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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Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam