finance

Updated at 8:10 p.m. ET

Icelandic Prime Minister Sigmundur David Gunnlaugsson said Tuesday that he will step aside and another party official will take over for a while. The move comes days after a massive data leak known as the Panama Papers linked him to secret offshore bank accounts.

Following news that Gunnlaugsson had resigned, a spokesperson released a statement clarifying the leader's decision:

In 2014, Sergei Roldugin told the New York Times, "I don't have millions."

Associates of President Vladimir Putin of Russia have channeled as much as $2 billion through offshore accounts, banks and shadow companies, according to a massive leak of documents from a Panamanian law firm.

More than 11 million documents, dubbed the Panama Papers, show how dozens of rich and powerful people around the world have used offshore and secret accounts to dodge taxes and sanctions and launder money.

General Electric wants to be removed from the federal government's list of too-big-to-fail financial institutions, arguing that it's no longer a major player in the financial services industry.

Simon Cunningham / Creative Commons

This campaign season has seen the attack on the concept of government in full swing, with Republican candidates pledging to cut taxes and downsize federal agencies.

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In 2013, over 1,000 gold coins were found by a couple walking their dog on their property in Sierra Nevada, California. A rainstorm exposed the rusted can holding the gold coins. They soon found additional rusted cans, all holding gold coins dating from 1847 to 1894. The face value of the coins was just under $28,000. Today's market value is about $10 million.

David Ohmer / Creative Commons

For the United States, the 20th century marked a period of vast and unparalleled prosperity thanks -- in large part -- to an economic model known as the “mixed economy.” Under that model, the nation's government and markets operated in tandem, creating a robust coalition from which health, wealth, and well-being not only grew, but flourished. 

Ryan Caron King / WNPR

State employee layoffs might not initially produce as much budget savings as Governor Dannel Malloy and legislative leaders would like as they try to balance Connecticut's budget.

Sage Ross / Wikimedia Commons

The leader of the Connecticut State Colleges and Universities system is recommending a tuition increase at all of its 17 campuses. 

Jeff Cohen / WNPR

The federal Securities and Exchange Commission sent another subpoena to the city of Hartford in January, a sign that its investigation into the city and its treasurer is continuing. 

Twitter @GoYardGoats

Hartford officials are again asking legislators to pass a state law to help to pay for its new baseball stadium.

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Connecticut Working Families is calling on the governor and the legislature to raise more revenue to solve the state’s budget crisis, instead of focusing on cuts in services.

We all know that American college education isn't cheap. But it turns out that it's even less cheap if you look at the numbers more closely.

That's what the Wisconsin HOPE Lab did. The lab, part of the University of Wisconsin-Madison, conducted four studies to figure out the true price of college.

To get a sense of student realities, researchers interviewed students on college campuses across the state of Wisconsin. But they also examined 6,604 colleges nationally and compared their costs with regional cost-of-living data from the government.

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It goes by many names: the sharing economy, the collaborative economy, the peer economy, just to name a few. Whatever you want to call it, one thing's for sure: this new way of doing business -- where idle assets equal big profits, and the hard-earned currency of trust comes through user reviews -- is changing the economic landscape of our country.

The U.S. Supreme Court dealt a blow Tuesday to nascent efforts to track the quality and cost of health care, ruling that a 1974 law precludes states from requiring that every health care claim involving their residents be submitted to a massive database.

The arguments were arcane, but the effect is clear: We're a long way off from having a true picture of the country's health care spending, especially differences in the way hospitals treat patients and doctors practice medicine.

Mike Grauer Jr. / Flickr Creative Commons

Vin Baker was an Olympic basketball player and four-time NBA All Star. The journey from University of Hartford to professional basketball got him rich quick, but it was a lifestyle he couldn't keep up with.

Baker's struggle with alcoholism is well-documented, as is the fact he blew through $100 million. He lost his home and restaurant.

Becky Wetherington via Flickr.com / Creative Commons

Honeywell said it has dropped its pursuit of United Technologies. The announcement comes just days after it made its merger bid public. 

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New estimates show the projected deficit in Connecticut's main spending account has grown to about $266 million.

Ryan Caron King / WNPR

Say you’re a cash-strapped city, and scattered around town are houses where owners are behind on their property taxes.

Chion Wolf / WNPR

Governor Dannel Malloy seems to be at odds with his transportation commissioner over the issue of congestion pricing. It’s a way to discourage drivers from using highways, but its place in the state’s comprehensive transportation plan is uncertain.

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Home sales finished the year strongly, with a 17.9 percent bump in sales in December of 2015. It marked the best December for the housing market in Connecticut since 2006.

Chion Wolf / WNPR

Connecticut Governor Dannel Malloy is unveiling his proposed changes to the two-year state budget enacted last year.

Cloud4Treasurer2015 / Facebook

Hartford Treasurer Adam Cloud will take four years to pay taxpayers back roughly $10,000 -- money he was given for a raise no one remembers approving.

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Connecticut has received a $54 million federal grant to improve shoreline infrastructure and make portions of the state more resilient.

Chion Wolf / WNPR

A court monitor said the state is failing to meet critical measurements because of a lack of funding.

Ryan Caron King / WNPR

Governor Dannel Malloy's budget office is projecting Connecticut will end the current fiscal year with a deficit, despite a recent special legislative session that attempted to fix the fiscal problem.

University of Connecticut

A  new study shows few low-income Connecticut students earn bachelor degrees within six years of transferring from a community college. 

Ryan Caron King / WNPR

Hartford Mayor Luke Bronin announced Wednesday a deal between the city, the developer of Hartford’s new minor league baseball stadium, and the Hartford Yard Goats that will cover a $10.3 million shortfall to complete the stadium.

The city said the stadium will be ready for the team's home opener on May 31. The stadium was originally scheduled to open April 7. 

Mamata.mulay / Creative Commons

New state revenue estimates show Connecticut continues to face deficit problems despite recent efforts by lawmakers to make spending reductions. 

Ryan Caron King / WNPR

The University of Connecticut has announced plans to award an additional $5,000 annually to students from Hartford public schools who meet certain academic and attendance goals. 

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