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NY Fed found serious problems at Deutsche Bank's U.S. arms: sources

FRANKFURT - The Federal Reserve Bank of New York has found serious problems in Deutsche Bank AG's U.S. operations, including shoddy financial reporting, weak technology and inadequate auditing and oversight, people close to the matter told Reuters.

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IMF cuts U.S. 2014 growth forecast to 1.7 percent

WASHINGTON - The International Monetary Fund on Wednesday said it expects the U.S. economy to grow 1.7 percent in 2014, even more slowly than it predicted a month ago, as weakness in the first quarter offsets an expected pick-up in the second half of the year.

1:23pm EDT

Ex-Jefferies trader gets two years in prison in fraud case

NEW HAVEN Conn. - A former Jefferies Group Inc managing director convicted of defrauding investors who traded mortgage bonds through a government program established after the 2008 financial crisis was sentenced on Wednesday to two years in prison.

Yum China cuts ties to owner of plant in meat scandal after arrests

SHANGHAI/LANGFANG China - Yum Brands Inc's China division severed ties to OSI China after Shanghai police detained five people from that supplier's meat processing factory at the center of a food safety scare that has ensnared several major Western brands.

China, Health 3:45pm EDT

No new 'Bond King' for Pimco when Gross reign ends

FRANKFURT - When Bill Gross eventually retires as chief investment officer of California-based asset manager Pimco, his "Bond King" crown will go with him.

1:35pm EDT

SEC adopts long-awaited reforms for money market funds

WASHINGTON - U.S. securities regulators adopted rules on Wednesday to curb the risk of investor runs on institutional money market funds, mainly by requiring their value to float instead of maintaining a value of $1 per share.

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