Nikhil Kumar

Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.

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Fed looks to taper stimulus this year

Janet Yellen named to chair Fed as latest minutes reveal central bank concerns

President Obama nominates current vice chair Janet Yellen as new head of Federal Reserve

If she replaces Ben Bernanke, Ms Yellen would be the first woman to lead the American central bank

Alcatel-Lucent to axe 10,000 to cut costs

Alcatel-Lucent, the telecoms giant formed by the 2006 merger of France's Alcatel and Lucent Technologies of the US, plans to shed 10,000 jobs worldwide as it attempts to cut costs in the face of heavy losses.

3.5 billion of the new notes have been produced, worth $350bn

US unveils new $100 bill to foil foreign counterfeiters

The US Federal Reserve has begun circulating new $100 notes, introducing new anti-counterfeiting features – including a distinctive splash of colour – that have been more than a decade in the making.

BP disaster probe hears that 4.2m barrels of oil were spilled

The question of how much oil spewed out of BP’s Macondo well during the Gulf of Mexico spill in 2010 was centre stage at the hearing into the disaster yesterday, with a US government lawyer claiming that at least 4.2m barrels escaped.

US crisis shakes the world’s stock markets

Global markets took another pounding on Monday as international pressure grew on the US to resolve its political deadlock and avoid an unthinkable default by the world’s biggest economy.

Prosecutors claim Madoff enlisted the help of Joann Crupi to make up trading records

Did Bernie Madoff act alone in Ponzi scheme fraud? Trial of five former employees begins

When Bernie Madoff’s Ponzi scheme first came to light, Wall Street was shocked by the scope of the fraud. At $65bn, it rendered even the most seasoned traders – people who are used to dealing with millions everyday –speechless. But there was more to come, for when the disgraced financier subsequently claimed that he had acted alone, everybody was left wondering how one man could have perpetrated such an immense fraud over so many years.

Twitter founder Jack Dorsey, here with actress Kate Hudson

Markets all of a Twitter as online giant set for $1.1bn float on stock market

Beloved of teens, big business and world leaders, the broadcast platform will make its founders billions –but it’s yet to turn a profit

Twitter lifts lid on its finances at it aims for $1bn float

While the company continues to make a loss, its revenues almost tripled last year

Q&A: Resolving the US shutdown

Resolving the shutdown is important, for the longer it drags on, the greater the risk to the US economy, which remains weak. A drawn-out squabble over a stopgap budget would hit consumer spending, for example, as the furloughed federal workers tighten their belts. But in the short term, attention is turning to the debt ceiling because the federal government will hit its Congressionally mandated borrowing limit no later than 17 October.

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