US consumer confidence rose for the second month in a row, to an eight-month high in December, new data suggests.

The Conference Board Consumer Confidence Index rose almost 10 points to 64.5 in December, up from a revised 55.2 in Continue reading this post…

Sears Holdings, the department store group which owns the two major retail chains, blamed falling sales.

In the eight weeks to Christmas Day, sales at Kmart fell 4.4% and by 6% at Sears. The company, which has 2,200 outlets in the US, says Continue reading this post…

Stores may have attracted shoppers early with fat discounts last week, but the shopping bonanza came with a price, according to data released by a research firm late Thursday.
ShopperTrak, a Chicago-based firm, said more customers shopped Continue reading this post…

Massachusetts is suing five major banks alleging “illegal” and “deceptive” conduct in the way they seized homes during the financial crisis.

Bank of America, JP Morgan, Wells Fargo, Citigroup, and GMAC must pay for the “harm” caused, the writ says. Continue reading this post…

India’s biggest drugmaker, Ranbaxy, has won an approval from authorities to sell its version of the world’s best-selling medicine in the US.

The US Food and Drug Administration (FDA) has granted it permission to sell a generic version of anti-cholesterol drug Lipitor. Continue reading this post…

JP Morgan Chase shot down a report that it was holding hundreds of millions of dollars in missing MF Global client funds.

JP Morgan said that, much like other banks, it has been holding MF funds and awaiting instructions from the bankrupt company’s trustee. Continue reading this post…

UK drug-maker GlaxoSmithKline has agreed to pay $3bn to settle all US investigations into the way the company marketed its products.

The final settlement will be finalized next year, but should address all civil and criminal investigations, which began in Continue reading this post…

Anglo American is to take control of diamond company De Beers after agreeing a $5.1bn deal to buy the Oppenheimer family’s 40% stake.

The deal raises Anglo’s stake in the world’s largest diamond distributor to 85%, with the remainder Continue reading this post…

US state of New Jersey will host the Grand Prix of America in 2013, governor Chris Christie has announced.

Formula 1 returns to the USA in 2012 for the first time since 2007 with the US Grand Prix in Austin, Texas. Continue reading this post…

Consumer spending picked up last month, funded by a reduction in savings. Personal spending rose 0.6% to $68.7bn (£42.7bn) in the month, having risen 0.2% in August, according to figures from the Commerce Department. Continue reading this post…