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Tuesday Afternoon Business Brief

June 12, 2012, 1:18 PM

Tuesday Afternoon Business Brief

Wall Street has recovered after yesterday's sell-off, after a Federal Reserve official said he supported more measures to stimulate the economy. Charles Evans, president of the Fed's Chicago bank, told Bloomberg News that he supported action to produce faster job growth.

  • World markets remain on edge amid uncertainty over Europe's plan to rescue Spain's ailing banks. At issue is whether the plan can contain the debt crisis or whether it will spread to other countries, such as Italy.
  • The White House says there is no timetable for Commerce Secretary John Bryson's return from medical leave. White House spokesman Josh Earnest says President Barack Obama spoke with Bryson briefly today. He says the president encouraged Bryson to focus on his health and his family.
  • Dutch bank ING is paying $619 million to defuse allegations that it secretly moved billions of dollars through the U.S. financial system on behalf of Cuban and Iranian customers, in violation of U.S. sanctions. The Treasury Department says ING intentionally deleted information about thousands of transactions that would have linked the money to sanctioned parties between 2002 and 2007.
  • Burger King wants to lure customers with a summer-themed menu shift. The world's second biggest hamburger chain this week launches pork, beef and chicken sandwiches as limited time offers, as well as a 510-calorie bacon soft-serve sundae.

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