Business news briefs
Debt crisis shrinks
use of euros
International use of the euro slipped last year because of the debt crisis in Europe, while the U.S. dollar held its own as the world's leading currency for reserves held by central banks. Currencies not traditionally used as reserves, such as the Canadian and Australian dollars, gained in favor as those countries enjoyed steady growth. The European Central bank said Tuesday that the euro's share among the currency reserves held globally by central banks fell to 23.9 percent in 2012 from 25.1 percent the previous year. The dollar's share was little changed at 61.9 percent.
Fed approves new
The Federal Reserve agreed Tuesday to raise the amount of capital big banks must hold to prevent their collapse. Under the rule, all banks will need to maintain a level of high-quality capital equal to 4.5 percent of their loans and other assets, weighted by how risky those assets are.
Diller fined over
The Federal Trade Commission fined billionaire Barry Diller $480,000 tied to complaints he did not submit required regulatory filings when he acquired voting shares in the Coca-Cola Co. in 2010 and 2012. The FTC said Diller bought 120,000 shares of Coca-Cola in November 2010, 605,000 shares on April 26, 2012, and 264,000 more on April 27.
rise in May
Orders to U.S. factories rose 2.1 percent in May, suggesting manufacturing may be picking up after a weak start to the year. Most of the increase was due to a big jump in volatile commercial aircraft demand. Still, businesses also ordered more machinery, computers and household appliances..
sue over permits
Animal protection groups are suing the U.S. Department of Agriculture to try to block the revival of domestic horse slaughter at commercial processing plants. The Humane Society of the United States and other groups seek an emergency injunction to overturn the USDA's recent permit approval for a horse meat plant in Roswell, N.M.
loses hearing bid
A court in New York rejected a request Tuesday for a new parole hearing by former Tyco CEO Dennis Kozlowski, who became the face of corporate greed after his 2005 conviction in a $100 million fraud scheme. Now 66, he was convicted of fraud and larceny and sentenced to up to 25 years in prison. .
Trade talks to begin
The European Union said Tuesday that free-trade negotiations with the United States should kick off as planned July 8 despite widespread concerns over the alleged eavesdropping of EU diplomats, but it insisted that the trans-Atlantic atmosphere needed to clear up for the talks to be successful.