Credit Suisse on Thursday became the latest major bank to report a strong second quarter showing as its net profit rose by 29 percent to 1.57 billion Swiss Francs ($1.41 billion.) In a statement the Swiss banking giant attributed its performance to a “reduced-risk business model providing the basis for more sustainable, high-quality, lower volatility earning.” Its Investment banking arm, which incurred much of the blame for the bank’s record losses last year, weighed in with pre-tax profits of 1.66 billion Swiss Francs ($1.55 billion). Overall earnings rose by 10 percent to 8.6 billion Swiss Francs ($8.07 billion) from 7.7 billion Swiss Francs ($7.2 billion) a year earlier.
The world’s best female golfer, Lorena Ochoa of Mexico, has exclusively revealed to CNN that a meeting with Tiger Woods in her youth inspired her to become the player she is today. The pair first met at Tory Pines when both competing in the Junior World Championships, an event that Woods won a record six times and Ochoa has won five. The two then met again 15 years later at the Golf Writer’s Association of America Awards where both were named players of the year
President Obama said Sunday the 34-nation Summit of the Americas was a "very productive" meeting that proved hemispheric progress is possible if countries set aside "stale debates and old ideologies." Speaking to reporters at the conclusion of the summit, Obama cited a potential thaw in relations between the United States and longtime adversaries Cuba and Venezuela, but said the ultimate test “is not simply words, but deeds.” Leaders did not “see eye to eye” on some important issues, but the meeting proved it is possible to “disagree respectfully,” the president said. Obama highlighted the importance of using American diplomacy and development aid in “more intelligent ways.” He reached out to the Cuban government before the summit by lifting all restrictions on U.S.
Police searched Sunday for gunmen who opened fire on an Israeli police vehicle in the West Bank, killing two officers, according to Israeli police. AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve. The list released Sunday of “counterparties” that benefited from the bailout is topped by European banks Societe Generale and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.
Troubled insurance giant AIG, already under fire for intending to pay out $165 million in bonuses and compensation, succumbed Sunday to congressional pressure, identifying banks that received chunks of the company’s billions in federal bailout funds last year. AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve. The list released Sunday of “counterparties” that benefited from the bailout is topped by European banks Societe Generale and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.
Iraqi President Jalal Talabani will likely not seek re-election once his term ends.
The power of women hit the State Department on Wednesday when first lady Michelle Obama joined Secretary of State Hillary Clinton to celebrate champions of women’s rights around the world.