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Bernanke says more positive signs needed before scaling back stimulus

Wed, 22 May 2013 17:25:11 -0400

WASHINGTON - Chairman of the Federal Reserve, Ben Bernanke Wednesday said it was too soon to scale back the monetary stimulus and the central bank needs to see further signs of traction before taking a decision. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain ...

Higher exports fail to plug widening Japan trade deficit

Wed, 22 May 2013 16:52:11 -0400

TOKYO - Japan's trade deficit rose substantially more than expected in the month April to 879.9 billion yen ($8.6 billion), which is a 70% jump over the trade deficit during the corresponding month a year earlier, the Finance Ministry said Wednesday.. The deficit, for the tenth consecutive month, was wider than what many economists had forecast. A survey from the Nikkei business daily ...

Vitamin C offers hope of tackling drug resistant TB

Wed, 22 May 2013 15:56:35 -0400

WASHINGTON - Adding vitamin C to existing tuberculosis drugs regime could shorten the therapy for drug resistant TB, claims new research findings published in the online scientific journal Nature Communications. The striking discovery, by researchers at Albert Einstein College of Medicine of Yeshiva University, has determined that vitamin C kills drug-resistant TB bacteria in laboratory ...

IMF warns UK against continuing austerity programme

Wed, 22 May 2013 15:53:31 -0400

LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...

Labour reforms to top US team agenda on Bangladesh visit

Wed, 22 May 2013 15:50:14 -0400

DHAKA - A high level US delegation led by the State Department's Under Secretary for Political Affairs Wendy Sherman will visit Bangladesh this weekend to press for a major overhaul of labour safety regulations following the nation's deadliest industrial accident, an official said Wednesday. The collapse of a nine-storey factory complex housing several garment units outside the capital last ...

Construction begins on new island off Jumeirah Beach in Dubai

Mon, 20 May 2013 04:26:18 -0400

Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...

Chidambaram says U.S. Federal Reserves statement misunderstood calls for calm

Thu, 23 May 2013 09:00:01 -0400

Finance Minister P. Chidambaram on Thursday sought to calm stock markets in India after Federal Reserve Chairman Ben Bernanke suggested bond purchases could be scaled back if the U.S. economy improves. Addressing a news conference here, Chidambaram said fears that the Federal Reserve would start reversing its U.S. monetary stimulus programme were being misunderstood in stock market and investor ...

Tesco will not pay executive bonuses without rise in profits

Thu, 23 May 2013 11:18:56 -0400

executives will not receive a bonus in the current financial year unless they can reverse a decline in profits at Britain's biggest supermarket operator, the company said in its annual report on Thursday.The report rounds off a torrid year for the company, which announced a withdrawal from the United States and wrote down the value of its global operations by $3.5 billion (2.3 billion ...

US stocks sink after global rout

Thu, 23 May 2013 11:18:54 -0400

NEW YORK (AFP) - US stocks fell modestly Thursday after the plunge in the Japanese market sparked a selloff throughout Asia and Europe.A little more than an hour into trade, the Dow Jones Industrial Average was down 68.35 points (0.45 percent) to 15,238.82.The broad-based S&P 500 dropped 11.74 (0.71 percent) to 1,643.61, while the tech-rich Nasdaq Composite Index fell 13.91 (0.40 percent) to ...

Stocks fall in early trading on Fed stimulus concern contracting Chinese manufacturing

Thu, 23 May 2013 11:16:36 -0400

NEW YORK - Stocks fell in early trading, extending a sell-off that began Wednesday afternoon, after Chinese manufacturing unexpectedly contracted and on concern that the Federal Reserve may ease back on its stimulus program. The Dow Jones industrial average was down 50 points at 15,256 as of 10:28 a.m., a decline of 0.3 percent. It had been down 127 points in the early going following steep ...

What to know about refinancing

Thu, 23 May 2013 11:16:08 -0400

The housing market is soaring in part because mortgage rates have never been this low. However, rates have been slowly climbing back up with the improvement of the economy and better-than-expected jobless claims. Refinancing and lowering your rate can be a great way to increase cash flow if you are planning on holding onto the property as a long-term investment ...

Apricus sets offering price at $17.1 million

Thu, 23 May 2013 11:16:07 -0400

The shares include warrants to buy up to 3 million shares at an exercise price of $3.40 per share. Apricus has given underwriters a 30-day option to buy up to an additional 900,000 shares and warrants to buy up to an additional 450,000 shares to cover over-allotments, if ...

Financial Stocks Citi leads financial stocks lower

Thu, 23 May 2013 11:12:04 -0400

NEW YORK (MarketWatch) - Financial stocks tipped lower Thursday, tracking a drop in the broader global equities markets on concerns the Federal Reserve will reduce its bond-buying program and a drop in China's manufacturing index for ...

Tech Stocks H-P a big gainer as other techs trim losses

Thu, 23 May 2013 11:12:03 -0400

SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. shares flexed their muscles, and some other tech stocks advanced as the sector tried to pull itself out from big, early losses spurred by negative reaction to a slate of economic ...

Bond Report Treasurys benefit from flight-to-safety bid

Thu, 23 May 2013 11:12:03 -0400

NEW YORK (MarketWatch) -- Treasurys were beneficiaries of investors' flight to safety on Thursday as global stock markets posted sharp losses, but lost most of their gains as the day wore ...

Market Snapshot U.S. stocks drop hit by Fed Asian selloff

Thu, 23 May 2013 11:12:01 -0400

NEW YORK (MarketWatch) -- U.S. stocks dropped in Thursday morning trade after Japanese equities dived overnight, as global markets reacted to weak Chinese manufacturing data and worries about the Federal Reserve's potential tapering of its bond-buying ...

Ford Motors to Leave Australia After 90 Years

Thu, 23 May 2013 11:09:50 -0400

Ford Motor Company announced Thursday that it would stop making cars in Australia within two years because high costs and low volumes mean it cannot compete with imported vehicles. Ford Australia chief Bob Graziano said that closing its plant in Melbourne and the other 60 kilometres further south-west in Geelong would see 1,200 workers laid off by October 2016. "Our costs are double ...

Savers face limited options despite fall in inflation rate

Thu, 23 May 2013 11:08:58 -0400

Savings for most continue to be eroded and there are only limited choices for those wanting to beat inflation. Photograph: Katherine Rose for the ...

Markets Global shares slide Spanish bond yields rise

Thu, 23 May 2013 11:08:27 -0400

Asian stocks plunged Thursday with Japan's Nikkei 225 plunging almost 7.3%; markets are down by 2% on average in Europe and they have opened off in New ...

US New Home Sales Rise Mortgage Rate Ticks Up

Thu, 23 May 2013 11:06:04 -0400

Sales of new homes rose in April to the second highest level since the summer of 2008 while the median price for a new home hit a record high, further signs that housing is recovering. A separate report out on Thursday showed that average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. New-home sales rose to a seasonally adjusted annual rate ...

Companies Try to Outwit Mother Nature

Thu, 23 May 2013 11:06:03 -0400

disastrous tornadoes in Moore, Okla., and last October's Hurricane Sandy, it has never been more critical to be able to forecast long range events. Big data analysis is turning the guesswork of yesterday's meteorology into a more precise and predictive science. Several big data companies are focusing on long-term weather modeling, and have found that by identifying patterns, comparing ...

Bernanke and IRS Two Brewing Storms

Thu, 23 May 2013 11:06:03 -0400

Fed Chairman Ben Bernanke may have opened the first one. No matter that it is highly unlikely economic data will come in showing sufficient strong and sustained growth to justify tapering bond purchases any time soon ...

GameStops mobile digital sales rise earnings drop

Thu, 23 May 2013 10:58:34 -0400

GameStop reported an increase in digital and mobile sales but a decrease in earnings during its first quarter. GameStop Corp. reported a jump mobile and digital sales during its first quarter, but the companys earnings and sales of new software and hardware are still on the decline. The Grapevine-based gaming company reported a 290 percent increase in mobile sales of $46.8 million during its ...

New home sales rise prices surge to record highs

Thu, 23 May 2013 10:52:42 -0400

(Reuters) - Sales of new single-family homes rose 2.3 percent in April, and prices climbed to record high levels, offering strong proof the sector's rebound trend is ...

China formally approves Boeings Dreamliner for use

Thu, 23 May 2013 10:52:41 -0400

BA.N ) 787 Dreamliner for use in the country, clearing the way for Chinese airlines to start operating the aircraft, which has been plagued with ...

Ally to contribute $2.1 billion to settle ResCap litigation

Thu, 23 May 2013 10:52:40 -0400

(Reuters) - Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its ...

Movers Shakers Thursday’s movers Hewlett-Packard leads SP 500

Thu, 23 May 2013 10:50:58 -0400

SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. is back on top again on Thursday, leading the S&P 500, as the stock surged 13% in the wake of better-than-expected quarterly ...

Russia First Dep PM Satisfied With Rosneft Approach to TNK-BP Minorities

Thu, 23 May 2013 10:49:59 -0400

Russian First Deputy Prime Minister Igor Shuvalov said Thursday he was "satisfied" with OAO Rosneft's (ROSN.RS) approach to minority shareholders in OAO TNK-BP Holding (TNBP.RS).State-controlled oil giant Rosneft acquired a 95% stake in TNK-BP, Russia's third-largest oil company, on March 21 from BP PLC (BP) and its partners, a group of Soviet-born tycoons.The minorities had ...

UK France Agree to Sign up to Resources Transparency Initiative

Thu, 23 May 2013 10:49:59 -0400

The U.K. and French governments agreed Wednesday to join a global initiative that requires oil and mining companies to comply with new disclosure measures aimed at tackling corruption, U.K. Prime Minister David Cameron said late Wednesday.The Extractive Industries Transparency Initiative has been signed by governments, companies and other stakeholders in the oil, gas and mining sectors. It ...

JPMorgan International Bank Fined by U.K. Regulator

Thu, 23 May 2013 10:49:58 -0400

The U.K.'s financial regulator said Thursday that it had fined JPMorgan Chase & Co. (JPM) International Bank GBP3.1 million for control failings at its wealth management unit.The Financial Conduct Authority said that the failings--which included not keeping client files up to date--continued for two years and weren't fixed until the FCA brought them to the bank's attention.The ...

Freddie Mac U.S. Mortgage Rates Rose Over Past Week

Thu, 23 May 2013 10:49:58 -0400

Average mortgage rates in the U.S. rose for the third consecutive week, potentially slowing some refinancing momentum, according to mortgage-finance company Freddie Mac (FMCC).Freddie Mac Chief Economist Frank Nothaft noted rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks.He said single-family housing permits rose in ...

STREET MOVES Merrill Hires 6 Brokers From Wells Fargo Morgan Stanley

Thu, 23 May 2013 10:49:58 -0400

Six financial advisers who in all manage more than $600 million in client assets have joined Merrill Lynch from the retail brokerage arms of Wells Fargo & Co. (WFC) and Morgan Stanley (MS).The moves took place in the last month, Merrill Lynch said. Among the advisers was Michael Dolle, joined Merrill Lynch in Winter Park, Fla., from Wells Fargo Advisors, where he generated about $1.7 million ...

JPMorgan appoints new consumer bank head

Thu, 23 May 2013 10:49:57 -0400

JPMorgan Chase said it has appointed Barry Sommers as chief executive of its consumer bank, which includes its wealth management unit. Visa Inc had earlier announced that JPMorgan's current consumer banking head, Ryan McInerney, had been appointed as president of Visa. McInerney succeeds John Partridge, whose term as president of Visa ended on March 31. McInerney will receive an annual ...

Stocks Trim Losses After Upbeat Housing Data

Thu, 23 May 2013 10:49:57 -0400

FOX Business: Capitalism Lives Here U.S. stocks remained stuck in the red Thursday morning amid jitters about China's economy and Fed policy, but the markets bounced off their lows following a better-than-expected housing report. Today's Markets As of 10:14 a.m. ET, the Dow Jones Industrial Average fell 64.20 points, or 0.42%, to 15244.23, the S&P 500 dropped 10.20 points, ...

Ally in $2.1 Billion Settlement with ResCap Creditors

Thu, 23 May 2013 10:49:56 -0400

Ally Financial Inc. said Thursday it will pay $2.1 billion to its mortgage subsidiary Residential Capital and the unit's creditors under an agreement reached last week that could move the Detroit-based lender closer to repaying its government bailout.The amount is $1.35 billion more than what Ally previously offered to pay to fend off ResCap creditors trying to hold the government-owned ...

UBS to Meet Activist Investor Pushing for Bank Breakup

Thu, 23 May 2013 10:49:56 -0400

An activist investor pushing for a breakup of UBS AG (UBS) will meet with a top executive of the Swiss bank next week, according to a person familiar with the situation, providing a chance to pitch the financial giant on the idea of shedding its investment bank.The meeting between representatives of Knight Vinke Asset Management LLC and UBS Chief Financial Officer Tom Naratil will come roughly a ...

Dont let your work be a limited engagement only

Thu, 23 May 2013 10:47:26 -0400

(MoneyWatch) When it comes to your real level of commitment to your work and the people your work touches, are you and your employees putting it all out there, or just phoning it in? Lots of things go into making a great employee (and of course great employees make great companies), and high on that list is engagement. An employee's true connection to her work, colleagues, customers and ...

Video Scoring financial aid for college

Thu, 23 May 2013 10:47:25 -0400

Applying for student loans can be complicated and confusing. CBS News Business Analyst Jill Schlesinger provides some of the most effective tools and tips for getting financial ...

Wall Street drops on stimulus plan unease China data

Thu, 23 May 2013 10:44:42 -0400

US stocks dropped on Thursday, with the S&P 500 on pace for its first back-to-back daily drop in a month amid investor concerns the U.S. Federal Reserve's stimulus may be scaled back sooner than hoped and after weak data in China. The S&P 500 had posted its biggest decline in three weeks on Wednesday after minutes from the latest ...

Turkeys investment gradebond market

Thu, 23 May 2013 10:14:05 -0400

We wrote here yesterday on howTurkish hard currency bonds have been given the nod to join some Barclays global indices as a result of the country's elevation to investment grade.Turkish dollar bondswill alsomove to the Investment grade sub-index of JPMorgan's flagship EMBI Global on June 28. Local lira debt meanwhile will enter JPM's GBI-EM Global Diversified IG 15 percent Cap Index ...

Stock slump continues on Wall Street

Thu, 23 May 2013 10:07:46 -0400

FILE - In this Thursday, May 2, 2013, file photo, Trader John Liotti works on the floor of the New York Stock Exchange. Japanese stocks plummeted Thursday May 23, 2013 after a spike in government bond yields and unexpectedly weak Chinese manufacturing spooked investors sitting atop months of massive gains in share prices. (AP Photo/Richard ...

Asian European Stocks Plunge on Weak Chinese Factory Data

Thu, 23 May 2013 10:07:40 -0400

Japan's Nikkei stock index tumbled 7.3 percent after release of the report showing Chinese factory production dropped in May for the first time in seven months. It was the biggest one-day loss since Japan's March 2011 tsunami and nuclear disaster. Stocks in London, Paris and Frankfurt followed suit, dropping about 2 percent. U.S. future indexes fell ahead of the opening of ...

Apple enjoyed Irish tax holiday from the start

Thu, 23 May 2013 10:05:56 -0400

Reuters © Apple Operations International, a subsidiary of Apple Inc, is seen in Hollyhill, Cork, in the south of Ireland in this October 6, 2011 file photo. REUTERS/Michael ...

General Electric considering IPO for finance business - CEO

Thu, 23 May 2013 10:05:49 -0400

is considering spinning off parts of its financial arm, GE Capital, through an initial public offering as part of its plan to reduce the size of the business, Chief Executive Jeffrey Immelt said."The capital markets are very receptive to IPOs," Immelt said at the Electrical Products Group Conference in Florida on Wednesday. "I think you basically have as good a setting as you could ...

Hormel profits fall 4 percent

Thu, 23 May 2013 10:03:35 -0400

Hormel Foods Thursday posted a four percent decline in quarterly per-share profits, buffeted by high feed costs and weaker prices in its Jennie-O Turkey store ...

Heart failure drug passes Phase 2 trials

Thu, 23 May 2013 10:03:19 -0400

An experimental heart failure drug being developed by Zensun Sci & Tech improved heart function in five Phase 2 clinical trials, the biotech company said ...

Makers Quarter Preview look

Thu, 23 May 2013 10:03:19 -0400

Makers Mark, located south of City College, would include 2.9 million square feet of residential, office, retail and cultural uses, built around a plaza and East Village Green at a cost of about $900 million in present ...

Embryonic stem cell breakthrough questioned

Thu, 23 May 2013 10:03:17 -0400

The study said nuclei from skin cells were inserted into human egg cells and the chimeric egg cell was manipulated chemically and electrically to act like a fertilized egg cell. The egg cells then began growing what appeared to be embryos, which grew to the blastocyst stage, at which point human embryonic stem cells were extracted. The technology, known as somatic cell nuclear transfer, was used ...

Wall Street to drop at open

Thu, 23 May 2013 09:57:48 -0400

New York - US stocks were set for a lower open on Thursday, with the S&P 500 on track for its first back-to-back daily drop in a month, amid investor concerns the US Federal Reserve's stimulus may be scaled back sooner than hoped and over weak data in ...

Pandoras Earnings Can The Mobile Business Tune In Big Growth

Thu, 23 May 2013 09:55:31 -0400

Pandora will release its Q1 fiscal 2014 earnings on May 23. We expect improved mobile monetization even though the pressure on desktop monetization will continue due to the shift in ad ...

HPs Whitman Revenue Growth Possible in 2014

Thu, 23 May 2013 09:53:08 -0400

Meg Whitman, CEO of Hewlett-Packard, shares insight on the firm's corporate earnings and turnaround plan. She tells CNBC's David Faber that revenue growth is possible in fiscal ...

Assessing How Much Bond Investors Lost

Thu, 23 May 2013 09:53:07 -0400

10-Year Treasury yield hit a low of 1.38 percent. And on Wednesday, yields finished the day just shy of 2.04 percent, as investors became concerned that ...

Need Beer Try These Ballpark Mobile Apps

Thu, 23 May 2013 09:53:07 -0400

apps that would let you order right from your seat. Now, their apps and software are letting sports fans place orders at huge arenas, small minor league stadiums and ...

UK Slaps Fine on JPMorgan Wealth Unit

Thu, 23 May 2013 09:53:06 -0400

JPMorgan Chase 3.1 million ($4.7 million) on Thursday for failings in its wealth management division. The Financial Conduct Authority of Britain said that the unit's senior management had failed to provide clients adequate advice and carried out poor recording-keeping related to individuals' investments between 2010 and 2012. The problems included not keeping client files up to date and ...

Wall St. Opens Lower After Worldwide Slump

Thu, 23 May 2013 09:49:30 -0400

Following market declines around the world, Wall Street opened lower on Thursday after investors were rattled by signs of a slowdown in Chinese manufacturing and a potential easing of central bank support for the economy. The worst drop in share prices was seen in Tokyo, where the Nikkei index fell 7.3 percent, the most since the 2011 tsunami there. In New York, the benchmark Standard ...

Apax Partners to take rue21 private in $1.1 billion deal

Thu, 23 May 2013 09:39:44 -0400

LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change ...

Fed not that close to winding down stimulus Bullard

Thu, 23 May 2013 09:39:42 -0400

The Federal Reserve Bank of St. Louis' President and CEO James Bullard speaks during the ''Hyman P. Minsky Conference on the State of the U.S. and World Economies,'' in New York, April 17, ...

US STOCKS SNAPSHOT-Wall St falls at open on stimulus worry China data

Thu, 23 May 2013 09:37:21 -0400

NEW YORK | Thu May 23, 2013 9:37am EDT NEW YORK May 23 (Reuters) - U.S. stocks fell at the open on Thursday, putting the S&P 500 on track for its first back-to-back daily drop in a month, on concerns the U.S. Federal Reserve's stimulus measures may be scaled back sooner than hoped and over weak data in China. The Dow Jones industrial average fell 75.55 points, or 0.49 percent, to ...

U.S. Would Approve Security Director at Sprint

Thu, 23 May 2013 09:36:53 -0400

In an unusual concession that highlights security jitters about China, the U.S. government will be allowed to approve a "security" director at Sprint ...

Goldman Worlds Apart from J.P. Morgan as Investor Meeting Looms

Thu, 23 May 2013 09:36:52 -0400

Goldman Sachs Group Inc. (GS) will hold its annual shareholders meeting Thursday morning in Salt Lake City, nearly 2,000 miles from the firm's Wall Street headquarters--and seemingly a world apart from the tension that gripped the yearly investor gathering for one of Goldman's biggest rivals, J.P. Morgan Chase & Co. (JPM), earlier this week.J.P. Morgan Chairman and Chief Executive ...

Ralph Lauren Reveals Mixed 4Q Results

Thu, 23 May 2013 09:36:52 -0400

RL ) beat the Street Thursday morning with a 35% increase in fiscal fourth-quarter profits, but the apparel maker's revenue barely nudged and its full-year guidance failed to meet expectations. Shares of the New York-based company retreated more than 3% in premarket trading on the weaker-than-expected sales and below-consensus outlook. The company said it earned $127 million, or $1.37 a ...

Microsoft Uses Siri to Mock Apple in New Ad

Thu, 23 May 2013 09:36:52 -0400

featured the Heart and Soul duet ? Sure you do. Well, Microsoft is taking inspiration from it – but not to make their own musical ad, but to bash Apple’s iPad’s lack of real, useful features. The new ad for Windows 8 is called ';Less talking, more doing'; and it makes fun of Siri, who is rendered useless. ';Sorry, I don’t update like that,'; says ...

Need small scale tapering of bond buys when it starts Feds Bullard

Thu, 23 May 2013 09:36:51 -0400

LONDON – Federal Reserve policymaker James Bullard said on Thursday that the bank should wind back its support slowly when it starts the process. Speaking to reporters after a speech in London, Bullard said the Fed was likely to start tapering its bond purchases if the economy continued to improve and inflation picks up, and that he would be happy with reducing the buying slowly, by $15-20 ...

Futures Slide as Weak China Data Add to Fed Gloom

Thu, 23 May 2013 09:36:51 -0400

FOX Business: Capitalism Lives Here U.S. stock-index futures joined a global selloff Thursday after an unexpected contraction in China's manufacturing sector added to concerns about when the Fed will begin tapering its bond-buying program. Today's Markets As of 8:36 a.m. ET, Dow Jones Industrial Average futures fell 119 points to 15200, S&P 500 futures dropped 15.3 points to 1640 ...

Factory activity slips to seven-month low in May Markit

Thu, 23 May 2013 09:36:16 -0400

NEW YORK (Reuters) - Manufacturing slowed for a second straight month in May as weak overseas demand and government belt-tightening at home led to the sector's most sluggish rate of growth since October, a survey showed on ...

Jobless claims data suggests labor market strength

Thu, 23 May 2013 09:36:15 -0400

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by ...

Eastern pipelines needed to revive Quebec refinery and petrochemicals industry

Thu, 23 May 2013 09:35:33 -0400

TORONTO -- Moratoriums and new regulations in Quebec are sending a signal to the investment community to take their business elsewhere, Franoise Bertrand, president and CEO of Fdration des chambres de commerce du Qubec said Wednesday. Ms. Bertrand was in Toronto to push her 1,200 members' pro-pipeline message as Quebec's minority government under Premier Pauline Marois takes a tough ...

Warning signs for China as factory activity shrinks for first time in 7 months

Thu, 23 May 2013 09:35:33 -0400

LONDON -- Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the eurozone's downturn tempered slightly in May, business surveys showed on Thursday. World stock markets tumbled after the Chinese data and also in response to U.S. Federal Reserve Chairman Ben Bernanke, who hinted on Wednesday the Fed could soon pare back its bond-buying with new ...

Global stock markets slump

Thu, 23 May 2013 09:35:29 -0400

Investors worldwide sold shares on Thursday. That was because they were spooked by unexpected weakness in China’s economy, with factory activity there falling in May. In addition business activity surveys for the same month showed the eurozone headed for a second quarter of economic contraction. That followed on from the head of the US central bank, Ben Bernanke, signalling that it could ...

Smart ways to slash your weekday lunch tab

Thu, 23 May 2013 09:34:25 -0400

(MoneyWatch) Eating healthy -- let alone losing weight -- while putting in long days at the office isn't a piece of cake. Buying sandwiches, wraps and super-sized salads drenched in dressing at the corner cafe can add unwanted padding to your waistline as well as your credit card statement. But you don't necessarily have to pack your lunch every day to eat better, especially since ...

Jobless claims fall to 340K

Thu, 23 May 2013 09:34:25 -0400

WASHINGTON The number of Americans applying for unemployment benefits fell by 23,000 last week, further evidence that the job market is slowly returning to health. Applications for unemployment aid declined to a seasonally adjusted 340,000 in the week ending May 18, the Labor Department said Thursday. That's down from 363,000 the previous week and a level consistent with solid job gains. The ...

U.S. equities sell-off goes on futures slump

Thu, 23 May 2013 09:34:24 -0400

NEW YORK The momentum of a late sell-off on Wall Street is carrying through for a second day, with U.S. futures and global stock markets in retreat. Dow Jones industrial futures are down 102 points to 15,218. S&P futures have lost 13.2 points to 1,642.40. Nasdaq futures are down 23.25 points to 2,977.75. U.S. stocks began selling off late Wednesday when minutes from the Federal Reserve left ...

Japans Nikkei stock index dives 7.3 percent

Thu, 23 May 2013 09:34:23 -0400

LONDON Financial markets around the world were roiled Thursday after Japanese stocks suffered their biggest slide since the country was hit by a devastating tsunami more than two years ago. Several reasons have been blamed for the 7.3 percent fall in the Nikkei index to 14,483.98, including a spike in Japanese government bond yields and unexpectedly weak Chinese manufacturing figures. Mixed ...

UPDATE 1-Nigerias NNPC and Exxon unit to tap bond market by 2016

Thu, 23 May 2013 08:59:41 -0400

Thu May 23, 2013 8:59am EDT * NNPC funding problems holding back oil projects * Exxon and NNPC joint venture has 550,000 bpd oil capacity By Joe Brock and Emma Farge ABUJA/GENEVA, May 23 (Reuters) - Nigeria's state-oil company and a local unit of Exxon Mobil plan to tap the bond market by 2016 to fill a funding shortfall in developing oil exploration projects, the companies have said. The ...

Argentina Repsol struggle to bridge gap over YPF compensation

Thu, 23 May 2013 08:53:17 -0400

, there seems little prospect of a quick deal on compensation despite signs that both sides would rather avoid a costly, drawn-out legal battle.The Latin American country's lack of funds and its limits on the control private firms have over their investments - which could deter Repsol from accepting other assets in any settlement - pose major obstacles to a deal, according to ...

Currencies Dollar tumbles vs. yen as Japan leads global rout

Thu, 23 May 2013 08:46:42 -0400

NEW YORK (MarketWatch) -- The U.S. dollar slumped on Thursday, with the yen soaring as Japanese stocks plunged in the wake of disappointing Chinese data and fears the U.S. Federal Reserve could soon begin to reduce its bond ...

Earnings Outlook Pandora expected to report sales gains

Thu, 23 May 2013 08:46:41 -0400

SAN FRANCISCO (MarketWatch) -- Pandora Media Inc. is set to deliver its first-quarter results after the close of trading Thursday, and the results come at a time of rising competition and executive change at the online radio ...

Tesco checkout staff see bonus pot halved as profits slump

Thu, 23 May 2013 08:44:16 -0400

Checkout staff at Tesco have seen their annual shares bonus pot halved after the supermarket giant slumped to its first annual profits fall in nearly 20 ...

Microsoft boosts Japan Azure offering adds data centers

Thu, 23 May 2013 08:40:58 -0400

IDG News Service - Microsoft will boost its Azure cloud offering in Japan, adding two domestic data centers to speed response times and improve reliability in the face of natural disasters. The software giant said Thursday that it would add cloud-based hosting services in two regions, one near Tokyo and one in the Kansai region further south. Redundancy is a priority in earthquake-prone Japan, ...

Jobless Claims Get Better but Remain at High Level

Thu, 23 May 2013 08:40:51 -0400

Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 340,000, the Labor Department said on Thursday, pushing back below the 350,000 mark that economists normally associate with a firming job market. Claims for the prior week were revised to show 3,000 more applications received than previously reported. Economists polled by Reuters had expected first-time ...

Bernanke Confused Everybody Dennis Gartman

Thu, 23 May 2013 08:40:50 -0400

Dennis Gartman, founder and editor of The Gartman Letter, says tapering is still up for debate following Bernanke's Congress address and adds that as the underlying economy gets stronger, capital will come out of the equity ...

House to Vote on Student Loan Plan

Thu, 23 May 2013 08:40:50 -0400

Facing a deadline in which federal loan rates would double for 7 million college students, House lawmakers on Thursday are ready to pass legislation that links student loan rates to the financial markets. President Barack Obama has threatened to veto the measure. Under the legislation introduced by Republican Reps. John Kline of Minnesota and Virginia Foxx of North Carolina, subsidized and ...

Twitter Ups Security to Prevent Further Hacking

Thu, 23 May 2013 08:40:50 -0400

Following a spate of high-profile security breaches, Twitter has introduced an optional two-step login for users in an attempt to combat further attacks which it said has cleared the way for tougher security measures in the future. The social media website said users will be asked to register a phone number, which will be verified, and confirm their email address in an effort to prevent accounts ...

Microsoft recruits Siri to highlight the iPad’s failings

Thu, 23 May 2013 08:38:46 -0400

Scroogled " campaign, because Microsoft is just attacking Google rather than focusing on selling its own products. It's a negative campaign dressed up as consumer championing, and I don't think it does the software giant any favours. However, I do like the new Windows 8 commercial which is a clever attack on the Apple iPad (a device I own and ...

Unilevers CEO has a green thumb

Thu, 23 May 2013 08:33:55 -0400

Paul Polman calls himself a "hard-core capitalist." Sometimes you have to wonder. The day he became the chief executive of Unilever in 2009, Polman said the consumer products giant would stop providing earnings guidance and quarterly profit reports. "I figured that the day they hired me, they can't fire me," he says, "so that was probably the best moment to do ...

Dover to spin off some communication technologies businesses

Thu, 23 May 2013 08:27:42 -0400

"Given the evolution of their unique business model, these businesses can now pursue a more aggressive growth strategy together as a standalone company," Chief Executive Robert A. Livingston said in a ...

Deutsche bosses seek to win over skeptical shareholders

Thu, 23 May 2013 08:27:40 -0400

DBKGn.DE ) bosses tried to convince skeptical shareholders at a lively annual meeting on Thursday that the bank was on the right track again after facing a host of legal ...

Hewlett-Packard shares up 12 after earnings beat

Thu, 23 May 2013 08:25:42 -0400

+0.57% shares were up more than 12% in premarket trading on Thursday after the firm reported better-than-expected earnings for the second-quarter. The tech-giant was able to hold margins on its products, despite a drop in earnings. The firm is going through a turnaround which could take several years, said Meg Whitman, who took over as CEO in ...

Microsofts Xbox One reflects game change in home entertainment

Thu, 23 May 2013 08:25:13 -0400

Microsoft Corp. on Tuesday unveiled the Xbox One, a next-generation video game console that aspires to be more than just a plaything. Not only will the Xbox One deliver an amped-up game experience, but it also will let users watch live TV, rent a movie and listen to music. Viewers can use their voice and gestures to control the TV too. Want to change the channel? Just tell the Xbox One to turn ...

Toronto-Dominion Bank 2nd-Quarter Profit Edges Higher

Thu, 23 May 2013 08:24:48 -0400

Toronto-Dominion Bank (TD), kicking off earnings season for Canada's big banks, said Thursday its second-quarter profit edged up 1.8%, helped by contributions from its personal and commercial banking operations in Canada and the U.S.TD, Canada's second-biggest bank by assets, said it's "pleased" with results for the quarter "given the backdrop of low interest rates ...

Glencore Xstrata Announces Inaugural $5 Billion Five-Tranche Bond Issue

Thu, 23 May 2013 08:24:48 -0400

Mining and commodities-trading giant Glencore Xstrata PLC (GLEN.LN), Thursday enounced the launch and pricing of a dollar denominated issue of notes in a $5 billion five-tranche transaction comprising 3 year, 5 year and 10 year fixed-rate Notes and 3 year and 5 year floating-rate Notes, issued through its subsidiary Glencore Funding LLC.MAIN FACTS:-Glencore Xstrata will use the net proceeds of ...

Salzgitter Warns High Costs Will Continue to Depress Earnings

Thu, 23 May 2013 08:24:46 -0400

German steelmaker Salzgitter AG (SZG.XE) Thursday warned that high commodity and energy prices will continue to depress its earnings in coming months as demand in much of its European core market remains muted due to the economic and fiscal crisis in the euro zone.Speaking to shareholders at the company's annual general meeting, Chief Executive Heinz Joerg Fuhrmann said that steel demand in ...

ECB seeks new tools while Fed toys with exit

Thu, 23 May 2013 08:24:08 -0400

PARIS/WASHINGTON (Reuters) - The European Central Bank is looking into expanding its range of policy tools, while the U.S. central bank is mulling scaling back its support measures, highlighting the contrasting fortunes between the world's two biggest economic ...

5.23.13 TD kicks off Bay Street earnings parade

Thu, 23 May 2013 08:23:29 -0400

set the tone for Canada’s banking season today with a modest profit rise and plans to buy back 1.3% of its shares. The first of Canada’s big banks to report earnings, TD Bank Group pretty much met analysts’ expectations with a 1.8% profit increase. Net income for the period ended April 30 climbed to $1.72 billion, or $1.78 a share, from $1.69 billion, or $1.78, a year earlier, ...

Student debt repayment options offer hope

Thu, 23 May 2013 08:22:38 -0400

(MoneyWatch) The statistics are alarming. Student borrowing, which has ballooned 300% in less than a decade, now stands at $1.1 trillion. Worse, roughly one in 10 borrowers has fallen into default. Defaults not only burden cash-strapped borrowers with a plethora of penalty fees. They can ruin a young adult's credit rating, making it virtually impossible for him or her to buy a house or a ...

Turn off Windows 8 with one click

Thu, 23 May 2013 08:22:37 -0400

(MoneyWatch) People have complained about Windows 8 since the day the new operating system shipped. At the top of the list is the absence of any start button. In another ...

Celeb housing Ellen buys Drew sells Hugh Hefner on the move

Thu, 23 May 2013 08:22:37 -0400

(MoneyWatch) Hollywood's rich and famous have been making big moves in real estate the past few weeks. It seems like every day a different celebrity is spending millions of dollars on a new home. It must be these low interest rates.Ellen DeGeneres bought a super-pricey property, while Hugh Hefner gifted his new wife a new home and Jennifer Lopez finally has a place in the Hamptons for the ...

Global Stocks Plunge After Japan Selloff

Thu, 23 May 2013 08:20:04 -0400

Morning Business Memo… Wall Street may be in for a wild ride today after a sharp retreat for stocks in Japan. US stock futures dropped after the Nikkei index in Tokyo plunged 7.3 percent overnight, its worst one-day loss in more than two years. Global stock markets are in retreat, hammered by a one-two punch. The first blow was struck when US markets turned from gains to losses after the ...

YOUR MONEY-Wall St. on the silver screen Pros pick top movies

Thu, 23 May 2013 07:59:58 -0400

Thu May 23, 2013 7:59am EDT (The author is a Reuters contributor. The opinions expressed are his/her own.) By Chris Taylor NEW YORK May 23 (Reuters) - In the annals of Hollywood, Wall Street has not been treated very kindly. From "Wall Street" to "Boiler Room", "Trading Places" to "American Psycho", the halls of finance are usually portrayed as places of shiny ...

UPDATE 2-UK regulator fines JPMorgan 3 million pounds

Thu, 23 May 2013 07:39:14 -0400

Thu May 23, 2013 7:39am EDT LONDON May 23 (Reuters) - Britain's Financial Conduct Authority (FCA) said it has fined a wealth management unit of U.S. bank JPMorgan Chase 3.08 million pounds ($4.6 million) for being unable to show it was giving clients the right advice. The FCA said on Thursday the failings were not corrected until the watchdog brought them to the bank's attention in the ...

Investec slides after earnings miss

Thu, 23 May 2013 07:34:51 -0400

Johannesburg - Shares of Investec drop 2.5 percent to 70.9 rand after the South African investment bank and asset manager's full-year earnings fall short of lofty market ...

Microsoft Surface Pro a device of many talents

Thu, 23 May 2013 07:33:37 -0400

mystery press conference in Los Angeles on 19 June last year. Indeed, it was something of a shock, because for the first time, Microsoft was competing against its biggest customers: Windows PC suppliers such as Acer, Asus, Dell, HP, Lenovo, Samsung and ...

Post Office workers to strike for fifth time since Easter over closure plans

Thu, 23 May 2013 07:33:32 -0400

Customers encounter locked doors at a Post Office in Newport during a strike on the Tuesday after the first May bank holiday. Photograph: Tim ...

Qinetiq could sell US business after defence cuts lead to profit fall

Thu, 23 May 2013 07:33:30 -0400

- the business often said to be the inspiration for the spy's weapons expert Q - does not appear to be as successful.Full year underlying profits up 6% to 152m, with a positive performance from its UK services business. But defence budgets are under pressure worldwide, with possible contract delays and modifications, especially in the US, where Qinetiq's services business saw profits ...

Concerns over underlying health of UK economy as 0.3 growth confirmed

Thu, 23 May 2013 07:33:28 -0400

Stockpiling by British businesses accounted for much of the growth in the UK economy in the first three months of the year, adding to concerns that its underlying health remains weak.GDP growth was confirmed at 0.3% by the Office for National Statistics after inventories increased by 0.4%.The ONS said business investment, a key indicator of the economy's wellbeing, fell 0.4% and consumer ...

Does Asia Slump Signal US Correction

Thu, 23 May 2013 07:30:19 -0400

: "I think I'd be more likely to be buyer than a seller. First of all, markets correct from time to time. That's natural whether it's in Japan or over here." "We want the Fed to taper because that means the economy is getting better," Keon added, saying the underlying economy is "stronger than people think" because the fiscal drag of the tax increases ...

Housing Hype Is Overblown Pros

Thu, 23 May 2013 07:30:18 -0400

Housing is good but not great, and unlikely to fulfill Wall Street's expectations that it will be a leading force in a robust recovery, according to a group that is one of industry's most prominent voices. Despite data points that in some cases are at multi-year highs, Robert Shiller, Karl Case and David Blitzer believe there are multiple headwinds that will keep a lid on housing gains. ...

Recessions Hurt but Austerity Kills

Thu, 23 May 2013 07:30:18 -0400

An international study on recessions and governments' responses to them has found that cuts to healthcare systems prompted by fiscal austerity are making matters far worse--for both governments and society. David Stuckler, a sociology professor at Oxford University and co-author of the book "The Body Economics," told CNBC on Thursday that responses to recessions had not only been ...

Warning signs for China Fed hints at curbing stimulus

Thu, 23 May 2013 07:17:23 -0400

LONDON (Reuters) - Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the euro zone's downturn tempered slightly in May, business surveys showed on ...

Pearson switches Financial Times into new business division

Thu, 23 May 2013 07:13:50 -0400

Pearson .As part of the organisation's restructure, the FT Group will disappear and the newspaper will become part of a unit called "professional". Its chief executive will be John Ridding, who is currently CEO of the FT group.Professional will also include Pearson's global English learning business and its electronic testing business. It is hard to see what these three very ...

Feds Bullard QE Most Effective Stimulus When Rates near Zero

Thu, 23 May 2013 07:13:33 -0400

The Federal Reserve's policy of asset purchases is still the most effective way to provide additional monetary stimulus when interest rates are close to zero, and the central bank should stick with its current policy, St. Louis Fed chairman James Bullard said Thursday.Mr. Bullard reiterated his belief in using unconventional policy measures, in a speech that assessed various options for ...

UMW Holdings to Add to Drilling Rig Fleet With $223 Million Purchase

Thu, 23 May 2013 07:13:33 -0400

UMW Holdings Bhd (4558.KU), Malaysia's state-backed industrial conglomerate, said Thursday that its unit has signed a pact with S.D. Standard Drilling PLC to buy a jack-up drilling rig for $223 million.The rig is currently being built and is expected to be ready for delivery in May 2014, UMW said in a statement.The new rig will add to UMW Oil & Gas's current fleet of four offshore ...

VTB in Talks to Exit Rosbank

Thu, 23 May 2013 07:13:32 -0400

Russia's VTB Bank (VTBR.RS) said Thursday that it is in talks about exiting French Societe Generale SA's (GLE.FR) Russian unit, whose chief was arrested last week for allegedly taking a bribe."We are in talks about exiting Rosbank. This is not a strategic investment for VTB. However, the terms and conditions of any deal will depend on market conditions," VTB, which holds an ...

LONDON MARKETS U.K. Stocks Slide As Miners Drop On China Data

Thu, 23 May 2013 07:13:32 -0400

LONDON – U.K.'s benchmark FTSE 100 stock index retreated from a 13-year high on Thursday, with resource firms adding pressure after disappointing Chinese manufacturing data fueled worries about growth recovery in the Asian nation.The FTSE 100 index slumped 1.9%, after climbing to the highest close since December 1999 on Wednesday.Mining firms were among biggest decliners, after ...

Gazprom Tenders to Drill 6 Oil Wells at Iraqs Badra Field

Thu, 23 May 2013 07:13:31 -0400

Russian state oil producer OAO Gazprom Neft (SIBN.RS) has issued a new tender to drill six oil wells at the Badra oil field in eastern Iraq, the company said on its website.Gazprom has set June 13, 2013 as a closing date for receiving offers.The Gazprom consortium, which includes South Korea's Gas Corp. (036460.SE), Turkish Petroleum Corp. or TPAO, and Malaysia's Petronas, plans to ...

GM recalling some 27K Cadillac SUVs due to concerns wheels can fall off

Thu, 23 May 2013 07:11:13 -0400

DETROIT General Motors Co. is recalling more than 27,000 Cadillac SUVs worldwide because the wheels can fall off. The company says the recall affects the 2013 Cadillac SRX with 18-inch wheels. Canadian safety regulators say the wheel nuts may not have been tightened enough at the factory. GM says the problem hasn't caused any crashes or injuries, and no wheels have fallen from vehicles. ...

Nearly Free Electric Car Leases in a State Near You

Thu, 23 May 2013 07:08:54 -0400

(Image credit: Toshifumi Kitamura/AFP/Getty Images) Accustomed to their gas-guzzling companions, many Americans are hesitant to buy an electric or hybrid vehicle. But dealers and government incentives are luring drivers into the fold. John O’Dell, senior green car editor for Edmunds.com, has leased a Nissan Leaf with his wife for the last two years. He said he is not sure he would lease an ...

Photos Talk Show Host Buys Home

Thu, 23 May 2013 07:08:54 -0400

Talk show host Ellen DeGeneres and wife Portia de Rossi have reportedly picked up another property -- this time in Montecito, Calif. The real-estate happy couple bought the home for $26.5 million, according to TMZ. On 13 acres with ocean views, the home has six bedrooms and nine fireplaces. The couple sold their home in Malibu last year that previously belonged to actor Brad ...

Angola to open bourse in 2016 secondary bond market end-2013

Thu, 23 May 2013 06:58:55 -0400

Thu May 23, 2013 6:58am EDT * Stock market may open 2015 if used for privatisations * Bourse has been in pipeline for a decade * New plan to open markets gradually By Shrikesh Laxmidas LISBON, May 23 (Reuters) - Angola plans to open its much-delayed stock market in 2016 and could even bring it forward to 2015 if the bourse was used to privatise state-owned companies, the country's Capital ...

European stocks dive after Tokyo plunge

Thu, 23 May 2013 06:32:48 -0400

LONDON (AFP) - European stock markets slumped in early trading on Thursday, with most indices losing more than 2.0 percent after Tokyo shares plunged owing to weak Chinese data and signs that the US Federal Reserve may soon taper massive stimulus measures, analysts said.London's benchmark FTSE 100 index retreated 1.74 percent to 6,720.88 points, Frankfurt's DAX 30 slumped 2.33 percent ...

Asian Stocks Tumble On Fed Talk China Growth Concerns

Thu, 23 May 2013 06:29:07 -0400

Asian stocks tumbled on Thursday after minutes of the Federal Reserve's April 30-May 1 meeting revealed "a number" of members favor tapering the central bank's $85-billion bond-buying program as early as the June meeting if the labor market continues to improve. Fed chief Ben Bernanke also hinted that an exit could be initiated in the "next few meetings" if the ...

Indian stock markets trade hitting fresh intra-day low Thursday

Thu, 23 May 2013 06:24:32 -0400

Business India News: Indian stock markets have hit fresh intra-day low, owing to selling pressure in SBI and Larsen & Toubro. Negative cues from Asian markets have added to the bearish sentiment this afternoon, taking the Sensex to a low of 19,686. The index is now down 367 points, or nearly 2% at 19,695. Nifty is down 119 points at ...

Being gay in the finance industry | Joris Luyendijk

Thu, 23 May 2013 06:22:26 -0400

A product control worker tells Joris he doesn't face real homophobia, but that he doesn't see gay people in front-office trading positions. Join him in the ...

Bugaboo designer Max Barenbrug the master of reinvention

Thu, 23 May 2013 06:22:25 -0400

The Bugaboo is the buggy of choice for the Duchess of Cambridge and style-conscious parents around the world. So how did its creator turn the humble stroller into a status symbol? And what's his next big ...

Social media five lessons for social entrepreneurs

Thu, 23 May 2013 06:22:23 -0400

Young, new social entrepreneurs around the world face a similar problem: building an audience and sustaining virtual communities. With social media playing an important role in audience building, early-stage entrepreneurs have begun to focus on popular networking sites to leverage engagement and maximise reach. Yet this is the reason that most early enterprises often fail in garnering public ...

Arm drops again as markets suffer Bernanke and Chinese hangover

Thu, 23 May 2013 06:22:22 -0400

under pressure since an investor day on Tuesday , with analysts concerned about increased competition from Intel in the tablet and smartphone markets. Many believe a move by Arm into the server sector may not be enough to make up for any loss of market share elsewhere.So after losing more than 4% since the update, Arm shares are down another 6% to 986.5p as Exane BNP Paribas moved from outperform ...

Tesco pledges action on food waste

Thu, 23 May 2013 06:22:18 -0400

food wasted by its customers and elsewhere in its international supply chain.After criticism of the prevalence of supermarket "bogofs" (buy one get one frees) and other deals which help to create an annual mountain of ...

Thursday Newspaper Review - Irish Business News and International Stories - - May 23 2013

Thu, 23 May 2013 06:21:55 -0400

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management ...

Google engineer bashes Microsofts handling of security researchers discloses Windows zero-day

Thu, 23 May 2013 06:19:54 -0400

Computerworld - A Google security engineer accused Microsoft of treating outside researchers with "great hostility" just days before posting details of an unpatched vulnerability in Windows that could be used to crash PCs or gain additional access rights. Microsoft acknowledged the vulnerability late Tuesday. "We are aware of claims regarding a potential issue affecting Microsoft ...

Japans Monetary Policy a Big Experiment

Thu, 23 May 2013 06:19:43 -0400

Ben Broadbent, member of the Monetary Policy Committee at the Bank of England, tells CNBC that Japan is in the midst of a big monetary experiment, so volatility in equity and bond markets should be seen in that ...

Global Markets Down After Bernanke QE Talk

Thu, 23 May 2013 06:11:27 -0400

The FTSE lost close to two percent in early trading on the back of signs the US may wind down quantitative easing measures and weak Chinese data. The losses were reflected across European bourses, spooked by a seven percent plunge on Japan's Nikkei index. London's benchmark FTSE 100 index retreated 1.74 percent, Frankfurt's DAX 30 slumped 2.33 percent and in Paris the CAC 40 ...

UniCredit 2Q in Line With 1Q - CEO

Thu, 23 May 2013 06:04:08 -0400

UniCredit SpA's (UCG.MI) chief executive gave an early forecast for the Italian lender's second quarter Thursday, saying he saw the results for the period coming in line with those of the first quarter."It's in line with the first," Federico Ghizzoni told reporters as he entered an assembly in Rome, according to MF-Dow Jones.UniCredit, the country's largest bank by ...

Deutsche Bank Operating Environment Still Challenging 1Q Gives Momentum

Thu, 23 May 2013 06:04:07 -0400

Germany's Deutsche Bank AG (DB) Thursday said the operating environment remains challenging and that the cumulative effects of proposed regulation are hard to predict, which is creating substantial uncertainty in financial markets and the real economy.Speaking at the bank's annual general meeting, co-chief executives Anshu Jain and Juergen Fitschen reiterated the bank's commitment ...

Malaysia Maybank Posts 12 Rise in 1Q Net Expects More Growth

Thu, 23 May 2013 06:04:06 -0400

Malayan Banking Bhd (1155.KU), Malaysia's largest lender by assets, said Thursday that first-quarter net profit grew 12% from a year earlier on the back of higher net interest income as well as robust Islamic banking performance, adding that it expects a pick-up in business momentum in key markets due to stronger loan growth.Net profit for the three months ended March was 1.51 billion ...

Banking Sector Fuels Singapores First-Quarter Growth

Thu, 23 May 2013 06:04:06 -0400

Singapore's economy took an unexpected turn higher in the first quarter of the year as a rally in financial markets buoyed the city-state's banking sector.Gross domestic product expanded 1.8% in the first quarter on a seasonally adjusted, annualized basis, an improvement from preliminary data that had indicated a 1.4% decline, the government said Thursday. Officials said they expect ...

Gazprom to Announce LNG Project Soon - Report

Thu, 23 May 2013 06:04:05 -0400

Russian gas giant OAO Gazprom (GAZP.RS) will soon announce another "fundamentally new" liquefied natural gas project," Alexei Miller, the company's chief executive, told Interfax Thursday."We will have another fundamentally new project that you do not know of yet," he said.Gazprom is already building a gas liquefaction plant in Vladivostok, eastern Russia, to supply ...

Europe stock markets slide in early trade

Thu, 23 May 2013 06:02:46 -0400

26/03/2013 20:33 CET European stock markets opened in a tailspin – after the US Federal Reserve’s announcement on Wednesday that it might scale back its bond buying programme. A flurry of selling saw ...

Dan Bartlett is Wal-Marts new chief image maker

Thu, 23 May 2013 05:59:12 -0400

Tim Cook’s congressional debut, following an appearance at Obama’s State of the Union address in Feb, shows the iPhone maker can no longer afford to keep the low profile in ...

EU regulators accept Lufthansa United antitrust offer

Thu, 23 May 2013 05:47:54 -0400

BRUSSELS | Thu May 23, 2013 5:47am EDT BRUSSELS May 23 (Reuters) - EU antitrust regulators accepted on Thursday concessions from Lufthansa, United Airlines, Air Canada and Continental to ease competition concerns about their transatlantic revenue-sharing pact. The European Commission said the airlines would give up airport slots in Frankfurt and New York, and also allow rivals to sell ...

Indications Stock futures slide rattled by Fed China data

Thu, 23 May 2013 05:17:36 -0400

MADRID (MarketWatch) -- U.S. stock market futures fell sharply early Thursday, as fears over a tapering of the Federal Reserve's bond-buying program continued to play out. Those worries and weak China data led to heavy losses for global stocks, with Japan equities suffering their biggest one-day loss in more than two ...

Eurozone downturn in manufacturing services eases in May

Thu, 23 May 2013 05:14:09 -0400

Grexit No Longer Likely Says Man Who Coined Phrase

Thu, 23 May 2013 05:11:30 -0400

"Grexit" says the possibility of Greece exiting the euro zone has receded "markedly", reversing predictions he made in July when he saw a 90 percent chance of an exit within the next 12-18 months. Citi Chief Economist Willem Buiter coined the phrase with his Citigroup colleague Ebrahim Rahbari in February 2012. ...

If Microsoft can’t beat them it bashes them

Thu, 23 May 2013 05:09:38 -0400

Scroogled " campaign, to "Bing It On", the company is more focused on the current king of online search than solving its own problems. Focusing on Google internally is fine enough, but is classless to do so publicly. You should never have to bash a competitor's products to further advance your own. With that said, Microsoft continues the desperation in the latest Bing blog ...

Nissan To Recall 841000 Vehicles Worldwide

Thu, 23 May 2013 05:03:19 -0400

Nissan Motor Co Ltd will recall about 841,000 vehicles worldwide as a result of a steering wheel glitch. Japan's No.2 automaker said it would recall certain models of the Micra compact car produced in Britain and Japan between 2002 and 2006, as well as the Cube, produced in Japan around the same period. It is pulling back vehicles in Japan, Europe, Asia, Oceania, Africa, Latin America ...

EUs Barnier wants big companies to reveal national tax bills

Thu, 23 May 2013 04:58:57 -0400

BRUSSELS (Reuters) - Large companies should disclose how much tax they pay in each country where they operate, the European Commission's top regulatory official said, in the text of a speech to be delivered on ...

EU stock markets slide after Tokyo dives

Thu, 23 May 2013 04:57:32 -0400

EUROPE'S main stock markets have slumped at the start of trading, with Frankfurt and Paris down more than 2.0 per cent following a plunge in ...

State Bank of India Profit Falls More Than Expected

Thu, 23 May 2013 04:55:47 -0400

State Bank of India (500112.BY) posted a larger-than-expected 18.5% drop in net profit for the January-March period as it set aside more funds against bad loans, sending the shares of the country's biggest lender down as much as 7%.The bank posted a net profit of 32.99 billion rupees ($590.9 million), compared with 40.50 billion rupees a year earlier. The average of estimates from six ...

BASF Monsanto to Launch Drought Tolerant GM Corn in U.S. in 2014

Thu, 23 May 2013 04:55:45 -0400

Global crop protection companies BASF SE (BAS.XE) and Monsanto Co. (MON) plan to commercially launch a drought-tolerant variety of genetically modified corn in the U.S. next year, a senior BASF official said Thursday."We are working with Monsanto to develop a new GM corn variety, which is currently under trial and expected to be ready for launch next year," BASF's president for ...

Portuguese leaders build faith in bailout exit

Thu, 23 May 2013 04:55:08 -0400

A woman with a Portuguese flag shouts slogans during a protest against austerity in front of the presidential palace in Lisbon May 20, 2013. Portugal's President Anibal Cavaco Silva called a state council to discuss the political and economic situation after a ''troika'' bailout ...

Obama to limit drone strikes restart Guantanamo closure

Thu, 23 May 2013 04:46:04 -0400

Obama will say Thursday. The president will also announce new limits to unmanned combat drone strikes, the officials said of the program that has been central to White House efforts to combat terrorism. Obama's 2 p.m. speech at the Defense Department's National Defense University in Washington will lay out how he intends to bring his counter-terrorism policies in line with the legal ...

Xbox One Steve Jobs dream device made by Microsoft

Thu, 23 May 2013 04:12:23 -0400

Just before he died, Steve Jobs told his biographer Walter Isaacson about his dream for revolutionizing television. His fantasy device would control all the many doodads that crowd your living room - DVRs, game consoles, Blu-ray players - and would connect to the vast world of entertainment available online. Best of all, it would be drop-dead simple to control - no more futzing with the Input ...

Daily Mail publishers print revenues slide

Thu, 23 May 2013 04:04:17 -0400

Mail on Sunday declined 6% to 287m in the six months to the end of March, as print ads and circulation declined, while the Mail Online juggernaut continued with a 61% year-on-year revenue surge to 20m.Parent ...

The smart technology for running your business from home

Thu, 23 May 2013 04:04:14 -0400

Working from home or running a business from home is a great thing, and using your own equipment can be fun, as well as productive. Many pieces of technology double up as both consumer and business products - here are a handful that I have tried. The opinions expressed here are my own. Feel free to add your own observations in the comments, ...

Chinas manufacturing sector contracted in May

Thu, 23 May 2013 04:03:47 -0400

Abolish the Bonus System

Thu, 23 May 2013 04:01:40 -0400

What makes otherwise law-abiding people mis-sell insurance products or derivatives to their customers? Or manipulate market rates to their advantage? Or cover up loss-making trades in order to buy time to move their trading book back into profit again? Probably a whole series of factors, I imagine. But in the financial services sector there is a common thread running through all of these recent ...

Perfect Storm Sparks Massive Nikkei Sell-Off

Thu, 23 May 2013 04:01:40 -0400

A perfect storm of yen strength, a spike in Japanese government bond yields and new evidence of weakness in China's economy were behind a major sell-off Thursday in Japan's equity markets, said experts. The ...

Spains CaixaBank Mulls Sale of Part of Inbursa Stake

Thu, 23 May 2013 03:45:13 -0400

Spanish lender CaixaBank SA (CABK.MC) said Thursday it is considering the sale of about half of its current 20% stake in Mexico's Grupo Financiero Inbursa SAB de CV (GPFOY) in the Mexican and international markets.In a regulatory filing, CaixaBank said no final decision has been made on the potential deal and this will depend on market conditions.CaixaBank didn't provide any detail on ...

Lloyds Banking Places 77 Million Shares of St Jamess Place at GBP5.80Share

Thu, 23 May 2013 03:45:11 -0400

Lloyds Banking Group PLC (LLOY.LN) Thursday said 77 million shares of St James's Place PLC (STJ.LN) have been placed at a price of 5.80 pounds per share, giving gross proceeds of GBP450 million.MAIN FACTS:-Will realise a gain on sale of GBP40 million.-Placing will increase the Group's core tier 1 capital by GBP40 million, equivalent to an approximate 1 basis point benefit to its core ...

Fee income boosts S.Africas Investec FY earnings by 18 pct

Thu, 23 May 2013 03:04:27 -0400

Thu May 23, 2013 3:04am EDT JOHANNESBURG May 23 (Reuters) - South African investment bank and asset manager Investec reported an 18 percent rise in full-year profit on Thursday, boosted by strong income from fees and commissions. Investec, which is also listed in London, said diluted headline earnings per share totalled 30 pence in the year to end-March, compared with 25.4 pence a year ...

Lloyds raises 450 million pounds from St. Jamess Place share sale

Thu, 23 May 2013 03:03:59 -0400

LONDON (Reuters) - State-backed Lloyds Banking Group said it had raised 450 million pounds from the sale of 15 percent of wealth manager St. James's Place to boost its capital.Lloyds said the 77 million shares had been placed at 580 pence per share, a 9.4 percent discount to its Wednesday closing price of 640 pence.After its previous sale of shares in St. James's Place in March, Lloyds ...

Latam Africa surges ensure SABMiller profit growth

Thu, 23 May 2013 03:03:57 -0400

BRUSSELS (Reuters) - SABMiller, the world's second biggest brewer, reported profit growth in line with expectations thanks to a surge in earnings in Latin America and Africa and said its markets should be broadly unchanged in the coming months.The maker of Grolsch, Peroni and Pilsner Urquell, said on Thursday adjusted earnings per share rose 11 percent to 238.7 U.S. cents in the year to the ...

Futures Movers Oil drops below $94 on weak China data

Thu, 23 May 2013 02:56:35 -0400

LOS ANGELES (MarketWatch) -- Weak Chinese manufacturing data and a drop in Asian stocks helped send oil futures lower in electronic trade ...

Microsoft takes ‘console wars’ to next league with Xbox One

Thu, 23 May 2013 02:54:34 -0400

Don Mattrick, Microsoft's President of Interactive Entertainment Business, unveils the new Xbox entertainment and gaming console system at an event in Redmond, WA. on Tuesday, May, 21 ...

Live discussion social enterprise and housing Wednesday 5 June 12-1.30pm

Thu, 23 May 2013 02:53:19 -0400

. In his piece, Temple said that while housing associations are a 'powerful lobby, an economic force and a major influence on all kinds of social policy', other social enterprises were yet to harness their sending powers.Figures show that 1700 registered housing associations spend 13bn annually - but 69% of housing associations spend less that 50,000 with social enterprises and 60% ...

Apple taxes Irish economy and creating 200000 net jobs

Thu, 23 May 2013 02:52:54 -0400

EU summit on tax evasion/avoidance, Brussels, May 22, 2013: Enda Kenny, Irish taoiseach; Dalia Grybauskaite, president of Lithuania; Franois Hollande, president of France; Angela Merkel, German federal chancellor; Martin Schultz, president of the European ...

Japan Bond Yields Spike – 10-Year Now at 1

Thu, 23 May 2013 02:50:46 -0400

Japanese government bond (JGB) yields soared to 1 percent on Thursday, their highest level in a year, prompting the Bank of Japan to hold true to its promise of taking action to stabilize an incredibly volatile bond market. Analysts expected the market volatility to last for a while, but added that buying by domestic pension funds and the central bank should help keep a lid on yields. Benchmark ...

AIG eyes new director with regulatory experience

Thu, 23 May 2013 02:37:33 -0400

AIG.N ) board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the ...

Nissan to recall 841000 vehicles due to steering wheel glitch

Thu, 23 May 2013 02:37:32 -0400

7201.T ) will recall about 841,000 vehicles worldwide including the Micra compact car, also known as the March, as a result of a steering wheel glitch, Japan's No.2 automaker said on ...

BRIEF-Lloyds says St James Place divestment to raise 450 mln stg

Thu, 23 May 2013 02:09:31 -0400

LONDON | Thu May 23, 2013 2:09am EDT LONDON May 23 (Reuters) - Lloyds Banking Group PLC : * Placing of shares in st james's place plc * Gross proceeds of the placing are approximately 450 million * Settlement of placing will take place on 29 may. on completion, Lloyds will hold 110 million st james's place ...

Path says ‘eye’ do

Thu, 23 May 2013 01:50:59 -0400

Get a look at what could be the most expensive catering hall in the world.The $3.74 billion World Trade Center PATH terminal - a Santiago Calatrava-designed centerpiece known as the Oculus - will be rented out for such events as charity fundraisers, art shows and, yes, maybe even weddings, The Post has learned.The eye-shaped, multistory space - so large it can fit two-and-a-half Grand Central ...

CEO median salary $9.7M

Thu, 23 May 2013 01:50:59 -0400

The head of a typical large public company made $9.7 million in 2012, a 6.5 percent increase from a year earlier, aided by a rising stock market, according to an analysis of data from Equilar. CEO pay, which rose 6 percent in 2011, has never been higher.Pay for all US workers rose 1.6 percent in 2012, not enough to keep up with inflation. The median US wage was $39,900 in 2012, according to the ...

Ratner puck luck ploy

Thu, 23 May 2013 01:50:59 -0400

Barclays Center owner Bruce Ratner is trying to defend against a power play.The developer, who hopes to bring six New York Islanders games a season to a slimmed-down Nassau Coliseum once the team moves to Brooklyn, said he doesn’t think Madison Square Garden can block the move."I don’t think it requires [MSG’s] approval," Ratner told Fox Business Network yesterday. ...

Restructuring Ross now headed for trial

Thu, 23 May 2013 01:50:58 -0400

Billionaire Wilbur Ross is famous for restructuring failing companies - but shareholders say he crossed a line when it came to bailing out one of his own bad investments.Nearly four years after it was brought, a lawsuit accusing the legendary founder of New York-based WL Ross & Co. of double dealing and breach of fiduciary duty is headed to trial.A South Carolina state judge last week ...

Twitter ups its security

Thu, 23 May 2013 01:50:57 -0400

Twitter is adding an extra security measure to prevent unauthorized log-ins.The microblogging service said yesterday that users will be able to enroll in a log-in verification program. Twitter will send a six-digit code using a text message each time the user signs in to Twitter.com. Besides their username and password, users will have to enter the code to log ...

HP beats the Street

Thu, 23 May 2013 01:50:57 -0400

Hewlett-Packard raised its 2013 earnings outlook after beating expectations, as CEO Meg Whitman’s turnaround plan shored up profits and offset shrinking PC sales with enterprise computing services.Fiscal second quarter profit fell 32 percent, less than feared. Shares gained 14 percent, or $2.86, to $24.09, in extending trading after HP projected full-year earnings per share of $3.50 to ...

Bloomberg checked out flacks for flak

Thu, 23 May 2013 01:50:57 -0400

Bloomberg LP, as its Spygate scandal spilled across papers around the world, sought professional help, The Post has learned.The data company weighed hiring crisis p.r. consultants, sources said.Bloomberg reached out to at least one New York-based external communications firm to get help addressing reports that its reporters were using its ubiquitous Wall Street terminals to spy on clients, the ...

Clearwire board call for Sprint

Thu, 23 May 2013 01:50:56 -0400

Clearwire’s board recommended Sprint Nextel’s higher takeover bid of $3.40 a share, or about $2.5 billion, saying it’s the best offer available to the struggling wireless-service provider.The bid, which Sprint boosted from $2.97 a share, tops a $3.30 contender from Dish Network. After the terms were changed, Clearwire rescheduled the shareholders’ vote until a week from ...

Tumblr spins $13M into $192M for lucky VCs

Thu, 23 May 2013 01:50:56 -0400

Tumblr’s $1.1 billion purchase by Yahoo! returned $192 million to two of its biggest venture backers, a person familiar with the matter said, disputing an estimate by PrivCo. Spark Capital and Union Square Ventures invested $13 million apiece, according to the source. That represents about a 15-fold return for Spark, based in Boston, and Union Square, in New York. PrivCo, which earlier this ...

Saks shares spike on heels of sale scoop

Thu, 23 May 2013 01:50:55 -0400

For Saks investors, it’s like the financial crisis never happened.Shares in the owner of Saks Fifth Avenue spiked 13 percent yesterday, after The Post first reported late Tuesday that the luxury retailer had hired Goldman Sachs to explore options, including a possible sale of the company.The stock gained $1.83 yesterday to settle at $15.50 after hitting an intraday high of $16.17 - the ...

Farmers Demand GrainCorp Sell Assets Ahead of ADM Takeover

Thu, 23 May 2013 01:28:00 -0400

Australian farmers have written to the government demanding the sale of some GrainCorp Ltd. (GNC.AU) assets as a condition to its takeover by Archer Daniels Midland Co. (ADM), fearing the U.S. grain giant could squeeze the few remaining competitors out of the market.GrainCorp late last month accepted a sweetened A$3.4 billion (US$3.3 billion) takeover offer from ADM. The deal--ADM's largest ...

China Construction Bank Buys Stake in Russian Bank

Thu, 23 May 2013 01:28:00 -0400

China Construction Bank Corp. (0939.HK), China's second-largest bank by assets, said Thursday that it purchased a $100 million stake in Russia's VTB Bank (VTBR.RS).The Chinese bank said in a statement on its website that it bought the newly issued shares in the Russian bank through a placement.The state-controlled Russian bank's share offer raised about $3.3 billion, China ...

Berkshire Seeks ResCap Ally Financial Report

Thu, 23 May 2013 01:27:59 -0400

Berkshire Hathaway Inc. (BRKA) wants an independent examiner's report on dealings between mortgage company Residential Capital LLC and its government-owned parent Ally Financial Inc. released.Berkshire Hathaway says the report's findings can help it determine if a bankruptcy settlement involving the companies is fair. ResCap creditors including Berkshire want to see the report because ...