Fidelity: 401(k) balances little changed over 2011

Workers stashed money away in their 401(k) retirement plans at a faster clip last year but didn’t get an immediate reward for their savings strategy. Fidelity Investments, the nation’s biggest 401(k) administrator, says the average account balance was essentially unchanged in 2011, compared with 2010.
The year-end average for participants in Fidelity Investments plans was $69,100, […]

Republican Senators Say Fed Overstepped Its Role With Advice on Housing - Bloomberg

Republican Senators Orrin Hatch of Utah and Bob Corker of Tennessee criticized the Federal Reserve for overstepping its role by making policy recommendations on how the U.S. government should try new ways to spur the housing market.
Hatch, the top-ranking Republican on the Senate Finance Committee, said the housing study sent by Chairman Ben S. […]

Euro-Area Crisis Presents Significant Risk for South Africa, Lagarde Says - Bloomberg

South Africa has become increasingly integrated into the global economy, leaving it exposed to

TSX starts 2012 trading on positive note

TORONTO

Olympus denies wrongdoing as groups urge reforms

The new president of embattled Olympus Corp. on Thursday denied the company’s $687 million payment for financial advice was excessive, while foreign business groups urged Japan to bolster its lagging corporate governance rules to avoid more high-level scandals.
Shuichi Takayama, who was named president Wednesday following the abrupt resignation of Chairman and President Tsuyoshi Kikukawa, sought […]

Putin praises himself as ‘most hardworking’ leader

Russian Prime Minister Vladimir Putin has praised himself as Russia’s “most hardworking” leader since World War II.
In his first lengthy interview since last month’s announcement that he will seek a third presidential term, the 59-year-old prime minister said that Communist-era leaders were not physically capable and did not have “the will” to run the country […]

BP, 2 other companies cited over Gulf oil spill

Federal regulators on Wednesday cited oil company BP PLC and two other companies _ Transocean Ltd. and Halliburton _ for alleged safety and environmental violations stemming from last year’s rig explosion and massive Gulf oil spill.
The companies have 60 days to appeal the citations issued by the Interior Department’s Bureau of Safety and Environmental Enforcement.
The […]

Dexia shares plummet after partial nationalization

Shares in embattled bank Dexia plummeted 33 percent when they resumed trading Monday after the lender became the first major victim of a worsening credit squeeze in Europe.
Shares slid to 0.57 euro Monday afternoon in Brussels. They had been suspended Thursday as governments in Belgium, Luxembourg and France were figuring out how to save the […]

Merkel, Sarkozy reach agreement on bank sector

The leaders of Germany and France, the eurozone’s two biggest economies, say they have reached agreement on strengthening Europe’s shaky banking sector.
German Chancellor Angela Merkel says she and French President Nicolas Sarkozy “are determined to do the necessary to ensure the recapitalization of Europe’s banks.”
Merkel spoke after talks with Sarkozy at Berlin’s chancellery Sunday aimed […]

Former eBay executive is named to head H-P

Meg Whitman, eBay’s former chief executive, was named Thursday to lead Hewlett-Packard, the company said.
She replaces Leo Apotheker, the company’s chief executive, after only 11 months on the job. He is also stepping down as a director.
But Apotheker’s strategy, including consideration of spinning off H-P’s personal computer business from other parts of the company, will […]