Feb 3 The New York Times reported the
following stories on its business pages on Friday. Reuters has
not verified these stories and does not vouch for their
* Rising wages in developing countries and other factors
have made keeping manufacturing work in the United States a much
more viable option, the Obama administration argues. Few
economists now consider manufacturing a potent engine for job
growth in the United States. Manufacturers have added about
330,000 jobs in the country in the last two years.
* A group of private exchanges has popped up in recent years
to accommodate a fast-growing trading market in the private
shares of the Internet companies like Twitter and LinkedIn
. Facebook has driven much of this growth, and private
exchanges, would lose a lucrative client when it holds its
* The Treasury issued several new regulations intended to
make it easier, and maybe cheaper, for middle-class people in
retirement to transfer the money they accumulated in their
401(k)s into an annuity that would guarantee monthly payments
until they die.
* James Davis, former chief financial officer of the
Stanford Financial Group, testified against R. Allen Stanford,
the Texas financier accused of defrauding investors in a $7
billion Ponzi scheme.
* The Fed's chairman, Ben S. Bernanke, was criticized by
Congressional Republicans for working to reduce unemployment and
revive the housing market rather than maintaining a
single-minded focus on inflation, after it announced plans to
hold short-term interest rates near zero until late 2014, a
measure that the Fed described as necessary to support a faster
pace of economic recovery.
* Wegelin & Co, the 270-year-old Swiss private bank, was
indicted in New York on Thursday on federal charges that it had
helped Americans evade taxes.