Latest Business News: Second-quarter GDP to Slow Sharply on Tax Burden

Wochit 1:13 mins

Economic growth probably slowed sharply in the second quarter, but its pace is unlikely to change views that the Federal Reserve will start trimming bond purchases later this year. The slowdown is expected to be temporary, with an acceleration in output forecast for the rest of 2013 as the drag from higher taxes and deep budget cuts wanes. U.S. judge Thomas Wheeler has ordered that Federal Reserve Chairman Ben Bernanke can be questioned in a lawsuit against the government filed by the former head of American International Group Inc. It is rare for a Fed chairman to be deposed in a lawsuit. But Judge Wheeler have said that he made an exception because Bernanke has firsthand knowledge of the government's decision to bail out AIG at the height of the financial crisis. According to an internal memo sent to employees and also in a filing by the company, David Dibble, who runs all technology and operations for Yahoo, is leaving the building. The longtime Yahoo veteran, who is retiring, has reportedly wanted to depart for a long time.

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