New York governor Eliot Spitzer, a crusader against corruption and the “Sheriff of Wall Street”, resigned today following his involvement in a worldwide prostitution ring.

PRESSURE mounted yesterday on New York governor Eliot Spitzer to resign because of a prostitution scandal, with a senior state Republican threatening to push for impeachment proceedings if the governor doesn’t step down in 48 hours.

New York governor Eliot Spitzer – known as a crusader against corruption and the “Sheriff of Wall Street” – faced mounting calls for his resignation today after he apologised following reports of his involvement in a worldwide prostitution ring.

New York governor Eliot Spitzer has apologised to his family and the public following a report that he was involved in a multi-million pound worldwide prostitution ring.

A torrential downpour sent water surging through New York’s tube system, highway tunnels and across airport runways, leaving thousands stranded and one big question: How could 3ins of rain bring the country’s largest transport system to a halt?

Coastal Long Island in the US could see some of its worst flooding in 14 years when a hard-blowing nor'easter begins whipping through New York today, officials said.

Senator Hillary Rodham Clinton and gubernatorial candidate Eliot Spitzer cruised to landslide victories in New York state’s Democratic primary day, turning back long-shot challengers on a night that produced a string of lopsided state-wide contests.

New York’s chief law officer has subpoenaed many of America’s largest radio conglomerates in his “payola” investigation of major artists and songs, reported to include Jennifer Lopez, REM and Glasgow band Franz Ferdinand.

New York’s Republican Party leaders were meeting behind closed doors today to sort out who should run for governor and whether Jeanine Pirro should abandon her struggling campaign to challenge Senator Hillary Clinton.

A SENIOR executive from the Irish operation of reinsurance firm General Re has been charged in the US with assisting fraud at insurance giant American International Group (AIG).

FRESH details about dealings between insurance giants American International Group (AIG) and General Re are expected to emerge later today.

RONALD FERGUSON, former chief executive of Berkshire Hathaway’s General Re unit, refused to answer questions from federal prosecutors and regulators on reinsurance accounting, prompting the company to sever remaining ties.

THE Irish branch of reinsurance firm General Re will come under intense scrutiny today when its owner Warren Buffett is interviewed by US investigators about transactions carried out from its Dublin operations.

GENERAL Re, the reinsurance company whose Dublin branch is at the centre of an international investigation, yesterday agreed to respond to a regulatory probe in Australia.

American insurance broker Marsh & McLennan could cut hundreds of jobs in the UK this spring, it emerged today.

Investors welcomed a lower-than-expected drop in wholesale prices and sent stocks higher today, ending a troubled week on Wall Street on a positive note.

Marsh & McLennan, the world’s largest insurance brokerage, is to axe 3,000 staff as it struggles with the fallout from a kickbacks probe by New York’s attorney general.

Stocks slumped today as oil prices inched back up from earlier lows and an investigation of the insurance industry pressured managed care stocks, trumping better-than-expected earnings from IBM and Texas Instruments.

British pharmaceuticals giant GlaxoSmithKline today agreed to make public information about all its clinical drug trials following accusations that it misled doctors about the safety of an anti-depressant for children.

British pharmaceuticals giant GlaxoSmithKline was hit with a multi-million pound lawsuit today after allegedly misleading doctors about the safety of an anti-depressant drug for children.

DOZENS of same-sex couples lined up outside New York city clerk’s office to obtain marriage licences yesterday, but were turned away with a letter explaining that gay marriages were illegal in the state.

The California Supreme Court has declined a request by the state attorney general to immediately shut down San Francisco’s gay weddings and to nullify the nearly 3,500 marriages already performed.

Fourteen European tourists arrived in Germany today, ending a six month ordeal in the Sahara as hostages of a group linked to al-Qaida.

The New York state attorney general, a prominent abortion rights supporter, has withdrawn from a gathering celebrating Irish-American heritage in the wake of criticism from an anti-abortion group.

The New York state attorney general, who is a prominent abortion rights supporter, has withdrawn from a gathering celebrating Irish-American heritage in the wake of criticism from an anti-abortion group.

Merrill Lynch will pay a 100 million dollar (€108.2m) fine to settle charges that its analysts misled investors.

The Dow Jones was higher midsession while the Nasdaq was down along with confidence in technology stocks ahead of most earnings reports, dealers said.

A New York hotel that overcharged stranded travellers for rooms after the September 11 terrorist attacks has agreed to pay a $9,500 (£6,000) penalty, state Attorney General Eliot Spitzer said.