From our wire services
The International Monetary Fund forecast slower global growth for 2013 and 2014, citing expectations of a more protracted recession in Europe and a slowdown in key developing countries such as China and Brazil. The IMF now projects the world economy will grow at 3.1 percent this year, down from a forecast of 3.3 percent three months ago. The 2014 forecast was cut to
3.8 percent from 4 percent.
Representatives of Delaware's gambling industry told state officials times remain tough as the casinos cope with competition in neighboring states. Dover Downs CEO
Ed Sutor said his company has seen a sharp drop in table-game business and that Delaware casinos will be paying higher fees to
suppliers of slot machines under new contracts that are still being negotiated.
The company behind the New York Stock Exchange will take over running and restoring confidence in the scandal-hit London interbank offered rate, or LIBOR, a UK committee has ruled. The independent panel chose NYSE Euronext to take over LIBOR from the British Bankers' Association by early 2014.
Latvia in euro
European Union finance
ministers officially agreed to make the Baltic state of Latvia the 18th member of the eurozone currency union, at a time when many of its partners are struggling with low growth and high unemployment. Latvia will start using the new currency on Jan. 1.
Standard & Poor's Ratings Services is downgrading Italy's credit, saying the
country's economic prospects are getting weaker. S&P now expects Italy's GDP to fall by 1.9 percent this year.
Plainville, Mass., officials and the owners of the Plainridge Racecourse have reached an agreement that will pay the town more than $4 million in the first year if the harness track wins the state's sole slots parlor license. Plainridge is one of four companies seeking the only slots parlor allowed under the state's 2011 gambling law.
The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency proposed that eight of the largest U.S. banks increase their ratio of equity to loans and other assets from 3 percent to 5 percent. In addition, the banks' deposit-holding subsidiaries would have to increase that ratio
o 6 percent.
Last month's flooding in
central Europe caused more than $16 billion in damage, about a quarter
of it insured - making it
the year's costliest natural disaster so far. Natural disasters worldwide cost the insurance industry about $13 billion in the January-June period.
, while the overall cost of disasters was some $45 billion, Munich Re AG said.
Kroger, already the country's largest traditional supermarket operator, is expanding its reach in key southeastern and mid-Atlantic states by snapping up regional grocer Harris Teeter Supermarkets Inc. for $2.44 billion cash. Harris Teeter has 212 stores in eight states, including Delaware, Florida, Maryland and Washington, D.C., where Kroger currently has none.
Tesla will be joining the Nasdaq-100 Index on Monday as software maker Oracle Corp. heads to the New York Stock Exchange. Oracle announced its planned move to the NYSE in June, the fourth Nasdaq-100 company to transfer to the NYSE in the past year.
France's trade chief says the U.S.'s willingness to discuss alleged spying on allies is boosting confidence at trade talks between the U.S. and the European Union. Nicole Bricq said trust "will come back" thanks to parallel talks at the Justice Department over "this so-called espionage" - referring to reports of U.S. National Security Agency surveillance of EU buildings and personal data.