Transcripts show Fed
underestimated crisisFederal Reserve officials in 2007 badly underestimated the scope of the approaching financial crisis and how it would tip the U.S. economy into the deepest economic downturn since the Great Depression, transcripts of the Fed's policy meetings show.The meetings occurred as the country was on the brink of its worst financial crisis since the 1930s.-- The Associated PressChinese economy showssigns of reboundChina's economy is finally rebounding from its deepest slump since the 2008 global crisis, but the country's shaky recovery could be vulnerable to a new downturn in global trade.Growth rose to 7.9 percent in the three months ending in December, up from the previous quarter's 7.4 percent, data showed Friday. For the year, the economy grew by 7.8 percent, which was China's weakest annual performance since the 1990s. Retail spending and factory output were up.-- The Associated PressStartup investmentsdropped in 2012A new study shows that funding for business startups declined in 2012 for the first time in three years, as venture capitalists spent less money on fewer deals.Capital-intense sectors like clean technology and life sciences were among the hardest-hit, according to a MoneyTree study released Friday.In all of 2012, startup investments fell 10 percent to $26.52 billion from $29.46 billion. There were 3,698 deals completed, down 6 percent from 3,937 in 2011.-- The Associated PressGeneral Electric postsoperating profitPerformance at all of General Electric's industrial segments is improving thanks to cost cutting, a shift in strategy and growth in emerging markets.General Electric reported an operating profit per share of 44 cents, a penny higher than analysts polled by FactSet expected. Perhaps more importantly for shareholders, GE's revenue rose by 4 percent to $39.3 billion and beat Wall Street expectations.--The Associated PressToyota agrees to pay$1 billion to settle claimsToyota Motor Corp. has agreed to pay more than $1 billion to resolve economic loss and some wrongful-death claims.-- The Associated PressHave more to add? News tip? Tell us
