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Tuesday Afternoon Business Brief

April 17, 2012, 1:13 PM

Tuesday Afternoon Business Brief

Stocks are solidly higher as investors warm to corporate earnings reports. At midday, the Dow was up about 200 points, or more than 1.5 percent.

  • The International Monetary Fund is feeling a bit better about the outlook for the global economy, including Europe's debt crisis. The so-called lender of last resort predicts the U.S. economy will grow 2.1 percent this year, with the rate for the world at 3.5 percent.
  • Citigroup shareholders are expressing anger with the level of executive pay at the banking giant. At the annual shareholders meeting, 55 percent of shareholders voted against the pay packages granted top executives. The vote is not binding, however. The CEO, Vikram Pandit, got nearly $15 million in total compensation last year.
  • President Barack Obama is urging Congress to give oil market regulators more power to restrain speculative price manipulation. He wants lawmakers to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.
  • Gamers take note, Master Chief will awaken in November. Microsoft says the next installment in the wildly popular Halo series, "Halo 4", is scheduled for worldwide release Nov. 6 on Xbox 360.

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