The International Monetary Fund said in a report on Monday that top banks in the euro zone benefited from an implicit taxpayer subsidy of $90 billion to $300 billion last year from ongoing state because they're considered "too important to fail." Subsidies in the United Kingdom and Japan may have been as high as $110 billion in 2013, while they ranged from $20 billion to $70 billion in the United States, the IMF said in a chapter of its semi-annual "Global Financial Stability Report."
Federal Reserve Chair Janet Yellen says the extraordinary measures the central bank has used to boost the economy are still needed. Yellen's remarks are a signal that even after the Fed phases out its monthly bond purchases later this year, it will keep a key short-term interest rate at a record low for some time. She says the difficulty many people are still having finding full-time work shows that low rates are still needed to encourage borrowing and spending.
Fiat and Chrysler CEO Sergio Marchionne said Monday, that the automakers will have the capacity to produce 6 million cars a year once they combine their forces. Marchionne aims to complete the legal merger of Fiat and Chrysler by the end of 2014 to create Fiat Chrysler Automobiles, the world's seventh-largest automaker, and will outline a new multi-year business plan in Detroit in May. But he has shied away in recent years from forecasting that Fiat Chrysler might achieve that level as sales in Europe bottomed out in the economic crisis.
Last year's spike in the price of ethanol blending credits cost independent refiners at least $1.35 billion, more than three times as much as the year before, according to a Reuters' review of securities filings. The tally, which has not been previously reported, is a conservative estimate as it includes only nine refiners that disclosed the figures. Others affected did not specify the cost of buying Renewable Identification Number, paper credits used to meet quotas for blending biofuel into gasoline and diesel.