The US economy shrank 0.7% in the first three months of 2015, compared to the same period last year. The Bureau of Economic Analysis significantly revised down its earlier economic growth estimate of 0.2%.
Richard Weber, the United States Internal Revenue Service's (IRS) leader of criminal investigations, told The New York Times he was fairly confident that there would be another round of indictments, following on the 14 FIFA officials accused of racketeering and accepting $150 million in bribes to rig marketing contracts and the selection of the host country for the 2010 World Cup.
The United States warned on Friday of a possible accident for the world economy if Greece and its creditors miss their June deadlines to avert a debt default. Germany said there was no sign of a breakthrough. The ongoing debate is taking place in Dresden, Germany in the framework of G7 Finance ministers and central bank chiefs meeting.
Argentine judge Marcelo Martínez de Giorgi has approved the arrest of three Argentine business leaders named in a corruption scandal engulfing world football and facing US extradition requests, though he acknowledged he did not know if they were in the country. The businessmen were considered fugitives from justice on Thursday after Interpol was unable to locate them at their residences.
The United States on Friday formally dropped Cuba from its list of state sponsors of terrorism, the US State Department said in a statement. The removal of Cuba from the US terrorism list eliminates an obstacle toward restoring diplomatic ties between the United States and the communist-led Caribbean island state after 54 years.
Argentina's foreign ministry confirmed late Wednesday that United States had officially requested the extradition of three Argentine citizens allegedly involved in the US Justice Department investigation into FIFA corrupt dealings.
Alaska Senator Lisa Murkowski introduced this month the bipartisan Icebreaker Recapitalization Act with Washington Senator Maria Cantwell that would authorize the U.S. Navy to construct up to 6 heavy icebreakers. The new icebreakers would be designed and operated by the Coast Guard, since under US law it is the sole service responsible for icebreaking missions.
Federal Reserve Chair Janet Yellen made it clear on Friday that the central bank was poised to raise interest rates this year, as the US economy was set to bounce back from an early-year slump and as headwinds at home and abroad waned. The announcement was made in a speech to a business group in Rhode Island.
Five of the world's largest banks are to pay fines totaling $5.7bn for charges including manipulating the foreign exchange market. Four of the banks - JPMorgan, Barclays, Citigroup and RBS - have agreed to plead guilty to US criminal charges, while the fifth, UBS from Switzerland will plead guilty to rigging benchmark interest rates.
Japanese airbag maker Takata has said that mechanisms in the airbags of almost 34 million cars are defective. It will lead to the largest recall in US automotive history, affecting models from 11 carmakers. . The number is double previous estimates for faulty air bags from the manufacturer.