EagleTribune.com, North Andover, MA

Business

December 30, 2012

Top business story in '12: Sluggish global economy

(Continued)

8. BANKS BEHAVING BADLY

It was a banner year for bank drama. JPMorgan Chase lost $6 billion in a complex series of trades. And one of its bankers in London grew famous for big bets and became known as the “London whale.” Morgan Stanley was accused of botching Facebook’s IPO. An ex-banker trashed Goldman Sachs for putting profits ahead of customers and for mocking clients as “muppets.” Barclays and UBS were fined for their roles in manipulating a key global interest rate. And HSBC agreed to pay $1.9 billion to settle charges that it enabled money laundering by Mexican drug traffickers.

9. MOTHER NATURE

There wasn’t enough rain in much of the nation. Then, suddenly there was much too much. The nation suffered its worst drought since the 1950s, covering 80 percent of U.S. farmland. Grain and food prices soared. Then a storm so destructive it was dubbed a “superstorm” walloped the Northeast. Sandy blasted coastal New Jersey and New York and put 8.5 million customers in 21 states in the dark. Sandy will likely end up as the second-costliest U.S. storm ever after Hurricane Katrina.

10. MOBILE-GADGET WARS

Competition in mobile technology intensified. Apple maintained its worldwide dominance. But the use of Google’s Android software on competing smartphones and tablets spread faster than Apple’s market share. Forty-four percent of U.S. adults own smartphones, up from about 35 percent a year ago. Tablet ownership doubled in 2012. Taking on Apple’s iPad, Microsoft unleashed its Surface tablet and began selling Windows 8, a tablet-friendly operating system. Amazon and Barnes & Noble rushed out high-definition-screen tablets. Each priced its premium model less than the entry-level iPad. Apple struck back with the iPad Mini. Struggling to compete, once-formidable Nokia and BlackBerry-maker Research In Motion floundered.

Text Only | Photo Reprints
Business

Financial News
Stocks
Photos of the Week