By Steven Scheer JERUSALEM (Reuters) - Stanley Fischer, who led the Bank of Israel for eight years until he stepped down in June, has been asked to be the Federal Reserve's next vice chair once Janet Yellen takes over as chief of the U.S. central bank, a source familiar with the issue said on Wednesday. Fischer, 70, is widely respected as one of the world's top monetary economists. At the Massachusetts Institute of Technology, he once taught current Fed Chairman Ben Bernanke and Mario Draghi, the European Central Bank president. Fischer, as an American-Israeli, was widely credited with guiding Israel through the global economic crisis with minimal damage.
By Sophie Sassard LONDON (Reuters) - PSA Peugeot Citroen's board has approved a plan for an alliance with Dongfeng in which the Chinese carmaker and the French state would buy large minority stakes at a 40 percent discount to Peugeot's current share price, a source familiar with the matter said. The board agreed to enter final negotiations on a 3.5 billion euro ($4.8 billion) share issue that would see France and Dongfeng Motor Group take matching 20 percent holdings, the source said on Wednesday, speaking on condition of anonymity. The capital increase would be priced at below 7 euros per share, and perhaps as low as a 6.85 euro indicative offer from Dongfeng, the source said. Peugeot's shares closed at 11.50 euros on Wednesday.
By Ben Klayman DETROIT (Reuters) - With General Motors Co in recent days setting in motion big changes around the globe, the focus for new Chief Executive Mary Barra and her team will be making cars and trucks that prove popular enough to help end losses in Europe, analysts said. Over the past week, GM has announced it would pull the Chevrolet brand out of Europe by the end of 2015 to concentrate on Opel and stop making cars in Australia by 2017, to end losses in those regions. The moves, welcomed by Wall Street, clear the decks for Barra and her reshuffled management team that takes over next month. GM on Tuesday named 51-year-old Barra as its next CEO, making her the first woman to lead a global automaker.
Boeing Co and machinists union leaders met on Wednesday, their second consecutive day of meetings in an effort to bring Boeing's new jetliner program, the 777X, to Washington state, according to the union. Boeing Commercial Airplanes Chief Executive Ray Conner and members of his staff were meeting with International Association of Machinists District 751 President Tom Wroblewski and the union's business representatives, said union spokesman Bryan Corliss.
By Aruna Viswanatha and Anna Yukhananov WASHINGTON (Reuters) - Royal Bank of Scotland Group Plc will pay $100 million to resolve U.S. probes into the bank's dealings with Sudan, Iran, and other sanctioned countries, U.S. authorities said on Wednesday. Between 2005 and 2009, the bank processed around $34 million in wire transfers that violated sanctions against Sudan, Iran, Cuba and Myanmar, the Treasury Department said, adding that $32 million of that amount came from Sudan.
Judge O'Brien was a bit lucky because although he made the right decision, he didn't do it for the right reason. The legal issues in this case are extremely simple. They boil down to one question: Who has the right to the air in the city of Irwindale?
WASHINGTON (AP) — The multi-decade search for a pill that boosts sexual desire in women has hit another roadblock, raising questions about the future of efforts to develop a female equivalent to Viagra.