WASHINGTON (AFP) -- The International Monetary Fund’s executive board on Wednesday moved toward a fundamental restructuring of voting rights that will give more clout to emerging economies like China and Brazil, a source close to the board told AFP.The board agreed on the outlines of a new structure for setting voting power and contributions in the Washington-based lender that will recognize the rise of the emerging economies in the global economy, the source said.The reform still has to be defi

More natural gas-powered vehicles will hit the market soon, as rising gasoline prices, booming natural gas production and proposed tax credits make them a more attractive option. But they’re a long way from being a common sight in U.S. driveways.Starting in July, Chrysler will sell a Ram 2500 Heavy Duty pickup that runs on compressed natural gas. The truck has both gasoline and natural gas storage tanks, and the engine shifts automatically between the two, without the driver needing to push a sw

Europe’s economy contracted in the fourth quarter as investment declined by the most since 2009 and exports and consumer spending dropped. Gross domestic product shrank 0.3 percent from the third quarter, the European Union’s statistics office said Tuesday, confirming an estimate published on Feb. 15. Exports fell 0.4 percent after a 1.4 percent gain in the previous three months, while household spending declined 0.4 percent and investment dropped 0.7 percent. While Europe is facing its second r

U.S. acts to overturn court ruling that disallowed punitive tariffs against ChinaWASHINGTON (AP) ― Congress on Tuesday overturned a court decision and reaffirmed that the government has the right to impose higher tariffs on goods from China and other state-run economies that subsidize their exports to the United States. The House voted 370-39 to pass the measure and send it to President Barack Obama for his signature. The Senate approved it Monday on a voice vote with no debate. “By passing this

U.S. regulators, reviewing an advocacy group’s complaint that a chemical used in colas causes tumors in animals, said there’s no immediate risk to consumers from the substance. A person would have to drink more than a thousand cans of soda in a day to match the doses administered in studies that showed links to cancer in rodents, Douglas Karas, a U.S. Food and Drug Administration spokesman, said in a statement. The Center for Science in the Public Interest, a consumer-health group in Washington,

U.S. service companies expanded in February at the fastest pace in a year, helped by a rise in new orders and job growth.The Institute for Supply Management said Monday that its index of non-manufacturing activity rose to 57.3, up from January’s 56.8 and the third straight increase. Any reading above 50 indicates expansion.Expansion in the service sector coincides with the lowest unemployment in three years, five straight months of solid to strong job growth and rising consumer confidence.The tr