Posted: Aug 15, 2012 8:16 AM by KPAX News Staff
Updated: Aug 15, 2012 8:17 AM
The British bank Standard Chartered will pay $340 million to settle charges from New York regulators that it schemed with the Iranian government to launder $250 billion. The settlement came a day before the bank was scheduled to appear at a hearing to defend its right to continue doing business in the state. Standard Chartered still faces federal investigations over allegations it helped Iran funnel money through the United States.
Stocks were mixed on Tuesday despite a surprise jump in July retail sales. The Dow Jones Industrial Average rose about three points while the NASDAQ fell more than five points.
Regulators in China have given Walmart the green light to buy a majority stake in a Chinese e-commerce company. The firm sells everything from groceries to electronics and clothing. Analysts say the deal improves Walmart's access to Chinese consumers who are doing more of their shopping on mobile devices.
A new version of the Toyota Camry is attracting younger buyers. A top Toyota executive says the Camry was reworked for the 2012 model year to be more stylish and fun to drive. Camry sales are up almost 40% from January to July.
Consumer prices held steady last month, as falling energy prices largely canceled out slight increases in food, clothing and shelter. The government's key measure of inflation, the Consumer Price Index, showed consumer prices were unchanged in July. Economists had expected prices to edge up 0.2% over the month, driven partly by rising food prices.
- information from CNN included in this report.