Business News ITM

Analysis: Goldman's top brass gun for cash bonuses

By Jed Horowitz (Reuters) - While Wall Street slashes pay and freezes cash awards, Goldman Sachs Group's <GS.N> top five executives may reap special bonuses of $10.5 million apiece if the firm hits historically...

JPMorgan, Citi, BofA sued for $949 million by Sealink

By Karen Freifeld NEW YORK (Reuters) - JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and more than a half dozen other major banks are being hit with a new lawsuit over...

Citi, UBS provide keys to widening interest rate-rigging probe

By Carrick Mollenkamp (Reuters) - Citigroup Inc <C.N> and UBS AG <UBSN.VX>, in a series of disclosures to law-enforcement officials, have provided crucial information to investigators in multiple countries as part of inquiries into...

Fitch downgrades Greece on debt swap plan

ATHENS (Reuters) - Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden. ...

Shell to buy Cove Energy for $1.6 billion

By Tom Bergin LONDON (Reuters) - Royal Dutch Shell Plc <RDSa.L> has made an agreed 992.4 million pounds ($1.6 billion) bid for Mozambique-focused Cove Energy <COVE.L>, offering a full price to open up a...

France Telecom takes knife to dividend

By Leila Abboud and Gwénaëlle Barzic PARIS (Reuters) - France Telecom <FTE.PA> is cutting its dividend and putting off a promised share buyback to conserve cash in the face of brutal competition from a...

UBS to issue more loss-absorbing capital

By Katharina Bart and Helene Durand ZURICH/LONDON (Reuters) - UBS might struggle to attract big institutional investors for more loss-absorbing bonds it wants to sell, after investors voiced distaste for the structure and price...

UBS plans to issue more loss-absorbing capital

By Katharina Bart and Helene Durand ZURICH (Reuters) - UBS <UBSN.VX> plans to sell more loss-absorbing bonds to meet tougher bank capital rules after the Swiss bank tested investor appetite for these new instruments...

Peugeot and GM in alliance talks: sources

By Christiaan Hetzner and Laurence Frost FRANKFURT/PARIS (Reuters) - General Motors <GM.N> and PSA Peugeot Citroen <PEUP.PA> are discussing a manufacturing alliance designed to stem losses in Europe and reduce production costs elsewhere, sources...

Peugeot and GM discuss production deal: sources

By Philipp Halstrick and Laurence Frost PARIS (Reuters) - General Motors <GM.N> and PSA Peugeot Citroen <PEUP.PA> are discussing a broad manufacturing alliance designed to stem losses in Europe and lower production costs elsewhere,...

Apple shareholders to meet as stock at record high

By Poornima Gupta SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Tim Cook is in an enviable position - market leading products, a $98 billion warchest and a seemingly gravity-defying stock price. ...

Comcast to take on Netflix with Web video service

(Reuters) - Comcast Corp, the No. 1 U.S. cable operator, became the latest major name to take on Netflix Inc on Tuesday when it announced plans for an online video service offering a library of TV shows and movies. ...

Johnson & Johnson CEO Weldon to step down in April

By Bill Berkrot and Michele Gershberg NEW YORK (Reuters) - Johnson & Johnson Chief Executive William Weldon will step down from his post in April after a series of recalls called into question the...

J&J's Gorsky to replace Weldon as CEO

(Reuters) - Johnson & Johnson Chief Executive William Weldon will step down from his post in April after a series of recalls called into question the quality of the healthcare conglomerate's products, from artificial hips to infant Tylenol. ...

Dell shares fall on earnings miss, outlook

SAN FRANCISCO (Reuters) - Dell Inc forecast fiscal first-quarter revenue below Wall Street's expectations, stoking fears the PC industry has not fully emerged from its downturn and sending the company's shares more than 4 percent lower. ...

Dell revenue slightly above Wall Street view

SAN FRANCISCO (Reuters) - Dell Inc reported revenue that was slightly higher than Wall Street expectations, partly due to strength in its enterprise business. The world's No. 3 maker of personal computers said revenue...

MF Global failure creates tax crunch for farmers

By Tom Polansek CHICAGO (Reuters) - With the tax man breathing down his neck, Ohio farmer Tony Rohrs is scrambling to figure out how much money he made last year in an account at...

Airline shares tumble on oil price rally

(Reuters) - Airline shares fell broadly on Tuesday, with US Airways Group's <LCC.N> stock leading the decline, as the price of oil rallied, which directly influences the cost of jet fuel. US Airways shares...

Regulator outlines new plan for Fannie, Freddie

WASHINGTON (Reuters) - The regulator of housing giants Fannie Mae and Freddie Mac on Tuesday outlined a new strategic plan for the two government-controlled firms, stepping into a void left by congressional inaction. The...

Regulator outlines new plan to oversee Fannie, Freddie

WASHINGTON (Reuters) - The regulator of housing giants Fannie Mae and Freddie Mac on Tuesday outlined a new strategic plan to Congress on how it will oversee the two firms more than three years after they were taken over by the federal government. ...

Top Olympus lender denies board ambush, but may fill chair

By Taro Fuse TOKYO (Reuters) - Olympus Corp's main lender Sumitomo Mitsui Banking Corp (SMBC) denied it was trying to take control of the firm's board by stealth, but said it might well agree...

Insight: ECB preparing to close liquidity floodgates

By Paul Carrel and John O'Donnell FRANKFURT/BRUSSELS (Reuters) - The European Central Bank wants its second offer of cheap ultra-long funds next week to be its last, putting the onus back on governments to...

Barnes & Noble sales rise, launches cheaper Nook

By Phil Wahba (Reuters) - Barnes & Noble Inc posted strong sales in both its Nook and printed books businesses over the holiday quarter, holding its own in its bruising fight with Amazon.com Inc's...

Barnes & Noble sales rise, launches cheaper Nook tablet

By Phil Wahba (Reuters) - Barnes & Noble Inc posted a better-than-expected holiday-quarter profit, even as investments to keep its Nook e-reader competitive with Amazon.com Inc's Kindle hurt results. ...

Barnes & Noble profit down, cuts Nook prices

(Reuters) - Barnes & Noble Inc posted a lower holiday-quarter profit as investments to keep its Nook e-reader competitive with Amazon.com Inc's Kindle continued to hurt its results. The No. 1 U.S. bookstore chain...

Alibaba bids to take listed unit private for $2.5 billion

By Melanie Lee SHANGHAI (Reuters) - Jack Ma's Chinese e-commerce firm Alibaba Group has offered around $2.5 billion to take its Hong Kong-listed Alibaba.com unit private, stressing the move was unrelated to any possible...

Alibaba offers to take listed unit private for $2.5 billion

By Melanie Lee SHANGHAI (Reuters) - Chinese e-commerce firm Alibaba Group has offered to take its Hong Kong-listed unit Alibaba.com private at a cost of around HK$19.6 billion ($2.5 billion), a move it said...

Wal-Mart holiday price cuts hit profits

By Jessica Wohl (Reuters) - Wal-Mart Stores Inc's holiday price cuts hurt its fourth-quarter profit and it plans to offer more discounts in the coming months, a move that is expected shrink margins further. ...

Wal-Mart holiday profit just short of Street view

By Jessica Wohl (Reuters) - Wal-Mart Stores Inc's fourth-quarter profit came in just short of Wall Street's expectations, sending its shares down 2.6 percent, as it cut prices to win over U.S. shoppers during...

Wal-Mart won back shoppers in holiday season

By Jessica Wohl (Reuters) - Wal-Mart Stores Inc won over shoppers during the holiday season, with its Walmart U.S. division posting a 1.5 percent rise in sales at stores open at least a year. ...

Wal-Mart posts solid quarter, U.S. sales up

(Reuters) - Wal-Mart Stores Inc won over shoppers during the holiday season, with its Walmart U.S. division posting a 1.5 percent rise in sales at stores open at least a year. The world's largest...

Kraft sees growth despite pruning products

By Martinne Geller (Reuters) - Kraft Foods Inc <KFT.N> forecast earnings growth of at least 9 percent this year even as it prunes its portfolio of North American brands. ...

Kraft sees charges from break-up

(Reuters) - Kraft Foods Inc <KFT.N> expects earnings to rise at least 9 percent this year even as it prunes its portfolio of North American brands. Kraft, North America's largest packaged food maker, will...

Kraft profit meets Wall Street view

(Reuters) - Kraft Foods Inc <KFT.N> reported a higher quarterly profit in line with Wall Street estimates on Tuesday, citing revenue growth and cost cuts. The maker of Oreo cookies, Cadbury chocolate and Oscar...

Home Depot shines as warm winter helps sales

By Dhanya Skariachan (Reuters) - Home Depot Inc's <HD.N> quarterly results beat Wall Street estimates as a warm winter boosted sales at the world's largest home improvement chain by pulling some spring demand forward. ...

Home Depot quarterly results beat estimates

By Dhanya Skariachan (Reuters) - Home Depot Inc's <HD.N> quarterly profit beat Wall Street estimates as a warm winter pulled some spring demand forward, boosting sales at the world's largest home improvement chain. ...

Home Depot's quarterly profit, sales rise

(Reuters) - Home Depot Inc <HD.N>, the world's largest home improvement chain, reported a higher quarterly profit on Tuesday as mild winter weather pulled some spring demand forward. Net income rose to $774 million,...

S&P fails to break key level

By Angela Moon NEW YORK (Reuters) - Stocks fell on Wednesday with the S&P 500 stalled near a 10-month-old high after weak data on Europe's business activity raised concerns about a recession. ...

S&P fails to break key level; euro zone data weighs

By Angela Moon NEW YORK (Reuters) - U.S. stocks fell on Wednesday with the S&P 500 stalled near a 10-month-old high after weak data on Europe's business activity raised concerns about a recession. ...

Wall Street flat after housing data; S&P near key level

By Chuck Mikolajczak NEW YORK (Reuters) - Stocks were little changed on Wednesday as an encouraging U.S. housing report offset soft euro zone data, while the S&P 500 struggled to break through a high...

US STOCKS-Wall St opens slightly lower

NEW YORK (Reuters) - U.S. stocks opened slightly lower on Wednesday, putting the S&P 500's three-day winning streak in jeopardy after weaker-than-expected euro zone economic data. The Dow Jones industrial average <.DJI> was down...

Wall Street to open slightly down; housing data on tap

By Chuck Mikolajczak NEW YORK (Reuters) - Wall Street stocks were poised for a modestly lower open on Wednesday, putting the three-day winning streak for the S&P 500 in jeopardy after weaker-than-expected euro zone...

Futures dip after euro zone data; Dell slides

By Chuck Mikolajczak NEW YORK (Reuters) - U.S. stock index futures slipped on Wednesday, indicating the S&P 500 may snap a three-day winning streak after weaker-than-expected euro zone data and ahead of a report...

Stock futures mixed, economic data eyed

(Reuters) - U.S. stock index futures pointed to a mixed opening for Wall Street on Wednesday, with futures for the S&P 500 down 0.1 percent, the Dow Jones futures flat and the Nasdaq 100 rising 0.1 percent. ...

Wall St loses steam after Dow hits 13,000

By Caroline Valetkevitch NEW YORK (Reuters) - Stocks ended little changed on Tuesday, paring gains after the Dow topped 13,000 for the first time since May 2008, and as higher oil prices damped prospects...

Wall St ends flat after Dow crosses 13,000

NEW YORK (Reuters) - Stocks ended little changed on Tuesday, paring gains after the Dow rose above 13,000 for the first time since May 2008, and as higher oil prices threatened prospects for the economy. ...

Wall St turns lower after Dow crosses 13,000

By Caroline Valetkevitch NEW YORK (Reuters) - Stocks dipped on Tuesday as shares pulled back after the Dow breached 13,000 for the first time since May 2008, the latest big move in stocks' recent...

S&P 500, Dow trim gains, Nasdaq adds losses

NEW YORK (Reuters) - The Dow and S&P 500 pared gains as oil prices rose on Tuesday, while the Nasdaq added to losses. The Dow Jones industrial average <.DJI> was up 11.32 points, or...

Wall St gains on Greece, Dow briefly hits 13,000

By Ryan Vlastelica NEW YORK (Reuters) - Stocks rose on Tuesday, with the Dow briefly topping 13,000 for the first time since May 2008 after Greece secured a bailout to avoid a March default,...

Dow industrials rise above 13,000

NEW YORK (Reuters) - The Dow industrial average crossed the 13,000 level for the first time in nearly four years on Tuesday as signs of improvement in the economy and stabilization of Europe's debt crisis drove the index more than 20 percent since late last year. ...

Wall Street flat after Greek deal, Wal-Mart drags

By Chuck Mikolajczak NEW YORK (Reuters) - Stocks were little changed on Tuesday as enthusiasm waned over a deal to enable Greece to avoid a March default, while Wal-Mart weighed on the Dow after...

Wall Street cuts early gains, Dow negative

NEW YORK (Reuters) - Stocks cut early gains on Tuesday, with the Dow and Nasdaq slipping into negative territory as Wal-Mart weighed. Wal-Mart Stores Inc <WMT.N> fell 4.2 percent to $59.85 after reporting results....

Wall Street opens higher after Greece deal

NEW YORK (Reuters) - Stocks opened slightly higher on Tuesday after euro zone finance ministers secured a deal that will enable Greece to avoid a March default. An agreement on a 130 billion euro...

Wall Street set to open higher after Greece deal

By Chuck Mikolajczak NEW YORK (Reuters) - Stocks were poised for a modestly higher open on Tuesday after euro zone finance ministers secured a deal that will enable Greece to avoid a March default. ...

Stock futures up as ministers approve Greece deal

By Chuck Mikolajczak NEW YORK (Reuters) - Stock index futures rose on Tuesday after euro zone finance ministers secured a deal that will enable Greece to avoid a March default. ...

Stock futures rise as Europe approves Greece deal

By Chuck Mikolajczak NEW YORK (Reuters) - Stock index futures advanced on Tuesday after euro zone finance ministers secured a deal that will enable Greece to avoid a March default. ...

Insight: Fed housing blueprint lost in din of politics

By Mark Felsenthal and Margaret Chadbourn WASHINGTON (Reuters) - In mid-2011, with the U.S. economy at risk of a new recession, top Federal Reserve officials began to explore a different way to shore up...

Debt crisis takes India's Kingfisher to the brink

NEW DELHI (Reuters) - India's debt-crippled Kingfisher Airlines Ltd <KING.NS> edged closer to the brink on Tuesday after nearly a week of mass cancellations of flights and the resignation of dozens of the low-cost carrier's pilots. ...

Ex-Goldman analyst writes white collar crime tale

By Andrea Burzynski NEW YORK (Reuters) - "The Darlings" tells a fictional tale about the downfall of a hedge fund and the wealthy family that owns it during Wall Street's 2008 meltdown, but many...

Ecuador court rejects Chevron arbitration ruling

By Eduardo Garcia QUITO (Reuters) - A court in Ecuador has rejected an order by arbitrators that an $18 billion pollution ruling against Chevron should be frozen, but the judges referred an appeal by...

French steel workers occupy ArcelorMittal plant

FLORANGE, France (Reuters) - Workers at an idled ArcelorMittal <ISPA.AS> steel plant in northeast France occupied the site Monday, seeking to put their plight on the political map ahead of a presidential election where industrial decline is a central theme. ...

Dow Chemical's Olympic PR push dogged by Bhopal

By Ernest Scheyder NEW YORK (Reuters) - Dow Chemical Co <DOW.N> hoped an Olympic sponsorship would boost its global cache, but the company's link to a gas leak tragedy 28 years ago threatens to...

U.S. official "optimistic" on global accounting move

By Huw Jones LONDON (Reuters) - A senior U.S. regulator was "optimistic" on Monday about finding a framework for the world's top economy to use global book keeping rules for investors to compare cross-border...

Frankfurt airport strike extended to late Tuesday

FRANKFURT (Reuters) - Travelers in Europe face further delays and flight cancellations this week as ground staff at Frankfurt airport plan to extend their strike until early on Tuesday, with neither side in the dispute showing any sign of giving ground. ...

Philippines tries new tack: healthy man of Asia