Regulators announced last year Beijing would allow the creation of privately financed banks as part of efforts to make the economy more productive by giving market forces a bigger role.
An overhaul of the state-dominated financial system is expected to be the core of what the ruling Communist Party bills as the most ambitious economic changes since the launch of market-style reform in 1979.
Labor Dept. wants more 401(k) plan fee disclosures
WASHINGTON (AP) — The Labor Department wants financial services companies that administer 401(k) retirement plans to do a better job explaining just what fees and expenses are attached to those plans.
The rule would update one from 2012. Officials say many disclosure forms offered since then have become too lengthy, complex and confusing.
The department says employers who offer such plans need a better "road map" of embedded charges and fees.
Value of European listings hits 10-year average
LONDON (AP) — In another sign that Europe's economy is turning the corner, a leading ratings agency found Tuesday that the value of new stock market listings more than tripled in 2013.
Standard & Poor's said 13 billion euros ($16.6 billion) worth of new equity was floated last year, up from around 4 billion euros the year before. The agency expects the revival to continue this year, barring any economic or market shocks.
S&P credited the advance on buoyant equity markets, pent-up demand from private equity owners and optimism over the European economy's prospects.
FDA approves electric headband to prevent migraine
WASHINGTON (AP) — The Food and Drug Administration said Tuesday it approved a nerve-stimulating headband as the first medical device to prevent migraine headaches.
Agency officials said the device provides a new option for patients who cannot tolerate migraine medications.
The Cefaly device is a battery-powered plastic band worn across the forehead. Using an adhesive electrode, the band emits a low electrical current to stimulate nerves associated with migraine pain. Users may feel a tingling sensation on the skin where the electrode is applied. The device is designed to be used no more than 20 minutes a day by patients 18 years and older.
No serious adverse events were connected with the device.
Europe wants its Parmesan back, seeks name change
WASHINGTON (AP) — The European Union wants to ban the use of some names like Parmesan, feta and Gorgonzola on cheese made in the United States.
The argument, made as part of trade talks, is that the American-made cheeses are shadows of the original European varieties and cut into sales and identity of the European product. For example, Europeans say Parmesan should only come from Parma, Italy, not the familiar green cylinders that American companies sell on store shelves.
U.S. dairy producers, cheesemakers and food companies are all fighting the idea, which they say would hurt the $4 billion domestic cheese industry and endlessly confuse consumers.
By The Associated Press=
The Dow Jones industrial average fell 67.43 points, or 0.4 percent, to 16,351.25. The Standard & Poor's 500 index declined 9.54 points, or 0.5 percent, to 1,867.63. The Nasdaq composite slid 27.26 points, or 0.6 percent, to 4,307.19.
Benchmark U.S. crude for April delivery dropped $1.09 to close at $100.03 a barrel on the New York Mercantile Exchange. Wholesale gasoline gained 2 cents to $2.97 a gallon. Heating oil was down 1 cent at $2.96 a gallon. Natural gas lost 5 cents to $4.61 per 1,000 cubic feet. Brent crude, used to set prices for international varieties of crude, rose 47 cents to $108.55 on the ICE Futures exchange in London.