Business Briefs

Debt problems in Europe hit stocks

NEW YORK -- Stocks closed lower Tuesday following new worries about Europe's debt problems. Treasury prices rose and gold settled at a new high as investors sought safe assets.

European stocks fell following reports that banks there may have more risky government debt on their books than was disclosed during "stress tests" this year. That could mean fees from regulators and more capital-raising by the banks to bolster their balance sheets.

"The soundness of stress tests are, and continue to be, in question," said Brian O'Reilly, president of the Collingwood Group.

The reports renewed worries about Europe's government debt, which had flared up earlier this year following a fiscal crisis in Greece that spread to other weak European economies, including Portugal, and helped bring stock prices down worldwide.

Kia's chief resigns amid global recall

SEOUL, South Korea -- The top executive at Kia Motors has resigned after the company recalled more than 100,000 vehicles worldwide over defective wiring, the automaker said Tuesday.

Chung Sung-eun, vice chairman and CEO of South Korea's No. 2 automaker, stepped down on Friday, according to company spokesman Michael Choo.

"His resignation comes in the light of the recent global recall issued by Kia Motors," Choo said, without elaborating. He said no successor has been named. Chung was one of two Kia CEOs.

CEO of Barclays to retire on March 31

LONDON -- John Varley, who guided Barclays bank through the credit crisis without resorting to a government bailout, will step down next year as chief executive, to be succeeded by the head of the group's highly profitable investment banking operation, the company said Tuesday.

Varley will retire as CEO on March 31, handing over to Robert Diamond Jr.

Diamond, 59, currently heads the corporate and investment banking unit as well as the Barclays Wealth business and will assume the title of president deputy group chief executive on Oct. 1. He joined the company in 1996.

Verizon Wireless to hold hiring fair

Verizon Wireless will conduct an employment fair today in an effort to fill about 100 entry-level customer service jobs at its local call center.

The event will run from 3 to 6 p.m. at 2401 Mall Dr. in North Charleston

Applicants must apply online in advance of the job fair at www.verizonwireless.com/careers in order to attend. The new hires will be made over several months.

The company's North Charleston call center has more than 1,000 employees.

S&P confirms "AAA" rating for city debt

Standard & Poor's Ratings Group recently confirmed its "AAA" rating for the city of Charleston's general obligation debt.

S&P assigned its "AAA" long-term rating to the city's series 2010A and 2010B general obligation bonds and affirmed its "AAA" long-term rating and underlying rating on the city's outstanding debt.