Your customized headlines for Tue, Jul 17, 2012

The U.S. affiliate of global banking giant HSBC was for years a haven for foreign money laundering, drug-trafficking money and potential terrorist financing activities, largely because of the bank's woefully inadequate monitoring practices, according to a 340-page Senate report scheduled for release Tuesday.

Republicans accused Democrats of playing politics with the economy, after the No. 4 Senate Democrat warned that her party would let $600 billion in tax hikes and spending cuts take effect in January unless the GOP agrees to raise taxes on the wealthy.

An economic slowdown in China and other major developing countries has pulled one of the few remaining props from the world economy, which is already threatened by the financial crisis in Europe and a sluggish U.S. growth.

To understand the confusing conditions under which Mitt Romney left Bain Capital, you need to understand the unusual deal he struck when he was hired to run it.

Bill Bain's idea was simple. His firm, Bain & Co., was making lots of money by advising companies in exchange for fees. The fact that it was making money was proof that its staff understood what it took to make struggling companies successful. So why not eliminate the middleman? Rather than advising companies for a fee only to watch the current management reap the big profits, Bain Capital would take over troubled companies, manage them to profitability and reap the rewards itself. And Bill Bain knew exactly who he wanted to run this venture: Mitt Romney.

A drought gripping the Corn Belt and more than half the United States has reached proportions not seen in more than 50 years, the government reported Monday, jacking up crop prices and threatening to drive up the cost of food.

An economic slowdown in China and other major developing countries has pulled one of the few remaining props from the world economy, which is already threatened by the financial crisis in Europe and a sluggish U.S. growth.

A drought gripping the Corn Belt and more than half the United States has reached proportions not seen in more than 50 years, the government reported Monday, jacking up crop prices and threatening to drive up the cost of food.

The crisis in Europe and a sluggish U.S. recovery have begun sapping growth across the rest of the world as China, India and other major developing countries join in an evolving global slowdown.

In its latest world economic projections, the International Monetary Fund sounded a newly cautious note about a situation where rounds of government stimulus spending and low interest rates have failed to take hold, and left countries saddled with debt and other problems that give them little room to maneuver if conditions get worse.