Chancellor George Osborne and Bank of England governor Mark Carney are mounting a joint exercise with the US to gauge the transatlantic response to the collapse of a huge multi-national bank.

Medtronic, the Minnesota- based medical device maker that’s planning to take an Irish tax address, may become one of the biggest losers under rules announced today by the Obama administration.

US treasury secretary Jacob Lew said the department is finishing work to limit the benefits companies gain from moving their addresses overseas even if his action won’t be enough to stop the practice known as inversion.

German finance minister Wolfgang Schaeuble says he is tired of calls to sacrifice deficit reduction for economic growth, just as US Treasury secretary Jacob J Lew pressed Germany to boost domestic demand.

The credibility of Europe’s efforts to restore confidence in its financial system hangs in the balance as lawmakers try to broker a deal on a bank-failure authority for the 18-nation eurozone.

US Senate leaders have taken the helm in the search for a deal to end the partial government shutdown and avert a federal default.

The White House has said no decision has been made on budget provisions after discussions with senior Republicans.

Republicans are ready to offer the government a temporary debt limit extension, the leader of the US House of Representatives says.

The US Treasury Secretary Jacob Lew has urged Congress to raise the government’s borrowing limit before October 17, warning that a Republican idea to prioritise payments with cash on hand could cause “irrevocable damage” to the economy.

The White House has signalled that it would be open to a short-term hike in the US debt limit as the United States moved a step closer to its first-ever default while a separate impasse, a partial government shutdown, entered its second week.

The United States has moved closer to the possibility of the first-ever default on the government’s debt as Speaker John Boehner adamantly ruled out a House vote on a straightforward bill to boost the borrowing authority without concessions from President Barack Obama.

Congress needs to pass a debt ceiling increase by Oct 17 or the US will default, said Treasury Secretary Jacob J Lew.

US regulators say a group of firms that are not banks should be deemed potential threats to the financial system that need stricter government oversight.

European countries have been urged to ease off austerity measures and adopt more growth-friendly policies by US Treasury Secretary Jacob Lew.

Prominent Washington journalist Bob Woodward said a senior White House official threatened him he would “regret” publishing a story challenging the White House’s account of how the idea for automatic spending cuts originated.

In its 200 years, East Grove, on Cork’s Great Island, has had owners of many nationalities including the Glucksmans, says Tommy Barker

WHITE House budget director Jack Lew said yesterday there was still time to clinch a major deficit reduction deal and he was confident that congressional leaders know a US debt default is not an option.

PRESIDENT Barack Obama’s proposed budget for fiscal 2012 will seek to cut the record federal deficit by $1.1 trillion over the next 10 years, White House budget director Jack Lew said last night.

IRISH Nationwide Building Society, currently in the process of transferring over €8.7bn in bad loans to NAMA, could need further Government funding to shore up its depleted capital base.

Former American president Bill Clinton will be honoured for his contribution to the Irish peace process at special dinner in New York, it was revealed today.

IT MAY be one of the most famous commentaries in the history of GAA match broadcasting, transmitted all over the world, sold in video format, on DVD, copied onto the web; so famous, in fact, that it has several dedicated websites where copies can still be purchased.