Headline stringlengths 3 99 | Journalists listlengths 1 4 | Date stringlengths 26 28 | Link stringlengths 61 105 | Summary stringlengths 1 6.44k | Article stringlengths 0 57.9k | __index_level_0__ int64 0 106k |
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Lawyers propose $2.5 million bail for Madoff deputy | [
""
] | Tue Aug 11, 2009 12:45pm EDT | http://www.reuters.com/article/2009/08/11/us-madoff-dipascali-bail-sb-idUSTRE57A3WN20090811 | NEW YORK - Bernard Madoff's long-time right-hand man, Frank DiPascali, should be released on $2.5 million bond and his travel restricted following an expected guilty plea to criminal charges later on Tuesday, according to a proposal by U.S. prosecutors and his lawyer. | DiPascali, who worked for Bernard L. Madoff Investment Securities LLC for 33 years, including as chief financial officer, faces charges in Wall Street's biggest investment fraud of as much as $65 billion. He will make his first court appearance and plead guilty to criminal charges, according to court documents. Acting... | 202 |
U.S. home prices fall, but rate slows: report | [
""
] | Tue Aug 11, 2009 1:28pm EDT | http://www.reuters.com/article/2009/08/11/us-usa-economy-housing-idUSTRE57A0K720090811 | NEW YORK - The value of U.S. homes fell by 12.1 percent in the second quarter from a year earlier, but the rate of decline shrank for the first time since prices began to fall in 2007, real estate website Zillow.com said on Tuesday. | Even so, stabilization of the hard-hit housing market, which is seen as key to an economic recovery in the United States, is not yet in view, with mounting foreclosures and a high level of "underwater" mortgages still posing threats, Zillow said. U.S. home values posted their 10th consecutive quarterly decline, fallin... | 203 |
Distressed-debt deals in 2009 reach $84.4 billion: report | [
""
] | Tue Aug 11, 2009 7:12am EDT | http://www.reuters.com/article/2009/08/11/us-debt-distressed-idUSTRE57A0SD20090811 | - The total value of distressed-debt deals, where creditors use their debt positions to take ownership of troubled companies, has touched $84.4 billion this year, the Wall Street Journal said, at a pace close to double that of 2008. | The newspaper, citing data compiled by data provider Dealogic, said 140 distressed-debt deals have been struck during 2009, compared with 102 for all of 2008. It said the deals involved every sector of the U.S. economy from auto parts maker Delphi Corp to retailer Eddie Bauer and included corporate takeovers, covering... | 204 |
T. Boone Pickens: I'm long oil | [
"Peter Henderson"
] | Tue Aug 11, 2009 3:56pm EDT | http://www.reuters.com/article/2009/08/11/us-pickens-oil-interview-idUSTRE5795OP20090811 | LAS VEGAS - Oil man turned wind power fan T. Boone Pickens sees the price of a barrel of oil rising slightly to $75 by the end of this year and $85 next year. | "I'm long oil," said Pickens in an interview on the sidelines of U.S. Senate Majority Leader and Nevada Democrat Harry Reid's National Clean Energy Summit, a meeting of industry leaders and policy makers. Pickens has written a blueprint for U.S. energy policy, called the Pickens Plan, that focuses on converting heavy ... | 205 |
GM claims unprecedented mileage from Volt | [
"Soyoung Kim",
"Kevin Krolicki"
] | Tue Aug 11, 2009 7:18pm EDT | http://www.reuters.com/article/2009/08/11/us-gm-volt-idUSTRE57A3GJ20090811 | DETROIT - The Chevrolet Volt, the electric car General Motors Co is counting on to revitalize its lineup, is on track to achieve an unprecedented fuel economy rating of 230 miles per gallon in city driving, GM said on Tuesday. | GM's Chief Executive Fritz Henderson said the Volt would get a "triple-digit" fuel economy rating for combined highway and city driving based on a draft standard developed by the U.S. Environmental Protection Agency. He did not provide the combined highway and city figure. Toyota Motor Corp's Prius hybrid, which accou... | 206 |
Lehman can pursue CDO claim: court | [
"Karen Brettell"
] | Tue Aug 11, 2009 5:04pm EDT | http://www.reuters.com/article/2009/08/11/businesspro-us-lehman-cdo-court-idUSTRE57A5RV20090811 | NEW YORK - Lehman Brothers Holdings Inc LEHMQ.PK can pursue claims on assets in a bankruptcy case expected to set a precedent for treatment of derivatives in complex investment products, a New York court said on Tuesday. | The case will decide whether the bank has the first claim on $70 million in assets in a collateralized debt obligation (CDO)-- securities backed by a pool of assets -- or whether investors in the deal have the right to jump ahead of Lehman in being repaid the funds because of the bank's collapse in September 2008. The... | 207 |
Rio says seen no evidence for China detentions | [
"Rob Taylor"
] | Tue Aug 11, 2009 8:22am EDT | http://www.reuters.com/article/2009/08/11/us-china-rio-idUSSYD54007120090811 | CANBERRA - Anglo-Australian miner Rio Tinto said on Tuesday it had yet to be presented with any evidence to support the detention of four of its China-based staff on suspicions of stealing state secrets. | The mining giant said it had also not been informed of any charges against its detained staff, which include Rio Tinto's top iron-ore salesman in China, Australian Stern Hu. Hu and three Chinese colleagues were detained a month ago on suspicion of spying on Chinese steel mills. Rio, the world's second-largest iron ore... | 208 |
SEC investigating Huron for accounting errors | [
""
] | Tue Aug 11, 2009 7:21am EDT | http://www.reuters.com/article/2009/08/11/us-huron-idUSTRE57A2HL20090811 | - Huron Consulting Group Inc ( HURN.O ), whose shares plunged in the wake of an accounting scandal, said it is being investigated by the U.S. Securities and Exchange Commission for acquisition-related payments and will delay filing its latest quarterly report. | Earlier this month, the consulting firm's entire top management team left as it announced the scandal that forced it to restate more than three years of results, slashing its profits by almost half because it misreported costs related to acquisitions. Huron's board audit committee discovered that shareholders of four ... | 209 |
Bad assets may need more support | [
"David Lawder"
] | Tue Aug 11, 2009 5:20pm EDT | http://www.reuters.com/article/2009/08/11/us-financial-bailout-watchdog-idUSTRE57A0JO20090811 | WASHINGTON - The U.S. Treasury Department should consider expanding programs to cleanse troubled assets from bank balance sheets if current efforts fail to restart markets or if economic conditions worsen, a U.S. bailout watchdog panel said on Tuesday. | The Congressional Oversight Panel said in its latest monthly report that toxic loans and securities continue to pose a threat to the financial system, particularly for smaller banks that face mounting losses on commercial real estate loans. These banks may need similar stress tests and capital support afforded to larg... | 210 |
Judge OKs UnitedHealth $925.5 million backdating pact | [
"Jonathan Stempel"
] | Tue Aug 11, 2009 5:49pm EDT | http://www.reuters.com/article/2009/08/11/us-unitedhealth-lawsuit-options-idUSTRE57A5ZO20090811 | NEW YORK - UnitedHealth Group Inc ( UNH.N ) and former chief executive William McGuire will pay $925 million to resolve an investor class-action lawsuit accusing the health insurer of improperly backdating stock options. | The Minnetonka, Minnesota-based company will pay $895 million toward the settlement fund, while McGuire will pay $30 million and former general counsel David Lubben will pay $500,000. McGuire will also relinquish options to buy 3.68 million UnitedHealth shares. Judge James Rosenbaum of the U.S. District Court in Minne... | 211 |
Applied Materials sees Q4 at least break-even | [
""
] | Tue Aug 11, 2009 5:33pm EDT | http://www.reuters.com/article/2009/08/11/us-applied-materials-idUSTRE57A5N020090811 | SAN FRANCISCO - Applied Materials Inc ( AMAT.O ), the world's largest producer of chip-making gear, said it would at least break even this quarter, thanks to new orders and deep cost cuts, sending its shares up almost 4 percent. | The company posted sharply narrower losses in the third fiscal quarter on Tuesday, and forecast earnings per share of zero to 4 cents in the current quarter. It has posted three consecutive quarters of losses. But Applied, whose competitors include closest rival Tokyo Electron Ltd ( 8035.T ) and KLA Tencor Corp ( KLAC... | 212 |
Wall Street dragged lower by financials | [
"Chuck Mikolajczak"
] | Tue Aug 11, 2009 5:13pm EDT | http://www.reuters.com/article/2009/08/11/us-markets-stocks-idUSTRE57325J20090811 | NEW YORK - Stocks fell on Tuesday after a prominent banking analyst warned the sector's fundamentals have yet to improve, and an unexpectedly large drop in wholesale inventories raised worries about an economic recovery. | Financial stocks, which had gained about 25 percent in the last month, tumbled after Rochdale Securities analyst Richard Bove painted a gloomy outlook for the banking industry. He said bank stocks are trading on "fumes," and he expects a short-term pull-back in their stock prices. The financial sector of the S&P 500 .... | 213 |
Australia's Smith rejects China Rio report | [
"Rob Taylor"
] | Tue Aug 11, 2009 12:42am EDT | http://www.reuters.com/article/2009/08/11/us-china-rio-idUSSYD48963820090811 | CANBERRA - Australia brushed off on Tuesday a Chinese report accusing iron ore miner Rio Tinto Ltd ( RIO.AX ) ( RIO.L ) of overcharging and spying on Chinese steel mills, saying it had not been officially sanctioned. | In a growing war of words with its biggest export partner, Australian Foreign Minister Stephen Smith also delivered a veiled warning to China to rein in its diplomats after China's embassy tried to block a speech in Canberra on Tuesday by an exiled leader of China's Uighur Muslim minority. An article published online ... | 214 |
Stocks at U.S. wholesalers drop for 10th month | [
"Lisa Lambert"
] | Tue Aug 11, 2009 11:47am EDT | http://www.reuters.com/article/2009/08/11/us-usa-economy-inventories-sb-idUSTRE57A3IL20090811 | WASHINGTON - Stocks at U.S. wholesalers plummeted 1.7 percent in June, the tenth straight monthly drop, which drove inventories to their lowest level in more than two years, Commerce Department reported on Tuesday. | The magnitude of the drop in inventories from May was nearly double the 0.9 percent decline analysts polled by Reuters had expected. May's drop was revised to 1.2 percent from the originally reported 0.8 percent. U.S. stocks added to losses after the data and U.S. Treasury prices posted session highs as investors worr... | 215 |
U.S. productivity surges, inventories lean | [
"Lucia Mutikani"
] | Tue Aug 11, 2009 5:12pm EDT | http://www.reuters.com/article/2009/08/11/us-usa-economy-idUSN1152477420090811 | WASHINGTON - U.S. output per worker rose at its fastest pace in six years during the second quarter as businesses wrung more productivity from fewer staff in a sign that a recovery from recession will be slow and unlikely to create a surge in hiring. | A Labor Department report on Tuesday showed non-farm productivity, a gauge of hourly output per worker, jumped at a 6.4 percent annual rate, the sharpest since the third quarter of 2003 after a 0.3 percent gain in the January-March quarter. "The bounce in productivity is another indication that the nasty U.S. recessio... | 216 |
U.S. and European stocks fall on recovery doubts | [
"Al Yoon"
] | Tue Aug 11, 2009 5:22pm EDT | http://www.reuters.com/article/2009/08/11/us-markets-global-idUSTRE5794XR20090811 | NEW YORK - U.S. and European stocks slumped on Tuesday on weakness in banking shares, failing to follow through on strength in Asia where Japanese shares hit a 10-month high. | The Japanese yen rose against other major currencies on disappointing Chinese economic data and investors' increased risk aversion. Financial shares led U.S. stocks lower after an influential analyst said recent gains were overdone and after a report showed American businesses have not signaled confidence in the econo... | 217 |
White House divides CDS regulatory jurisdiction | [
"Rachelle Younglai",
"Charles Abbott"
] | Tue Aug 11, 2009 5:35pm EDT | http://www.reuters.com/article/2009/08/11/us-financial-regulation-derivatives-idUSTRE57A56720090811 | WASHINGTON - The Obama administration's plan to regulate the $450 trillion private swaps market would give the two main market regulators a share of the duties by splitting oversight of credit default swaps, which were responsible for exacerbating the financial crisis. | The swaps, which increased financial distress by spreading losses from bets on risky mortgages and other debt, would be overseen by securities and futures regulators, the White House said in legislative language delivered to Congress on Tuesday. Under the proposal, the Securities and Exchange Commission and Commodity ... | 218 |
Adecco downbeat on staffing markets after Q2 loss | [
"Katie Reid"
] | Tue Aug 11, 2009 5:35am EDT | http://www.reuters.com/article/2009/08/11/us-adecco-idUSTRE57A1MN20090811 | ZURICH - Adecco, the world's largest staffing group, said on Tuesday it had still not seen any recovery in its main European and U.S. markets and launched a new round of cost-cutting to protect profitability after a sharp drop in sales in the second quarter. | "Looking ahead, management anticipates no material pick-up of business activities and has therefore initiated further restructuring measures," the company said after announcing an unexpected second-quarter net loss due to one-off charges. Revenue slipped 31 percent to 3.6 billion euros ($5.10 billion) as firms across ... | 219 |
Rio says seen no evidence yet against China staff | [
""
] | Tue Aug 11, 2009 1:44am EDT | http://www.reuters.com/article/2009/08/11/us-china-rio-detentions-sb-idUSTRE57A0UU20090811 | SYDNEY - Anglo-Australian miner Rio Tinto has yet to be presented with any evidence to support the detention of four of its China-based staff on suspicions of stealing state secrets, the firm said on Tuesday. | Chinese authorities detained Rio Tinto's top iron-ore salesman in China, Australian Stern Hu, and three Chinese colleagues a month ago, accusing them of spying on Chinese steel mills, major buyers of the company's iron ore. The four have yet to be officially charged. "We are still not aware of any evidence that would ... | 220 |
CIT shares fall on bankruptcy warning | [
""
] | Tue Aug 11, 2009 11:29am EDT | http://www.reuters.com/article/2009/08/11/us-cit-filing-idUSTRE57A2NG20090811 | NEW YORK - Shares of CIT Group Inc sank 20 percent on Tuesday after the troubled lender delayed filing its second-quarter report with regulators and again warned it may have to file for bankruptcy. | CIT, which has been battling to restructure its debt, said in a filing with the U.S. Securities and Exchange Commission that management is focused on restructuring the company to avoid bankruptcy and it was unable to file its quarterly report by the deadline on Monday. The 101-year-old lender, which last month secured... | 221 |
Summers says U.S. economy getting back to normal | [
""
] | Tue Aug 11, 2009 3:16pm EDT | http://www.reuters.com/article/2009/08/11/us-usa-economy-summers-idUSTRE57A4F220090811 | WASHINGTON - White House economic adviser Larry Summers said on Tuesday the foundations for a return to growth had been laid and there were many signs economic life was getting back to normal. | Speaking to a conference on social security at the national Press Club, Summers cited large and small signs the financial crisis was easing, even if it will take some time to be able to firmly declare it over. "In more obvious indicators like the stock market, less obvious indicators like credit spreads, the spread be... | 222 |
Yahoo chairman exits, review drags on | [
"Alexei Oreskovic"
] | Tue Feb 7, 2012 6:57pm EST | http://www.reuters.com/article/2012/02/07/us-yahoo-idUSTRE81626T20120207 | SAN FRANCISCO - Yahoo Inc Chairman Roy Bostock and three other directors will step down as the struggling company ploughs ahead with an internal overhaul, including discussions on dealing with its stakes in China's Alibaba Group and Yahoo Japan. | The corporation -- once a Web powerhouse but now agonizing over a range of options to revive flagging growth -- on Tuesday said it appointed former Rovi Corp CEO and IBM veteran Alfred Amoroso and ex-eBay COO Maynard Webb as independent directors. Yahoo's board has come under fire from investors impatient with the com... | 223 |
World watches as China economic leaders take stage | [
"Alan Wheatley , Global Economics Correspondent"
] | Tue Feb 7, 2012 12:46pm EST | http://www.reuters.com/article/2012/02/07/us-economy-global-china-idUSTRE8161SI20120207 | LONDON - A new guessing game is about to begin: will China's incoming generation of leaders show more courage than the current incumbents in tackling deep economic imbalances that threaten to bring growth to a sudden stop? | The question, easier to frame than to answer, is critical for the world economy. China has accounted for about a quarter of global growth in recent years, yet as far back as 2007 Premier Wen Jiabao characterized the expansion as "unsteady, unbalanced, uncoordinated and unsustainable." It still is. The urgency of findi... | 224 |
SEC weighs two money market fund proposals | [
"Sarah N. Lynch"
] | Tue Feb 7, 2012 5:36pm EST | http://www.reuters.com/article/2012/02/07/us-sec-moneymarketfunds-idUSTRE81609D20120207 | - The chairman of the Securities and Exchange Commission is eyeing two potential plans to bolster the stability of money market funds, but their fate remains uncertain due to internal disagreement at the SEC over the need for more regulations. | Last month, agency staff circulated early drafts for either a capital buffer or a floating fund valuation, both aimed at preventing runs on money market funds and investor losses in the $2.6 trillion industry, people familiar with the matter said. Regulators began to focus on new rules for the money market fund indust... | 225 |
CalSTRS invests $500 million in infrastructure | [
""
] | Tue Feb 7, 2012 9:35am EST | http://www.reuters.com/article/2012/02/07/us-calstrs-infrastructure-idUSTRE8161BJ20120207 | - The California State Teachers' Retirement System, the second-largest public pension fund, has made what it called one of the largest single U.S. fund management commitments to infrastructure, investing up to $500 million. | Infrastructure has emerged as a separate asset class to private equity in the last decade, offering lower returns but also stable cash flows that are hedged against inflation and are underpinned by physical assets such as roads and pipelines. With interest rates at historic lows and inflation not seen as an immediate ... | 226 |
Honeywell sees defense, space sales down four to five percent | [
""
] | Tue Feb 7, 2012 9:24am EST | http://www.reuters.com/article/2012/02/07/us-honeywell-defense-idUSTRE8161AJ20120207 | - Diversified manufacturer Honeywell International Inc ( HON.N ) said it expects sales at its defense and space business to fall by 4 percent to 5 percent this year as the United States pares back its military spending. | The world's largest maker of cockpit electronics said on Tuesday the forecast decline follows a 2 percent drop in 2011. It looks for defense revenue to stabilize in 2013 and resume slow growth the year after. This forecast was included in its previously disclosed full-year earnings target of $4.25 per share to $4.50 p... | 227 |
MGM gets $500 mln loan to expand film, TV slate | [
""
] | Mon Feb 6, 2012 8:46pm EST | http://www.reuters.com/article/2012/02/07/us-mgm-idUSTRE81600Z20120207 | LOS ANGELES - Metro-Goldwyn Mayer said its lenders agreed to loan the studio $500 million to retire debt it took on when it emerged from bankruptcy about a year ago and to expand its film and TV production. | The revolving credit facility replaces a term loan and smaller revolving facility the studio received as part of a prepackaged bankruptcy and will improve its cash flow to allow the studio to acquire content, Co-Chairman and Chief Executive Officer Roger Birnbaum said. "A year ago we were struggling to get films made,... | 228 |
EU watchdog to assess bank recapitalization plans | [
"Steve Slater",
"Huw Jones"
] | Tue Feb 7, 2012 5:41am EST | http://www.reuters.com/article/2012/02/07/us-eu-banks-eba-idUSTRE8160S320120207 | LONDON - European banking regulators pore over plans this week from 31 lenders to plug a 115 billion euro ($150 billion) hole in their capital cushions and help restore investor confidence shattered by the euro zone debt crisis. | The European Banking Authority (EBA) will review recapitalization blueprints from top names like Deutsche Bank and UniCredit. The 31 were singled out in a healthcheck of 71 lenders last year as needing extra capital to lift core ratios to 9 percent by June. The EBA meets on Wednesday and Thursday. The London-based aut... | 229 |
Greek parties delay bailout talks despite EU threats | [
"Renee Maltezou",
"Lefteris Papadimas"
] | Tue Feb 7, 2012 4:25pm EST | http://www.reuters.com/article/2012/02/07/us-greece-idUSTRE8120HI20120207 | ATHENS - Greek political parties delayed yet again on Tuesday making the tough choice of accepting painful reforms in return for a new international bailout to avoid a chaotic default, seemingly deaf to EU warnings that the euro zone can live without Athens. | With a series of deadlines come and gone, leaders of the three parties in the coalition of Prime Minister Lucas Papademos postponed what was supposed to be a crunch meeting until Wednesday. On a day when protesters burned a German flag in Athens, Chancellor Angela Merkel tried to ease growing tension by promising she ... | 230 |
UBS warns of poor Q1 as investment bank struggles | [
"Katharina Bart"
] | Tue Feb 7, 2012 1:02pm EST | http://www.reuters.com/article/2012/02/07/us-ubs-idUSTRE8160AA20120207 | ZURICH - Swiss bank UBS predicted further weakness in investment banking after a restructuring of the business failed to prevent an earnings hit from the euro zone debt crisis and worries about the global economy. | "Traditional improvements in first-quarter activity levels and trading volumes may fail to materialize fully, which would weigh on overall results for the coming quarter, most notably in the investment bank," UBS said on Tuesday. The bank said fourth-quarter net profit shrank to 393 million Swiss francs ($425.95 milli... | 231 |
Yum profit up as China keeps growing | [
"Lisa Baertlein"
] | Mon Feb 6, 2012 7:45pm EST | http://www.reuters.com/article/2012/02/07/us-yum-idUSTRE81524320120207 | - KFC parent Yum Brands Inc ( YUM.N ) reported fourth-quarter earnings that topped Wall Street's view after accelerating sales and operating profit at established restaurants in China helped ease worries that growth in its top market was slowing. | The shares of the fast-food chain, which are up more than 25 percent from a year ago and trading around all-time highs, were up 2.3 percent to $64.62 in extended trading after Yum also reported better-than-expected restaurant sales growth in up-and-coming international markets. "They demonstrated once again that they'... | 232 |
Swiss central banker a euro crisis Nostradamus? | [
"Catherine Bosley"
] | Tue Feb 7, 2012 10:35am EST | http://www.reuters.com/article/2012/02/07/us-eurozone-crisis-swiss-idUSTRE8161GJ20120207 | ZURICH - Nearly two decades ago, the man now likely to become the head of Switzerland's central bank foresaw the neighboring euro zone's troubles in a doctoral thesis, saying the likes of Ireland, Italy and Greece would not be able to control their debt. | Vice Chairman Thomas Jordan, who has served on the Swiss National Bank's governing board since 2007 and is currently interim chairman, also said a currency union gave some states the incentive to load up on debt and could lead to a banking crisis. Jordan was thrust into the limelight last month when SNB chairman Phill... | 233 |
Factbox: Glencore deal to buy Xstrata | [
""
] | Tue Feb 7, 2012 3:27am EST | http://www.reuters.com/article/2012/02/07/us-glencore-xstrata-factbox-idUSTRE8160ID20120207 | - Glencore is to buy the two thirds of Xstrata it does not own for an agreed 26.1 billion pounds ($41 billion) in an all-share deal creating a commodities powerhouse spanning mining, agriculture and trading. | Following are details of the transaction: * Glencore, the world's largest diversified commodities trading house, will issue 2.8 new shares for each Xstrata share. * That valued Xstrata shares at 1,290.1 pence, based on Monday's close, for a 15.2 percent premium to their price last week before talks between the two com... | 234 |
Portugal sell-off still has juicy bits: advisor | [
"Sergio Goncalves"
] | Tue Feb 7, 2012 8:10am EST | http://www.reuters.com/article/2012/02/07/us-portugal-privatisations-idUSTRE81613C20120207 | LISBON - Portugal's state sell-off plan still has companies that are likely to lure investors, after the successful sale of stakes in two major firms which defied the impact of the debt crisis, an advisor to the process said on Tuesday. | Privatizations make part of the terms of a 78 billion euro ($102 billion) EU/IMF bailout program for Portugal and, unlike Greece, the Iberian country has managed to crank up the process quickly and sell some prized assets. Jorge Cardoso, CEO of Caixa Banco de Investimento, which advised the government on the sale of s... | 235 |
AIG reviewing succession as chairman takes new job | [
""
] | Tue Feb 7, 2012 2:49pm EST | http://www.reuters.com/article/2012/02/07/us-aig-idUSTRE81620W20120207 | BOSTON - Bailed-out insurer American International Group ( AIG.N ) will review its succession plans after its chairman accepted a job as the chief executive of an airplane maker, the company said on Tuesday. | AIG CEO Bob Benmosche has been in treatment for cancer since late 2010. Chairman Steve Miller was to become interim CEO if Benmosche were unable to continue with the job. But on Tuesday, business plane maker Hawker Beechcraft named turnaround expert Miller its chief executive, effective immediately. "The board has an ... | 236 |
Watchdogs to drag shadow banks into the light | [
"Douwe Miedema"
] | Tue Feb 7, 2012 11:41am EST | http://www.reuters.com/article/2012/02/07/us-banking-shadow-idUSTRE81610Z20120207 | LONDON - Beyond the reach of regulators, and about half the size of the world's banking industry, a thriving breed of "shadow banks" is emerging that could trigger the next chapter in the global financial crisis. | Spurred by this concern, the watchdogs are turning their attention to the fringes of the global financial system, where hedge funds and money market funds are filling the gaps left by retreating banks. "In America, increased financial activity is taking place between non-banks which are subject to little or no regulat... | 237 |
PIMCO's El-Erian favors bonds, gold | [
"Sam Forgione"
] | Tue Feb 7, 2012 12:07pm EST | http://www.reuters.com/article/2012/02/07/us-pimco-bonds-idUSTRE8161AE20120207 | NEW YORK - Given the fragile state of the global economy and brewing geopolitical risks, investors should be underweight equities while favoring "selected commodities" such as gold and oil, Mohamed El-Erian, CEO and co-chief investment officer of bond fund giant PIMCO, told CNBC on Tuesday. | El-Erian also said that bond investors should "concentrate exposures seven years and within because that's what the Fed can secure in terms of the yield curve." He added that investors should be "careful of the long end of the yield curve, which is more vulnerable." With the Standard & Poor's 500 index up 6.6 percent ... | 238 |
BlackRock's top lawyer to leave company | [
"Jessica Toonkel",
"Suzanne Barlyn"
] | Tue Feb 7, 2012 10:37am EST | http://www.reuters.com/article/2012/02/07/us-blackrock-counsel-idUSTRE8161GP20120207 | - The top lawyer at BlackRock Inc ( BLK.N ) is leaving the company, a spokeswoman at the global asset management firm confirmed. | Robert P. Connolly, who joined BlackRock as general counsel in 1997, announced his retirement internally about two weeks ago, according to Bobbie Collins, a BlackRock spokeswoman. Connolly is staying temporarily to help with the transition of his responsibilities, Collins said. Circumstances surrounding his exit were ... | 239 |
January deficit fell sharply to $27 billion: CBO | [
""
] | Tue Feb 7, 2012 2:24pm EST | http://www.reuters.com/article/2012/02/07/us-usa-deficit-idUSTRE8161WV20120207 | WASHINGTON - The budget deficit shrank by nearly half in January compared to a year earlier as tax collections from individuals rose and outlays fell, the Congressional Budget Office said on Tuesday. | The CBO said it expects the Treasury Department to report a $27 billion deficit for January, versus a $50 billion deficit in January 2011. The January budget gap will bring the total deficit for the first four months of fiscal 2012 to $349 billion, a decrease of about $70 billion from the same period of fiscal 2011. T... | 240 |
Feuding Greek leaders united by desire to avoid blame | [
"Ingrid Mel",
"er",
"Harry Papachristou"
] | Tue Feb 7, 2012 11:14am EST | http://www.reuters.com/article/2012/02/07/us-greece-leaders-idUSTRE8161KM20120207 | ATHENS - With the eyes of an impatient Europe on them, Greece's feuding leaders are united by a desire to avoid blame for the harsh austerity required to save their country from a catastrophic default. | Analysts say that despite their posturing, the leaders of the conservative New Democracy party, the centre-left PASOK socialists and the far-right LAOS nationalists, which back Lucas Papademos' government, will ultimately accept the bailout terms demanded by the European Union and the International Monetary Fund to av... | 241 |
Toyota raises annual profit forecast, eyes recovery | [
"Chang-Ran Kim"
] | Tue Feb 7, 2012 6:54am EST | http://www.reuters.com/article/2012/02/07/us-toyota-idUSTRE81524J20120207 | TOKYO - Toyota Motor Corp raised its full-year profit forecast by more than a third as it cuts costs, trims spending and expects Japanese government schemes to boost sales, though the guidance was still some way below analysts' expectations. | Japan's No.1 automaker now expects operating profit - earnings from its core operations - for the year to end-March of 270 billion yen ($3.5 billion), a drop of 42 percent from last year, and lagging a consensus forecast of 331 billion yen from 23 analysts surveyed by Thomson Reuters I/B/E/S. Toshiyuki Kanayama, senio... | 242 |
Banks face exposure issues on Glencore-Xstrata merger | [
"Tessa Walsh",
"Alasdair Reilly"
] | Tue Feb 7, 2012 1:17pm EST | http://www.reuters.com/article/2012/02/07/us-glencore-xstrata-loans-idUSTRE8161V120120207 | LONDON - Glencore and Xstrata may have to put in place new multibillion dollar loans if their proposed $90 billion merger goes ahead, to help banks manage their huge exposures to the mammoth company, banking sources said on Tuesday. | The two companies are some of the biggest borrowers of syndicated loans globally. Banks have already lent billions of dollars to them and a combined group would blow through lending limits. "The combined company would have to do something with its loans. We have $1 billion out to both companies which we would have to ... | 243 |
Money fund firms, clients sour on SEC proposals | [
"Tim McLaughlin"
] | Tue Feb 7, 2012 4:43pm EST | http://www.reuters.com/article/2012/02/07/us-fidelity-funds-idUSTRE81613T20120207 | BOSTON - Fund management firms voiced sharp objections Tuesday to proposals that would tighten regulations on money market funds in an effort to make them more safe. | That outcry comes in response to several proposals the U.S. Securities and Exchange Commission is considering that would significantly alter the $2.6 trillion money-market fund industry. One proposal would allow the value of the funds to float, rather than being fixed at $1 per share as it is now. Another would requir... | 244 |
BofA investor lawsuit wins class-action status | [
"Jonathan Stempel"
] | Mon Feb 6, 2012 7:08pm EST | http://www.reuters.com/article/2012/02/07/us-bankofamerica-shareholder-lawsuits-idUSTRE81528D20120207 | - Investors suing Bank of America Corp ( BAC.N ) won class-action status for their lawsuit accusing the bank of fraudulently misleading them about the 2008 takeover of Merrill Lynch & Co and the size of Merrill's losses and bonus payouts. | U.S. District Judge P. Kevin Castel in Manhattan on Monday rejected the second-largest U.S. bank's argument that the investors could not prove they suffered losses by relying on materially misleading statements or omissions. Among the other defendants who were also sued and opposed class certification were former Bank... | 245 |
Exclusive: China buys up Saudi, Russian oil to squeeze Iran | [
"Alex Lawler",
"Judy Hua"
] | Tue Feb 7, 2012 12:38pm EST | http://www.reuters.com/article/2012/02/07/us-china-oil-supplies-idUSTRE8161RG20120207 | BEIJING/LONDON - China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia. | Industry sources told Reuters that Beijing had bought the bulk of an increase in crude oil supplies from top oil exporter Saudi Arabia in the last few months. The world's second-largest oil consumer is also importing more cargoes from West Africa, Russia and Australia to replace reduced supplies from Iran. China is th... | 246 |
Schroders plans to vote against Xstrata-Glencore deal | [
"Chris Vellacott"
] | Tue Feb 7, 2012 4:58am EST | http://www.reuters.com/article/2012/02/07/us-schroders-xstrata-idUSTRE8160PC20120207 | LONDON - Schroders head of UK equities who controls one of the largest independently held stakes in miner Xstrata has said he intends to vote against the planned merger with suitor Glencore. | Richard Buxton said he thought the terms of the proposed merger represent a poor deal for Xstrata's independent shareholders, shortly after Standard Life issued its own statement saying it would vote against the deal. "I'm in complete agreement with Standard Life and we intend to do exactly the same. This is a fabulou... | 247 |
MF Global shortfall worsened as bankruptcy neared | [
"Nick Brown"
] | Tue Feb 7, 2012 1:25pm EST | http://www.reuters.com/article/2012/02/07/us-mfglobal-idUSTRE8161VE20120207 | - In its chaotic final days, MF Global's floundering brokerage used increasingly large chunks of customer money in an effort to keep the company afloat, creating a massive shortfall in customer funds, the trustee liquidating the brokerage has found. | The activity occurred while a flurry of cash transactions, totaling more than $105 billion, took place in the five days leading up to the October 31 bankruptcy of its parent, MF Global Holdings Ltd MFGLQ.PK, the trustee James Giddens said in a statement. That suggests that customer cash could be scattered among hundre... | 248 |
Coca-Cola beats Street, eyes cost savings | [
"Martinne Geller"
] | Tue Feb 7, 2012 2:09pm EST | http://www.reuters.com/article/2012/02/07/us-cocacola-idUSTRE81611G20120207 | NEW YORK - Coca-Cola Co ( KO.N ) reported better-than-expected quarterly results and announced a new cost-savings program that it will use to boost its brands and mitigate higher commodity costs. | Coke's results on Tuesday were "solid" given the weak global economy, said Consumer Edge Research analyst Bill Pecoriello. In particular, a 1 percent increase in North American sales volume was better than the 1 percent drop he expected. "Key issues heading into 2012 include managing against continued tough global mac... | 249 |
Eyes on dissident states as U.S. mortgage deal nears | [
"Rick Rothacker",
"Aruna Viswanatha"
] | Tue Feb 7, 2012 5:45pm EST | http://www.reuters.com/article/2012/02/07/us-mortgage-settlement-delaware-idUSTRE8161M020120207 | - Announcement of a broad mortgage settlement with major banks, that would bring relief to distressed U.S. homeowners, could come as early as Thursday, two people familiar with the matter said. | Negotiators said the federal-state mortgage servicing settlement already has the backing of over 40 states and the final number will depend on whether dissident states such as California and New York decide to join, New York Attorney General Eric Schneiderman said he planned an announcement at 6 p.m. (2300 GMT) on Tue... | 250 |
Euro, stocks gain on Greece bailout hopes | [
"Herbert Lash",
"Rodrigo Campos"
] | Tue Feb 7, 2012 5:58pm EST | http://www.reuters.com/article/2012/02/07/us-markets-global-idUSTRE81101T20120207 | NEW YORK - The euro hit an eight-week high against the dollar on Tuesday, helping lift stocks and commodities on signs a Greek bailout agreement was near, but the rally paused after a key meeting on Greece was postponed by a day. | The euro rallied after Greece appeared to be close to terms on a 130-billion-euro bailout. A government official said Athens was drafting a list of painful reforms to clinch a new financial package, moving it a step closer to a deal that is needed to avoid a chaotic debt default. But a meeting of Greek political leade... | 251 |
FSB official outlines shadow banking concerns | [
""
] | Tue Feb 7, 2012 9:15am EST | http://www.reuters.com/article/2012/02/07/us-bankofcanada-regulations-correcte-idUSTRE81619R20120207 | TORONTO - The Financial Stability Board (FSB) will develop policy recommendations for the world's shadow banking sector by the end of 2012, according to a senior Bank of Canada official who also chairs a key FSB committee. | Tiff Macklem, senior deputy governor at the Bank of Canada, said the FSB's recommendations will cover five areas: * the interactions of regulated banks with shadow banking entities and activities * money market mutual funds * other shadow-banking entities * securitization * securities lending and repos. The FSB is a g... | 252 |
Global watchdog official says banking reforms must proceed | [
"Jennifer Kwan"
] | Tue Feb 7, 2012 10:15am EST | http://www.reuters.com/article/2012/02/07/us-bankofcanada-regulations-idUSTRE81613520120207 | TORONTO - The underperforming global economy should not be allowed to delay financial system reforms, a senior official at the Financial Stability Board (FSB), a global watchdog set up by the Group of 20 nations, said on Tuesday, adding that the FSB will propose new rules on so-called shadow banking by year-end. | Bank of Canada Senior Deputy Governor Tiff Macklem, who chairs a key FSB committee, pushed back against bankers who argue now is not the time to impose tougher new capital standards on lenders due to the recession in Europe and a weak U.S. economy. "The current challenges are not an excuse for delay. Quite the opposit... | 253 |
EU seeks to patch up differences with UK over banks | [
"Huw Jones"
] | Tue Feb 7, 2012 12:43pm EST | http://www.reuters.com/article/2012/02/07/us-britain-financial-regulation-idUSTRE8161RX20120207 | LONDON - The European Union (EU) sought to patch up differences with Britain over financial regulation, saying on Tuesday there was room for exemptions in a draft European banking law to accommodate stricter local supervision of lenders. | Jonathan Faull, head of the European Commission's financial services unit, said it was a matter of crafting exemptions in the draft EU bank law so Britain, Sweden and others can tailor their local supervision. "I am sure that this will end up in a perfectly reasonable set of rules which will respect the general princi... | 254 |
Analysis: Banks largely reserved for U.S. mortgage pact cost | [
"David Henry",
"Rick Rothacker"
] | Tue Feb 7, 2012 2:32pm EST | http://www.reuters.com/article/2012/02/07/us-settlement-bankcosts-idUSTRE8161YD20120207 | - As the nation's five largest mortgage lenders edge close to a $25 billion settlement over foreclosure abuses, it's becoming clear that the deal will have little or no impact on their future bottom lines. | After more than a year of negotiations, the banks already have set aside money to cover legal costs and have built up their reserves to cover losses from reducing how much borrowers owe. Accounting for these costs in past earnings means future earnings won't be affected much. "If they're not fully reserved, I've got t... | 255 |
EU's Kroes: euro zone can live without Greece: media | [
""
] | Tue Feb 7, 2012 3:02am EST | http://www.reuters.com/article/2012/02/07/us-eurozone-greece-kroes-idUSTRE8160GE20120207 | AMSTERDAM - The euro zone can survive even if Greece is forced out, European Commissioner Neelie Kroes said in an newspaper interview on Tuesday as Greek leaders struggled to secure a 130-billion-euro ($170 billion) bailout and avert further crisis. | Digital Agenda Commissioner Kroes, who oversees telecoms and the Internet across the 27-country EU, told Dutch newspaper Volkskrant that if Greece quit, the euro zone would not be in trouble. "When one member leaves it doesn't mean 'man overboard'," she said in the interview. "Maybe my choice of words is unfortunate. ... | 256 |
Oil giant BP to sell LPG filling assets | [
""
] | Tue Feb 7, 2012 11:22am EST | http://www.reuters.com/article/2012/02/07/us-bpg-lpg-idUSTRE8160P720120207 | LONDON - London-based oil giant BP said it planned to sell its liquefied petroleum gas bottles and tank filling business in Europe, China and South Africa, as it refocuses its business on oil and gas production. | BP said it expected to complete any deal by the end of 2013, and that it intends to retain its LPG autogas business (Reporting by Tom Bergin ; Editing by Hans-Juergen Peters) | 257 |
Job openings rise to 3.4 million in December | [
""
] | Tue Feb 7, 2012 2:41pm EST | http://www.reuters.com/article/2012/02/07/us-usa-economy-jobs-jolts-idUSTRE8161I720120207 | WASHINGTON - The number of jobs waiting to be filled rose in December as employers tried to ramp up hiring in factories, retail and business services, the government said on Tuesday. | There were 3.4 million available jobs at the end of December, up from 3.1 million in November, according to the Labor Department's Job Openings and Labor Turnover Survey. The number of jobs open in November was revised slightly downward from an initially reported 3.2 million. Monthly job openings - unfilled, posted va... | 258 |
Disney revenue short of expectations, shares slip | [
""
] | Tue Feb 7, 2012 5:07pm EST | http://www.reuters.com/article/2012/02/07/us-disney-idUSTRE8161TE20120207 | - Walt Disney Co ( DIS.N ) reported a quarterly revenue increase that fell short of Wall Street expectations as media networks and theme parks gained but revenue at its movie studio declined. | Disney shares fell 1.8 percent to $40.28 in after-hours trading. The operator of television networks ESPN and ABC, a movie studio and theme parks, posted fiscal first-quarter revenue of $10.8 billion, a 1 percent gain from a year earlier. Analysts on average had expected revenue of $11.2 billion for the quarter. Disne... | 259 |
Stock gains turn hedge fund losers into winners | [
"Svea Herbst-Bayliss"
] | Mon Feb 6, 2012 8:22pm EST | http://www.reuters.com/article/2012/02/07/us-hedgefunds-performance-idUSTRE81525N20120207 | BOSTON - Last year's hedge fund losers may be turning into winners again. | Several of the largest hedge funds that ended last year deep in the red, jumped to good starts in January, giving their wealthy investors reason to believe savvy traders are getting back their magic touch. Lee Ainslie's Maverick Capital staged a dramatic rebound, leaping onto the list of top-20 performing funds in Jan... | 260 |
Portugal union leader wants debt renegotiation | [
"Daniel Alvarenga",
"Axel Bugge"
] | Tue Feb 7, 2012 1:38pm EST | http://www.reuters.com/article/2012/02/07/us-portugal-union-idUSTRE8161W520120207 | LISBON - Portugal must renegotiate its debts rather than impose harsh austerity measures to overcome its economic crisis, the head of the country's largest trade union said on Wednesday, threatening to step up strikes if the government pushed on with cuts. | Armenio Carlos, head of the CGTP union, told Reuters Portuguese workers would take a stand against attacks on labor rights, which he said were part of the government's sweeping economic reforms promised under a 78 billion euro ($103.29 billion) bailout. "What we defend is the renegotiation of debts, in terms of deadli... | 261 |
Glencore-Xstrata deal meets shareholder opposition | [
"Eric Onstad",
"Sarah Young"
] | Tue Feb 7, 2012 1:17pm EST | http://www.reuters.com/article/2012/02/07/us-xstrata-glencore-idUSTRE8150QD20120207 | LONDON - At least two top 10 shareholders in miner Xstrata plan to vote against a takeover by commodities trader Glencore, threatening the creation of a powerhouse spanning mining, agriculture and trading. | Standard Life Investments and Schroders said on Tuesday the deal, the mining sector's biggest, to buy the remaining 66 percent of Xstrata for $41 billion, undervalued their shares. The deal, designed to create a company to rival mining heavyweights such as BHP Billiton and Rio Tinto, needs to be approved by 75 percent... | 262 |
FSB official outlines shadow banking concerns | [
""
] | Tue Feb 7, 2012 9:16am EST | http://www.reuters.com/article/2012/02/07/us-bankofcanada-regulations-idUSTRE8161A320120207 | TORONTO - The Financial Stability Board (FSB) will develop policy recommendations for the world's shadow banking sector by the end of 2012, according to a senior Bank of Canada official who also chairs a key FSB committee. | Tiff Macklem, senior deputy governor at the Bank of Canada, said the FSB's recommendations will cover five areas: * the interactions of regulated banks with shadow banking entities and activities * money market mutual funds * other shadow-banking entities * securitization * securities lending and repos. The FSB is a g... | 263 |
Merkel says won't force Greece out of euro | [
""
] | Tue Feb 7, 2012 2:26pm EST | http://www.reuters.com/article/2012/02/07/us-merkel-euro-idUSTRE8161Z620120207 | BERLIN - German Chancellor Angela Merkel said on Tuesday she did not want to see Greece being forced out of the euro, warning that this would have "unforeseeable consequences." | "I will have no part in forcing Greece out of the euro," she said in response to a question from a Greek student at a meeting with young people in a Berlin museum. Talking shortly after feuding Greek political leaders postponed a meeting scheduled for Tuesday on the conditions for a 130 billion euro second bailout pac... | 264 |
Top Stanford witness says he tried to conceal fraud | [
"Anna Driver"
] | Tue Feb 7, 2012 4:45pm EST | http://www.reuters.com/article/2012/02/07/us-stanford-idUSTRE81628D20120207 | HOUSTON - A former top aide to Texas financier Allen Stanford said on Tuesday he continued to hide financial misdeeds as Stanford's empire was crumbling in early 2009. | James Davis, Stanford's former chief financial officer, said he drew up a document in February of that year showing Stanford's bank had assets of $6.3 billion, far more than was the case. This was despite learning in January that U.S. regulators were about to swoop down on the bank, Davis said. Davis, who has pleaded ... | 265 |
Toyota eyes at least 14 percent rise in China sales | [
""
] | Tue Feb 7, 2012 1:39am EST | http://www.reuters.com/article/2012/02/07/us-toyota-china-idUSTRE8160BQ20120207 | TOKYO - Toyota Motor Corp aims to sell at least 1 million vehicles in China this year, up from 880,000 in calendar 2011, Senior Managing Officer Takahiko Ijichi told a news conference on Tuesday. | (Reporting by Chang-Ran Kim ; Editing by Joseph Radford ) | 266 |
Amazon, Viacom close to Web video deal | [
"Yinka Adegoke"
] | Tue Feb 7, 2012 5:51pm EST | http://www.reuters.com/article/2012/02/07/us-amazon-viacom-idUSTRE8162DG20120207 | - Amazon.com Inc is about to announce a Web video deal with Viacom Inc in what sources said was one of the last steps in a plan to launch a standalone subscription service to compete with Netflix Inc. | The online retailer will unveil the deal as soon as this week, according to two people familiar with the discussions. Viacom, which owns TV shows and movies from MTV Networks, Nickelodeon and Paramount Studios, would be the latest of several partners Amazon has made deals with for its Prime Instant Video service. So f... | 267 |
Q+A - What is shadow banking and why does it matter? | [
"Michelle Martin"
] | Tue Feb 7, 2012 7:43am EST | http://www.reuters.com/article/2012/02/07/us-shadow-banking-idUSTRE81611820120207 | LONDON, Feb & - The shadow banking system makes up 25 to 30 percent of the total financial system, according to the Financial Stability Board (FSB), a regulatory task force for the world's group of top 20 economies (G20). | This largely unregulated sector was worth about $60 trillion in 2010, having grown from an estimated $27 trillion in 2002, according to the FSB. While the sector's assets declined during the global financial crisis, they have since returned to their pre-crisis peak. There are concerns that more business may move into ... | 268 |
"Prove critics wrong" under-fire RBS boss tells staff | [
""
] | Tue Feb 7, 2012 12:09pm EST | http://www.reuters.com/article/2012/02/07/us-rbs-ceo-idUSTRE8161PO20120207 | LONDON - The boss of majority state-owned Royal Bank of Scotland ( RBS.L ) urged his staff to "prove the critics wrong" and continue a clean-up that has cost 38 billion pounds ($60 billion) in the past three years. | "RBS is still in its loss making phase, which inevitably gives us communication challenges," RBS Chief Executive Stephen Hester said on Tuesday in a note to staff, seen by Reuters. "There is no doubt that our position in the spotlight makes the job harder ... but the best way to deal with it is to prove the critics wr... | 269 |
Mortgage deal faces setbacks, again | [
"Karen Freifeld",
"Aruna Viswanatha"
] | Mon Feb 6, 2012 7:11pm EST | http://www.reuters.com/article/2012/02/07/us-mortgage-settlement-idUSTRE81600F20120207 | - A multi-state mortgage settlement in the works for more than a year will likely be pushed back again as dissident U.S. states continue to press specific concerns and ignore a Monday deadline to decide whether they will sign it. | States had been given two weeks to assess a proposed settlement, under which top U.S. banks would pay up to $25 billion in exchange for resolving civil government lawsuits about misconduct in servicing home loans and pursuing faulty foreclosures. But on Monday, as a close-of-business deadline loomed, many states had n... | 270 |
Swiss risk deflation if euro crisis worsens: Jordan | [
"Catherine Bosley",
"Tom Miles"
] | Tue Feb 7, 2012 8:20am EST | http://www.reuters.com/article/2012/02/07/us-swiss-snb-idUSTRE81614P20120207 | GENEVA/ZURICH - The Swiss National Bank fears that an escalation of the euro zone's debt crisis could prompt deflation, Thomas Jordan said in his first speech since becoming interim chairman of the central bank, stressing his determination to keep a lid on the franc. | The SNB capped the franc at 1.20 per euro on September 6 to prevent Switzerland from tipping into recession and suffering deflation. Safe-haven buyers worried about the euro zone's debts had pushed the franc up by 20 percent in just a few months. "If the risk scenario of a further escalation of the debt crisis were to... | 271 |
Bernanke repeats vow to shield U.S. from Europe fallout | [
""
] | Tue Feb 7, 2012 2:42pm EST | http://www.reuters.com/article/2012/02/07/us-usa-fed-testimony-idUSTRE8161DT20120207 | WASHINGTON - Federal Reserve Chairman Ben Bernanke on Tuesday renewed a pledge to prevent Europe's financial crisis from damaging the U.S. economy in testimony before Congress that mirrored remarks he made last week. | "We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the U.S. financial system and the economy," Bernanke said in remarks prepared for delivery to the Senate Budget Committee. The Fed chairman maintained a cautious tone on... | 272 |
Greek government finalizing agreement on bailout: official | [
""
] | Tue Feb 7, 2012 8:44am EST | http://www.reuters.com/article/2012/02/07/us-greece-bailout-idUSTRE81617K20120207 | ATHENS - Greece's government is preparing the text of an agreement on a 130 billion euro bailout that must be put to political leaders for approval, a Greek government official said, suggesting Athens had largely wrapped up talks with lenders on the rescue. | The political leaders are due to discuss that agreement late on Tuesday. "The Greek government is working on the final document that will be discussed at the political leaders' meeting later in the day," a government official, who declined to be named, told reporters. (Reporting by Lefteris Papadimas) | 273 |
Greek rescue inches closer, still riddled with uncertainty | [
"Luke Baker"
] | Tue Feb 7, 2012 10:13am EST | http://www.reuters.com/article/2012/02/07/us-eu-greece-negotiations-idUSTRE8161EY20120207 | BRUSSELS - For two years, European officials have wrestled with Greece to try to save the country from financial ruin. Yet the closer talks get to a definitive deal, the greater the risk seems to get that negotiations might collapse once and for all. | Deadlines have come and gone, as have rescue packages, but now there is a firm one. Greece will be unable to meet massive bond payments on March 20 without more aid. A first, 110-billion-euro plan was put together in May 2010, only to prove insufficient as Greece's situation worsened. A second, 130-billion-euro deal w... | 274 |
Bernanke's testimony on economy to Senate panel | [
""
] | Tue Feb 7, 2012 12:36pm EST | http://www.reuters.com/article/2012/02/07/us-usa-fed-bernanke-idUSTRE8161HS20120207 | WASHINGTON - Below are highlights from Federal Reserve Chairman Ben Bernanke's testimony on Tuesday on the state of the U.S. economy to the Senate Budget Committee. Bernanke's prepared testimony was virtually identical to testimony on Thursday to the House Budget Committee. | BERNANKE ON MONEY MARKET FUNDS: "There has been progress made both by banks and by money market mutual funds in reducing exposures and improving hedging but again I don't want this to be interpreted as a complacent statement. I think that if there is a major problem in Europe, the risk aversion, the volatility, the un... | 275 |
UBS says unit head Kengeter will forgo 2011 bonus | [
""
] | Tue Feb 7, 2012 9:42am EST | http://www.reuters.com/article/2012/02/07/us-ubs-bonus-idUSTRE8160P220120207 | ZURICH - UBS said investment banking head Carsten Kengeter will voluntarily forgo a bonus for 2011, after a trader in his unit allegedly racked up $2 billion in losses. | The Swiss bank's Chief Executive Sergio Ermotti said Kengeter approached him after the trades and said he would not accept a bonus, regardless of what the board decided. UBS is accepting his decision. (Reporting By Katharina Bart) | 276 |
Combined Xstrata-Glencore able to do bigger deals: Xstrata CEO | [
""
] | Tue Feb 7, 2012 5:09am EST | http://www.reuters.com/article/2012/02/07/us-xstrata-glencore-ceo-idUSTRE8160JM20120207 | LONDON - A combined Glencore and Xstrata would be able to undertake larger deals, Xstrata's chief executive Mick Davis said on Tuesday. | "There's no doubt that the combined entity has much greater financial capacity and a cleaner shareholder structure to facilitate us looking at deals which otherwise would have been challenging for us to do and therefore (it) does allow you to do larger transactions," Davis said in a conference call with analysts and i... | 277 |
Hungary blues hit business climate in Eastern Europe | [
""
] | Tue Feb 7, 2012 8:20am EST | http://www.reuters.com/article/2012/02/07/us-economy-east-climate-idUSTRE81614O20120207 | VIENNA - The business climate in Hungary plunged in the quarter to January, dragging down the average for the European Union's developing eastern economies, a Thomson Reuters survey showed on Tuesday. | The Thomson Reuters & OeKB Central and Eastern European Business Climate index of foreign direct investors slipped for a third consecutive quarter, to 14 points in January from 17 in October. Hungary's 27-point decline to -31 was the worst by far showing investors expected an already weak economic outlook to worsen on... | 278 |
BP approves Mad Dog Phase 2 in Gulf of Mexico | [
"Tom Bergin"
] | Tue Feb 7, 2012 11:47am EST | http://www.reuters.com/article/2012/02/07/us-bp-gulfofmexico-idUSTRE81613Q20120207 | LONDON - BP said it had approved a plan to develop a "major new gas field" in the Gulf of Mexico, the latest sign the British oil group is getting back to business in the area after its disastrous 2010 oil spill. | Chief Executive Bob Dudley said on Tuesday that BP and its partners Chevron Corp and BHP Billiton had agreed to build phase two of their Mad Dog development. This will involve installing a new 'spar' platform on the southern extension of the field, capable of producing 120,000-140,000 barrels of oil equivalent per day... | 279 |
Walmart names ex-Woolworths veteran as new China CEO | [
"Donny Kwok",
"Melanie Lee"
] | Tue Feb 7, 2012 6:40am EST | http://www.reuters.com/article/2012/02/07/us-walmart-china-idUSTRE8160WQ20120207 | SHANGHAI/HONG KONG - Wal-Mart Stores Inc ( WMT.N ) has named an industry veteran, but a relative newcomer to China, to run what is a strategically crucial business for the world's biggest retailer as it faces tougher competition in the fastest growing major economy. | The appointment of Greg Foran as president and chief executive of Walmart China caps a series of leadership changes at the unit, which has been tainted by food scandals, including a pork mislabeling issue last year that forced the company to temporarily shut a dozen stores in central China. Foran, who joined Walmart i... | 280 |
Facebook governance a concern for California pension fund | [
"Soyoung Kim",
"Paritosh Bansal"
] | Tue Feb 7, 2012 2:52pm EST | http://www.reuters.com/article/2012/02/07/us-facebook-calstrs-idUSTRE81601Q20120207 | NEW YORK - Facebook's corporate governance rules, which give shareholders little say in how the social networking website would be run as a public company, are raising the hackles of one of the largest U.S. investors, the California State Teachers' Retirement System. | The pension fund, which has a portfolio valued at around $145 billion, is planning to send a letter to Facebook, hoping to engage the social networking website on corporate governance, two CalSTRS executives told Reuters in an interview on Monday. "We are in the beginning stages of talking to Facebook," said Janice He... | 281 |
Instant view: Toyota Q3 profit jumps, raises forecasts | [
""
] | Tue Feb 7, 2012 2:36am EST | http://www.reuters.com/article/2012/02/07/us-toyota-view-idUSTRE8160BL20120207 | TOKYO - Toyota Motor Corp reported a stronger-than-expected quarterly operating profit, shrugging off a firm yen and the damaging impact of flooding in Thailand, and raised its annual forecast, helped by cost cuts and Japanese government subsidies. | COMMENTARY: TOMOICHIRO KUBOTA, MARKET ANALYST, MATSUI SECURITIES CO "They lifted their pretax profit forecast for the year to March 2012 to 270 billion yen from 170 billion yen, and this can probably be taken as a straightforward positive (for its shares). "It gives a positive impression, with electronics and other se... | 282 |
Wall St edges up in quiet day; Disney down late | [
""
] | Tue Feb 7, 2012 5:33pm EST | http://www.reuters.com/article/2012/02/07/us-markets-stocks-idUSTRE80T0J120120207 | NEW YORK - Stock index futures pointed to a slightly higher open for equities on Wall Street on Wednesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 rising 0.2 to 0.3 percent. | Walt Disney Co's quarterly revenue fell short of Wall Street's expectations after the movie studio put in a poor showing, but profit grew at a faster-than-expected 12 percent clip as media networks and theme parks held up in an uncertain economy. Western Union, the world's largest payment transfer company, posted a hi... | 283 |
Standard Life to vote against Xstrata-Glencore merger | [
"Sinead Cruise"
] | Tue Feb 7, 2012 4:18am EST | http://www.reuters.com/article/2012/02/07/us-standard-life-glencore-idUSTRE8160MJ20120207 | LONDON - Standard Life Investments, the fourth largest investor in miner Xstrata, intends to vote against the recommended merger of equals with suitor Glencore International, which it says "clearly undervalues" Xstrata's assets and future earnings potential. | "Although we see some merit in the merger of Xstrata and Glencore the proposed exchange ratio clearly undervalues Xstrata's assets and future earnings contribution," David Cumming, Head of Equities, Standard Life Investments said. "Consequently it is our intention to vote against the deal unless the merger terms for X... | 284 |
Factbox: Fed officials' comments on the economy, policy | [
""
] | Tue Feb 7, 2012 12:24pm EST | http://www.reuters.com/article/2012/02/07/us-usa-fed-comments-idUSTRE8161QK20120207 | - At its January policy meeting, the Federal Reserve gave a gloomy read on the economy, said it would likely need to keep interest rates "exceptionally low" until late 2014, and signaled more easing could be on the way. | Fed Chairman Ben Bernanke also said the U.S. central bank "should be looking to do more" to help the economy if inflation continues to stay low and unemployment stays high. The decision to ease policy came amid internal dissent, with at least one centrist -- St. Louis Fed President James Bullard -- and three inflation... | 285 |
BP squares up for oil spill lawsuits | [
"Tom Bergin"
] | Tue Feb 7, 2012 11:22am EST | http://www.reuters.com/article/2012/02/07/us-bp-idUSTRE8160F920120207 | LONDON - BP ratcheted up the rhetoric around multi-billion dollar claims from the Gulf oil spill by warning it would "vigorously" contest lawsuits over one of the world's worst environmental disasters. | While reiterating BP's "bias for settling" at hearings scheduled later this month, CEO Bob Dudley said he would only do so "on fair and reasonable terms." As he unveiled higher fourth quarter profit on Tuesday and a rise in the dividend, which he said showed BP was putting the spill behind it, Dudley acknowledged the ... | 286 |
Bernanke urges Congress to address Bush tax cuts | [
"Mark Felsenthal"
] | Tue Feb 7, 2012 5:35pm EST | http://www.reuters.com/article/2012/02/07/us-usa-fed-idUSTRE8111E720120207 | WASHINGTON - Federal Reserve Chairman Ben Bernanke on Tuesday warned Congress that putting off a decision on the fate of expiring Bush administration tax cuts could unsettle businesses and households, undercutting the U.S. economic recovery. | With presidential and congressional elections looming in November, many analysts think Congress is unlikely to act until the final months of the year. The tax cuts expire on January 1. Bernanke told the Senate Budget Committee that lawmakers might not have the luxury of waiting. "I don't know exactly when the uncertai... | 287 |
German industrial output sees biggest fall since 2009 | [
""
] | Tue Feb 7, 2012 6:33am EST | http://www.reuters.com/article/2012/02/07/us-germany-output-idUSTRE8160VT20120207 | BERLIN - German industrial output posted its biggest fall in December since the depth of the financial crisis at the start of 2009, the Economy Ministry said on Tuesday, underperforming forecasts by a wide margin. | However, the ministry said improving industry orders, which rose more than forecast in December, and brighter sentiment indicators signaled that a phase of weakness in Europe's largest economy was coming to an end. Output dropped 2.9 percent in December after remaining flat in November, missing even the lowest forecas... | 288 |
UBS says rogue trader not material for inflows | [
""
] | Tue Feb 7, 2012 9:42am EST | http://www.reuters.com/article/2012/02/07/us-ubs-cfo-idUSTRE8160E020120207 | ZURICH - UBS said a $2 billion rogue trading scandal is not affecting inflows at its flagship private bank. | "The trading incident is not something clients are talking to us about today," UBS financial head Tom Naratil told journalists after fourth-quarter earnings. Instead, activity by wealthy clients is affected by issues such as uncertainty affecting the euro zone, Naratil said. UBS's private bank posted 3.1 billion Swiss... | 289 |
Walmart names ex-Woolworths veteran as new China CEO | [
"Donny Kwok",
"Melanie Lee"
] | Tue Feb 7, 2012 2:23am EST | http://www.reuters.com/article/2012/02/07/us-walmart-china-idUSTRE8160DS20120207 | SHANGHAI/HONG KONG - Wal-Mart Stores Inc ( WMT.N ) named company executive Greg Foran as the president and chief executive of Walmart China, capping a series of leadership changes at the China unit that has been tainted by food scandals. | Foran, who joined Walmart in October after a long career with Australian retailing group Woolworths ( WOW.AX ), was chosen to replace Ed Chan, who stepped down last year after a pork mislabeling scandal that forced the company to temporarily shut a dozen stores in central China. [ID:nL3E7LH09P] Some analysts questione... | 290 |
Lockheed's F-35 fighter jet under renewed pressure | [
"Andrea Shalal-Esa"
] | Mon Feb 6, 2012 9:40pm EST | http://www.reuters.com/article/2012/02/07/us-lockheed-fighter-congress-idUSTRE81601120120207 | WASHINGTON - Key U.S. senators raised fresh questions about Lockheed Martin Corp's $382 billion F-35 fighter program on Monday as the Pentagon's top weapons buyer underscored deep flaws in the way the multinational arms program was set up from the start. | The unusually blunt talk about the most expensive U.S. arms program came a week before the release of a fiscal 2013 budget plan that is expected to postpone funding for 179 warplanes until after 2017, a move that has Australia and other international partners questioning their own procurement plans. Cuts to the F-35 p... | 291 |
Mitsubishi UFJ suspends third London banker over Libor probe | [
""
] | Wed Aug 8, 2012 11:17pm EDT | http://www.reuters.com/article/2012/08/09/us-libor-btmu-idUSBRE87804K20120809 | TOKYO - Bank of Tokyo-Mitsubishi UFJ (BTMU) has suspended a third London-based banker in connection with a probe by UK authorities into the rigging of interbank lending rates. | "One banker has been ordered to stay home," said a BTMU spokesman, citing an ongoing investigation by authorities. He declined to comment further. The banker, who works at BTMU's London office and was in charge of submitting Libor rates, is being questioned by the Financial Services Authority after allegedly being con... | 292 |
Chesapeake Energy in U.S. antitrust probe | [
"rian Grow"
] | Thu Aug 9, 2012 6:37pm EDT | http://www.reuters.com/article/2012/08/09/us-chesapeake-michigan-idUSBRE8781EO20120809 | ATLANTA - Chesapeake Energy said it is the subject of a U.S. government investigation over possible criminal antitrust violations related to the purchase and lease of oil and gas properties in Michigan. | Chesapeake has received a subpoena from the antitrust division of the Justice Department's Midwest field office, requiring the company to produce documents before a grand jury in the Western District of Michigan, according to a filing with U.S. regulators on Thursday. In June, Reuters reported that Chesapeake plotted ... | 293 |
Asia Pacific talks not aimed at containing China: U.S. official | [
"Doug Palmer"
] | Thu Aug 9, 2012 2:27am EDT | http://www.reuters.com/article/2012/08/09/us-usa-asiapacific-trade-idUSBRE8771N520120809 | WASHINGTON - U.S.-led talks on a free trade pact in the Asia Pacific region are not an attempt to economically contain China, a top U.S. trade official said on Wednesday. | "This is absolutely not a negotiation that's directed at China," Deputy U.S. Trade Representative Demetrios Marantis said in remarks at the Woodrow Wilson Center for International Scholars. The United States is hosting the 14th round of talks on the Trans-Pacific Partnership (TPP) in early September. A final agreement... | 294 |
Stimulus hopes keep global stocks afloat, corn hits high | [
"Leah Schnurr"
] | Thu Aug 9, 2012 4:48pm EDT | http://www.reuters.com/article/2012/08/09/us-markets-global-idUSBRE86F00620120809 | NEW YORK - World shares held in positive territory in quiet trade on Thursday with U.S. stocks staying near four-year highs after Chinese economic data kept hope alive that central banks would do more to bolster growth. | Encouraging U.S. economic data also lent support to markets as the number of Americans filing new claims for jobless benefits declined last week, while the trade deficit in June was the smallest in 1-1/2 years. Data from China showed annual consumer inflation hit a 30-month low last month and industrial output grew at... | 295 |
Uproar over Greek politician's move to hire daughter | [
""
] | Thu Aug 9, 2012 10:39am EDT | http://www.reuters.com/article/2012/08/09/us-greece-politician-idUSBRE8780TH20120809 | ATHENS - A Greek politician who stirred anger by hiring his daughter in parliament on the one day he was house speaker faced public calls for his resignation on Thursday amid widespread disenchantment with the ruling class. | Weathering its fifth year of recession and battling to remain inside the euro, many people in Greece blame the mainstream political parties that have ruled the country for almost four decades for cronyism in the bloated public sector. Against such a backdrop, the case of Conservative New Democracy MP Byron Polydoras h... | 296 |
Irish consumer sentiment hits two-year high in July | [
""
] | Thu Aug 9, 2012 9:25am EDT | http://www.reuters.com/article/2012/08/09/us-ireland-economy-sentiment-idUSBRE8780HF20120809 | DUBLIN - Irish consumer sentiment hit a two-year high in July on more positive economic news in Ireland and as fears of a major escalation of the euro zone debt crisis receded. | The KBC Ireland/ESRI Consumer Sentiment Index rose to 67.7 in July from 62.3 in June, the strongest reading since June 2010, building on an improving trend in recent months. A relatively benign start to 2012 helped push the index higher in each month of the first quarter after a nosedive of 11 points in December to 49... | 297 |
Analysis: As pilots stand firm, AMR's restructuring vision takes hit | [
"Soyoung Kim",
"Nick Brown"
] | Thu Aug 9, 2012 7:55pm EDT | http://www.reuters.com/article/2012/08/09/us-amr-vote-idUSBRE8781MI20120809 | NEW YORK - The overwhelming rejection by AMR Corp pilots of the airline's latest contract offer, which several labor sources attributed to their lack of confidence in company management, raises doubts about whether the carrier can garner support to exit bankruptcy as a stand-alone company. | Members of the Allied Pilots Association, the airline's most powerful employee group, on Wednesday voted 61 percent to 39 percent to reject a contract offer that would have imposed about $315 million in cost cuts. The deal would still have been preferable to the potential alternative: AMR exercising its right in bankr... | 298 |
June trade deficit smallest in 1-1/2 years on oil prices | [
""
] | Thu Aug 9, 2012 9:10am EDT | http://www.reuters.com/article/2012/08/09/us-june-trade-idUSBRE8780N520120809 | WASHINGTON - The U.S. trade deficit in June was the smallest in 1-1/2 years as lower oil prices curbed imports, according to government data on Thursday that suggested an upward revision to second-quarter growth. | The shortfall on the trade balance narrowed 10.7 percent to $42.9 billion, the smallest since December 2010, the Commerce Department said. Economists polled by Reuters had expected the trade gap to narrow to $47.5 billion. The petroleum import bill fell as the average price per barrel of crude oil dropped by the most ... | 299 |
U.S. judge in Libor cases puts new lawsuits on hold | [
"asil Katz"
] | Wed Aug 8, 2012 11:17pm EDT | http://www.reuters.com/article/2012/08/09/us-libor-litigation-idUSBRE8771NF20120809 | NEW YORK - A federal judge on Wednesday suspended several new lawsuits that allege banks rigged key interest rates, saying she first needed to sort through the issues in an earlier round of related lawsuits. | U.S. District Judge Naomi Reice Buchwald said from the bench in Manhattan federal court that she first needed to see the course of earlier litigation over the same issue before she would allow the new lawsuits to go forward. "While parties are free to file new complaints - and, indeed, are encouraged by the court to d... | 300 |
Greek jobless rate hits new record, more pain ahead | [
"George Georgiopoulos"
] | Thu Aug 9, 2012 11:24am EDT | http://www.reuters.com/article/2012/08/09/us-greece-layoffs-idUSBRE8780KX20120809 | ATHENS - Greece's jobless rate climbed to a new record in May, underlining how austerity prescribed to slash deficits and keep bailout funds flowing is hitting the economy on which recovery depends. | Latest data on Thursday showed the jobless rate climbed to 23.1 percent, with nearly 55 percent of those aged 15-24 out of work, a desperate situation that fed into the popularity of anti-bailout parties in Greek elections this year. The gloomy data coincided with news that the government plans to revive a labor reser... | 301 |
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