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- Asian markets hammered on China fears, Fed exit plan
- Thu, 20 Jun 2013 03:18:20 -0400 -
By Chikako Mogi and Wayne Cole TOKYO/SYDNEY (Reuters) - Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China turned the screw on credit even as factory activity in the world's second-largest economy hit a nine-month low. Shares, currencies and commodities all crumbled as spooked investors rushed to unwind crowded trades in emerging markets. Central banks across the region were busy intervening trying to put out spot fires, but with only limited success. ...
- China factory activity hits nine month low, policy action eyed
- Thu, 20 Jun 2013 00:55:03 -0400 -
By Kevin Yao BEIJING (Reuters) - China's factory activity weakened to a nine-month low in June as demand faltered, a preliminary survey showed, heightening the risk of a sharper second quarter slowdown and increasing the heat on the central bank to loosen policy. China's economy grew at its slowest pace for 13 years in 2012 and so far this year data has been weaker than expected, bringing warnings the country could miss its growth target of 7.5 percent for this year, though possibly not by much. ...
- Sony CEO asks for patience as shareholders press on spinoff plan
- Thu, 20 Jun 2013 03:01:00 -0400 -
By Mari Saito TOKYO (Reuters) - Sony Corp shareholders pressed its chief executive for a response to hedge fund Third Point's proposal for a partial spinoff of its profitable entertainment arm but Kazuo Hirai pleaded for patience as management reviews the bold plan. Daniel Loeb, the billionaire hedge fund manager of Third Point and Sony's top shareholder, wants the electronics empire to sell to the public as much as one-fifth of its entertainment units and use the proceeds to bolster its struggling hardware divisions. ...
- SandRidge ousts CEO Ward, Bennett takes the helm
- Thu, 20 Jun 2013 02:26:17 -0400 - By Anna Driver and Michael Erman (Reuters) - SandRidge Energy Inc's board of directors removed the energy company's founder and chief executive, Tom Ward, on Wednesday after a months-long struggle with activist investors who accused him of strategic mistakes and self-dealing at the expense of shareholders. Ward, who was also under fire for his high pay, will receive a severance payment of more than $90 million in cash and stock. The oil and gas company's board named its president, James Bennett, to replace Ward as CEO, citing a need for new leadership. ...
- Bernanke says Fed likely to reduce bond buying this year
- Thu, 20 Jun 2013 01:32:57 -0400 -
By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Bernanke's confirmation that the Fed is getting closer to pulling back on its $85 billion in monthly asset purchases confirmed investor fears, sending stocks and bonds sharply lower and pushing benchmark Treasury yields to a 15-month high. ...
- Sony to consider Third Point's proposal: Sony CEO Hirai
- Wed, 19 Jun 2013 21:44:57 -0400 -
TOKYO (Reuters) - Sony Corp CEO Kazuo Hirai said on Thursday that the electronics firm's board will consider hedge fund Third Point's suggestion to spin-off the electronics company's profitable entertainment arm. Hirai made the comments at an annual shareholders' meeting in Tokyo. Hirai said it was important for Sony to revitalize its electronics division as well as to continue growth of its entertainment and financial businesses, which have steadily contributed profits to the overall group. (Reporting by Mari Saito; Editing by Edmund Klamann)
- Japan's Nomura cuts Australian jobs as banks trim costs
- Thu, 20 Jun 2013 02:50:01 -0400 - SYDNEY (Reuters) - Japan's biggest brokerage firm Nomura Holdings Inc flagged redundancies in its Australian equities team, in an internal memo seen by Reuters. Nomura is removing duplication from its equities business after its acquisition of the Instinet trading platform, a source familiar with the process said. Nomura's move to slim its equities presence in Australia comes against the backdrop of wider job losses in the banking sphere. Rival Deutsche Bank has trimmed its Australian headcount to 725 from 1,000 in the last few years. ...
- Analysis: Sprint should raise Clearwire bid to avoid Dish tension
- Wed, 19 Jun 2013 19:16:50 -0400 -
By Sinead Carew and Liana B. Baker NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie Ergen. Shareholders of Clearwire, already majority owned by Sprint, will vote on June 24 on Sprint's $3.40-a-share offer to buy the rest of the company. But Clearwire's board has recommended shareholders instead accept a higher, $4.40-a-share tender offer from Dish. ...
- UK watchdog details bank capital shortfalls
- Thu, 20 Jun 2013 02:45:25 -0400 - LONDON (Reuters) - Lloyds Bank has a capital shortfall of 8.6 billion pounds, Britain's banking regulator said on Thursday, a day after the UK government signaled plans to return the part-state owned lender to the private sector. The Prudential Regulation Authority said the aggregate capital shortfall at UK five banks at the end of 2012 was 27.1 billion pounds, slightly higher than its 25 billion initial estimate in March this year. In March, the banks had plans to raise 12.5 billion pounds during this year, and the PRA raised this estimate to 13.7 billion on Thursday. ...
- Icahn reiterates commitment for Dell buy
- Wed, 19 Jun 2013 15:07:55 -0400 -
By Michelle Sierra NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders. "Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if ...
- Sony chief says time needed to study proposal
- Thu, 20 Jun 2013 03:10:45 -0400 -
TOKYO (AP) — Sony Corp. needs more time to study a key proposal from a U.S. hedge fund to spin off a part of its entertainment unit as a way to propel its fledgling revival, the chief executive told shareholders Thursday.
- Men's Wearhouse ousts founder, pitchman Zimmer
- Wed, 19 Jun 2013 19:27:42 -0400 -
NEW YORK (AP) — Men's Wearhouse doesn't like the way its founder looks anymore.
- Fed suggests it's closer to slowing bond purchases
- Wed, 19 Jun 2013 20:06:50 -0400 -
WASHINGTON (AP) — In a move that could send interest rates higher, Fed Chairman Ben Bernanke ended weeks of speculation Wednesday by saying the Federal Reserve will likely slow its bond-buying program this year and end it next year because the economy is strengthening.
- Car quality dinged by tech glitches, survey finds
- Wed, 19 Jun 2013 18:27:12 -0400 -
DETROIT (AP) — Car buyers increasingly want high-tech features like voice recognition and navigation. But they're not very forgiving of the car company when those systems fail.
- Stocks slide as Fed says bond purchases could slow
- Wed, 19 Jun 2013 23:08:35 -0400 -
NEW YORK (AP) — Financial markets shuddered Wednesday after the Federal Reserve said it could start scaling back its huge economic stimulus program later this year and end it by the middle of next.
- IRS draws new criticism over $70M employee bonuses
- Wed, 19 Jun 2013 17:40:24 -0400 -
WASHINGTON (AP) — Already reeling from a pair of scandals, the Internal Revenue Service is drawing new criticism over plans to hand out millions of dollars in employee bonuses.
- House to vote on cuts to crop insurance
- Thu, 20 Jun 2013 03:22:29 -0400 - WASHINGTON (AP) — The House will vote Thursday on whether to cut federally-subsidized crop insurance that helps farmers when they lose crops or revenue.
- GAO says airline merger would reduce competition
- Wed, 19 Jun 2013 22:00:22 -0400 - DALLAS (AP) — A government review finds that the merger of American Airlines and US Airways would reduce competition on more than 1,600 routes traveled by more than 53 million passengers.
- FedEx 4Q profit drops as priority services lag
- Wed, 19 Jun 2013 18:57:33 -0400 -
DALLAS (AP) — FedEx Corp.'s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options and the company spent heavily on restructuring.
- OfficeMax, Office Depot pit Ill. v. Fla. for HQ
- Wed, 19 Jun 2013 17:07:18 -0400 -
CHAMPAIGN, Ill. (AP) — OfficeMax Inc. and Office Depot Inc. want Illinois and Florida to compete to be the home of their combined headquarters if their proposed merger is approved by offering the best package of tax breaks that they can.
- Photos: Frank Lloyd Wright Homes For Sale
- Fri, 17 May 2013 18:14:23 -0400 - Frank Lloyd Wright may have died in 1959, but his architecture is alive and well. A recent story in the Wall Street Journal revealed the cost to upkeep some of his historic homes may be more than buyers bargain for, but others clamor to invest in history.
- Martha Stewart Case Judge Ruling Favors JCP
- Fri, 12 Apr 2013 15:19:40 -0400 - The judge presiding over the lawsuit against Martha Stewart and J.C. Penney ruled on Friday allowing the sale of Martha Stewart merchandise in J.C. Penney stores.
- Couple Finds $100,000 in Safe Deposit Box
- Fri, 12 Apr 2013 14:46:58 -0400 - An elderly couple in Brooklyn, N.Y., found a huge pile of cash–what they reckon was $100,000–in cash in a bank’s safe deposit box. Joe Valinoti, 82, and his companion, Kathleen Ricigliano, 81, said they opened a safe deposit box account with Sovereign Bank in February....
- 3 Indicted for Millions of Fake Marlboros
- Fri, 12 Apr 2013 14:00:18 -0400 - Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney’s Office on Monday in a U.S....
- Men Charged for Millions of Fake Marlboros
- Fri, 12 Apr 2013 13:51:58 -0400 - Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney’s Office on Monday in a U.S....
- Holy Grail of Books Could Fetch $30M
- Fri, 12 Apr 2013 13:19:01 -0400 - A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby’s auction on Nov. 26 in New York. “It’s going to be far and away the most expensive book ever sold,” David Redden, vice chairman of Sotheby’s auction house,...
- Holy Grail of Rare Books, Hymnal Could Fetch $30M
- Fri, 12 Apr 2013 12:49:28 -0400 - A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby’s auction on Nov. 26 in New York. “It’s going to be far and away the most expensive book ever sold,” David Redden, vice chairman of Sotheby’s auction house,...
- McDonald's Apologizes for Sad Big Mac Ad
- Fri, 12 Apr 2013 12:39:28 -0400 - McDonald’s has apologized for a Big Mac ad that enflamed the fast food giant in a whopper-sized controversy. The ad, a poster placed on Boston mass transit, featured a photo of a seemingly despondent woman with her head buried in her hands next to the...
- Retail Sales Fall, Sending Stocks Down
- Fri, 12 Apr 2013 11:22:28 -0400 - Retail sales fell by 0.4 percent in March, according to the Commerce Department, the biggest drop in nine months. The major stock market indexes slid on the news. Taxes went up at the beginning of the year for everyone who gets a paycheck and that...
- Photos: Rock Icon's Former Home on Sale
- Fri, 12 Apr 2013 09:41:06 -0400 - A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last purchased in December 2000 for $1.15 million.
- A New Way to Buy Powerball Tickets
- Fri, 12 Apr 2013 09:13:05 -0400 - Those Californians who missed out on the state’s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn’t feel like visiting...
- Investment Scam Hits NFL, NBA Stars
- Fri, 12 Apr 2013 08:11:28 -0400 - Morning Business Memo… Dozens of current and former NFL and NBA players may have been the victims of an investment scam. FINRA – the Financial Industry Regulatory Authority – filed a cease-and-desist order against Success Trade Securities, alleging the online investment firm ripped off 58...
- Lotto Tickets Now Available Online
- Fri, 12 Apr 2013 06:37:23 -0400 - Those Californians who missed out on the state’s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn’t feel like visiting...
- Website Wants to Sell You Lotto Tickets Online
- Fri, 12 Apr 2013 06:05:00 -0400 - Those Californians who missed out on the state’s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn’t feel like visiting...
- Photos: Rock Legend's Former Home on Sale
- Thu, 11 Apr 2013 23:54:58 -0400 - A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last purchased in December 2000 for $1.15 million.
- Tiger Woods Boosts Masters Prices
- Thu, 11 Apr 2013 16:28:56 -0400 - With round one of the Masters Golf Tournament underway, tickets for the famous game in Augusta, Ga., are still being sold online today. Though ABC News’ Darren Rovell reports prices on web sites like StubHub have dropped to $3,000 to $4,000 today, some badges were...
- Masters Ticket Prices Highest Since Tiger Woods Debut
- Thu, 11 Apr 2013 16:15:25 -0400 - With round one of the Masters Golf Tournament underway, tickets for the famous game in Augusta, Ga., are still being sold online today. Though ABC News’ Darren Rovell reports prices on web sites like StubHub have dropped to $3,000 to $4,000 today, some badges were...
- Microsoft Falls on PC Shipment Decline
- Thu, 11 Apr 2013 15:17:13 -0400 - Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn’t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...
- Microsoft Swoons on PC Shipment Decline
- Thu, 11 Apr 2013 15:11:11 -0400 - Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn’t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...
- Microsoft (MSFT) Swoons on PC Shipment Decline
- Thu, 11 Apr 2013 14:52:25 -0400 - Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn’t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...
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