News bites: China's grip

China is continuing to tighten the reins around its economy as social unrest begins to emerge.

Regulators are giving mortgage servicers more time to overhaul their business practices.

Obama: Raise the debt limit or face another financial crisis.

France's Christine Lagarde and Mexico's Agustin G. Carstens are the two candidates to head the International Monetary Fund.

Greece's credit downgrade means higher borrowing costs for similarly troubled Spain.