effort to raise cash as it struggles to reverse its fortunes. The ...

  • Updated: 6:09 p.m. Thursday, May 23, 2013
Peter Lee, executive director of Covered California, the state agency running the state's new health exchange, announced the plans and prices that will be offered by private insurers during a news conference in Sacramento, Calif., Thursday, May 23, 2013. Some of the state's largest health insurers will be among those companies offering competing polices to millions of Californians who are expect to purchase coverage under President Barack Obama's Affordable Care Act. (AP Photo/Rich Pedroncelli)

Health reform plans, pricing released in Calif.

Californians are finally getting to see what "Obamacare" means for them. President Barack Obama's health care overhaul made a big leap Thursday when California's health insurance exchange announced the plans and the prices that will be offered to those buying individual coverage. Some of the state's largest individual health insurers, ...

  • Updated: 4:28 p.m. Thursday, May 23, 2013
This undated photo provided by Hobby Lobby Stores Inc., shows its co-founders David and Barbara Green who are asking a federal appeals court in Denver on Thursday, May 23, 2013, for an exemption from part of the federal health care law that requires it to offer employees health coverage that includes access to the morning-after pill. The Oklahoma City-based arts-and-crafts chain argues that businesses, and not just religious groups, should be allowed to seek exemptions from that part of the health law if it violates their religious beliefs. (AP Photo/Hobby Lobby)

Hobby Lobby tests birth-control coverage mandate

In the most prominent challenge of its kind, Hobby Lobby Stores Inc. asked a federal appeals court Thursday for an exemption from part of the federal health care law that requires it to offer employees health coverage that includes access to the morning-after pill. The Oklahoma City-based arts-and-crafts chain argued ...

  • Updated: 4:22 p.m. Thursday, May 23, 2013
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