NEW YORK (Reuters) – World stocks erased the year’s gains and German bond yields slid to record lows on Friday as investors fled risky investments for safe-haven assets on the euro zone’s deepening debt woes. Brent crude slipped below $107 per barrel to its lowest in 2012 as the euro zone crisis raised fears...
PARIS (Reuters) – French luxury giant LVMH is struggling to retain its image as exclusive and high-end creators of $10,000 alligator handbags and goat-lined fur coats, while opening enough stores and reaching enough customers to keep profits high. Thus far LVMH has managed the balance well, but it is taking no chances, offering customers...
(Reuters) – Wall Street banks will report sharp declines in trading and investment banking revenues in the second quarter because of weaker client activity, JPMorgan analyst Kian Abouhossein said in a report on Friday. Fixed income, currency and commodities trading revenue is likely to be particularly challenged for a group of banks including Goldman...
WASHINGTON (Reuters) – Leaders of major industrial economies meet this weekend to try to tackle a full-blown crisis in Europe where fears are growing that Greece could leave the euro zone bloc, threatening the future of the common currency. President Barack Obama, the G8 host, has urged European leaders repeatedly to do … ... read...
NEW YORK (Reuters) – U.S. stocks were little changed on Friday, with equities unchanged by the delayed market debut of Facebook . Facebook rose 11 percent to $42 in early trading. The Dow Jones industrial average was down 7.34 points, or 0.06 percent, at 12,435.15. The Standard Poor’s 500 Index was up 0.64 points,...
BOSTON (Reuters) – Osiris Therapeutics Inc said on Thursday that Canadian health regulators have approved its treatment for acute graft-versus host disease in children, making it the first stem cell drug to be approved for a systemic disease anywhere in the world. Osiris shares rose 14 percent to $6.00 in extended trading after the...
MILAN (Reuters) – The average lifespan of Italian debt, which has fallen during the euro zone crisis as investors favor safer short-term issues, should still be close to the current level of 6.8 years at the end of 2012, a top Italian debt official said. As the average maturity of a country’s debts falls,...
MADRID (Reuters) – Spanish bank bad loans rose in March to their highest in 18 years, figures from the Bank of Spain showed on Friday, underscoring the problems facing the government as it attempts to clean up the sector and get its economy back on track. The Bank of Spain said bad loans rose...
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, while Berlin said it was prepared for all eventualities. European shares were on course for their steepest weekly decline since November and are now in the red for...
NEW YORK (Reuters) – Stocks rose in early trading on Friday but were gearing up to close their worst week of the year, while Facebook‘s market debut could help lift battered investor sentiment. The SP has fallen 6.7 percent so far in May, and while volatility is expected to continue, some analysts were forecasting...
QINGDAO, China (Reuters) – When metals warehouses in top consumer China are so full that workers start stockpiling iron ore in granaries and copper in car parks, you know the global economy could be in trouble. At Qingdao Port, home to one of China’s largest iron ore terminals, hundreds of mounds of iron ore,...
BRUSSELS (Reuters) – The European Commission and the European Central Bank are working on scenarios in case Greece has to leave the euro zone, EU trade commissioner Karel De Gucht has said. Speculation about such planning has been rife, but the comments in a newspaper interview, confirmed by a person close to De Gucht,...
MADRID (Reuters) – Spanish bank bad loans rose in March to their highest in 18 years, figures from the Bank of Spain showed on Friday, underscoring the problems facing the government as it attempts to clean up the sector and get its economy back on track. The Bank of Spain said bad loans rose...
LONDON (Reuters) – World shares slid and German borrowing costs hit record lows on Friday as a deepening Spanish banking crisis, uncertainty about Greece’s future in the euro zone and lackluster U.S. data bolstered safe-haven assets. World stocks, as measured by the MSCI index , dropped 0.7 percent and are now below where they...
NEW YORK (Reuters) – Stock index futures edged up on Friday but major indexes were setting up to close their worst week of the year, while Facebook‘s debut could help lift battered investor sentiment. The SP has fallen 6.7 percent so far in May, and while volatility is expected to continue, some analysts were...
BRUSSELS (Reuters) – The European Commission and the European Central Bank are working on an emergency scenario in case Greece has to leave the euro zone, EU trade commissioner Karel De Gucht said in an interview published on Friday. The comments would appear to be the first time that an EU official has confirmed...
(Reuters) – The United States imposed punitive tariffs on solar panel imports from China, the latest in a series of trade disputes between the world’s two biggest economies and sparking accusations by Beijing of protectionism. The new tariffs of 30 percent, much bigger than had been expected, were set on Thursday by the U.S....
MADRID (Reuters) – Spain‘s borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalized Bankia diving and 16 lenders – including the euro zone’s biggest – having their credit ratings cut. Official data confirmed Spain was back in recession and a newspaper...
LONDON (Reuters) – The U.S. dollar climbed, world shares fell and German borrowing costs hit record lows on Friday as a deepening Spanish banking crisis, uncertainty about Greece’s future in the euro zone and lackluster U.S. data provoked a rush for safe-haven assets. World stocks, as measured by the MSCI index, dropped 0.85 percent...
U.S. stock index futures pointed to a slightly higher open on Wall Street on Friday, with futures for the SP 500 and the Dow Jones up 0.2 percent and Nasdaq futures up 0.3 percent at 4:41 a.m. EDT. Japan’s Nikkei average dived 3 percent on Friday to log a seventh straight week of losses,...
TOKYO (Reuters) – Japan‘s government took a brighter view of the economy in a report on Friday, thanks to improvements in private consumption and exports, but it warned that Europe’s debt crisis and financial market swings could worsen the outlook. The upgrade, the first since August last year, comes one day after data showed...
NASHVILLE, Tennessee (Reuters) – Soft drink maker Pepsi said on Thursday that it was dropping sponsorship of a prestigious national horse show, one day after ABC News broadcast footage of a horse in training for a show being beaten by a trainer. The Walking Horse National Celebration said that Pepsi had been a sponsor...
(Reuters) – Investors are bracing for Facebook’s Wall Street debut on Friday after the world’s No.1 online social network raised about $16 billion in one of the biggest initial public offerings in U.S. history. Valued at $104 billion, Facebook is larger than Starbucks Corp and Hewlett-Packard combined, sparking intense … ... read more at article...
MADRID (Reuters) – The Spanish government has hired Goldman Sachs to carry out an independent valuation of Bankia , the ailing bank taken over by the state last week, Spanish newspaper Expansion said on Friday. The U.S. bank will review Bankia’s and its parent company BFA’s books and determine within a month how much...
WASHINGTON (Reuters) – Leaders of major industrial economies meet this weekend to try to head off a full-blown crisis in Europe where fears are growing that Greece could leave the euro zone bloc, threatening the future of the common currency. President Barack Obama, the G8 host, has urged European leaders repeatedly to … ... read...
(Reuters) – The United States hit Chinese solar companies with punitive import tariffs of 30 percent or more on Thursday, ruling they had dumped cut-price solar panels on the U.S. market. In the latest in a series of trade disputes between Beijing and Washington, the U.S. Commerce Department said it had sided with U.S.-based...
(Reuters) – Investors are bracing for Facebook’s Wall Street debut on Friday after the world’s No.1 online social network raised about $16 billion in one of the biggest initial public offerings in U.S. history. Valued at $104 billion, Facebook is larger than Starbucks Corp and Hewlett-Packard combined, sparking intense … ... read more at article...
NEW YORK (Reuters) – Shooting from the hip may have got Jamie Dimon into deep trouble — shooting straight may help to get him out of it. The JPMorgan Chase Co CEO made the crisis over the bank’s trading loss of at least $2 billion far worse because he had assured financial markets back...
(Reuters) – Investors are bracing for Facebook’s Wall Street debut on Friday after the world’s No.1 online social network raised about $16 billion in one of the biggest initial public offerings in U.S. history. Valued at $104 billion, Facebook is larger than Starbucks Corp and Hewlett-Packard combined, sparking intense speculation on how much higher...
TOKYO (Reuters) – Asian shares tumbled on Friday and were set for their worst weekly showing since September, amid political turmoil in Greece and signs of growing instability in Spanish banks, with investors adding the latest weak U.S. data to the list of risk factors. Assets across the board, from commodities such as oil...
(Reuters) – Billionaire investor Warren Buffett sought to buy Residential Capital (ResCap) from Ally Financial before the U.S. auto and mortgage lender put its home-lending unit into bankruptcy, Bloomberg said, citing three persons familiar with the matter. The news agency said Warren Buffett, Berkshire Hathaway Inc‘s controlling shareholder, appointed investment manager Ted Weschler for...
WASHINGTON (Reuters) – JPMorgan Chase Co Chief Executive Jamie Dimon has agreed to testify before Congress over the bank’s recent trading losses, which have ignited a political debate over whether large U.S. banks need to be reined in by regulators or new laws. U.S. Senate Banking Committee Chairman Tim Johnson said in … ... read...
WASHINGTON (Reuters) – JPMorgan Chase Co Chief Executive Jamie Dimon has agreed to testify before Congress over the bank’s recent trading losses, which have ignited a political debate over whether large U.S. banks need to be reined in by regulators or new laws. U.S. Senate Banking Committee Chairman Tim Johnson said in … ... read...
DETROIT/NEW YORK (Reuters) – Facebook may only have itself to blame for why General Motors rained on its IPO parade this week. GM announced the decision to drop Facebook paid ads on Tuesday in what was the first highly visible crack in Facebook’s strategy and illustrated doubts about its perceived advantage over traditional media....
SAN FRANCISCO/NEW YORK (Reuters) – Facebook Inc is set to raise up to $18.4 billion in its IPO and become the first U.S. company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday. Frenzied...
The number of people seeking U.S. unemployment benefits was unchanged last week, suggesting modest but steady gains in the job market. The Labor Department said Thursday that weekly unemployment aid applications stayed at a seasonally adjusted 370,000, same as the previous week. For the week ending May 5, one week behind the national data,...
NEW YORK (AP) — Taking a company public isn’t as simple as collecting Facebook friends. Even if the company is Facebook. When the social media company’s stock starts trading Friday under the symbol FB, buyer demand is expected to explode. At its initial offering price of $38 a share, the 8-year-old upstart is worth...
NEW YORK (AP) — Wal-Mart may have gotten its groove back, but an alleged bribery scheme threatens to curtail its progress. As Wal-Mart reported first-quarter profit on Thursday that beat Wall Street estimates, the world’s largest retailer also disclosed that it is expanding an internal probe into alleged bribes at its Mexico unit to...
NEW YORK (AP) — The owner of fast-food chains Carl’s Jr. and Hardee‘s is planning to go public again, seeking to raise an estimated $100 million. CKE Inc. says it will use proceeds from the offering to repay debt and for general corporate expenses. It filed preliminary paperwork for the IPO Thursday with the...
NEW YORK (AP) — Facebook found more than enough friends. The world’s definitive online social network said Thursday that it raised $16 billion for itself and its early investors in an initial public stock offering that values Facebook at $104 billion. That’s more than Amazon.com and other well-known companies such as Kraft, Walt Disney...
WASHINGTON (Reuters) – Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called “tax abuse.” The case is the first to go to trial since the IRS accused some banks of generating artificial foreign tax...
(Reuters) – Gap Inc raised its yearly profit forecast, prompted by first-quarter earnings that topped Wall Street estimates and rising sales, and its shares rose 8 percent after hours. For the full year, Gap estimated earnings of $1.78 to $1.83 a share, above the $1.75 to $1.80 it forecast in February. “It’s important to...
NEW YORK/SAN FRANCISCO (Reuters) – Facebook Inc priced its initial public offering at the top of its target range to raise more than $16 billion, as strong demand, particularly from retail investors, fuels anticipation of a big pop in the stock when it begins trading Friday on the Nasdaq. Predictions of how much the...
(Reuters) – The legal team winding down MF Global‘s bankruptcy estate, led by former FBI director Louis Freeh, has racked up nearly $25 million in estimated fees since its November 25 appointment. Now a customer group is planning to ask that the case be streamlined so that Freeh and his team receive less and...
NEW YORK (Reuters) – Verizon Wireless plans to make its data-hungry customers pay a lot more, either in service fees or smartphone prices, as it tries to cut costs and boost revenue from data services. The No. 1 U.S. mobile provider said it will eliminate unlimited data plans for all customers who upgrade their...
(Reuters) – New York City Comptroller John Liu, the city’s fiscal watchdog, on Thursday urged shareholders of Chesapeake Energy Corp to withhold support for two directors up for re-election, citing the company’s recent governance woes. Last month, Reuters reported that Aubrey McClendon, Chesapeake’s chief executive officer, … ... read more at article source
NEW YORK (Reuters) – Lloyd Blankfein, Warren Buffett and other well-known chieftains of corporate America might be called to testify at the insider trading trial starting on Monday of former Goldman Sachs Group Inc and Procter Gamble Co director Rajat Gupta. Blankfein, who runs Goldman, and Buffett, who runs Berkshire Hathaway Inc , are...
WASHINGTON (Reuters) – JPMorgan Chase Co Chief Executive Jamie Dimon has agreed to testify before Congress over the bank’s recent trading losses, which have ignited a political debate over whether large U.S. banks need to be reined in by regulators or new laws. U.S. Senate Banking Committee Chairman Tim Johnson said in a statement...
NEW YORK/SAN FRANCISCO (Reuters) – Facebook Inc priced its initial public offering at the top of its target range to raise more than $16 billion, as strong demand, particularly from retail investors, fuels anticipation of a big pop in the stock when it begins trading Friday on the Nasdaq. Predictions of how much the...
NEW YORK (Reuters) – Stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country’s banks and another round of weak data undermined hopes for U.S. economic recovery. Growing worries over developments in the euro zone and lackluster economic data pushed the SP’s losing streak to five...