February 6, 2012
Stock futures fall on Greece concerns
NEW YORK (Reuters) - Stock index futures fell on Monday, indicating the benchmark S&P 500 index could pull back after a five-week rally.
February 6, 2012
Greece lets another deadline slip in bailout poker
ATHENS (Reuters) - Greece let yet another deadline slip on Monday for responding to painful terms for a new EU/IMF bailout.
February 6, 2012
China growth could halve if Europe crisis worsens: IMF
BEIJING (Reuters) - China's annual economic growth could be cut nearly in half this year if Europe's debt crisis tips the world economy into a recession.
February 6, 2012
GM aims for 10 percent profit margin over next few years: report
(Reuters) - General Motors aims to raise its profit margin to 10 percent over the next several years.
February 6, 2012
Humana posts higher profit, lifts forecast
(Reuters) - Humana Inc posted a big rise in fourth-quarter earnings on Monday, helped by higher membership in its Medicare plans for the elderly.
February 6, 2012
Glencore, Xstrata hammer out premium as deal nears
LONDON/CAPE TOWN (Reuters) - Top executives at Glencore and Xstrata are hammering out the final details of a proposed $80 billion merger, including the premium on offer by the commodities trading giant to secure approval from the miner's shareholders.
February 6, 2012
Chrysler's "Halftime" ad: a roadmap for America?
LAS VEGAS (Reuters) - Is what is good for Chrysler good for America?
February 6, 2012
Analysis: Italy charm offensive more style than substance
ROME (Reuters) - The enthusiasm surrounding Mario Monti is excessive. He has not had time to address Italy's problems seriously, never mind fix them.
February 5, 2012
As Facebook grows up, it courts Madison Avenue
(Reuters) - About a year ago, when it became clear that taking Facebook Inc public was a matter of when not if, Chief Operating Officer Sheryl Sandberg went out and poached Caroline Everson, then global advertising head at Microsoft Corp.
February 5, 2012
For some black women, economy and willingness to aid family strains finances
The Great Recession carried special pain for black women like Jane Ladson. She had always been the one her family turned to when they needed help, and she didn’t hesitate to give it. She helped pay for weddings and rent. She made room for her nephew wh
February 5, 2012
Forget Super PACS. A modest proposal for legalizing vote buying
Who says government can’t get anything right? It was just two years ago that the Supreme Court, in a landmark decision, scraped away decades of barnacled case law obscuring our beloved Constitution and unequivocally established the right of corporation
February 5, 2012
February 5, 2012
Avoiding Congressâs fiscal bombs
A grim surprise was tucked inside the Congressional Budget Office’s latest budget outlook. Economic growth, it said, would be only 2 percent in 2012, falling to 1.1 percent in 2013. That’s horrible. It’s far beneath the growth rate required for the
February 5, 2012
In funding battles, Planned Parenthoodâs silver lining
About a month ago, I started working on a long story about the state of abortion politics. It is published in the Outlook section of today’s Washington Post and, given the past week’s events, I hope it makes for a timely read: Read full article &
February 4, 2012
Hungary seeks 15-20 billion euro IMF/EU credit line: official
BUDAPEST (Reuters) - Hungary is seeking an international credit line of 15 to 20 billion ($20 to $26.3 billion) euros.
February 4, 2012
Deutsche Boerse board member wants CEO out: paper
FRANKFURT (Reuters) - Deutsche Boerse's chief executive Reto Francioni should step down following the collapse of its $7.4 billion plan to merge with NYSE Euronext.
February 4, 2012
Forget super PACs. A modest proposal for legalizing bribery
Who says government can’t get anything right? It was just two years ago that the Supreme Court, in a landmark decision, scraped away decades of barnacled case law obscuring our beloved Constitution and unequivocally established the right of corporation
February 3, 2012
Stock futures edge higher ahead of payrolls
NEW YORK (Reuters) - Stock index futures edged higher on Friday as investors awaited the monthly payrolls report.
February 3, 2012
Job growth seen slower in January
WASHINGTON (Reuters) - U.S. employment growth probably slowed in January as messengers hired during the busy holiday shopping season were laid off, but the improving labor market trend should remain intact.
February 3, 2012
Investors worry where to put cash as banks wobble
LONDON (Reuters) - Investors are holding more cash than at any time since the Lehman Brothers collapse to protect themselves against volatile financial markets.
February 3, 2012
Merged Glencore, Xstrata would take aim at iron ore
SYDNEY (Reuters) - An $80 billion marriage of commodities trader Glencore and miner Xstrata could lead to a new round of takeovers in iron ore.
February 3, 2012
(Reuters) - Aon Corp , the world's largest insurance broker, posted a higher quarterly profit.
February 3, 2012
Nasdaq vaults to 11-year high on surge in jobs
NEW YORK (Reuters) - A surge in hiring in the world's largest economy last month drove the Nasdaq to an 11-year high on Friday as optimism grew that the labor market is on a steady path to recovery.
February 3, 2012
Ex-UBS trader refused bail as bank probe deepens
LONDON (Reuters) - Former UBS AG trader Kweku Adoboli, who is accused of unauthorized deals that cost the Swiss bank $2.3 billion, was refused bail by a London court on Friday less than an hour after regulators stepped up their probe into the scandal.
February 3, 2012
Panasonic headed for record $10 billion annual loss
TOKYO (Reuters) - Japan's Panasonic Corp warned of a record annual $10.2 billion net loss, joining beleaguered rivals Sony and Sharp in a sea of red ink as they struggle to fix their broken TV businesses and show they have not lost their way.
February 3, 2012
A tale of two technocrats: paths diverge for Greece and Italy
ROME/ATHENS (Reuters) - Greek Prime Minister Lucas Papademos and Italy's Mario Monti were appointed within days of each other last November to replace politicians who took their countries to the brink of financial collapse.
February 3, 2012
Jobless rate at 3-year low as payrolls surge
WASHINGTON (Reuters) - The United States created jobs at the fastest pace in nine months in January and the unemployment rate unexpectedly dropped to a near three-year low, giving a boost to President Barack Obama.
February 3, 2012
Analysis: Stock-picking makes a comeback as macro tides fade
NEW YORK (Reuters) - Stock-picking once again matters on Wall Street.
February 3, 2012
New York sues banks over electronic mortgage system
NEW YORK (Reuters) - New York State Attorney General Eric Schneiderman on Friday sued three major U.S. banks, accusing them of fraud for using an electronic mortgage database that resulted in deceptive and illegal practices.
February 3, 2012
Wall Street analysts struggle to predict Apple
SAN FRANCISCO (Reuters) - By day, Robert Leitao manages a Catholic church in Southern California. By night, he indulges his other passion: predicting Apple Inc's results.
February 3, 2012
Stanford had secret fund for bribes, yacht: witness
HOUSTON (Reuters) - Texas financier Allen Stanford drew on a secret Swiss bank account for personal expenses such as yacht maintenance and to pay bribes, the government's top witness said at Stanford's fraud trial on Friday.
February 3, 2012
Central bank liquidity tap to stay open
LONDON (Reuters) - After a blockbuster January for both equities and bonds - rallies that caught many in the market by surprise - investors will be paying keen attention to the world's central banks in the coming week for signs of continued easy money.
February 3, 2012
Unemployment report: January job gains have economists rethinking outlooks
An unexpectedly rosy jobs report set off a chain reaction Friday, upending economists’ gloomy predictions for the coming year, leading to a surge on Wall Street and potentially boggling the political calculus of the 2012 presidential campaigns. Read fu
February 3, 2012
—A note to readers: Full-text RSS has returned to Wonkblog. Huzzah! —Meet the man who has a 102 percent effective tax rate. —Animal poaching is on the rise, so zoos are tightening security. —Wanted: a singer who can sing a note so low that it may
February 3, 2012
About the Planned Parenthood chart
Charlotte Allen says it’s misleading: One way Planned Parenthood massages the numbers to make its abortion business look trivial is to unbundle its services for purposes of counting. Those 10.1 million different medical procedures in the last fiscal ye
February 3, 2012
Time for the Fed to double down
I’ve been meaning to write a longer post disagreeing with some of Matt Yglesias’s calls for a total “regime change” in how we think about monetary policy, but he’s right about this: The incipient strength in the economy strengthens the case for
February 2, 2012
Stock index futures point to flat start
NEW YORK (Reuters) - Stock index futures pointed to a flat open on Wall Street on Thursday.
February 2, 2012
Facebook's Zuckerberg to keep iron grip after IPO
SAN FRANCISCO (Reuters) - Facebook unveiled plans for the biggest ever Internet IPO that could raise as much as $10 billion, but made it clear CEO Mark Zuckerberg will exercise almost complete control over the company, leaving investors with little say.
February 2, 2012
Glencore and Xstrata in $80 billion merger talks
LONDON (Reuters) - Mining group Xstrata and commodities trader Glencore are in talks about an all-share deal that could create a combined group worth more than 50 billion pounds ($79 billion).
February 2, 2012
China's Wen: May become more involved in EU rescue
BEIJING (Reuters) - China is considering providing greater involvement in the rescue funds aimed at resolving the European debt crisis, Chinese Premier Wen Jiabao told journalists on Thursday.
February 2, 2012
Tokyo bourse suffers glitch, angers traders
TOKYO (Reuters) - The Tokyo Stock Exchange suffered a major glitch in cash-share trading for the first time in six years.
February 2, 2012
Insight: Inside Rupert Murdoch's UK newspaper clean-up operation
LONDON (Reuters) - The centre of Rupert Murdoch's British newspaper clean-up operation is an unimposing set of offices in a corner of the company's campus in Wapping, east London.
February 2, 2012
Shell eyes big growth, but at big cost
LONDON (Reuters) - Royal Dutch Shell unveiled ambitious new growth plans alongside disappointing fourth quarter results on Thursday, raising concerns about how much profit the increased activity will bring.
February 2, 2012
Deutsche Bank's Ackermann era ends in quarterly loss
FRANKFURT (Reuters) - Josef Ackermann's reign at Deutsche Bank ended in a surprise quarterly loss on Thursday, with the bank hit by a downturn in bond trading due to the euro zone crisis and writedowns on holdings in drug and gambling companies.
February 2, 2012
Analysis: Bond benchmarks put investors in undue danger
LONDON (Reuters) - Investors are needlessly exposing themselves to huge potential losses by defying two golden rules for making money through bonds - lend more to those who will pay on time in full and less to those already saturated in debt.
February 2, 2012
Analysis: Specter of forced selling haunts rallying Italy debt
LONDON (Reuters) - Italy's bonds have made sizzling returns this year but fears the country will lose its investment-grade status are putting off long-term investors whose support Rome needs to tackle a mountain of refinancing and ease worries about its d
February 2, 2012
Fed still divided as Fisher sees no need for QE3
AUSTIN, Texas (Reuters) - A third round of large-scale asset purchases by the Federal Reserve is not needed and would compound the difficulties of tightening monetary policy when the time finally comes, a top Fed official said on Thursday.
February 2, 2012
Fed chief warns Congress against hampering growth while cutting debt
Federal Reserve Chairman Ben S. Bernanke on Thursday cautioned lawmakers against taking any steps that would hurt economic growth as they work to cut the nation’s debt, and he defended the central bank’s recent actions to support the economy. Read fu
February 2, 2012
Obama administration to move forward with closing Fannie Mae, Freddie Mac
The Obama administration plans to push forward this spring with efforts to wind down government-backed housing giants Fannie Mae and Freddie Mac and attract more private funding to mortgage markets, Treasury Secretary Timothy F. Geithner said Thursday.
February 2, 2012
— A theory of why companies pay so much for consultants. — New York’s abandoned leper colony. — “Mr. Zuckerberg thus stands alone in exercising this degree of control over a very public technology company.” Read full article >> Featu
February 2, 2012
Seven California Komen affiliates oppose defunding Planned Parenthood
All seven California Susan G. Komen Race for the Cure Foundation affiliates have come out in opposition to the group’s new, national policies that bar them from funding Planned Parenthood. Here’s a statement they just sent to California’s congress
February 2, 2012
The GOPâs plan to spare defense, target federal workers
Even before the supercommittee’s demise, John McCain vowed to nullify the cuts to defense spending that would automatically go into effect if the group couldn’t come to a deal. Thursday, McCain took the next step toward making good on that promise.
February 1, 2012
Stock index futures signal gains; Amazon eyed
NEW YORK (Reuters) - Stock index futures pointed to a higher open on Wall Street on Wednesday.
February 1, 2012
Facebook to file $5 billion IPO Wednesday: IFR
NEW YORK (Reuters) - Facebook is expected to submit paperwork to regulators on Wednesday morning for a $5 billion initial public offering.
February 1, 2012
EU blocks "near-monopoly" of D.Boerse-NYSE merger
BRUSSELS (Reuters) - European Union regulators have blocked the merger of exchange operators Deutsche Boerse and NYSE Euronext to avoid giving them a stranglehold on the European futures market.
February 1, 2012
Nasdaq profit ahead of expectations
(Reuters) - Nasdaq OMX Group Inc's quarterly profit declined due to a number of expenses.
February 1, 2012
Sony names Hirai president and CEO, replacing Stringer
TOKYO (Reuters) - Sony Corp named Vice President Kazuo Hirai as president and CEO, replacing Howard Stringer who will step down from day-to-day management in a long-expected change for a company struggling to regain its driving force in consumer electroni
February 1, 2012
Chrysler reports full-year profit on strong U.S. sales
DETROIT (Reuters) - U.S. automaker Chrysler Group LLC swung to a full-year net income of $183 million on Wednesday, and made the bold prediction that profit would be eight times higher in 2012, on strong sales in its main U.S. market.
February 1, 2012
Exclusive: U.S. accuses China of instigating plot against DuPont
SAN FRANCISCO (Reuters) - Chinese government representatives directed a U.S. businessman to obtain valuable technology manufactured by chemical giant DuPont and U.S. authorities were seeking on Wednesday to keep him in jail ahead of his trial on charges r
February 1, 2012
MF Global's missing money traced: report
(Reuters) - U.S. investigating authorities have traced more than 90 percent of the customer money which disappeared from MF Global around the time of its bankruptcy, the New York Times reported, citing people briefed on the investigation.
February 1, 2012
AOL profit beats Wall Street expectations
(Reuters) - AOL Inc posted a drop in fourth-quarter profit, but beat Wall Street forecasts as a rise in display advertising offset an ongoing decline at its Internet dial-up business.
February 1, 2012
Insight: Oil industry sees no threat from electric car
LONDON (Reuters) - The biggest oil companies in the world have calculated that few, if any, of today's drivers will see electric cars outnumber gasoline and diesel models in their lifetimes.
February 1, 2012
Wonkbook: What if Republicans lose with Romney?
BREAKING: The GOP primary is turning out as everyone has known it would for months now. Mitt Romney won Florida last night. He won it big, in fact. He won in every income group. He won among every age group. He won among every education level. He won
January 31, 2012
Euro, shares gain as Greek debt fears recede
LONDON (Reuters) - The euro rose and world shares recovered on Tuesday on hopes of a deal this week to free up the next tranche of aid for Greece.
January 31, 2012
Dixons Retail CEO quits to join Apple
(Reuters) - Europe's second-biggest electrical goods retailer Dixons Retail said on Tuesday that its chief executive was leaving the company to join the world's most valuable technology corporation, Apple, as senior vice president of retail.
January 31, 2012
Toshiba cuts outlook after Q3 profit tumbles
TOKYO (Reuters) - Toshiba Corp, Japan's biggest chip maker, booked a 72 percent fall in quarterly operating profit and cut its annual profit forecast.
January 31, 2012
Honda slashes annual profit outlook on disasters, yen
TOKYO (Reuters) - Honda Motor Co forecast a worse-than-expected 65 percent drop in profit for the year to March.
January 31, 2012
Europe signs up to German-led fiscal pact
BRUSSELS (Reuters) - Chancellor Angela Merkel cemented her political ascendancy in Europe Monday when 25 out of 27 EU states agreed to a German-inspired pact for stricter budget discipline.
January 31, 2012
Trying to read between the lines of the Fed rate message
NEW YORK (Reuters) - For a central bank that wants to make transparency its hallmark, the Federal Reserve's new forecast of nearly three more years of super-low rates has left room for a few doubts.
January 31, 2012
Euro zone jobless hits highest level since birth of euro
BRUSSELS (Reuters) - Euro zone unemployment has risen to its highest level since the euro single currency was introduced, data showed on Tuesday, a day after EU leaders promised to focus on creating millions of new jobs to try to kickstart Europe's stagna
January 31, 2012
JPM's global co-head of emerging markets to leave firm
HONG KONG (Reuters) - JPMorgan on Tuesday said its global co-head of emerging markets and head of fixed income for Asia would be leaving the company.
January 31, 2012
— What our sun will look like when it dies. — The most annoying business jargon of all time. — Previewing Katherine Boo’s new book on life in a Mumbai slum. — Thanks to a protracted economic slump, Japan has become “the most culturally cosmop
January 31, 2012
Why Komen defunded Planned Parenthood
The Associated Press reports that Susan G. Komen for the Cure, the nation’s leading breast-cancer charity, will cut off its funding to Planned Parenthood affiliates, where the foundation has traditionally paid for preventive screening services. Read f
January 30, 2012
Stock futures down as Greek budget issues loom
NEW YORK (Reuters) - Stock index futures fell on Monday as concerns grew about the state of Europe's finances.
January 30, 2012
EU leaders struggle to reconcile austerity, growth
BRUSSELS (Reuters) - European leaders will struggle to reconcile austerity with growth on Monday at a summit due to approve a permanent rescue fund for the euro zone.
January 30, 2012
Ex UBS trader Adoboli denies fraud, faces trial
LONDON (Reuters) - Former UBS trader Kweku Adoboli will stand trial in September after pleading not guilty on Monday to charges related to the loss of more than $2 billion on trades the Swiss bank says were unauthorized.
January 30, 2012
Citi chairman Parsons considers stepping down: report
(Reuters) - Citigroup's chairman, Richard Parsons, is considering giving up the position to focus on other interests.
January 30, 2012
Small business hiring slows, wages dip in January
WASHINGTON (Reuters) - Small business payrolls grew at a slower rate in January and wages fell, suggesting the pace of overall job growth moderated after December's sturdy gain.
January 30, 2012
Euro zone confidence improves, highlights divergence
BRUSSELS (Reuters) - Confidence in the euro zone's economy strengthened in January for the first time since early 2011, EU data showed on Monday, but a recovery in Germany masked a deterioration in France and Italy, highlighting the bloc's diverging fortu
January 30, 2012
Bank of America shuffles investment banking leaders
(Reuters) - Bank of America Corp is shaking up the leadership of its investment bank as it looks to find its footing in a difficult market environment.
January 30, 2012
Canon earnings outlook falters, president steps down
TOKYO (Reuters) - Canon Inc's 76-year-old chairman and CEO will take on the additional role of president after the $60 billion Japanese camera and printer maker forecast weak earnings growth and said its current president was stepping down.
January 30, 2012
ABB to buy Thomas & Betts for $3.9 bln in U.S. push
ZURICH (Reuters) - Swiss engineering group ABB said it had agreed to buy U.S. electrical components maker Thomas & Betts for $3.9 billion to ramp up its presence in the world's largest market for low-voltage products.
January 30, 2012
Honda out to shake up market with first jet next year
TOKYO (Reuters) - Honda Motor Co expects to grab at least a quarter of the world market for small business jets soon after delivering its first aircraft next year, achieving the company's long-standing goal of taking to the skies, an executive said.
January 30, 2012
RIM committee stresses importance of independent chair
(Reuters) - A review of Research In Motions' leadership structure by a committee of independent directors has concluded that no future chief executive or other employee can be chairperson of the BlackBerry maker.
January 30, 2012
Obamaâs push to revive middle class will clash with long-term trends
President Obama calls it “the defining issue of our time”: forging a fairer economy by reversing years of widening income inequality and building a strong middle class. And for much of last week, beginning with Tuesday’s State of the Union address,
January 30, 2012
— The Mormon welfare state. — Not a typo: Advertising by outside groups is up 1,600 percent in this election cycle. — Josh Barro’s case against the Buffett rule. — New York City agencies still use typewriters. Read full article >>
January 30, 2012
CBO: Federal workers make more than their private-sector counterparts
The Congressional Budget Office has found that the federal government pays slightly more in average wages and significantly more in benefits than the private sector. But the advantages mostly accrue to less-educated workers, while compensation for federa
January 30, 2012
Americans donât know much about Romneycare â except that itâs very similar to Obamacare
Mitt Romney’s opponents in the Republican primary campaign haven’t gotten tired of reminding voters how similar the former governor’s health reforms in Massachusetts are to President Obama’s federal law (the White House is also fond of such remin
January 29, 2012
Comparing Obama and Reaganâs economic records
James Pethokoukis and Joe Weisenthal have been arguing over who presided over the more impressive recovery: Barack Obama or Ronald Reagan? This is, I think, a mostly useless exercise. Obama and Reagan presided over different kinds of recessions that beg
January 29, 2012
When health plans go high deductible
As health costs rise, employers are increasingly turning to high-deductible health plans: Insurance coverage that usually pairs catastrophic coverage with a health savings account, leaving consumers to decide what to spend that account on. The goal is t
January 28, 2012
Greece, creditors piece together debt deal
ATHENS (Reuters) - Greece and its private creditors worked on stitching together the final bits of a complex debt swap agreement Saturday.
January 28, 2012
NEW YORK (Reuters) - January has turned out strong for equities with just two trading days to go. If you're afraid to miss the ride, there's still time to jump in.
January 28, 2012
Bankers resist regulatory restraint on bonuses
DAVOS, Switzerland (Reuters) - Budding bankers expecting the bumper bonuses of years gone by will have to think again.
January 28, 2012
Exxon to sell part of Tonen stake for $3.9 billion: sources
TOKYO (Reuters) - Exxon Mobil plans to sell a large part of its 50 percent stake in TonenGeneral Sekiyu KK back to its Japanese refining partner.
January 28, 2012
RBS chairman waives $2.2 million bonus after Hester row
LONDON (Reuters) - Royal Bank of Scotland's Chairman Philip Hampton will not pick up a 1.4 million pound ($2.2 million) stock bonus.
January 28, 2012
IMF leads global push for euro zone to boost firewall
DAVOS, Switzerland (Reuters) - International Monetary Fund chief Christine Lagarde led a global push on Saturday for the euro zone to boost its financial firewall, saying "if it is big enough it will not get used."
January 28, 2012
Swiss urge U.S. tax deal to shield other banks
DAVOS, Switzerland (Reuters) - The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.
January 28, 2012
Germany wants Greece to give up budget control
BERLIN (Reuters) - Germany is pushing for Greece to relinquish control over its budget policy to European institutions as part of discussions over a second rescue package, a European source told Reuters on Friday.
January 28, 2012
What Sweden can teach us about nuclear waste
Last year, the Energy Department set up a commission to figure out what to do with the country’s nuclear waste after a planned repository at Nevada’s Yucca Mountain was nixed. This week, the commission came back and advised a “consent-based approac
January 28, 2012
The AP runs the numbers: Add up the wealth of the last eight presidents, from Richard Nixon to Barack Obama. Then double that number. Now you’re in Romney territory. But he’s no George Washington. More here. Read full article >>
January 28, 2012
Steven Pearlstein: Not exactly the nationâs entrepreneurial capital
A series of columns on the Washington regional economy is bound to generate a good deal of e-mail reaction, some of which I share with you today. The request for big ideas brought lengthy, passionate briefs in favor of thorium reactors, nonstop flights
January 27, 2012
Stock index futures signal steady open
NEW YORK (Reuters) - Stock index futures pointed to a steady open on Wall Street.
January 27, 2012
Ford profit hit by commodity costs, Europe
(Reuters) - Ford Motor Co reported a lower-than-expected fourth-quarter profit on Friday due to higher commodity costs.
January 27, 2012
U.S. growing at 2-3 percent rate: Geithner
DAVOS, Switzerland (Reuters) - The U.S. economy is growing at 2-3 percent but still faces big challenges to repair damage wrought by the financial crisis.
January 27, 2012
EU, IMF press Greece on reforms before aid flows
ATHENS (Reuters) - The European Union and IMF want Greece to push through more budget cuts and implement a series of long-agreed austerity reforms before they agree on a new bailout.
January 27, 2012
Japan prices fall, mild deflation to persist
TOKYO (Reuters) - Japan's core consumer prices fell for the third consecutive month in the year to December, and mild deflation is expected to persist this year.
January 27, 2012
BP fails to shift $15 billion oil spill costs onto Transocean
LONDON (Reuters) - Oil giant BP has lost its attempt to shift over $15 billion of costs related to the Gulf of Mexico oil spill onto contractor Transocean, increasing the possibility BP may have to foot the entire $42 billion clean up bill.
January 27, 2012
James Murdoch to quit GSK board
LONDON (Reuters) - James Murdoch, facing scrutiny over his role in a phone hacking scandal at the News of the World tabloid, is to step down from the board of GlaxoSmithKline, Britain's biggest drugmaker said on Friday.
January 27, 2012
Charges weigh on Procter & Gamble profit
(Reuters) - Procter & Gamble Co's quarterly profit plunged 49 percent, as the world's largest household products maker took an impairment charge against its appliance and salon professional products businesses.
January 27, 2012
D.R. Horton posts profit on higher home orders
(Reuters) - D.R. Horton Inc , the top U.S. homebuilder, posted a first-quarter profit, helped by a surge in orders indicating a stabilizing housing market.
January 27, 2012
Smartphones drive record Samsung profit
SEOUL (Reuters) - Samsung Electronics Co posted a record $4.7 billion quarterly operating profit, driven by booming smartphone sales, and will spend $22 billion this year to boost production of chips and flat screens to pull further ahead of smaller rival
January 27, 2012
Exiting watchdog sees flaws in SEC's rulewriting
WASHINGTON, DC (Reuters) - In his final act before departing the Securities and Exchange Commission on Friday, the agency's inspector general, David Kotz, criticized how the agency analyzes the economic impact of some of its Dodd-Frank rules.
January 27, 2012
Goldman, Berkshire names surface in Gupta case
NEW YORK (Reuters) - The names of a Goldman Sachs board member and a top executive of Berkshire Hathaway surfaced on Friday as potential witnesses in the insider trading trial of Rajat Gupta, a former director of Goldman, Procter & Gamble and other compan
January 27, 2012
7 former lawmakers lobbied for groups that received earmarks, report says
Sometimes earmarking government money pays off for U.S. lawmakers — even after they’ve left office. A new report has found seven former lawmakers who have lobbied Congress on behalf of organizations that they funded while in office. Citizens for Resp
January 27, 2012
—The big business of swindling people who trust you. —The energy industry thinks the word “fracking” has become a slur. —Is brain-boosting ethical? —A leading actress from “The Wire” is now working to help troubled youth in Baltimore. Re
January 27, 2012
Mining the moon isn't as easy as it sounds
My colleague Joel Achenbach has a great piece assessing Newt Gingrich’s proposal to mobilize the private sector for space exploration — and colonizing the moon. But why would we want a moon colony anyway? Mining? Joshua Keating ponders whether moon m
January 27, 2012
January 26, 2012
NEW YORK (Reuters) - Stock index futures rose on Thursday, adding to gains from the previous session.
January 26, 2012
Bernanke has "finger on trigger" for new bond buys
CHICAGO/NEW YORK (Reuters) - The Federal Reserve has moved closer to embarking on a new round of its controversial money-pumping.
January 26, 2012
Greek debt talks resume in race against the clock
ATHENS (Reuters) - Greece resumes tortuous negotiations on a debt swap with private creditors in Athens on Thursday.
January 26, 2012
Italy sells top amount at bond sale, yields fall
MILAN (Reuters) - Italy's borrowing costs dropped sharply as it sold the maximum amount of 5 billion euros at an auction of short-term debt.
January 26, 2012
Nintendo sees first annual loss, cuts 3DS forecast
(Reuters) - Nintendo Co Ltd posted a sharp drop in quarterly profit and forecast a bigger-than-expected full-year loss, its first at an operating level.
January 26, 2012
Lockheed order backlog to cushion tough 2012
WASHINGTON (Reuters) - Lockheed Martin Corp , the Pentagon's largest supplier, forecast broadly flat sales and operating profit for 2012, with a record high order backlog helping it to cope with cuts in U.S. defense spending.
January 26, 2012
Japan's NEC to slash 10,000 jobs
TOKYO (Reuters) - NEC Corp said Thursday it will slash 10,000 jobs, almost one in 10 of its workers, in a bid to cut costs as competition from foreign rivals including Apple Inc pushes it deep into the red.
January 26, 2012
MF Global casts spotlight on client fund rules
LONDON (Reuters) - Three years after the demise of Lehman Brothers exposed problems in how brokers handle client funds, trading firms are still using lax rules to withhold cash owed to clients of failed brokerages, fuelling calls for reforms.
January 26, 2012
Analysis: More, not less, oil this year despite Iran ban
LONDON (Reuters) - The world is likely to have more oil, not less, this summer even as Europe imposes sanctions on Iran over its nuclear program.
January 26, 2012
Analysis: Italy - a buy for the brave
DAVOS (Reuters) - Italy could turn out to be the investment bet of the decade if European Union leaders manage to contain the euro zone crisis.
January 26, 2012
Wonkbook: Fed to keep interest rates near zero through 2014
Ezra is on vacation today. Top stories 1) The Fed announced plans to keep interest rates near zero through 2014, reports Zachary Goldfarb:"The Federal Reserve said Wednesday that unemployment will remain so high over the next three years that the c
January 26, 2012
4 years after D.C. fire, ex-tenants and Mount Pleasant face frustration
Four years after that horrific night, Yasmin Romero-Castillo wants to return to where she lived for nearly a dozen years, the place where she could count on familiar faces and lively banter greeting her when she arrived home to the front stoop. Read full
January 26, 2012
— The Pentagon’s budget will shrink for the first time since 1998. — A New York Sports Club ad campaign isn’t getting rave reviews. — Portraits of the homeless, by Lee Jeffries. — McDonald’s biggest market is the United States. It’s se
January 26, 2012
Are natural gas vehicles a good idea?
On Thursday, President Obama traveled to Las Vegas to pitch a few new energy policies — including tax breaks for firms that buy natural gas-powered trucks. T. Boone Pickens, for one, has argued that fueling vehicles with natural gas is the best way to
January 26, 2012
Interview: Health reformâs comparative effectiveness chief
In late 2011, a doctor named Joe Selby was charged with a very big task: Figure out which health care treatments are most effective. Selby is the first executive director of the Patient-Centered Outcomes Research Institute, an independent body created
January 25, 2012
Apple lifts Nasdaq futures in hesitant market
NEW YORK (Reuters) - Dow and S&P 500 index futures edged lower on Wednesday as the market continues to show signs of fatigue this week.
January 25, 2012
Apple returns to form, blows Street targets away
SAN FRANCISCO (Reuters) - Apple Inc's quarterly results blew past Wall Street's expectations after U.S. consumers snapped up near-unprecedented numbers of iPhones and iPads.
January 25, 2012
Roche offers $5.7 billion to buy gene firm Illumina
(Reuters) - Roche Holding AG is offering $5.7 billion in cash to buy U.S. gene sequencing company Illumina Inc.in an unfriendly takeover bid that marks a major play by the Swiss drugmaker into the gene technology field.
January 25, 2012
Fed set to push back timing of eventual rate hike
WASHINGTON (Reuters) - The Federal Reserve looks set to keep monetary policy on hold on Wednesday, even as it releases forecasts expected to show interest rates will be near zero for at least two more years.
January 25, 2012
Strong business morale shows Germany will avoid recession
BERLIN (Reuters) - German business sentiment rose for the third month in a row in January, beating expectations and offering fresh evidence that Europe's largest economy is shrugging off a sovereign debt crisis that has hammered growth in other euro zone
January 25, 2012
Japan's first trade deficit since 1980 raises debt doubts
TOKYO (Reuters) - Japan first annual trade deficit in more than 30 years calls into question how much longer the country can rely on exports to help finance a huge public debt without having to turn to fickle foreign investors.
January 25, 2012
Mortgage applications retreated last week: MBA
NEW YORK (Reuters) - Applications for home mortgages retreated last week, giving back some of the previous week's surge as interest rates rose, an industry group said on Wednesday.
January 25, 2012
Greece hoping for debt swap deal as early as this week
ATHENS (Reuters) - Greece hopes to complete talks on a debt swap deal with its private creditors as early as this week, a Greek government spokesman said on Wednesday.
January 25, 2012
SAP bullish on 2012 after record results
FRANKFURT (Reuters) - SAP, the world's biggest maker of business software, was upbeat on its topline growth this year citing its investment in new technologies and robust corporate spending.
January 25, 2012
Hedgies braving battered markets to go it alone
LONDON (Reuters) - Several high-profile hedge fund managers are preparing to strike out on their own this year, supported by strong followings and unfazed by a year of poor industry performance that has shaken investor confidence in the $2 trillion sector
January 25, 2012
Wonkbook: Five policies to watch from Obama's State of the Union
Last night's State of the Union will not take a place alongside Barack Obama's 2008 speech on race. It won't be mentioned in the same breath as his 2004 speech in Boston. It didn't even have the intellectual scope and narrative sweep of his 2011 speech i
January 25, 2012
— Tim Geithner says he won’t be back if Obama gets reelected. Here’s an old post from Ezra on who could be the next Treasury secretary (though he says sub in Lael Brainerd for Jack Lew on the contenders’ list). Read full article >>
January 25, 2012
The state of Massachusetts health reform, in 3 charts
Health Affairs is out this afternoon with a four-year look back at Massachusetts health reform. It has some good news (coverage has gone up!) and not-so-good news (health care isn’t getting any cheaper). With the Massachusetts reforms serving as the mo
January 24, 2012
Futures drop on Greece, short-term top seen
NEW YORK (Reuters) - Stock index futures fell on Tuesday as talks to resolve Greece's debt crisis stumbled again.
January 24, 2012
Greece clings to hope of debt deal despite setback
BRUSSELS/ATHENS (Reuters) - Greece was clinging on Tuesday to hope of a last-minute bond swap deal to avoid a messy default.
January 24, 2012
Exporter Japan eyes first trade deficit in 3 decades
TOKYO (Reuters) - Japan probably produced its first trade deficit last year in more than three decades as energy imports surged to cover for the loss of nuclear power following the Fukushima disaster.
January 24, 2012
Euro zone may skirt recession as PMIs surprise
LONDON (Reuters) - The euro zone may escape recession thanks to a surprise upturn in the service sector this month.
January 24, 2012
Verizon posts loss on pension charge
NEW YORK (Reuters) - Verizon Communications posted a quarterly loss due to a non-cash pension charge and high costs from strong sales of the Apple Inc iPhone.
January 24, 2012
Netflix glad 2011 over but 2012 may mean more pain
LOS ANGELES (Reuters) - Netflix Inc probably would like nothing better than to put 2011 behind it. But 2012 may be no walk in the park either.
January 24, 2012
Euro zone may yet escape recession as services jump: PMIs
LONDON (Reuters) - The euro zone may yet escape recession thanks to a surprise upturn in the service sector that outweighed the ongoing contraction in manufacturing this month, surveys showed on Tuesday.
January 24, 2012
Demand strong, yields fall at Spain bill sale
MADRID (Reuters) - Investors buoyed by a European Central Bank backstop flocked to a sale of Spanish short-term debt on Tuesday, buying three- and six-month paper at sharply lower yields that give a shot in the arm to the country's deficit-reduction effor
January 24, 2012
Banks call time on debt-laden Petroplus
ZURICH/LONDON (Reuters) - Swiss-based oil refiner Petroplus is filing for insolvency, putting over 2,000 jobs across Europe at risk, after banks called in debts, triggering a $1.75 billion default.
January 24, 2012
Credit Suisse's risky asset bonus plan gets encore
ZURICH (Reuters) - Credit Suisse , Switzerland's second-largest bank, is to pay a portion of 2011 bonuses for its top executives in risky assets in an extension of a program the company first used three years ago, Reuters has learned from an internal memo
January 24, 2012
IMF sees rising recession risk from euro credit crisis
The global economy is slowing sharply and is at far greater risk of recession than was thought just months ago, with Europe’s debt crisis creating “fertile ground” for a rapid collapse, the International Monetary Fund warned Tuesday. Read full arti
January 24, 2012
The State of the Union address is rarely one presidents use to delve into details of policies they hope to pursue in the coming year. What speech does tend to offer are some broader principles that will likely guide the White House’s 2012 agenda. Re
January 24, 2012
Can’t follow the State of the Union action without a liveblog. Or at least a widget displaying live tweets. Read full article >>
January 23, 2012
Stock futures signal lower Wall Street open
NEW YORK (Reuters) - Stock index futures pointed to a weaker open for equities on Wall Street on Monday.
January 23, 2012
Apache to buy Cordillera Energy for $2.85 billion
(Reuters) - U.S. gas producer Apache is to buy privately owned oil and gas company Cordillera Energy Partners III in a cash-and-stock deal valued at $2.85 billion.
January 23, 2012
BlackBerry maker's CEOs hand reins to insider
WATERLOO, Ontario (Reuters) - Research In Motion's Mike Lazaridis and Jim Balsillie have bowed to investor pressure and resigned as co-CEOs, handing the top job to an insider.
January 23, 2012
Euro zone finance ministers to rule on Greek debt talks
BRUSSELS/ATHENS (Reuters) - Euro zone finance ministers will decide on Monday what terms of a Greek debt restructuring they are ready to accept as part of a second bailout package for Athens.
January 23, 2012
Thyssen, Outokumpu discuss stainless steel tie-up
DUESSELDORF/FRANKFURT, Germany (Reuters) - German steelmaker ThyssenKrupp and Finland's Outokumpu are in talks over a possible merger of their stainless steel businesses.
January 23, 2012
EU's Barnier says will stick to bank capital plan
LONDON (Reuters) - Michel Barnier, European Commissioner in charge of financial regulation, said on Monday that he would stick strictly to a timetable already agreed for implementing stricter Basel III bank capital requirements.
January 23, 2012
Companies see growth but few new jobs: poll
WASHINGTON (Reuters) - Few U.S. companies plan to step up hiring in the next six months although they do expect the economy to be a bit stronger this year, according to a poll released on Monday.
January 23, 2012
French business morale sours in Jan as gloom spreads
PARIS (Reuters) - Business morale in France's manufacturing sector dropped unexpectedly in January as uncertainty over the state of the euro zone and world economy as well as upcoming elections weighed on sentiment, adding to hints that France started the
January 23, 2012
Olympus shareholders seek damages for share price drop: source
OSAKA, Japan (Reuters) - Shareholders of scandal-hit Olympus Corp will file a lawsuit against the company as early as Monday, seeking more than 200 million yen ($2.6 million) in damages over the fall in its share price, a source familiar with the matter t
January 23, 2012
Analysis: History repeats itself in euro crisis debt spat
PARIS (Reuters) - There are weeks when it can sound as if the European sovereign debt crisis is going round in circles.
January 23, 2012
Florida primary forces GOP candidates to face the dreaded housing question
As the GOP presidential primary race hurtles to Florida, the candidates will be confronted with a question central to the health of the state’s still weak economy: What are their plans for solving the housing mess? Read full article >>
January 23, 2012
What the Summers memo tells us about the Obama White House
The economic policy memo that Larry Summers sent to Barack Obama in December 2008, and that the New Yorker’s Ryan Lizza has posted in full, is the ur-text for the Obama administration. It contains the economic team’s first thoughts on almost everythi
January 23, 2012
Slideshow: How Roe v. Wade changed abortion rights
Sunday marked the 39th anniversary of Roe v. Wade, the landmark Supreme Court decision that legalized abortion. On Monday, anti-Roe demonstrators are holding a “March for Life” in Washington. Both sides have reasons to celebrate. Read full article
January 23, 2012
Did Gingrich avoid paying Medicare taxes?
Forbes interviewed some tax experts who perused Gingrich’s newly released 2010 tax returns and flagged one potential anomaly: Republican Presidential candidate Gingrich and his wife, Callista, treated only $444,327 of what they got from Gingrich Holdin
January 22, 2012
Key economic events for the week of Jan. 23
There is likely to be a lot of talk about economic policy this week, as President Obama delivers his State of the Union address and the Federal Reserve meets. Tuesday Pundits expect Obama to use his State of the Union address to once again push for p
January 22, 2012
Mitt Romney to release one year of tax returns. Thatâs not enough.
When Gov. George Romney released his tax returns in 1968, he handed over 12 years worth of documents. “One year could be a fluke, perhaps done for show,” he said. Today, Mitt Romney promised he’ll release his tax returns on Tuesday. “We just mad
January 22, 2012
Roe v. Wade at 39: For NARAL, âa challenge and an opportunityâ
Today is the 39th anniversary of Roe v. Wade, the landmark Supreme Court decision that legalized abortion. Nancy Keenan is the president of NARAL Pro-Choice America, the country’s oldest, abortion-rights advocacy organization, founded in 1969. In 201
January 22, 2012
What are Newt Gingrichâs big ideas?
On Saturday’s edition of “Up With Chris Hayes,” Gary Johnson brought up an old Newt Gingrich idea I hadn’t heard before: Putting individuals who brought more than two ounces of marijuana into the United States to death. That sounded extreme, even
January 21, 2012
Steven Pearlstein: A call of action to Washingtonâs business elite. Do not fail to come.
Every month, a group of Northern Virginia’s top business executives meets for cocktails, dinner and private conversation at — where else? — the Tower Club in Tysons Corner. A lot has changed in the decades since George Johnson, then the president o
January 20, 2012
Futures off after Google, GE results
NEW YORK (Reuters) - Stock index futures dipped, indicating the S&P 500 may snap a three-day win streak after Google results fell short of expectations.
January 20, 2012
Greece, creditors edge closer to deal
ATHENS (Reuters) - Greece and its private bondholders drew closer on Friday to a bond swap deal that would prevent the country from sinking into a chaotic default and ease the euro zone's debilitating debt crisis.
January 20, 2012
GE revenue lower than expected
(Reuters) - General Electric Co's fourth-quarter revenue fell short of Wall Street expectations because of slower-than-expected growth in Europe.
January 20, 2012
(Reuters) - Schlumberger Ltd , the world's largest oilfield services company, reported a 36 percent rise in quarterly earnings, beating Wall Street forecasts.
January 20, 2012
GM regains crown as top-selling automaker, Toyota No.3
DETROIT/TOKYO (Reuters) - General Motors Co regained its title as the world's top-selling automaker from Japanese rival Toyota Motor Corp in 2011.
January 20, 2012
Investors exit big-name funds as stars fail to shine
LONDON (Reuters) - Investors rattled by unpredictable global markets are losing faith in star managers to shield them from painful losses.
January 20, 2012
Insight: Top Justice officials connected to mortgage banks
(Reuters) - U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department's criminal division, were partners for years at a Washington law firm that represented a Who's Who of big banks and other companies.
January 20, 2012
UniCredit set to succeed with share sale
MILAN (Reuters) - The 7.5 billion euro ($9.7 billion) rights issue by UniCredit SpA looks set to be almost entirely taken up, allowing it to meet tougher capital requirements being imposed on the euro zone's beleaguered banks.
January 20, 2012
EU puts off talks on EU derivatives law deal
LONDON (Reuters) - EU states and the European Parliament have cancelled Monday's talks aimed at striking a deal to tighten laws on the $700 trillion derivatives market, after the states failed to settle on a negotiating position.
January 20, 2012
Wonkbook: Okay, maybe moderation isnât winning
According to the InTrade political betting markets at 12:18am, here's what happened on Thursday, January 19: Mitt Romney's chances of winning the South Carolina primary fell to 37.8 percent -- an almost 50 percent drop in one day. Romney's chances of w
January 19, 2012
Stock index futures lower, results eyed
(Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq 100 down 0.03 to 0.2 percent at 1004 GMT.
January 19, 2012
Kodak files for bankruptcy, secures $950 million lifeline
(Reuters) - Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection.
January 19, 2012
Greece, creditors make scant progress as clock ticks
LONDON/ATHENS (Reuters) - Greece and its bondholders have made little progress since resuming stalled talks on a debt swap.
January 19, 2012
Spain passes key bond test, France also in demand
MADRID (Reuters) - Spain passed its biggest test of market sentiment so far this year on Thursday, selling far more longer-term debt than expected.
January 19, 2012
Glencore sees first executive exit post-IPO
LONDON (Reuters) - Commodities trader Glencore is set to lose one of its most senior executives, the first exit since its high-profile public offering last year.
January 19, 2012
IMF seeks $600 billion in new funds, G20 to discuss
WASHINGTON/MEXICO CITY (Reuters) - The IMF is seeking to more than double its war chest by raising $600 billion in new resources to help countries deal with the fallout of the euro zone debt crisis, but the plan faces roadblocks from the United States and
January 19, 2012
Euro-yen intervention an option for Japan, but not now
TOKYO (Reuters) - Japanese authorities, while reluctant to act now, may consider engaging in a rare intervention to stem yen rises against the euro if the moves appear to be driven by speculators and sharp enough to severely hurt business sentiment.
January 19, 2012
Modest China slowdown as exports, housing drag: Reuters poll
BEIJING (Reuters) - China's 2012 economic outlook has dimmed because of weakening export demand and a faltering housing market, and its central bank will probably try to spur more bank lending to prevent a steeper slump, a Reuters poll showed on Thursday.
January 19, 2012
Sony Ericsson swings to Q4 loss before ownership change
STOCKHOLM (Reuters) - Sony Ericsson posted a quarterly loss that missed all forecasts after losing in the battle for smartphone sales in the key year-end period, showing the challenge for Sony as it prepares to take full control of the joint venture.
January 19, 2012
— Why do tons of cow brains keep getting seized at Cairo airport? — Felix Salmon predicts Greece will default on March 20. See also here. — Just how resilient is the Amazon? — Revisiting the auto industry bailout, three years later. Read full ar
January 19, 2012
Simplifying regulations is not so simple
Opponents of government regulations typically complain about the burden they impose on private-sector firms that have to comply with them, burden that they say dampens economic growth. Part of that burden has to do with the sheer complexity of the regul
January 18, 2012
Stock futures gain after IMF report, Goldman results
NEW YORK (Reuters) - Stock index futures rose on Wednesday after sources said the International Monetary Fund wants to boost its lending facility.
January 18, 2012
Goldman fourth-quarter profit falls but beats estimates
(Reuters) - Goldman Sachs Group Inc's profit fell 56 percent in the fourth quarter but easily beat analysts' estimates during a weak period for investment banking revenue.
January 18, 2012
IMF looks to raise $600 billion in new resources: sources
WASHINGTON (Reuters) - The International Monetary Fund is estimating it needs to raise up to $600 billion in new resources to lend to countries struggling with the fallout from the growing euro zone debt crisis.
January 18, 2012
Yahoo co-founder Jerry Yang resigns
SAN FRANCISCO (Reuters) - Yahoo Inc co-founder Jerry Yang has quit the company he started in 1995, appeasing shareholders who had blasted the Internet pioneer for pursuing an ineffective personal vision.
January 18, 2012
More arrests in insider trading probe: sources
(Reuters) - The FBI is making several arrests as part of the government's sweeping probe into insider trading.
January 18, 2012
BNY Mellon profit falls on restructuring, lower FX volume
(Reuters) - Bank of New York Mellon said on Wednesday that fourth-quarter earnings fell 26 percent after the world's No. 1 custody bank reported lower forex volume and took a restructuring charge as part of a large-scale plan to make its operations more
January 18, 2012
Greek woes underpin demand for German debt
LONDON (Reuters) - A German sale of 3.44 billion euros of two-year bonds saw strong demand on Wednesday as concerns over Greece led investors to stock up on safe-haven debt, while Portuguese treasury bills benefited from ample liquidity in the financial s
January 18, 2012
Man Group suffers client outflows, plans more job cuts
LONDON (Reuters) - Man Group Plc announced further job cuts on Wednesday after suffering heavy client exits, as the world's biggest listed hedge fund manager was hit by poor returns from its flagship fund and investor nerves over choppy financial markets
January 18, 2012
Mortgage applications surge on refinancing demand: MBA
NEW YORK (Reuters) - Applications for home mortgages surged more than 20 percent last week, fueled by a wave of refinancing demand as interest rates dropped, an industry group said on Wednesday.
January 18, 2012
Fujifilm considering supporting Olympus
TOKYO (Reuters) - Japan's Fujifilm Holdings said on Wednesday it is considering supporting scandal-hit endoscope maker Olympus Corp although neither side looks likely to move quickly on an equity alliance that Olympus needs to shore up its finances.
January 18, 2012
Wonkbook: Mitt Romney, (accidental) class traitor?
To be fair to Mitt Romney, it's not his fault that he pays a 15 percent tax rate. This isn't some complex, accountant-driven tax scam. First, it's the fault of President Bill Clinton and a Republican-led Congress who, in 1997, lowered the capital gains
January 18, 2012
EBay cautious in short run as Europe weighs
SAN FRANCISCO (Reuters) - EBay Inc gave a conservative quarterly sales forecast despite unveiling better-than-expected results, warning that a weak European economy may take the gloss off rip-roaring growth in online commerce.
January 18, 2012
IMF pushes Europe to do more to fight debt crisis
The International Monetary Fund is pressing Europe to commit $500 billion more to battle its financial crisis, putting the onus on regional giants such as Germany to use more of their own cash for the euro’s rescue. Read full article >>
January 18, 2012
—A map of secessionist movements in the United States. —How to build a dog. —A history of capital gains taxes. —Esquire interviews Bill Clinton. Read full article >>
January 18, 2012
What if Romney ran the U.S. like a private-equity firm?
ProPublica’s Jesse Eisenger points out that private-equity firms rely heavily on debt to amplify their returns. By that logic, if Romney really wanted to run the United States like Bain, he should be pushing the U.S. government to borrow more while it
January 18, 2012
Bloomberg: Summers being considered for World Bank
Bloomberg’s Hans Nichols reports that President Obama is considering appointing Larry Summers to lead the World Bank. Felix Salmon is alarmed: The only way to be an effective World Bank president is to be an effective diplomat. Like all CEOs, the head
January 17, 2012
Stock index futures signal strong gains
(Reuters) - Stock index futures pointed to a higher open on Wall Street on Tuesday following a long holiday weekend.
January 17, 2012
S&P downgrades euro zone rescue fund
BRUSSELS (Reuters) - U.S. rating agency Standard & Poor's cut its credit rating of the euro zone's EFSF rescue fund on Monday.
January 17, 2012
China policy easing ahead as growth hits 2-year low
BEIJING (Reuters) - China's economy expanded at its weakest pace in 2-1/2 years in the latest quarter, with the sagging real estate and export sectors heralding a sharper slowdown.
January 17, 2012
Panel clears audit firms of Olympus scandal blame
TOKYO (Reuters) - An unofficial panel of experts cleared global accounting groups KPMG and Ernst & Young of any responsibility for a $1.7 billion accounting fraud at Japan's Olympus Corp.
January 17, 2012
AIA sizes up bid for $6 billion ING Asia insurance unit: source
HONG KONG (Reuters) - AIA Group Ltd , Asia's No.3 insurer and about one-third owned by American International Group Inc , may bid for the $6 billion Asian insurance operations of ING Group.
January 17, 2012
Spain clears short-term debt test, bigger hurdle looms
MADRID (Reuters) - Spain took in its stride on Tuesday the first test of investor appetite for its debt since a two-notch ratings downgrade, selling 4.88 billion euros of treasury bills ahead of a far trickier hurdle later this week.
January 17, 2012
Insight: In Arab Spring, economic gain may trump pain
AMMAN/CAIRO (Reuters) - Mazen Dajani, chief executive of Jordan's CTI Group, says the Arab Spring accomplished what the global financial crisis of 2008-9 did not: it pushed his company, one of the world's largest shippers of cement, into the red.
January 17, 2012
Samsung Group plans record $41 billion investment in 2012
SEOUL (Reuters) - Samsung Group, which includes Samsung Electronics Co, said on Tuesday it is raising its 2012 investment to a record $41.4 billion, underscoring the widening gulf between the dominant South Korean conglomerate and its faltering competitor
January 17, 2012
Euro zone inflation dips, opens door to ECB cut
BRUSSELS (Reuters) - Consumer prices in the euro zone fell more than previously expected in December, the start of a retreat from a November peak that should give the European Central Bank more room to cut interest rates as the economy heads for recession
January 17, 2012
Burberry hit by slower U.S. sales growth
LONDON (Reuters) - British luxury brand Burberry Group Plc reported a sharp slowdown in U.S. sales growth as it chose to cut back supplies for department stores to sell through their discount outlets, knocking its high-flying shares.
January 17, 2012
— How our brains navigate the city. — Why China can’t put together a dominant soccer team. — Is the Internet killing off serendipity? — In 1977, the Chicago Sun-Times set up its very own fake bar to expose corruption. Read full article >>
January 17, 2012
Interview: Sen. Ron Wydenâs fight to stop SOPA and save the Internet
Perhaps no single member of Congress deserves as much credit for slowing the advance of the aggressive online-piracy bills SOPA and PIPA as Sen. Ron Wyden, who for much of last year fought a one-man battle to keep the Senate version of the legislation f
January 16, 2012
Global shares, euro steady after S&P but outlook weak
LONDON (Reuters) - European shares and the euro recovered from early losses on Monday in the wake of a mass downgrade of euro zone sovereign ratings.
January 16, 2012
S&P, Greece pressure euro zone to boost defenses
LONDON (Reuters) - Mass euro zone ratings downgrades are unlikely to shake up investors too much.
January 16, 2012
Carnival and cruise sector count cost of disaster
LONDON (Reuters) - The cruise ship industry faces an uphill task to restore confidence among customers spooked by spectacular images of the stricken Costa Concordia.
January 16, 2012
Wary banks boost ECB deposits; reserve change due
FRANKFURT (Reuters) - Commercial banks parked almost half a trillion euros at the European Central Bank, the highest on record.
January 16, 2012
Toshiba denies report it will propose Olympus equity tie-up
TOKYO (Reuters) - Toshiba Corp denied a newspaper report it was set to propose an equity tie-up with scandal-hit Olympus Corp.
January 16, 2012
Thousands of workers protest at Sanyo's China plant
HONG KONG (Reuters) - Thousands of Chinese workers protesting over compensation and job security at a Sanyo Electric Co Ltd plant clashed with police in southern Shenzhen, media said on Monday, the latest outbreak of labor unrest in China's manufacturing
January 16, 2012
More shoppers open to giving personal info: survey
NEW YORK (Reuters) - Welcome to the era of the candid consumer.
January 16, 2012
Newsmaker: Long trek from clerk to chairman of China's AgBank
SHANGHAI (Reuters) - The new chief of Agricultural Bank of China brings no-nonsense flair and a strong track record in bank overhauls to the helm of the lumbering Chinese lender where he started out years ago as a filing clerk.
January 16, 2012
SOPA: Lawmakers backing away from online-piracy bills
It looks like the uproar over Congress’s online-piracy bills is having a real impact. This weekend, the White House strongly hinted that it would oppose the current legislation. And key sponsors are edging away from the bills’ most controversial feat
January 16, 2012
Lunch break: 10 other things Martin Luther King Jr. said
Here’s what you know Martin Luther King Jr. said, but should probably hear again anyway: Read full article >>
January 16, 2012
Who will get the âRecovery Presidencyâ?
Julie Schmit reports that the housing market is at, or very near, its bottom. After falling by 9 percent last year, single-family housing starts are expected to jump by 37 percent in 2012. Prices could still fall a bit, but by 2013, we should be in a rea
January 15, 2012
Analysis: China developers launch funds to bridge finance gap
BEIJING (Reuters) - China's fledgling real estate investment fund market could see a surge of activity in 2012 as property developers launch their own vehicles in a desperate bid to bridge an estimated $111 billion financing gap in the year ahead.
January 15, 2012
Germany optimistic on Greek debt swap: foreign minister
ATHENS (Reuters) - Germany is optimistic about the outcome of a bond swap deal aimed at slashing Greece's towering debt pile, Germany's foreign minister said during a visit to Athens Sunday which he said brought a message of solidarity.
January 15, 2012
Plans for high-speed rail are slowing down
PALO ALTO, Calif. — Critics began panning the first leg of California’s futuristic high-speed rail network as a “train to nowhere” soon after officials decided to build it not in the major population centers of Los Angeles or San Francisco, but t
January 15, 2012
How high oil prices could squelch the recovery
As my colleague Steven Mufson reports today, tensions with Iran are putting upward pressure on crude prices — and oil was already at a record high in 2011. Analysts are now fretting that oil could kneecap the fragile recovery. So is there a good way of
January 15, 2012
From the New York Times: It may take $380,000 to be in the national 1 percent, but it takes $900,000 to be among the top 1 percent of earners in Stamford, Conn. Compared with that, the price of admission to the 1 percent in Clarksville, Tenn., is a barga
January 14, 2012
Europe must move quickly after downgrades: Merkel
BERLIN (Reuters) - Ratings downgrades in the euro zone by S&P underline why Europe must seal a pact to tighten fiscal rules quickly and get its permanent bailout fund up and running as soon as possible, German Chancellor Angela Merkel said on Saturday.
January 14, 2012
S&P downgrades nine euro zone countries
BERLIN/ATHENS (Reuters) - Standard & Poor's downgraded the credit ratings of nine euro- zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday the 13th for the troubled single currency
January 14, 2012
Exclusive: Banker in Olympus scandal steps into public view
DELRAY BEACH, Florida (Reuters) - A Japanese banker who is a key figure in the Olympus accounting fraud came into public view for the first time since the scandal broke, appearing on Friday at his divorce hearing in a Florida court.
January 14, 2012
JPMorgan could lose $5 billion from PIIGS exposure: report
MILAN (Reuters) - JPMorgan Chase & Co could lose up to $5 billion from its exposure to Portugal, Ireland, Italy, Greece and Spain, Chief Executive Jamie Dimon said in an interview with Class CNBC, carried in Italian newspaper Milano Finanza on Saturday.
January 14, 2012
SNB official says Hildebrand scandal a one-off: report
ZURICH (Reuters) - The head of the council that supervises the Swiss central bank does not expect any irregularities to be uncovered by an audit of board members initiated after the scandal that cost Philipp Hildebrand his job as chairman, a newspaper rep
January 14, 2012
LongForm.orgâs weekend reads for wonks
Every weekend, Longform.org picks the week’s best in-depth stories on politics and policy for Wonkblog. For daily selections of new and classic nonfiction, check out Longform.org or follow @longform on Twitter. Read full article >>
January 14, 2012
Is the public option dead? Not quite.
Jonathan Bernstein wonders whether, post-health reform, liberals have forgotten about the public option. Politically, he finds, there’s decent support for saying they have: It’s still very early, but the first hints are a lot less promising than I
January 14, 2012
Steven Pearlstein: For development, all signs point inward
Decades of rapid growth have made Washington real estate some of the most valuable in the country, particularly when it is close to the city center, along major roads and highways or near Metro stops. Read full article >>
January 13, 2012
Euro, stocks up ahead of Italian debt sale
LONDON (Reuters) - European shares and the euro rose on Friday on expectations debt-scarred Italy's first bond sale of the year would go well.
January 13, 2012
Wall Street Week Ahead: It's earnings versus Europe for stocks
NEW YORK (Reuters) - Stock investors will return to a tug of war between signs of domestic strength and overseas concerns next week as a batch of critical earnings reports look to add credence to the idea the economy is improving, while credit rating down
January 13, 2012
Italy bond auction fails to match Spain success
MILAN (Reuters) - Italy's three-year debt costs fell below 5 percent at the country's first longer-term bond sale of the year on Friday but demand failed to live up to the success of a Spanish sale the previous day, pointing to challenges ahead as Rome ta
January 13, 2012
Exclusive: TPG willing to invest $1 billion in Olympus
TOKYO (Reuters) - Private equity firm TPG Capital is willing to invest about $1 billion in Japan's Olympus Corp in a joint deal with Sony Corp or another suitor circling the scandal-hit firm, a person familiar with TPG's thinking said.
January 13, 2012
Dip in China's FX reserves may hasten policy shift
BEIJING (Reuters) - China's official reserves slipped to $3.18 trillion in the final quarter of 2011, signaling that the days of rampant export-led accumulation of foreign currency are numbered and that new monetary policy steps may be needed to counter c
January 13, 2012
Novartis cuts 2,000 U.S. jobs after drug setback
ZURICH (Reuters) - Novartis AG plans to axe nearly 2,000 of its U.S. workforce ahead of the patent loss of top-selling blood pressure drug Diovan there and will take a $900 million charge after another of its key drugs failed to live up to expectations.
January 13, 2012
Morgan Stanley to trim fees, size of $4.7 billion megafund
HONG KONG (Reuters) - Investors have approved a year-long extension of a $4.7 billion property megafund from Morgan Stanley , a company spokesman told Reuters on Friday.
January 13, 2012
ING cuts target, no dividend until aid repaid
AMSTERDAM (Reuters) - Dutch financial services group ING cut a target for its bank unit and said another would take longer to achieve than expected due to bank taxes and higher capital requirements, which could also delay the repayment of remaining state
January 13, 2012
Inpex, Total approve $34 billion LNG project in Australia
TOKYO/PERTH (Reuters) - Japanese group Inpex and French oil group Total gave the go-ahead for a $34 billion liquefied natural gas export project that will see Australia overtake Qatar by 2017 as the world's top LNG exporter, mostly to Japan.
January 13, 2012
BofA mulling retreat if financial problems worsen: report
(Reuters) - Bank of America Corp , the second-largest U.S. bank by assets, has informed U.S. regulators that it is willing to draw back from some parts of the country if its financial problems worsen, the Wall Street Journal reported on Friday, citing peo
January 13, 2012
FTC expands Google antitrust probe: source
WASHINGTON (Reuters) - U.S. regulators looking at whether Google manipulates its search results to favor its own products have expanded the probe to include Google+, the search giant's new social networking tool, a source familiar with the probe said on F
January 13, 2012
Exclusive: Angelides to lead distressed mortgage firm
New York (Reuters) - Phil Angelides, formerly the chairman of a federal commission who led investigations into why the financial markets collapsed, is heading an investment group that hopes to "do a good thing" for America while turning a profit from the
January 13, 2012
BofA told Fed it could sell branches in emergency: source
(Reuters) - Bank of America Corp told Federal Reserve officials in June that it could shed branches in some parts of the country if it needed to raise capital in an emergency, a person familiar with the matter said.
January 13, 2012
Bank of America, Goldman results likely to beat: StarMine
NEW YORK (Reuters) - Bank of America , Goldman Sachs and Citigroup could be among companies that beat estimates when they report next week, Thomson Reuters StarMine forecasts show.
January 13, 2012
Standard & Poorâs cuts credit ratings for France and eight other European nations
Standard & Poor’s downgraded the credit ratings of France and eight other European nations Friday, further weakening the region’s finances and potentially raising costs for governments at time when they already face a debt crisis. Read full artic
January 13, 2012
January 13, 2012
- Sports Center breaks its own record, mentions Tim Tebow 160 times in a one-hour broadcast. - Via HuffPost, a few of Mitt Romney’s favorite things. - “Every year, JSTOR turns away 150 million attempts to read its articles.” Read full article
January 13, 2012
S&P downgrades hit France, Austria, Spain, Italy
This has been expected all day, but it’s finally hit. Standard & Poor’s is downgrading the credit rating of France, Austria, Italy, and Spain by one notch. (Germany escaped unscathed.) Here’s the full statement. Read full article >>
January 13, 2012
âCivilization: The West and the Rest,â by Niall Ferguson
Niall Ferguson doesn’t hide the fact that he means for his latest work of meta-history to take its place on the global bookshelf next to the rise-and-fall works of Edward Gibbon, Kenneth Clark, Francis Fukuyama, Jared Diamond, Samuel P. Huntington and
January 12, 2012
Potential suitors circle American Airlines: sources
(Reuters) - US Airways Group , Delta Airlines and private equity firm TPG Capital are among several parties interested in potential bids for AMR Corp , the bankrupt parent of American Airlines, people familiar with the matter told Reuters.
January 12, 2012
December retail sales prove disappointing
The nation’s economy got a reality check Thursday when new government data revealed an unexpected drop in consumer spending and a surge in weekly jobless claims to nearly 400,000. The results were particularly disappointing because several other key ec
January 12, 2012
— The researcher who led much of the research on red wine’s health benefits has admitted to falsifying much of his data. — Drinking more than four cups of coffee per day lowers diabetes risk. (Reminder: a venti cup of Starbucks is about 2.5 cups of
January 12, 2012
The high risk of high-risk pools
When the health reform law’s high-risk insurance pools launched last summer, there was a lot worry that the new coverage option would be swamped by demand from uninsured individual. Then, there was worry about too little demand: The insurance pools saw
January 12, 2012
Cordrayâs first target: The housing crisis
Despite the controversy surrounding his appointment, Richard Cordray is barreling ahead with his work as head of the new Consumer Financial Protection Bureau — and he’s starting with the very event that led to the creation of his agency: the housing
January 11, 2012
Wall St set for slightly higher opening
(Reuters) - Stock index futures pointed to a slightly higher opening on Wall Street with futures for the S&P 500 up 0.1 percent, Dow Jones futures up 0.1 percent and Nasdaq 100 futures flat at 1020 GMT.
January 11, 2012
Hostess returns to bankruptcy protection over pensions
(Reuters) - U.S. wholesale baker Hostess Brands Inc filed for Chapter 11 bankruptcy protection in Manhattan on Wednesday, just months after emerging from a similar process last year, after failing to reach an agreement with workers on pension and health b
January 11, 2012
Analysis: Nothing black or white in trendless 2012
LONDON (Reuters) - If the first week in January 2012 tells us anything about the investment year ahead, it's to be skeptical about black and white thinking.
January 11, 2012
At Nomura, future direction hangs on who succeeds
HONG KONG/TOKYO (Reuters) - The abrupt exit of Jasjit Bhattal, the highest-ranking ex-Lehman executive at Nomura Holdings, marks a crucial juncture for Japan's top brokerage as it decides whether to replace him with an experienced global banker to foster
January 11, 2012
EU treaty draft spells out escape clause
BRUSSELS (Reuters) - A new EU fiscal treaty will only allow euro zone countries to incur budget deficits during severe economic downturns in the euro zone or other exceptional events, according to a draft of the document obtained by Reuters on Wednesday.
January 11, 2012
U.S. may overtake China's rich in Rolls Royce race
HONG KONG (Reuters) - Luxury carmaker Rolls-Royce Motor Cars Ltd, owned by German automotive giant BMW AG , said its U.S. sales could overtake China this year, revving up the British company for record global revenue in 2012, its chief executive said.
January 11, 2012
BofA and others being probed over home insurance: source
NEW YORK (Reuters) - The New York state's financial regulator is probing several large banks, including Bank of America Corp and Citigroup Inc, on whether they overcharged customers on force-place insurance, a source familiar with the matter said.
January 11, 2012
Oil dips below $102 in Asia as EUâs bid to block Iranian crude imports falters
KUALA LUMPUR, Malaysia — Oil prices hovered above $102 a barrel Wednesday in Asia as the European Union’s efforts to block imports of Iranian oil appear to be stalling. Benchmark crude for February delivery dropped 3 cents to $102.21 a barrel at midd
January 11, 2012
Pride cometh before a fall: Skyscraper boom in China, India may herald economic correction
MUMBAI, India — A skyscraper building boom in China and India may be a sign of an impending economic correction in two of Asia’s largest economies, according to a new report by Barclays Capital. Barclays has mapped an “unhealthy correlation” betw
January 11, 2012
Stocks mostly rise on hopes that US recover will earnings, easing euro crisis pain
LONDON — World markets mostly rose Wednesday on hopes that the U.S. economic recovery will gather pace, helping corporate earnings and easing some of the stress generated by Europe’s debt crisis. Stocks have been largely buoyant since U.S. jobs data
January 11, 2012
Fed officials at odds over policy path
LAKE FOREST, Illinois (Reuters) - Top Federal Reserve officials disagreed on Wednesday over how aggressive the central bank should be to spur faster growth and bring a lofty jobless rate down more quickly.
January 11, 2012
Olympus mulls tie-up with Sony, Panasonic: report
TOKYO/SEOUL (Reuters) - Japan's Olympus Corp is scouting the global electronics industry for a friendly investor to help it recover from an accounting scandal and has put Sony and Panasonic on its short list, a newspaper said on Thursday.
January 11, 2012
China inflation eases to 15-month low, policy easing eyed
BEIJING (Reuters) - China's annual inflation rate eased to its lowest in 15 months in December, giving the government more room to tilt economic policy towards supporting growth as evidence mounts of faltering demand for Chinese goods home and abroad.
January 11, 2012
Exclusive: GM, German union in talks to restructure Opel
DETROIT (Reuters) - General Motors Co could shift more vehicle production to its European factories in a cost-cutting deal with its German union that could avert a damaging standoff and keep Opel out of bankruptcy, people familiar with the discussions sa
January 11, 2012
Two Goldman Sachs trading execs leaving: memos
(Reuters) - Goldman Sachs Group said Wednesday that two high-ranking leaders of its trading business have left the firm as Wall Street executives come under more pressure to cut costs and put less of their money at risk in trades.
January 11, 2012
Dynegy bankruptcy examiner appointed
(Reuters) - A lawyer involved in several major recent bankruptcies has been named the examiner for the bankruptcy of Dynegy Holdings LLC and will investigate whether the company is treating bondholders fairly.
January 11, 2012
Bank profit reports could be lifted by business loans
(Reuters) - A recent rise in loans to businesses is spurring hope that U.S. bank earnings reports, which begin on Friday, will show the outlook for this economically critical industry is better than battered stock prices and weak investment banking volume
January 11, 2012
Delhaize America to cut 4900 jobs, close stores
(Reuters) - Supermarket operator Delhaize America said it will close 113 underperforming Food Lion stores mainly in markets in which the company has the least store density and will cut 4,900 jobs to focus on markets with high density.
January 11, 2012
PIMCO'S Gross says "demise" of bond fund exaggerated
NEW YORK (Reuters)- Bill Gross, the manager of the world's largest bond fund, said on Wednesday that the "demise" of PIMCO's flagship fund is exaggerated.
January 11, 2012
Obama weighs proposals to reward firms for returning jobs to U.S.
President Obama said Wednesday that he plans to put forward a series of tax proposals to “reward companies that choose to bring jobs home” and eliminate tax breaks “for companies that are moving jobs overseas.” Read full article >>
January 11, 2012
OâMalley, McDonnell offer sharp contrast in agendas as legislatures open
It’s tough being a promising, up-and-coming governor with national aspirations in a slow economy. There’s not enough money to pay for signature achievements to make your name. But Maryland Gov. Martin O’Malley and Virginia Gov. Bob McDonnell are
January 11, 2012
— Shorter Fed’s Beige Book: Holiday sales at the end of 2011 were okay, but the housing market’s still holding us back. Oh, and chicken slaughtering in St. Louis is down. Just FYI. — Excerpt from a new book on Mitt Romney. Read full article &g
January 11, 2012
Odd economic indicator of the day
Thanks to the growing popularity of Internet piracy and video-on-demand services, burglars in Great Britain no longer consider DVDs and CDs worth stealing: “Years ago, you’d see a man in a pub selling CDs,” says Eric Phelps, a detective in London
January 11, 2012
How budget cuts can increase the deficit
The Internal Revenue Service got hit with a 2.5 percent budget cut for 2012, paring back money for tax enforcement even as tax compliance has gotten worse. The agency got $300 million less than in the previous year — including $193 million less for tax
January 10, 2012
Stocks up on U.S. outlook, crisis checks euro
LONDON (Reuters) - European stocks rose and the euro stayed under pressure on Tuesday as investors weighed the debt turmoil in the euro zone against an improved U.S. economic picture that looks set to deliver upbeat corporate results.
January 10, 2012
Olympus sues execs over scandal, shares surge
TOKYO (Reuters) - Japan's disgraced Olympus Corp is suing its president and 18 other executives, past and present, for up to $47 million in compensation, as it struggles to recover from one of the nation's worst accounting scandals.
January 10, 2012
Forex trade emails cast doubt on SNB's Hildebrand
ZURICH (Reuters) - The supervisory council of the Swiss National Bank forced Philipp Hildebrand to step down as chairman after emails about a currency trade by his wife failed to clear him of involvement in the deal, newspapers reported on Tuesday.
January 10, 2012
China trade growth slows to 2-year lows in December
BEIJING (Reuters) - China's exports and imports grew at their slowest pace in more than two years in December as foreign and domestic demand ebbed, data showed on Tuesday, bolstering expectations of more policy action from Beijing to support the world's n
January 10, 2012
Philips warns on profits due to weak Europe
AMSTERDAM (Reuters) - Philips Electronics warned of soft fourth quarter profits due to weakness in European markets that is leading to charges for inventory it cannot shift.
January 10, 2012
MF Global UK clients back KPMG in vote
LONDON (Reuters) - MF Global UK administrator KPMG has won the backing of the failed broker's clients to push ahead with the return of an estimated $1.2 billion.
January 10, 2012
McDonald's close to new Olympic deal, IOC says
BERLIN (Reuters) - Fast food chain McDonald's and the International Olympic Committee (IOC) are close to agreeing a new, eight-year sponsorship contract and the deal could be sealed this month, the IOC's marketing chief said on Tuesday.
January 10, 2012
Swatch sees more growth after record sales in 2011
ZURICH (Reuters) - Swatch Group , the world's largest watchmaker, shrugged off the impact of the strong Swiss franc to post record sales in 2011 and said it is confident of more growth in 2012.
January 10, 2012
Exclusive: Former Goldman trader Sze's Asia hedge fund down
HONG KONG (Reuters) - A hedge fund set up by former Goldman Sachs trader Morgan Sze -- the biggest launched in Asia in 2011 -- lost 6.8 percent last year, two sources with direct knowledge of the matter told Reuters, as it was rattled by a sharp drop in C
January 10, 2012
World stock markets rise amid signs that US job market is picking up
BANGKOK — World stocks rose Tuesday, assisted by an absence of bad financial news and signs that the U.S. economy may be strengthening. Benchmark oil hit $102 per barrel while the dollar fell against the euro and the yen. Stock markets were higher in e
January 10, 2012
Fannie Mae CEO to leave after successor chosen
WASHINGTON (Reuters) - Fannie Mae Chief Executive Michael Williams said on Tuesday he was stepping down from the government-controlled mortgage firm, which is at the center of a fight over how to reduce foreclosures.
January 10, 2012
Exclusive: Dell plots late-2012 consumer tablet launch
LAS VEGAS (Reuters) - Dell Inc intends to launch its first consumer tablet computer in late 2012, marking its entry into a hotly contested and increasingly crowded arena that has already claimed arch-foe Hewlett Packard.
January 10, 2012
Carlyle founders reap bumper 2011 profits
NEW YORK (Reuters) - Founders of private equity firm Carlyle Group have had a great payday as a result of the firm's record performance in 2011 and are set to gain even more as it prepares for an initial public offering, a regulatory filing on Tuesday sh
January 10, 2012
For those hurting most, Fedâs remedies limited
In the most difficult economy in a generation, middle-income and poor Americans are hurting the worst. Congress is tied in knots, barely able to pass even the most basic measures to help. That has put pressure on the one arm of government with the power
January 10, 2012
Barricades at NYC park that was Occupy camp are removed, protesters celebrate
NEW YORK — Barricades surrounding a park that served as a camp for Occupy Wall Street protesters were removed Tuesday, allowing protesters to stream back in. The atmosphere was celebratory but calm on Tuesday evening as about 300 protesters began filli
January 10, 2012
— The geometry of pasta, math equations edition. — WSJ: The New Republic explores sale. — “Four out of five Haitians who have escaped destitution have done so by leaving the country." — FDR had only six staffers working for him — and he h
January 10, 2012
Romney wants more tax cuts than Bush did
“Mitt Romney has his rhetorical emphasis on the middle class and his careful refusal to endorse the kind of upper-bracket income tax cuts that past Republican nominees have championed,” writes Ross Douthat, by way of complimenting the moderation of t
January 10, 2012
Bigger credit booms = bigger busts?
Three economists looked at recessions over 138 years and found that highly leveraged, credit-intensive booms resulted in bigger, more painful busts. From their paper for the National Bureau of Economic Research: Read full article >>
January 9, 2012
Stock index futures signal mixed open
(Reuters) - Stock index futures pointed to a mixed open for equities on Wall Street on Monday, with futures for the S&P 500 down 0.1 percent, for the Dow Jones up 0.1 percent and for the Nasdaq 100 up 0.1 percent.
January 9, 2012
U.S. moves toward legal action against Swiss bank: sources
(Reuters) - U.S. authorities are moving toward taking legal action against Wegelin & Co, which could lead to an indictment of one of Switzerland's last pure private banks, on charges that it enabled wealthy Americans to evade taxes, according to two perso
January 9, 2012
Exclusive: Olympus sues current president, ex-directors
TOKYO (Reuters) - Japan's Olympus Corp has sued its current president and three ex-directors for several million dollars in compensation, sources told Reuters on Monday, as the company seeks to draw a line under one of the nation's worst accounting scanda
January 9, 2012
Europe may avoid recession this year, IMF says
JOHANNESBURG (Reuters) - Europe as a whole may avoid a recession this year and there were reasons to be more upbeat about prospects for the region, South Africa's Business Day newspaper quoted International Monetary Fund head Christine Lagarde as saying.
January 9, 2012
Merkel, Sarkozy to seek growth, jobs for euro zone
BERLIN (Reuters) - The German and French leaders meet on Monday to discuss ways to boost growth in euro zone states struggling to overcome the sovereign debt crisis and rising unemployment, and finalise a deal to increase fiscal coordination within the cu
January 9, 2012
UniCredit rights issue gets off to shaky start
MILAN (Reuters) - Shares in UniCredit fell again on Monday and trading in the rights to buy into the bank's closely watched cash call were suspended, fuelling concerns that other lenders may be deterred from using rights issues to plug capital shortfalls
January 9, 2012
BMW aims for top spot in 2012 as luxury sales soar
FRANKFURT (Reuters) - BMW posted record car sales for 2011 and forecast a boom in luxury cars would keep it ahead of rivals this year as the world's number one maker of luxury cars enjoys strong demand from China and the United States.
January 9, 2012
Hyundai union threatens stoppages after worker self-immolation
SEOUL (Reuters) - The labor union of Hyundai Motor has threatened to suspend all engine output in the company's biggest production base from Tuesday, saying an employee set himself on fire to protest the company's alleged "suppression" of unionized worker
January 9, 2012
Oil hovers below $102 in Asia as investors eye Europe meeting, Iran tension
SINGAPORE — Oil prices hovered below $102 a barrel Monday in Asia amid investor concern that a meeting between the leaders of Germany and France won’t yield a plan that will keep Europe from recession this year. Benchmark crude for February delivery
January 9, 2012
Bye-bye bombast, China offers trade benefits to try to win over voters in Taiwan election
XUEJIA, Taiwan — The fish farmers on the terraced plains above Taiwan’s west coast are riding a China boom, exporting tons of sweet, flaky milkfish to the mainland, thanks to import duties Beijing lowered to win over the island’s voters. When Taiwa
January 9, 2012
Alcoa gives positive aluminum outlook
(Reuters) - Alcoa Inc posted a fourth quarter loss due to a steep plunge in aluminum prices, but its revenue beat expectations and the company gave a positive outlook for global demand for the metal, especially in the aerospace and automotive markets.
January 9, 2012
Stocks float higher in another quiet session on Wall St.; traders await corporate earnings
Stocks drifted higher Monday in a fourth consecutive listless session. Traders waited for corporate financial results to start rolling in so they could look for clues about the economy. In the unofficial kickoff to earnings season, Alcoa, considered an e
January 9, 2012
— Noam Scheiber says that Jack Lew was the guy who “snookered” John Boehner during last year’s shutdown fight. — A graph that accurately reflects how most people feel about graphs. — Uh-oh: India reports 12 cases of drug-resistant tuberculos
January 9, 2012
January 9, 2012
SLIDESHOW: The history of health-care costs
Think of the National Health Expenditure report as a State of the Union address for health policy wonks. The annual assessment from the Center for Medicare Services lays out the highs and lows of the year in health care spending. The report includes s
January 9, 2012
The difference between Jack Lew and Bill Daley
President Obama announced Monday that Bill Daley is out as White House chief of staff and Jack Lew is in. Lew, you might remember, is serving as director of the Office of Management and Budget — a position he held in the Clinton administration, too. H
January 8, 2012
Olympus eyes $1.2 billion suit, president may resign
TOKYO (Reuters) - Scandal-tainted Olympus Corp is considering suing current and former executives for compensation totaling about 90 billion yen ($1.2 billion), while its new president is considering resigning, a source familiar with the matter said.
January 8, 2012
BEIJING (Reuters) - China's banks ratcheted up lending in the last month of 2011 on the back of stronger money supply, reinforcing perceptions that the central bank is gently easing policy to cushion the impact of the global economic slowdown.
January 8, 2012
Once struggling U.S. auto market now industry bedrock
DETROIT (Reuters) - Welcome to an unlikely beacon of hope for the global auto industry -- Detroit.
January 8, 2012
GM challenges German brands with small Cadillac
DETROIT (Reuters) - General Motors Co proved with the Chevrolet Cruze it can build a top-selling compact car, cracking a market long dominated by Japanese brands.
January 8, 2012
For Jon Huntsman, New Hampshire primary could be now or never
MANCHESTER, N.H. — Tuesday will be a day of reckoning for at least one of the Republican presidential hopefuls: Jon Huntsman, whose quirky and quietly rogue candidacy hinges entirely on a strong showing in the nation’s first primary. Huntsman went fo
January 8, 2012
The cost of shopping for health insurance
When I wrote a story last week about Congress quietly closing health reform’s Consumer Assistance Program, Wonkblog readers and health-care economists alike quickly seized on one crucial detail: the program’s price tag. Thirty-five states received a
January 8, 2012
Do bankersâ bonuses reward risky behavior?
In the run-up to the 2008 financial crisis, some of the most troubled financial firms also doled out whopping bonuses to their top executives. In response, the United States — along with the UK and the European Union—imposed new regulations on execut
January 8, 2012
A readers writes in to argue that my post on military innovation misses an important difference between R&D costs in the military and R&D costs as we usually think of them: As a former civilian Director of the Air Force’s basic research program
January 7, 2012
The smile, the hair, the walk: Shades of NKoreaâs founder in young new leader _ his grandson
SEOUL, South Korea — The resemblance is striking: the full cheeks and quick smile, the confident gait, the habit of gesturing with both hands when he speaks. North Korea’s young new leader, Kim Jong Un, appears to be fashioning himself as the reincar
January 7, 2012
Strong data damps Fed need to buy bonds: Bullard
CHICAGO (Reuters) - Signs the U.S. recovery is gaining strength suggest the Federal Reserve may not need to buy any more bonds to spur growth, a top policymaker said on Saturday.
January 7, 2012
Exclusive: Venezuela sees no World Bank ruling on Exxon in 2012
PUERTO ORDAZ, Venezuela (Reuters) - Venezuela's oil minister said on Saturday he does not expect a ruling in World Bank arbitration with Exxon Mobil this year, after another tribunal awarded the U.S. major $908 million last week.
January 7, 2012
ECB policymaker wants banks off Greece bailout hook
FRANKFURT (Reuters) - European Central Bank policymaker Athanasios Orphanides called for euro zone leaders to abandon plans to make private sector investors help reduce Greece's debts, but his push showed no sign of gaining any traction in Europe's capita
January 7, 2012
Raskin says Fed will fine mortgage servicers
WASHINGTON (Reuters) - Federal Reserve Governor Sarah Bloom Raskin on Saturday said the Fed must impose monetary penalties on banks who entered into an April agreement with regulators over how to fix problems in their mortgage servicing businesses.
January 7, 2012
Analysis: Aluminum traders to producers: Cut like it's 1994
NEW YORK (Reuters) - To find a precedent for the deep, lasting output cuts that aluminum producers must make to put a floor under prices, traders are looking a lot further back than the last recession.
January 7, 2012
New Hampshire voters hammer Santorum over his views
MANCHESTER, N.H. — Former senator and Republican presidential candidate Rick Santorum is trying to get New Hampshire conservatives to fall in love with him. But in so doing, he’s reminding some independents, and certainly Democrats, exactly why they
January 7, 2012
Can we cut the military budget without harming innovation?
There’s an argument health reformers occasionally face that goes something like this: Sure, America way overspends on health care. But that overspending ultimately encourages medical innovations of incalculable value. Sharp cuts to health-care spending
January 7, 2012
The economics of curbing alcohol consumption
Late last year, the Centers for Disease Control ran the numbers on how much binge drinking costs the United States. They came up with a pretty big number: Excessive alcohol consumption costs $223.5 billion each year, mostly due to lost workplace producti
January 7, 2012
An interview with Buddy Roemer
Buddy Roemer is a former governor and congressman from Louisiana and a candidate fro the Republican nomination for the presidency. He’s also an avid user of Twitter. After I asked him about an intriguing tweet about health-care policy — a phrase, I
January 6, 2012
Jobs hopes buoy stocks, debt outlook dents
LONDON (Reuters) - Stocks firmed on Friday on hopes that U.S. jobs data due later in the day will show a stronger outlook for the world's biggest economy, but the euro hit a 16-month low on worries over the region's economic health and further debt sales
January 6, 2012
Woodford to sue Olympus over firing, drops leadership
TOKYO (Reuters) - The ousted British CEO of disgraced Olympus Corp, who blew the whistle on a $1.7 billion accounting fraud, dropped his bid to return to lead the medical device maker, blaming cozy ties between its management and big Japanese shareholders
January 6, 2012
Euro zone's economy slumps at year-end; business climate warms
BRUSSELS (Reuters) - The euro zone's economy deepened its downturn at the end of 2011 as retail sales fell and sentiment soured, but the first improvement in the business climate in 10 months offered hope that an expected recession may be mild.
January 6, 2012
Smartphones power Samsung to record Q4 profit
SEOUL (Reuters) - Samsung Electronics, the world's top maker of memory chips and smartphones, reported a record quarterly profit on Friday, aided by one-off gains and best-ever sales of high-end phones.
January 6, 2012
MF Global trustee tussles with regulators: report
(Reuters) - MF Global's bankruptcy trustee, Louis Freeh, has refused to turn over some documents to the Commodity Futures Trading Commission (CFTC), which is investigating what happened to an estimated $1.2 billion in missing customer funds, the Wall Stre
January 6, 2012
Japan retailer Seven & I Q3 profit rises, Aeon falls
TOKYO (Reuters) - Japan's Seven & I Holdings posted a rise in third-quarter profit on Friday as convenience store sales stayed strong, but rival Aeon Co's earnings undershot strong year-earlier results, as retailers worry that profit growth could stall.
January 6, 2012
IMF's Lagarde: euro likely to survive 2012
PRETORIA (Reuters) - The euro is likely to survive 2012 despite the debt crisis in the euro currency zone, International Monetary Fund Managing Director Christine Lagarde said on Friday.
January 6, 2012
Hiring seen gaining traction in December
WASHINGTON (Reuters) - U.S. employment likely grew solidly last month, but the jobless rate probably rose from a 2-1/2 year low as improving conditions lured some Americans who had given up looking for work back into the labor market.
January 6, 2012
EU says Belgian budget too optimistic as country struggles to stay out of debt crisis
BRUSSELS — The European Commission has criticized Belgium’s 2012 budget as too optimistic, a person close to the government said Friday, indicating that the country has to adopt more austerity measures or risk sanctions. The Commission, the European
January 6, 2012
High unemployment, fears over deepening of crisis hit eurozone retail sales in November
BRUSSELS — Retails sales in the 17-nation eurozone dropped in November, official statistics showed Friday, as consumers felt the bite of austerity measures and feared the currency union could slip deeper into crisis. Retail sales in the eurozone fell 0
January 6, 2012
Wall Street Week Ahead: Focus shifts back to U.S. earnings
NEW YORK (Reuters) - Stocks have strayed from their recent link to euro moves, and the start of U.S. corporate earnings next week could help shift investor focus back to U.S. fundamentals from Europe.
January 6, 2012
Economy boosts Wall Street in 2012's first week
NEW YORK (Reuters) - Stocks rose in the first week of 2012, even though news that the U.S. jobless rate neared a three-year low did not whet interest in equities on Friday.
January 6, 2012
Government, Exxon reach deal on disputed Gulf leases
WASHINGTON (Reuters) - Exxon Mobil Corp and the government struck a deal on Friday that would allow the company to move ahead with development of a field in the Gulf of Mexico estimated to yield tens of billions of dollars of oil.
January 6, 2012
Yahoo searching for new board members: source
(Reuters) - Yahoo Inc is searching for new members for its board of directors, following its hiring of a new chief executive, according to a person familiar with the matter.
January 6, 2012
Investors brace for European hit on earnings
NEW YORK (Reuters) - Investors are about to find out if the economic woes in Europe are going to deliver a deep wound to U.S. company earnings instead of the mere scratch that many expect.
January 6, 2012
Unemployment near three-year low
U.S. employment growth accelerated last month and the jobless rate dropped to a near three-year low of 8.5 percent, the strongest evidence yet the economic recovery is gaining steam.
January 6, 2012
Paulson's Advantage Plus Fund cut in half in 2011
NEW YORK (Reuters) - Hedge fund manager John Paulson lost more than half of the capital in one of his firm's biggest funds, people familiar with the number said Friday.
January 6, 2012
MF Global's aborted fruit salad solution to capital woes
(Reuters) - A few months before MF Global collapsed in bankruptcy, some top executives at the futures firm were talking about a plan code-named "Project Honeydew" as a way of freeing-up badly needed capital and cash.
January 6, 2012
Auto steelmaker will not get DOE loan
WASHINGTON (Reuters) - The Obama administration on Friday opted against closing a loan of up to $730 million for steelmaker Severstal North America, whose financing bid to expand a plant for auto steel production drew the attention of congressional invest
January 6, 2012
SEC to demand admission of wrongdoing in some cases
WASHINGTON (Reuters) - Securities regulators will no longer let companies settle civil cases without admitting or denying the charges if they have already admitted wrongdoing in parallel criminal cases.
January 6, 2012
Durable during two years of crisis, the euro begins to slide
Through two years of crisis, the embattled euro has stayed comparatively strong against the dollar, falling as Europe lurched from one difficulty to another but always rebounding. But in recent weeks, the currency has begun a downward slide that some ana
January 6, 2012
How the Dow Jones industrial average and other major stock indexes fared on Friday
The stock market offered a reminder Friday that even if the U.S. job market is improving, there’s plenty to worry about elsewhere in the world. The unemployment rate fell in December to 8.5 percent, the lowest level in nearly three years. Yet stocks in
January 6, 2012
Stocks close mixed even after strong December jobs report; Europe worries weigh on the market
The stock market offered a reminder Friday that even if the U.S. job market is improving, there’s plenty to worry about elsewhere in the world. The unemployment rate fell in December to 8.5 percent, the lowest level in nearly three years. Yet stock ind
January 6, 2012
— The story behind the best New York Times correction ever. — Is Google Chrome worth $1 billion? — Memorials to a dead polar bear gone wild. — Companies get nervous when consumer outrage goes viral. Read full article >>
January 6, 2012
White House defends the health-reform mandate
The Department of Justice has just now filed its brief with the Supreme Court defending the health reform law’s individual mandate. You can read all 130 pages here, but the crux of the argument is this: A decision not to purchase health insurance affec
January 6, 2012
Defense has a health care spending problem
On Thursday, the White House previewed its plans to shrink defense spending, announcing its intention to reduce the size of the army and scale back counterinsurgency operations. “Our military will be leaner,” Obama told officials on a visit to the Pe
January 6, 2012
Steven Pearlstein: Steering the region from .gov to .com
Local economic boosters love to remind anyone who will listen that the Washington region boasts the greatest concentration of technical or knowledge workers in the country. The implication, of course, is that we’re right out there on the technological
January 6, 2012
Five myths about the American dream
1. The American dream is about getting rich. In a national survey of more than 1,300 adults that we completed in March, only 6 percent of Americans ranked “wealth” as their first or second definition of the American dream. Forty-five percent name
January 5, 2012
Stock index futures signal early losses
(Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.53 percent, Dow Jones futures down 0.47 percent and Nasdaq 100 futures down 0.32 percent at 0900 GMT.
January 5, 2012
French costs rise but demand solid at debt sale
PARIS (Reuters) - French borrowing costs rose slightly when the euro zone's second-largest economy sold debt for the first time this year on Thursday but demand was solid despite concerns the country could lose its AAA credit rating.
January 5, 2012
March EU summit to discuss size of the ESM: French PM
PARIS (Reuters) - A March summit of European Union leaders will discuss increasing the firepower of the bloc's permanent rescue fund, the European Stability Mechanism, to cope with an upcoming glut of sovereign debt maturities, French Prime Minister Franc
January 5, 2012
Pepsi mulls 4,000 job cuts: report
(Reuters) - PepsiCo Inc is considering cutting about 4,000 jobs and reducing pension contributions in order to boost its earnings, the New York Post said, citing sources close to the situation.
January 5, 2012
Japan Airlines aims to raise at least $6.5 billion in relisting
TOKYO (Reuters) - Japan Airlines plans to raise more than 500 billion yen ($6.5 billion) ahead of re-listing its shares as early as September, a source with knowledge of the matter said, marking a sharp turnaround for the carrier following its bankruptcy
January 5, 2012
Oil hovers below $103 in Asia after supply report shows mixed signs about US crude demand
SINGAPORE — Oil prices hovered below $103 a barrel Thursday in Asia after a report showed mixed signs about U.S. crude demand. Benchmark crude for February delivery fell 59 cents to $102.63 a barrel at late afternoon Singapore time in electronic tradin
January 5, 2012
Chinaâs trade minister says 2011 trade surplus forecast to narrow to $160 billion
BEIJING — China’s global trade is forecast to have grown by 20 percent last year despite weak global demand, while its trade surplus narrowed to $160 billion, the commerce minister was cited as saying Thursday. The forecast, coming ahead of next week
January 5, 2012
Soros says EU break-up would be catastrophic: report
(Reuters) - A collapse of the euro and break-up of the European Union would have catastrophic consequences for the global financial system, billionaire investor George Soros was quoted as saying.
January 5, 2012
Barnes & Noble may split off Nook, cuts forecast
(Reuters) - Barnes & Noble Inc cut its Nook sales forecast and shocked investors by saying it may spin off its fast-growing digital business, sending its shares plunging 17 percent.
January 5, 2012
Employment outlook remains mixed
Indications are that the nation’s gloomy jobs picture continues to brighten, but experts disagree on two crucial points: the pace of improvement and whether the recent gain in momentum will continue through 2012. The Labor Department will add a piece t
January 5, 2012
Oil price drops below $102 a barrel as supplies increase in final week of the year
NEW YORK — U.S. oil supplies rose in the last week of 2011, capping a year of weak demand and sending oil prices lower on Thursday. The Energy Department’s Energy Information Administration said Thursday that U.S. oil supplies swelled by 2.2 million
January 5, 2012
— Mitt Romney got the same vote count in 2012 as he did in 2008, but not the same voters. — A roundtable on whether Amtrak can ever be profitable. — Yoga, like everything else in the world, is now bad for you. — Live free or die: “97% of real p
January 5, 2012
One reason not to recess appoint: Clout
As Ezra wrote earlier today, the question to ask about Wednesday’s recess appointments isn’t necessarily why they were made, but why the administration didn’t appoint even more nominees. There are, after all, 198 nominees awaiting Senate confirmati
January 5, 2012
SOPA: How much does online piracy really cost the economy?
The Stop Online Piracy Act (SOPA) has been widely panned as a dubious idea, uniting both liberals and conservatives in opposition. But doesn’t the bill, at the very least, identify a serious problem? Isn’t online piracy inflicting all sorts of damage
January 4, 2012
Stock index futures signal mixed open
(Reuters) - Stock index futures pointed to a mixed open on Wall Street on Wednesday, with futures for the S&P 500 down 0.1 percent, Dow Jones futures down 0.1 percent and Nasdaq 100 futures up 0.3 percent at 0900 GMT.
January 4, 2012
Yahoo to name new CEO: AllThingsD website
(Reuters) - Yahoo is poised to name PayPal President Scott Thompson as chief executive after firing former CEO Carol Bartz in September, website AllThingsD reported, citing sources close to the situation.
January 4, 2012
Euro zone inflation eases, boosts rate cut expectations
BRUSSELS (Reuters) - Euro zone inflation eased from last year's peaks of 3.0 percent in December, the first sign of a fall in price growth this year that analysts expect will create room for more interest rate cuts to help the weakening economy.
January 4, 2012
Exxon to sell Tonen stake in retreat from Japan: sources
TOKYO (Reuters) - Exxon Mobil is in talks to sell most of its 50 percent stake in TonenGeneral Sekiyu KK back to its Japanese refining partner and unload other assets in Japan in a deal that could be worth as much as $5 billion, four sources with knowle
January 4, 2012
Small business payrolls rise 55,000 in December
WASHINGTON (Reuters) - Small businesses created 55,000 jobs in December and increased working hours for employees, further evidence the labor market was strengthening.
January 4, 2012
Czech brewer Budejovicky Budvar reports 7.8 pct boost in exports to highest level in 116 years
PRAGUE — State-owned Czech brewery Budvar, which has been fighting a long legal battle with American brewer Anheuser-Busch over the use of the “Budweiser” brand, says its 2011 exports rose by 7.8 percent to reach a record high. Budejovicky Budvar N
January 4, 2012
Hungaryâs currency falls to new low vs euro on uncertainty over IMF deal, economic policies
BUDAPEST, Hungary — Hungary’s currency, the forint, has fallen to all-time lows against the euro over uncertainty about a new aid deal with the International Monetary Fund and concerns about the government’s economic policies. The euro rose to 319.
January 4, 2012
Kodak prepares for Chapter 11 filing: report
(Reuters) - Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported on Wednesday.
January 4, 2012
Blackstone reaches megafundraising finish line
NEW YORK (Reuters) - Blackstone Group LP will conclude fundraising for its latest buyout fund in January, raising just over $16 billion, three people familiar with the matter said on Wednesday, in a 4-year process challenged by the global financial crisi
January 4, 2012
Yahoo names PayPal's Thompson as CEO
SAN FRANCISCO (Reuters) - Yahoo Inc named PayPal President Scott Thompson as its chief executive on Wednesday, hoping the well-regarded Internet technology and e-commerce expert will replicate his success at eBay Inc and turn around the struggling company
January 4, 2012
Boeing to close Wichita plant, cites defense cuts
(Reuters) - Boeing Co said it would close a plant in Wichita by the end of 2013 that employs more than 2,160 workers maintaining and converting planes for the military, part of a move to cut costs as the U. S. defense budget tightens.
January 4, 2012
BP fund resumes payments to spill victims
(Reuters) - BP's $20 billion oil spill fund said it had resumed payments to eligible victims on Wednesday after receiving clarification from a U.S. district court regarding an escrow account set up to cover certain legal expenses incurred by the plaintif
January 4, 2012
Detroit automakers revved up sales in 2011
The three Detroit-area automakers reported strong sales gains in 2011, as low interest rates and slowly rising consumer confidence combined for the domestic auto industry’s best year since 2008. Chrysler posted a 26 percent sales increase in 2011, Gen
January 4, 2012
UK circulation watchdog says it found no evidence that Wall Street Journal Europe broke rules
LONDON — There is no clear evidence that The Wall Street Journal’s European edition fudged its circulation figures by funneling money to one its major subscribers, Britain’s newspaper circulation watchdog said Wednesday. The Audit Bureau of Circula
January 4, 2012
- Kid literary characters and their grown-up counterparts. - The Rube Goldberg way to groom a cat. - Slate’s Sasha Issenberg probes how Romney’s Iowa win was five years in the making. - A Dallas teen, missing since 2010, was mistakenly deported to
January 4, 2012
Should the U.S. export its natural gas? A debate flares.
Last year, fuel was America’s #1 export. But not everyone’s so keen on watching the United States ship out all that energy to the rest of the world. Case in point: On Wednesday, Rep. Edward Markey (D-Mass.) fired off a letter to Energy Secretary Stev
January 4, 2012
Obama to make three recess appointments to NLRB
In addition to recess appointing consumer-finance chief Richard Cordray, President Obama will also appoint three new members to the National Labor Relations Board. The background is that Republicans have spent the past year blocking Obama’s nominees t
January 3, 2012
Stock index futures points to higher start
(Reuters) - Stock index futures pointed to a higher open on Wall Street on Tuesday, with futures for the S&P 500, Dow Jones futures and Nasdaq 100 futures up 1.1 to 1.9 percent at 1100 GMT.
January 3, 2012
Same-store sales seen up 4.3 percent in December
(Reuters) - When top retailers post their December sales this week, Wall Street analysts are expecting them to report a healthy end to the holiday season, helped by discounts, improved consumer sentiment and tactics like extended hours and layaways.
January 3, 2012
BP sues Halliburton over $42 billion oil spill bill
LONDON (Reuters) - BP has called on contractor Halliburton to pay all costs and expenses it incurred to clean up the 2010 Gulf of Mexico oil spill, which the oil major previously put at around $42 billion.
January 3, 2012
Total signs $2.3 billion shale deal with Chesapeake
PARIS (Reuters) - Oil major Total SA signed a $2.3 billion deal with Chesapeake Energy Corp and EnerVest, continuing a trend of European and Asian oil and gas companies buying into U.S. shale plays.
January 3, 2012
BMW sees 2012 premium market growth above 8 percent
FRANKFURT (Reuters) - BMW expects the global premium car market to grow more than twice as fast as the overall auto market this year, the German carmaker's finance chief told a German newspaper.
January 3, 2012
Crisis talk, austerity calls mark euro anniversary
BERLIN (Reuters) - Policymakers marked the 10th anniversary on Sunday of the introduction of euro notes and coins by urging governments in the currency bloc to save and consolidate to overcome their debt crisis.
January 3, 2012
Asian markets rise after report shows manufacturing in Europe improving in December
BANGKOK — World stock markets rose Tuesday, as market confidence grew after the release of manufacturing data that showed improvement in Europe. Benchmark oil rose above $100 per barrel while the dollar fell against the euro and the yen. Britain’s FT
January 3, 2012
Macau casino revenue in 2011 surged by nearly half over year before to $33.5 billion
HONG KONG — Macau casino gambling revenue surged by nearly half last year as the world’s biggest gambling market continued to boom, powered by wealthy, high-rolling Chinese gamblers. Gross revenue from Macau’s 34 casinos in 2011 totaled 267.87 bill
January 3, 2012
Gross's bond fund bleeds $1.4 billion in December: Morningstar
(Reuters) - The PIMCO Total Return Fund, the world's largest bond fund, had $1.4 billion in outflows in December, according to fund analytics firm Morningstar.
January 3, 2012
MF Global sold assets to Goldman before collapse: sources
(Reuters) - MF Global unloaded hundreds of millions of dollars' worth of securities to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions. But it did not immediately
January 3, 2012
BP fund halts payments to spill victims pending clarification
(Reuters) - BP's $20 billion oil spill fund has halted payments to eligible victims until a U.S. federal court clarifies an order issued in December, according to a notice posted on the fund's website.
January 3, 2012
Fed to publish rate path forecasts in transparency move
WASHINGTON (Reuters) - The Federal Reserve, in a move that could push back expectations of when near-zero U.S. interest rates will rise, will begin publishing its policymakers' forecasts for borrowing costs.
January 3, 2012
Manufacturing index hits six-month high
NEW YORK (Reuters) - Manufacturing grew at its fastest pace in six months in December, capping a late-year upswing, but a European slump and rising oil prices posed threats to the U.S. economy in the new year.
January 3, 2012
The Council on Foreign Relations asked five thoughtful economists about what over-arching trends will affect the economy in 2012. Read their answers at the council’s Web site. And what is money, really, and is the Fed really printing more of it? Jon
January 3, 2012
Dow rises 179 as investors return from break and find reason to buy; aiming to beat flat â10
NEW YORK — The stock market got a big jump on a better year. After a flat 2011, stocks rose sharply Tuesday in the first trading of 2012 after investors returned from the holiday and found encouraging economic reports from the United States and around
January 3, 2012
— Did Mitt Romney really create 100,000 jobs at Bain Capital? Evidence is hard to come by. — A few things we learned on the way to the moon. — When will we reach peak text message? — The most-Googled economists of 2011. Read full article >&g
January 3, 2012
Iowa caucus: Lots of media attention, little economic impact
For decades, Iowa has fiercely defended its first-in-the-nation status in the presidential election cycle. That distinction earns the Midwestern state no shortage of media attention every four years, as candidates aggressively court its voters. But what
January 3, 2012
What would your state do to go first?
If you read my earlier interview with Iowa caucuses expert David Redlawsk, you know there’s no good reason that Iowa goes first. Iowa wasn’t chosen because of its size or composition or history or even as part of some deal with the other 50 states. I
January 2, 2012
Analysis: Asia's double-edged currency sword
SINGAPORE (Reuters) - The roller-coaster ride for Asian currencies, which saw only the yen and yuan post significant gains for the year against the U.S. dollar, is set to continue in 2012.
January 2, 2012
Returns of online holiday gifts to hit record
(Reuters) - After the holiday party comes the hangover for retailers: handling millions of returns this week.
January 2, 2012
Crisis talk, austerity calls mark euro anniversary
BERLIN (Reuters) - Policymakers marked the 10th anniversary on Sunday of the introduction of euro notes and coins by urging governments in the currency bloc to save and consolidate to overcome their debt crisis.
January 2, 2012
Factory output subdued going into 2012
LONDON/MUMBAI (Reuters) - Global manufacturing activity was subdued going into 2012, with the euro zone's industrial sector suffering its fifth straight month of declines in December and Asian factories mostly stuck in a rut.
January 2, 2012
Anglo says not obliged to sell shares to Codelco
SANTIAGO (Reuters) - Global miner Anglo American said on Monday it was not obliged to sell any of its shares in its southern Chilean properties to state copper giant Codelco, as a battle over a disputed option contract deepened.
January 2, 2012
U.S. investors sue Lloyds chiefs over HBOS deal
LONDON (Reuters) - American shareholders are suing Britain's Lloyds Banking Group and the bank's former executives, saying they were misled over its rescue of fellow lender HBOS in the depths of the financial crisis in 2008.
January 2, 2012
European shares end higher in thin holiday trade
PARIS (Reuters) - European stocks ended higher in their first trading session of the year on Monday, led by defensive utilities such as E.ON and GDF Suez , while volumes were anaemic as UK and U.S. markets remained closed for the New Year holiday.
January 2, 2012
Hyundai, Kia see slower sales growth in 2012
SEOUL (Reuters) - Hyundai Motor and affiliate Kia Motors aim to boost global vehicle sales by 6 percent this year to a combined 7 million vehicles, which would mark a slowdown for a duo that has enjoyed double-digit sales rises in recent years.
January 2, 2012
Alcatel-Lucent CEO rules out deep job cuts: report
PARIS (Reuters) - Telecom equipment maker Alcatel-Lucent does not expect deep job cuts like those announced by rival Nokia Siemens Networks , Chief Executive Ben Verwaayen said in an interview published on Monday in French daily Les Echos.
January 2, 2012
Euro zone manufacturing downturn extends to 5th month: PMI
LONDON (Reuters) - Euro zone manufacturing activity declined for a fifth consecutive month in December, although at a slightly slower rate than November's 28-month record low, a survey showed on Monday, suggesting the decline would continue in the early m
January 2, 2012
The biggest driver of income inequality: capital gains
A new report from the Congressional Research Service — the nonpartisan public policy branch of Congress — takes a closer look at the drivers of income inequality between 1996 and 2006, the last period of moderate economic growth before the latest boo
January 2, 2012
Insight: Memo to Eddie Lampert - Dump Kmart
(Reuters) - If hedge fund manager Eddie Lampert wants to save one of the oldest retail empires in the United States, he should consider shutting down Sears Holdings Corp's Kmart discount chain and focus on revamping its Sears department stores.
January 2, 2012
Check Theodore H. White describing Gov. George Romney -- Mitt Romney’s father — in his classic ‘The Making of the President 1968’: “Above all, he looked like a President. Handsome, silver-haired, robust, masculine, smiling or stern, he seemed c
January 2, 2012
Sorry, Santorum fans, but Romney will win this
The hallmark of a great work of history is that even though you know what’s going to happen, the narrative almost has you believing that things will turn out a different way — that the German people will reject Hitler, or that Abraham Lincoln won’t
January 1, 2012
Exclusive: U.S. is top 2012 property investment pick
NEW YORK (Reuters) - The United States will remain the top choice of most global commercial real estate investors in 2012, but the country has lost ground to Brazil which ranked No. 2 this year, according to a survey released Sunday.
January 1, 2012
Exxon awarded $908 million in Venezuela dispute
CARACAS (Reuters) - U.S. oil giant Exxon Mobil said on Sunday an arbitration panel awarded it $908 million over a contractual dispute with Venezuela, following the South American nation's 2007 nationalization of its assets.
January 1, 2012
Exxon awarded $908 million in Venezuela dispute
CARACAS (Reuters) - An international arbitration panel has awarded U.S. oil giant Exxon Mobil Corp (XOM.N) $908 million in compensation for Venezuela's 2007 nationalization of assets, less than 10 percent of what it sought in a dispute that pitted a top g
January 1, 2012
AP News in Brief at 5:58 a.m. EST
Fireworks, hope and worry as NYC, world ring in 2012, leaving a tough year behind NEW YORK — Revelers erupted in cheers amid a confetti-filled celebration in New York’s Times Square to welcome in the new year, part of star-studded festivities and gli
January 1, 2012
Fireworks, hope and worry as NYC, world ring in 2012, leaving a tough year behind
NEW YORK — Revelers erupted in cheers amid a confetti-filled celebration in New York’s Times Square to welcome in the new year, part of star-studded festivities and glittering fireworks displays around the world to usher in 2012. From New Zealand to
January 1, 2012
Economic news for week of Jan. 2, 2012
The year begins with a week packed with economic news.TuesdayThe Institute for Supply Management releases its index of activity in the nation’s factories in December. Analysts are expecting good news: They forecast that the index will rise to 53.4, fro
January 1, 2012
GOPâs election battle plan: Use Obamaâs own words against him
With Republican voters in Iowa set to finally begin picking a nominee to challenge President Obama, GOP officials in Washington are quietly and methodically finishing what operatives are calling “the book” — 500 pages of Obama quotes and video link
January 1, 2012
January 1, 2012
In Iowa, Republicans make final push before voting begins
DES MOINES — Seeking to press their advantages and differentiate themselves, the Republican candidates for president flooded the Iowa airwaves Sunday and stepped up their ground games in the final push before decision day. Some went to church, others w
January 1, 2012
The health care law, the Supreme Court and the right not to recuse
The Year End Report on the Federal Judiciary isn’t usually much of a page-turner. It’s an annual memo that the Supreme Court Chief Justice releases at the end of each year, just hours before the ball drops in Times Square. The document tends to be a
December 31, 2011
Boeing wins $3.48 billion U.S. missile contract
(Reuters) - Boeing Co beat out Lockheed Martin to retain its position as the prime contractor for the U.S. long-range missile shield, the Pentagon said on Friday.
December 31, 2011
China moving to more convertible yuan: central bank's Zhou
BEIJING (Reuters) - China's central bank governor argued in comments published on Saturday that Beijing does not control the yuan's flow across borders as tightly as some think and that it is natural for the currency's trading band to be widened over time
December 31, 2011
Merkel says Europe must cooperate more for euro to succeed
BERLIN (Reuters) - Europe must cooperate more closely if it wants the euro to succeed as its shared currency, and it still has a long way to go to overcome its sovereign debt crisis, German Chancellor Angela Merkel said in her New Year's Eve address.
December 31, 2011
Euro could become world's leading currency: Noyer
PARIS (Reuters) - The euro could become the world's leading currency in the next decade if leaders of the single-currency bloc succeed in tightening fiscal integration, European Central Bank policymaker Christian Noyer said in an article to be published i
December 31, 2011
U.S. in $3.5 billion arms sale to UAE amid Iran tensions
WASHINGTON (Reuters) - The United States has signed a $3.5 billion sale of an advanced antimissile interception system to the United Arab Emirates, part of an accelerating military buildup of its friends and allies near Iran.
December 31, 2011
China factories struggle, policy action seen ahead
BEIJING (Reuters) - China's big manufacturers narrowly avoided a contraction in December a survey showed on Sunday, but downward risks persist and suggest the world's second's second-largest economy will need fresh policy support to counter a slowdown in
December 31, 2011
Swiss finance minister says U.S. tax deal needs time: radio
ZURICH (Reuters) - Switzerland and the United States need more time to negotiate a tax deal, Swiss finance minister Eveline Widmer-Schlumpf told Swiss radio on Saturday, as the United States pushes for it to supply information on bank clients who are alle
December 31, 2011
Americaâs top export in 2011 was .â.â. fuel?
Fuel is now the top U.S. export. The Associated Press reports that America is on pace to ship out more gasoline, diesel and jet fuel than anything else in 2011. (Aircraft, motor vehicles, vacuum tubes and telecom equipment were next on the list of top ex
December 31, 2011
Longform.orgâs weekend reading list
Every weekend, Longform.org picks the week’s best in-depth stories on politics and policy for Wonkblog. For daily selections of new and classic nonfiction, check out Longform.org or follow @longformorg on Twitter. The New Dealers Tony D’Souza •
December 31, 2011
As federal gravy train ends for D.C. areaâs economy, itâs time to plan ahead
Washington has a lot to be thankful for as we enter the new year. Since 2007, the region’s economy has grown by about 14 percent at a time when the national economy has expanded by about 3 percent. According to Stephen Fuller, my colleague at George
December 30, 2011
Futures flat as volatile year nears end
NEW YORK (Reuters) - Stock index futures were little changed on Friday, the last trading day of 2011, as investors waited until the next year to begin making large bets.
December 30, 2011
Spain set to fire opening salvos in austerity drive
MADRID (Reuters) - Spain's centre-right government will announce billions of euros in savings measures on Friday, using its first decrees since sweeping to power at November elections to give the nation a foretaste of tougher austerity to come.
December 30, 2011
Ford 2011 sales top 2 million for first time since 2007
(Reuters) - Ford Motor said its U.S. vehicle sales topped 2 million this year for the first time since 2007, implying a 15 percent share in the second biggest auto market in the world.
December 30, 2011
China's factories falter, pro-growth policies eyed
BEIJING (Reuters) - China's factory activity shrank again December as demand at home and abroad slackened, a purchasing managers' survey showed on Friday, reinforcing the case for pro-growth policies to underpin the world's second-largest economy.
December 30, 2011
Verizon to add $2 bill-pay charge, admits 4G network issues
(Reuters) - Verizon Wireless, which this month angered customers with three separate data service problems, said on Thursday it will add a $2 fee for one-time telephone and online bill payments.
December 30, 2011
Analysis: Dawn of a year of trading dangerously
LONDON (Reuters) - Out with the old year, in with the new and for investors uncertainty is likely to be the only certainty once more.
December 30, 2011
Wall Street ekes out positive year with encouraging signs for employment and even housing
NEW YORK — Wall Street is heading higher on the last day of trading at the end of a raucous year on positive signals this week about jobs and, depending how you look at it, housing. Oil prices edged higher in the absence of any major economic data Frid
December 30, 2011
Oil inches higher toward $100 in Europe amid signs US economy improving, Iran tensions
Oil prices inched higher toward $100 a barrel Friday amid encouraging signs the U.S. economy is slowly improving and continuing tensions between Western powers and Iran. By early afternoon in Europe, benchmark crude for February delivery was up 13 cents
December 30, 2011
Report: German finance minister confident of stabilizing eurozone in 2012
BERLIN — Germany’s finance minister says he is confident that Europe’s politicians will manage to stabilize the eurozone in 2012 and keep the continent’s common currency together. Wolfgang Schaeuble acknowledged in an interview with business dail
December 30, 2011
NEW YORK (Reuters) - Shaky Europe. Political gridlock. Volatile markets.
December 30, 2011
Kodak loses third director in a week
(Reuters) - The third director in a week has resigned from Eastman Kodak Co as the former film giant struggles to survive the dominance of digital photography.
December 30, 2011
Verizon ditches $2 fee after customer uproar
NEW YORK (Reuters) - Verizon Wireless has reversed its decision to charge a $2 fee for telephone and online bill payments, bowing to a storm of criticism from consumers and the U.S. communications regulator.
December 30, 2011
Brazil's Embraer aircraft wins U.S. Defense contract
SAO PAULO (Reuters) - Brazilian planemaker Embraer will sell its A-29 Super Tucano aircraft to the U.S. Air Force, in a firm-fixed price delivery order contract worth $355 million, the company said in a statement late on Friday.
December 30, 2011
Whirlpool accuses Samsung, LG of dumping washers
(Reuters) - Whirlpool Corp on Friday accused two South Korean rivals, Samsung Electronics and LG Electronics , of dumping washing machines in the United States by selling them "at substantially less than fair value."
December 30, 2011
December auto sales seen up 9 percent
DETROIT (Reuters) - U.S. new-vehicle sales for December are expected to show continued steady growth, but analysts say much of the gains are linked to buyers who delayed purchases and therefore will not an indicate a strengthening economy.
December 30, 2011
Gold's "death cross" signals more losses coming
NEW YORK (Reuters) - Gold's 20-day moving average falling below its 200-day and its brief foray into a bear market suggest momentum has turned bearish and a further pullback could be on its way.
December 30, 2011
After wild ride in 2011, stocks back where they started
After all the turbulence of the past year, the solid rallies and breathtaking drops, the U.S. stock market, like any roller coaster, ended back almost precisely where it started. At the end of a quiet trading day Friday, the Standard & Poor’s 500-s
December 30, 2011
A look at stock market highs and lows in 2011
NEW YORK — A look at the best and worst performers in the Dow Jones industrial average, which tracks 30 key U.S. companies; the biggest industry gainers and decliners in the broader S&P 500 index, which ended nearly flat for the year; and some comp
December 30, 2011
December 30, 2011
2011 was a bust â could 2012 be better?
It began with such promise. This time a year ago, forecasters were racing to upgrade their outlooks for what 2011 would hold. All the gears seemed to be locking into place for what could finally be the year that an economic recovery began in earnest. Thr
December 30, 2011
— For just $1,300, you too can celebrate New Years Eve . . . at the TGI Friday’s in Times Square. — The reality of reality TV. — Food gets hyper-local: Seattle woman traps squirrels in her front yard and then makes risotto with them. — New
December 30, 2011
The White Houseâs year in photos
The White House has a year-end collection of 76 photographs from official White House photographer Pete Souza. It’s a nice way to revisit a year in the presidency and, if nothing else, take a second look at this moment when first lady Michelle Obama m
December 30, 2011
Can ethanol survive a hostile political climate?
Ethanol used to be sacrosanct. Corn-based fuels have been subsidized by Congress for more than three decades, ever since the Energy Tax Act of 1978. And, given that corn-lovin’ Iowa always gets to go first in picking presidential nominees, ambitious po
December 29, 2011
Futures edge up as investors await data
NEW YORK (Reuters) - Stock index futures were slightly higher on Thursday, following a market selloff in the previous session as Italian bond yields fell and investors awaited a new spate of data.
December 29, 2011
Italy borrowing costs stay near record at sale
MILAN (Reuters) - Italy's borrowing costs fell from recent record highs at a bond auction on Thursday but cautious investors still demanded a near 7 percent yield to buy 10-year debt, a level seen unsustainable over time for the euro zone's third-largest
December 29, 2011
China speeds up QFII approvals amid signs of capital outflow
SHANGHAI (Reuters) - China has since October granted nearly $1 billion in quotas for foreign institutions to invest in the country's capital markets following a five-month hiatus, reflecting Beijing's desire to encourage inbound investment amid signs of a
December 29, 2011
Tough India IPO market drives deals between private equity funds
MUMBAI (Reuters) - When Ind-Barath Power Infra Ltd dropped plans for a $200 million IPO earlier this year, it not only thwarted the fundraising plans of its controlling shareholder, but blocked an exit route for a clutch of private equity investors.
December 29, 2011
Oil hovers below $100 after report shows US crude supply surge, suggesting weaker demand
SINGAPORE — Oil prices hovered below $100 a barrel Thursday in Asia after a report showed U.S. crude supplies jumped last week, a sign demand could be weakening. Benchmark crude for February delivery rose 24 cents to $99.60 a barrel at late afternoon S
December 29, 2011
For Central America's pura vida state, a drug war test
PUERTO CALDERA, Costa Rica — Costa Rican exceptionalism is deeply ingrained in the national psyche of this country, a place that has long defined itself by the many ways in which it is not like the rest of Central America. Even through the darkest year
December 29, 2011
AP News in Brief at 5:58 a.m. EST
Kim son declared ‘supreme leader’ of NKorea’s people, party and military at father’s memorial PYONGYANG, North Korea — North Korea declared Kim Jong Il’s son and successor “supreme leader” of the ruling party, military and the people duri
December 29, 2011
GE Healthcare to pay $30 million to settle False Claims Act
(Reuters) - General Electric Co's healthcare equipment unit paid more than $30 million to settle allegations that a company it bought in 2004 provided false information to overcharge Medicare for a drug used to diagnose heart disease, the Justice Departm
December 29, 2011
TCW, Doubleline Capital reach settlement
(Reuters) - The Trust Company of the West Group Inc and star bond investor Jeffrey Gundlach's DoubleLine Capital on Thursday said they had settled all claims between them, ending a long-running legal saga.
December 29, 2011
Economy gaining momentum, housing shows a pulse
WASHINGTON (Reuters) - New U.S. claims for jobless benefits rose last week but the underlying trend pointed to an improving labor market, while regional factory data showed the economy gaining momentum as the year ended.
December 29, 2011
Private companies ratchet up lobbying to stay dark
WASHINGTON (Reuters) - Two traditional retailers and a manufacturer have joined the ranks of hot tech companies like Facebook in the debate over a U.S. securities rule that can force privately held companies to disclose finances they'd rather keep secret.
December 29, 2011
— Charts are good. We love charts. But infographics? Infographics are a menace. — Ryan Grim delves deep into the ongoing feud at the Nuclear Regulatory Commission. — Why China can build rail networks so quickly. — Figuring out how much shale gas
December 29, 2011
Conservatives come out against SOPA
The more people learn about the Stop Online Piracy Act (SOPA), the more everyone seems to hate it. Politico’s Tim Mak reports that bloggers on the left and the right are ferociously opposing the House bill, which would give the copyright industry swee
December 29, 2011
Americans are ideologically closest to ... Jon Huntsman?
A new USA Today/Gallup survey asked Americans to rate themselves and the 2012 presidential candidates in terms of ideology, with 1 being very liberal and 5 very conservative. The public’s average score is 3.3 — the same slightly right of center ratin
December 28, 2011
Futures edge higher after Italian auction
NEW YORK (Reuters) - Stock index futures edged higher on Wednesday in what looks to be another low-volume session, with investors waiting for the start of 2012 before betting on risky assets.
December 28, 2011
Italy short-term debt costs halve at auction
MILAN (Reuters) - Italy's short-term debt costs halved at auction Wednesday as a new package of budget austerity and an injection of cheap long-term money from the European Central Bank won Rome some respite in thin year-end markets.
December 28, 2011
Deutsche Boerse, NYSE extend merger deadline to sway Europe
LONDON (Reuters) - Deutsche Boerse and NYSE Euronext have extended the deadline for completion of their planned merger to March 31 next year as they seek to convince European regulators to back the $9 billion deal.
December 28, 2011
U.S. says China not currency manipulator; chides Japan
WASHINGTON (Reuters) - The U.S. Treasury again shied away from labeling China a currency manipulator on Tuesday, but it rapped the country for not moving quickly enough on exchange rate reforms.
December 28, 2011
Netflix, Gap lag in customer satisfaction online
(Reuters) - Netflix Inc and Gap Inc were among the worst performers in customer satisfaction among the largest online retailers this holiday season, according to a survey released on Wednesday.
December 28, 2011
NY Times to sell regional newspapers for $143 million
(Reuters) - The New York Times Co said it will sell 16 regional newspapers spread across the U.S. Southeast and California to Halifax Media Holdings for $143 million in cash as it looks to cut costs and focus on its most important papers and their website
December 28, 2011
Oil eases after Iran threat, Italy gets debt boost
LONDON (Reuters) - Crude prices broke a six-day rally on Wednesday after Iran's threat to stop the flow of oil from the Gulf was written off as no more than rhetoric, while a strong short-term Italian debt sale eased stress in European markets.
December 28, 2011
Stock futures rise on optimism after Italian bond auction results in much lower interest rates
NEW YORK — Wall Street is set to open higher Wednesday after two successful Italian bond auctions raised hopes that Italy will be able to roll over billions of euros of its debt this year. Dow futures rose 0.2 percent at 12,244, while S&P 500 futur
December 28, 2011
Oil hovers near $101 in Europe as traders eye Iran threat to cut exports if more sanctions
Oil prices hovered near $101 a barrel, as concerns over rising Middle East tensions could disrupt crude supplies were offset by profit-taking following recent gains. By early afternoon in Europe, benchmark crude for February delivery was down 27 cents to
December 28, 2011
Wonkbook: In 2011, Congress worried about deficits and mostly ignored jobs
Lori Montgomery has a terrific piece on how little deficit reduction actually got done this year. But perhaps that shouldn't be surprising. The pressure for deficit reduction comes from interest rates. Interest rates, as noted in yesterday's Wonkbook
December 28, 2011
Alibaba hires U.S. lobbying firm as it eyes Yahoo
(Reuters) - Alibaba Group has hired a Washington lobbying firm in a sign that the Chinese e-commerce company would be willing to make a bid for all of Yahoo Inc in the event that talks to unwind their Asian partnership fail.
December 28, 2011
S&P reviews Sears for possible downgrade
(Reuters) - Standard & Poor's placed Sears Holdings Corp's credit rating on review for a possible downgrade on Wednesday, saying the retailer's plan to close at least 100 stores may not do much to improve its performance.
December 28, 2011
Retail sales resilient in final holiday stretch
(Reuters) - Retail sales look poised for a solid finish to the holiday season as warm weather and deep discounts encouraged shoppers to hit stores or go online to snap up last-minute gifts, according to data released on Wednesday.
December 28, 2011
New U.S. tactic for suspected Swiss bank tax cheats
(Reuters) - U.S. authorities hunting in Swiss banks for suspected tax cheats have a new weapon in their arsenal: an arcane but aggressive legal maneuver more commonly used against drug smugglers, money launderers and Imelda Marcos, widow of the Philippine
December 28, 2011
No trial delay for accused Ponzi schemer Stanford
(Reuters) - Allen Stanford, accused of running a $7.2 billion Ponzi scheme, on Wednesday lost his bid for a three-month delay in his criminal fraud trial, clearing the way for jury selection to begin on January 23.
December 28, 2011
Whistleblower documents illuminate case against BNY Mellon
NEW YORK (Reuters) - Confidential whistleblower documents that helped spark a massive state and federal investigation into how Bank of New York Mellon Corp charged pension funds for currency exchange, provide a rare window into how a bank insider aided a
December 28, 2011
Did Bernanke protect the U.S. from the euromess?
So far, American banks have largely managed to avoid catching the contagion of the Eurozone debt crisis. That’s partly because there’s little direct exposure to the banks in the most distressed countries. But there are other big reasons behind the U.
December 28, 2011
—Birds change the pitch of their song when they go from the country to the city. —Electric cars have been slow to catch on, but what about electric school buses? —The Chinese town that turns your old Christmas tree lights into slippers. —How ti
December 28, 2011
What drove the U.S. economy in 2011? And can it last?
Through the first three quarters of 2011, the U.S. economy expanded at a 1.2 percent annual rate. So where did this (middling) growth come from? The Council of Foreign Relations serves up a handy graph breaking things down: The left-hand side shows the
December 27, 2011
Futures off ahead of factory, home price data
NEW YORK (Reuters) - Stock index futures were lower on Tuesday as investors found little reason to make big bets in what was expected to be a light-volume session following the previous week's gains.
December 27, 2011
Sears to close 100-120 Kmart, Sears Full-line stores
(Reuters) - Retailer Sears Holdings Corp said it plans to close 100-120 Kmart and Sears Full-line stores and expects its adjusted fourth-quarter EBITDA to more than halve from a year ago.
December 27, 2011
Analysis: U.S. rental demand lifts housing sector
(Reuters) - Brian Keith is busier than ever as the architecture firm he works for rushes to wrap up work on a 300-unit apartment complex in Dallas.
December 27, 2011
E&Y audit panel says no violations in Olympus handover
TOKYO (Reuters) - A panel reviewing the auditing of Olympus Corp after its $1.7 billion accounting scandal said it had so far not found any problems with the work of Ernst & Young's Japanese arm and questioned the accuracy of a separate investigation crit
December 27, 2011
Debt-riddled Japan relaxes decades-old arms exports ban
TOKYO (Reuters) - Debt-riddled Japan Tuesday relaxed its self-imposed decades-old ban on military equipment exports in a move that will open new markets to its defense contractors and help the nation squeeze more out of its defense budget.
December 27, 2011
Greek retail sees worst Christmas sales in decades
ATHENS (Reuters) - Greece's stores had their worst Christmas in decades, with retail sales dropping by 30 percent compared with the same period last year as the economic crisis shattered consumer confidence, the ESEE retail federation said on Tuesday.
December 27, 2011
European stocks edge up, euro stuck before Italy auction
LONDON (Reuters) - European stocks crept higher on Tuesday, catching the tailwind of a pre-holiday U.S. rally, while the euro was hamstrung by the prospect of a large Italian debt auction later in the week.
December 27, 2011
Stock futures nearly flat after a bullish run last week
NEW YORK — Stock futures are mixed and nearly flat after four straight days of gains. In the first day of trading following the holiday weekend, futures for the Dow Jones industrial average are up 3 to 12,220. The broader Standard & Poor’s 500 is
December 27, 2011
December 27, 2011
Oil hovers below $100 amid low holiday week trading volume
SINGAPORE — Oil prices hovered below $100 a barrel Tuesday in Asia amid low holiday week trading volume. Benchmark crude for February delivery was down 13 cents at $99.55 a barrel at late afternoon Singapore time in electronic trading on the New York M
December 27, 2011
Japan relaxes longtime weapons export ban
SEOUL — Japan on Tuesday relaxed its longstanding ban on the export of weapons and military equipment, a move that will boost ailing Japanese defense companies and create new opportunities for international projects. The change, coming after more than
December 27, 2011
Indian billionaire with $3.8 billion pile of cash canât find worthy domestic investment
MUMBAI, India — Ajay Piramal is sitting on a mountain of cash. Yet the billionaire Indian tycoon, working in one of the world’s fastest growing economies, is struggling to figure out what to do with the money. The problem isn’t opportunity, he said
December 27, 2011
Wonkbook: On debt, the conventional wisdom vs. the markets
The conventional wisdom is that the United States is borrowing too much. But don't tell that to the markets. As Daniel Kruger reports in Bloomberg, demand for American debt was stronger in 2011 than in any year since 1995. It's cheaper for the U.S. to
December 27, 2011
Consumer confidence perks up, house prices sag
WASHINGTON (Reuters) - Improving labor market conditions lifted U.S. consumer confidence to an eight month high in December, but persistently weak house prices remain an obstacle to faster economic growth.
December 27, 2011
From Macy's to Sears, tales of holiday highs, lows
(Reuters) - Macy's Inc and Wal-Mart Stores Inc continue to get high marks from Wall Street as the busy season draws to a close, while Sears Holdings Corp proved that it was really not a jolly holiday for all stores.
December 27, 2011
MF Global trustee has no conflict of interest: judge
(Reuters) - The trustee liquidating MF Global's brokerage does not have a conflict of interest stemming from prior work done for one of MF Global's key lenders, a bankruptcy judge said on Tuesday.
December 27, 2011
Obama nominates Democrat Jeremy Stein, Republican Jerome âJayâ Powell to Fed
President Obama on Tuesday nominated a Republican and a Democrat to serve on the Federal Reserve, as he seeks to break a political logjam preventing many of his high-profile nominees for positions in economic policy and financial regulation from taking o
December 27, 2011
Washingtonâs year of drama leaves little done regarding debt
Reid Ribble, a Wisconsin roofing contractor-turned-Republican lawmaker, has helped change the way Washington talks about the national debt. That’s not to say he has done much about the debt itself. Nearly a year ago, Ribble and other newly elected Hou
December 27, 2011
December 27, 2011
- Sen. Ben Nelson retires; Chris Cillizza games out the consequences; Conor Oberst, best known as indie artist Bright Eyes, floated as a possible replacement. - Megabus asks regulators to break up competing bus line Bolt Bus. - After 123 years, Manischew
December 27, 2011
Newt and the individual mandate, contâd.
As Ezra wrote earlier today, the mandated purchase of health insurance was central to many Republican health policy proposals for about two decades, up until the mid-2000s. So perhaps it isn’t surprising that Republicans do a pretty good job defending
December 26, 2011
Japan, India shares gain in holiday-thin Asia, U.S. hopes help
TOKYO (Reuters) - Japanese and Indian stocks outperformed the rest of Asia in thin trade Monday, with sentiment partly lifted by signs of U.S. economic recovery, although trading was subdued with many markets closed for Christmas holidays.
December 26, 2011
Analysis: China investment wave unlikely to swamp EU
VENICE (Reuters) - The sign in a boutique selling glass hand-crafted on the Venetian island of Murano betrays an uncertain grasp of English. But the owner is very sure who is to blame for the tough times confronting the 700-year-old local glassmaking indu
December 26, 2011
BofA mulls more asset sales to boost capital
(Reuters) - Bank of America Corp is lagging behind its major U.S. competitors in complying with new capital rules, leading the bank to consider even more asset sales, sources said.
December 26, 2011
SHANGHAI (Reuters) - The yuan closed up against the dollar on Monday after hitting an all-time high in intraday trading, guided by a stronger mid-point by the People's Bank of China, and looks set for an over-4-percent appreciation for 2011, traders said.
December 26, 2011
China expects 11 percent industrial output growth in 2012
BEIJING (Reuters) - China's industrial output is expected to grow 11 percent for 2012, easing from an estimated 13.9 percent in 2011, China's industry minister said on Monday.
December 26, 2011
Japan hopes Europe will boost rescue mechanism: sources
TOKYO (Reuters) - Europe should boost the total firepower of its rescue fund and frontload its funding to send a positive signal to investors and international partners that it is determined to solve its debt crisis, Japanese officials said on Monday.
December 26, 2011
Sony to sell LCD venture stake to Samsung for $940 million
TOKYO/SEOUL (Reuters) - Sony Corp has agreed to sell its nearly 50 percent stake in an LCD joint venture with Samsung Electronics to the South Korean company for $940 million, as it struggles to reduce huge losses at its TV business.
December 26, 2011
Web gambling gets boost from Obama administration
WASHINGTON (Reuters) - The Obama administration cleared the way for U.S. states to legalize Internet poker and certain other online betting in a switch that may help them reap billions in tax revenue and spur web-based gambling.
December 26, 2011
China arrests executives in insider trading crackdown
SHANGHAI (Reuters) - China has arrested former executives at two brokerages on charges of insider trading, the securities watchdog said, as part of a crackdown on market malpractice that the new head of the agency has said will be one of his top prioritie
December 26, 2011
Placebos can work even when theyâre explained
Toward the end of an interesting post on financial complexity, Steve Waldman writes, “The analogy I would choose is finance as placebo. Financial systems are sugar pills by which we collectively embolden ourselves to bear economic risk. As with any goo
December 26, 2011
December 26, 2011
U.S. stores hope "Mega Monday" led to brisk sales
(Reuters) - Shoppers found a mixed bag of bargains and so-so deals on Monday, as a day off for many Americans lured some out for what was likely to be the third-busiest shopping day of the holiday season.
December 26, 2011
China's fiscal deficit to fall in 2012: source
SHANGHAI (Reuters) - China's central government will run a smaller fiscal deficit in 2012, according to a report by local media.
December 26, 2011
Southwest-AirTran attendants unions ink deal
(Reuters) - Unions representing the flight attendants of Southwest Airlines and AirTran Airways on Monday reached an agreement to work under one common contract once members ratify the terms, according to a joint statement by the attendants' respective u
December 26, 2011
The politics of the GOPâs ârepeal and replaceâ
In his Washington Post story Sunday, my colleague David Fahrenthold has Cato Institute’s Michael Cannon list off two reasons Republicans haven’t focused much on the “replace” of their repeal-and-replace argument on health reform: “If Republican
December 26, 2011
2011 in energy and environmental policy
After Republicans took control of the House in the 2010 midterms, many observers predicted that it would be a fairly quiet year on the energy and environmental fronts. After all, the odds of a big cap-and-trade bill making it through House Speaker John B
December 25, 2011
Stores see busy, but not bang-up Christmas Eve
NEW YORK/LAS VEGAS (Reuters) - Retailers saw a steady flow of last-minute shoppers on Saturday, the day before Christmas, putting a moderate cap on a pre-holiday season that started with a bang and has since waned.
December 25, 2011
Coal extraction poses climate challenge for Obama administration
When it comes to coal mining in the United States, environmentalists have a simple goal: End it. For the Obama administration, it’s a little more complicated. Since taking office nearly three years ago, the administration has restricted coal-mining was
December 24, 2011
Santa rally may face test next week
NEW YORK (Reuters) - Get ready. The last trading week of the year will be a test for stocks to prove whether they have the strength to carry a rally into next year.
December 24, 2011
World economy to trudge on in 2012 despite Europe: poll
LONDON (Reuters) - Europe faces another year of dismal economic performance in 2012 that will weigh on global growth, but emerging markets and the United States should at least keep the world economy moving in the right direction.
December 24, 2011
ECB's Visco hints at lower rates if economy worsens
MILAN (Reuters) - European Central Bank Governing Council Member Ignazio Visco said in a newspaper interview on Saturday that the bank will be attentive to the economic cycle when setting monetary policy, suggesting rates could fall more if the euro zone
December 24, 2011
Corporations gear up for major U.S. tax battle
WASHINGTON (Reuters) - Huge U.S. corporations are forming lobbying groups to try to influence what could become the hottest congressional debate over comprehensive tax reform in a generation.
December 24, 2011
As Kodak struggles, Eastman Chemical thrives
NEW YORK (Reuters) - George Eastman is best known as the inventor of photographic film and founder of Eastman Kodak Co, but his century-old legacy of entrepreneurship now rides on the lesser-known Eastman Chemical Co.
December 24, 2011
"Theme Park 2.0" features pricey, high-tech attractions
ORLANDO, Fla (Reuters) - Investment in theme parks and cutting-edge attractions along the lines of the Wizarding World of Harry Potter at Universal Orlando surged during the recession, leading one developer to suggest the business is entering a new Golden
December 24, 2011
Disaster-struck Japan set for record-high government spending for fiscal 2012
TOKYO — Disaster-struck Japan is headed to record-high budget spending of 96 trillion yen ($1.2 trillion) as the nation tackles the costs of recovery from the March earthquake and tsunami. The Cabinet approved the draft budget for the fiscal year start
December 24, 2011
Obamaâs focus makes economic inequality an issue for 2012 campaign, but it could cut both ways
WASHINGTON — Fighting to win over unhappy American voters, President Barack Obama and his Republican challengers are seizing on one of the most potent issues this election season: the struggling middle class and the widening gap between rich and poor.
December 24, 2011
Archiving Occupy Wall Street and unionizing Amazon: This weekâs policy picks from LongForm.org
Every weekend, Longform.org picks the week’s best in-depth stories on politics and policy for Wonkblog. For daily selections of new and classic nonfiction, check out Longform.org or follow @longformorg on Twitter. This week’s selections include artic
December 24, 2011
In his debut in Washingtonâs power struggles, Gingrich threw a bomb
On the evening of Oct. 4, 1990, Newt Gingrich and his then-wife, Marianne, were enjoying a VIP reception at a Republican fundraiser when they were suddenly hustled over to have their picture taken with President George H.W. Bush. “I thought it was a
December 23, 2011
U.S. economy hopes give European stocks respite
LONDON (Reuters) - Signs of renewed momentum in the giant U.S. economy boosted European stocks and supported the euro on Friday, but any gains in holiday-thinned markets are likely to prove short-lived with concerns about the euro zone debt crisis undimin
December 23, 2011
Analysis: Economy to show stamina as global growth slows
WASHINGTON (Reuters) - The economy is gaining momentum and should push through next year with only a few bruises despite an almost certain European recession and slower global growth.
December 23, 2011
Exclusive: China's CIC to get $50 billion boost
BEIJING (Reuters) - China's $410 billion sovereign wealth fund China Investment Corp. is set to receive additional funding of up to $50 billion, two sources said, a step that could help it move quickly to buy overseas assets, especially in Europe.
December 23, 2011
Exclusive: Petronas in talks with oil majors for petchem tie-up
KUALA LUMPUR (Reuters) - Petronas is in talks with several global oil majors including Shell and Exxon Mobil to develop petrochemical plants within its $20 billion refinery complex in southern Malaysia, two sources with direct knowledge of the matter sa
December 23, 2011
UBS puts clients ahead of league table ranking
ZURICH (Reuters) - UBS will sacrifice its place in the top ten investment bank rankings as stricter capital rules force it to give up riskier fixed-income business, the Swiss bank's financial head said.
December 23, 2011
Despite recent threat to travel, Cuban-Americans continue to stream to island for holidays
MIAMI — Deborah Labrada was giddy as she stood in line at Miami-Dade International Airport, waiting to fly to the town of Guantanamo, Cuba. It is the place she visits roughly once a year to see her grandfather, aunts and uncles and cousins. She still c
December 23, 2011
German firms see only slight increase in credit constraints as crisis squeezes banks
BERLIN — A leading German think-tank says the number of companies complaining that banks are holding back on lending them money has risen only slightly despite concerns over the debt crisis that’s afflicted the 17-nation eurozone. The Ifo institute s
December 23, 2011
BofA mulls more asset sales to boost capital
(Reuters) - Bank of America Corp is lagging behind its major U.S. competitors in complying with new capital rules, leading the bank to consider even more asset sales, sources said. Presented By: Win New Customers Ads by Pheedo
December 23, 2011
Analysis: As euro steadies, fund managers hedge bearish bets
NEW YORK (Reuters) - The European debt crisis roiled markets all year, producing the most volatile trading since the 2008-2009 meltdown. That is, except in one market -- the euro.
December 23, 2011
GE unit to pay $70 million over muni bond bid-rigging
WASHINGTON (Reuters) - General Electric Co acknowledged that three former traders at a finance unit engaged in bid-rigging of municipal bonds and agreed to pay authorities $70.4 million in penalties and damages, the latest settlement in a long-running pr
December 23, 2011
Consumer spending ticks up in Nov., but holiday shopping falls short of hopes
Consumer spending ticked higher in November, according to government data released Friday, marking the fifth consecutive month of gains but disappointing some economists who had hoped that momentum in holiday shopping would lead to a merrier month. The
December 23, 2011
Mead Johnson, Rambus, SunPower, Shutterfly, KSW are among big market movers
NEW YORK — Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Mead Johnson Nutrition Co., down $3.47 at $65.29 Shares fell for a second day on concerns that its Enfamil formula might be
December 23, 2011
Stocks close higher after quiet, pre-holiday trading; S&P 500 turns positive for the year
Stocks closed higher Friday after a quiet, pre-holiday session that turned the S&P 500 index positive for the year. Traders were relieved by news that Congress extended a payroll tax holiday for workers and emergency unemployment benefits. Both progr
December 23, 2011
— Mother Jones digs up 10 weird gems from the United States Patent Office, including a banana-shaped cellphone cover and “the portable burrito.” — Medical myths about the holiday season debunked, courtesy of Aaron Carroll. — The many polit
December 23, 2011
The economic utility of Christmas presents
Some development economists at NYU evaluated the utility of Christmas gifts as an economic aid program. Their findings weren’t too encouraging. It’s a dismal science, indeed: Lack of Targeting: The Christmas Gifts aid program was not sufficiently w
December 22, 2011
Stock index futures point higher
(Reuters) Stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq 100 all up 0.5 percent at 0936 GMT.
December 22, 2011
Airbus expands order record, Boeing set to rebound
PARIS (Reuters) - Airbus is on course to end 2011 with well over 1,600 orders, pushing Boeing to the lowest market share of their 40-year rivalry, but Boeing has stored up momentum for a comeback as both companies put fresh vigor into their most-sold jet
December 22, 2011
EU airline carbon move could spark trade war: China
BEIJING (Reuters) - Beijing criticized a decision by Europe's highest court to allow airlines to be charged for carbon emissions on flights to and from the European Union, with state media warning on Thursday it could spark a trade spat and the foreign mi
December 22, 2011
After a year of disasters, Toyota sees record sales
TOKYO (Reuters) - Toyota Motor Corp forecast a 20 percent jump in global sales to a record 8.48 million vehicles next year as it claws back from this year's output losses caused by natural disasters in Japan and Thailand.
December 22, 2011
Banks' advisory fee slump deepens in crisis-hit fourth quarter
LONDON (Reuters) - Europe's debt woes dragged worldwide investment banking income down this year, data showed, with fees on the continent slumping to the lowest quarterly level ever recorded and company listings and acquisitions grinding to a near halt.
December 22, 2011
Apple nears German court rebuff in row with Samsung
DUESSELDORF, Germany (Reuters) - A German court rejected Apple's claims that Samsung Electronics' reworked tablet PC still looks like a copycat version of the iPad, in a preliminary assessment.
December 22, 2011
European stocks gain as bank funding pressure eases
LONDON (Reuters) - Financial stocks led a solid recovery on European share markets Thursday in thin trade and bank-to-bank lending rates fell, as signs grew that the nearly half a trillion euros banks borrowed from the region's central bank will ease fund
December 22, 2011
Oil rises to above $99 in Asia as traders eye improving US crude demand, Europe debt woes
SINGAPORE — Oil prices rose above $99 a barrel Thursday in Asia as signs of improving U.S. crude demand were offset by ongoing concerns about Europe’s debt crisis. Benchmark crude for February delivery was up 47 cents to $99.14 a barrel at late after
December 22, 2011
UK economic growth revised up to 0.6 percent in Q3 as services performed better than estimated
LONDON — Britain’s economy grew by a slightly better than anticipated 0.6 percent in the third quarter, after unexpectedly stalling in the previous three month period, official figures showed Thursday. The 0.1 percent upward revision to the third qua
December 22, 2011
Egyptâs benchmark stock index slumps; Moodyâs pushes country rating deeper into junk status
CAIRO, Egypt — Egypt’s benchmark stock index dropped more than 1.4 percent early Thursday as a deepening political crisis in the Arab world’s most populous nation cast a pall over its political future and prompted Moody’s Investors Service to pus
December 22, 2011
IMF urges members to boost funding under 2010 plan
(Reuters) - IMF chief Christine Lagarde on Thursday urged member countries to quickly sign off on an agreement last year to double IMF resources and give under-represented nations, such as China, greater voting power in the global lender.
December 22, 2011
Deutsche Boerse, NYSE deal wins U.S. approval
WASHINGTON (Reuters) - Deutsche Boerse won U.S. antitrust approval to buy NYSE Euronext in a $9 billion deal to create the world's No. 1 exchange operator, but the transaction still faces serious regulatory headwinds in Europe. Presented By: Win New C
December 22, 2011
AIG's Benmosche wants to extend his stay: report
(Reuters) - American International Group Inc CEO Robert Benmosche has told the company's directors that he would like to remain in his job longer than previously planned, the Wall Street Journal reported on its website.
December 22, 2011
Craftsman pulls lux tractor to Detroit auto show
DETROIT (Reuters) - In a town where the cars are the stars, a tractor with a top speed of 8-miles-per-hour is ready for its closeup.
December 22, 2011
Judge rules Allen Stanford competent to stand trial
HOUSTON (Reuters) - Financier Allen Stanford was judged mentally fit to stand trial by a federal judge on Thursday, setting the stage for a trial next year in one of the biggest white-collar fraud cases since Bernard Madoff.
December 22, 2011
Initial jobless claims go down despite jobs being scarce
There has been some good news for job-seekers in recent weeks: a steep drop in the unemployment rate last month and fewer people filing for unemployment insurance benefits than at any other time in more than three years. But the apparent progress masks a
December 22, 2011
Summary box: Stocks close higher on improving jobs data and signs economy is gaining momentum
STOCKS INCH UP: Encouraging economic reports sent stocks slightly higher Thursday. The Dow Jones industrial average rose 61 points to 12,169. JOBS: Applications for unemployment fell for the third week in a row. The number of people seeking unemployment
December 22, 2011
- Dave Weigel wins with his payroll tax cut deal headline. - Where are all the teenage first sons? - The Awl picks the 15 most delightful Internet films of 2011. - There is a bug called the diamond weevil and it is, in fact, covered in diamonds. Read ful
December 22, 2011
House Republicans fold on payroll tax cut
Reports are coming in that House Republicans have caved: They’ll agree to extend the payroll tax cut for two months in return for Senate Democrats agreeing to a conference committee to work on a yearlong extension of the payroll tax cut. So, crisis ave
December 22, 2011
Democrats and Republicans agree to cut long-term unemployment benefits 32,000 Americans
Even if Congress manages to pass a payroll tax deal, the long-term unemployed in some of the states hardest hit by the recession will see their federal benefits cut back in the first two months of 2012. Thirty-five states with high unemployment qualify f
December 21, 2011
Eurpean stocks and euro gain ahead of ECB tender
LONDON (Reuters) - European stocks rallied and the euro was well bid Wednesday as investors priced in an improvement in the economic outlook and looked forward to a big take up by banks of the European Central Bank's first-ever offer of three-year loans.
December 21, 2011
Oracle results shock investors, shares plunge
(Reuters) - Oracle Corp's earnings fell short of Wall Street's forecasts for the first time in a decade as software and hardware sales sputtered, sending its shares down more than 10 percent and stoking fears a global recession will hurt tech spending.
December 21, 2011
Prosecutors raid Olympus over accounting scandal
TOKYO (Reuters) - Japanese prosecutors raided offices of Olympus Corp and the home of a former executive on Wednesday in a probe into a $1.7 billion accounting scandal that has threatened the survival of the once-proud camera and medical equipment maker.
December 21, 2011
Top court: EU can make airlines pay for carbon emissions
LUXEMBOURG (Reuters) - The European Union's highest court ruled on Wednesday that the EU can make all airlines flying to or from European airports pay to offset their carbon emissions from January 1.
December 21, 2011
BOJ warns of economic standstill as exports slump
TOKYO (Reuters) - Japan's central bank offered a bleaker view of the economy and the government warned of worsening business sentiment as exports slumped, adding to evidence of the pain Europe's debt crisis is inflicting on global growth and Japan's recov
December 21, 2011
Oil rises above $98 in Asia as report shows US crude supply drop, suggesting demand improving
SINGAPORE — Oil rose above $98 a barrel Wednesday in Asia after a report showed U.S. crude supplies fell more than expected, a sign demand may be improving. Benchmark crude for February delivery was up 85 cents to $98.09 a barrel at late afternoon Sing
December 21, 2011
Norway offers â¬7.1 billion to IMF for European stability
OSLO, Norway — Norway says it will provide 55 billion kroner ($9.3 billion) to the International Monetary Fund to help heavily indebted nations avoid default. Norway is not part of the European Union and its economy is cushioned by income from its oil
December 21, 2011
China wants to preserve its North Korean interests post-Kim, but uncertainty looms
BEIJING — Kim Jong Il’s death conjures up several nightmares for China, including turmoil in neighboring North Korea or — equally unpleasant in Beijing’s eyes — a political pivot that puts Pyongyang into the embrace of South Korea and the U.S.
December 21, 2011
Yahoo to weigh deals for Asian assets: sources
NEW YORK/SAN FRANCISCO (Reuters) - Yahoo Inc is considering a plan to unload most of its prized Asian assets in a complex deal valued at roughly $17 billion, sources familiar with the matter said on Wednesday, winning nods of approval from Wall Street and
December 21, 2011
BofA's Countrywide to pay $335 million over bias case
WASHINGTON (Reuters) - Bank of America Corp's Countrywide Financial unit agreed on Wednesday to pay a record $335 million to settle civil charges that it discriminated against minority homebuyers, an historic settlement for the Obama administration in the
December 21, 2011
Bond manager Gundlach sees debt crescendo: report
LONDON (Reuters) - Expectations of a swift economic recovery in 2012 are premature, with the sovereign debt crisis in Europe likely to reach a "crescendo" in 2012, DoubleLine Capital chief executive Jeffrey Gundlach said in an interview published on Thurs
December 21, 2011
Allowing payroll tax cuts to expire could harm economic recovery
If Congress does not reach agreement on extending payroll tax cuts and unemployment insurance benefits that are set to expire at the end of the year, the U.S. economic recovery will be at risk, economists say. Without a deal, most American workers would
December 21, 2011
— The number of charts in year-end chart round-ups, in one chart. Great galleries from the Atlantic, the BBC and Reuters with economists’ picks for top graph of 2011. Our own Wonkblog gallery here. — Europeans are migrating to Angola, Austral
December 21, 2011
What more could the Obama administration have done? Housing and monetary policy edition.
Brad DeLong says I buried my lede in this afternoon’s stimulus post. Here, he says, was my lede: If unemployment were vastly lower today, “I think it would be due to decisions related to the housing market and the Federal Reserve rather than the stim
December 21, 2011
Paul Krugman vs. the White House: Stimulus edition
Paul Krugman writes that “the defense people outside the administration make for the inadequate stimulus is very different from the defense the administration makes. Outside defenders argue that Obama got all he could; but administration figures like J
December 20, 2011
German data lifts gloom, ECB funds eyed
LONDON (Reuters) - European shares and the euro rose on Tuesday on surprisingly good news about the German economy and a better-than-expected outcome at a Spanish treasury bill auction, but concerns about the euro zone debt crisis limited gains.
December 20, 2011
Deutsche Telekom silent on Plan B for T-Mobile USA
FRANKFURT (Reuters) - Deutsche Telekom offered no detailed plan of how it will bounce back from the collapse of its deal with AT&T only assuring investors it was working on a long-term plan for its subscale U.S. wireless unit.
December 20, 2011
AT&T gives up on $39 billion bid for T-Mobile USA
(Reuters) - AT&T has dropped its controversial $39 billion bid for Deutsche Telekom's U.S. wireless unit, bowing to fierce regulatory opposition and leaving both companies scrambling for alternatives.
December 20, 2011
Olympus to issue $1.3 billion in new capital: report
TOKYO (Reuters) - Olympus Corp is preparing to issue about $1.28 billion (100 billion yen) in new shares to bolster its depleted finances, with Japanese high-tech stalwarts Sony and Fujifilm seen as possible buyers, the Nikkei business daily reported.
December 20, 2011
Three European companies douse hopes for new drugs
LONDON/PARIS (Reuters) - Three of Europe's biggest drugmakers -- AstraZeneca , Novartis and Sanofi -- reported product setbacks on Tuesday, underlining the difficulties of developing new medicines to make up for those going off patent.
December 20, 2011
Philip Morris to fight Australia plain packaging laws
MELBOURNE (Reuters) - Philip Morris on Tuesday became the third tobacco giant to file a legal challenge against new Australian laws that will force tobacco products to be sold in dull, plain packaging from late next year.
December 20, 2011
Euro zone IMF loan target in danger as UK declines help
BRUSSELS/LONDON (Reuters) - Euro zone ministers agreed on Monday to boost IMF resources by 150 billion euros to ward off the debt crisis and won support for more money from EU allies, but it was unclear if the bloc would reach its 200 billion euro target
December 20, 2011
Apple buys Israel's Anobit for $500 million: report
JERUSALEM (Reuters) - Apple has bought Israel's Anobit, a maker of flash storage technology, for up to $500 million, the Calcalist financial daily reported on Tuesday.
December 20, 2011
Japan picks Lockheed F-35 fighter as allies stress tight ties
TOKYO (Reuters) - Japan picked Lockheed Martin's F-35 jet as its next mainstay fighter Tuesday, choosing the aircraft over combat-proven but less stealthy rivals, as concern simmers over North Korea and as China introduces its own stealth fighters.
December 20, 2011
Analysis: Money managers forge ahead despite volatility
NEW YORK (Reuters) - It is a good time to be a U.S. stock investor for the long term - if you can ignore the noise erupting every few hours.
December 20, 2011
Oil climbs to near $95 a barrel in Asia amid hopes of more favorable US economic data
KUALA LUMPUR, Malaysia — Oil prices climbed to near $95 a barrel Tuesday in Asia, buoyed by gains in the region’s stock markets and in anticipation of improved U.S. economic data. Benchmark crude for January delivery was up 95 cents to $94.83 a barre
December 20, 2011
German business and consumer confidence resilient despite euroâs financial woes
BERLIN — German business and consumer confidence ended 2011 on a high note despite ongoing fears about the European economy, two closely watched surveys showed Tuesday. The Ifo Institute’s monthly index measuring business confidence increased to 107.
December 20, 2011
Fed proposes rules to tame Wall Street risk-taking
WASHINGTON (Reuters) - The Federal Reserve proposed new rules on Tuesday to restrain risk-taking by the largest U.S. banks as it tries to make the financial system more resilient against future crises.
December 20, 2011
Jefferies wins over critics by reducing risk
(Reuters) - Jefferies Group Inc's profit dropped 23 percent during its fiscal fourth quarter as the investment bank took aggressive steps to reduce risk-taking after MF Global Holdings Ltd's bankruptcy.
December 20, 2011
Regulator considers mortgage debt reduction for bankrupt: report
WASHINGTON (Reuters) - The regulator for Fannie Mae and Freddie Mac is actively considering a proposal that would allow for a reduction in the outstanding mortgage debt of homeowners in Chapter 13 bankruptcy, Financial Times reported on Tuesday.
December 20, 2011
China Premier says banks must ease pain for business: reports
BEIJING (Reuters) - China's Premier Wen Jiabao has told the nation's banks to clean up lending policies that have left some businesses struggling with excessive borrowing costs as slowing export growth and other pressures eat into profits, state newspaper
December 20, 2011
Brand power helps Nike beat estimates
(Reuters) - Nike Inc's quarterly results beat Wall Street estimates, as its branded merchandise sold well across the world despite higher prices.
December 20, 2011
The Federal Reserve unveiled proposed regulations Tuesday aimed at keeping the nation’s largest banks from taking the kinds of risks that triggered the U.S. financial crisis and from tying their fate so closely to that of other firms. The 173-page prop
December 20, 2011
Dow jumps 337 points following strong Spanish debt sale; US housing starts surge 9.3 percent
NEW YORK — Encouraging signs out of Europe and a surprisingly strong report on the U.S. housing market drove the Dow Jones industrial average up more than 300 points Tuesday. It was the best day for stocks this month. The Spanish government pulled off
December 20, 2011
— Death rates actually rise when the economy’s booming, thanks to more auto accidents, fewer nursing assistants. — Kids on the phone with Santa, circa 1947. — There have been about 100,000 years when humans could have been considered an endangere
December 20, 2011
Study: College football team wins, male studentsâ grades drop
A team of University of Oregon economists probes one of life’s age-old questions: Is there a relationship between academic gender gaps and a university’s football team’s performance? The answer looks to be yes. In a National Bureau of Economic Rese
December 20, 2011
The problem for the fact checkers
In 2009, PolitiFact awarded its annual Lie of the Year distinction to the claim that the Affordable Care Act included death panels. In 2010, Lie of the Year went to Republicans for saying the Affordable Care Act was a “government takeover of health car
December 19, 2011
Stock index futures signal early gains
(Reuters) Stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.43 percent, Dow Jones futures up 0.26 percent and Nasdaq 100 futures up 0.38 percent at 0945 GMT.
December 19, 2011
Saab files for bankruptcy after GM veto
STOCKHOLM (Reuters) - Sweden's Saab faced an end to more than 60 years of car making on Monday after its Dutch owner abandoned repeated attempts to find financing and filed for its bankruptcy.
December 19, 2011
Eurozone to pursue crisis action
BRUSSELS (Reuters) - European finance ministers will pursue plans on Monday to enhance the IMF's arsenal and press on with a drive for tighter fiscal rules in an attempt to assuage doubts they can overcome their sovereign debt crisis.
December 19, 2011
Markets may play jilted lover in euro zone drama
LONDON (Reuters) - The euro zone debt crisis may be as much about the heart as it is about the head -- like a jilted lover, markets are just finding it hard to trust again.
December 19, 2011
Default notices spur strategic review at Sino-Forest
TORONTO (Reuters) - Sino-Forest , a China-focused forestry company accused of fraud, said it received notices of default from its noteholders and set up a committee to look at options for the company that could include its sale.
December 19, 2011
Deutsche Bank ex-Chairman settles fraud trial in Munich
MUNICH (Reuters) - Former Deutsche Bank Chairman Rolf Breuer agreed to make a non-penal payment of 350,000 euros ($456,600) to have fraud charges dropped that were brought against him as part of a legal dispute initiated by the late Leo Kirch.
December 19, 2011
Euro inches down as euro zone worries linger
LONDON (Reuters) - Fears of sovereign downgrades over the euro zone debt crisis pressured the euro on Monday, while news of the death of North Korean leader Kim Jong-il fed fears of regional instability in Asia.
December 19, 2011
Europe could face âunprecedentedâ finance risk in early 2012
European governments and banks will be competing to raise hundreds of billions of dollars from investors in the next few months, European Central Bank President Mario Draghi warned Monday, saying the financing squeeze could help push the region into a ne
December 19, 2011
Financial stocks lead way lower; BofA slides 4 percent, the biggest drop in the Dow
NEW YORK — The stock market took a late afternoon fall Monday after European Union finance ministers failed to come up with the full amount of money pledged for a bailout fund. Banks led the way down. Morgan Stanley dropped 5.5 percent and Bank of Amer
December 19, 2011
Lagarde: Resolving European debt crisis requires global effort
International Monetary Fund chief Christine Lagarde is calling on countries outside Europe to help battle the region’s financial crisis, warning that the debt problems could drag down nations elsewhere by spilling over into global trade and internation
December 19, 2011
— Fred Kaplan bangs out the definitive “We haven’t the slightest idea what’ll happen next with North Korea” piece. — Claims about Kim Jong Il that are too good to check. — The D.C. taxi reform bill, in all its checkered glory. — Medical r
December 19, 2011
GOP wants to make unemployment more humiliating
Timothy Noah notices some unpleasant provisions tucked away in the House GOP’s proposed unemployment insurance reforms: The GOP-sponsored House bill (text) reforms [unemployment insurance] by 1.) loosening requirements on how states spend federal unemp
December 19, 2011
Conor Dougherty notes that the new Batman looks to have something of an Occupy Wall Street theme: “The new Batman movie will tackle income inequality, according to the below trailer. In the clip, a whispering Anne Hathaway (Catwoman) can be seen tellin
December 18, 2011
Gold to drop in Q1, far from retesting record high: Reuters poll
NEW YORK (Reuters) - Gold prices will fall below $1,500 an ounce over the next three months and are unlikely to retest September's all-time highs until later 2012 at the earliest, according to a Reuters poll of 20 hedge fund managers, economists and trade
December 18, 2011
Modification blunders bedevil U.S. housing recovery
WASHINGTON (Reuters) - Shirley Burnell, a community activist from Oakland, California, has been trying to get her subprime loan restructured since 2007.
December 18, 2011
U.S. offers 11 Swiss banks deal to end tax row: paper
ZURICH (Reuters) - U.S. officials are offering 11 Swiss banks, among them Credit Suisse , a deal that allows them to avoid criminal prosecution in exchange for revealing full details of their U.S. offshore business to Washington, a paper reported on Sunda
December 18, 2011
China to keep "appropriate" investment growth in 2012-planner
BEIJING (Reuters) - China will keep "appropriate" investment growth in 2012 to help underpin the economy amid the global downturn, the country's top economic planner said in comments published on Sunday.
December 18, 2011
As markets plunge, Asia's wealthy flock to art
HONG KONG (Reuters) - In a spacious, luxury apartment perched on the leafy hills of Hong Kong, Kai-Yin Lo browses through a trove of Chinese art acquired over several decades, reflecting how her niche, scholarly pursuit has now hit the mainstream.
December 18, 2011
Samsung expands patent row with Apple in Germany
SEOUL (Reuters) - Samsung Electronics has filed new claims in its patent war with Apple Inc over alleged patent infringements in Germany, a spokesman for the company said on Monday.
December 18, 2011
AT&T, T-Mobile asset sales talks go cold: report
NEW YORK (Reuters) - Talks over potential asset sales as part of AT&T Inc's efforts to get approval of its $39 billion purchase of T-Mobile USA have gone cold, according to The Wall Street Journal on Sunday.
December 18, 2011
Gold to drop in Q1, far from retesting record high: Reuters poll
NEW YORK (Reuters) - Gold prices will fall below $1,500 an ounce over the next three months and are unlikely to retest September's all-time highs until later 2012 at the earliest, according to a Reuters poll of 20 hedge fund managers, economists and trade
December 18, 2011
US online holiday sales climb 15 percent so far this holiday season to $30.9 billion
U.S. online sales this holiday shopping season are up 15 percent compared to last year, after what may have been the busiest week of the season, said research firm comScore on Sunday. Shoppers have spent $30.9 billion online from Nov. 1 through Dec. 16,
December 18, 2011
Vaclav Havel, dissident playwright and former Czech president, dies
Václav Havel, a Czech writer who was imprisoned by his country's former communist rulers, only to become a symbol of freedom and his nation's first president in the post-communist era, died Sunday morning at his weekened home in the Czech Republic, the
December 18, 2011
A recession in 2012? Healthy growth? No one has a clue.
Justin Wolfers has been sifting through various forecasts for the U.S. economy next year and concludes that no one really has the foggiest idea what’s going to happen: “ How little do we know? A 70% confidence interval for GDP growth in [the first qu
December 18, 2011
Starbucks CEO Howard Schultzâs pledge to empower ideologues
I’m going to go ahead and disagree with my friend Steve Pearlstein on this one: If Washington isn’t working the way you want it to work, the very last thing you want to do is pick up your proverbial toys and head home in protest. Steve is endorsing S
December 18, 2011
Sunday Pearlstein: Starve the beast. End the stalemate.
There is a branch of economics known as game theory, which tries to figure out how various “players” in a market maximize their welfare based on the expected behavior of other “players,” all of whom are doing the very same thing. One of the earli
December 17, 2011
Time short for S&P to end 2011 higher
NEW YORK (Reuters) - With two weeks left in the trading year, the euro zone debt crisis will remain the primary impediment to pushing the S&P 500 index into positive territory for 2011.
December 17, 2011
Olympus offices to be raided this week: report
TOKYO (Reuters) - Tokyo police, prosecutors and the securities watchdog will likely launch a raid on the offices of disgraced Olympus Corp this week on suspicion the company falsified financial accounts, Kyodo News has reported, citing investigative sourc
December 17, 2011
WTO ends meeting with no move forward on Doha
GENEVA (Reuters) - The World Trade Organization closed its biennial ministerial conference on Saturday with its chairman citing an improved atmosphere in the 153-member club but no concrete moves forward on the Doha round of world trade talks.
December 17, 2011
CME Group cuts charitable giving, citing MF Global
CHICAGO (Reuters) - CME Group Inc, which has given $22 million to Chicago-area schools and charities over the past five years, has stopped making grants through its main foundation, citing the collapse of MF Global Holdings Inc.
December 17, 2011
Senate votes to extend payroll-tax cut, keep government open
For a Congress whose end-of-year squabble was already deeply unpopular, December’s battle is likely to become February’s war. On Saturday, the Senate agreed to a two-month extension in a payroll tax cut and unemployment benefits that will expire Jan.
December 17, 2011
Senate OKs 2-month extension of payroll tax cut and jobless benefits, finishes spending bill
WASHINGTON — The Senate voted Saturday to temporarily avert a Jan. 1 payroll tax increase and benefit cutoff for the long-time unemployed, forcing a reluctant President Barack Obama to make an election-year choice between unions and environmentalists o
December 17, 2011
The demographics of late-term abortion
Only about 10 percent of pregnancy terminations happen after 13 weeks, according to the Guttmacher Institute. Those procedures, however, are by far the most controversial. While 62 percent of Americans support Roe v. Wade’s comprehensive protection of
December 17, 2011
December 17, 2011
The downside of unemployment benefits
Congress still hasn’t reached an agreement over the unemployment benefit extension that expires at the end of this month. Republicans argue that the benefits will actually increase the unemployment rate, as workers on the dole will be less motivated to
December 17, 2011
Longform.orgâs weekend policy reads
Every weekend, Longform.org picks the week’s best in-depth stories on politics and policy for Wonkblog. For daily selections of new and classic nonfiction, check out Longform.org or follow @longformorg on Twitter. This week’s stories include The Econ
December 17, 2011
Stop political funding and end the stalemate
There is a branch of economics known as game theory, which tries to figure out how various “players” in a market maximize their welfare based on the expected behavior of other “players,” all of whom are doing the very same thing. One of the earli
December 16, 2011
Wall Street opens up as confidence gains
NEW YORK (Reuters) - Wall Street stocks opened higher on Friday as investors were more attracted to risk assets, with the euro higher and key euro zone bond yields down.
December 16, 2011
Consumer prices flat in November
WASHINGTON (Reuters) - Consumer prices were flat in November as Americans paid less for cars and gasoline, a further sign of a cooldown in inflation that could give the Federal Reserve more room to help a still-weak economy.
December 16, 2011
Fitch cuts Goldman, Deutsche, five other large banks
(Reuters) - Fitch Ratings, the third-biggest of the major credit rating agencies, on Thursday downgraded Goldman Sachs, Deutsche Bank and five other large banks based in Europe and the United States, citing "increased challenges" in the financial markets.
December 16, 2011
Monti wins vote on Italian austerity package
ROME (Reuters) - Italy's government easily won a confidence vote on its tough austerity package on Friday, the first step in parliamentary approval for sweeping measures aimed at saving the euro zone's third-largest economy from financial disaster.
December 16, 2011
Analysis: AT&T case could dash Diageo's U.S. whiskey dreams
LONDON (Reuters) - If Diageo -- the world's biggest spirits company -- wants to be a leading player in American whiskey, the experience of another major company attempting a U.S. merger won't give it much cause for cheer.
December 16, 2011
Europe crisis "serious risk" to outlook: Treasury
WASHINGTON (Reuters) - Europe's debt crisis has deepened and become more entrenched, posing a serious risk to the economic outlook, a senior Treasury official told lawmakers on Friday.
December 16, 2011
Analysts slam RIM's latest phone delay; shares tumble
TORONTO (Reuters) - Several brokerage firms trimmed their price targets on Research in Motion shares and questioned the BlackBerry maker's ability to recover, after the company delayed the launch of its new line of smartphones.
December 16, 2011
Zynga prices IPO at top end of range
(Reuters) - Online games maker Zynga Inc is expected to make a strong debut on the Nasdaq stock exchange on Friday after it priced its initial public offering at the top end of a preliminary range but did not increase the size of the $1 billion deal.
December 16, 2011
Investors falling out of love with hedge funds
LONDON (Reuters) - Deep cracks are starting to show in the love affair between hedge funds and their investors, after another year of paltry returns on expensive investments leaves many feeling cheated and close to bailing out.
December 16, 2011
Jury still out on Greek bond deal: troika official
ATHENS (Reuters) - Talks are progressing on private bondholders' contribution to Greece's international bailout but there is no guarantee they will lead to a voluntary deal involving the bulk of its creditors, a senior troika official said on Friday as EU
December 16, 2011
US stocks rise early on optimism about US economy; Italian austerity plan soothes euro fears
Stocks rose early Friday as spending cuts by Italy lifted traders’ hopes about Europe’s progress toward taming its debt crisis. A flat reading on U.S. inflation sent bond yields lower. World markets rose Friday after Italy’s lower house of parliame
December 16, 2011
Oil rises above $94 a barrel in Europe amid signs of improving US economy
Oil prices rose above $94 a barrel Friday amid concerns about sanctions against major oil exporter Iran and signs the U.S. economy is slowly improving, which could boost demand for crude. By early afternoon in Europe, benchmark crude for January delivery
December 16, 2011
Pakistanâs memo scandal pits military against Zardari government
ISLAMABAD — Pakistan’s powerful army was on a collision course Friday with the beleaguered civilian government led by President Asif Ali Zardari, after they presented conflicting evidence to a Supreme Court inquiry into a scandal dubbed “Memogate
December 16, 2011
We have more doctors per capita than ever before
We talk a lot in health care about a looming doctor shortage: By 2015, the American Association of Medical Colleges says the United States will have 39,600 fewer physicians than it needs. That’s a scary prospect, but it also loses sight of one key fact
December 16, 2011
Will U.S. taxpayers be on the hook for bailing out Europe?
Congress is finally starting to confront the impact of the debt crisis in Europe on the U.S. And legislators on both left and right are casting a skeptical eye on the U.S.’ increasing support for the continent’s ailing banks. “If we learned anythi
December 16, 2011
Wonkbook: No shutdown this year
There won't be a government shutdown this year. After some minor, last-minute compromises on both sides, congressional leaders signed off on a $1 trillion deal to fund the government through 2012 -- beating the deadline by a full 27 hours. It also loo
December 16, 2011
Global stocks mixed, euro flat on downgrade fears
NEW YORK (Reuters) - World stocks were mixed and the euro was flat on Friday as worries about downgrades of weaker euro zone countries curbed risk appetite, pushing aside an improved outlook on the U.S. economy.
December 16, 2011
Fitch: comprehensive euro zone deal "beyond reach"
ROME/BERLIN (Reuters) - The credit rating agency Fitch has told euro zone countries it believes a comprehensive solution to their debt crisis is beyond reach, putting six euro zone economies including Italy on watch for potential downgrades in the near fu
December 16, 2011
Regulators sue former top Fannie, Freddie execs
NEW YORK (Reuters) - Six former top executives at Fannie Mae and Freddie Mac were sued by U.S. regulators on charges of misleading investors about the mortgage finance companies' exposure to risky home loans in the run-up to the 2008 financial crisis.
December 16, 2011
Moody's cuts Belgium ratings by 2 notches
NEW YORK (Reuters) - Moody's on Friday cut Belgium's credit rating by two notches, saying the euro zone debt crisis increases funding risks for countries with high public debt burdens.
December 16, 2011
Analysis: Could RIM's survival mean abandoning the BlackBerry?
TORONTO (Reuters) - It might seem like corporate heresy but an increasing number of technology investors and experts are asking whether Research in Motion needs to ditch its BlackBerry handset business to survive.
December 16, 2011
Fisher says more Fed easing is "wrong path"
AUSTIN (Reuters) - More monetary stimulus from the U.S. Federal Reserve would be the "wrong path," despite the threat the simmering European debt crisis is posing for the U.S. economy, a top Fed official known for his hawkish views on inflation said on Fr
December 16, 2011
Silver Lake, Microsoft working on new Yahoo stake offer: source
(Reuters) - A consortium of private equity group Silver Lake, software giant Microsoft Corp and venture capital firm Andreessen Horowitz are reworking their bid for a minority stake in Internet company Yahoo Inc, a source familiar with the matter said on
December 16, 2011
McColl: Bank of America on right path
CHARLOTTE, North Carolina (Reuters) - Bank of America Corp's current chief executive is doing the right things to fix the company, but it will take time, said Hugh McColl Jr., the retired architect of the second biggest U.S. bank.
December 16, 2011
MF Global prober: much to do before money returned
(Reuters) - There is still a lot of work to do before hundreds of millions of dollars can be returned to customers of bankrupt MF Global , the woman leading the Commodity Futures Trading Commission's investigation said on Friday.
December 16, 2011
How the Dow Jones industrial average and other major stock indexes fared on Friday
An early rally faded on the stock market Friday, leaving indexes down about 3 percent for the week as worries resurfaced about a breakup of the euro. The Dow Jones industrial average had been up as many as 99 points after the Italian government won a con
December 15, 2011
Futures higher ahead of data flurry
NEW YORK (Reuters) - Stock index futures were higher on Thursday, following three days of market losses and ahead of a batch of data including industrial production, jobless claims and New York manufacturing.
December 15, 2011
Spain looks safer than Italy as borrowing costs fall
MADRID (Reuters) - Spain saw solid demand for its bonds on Thursday, paying more than 2 percentage points less to borrow over 5-years than Italy a day earlier as budget cuts helped ease concerns it could be among the next to fall in the euro zone's debt c
December 15, 2011
Olympus ex-CEO attacks Japan investors as comeback bid struggles
TOKYO (Reuters) - The whistleblower in Japan's Olympus Corp scandal, ex-CEO Michael Woodford, blasted Japanese shareholders on Thursday for failing to stand up for him, amid signs that domestic and foreign investors are split over his campaign to be reins
December 15, 2011
FedEx affirms 2012 view, buying Boeing aircraft
(Reuters) - FedEx Corp reported higher quarterly profit and said it is buying 27 new Boeing aircraft to update its fleet for fuel efficiency and cost savings.
December 15, 2011
Europe's economic and debt woes touch Asia
LONDON (Reuters) - The pace of decline in the euro zone private sector eased unexpectedly in December, but the global toll of the region's sovereign debt crisis became clearer on Thursday with news of falling investment and factory activity in China.
December 15, 2011
Holiday retail sales look brighter than before
(Reuters) - An influential retail trade group raised its forecast for U.S. holiday retail sales on Thursday, citing strong results in November and expectations that consumers still have more shopping to do.
December 15, 2011
Apple to open R&D center in Israel: report
JERUSALEM (Reuters) - Apple will open a research and development center in Israel that will focus on semiconductors, the Globes business daily reported on Thursday.
December 15, 2011
German manufacturing shrinks for 3rd month in December: PMI
BERLIN (Reuters) - German manufacturing contracted for a third straight month in December and looked unlikely to provide a lift to Europe's largest economy soon as new orders continued to dry up, a survey showed on Thursday.
December 15, 2011
SEC looking to appeal blocked Citigroup settlement: report
(Reuters) - Enforcement staff of the Securities and Exchange Commission may request the commissioners leading the agency that they appeal last month's rejection by a U.S. district judge of a proposed $285 million settlement with Citigroup, the Wall Street
December 15, 2011
Analysis: China toughens trade stance with tariffs
BEIJING (Reuters) - China has fired a warning shot with its decision to impose tariffs on imports of sport-utility vehicles (SUV) and other large cars from the United States as both countries gear up for increased trade friction next year.
December 15, 2011
Oil rises to near $96 in Asia after plunging previous session amid Europe debt fears
SINGAPORE — Oil prices rose to near $96 a barrel Thursday in Asia after plunging the previous session on investor pessimism that Europe’s debt crisis will trigger a recession on the continent next year. Benchmark crude for January delivery was up 95
December 15, 2011
At EU-Russia summit, Russia promises at least $10 billion to help stabilize eurozone countries
BRUSSELS — Russia, hoping to keep its largest export market from collapsing, will give at least $10 billion to the International Monetary Fund to help support the struggling euro currency, an aide to President Dmitry Medvedev said Thursday. Russian off
December 15, 2011
Mario Draghi, the man with all of Europeâs cards
Mario Draghi is playing a high-stakes game of poker, and leaders from Europe’s biggest economies are trying to decide whether to call his bluff — or whether he’s bluffing at all. Draghi, who became president of the European Central Bank less then t
December 15, 2011
Congressional leaders reach spending deal to avoid government shutdown
Congressional negotiators signed off Thursday evening on a $1 trillion spending agreement for 2012 for federal agencies, barely 27 hours before a deadline that could have led to a government shutdown. After dropping minor policy prescriptions that Presi
December 14, 2011
Euro, Europe stocks fall on lack of Fed action
LONDON (Reuters) - The euro hit an 11-month low against the dollar and stocks eased on Wednesday after the Federal Reserve warned Europe's sovereign debt crisis could hurt the U.S. economy but failed to signal fresh action to stimulate growth.
December 14, 2011
Italy 5-year auction yields soar to record 6.47 percent
MILAN (Reuters) - Italy paid a euro era record yield of 6.47 percent to sell five-year paper at its first auction of longer-term debt after the EU moved towards greater fiscal integration at last week's summit, but failed to convince markets it can solve
December 14, 2011
Olympus reveals $1 billion balance sheet hit, stirs merger talk
TOKYO (Reuters) - Japan's disgraced Olympus Corp ironed out its crooked accounts on Wednesday after a 13-year fraud, with a $1.1 billion dent in its balance sheet triggering speculation it will need to merge, sell assets or raise capital to repair its fin
December 14, 2011
Analysis: Another tumultuous year looms, but don't panic
LONDON (Reuters) - The looming new year may well bring as much financial turbulence as tumultuous 2011 but global investors reckon "panic" is no longer an option and just protecting your money will require taking on at least some risk.
December 14, 2011
China makes growth guarantee against grim global economy
BEIJING (Reuters) - China pledged to guarantee growth in the face of an "extremely grim" outlook for the global economy in 2012, rounding off its annual policy-setting conference on Wednesday with a series of commitments to deliver economic stability.
December 14, 2011
China says to hit U.S. auto imports with duties
BEIJING (Reuters) - China's Commerce Ministry said on Wednesday that it would impose anti-subsidy and anti-dumping duties on imports of small U.S. automobiles, the latest in a series of trade spats between the world's two largest economies.
December 14, 2011
Oil inches below $100 in Asia as OPEC weighs slowing global economy ahead of meeting
SINGAPORE — Oil prices inched down below $100 a barrel Wednesday in Asia amid expectations OPEC will likely keep its output quotas unchanged. Benchmark crude for January delivery was down 29 cents to $99.85 a barrel in midday Singapore time in electron
December 14, 2011
Italy raises $3.95 billion over 5 years but rates up again
ROME — Italy has had to pay euro-era record high borrowing rates to get investors to lend it €3 billion ($3.95 billion) over five years. Wednesday’s auction from the Bank of Italy show that the debt-riddled country paid an average yield of 6.47 per
December 14, 2011
Finnish government survives no-confidence vote on eurozone bailout policy
HELSINKI — Finland’s conservative-led government has survived a vote of no-confidence in Parliament over its handling of the debt crisis afflicting Europe. Lawmakers voted 116-73 in favor of Prime Minister Jyrki Katainen’s six-party Cabinet, with 1
December 14, 2011
Wonkbook: Gingrich and Romney have the same problem
So Mitt Romney is now saying Newt Gingrich is an "extremely unreliable leader in the conservative world.” This is the pot is calling the kettle a flip-flopper. The problem for Romney, of course, is that he and Gingrich share their weaknesses. They
December 14, 2011
IMF boosts emergency response powers
The International Monetary Fund could pour more than $100 billion in short-term loans into Italy under a program recently expanded as part of an effort to ramp up the fund’s crisis fighting. But a broader bailout of the country remains problematic as E
December 14, 2011
December 14, 2011
Summary Box: US stocks fall as Europe shows further signs of weakness, euro drops below $1.30
THE DOW: The Dow Jones industrial average fell for a third day in a row as a growing sense that Europe’s leaders have failed to contain that region’s debt crisis swept through financial markets Wednesday. WARNING SIGNS: Italy’s borrowing rates ratc
December 14, 2011
Hillary Clinton talks Gingrich, China and Russian elections during innovation event
Does innovation destroy or create jobs? Can the United States regain its competitive edge? Will China surpass the United States in fostering an innovation economy? These were among the questions posed during a gathering of business and policy leaders at
December 14, 2011
— Wonderful post by Ta-Nehisi Coates on “muscular empathy.” — Medical researchers discover that swearing makes you feel better. — Daron Acemoglu recommends five books on inequality. — A look at Saudi Arabia’s Anti-Witchcraft Unit. Read full
December 14, 2011
Gingrichâs plan to âNewtifyâ Medicare Advantage
Newt Gingrich’s recent interview with the daily podcast “Coffee & Markets” is probably the most we’ve heard the candidate talk about his plan for Medicare reform in this campaign cycle. And so as Mitt Romney continues to attack the former Hou
December 14, 2011
Meet the big-bank critics Republicans love.
Partisan warfare has erupted over Richard Cordray, Obama’s nominee to lead a new consumer finance watchdog, whom Republicans filibustered in the Senate last week, raising concerns that the agency would become a “Stalinist” enemy of Wall Street. But
December 14, 2011
December 13, 2011
Futures bounce ahead of Fed assessment
NEW YORK (Reuters) - Stock index futures rose on Tuesday following an equities selloff the day before, but anxiety over Europe's debt crisis was seen keeping markets jittery ahead of the Federal Reserve's assessment of the U.S. economy.
December 13, 2011
WaMu settles dispute, eyes bankruptcy exit
(Reuters) - Washington Mutual Inc, the biggest bank to fail in U.S. history, said it reached a settlement in a dispute between shareholders and certain creditors that had prevented the bank from emerging from Chapter 11 bankruptcy proceedings.
December 13, 2011
Fed likely to stay on sidelines at policy meeting
WASHINGTON (Reuters) - The Federal Reserve is likely to hold off offering the U.S. economy fresh stimulus at a meeting on Tuesday as it weighs encouraging signs on the recovery against risks coming from Europe.
December 13, 2011
D.Boerse, NYSE offer more remedies to clear merger
PARIS/FRANKFURT (Reuters) - Exchange operators NYSE Euronext and Deutsche Boerse AG offered more divestments in a bid to assuage European authorities' antitrust concerns over their proposed $9 billion merger.
December 13, 2011
Japan "likely to pick F-35 fighter" this week
TOKYO (Reuters) - Japan will likely pick Lockheed Martin's F-35 jet as its next frontline fighter, media reported on Tuesday, which may help end six decades of isolation for the country's defense contractors and bolster its military against growing Chines
December 13, 2011
Danish Prime Minister says referendum on EU crisis pact is unlikely
COPENHAGEN, Denmark — Denmark’s prime minister says a referendum on joining a plan to bind European Union economies closer together is unlikely, saying the country’s waiver to stay out of the euro ought to prevent it. Denmark hasn’t decided wheth
December 13, 2011
December 13, 2011
MF's Corzine said to know of customer fund misuse
WASHINGTON (Reuters) - The regulatory arm of CME Group has turned over interviews to the Justice Department that allege former MF Global chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME
December 13, 2011
Fed sees risks from Europe, some improvement in U.S.
WASHINGTON (Reuters) - The Federal Reserve on Tuesday warned that turmoil in Europe presents a big risk to the U.S. economy, leaving the door open to possible further steps to boost growth even though it noted a somewhat stronger labor market.
December 13, 2011
(Reuters) - Avon Products Inc is looking for a new chief executive to replace Andrea Jung, who has lost the confidence of Wall Street after a myriad of problems, including a federal bribery probe and weak sales in key international markets.
December 13, 2011
Boeing logs big order from Southwest
(Reuters) - Boeing Co bagged its first firm order for the new 737 MAX fuel-efficient, narrowbody plane, as part of a $19 billion deal with Southwest Airlines that the jet maker calls its largest order ever.
December 13, 2011
Greece is slipping on reforms, IMF warns
Greece’s international rescue program continues to slip as the nation’s leaders shirk promised changes, investors flee a beleaguered banking system and concern that Europe will fall into recession adds to the pressure, the International Monetary Fund
December 13, 2011
Stocks drop as Fed refrains from new steps, cautions of strains in financial markets
NEW YORK — A late afternoon slide pulled stock indexes lower after the Federal Reserve held off on any new steps to boost the economy. The Fed cautioned that strains in global financial markets still pose a danger, a nod to Europe’s debt crisis. The
December 13, 2011
- The Army develops a sandwich that lasts for two years. - Top economists reveal their favorite graphs of 2011. - “We do the cleaning. Then the rabbis do the super-cleaning.” - USGS lets you survey San Francisco in ruins after its 1906 earthquake.
December 13, 2011
Why Republicans trust Gingrich but not Romney
In a sense, the fuss over a 2002 video in which Mitt Romney describes his views as progressive is absurd. After all, from 2003 to 2007 Romney was governor of Massachusetts. His record as governor is public. That record is either progressive or not, dep
December 12, 2011
Futures fall on euro zone deal doubts
(Reuters) - Stock index futures fell on Monday on lingering concerns a deal over economic integration in Europe will not be enough to keep the region's two-year sovereign debt crisis from spreading further.
December 12, 2011
Euro zone fiscal pact fails to restore confidence
LONDON/PARIS (Reuters) - A European summit deal to strengthen budget discipline in the euro zone failed to restore financial market confidence on Monday, forcing the European Central Bank to step in again gingerly.
December 12, 2011
Greece opens bailout, debt swap talks
ATHENS (Reuters) - Greece began a round of talks with the EU, the IMF and bankers on Monday, with negotiators facing a tight timetable to decide key aspects of a new bailout plan to pull the country out of its economic crisis.
December 12, 2011
Olympus ex-CEO to meet MPs, push for Japan reform: source
TOKYO (Reuters) - The whistleblower in a $1.7 billion accounting scandal at Japan's Olympus Corp, ex-CEO Michael Woodford, plans to meet ruling-party lawmakers in Tokyo this week as he lobbies for reforms to Japanese boardrooms, a source said on Monday.
December 12, 2011
RBS report urges tougher rules on bank M&A, execs
LONDON (Reuters) - Bank takeovers should face deeper scrutiny and directors be more accountable for their actions, Britain's finance watchdog said in a long-awaited report into Royal Bank of Scotland's near collapse.
December 12, 2011
Italy yields stay close to record high at 1-year auction
MILAN (Reuters) - Italian one-year borrowing costs stayed close to a record high at an auction on Monday, in an early sign that last week's EU summit failed to reassure investors European leaders can take the urgent steps required to stem the euro zone de
December 12, 2011
German state seeks changes to D.Boerse, NYSE deal
FRANKFURT (Reuters) - A regional regulator said it had raised some objections to exchange operator Deutsche Boerse's takeover of NYSE Euronext and was awaiting a reply.
December 12, 2011
India's industrial output slumps, pressures central
NEW DELHI (Reuters) - India's industrial output fell in October for the first time in more than two years as capital goods investment slumped, ramping up pressure on the central bank to ease monetary or liquidity conditions, possibly as soon as Friday.
December 12, 2011
Oil falls below $99 a barrrel in Asia as traders eye meeting of fractious OPEC
SINGAPORE — Oil prices fell below $99 a barrel Monday in Asia as traders looked to this week’s OPEC meeting for clues about the cartel’s future crude output. Benchmark crude for January delivery was down 79 cents to $98.62 a barrel in midday Singap
December 12, 2011
Fed is likely completing a plan to provide clearer signals on direction of interest rates
WASHINGTON — The Federal Reserve under Ben Bernanke has gone further than ever to explain its policies to the public. It’s ready to go further still. A Fed policy meeting Tuesday will likely focus, in part, on an evolving plan to reveal the direction
December 12, 2011
In a surprise, former French PM Dominique de Villepin to run for president
PARIS — Former French Prime Minister Dominique de Villepin, who gained international renown as France’s spokesman against the war in Iraq, has shaken up the presidential campaign by announcing he’ll run as an independent. The announcement Sunday ni
December 12, 2011
Wonkbook: The real unemployment rate is 11 percent
Typically, I try to tie the beginning of Wonkbook to the news. But today, the most important sentence isn't a report on something that just happened, but a fresh look at something that's been happening for the last three years. In particular, it's thi
December 12, 2011
MF Global execs say don't know where the money is
WASHINGTON (Reuters) - Top-ranking executives at MF Global will tell lawmakers on Tuesday that they do not know what happened to hundreds of millions of dollars in missing customer funds, echoing what their former colleague Jon Corzine told Congress last
December 12, 2011
Euro zone fiscal pact fails to restore confidence
LONDON/PARIS (Reuters) - A European summit deal to strengthen budget discipline in the euro zone failed to restore financial market confidence on Monday, forcing the European Central Bank to step in again gingerly.
December 12, 2011
Intel says sales hit by hard drive shortage
(Reuters) - Intel Corp warned that hard-disk drive supply shortages would hurt its current-quarter revenue, the latest heavyweight in the PC industry to caution about the effects of flooding that has crippled factories in Thailand.
December 12, 2011
AT&T mulling whether, how to revise T-Mobile deal
NEW YORK (Reuters) - AT&T Inc has another month to decide whether it wants to continue to pursue its $39 billion acquisition of T-Mobile USA after a U.S. Judge agreed to delay the court battle over the deal until January 18.
December 12, 2011
Martin Marietta makes $4.8 billion bid for Vulcan
NEW YORK (Reuters) - Martin Marietta Materials Inc launched a hostile $4.8 billion all-stock offer to buy larger rival Vulcan Materials Co in a bid to build the world's largest producer of sand, gravel and other construction materials.
December 12, 2011
What would a break-up of the euro currency area look like? Willem Buiter of Citigroup explores the question in the Financial Times. The answer in one word? Pandemonium. And to show how hard predicting the economic future is, the Economist’s Ryan Avent
December 12, 2011
US stocks fall as rating agencies knock Europeâs fiscal pact; fears about debt crisis persist
Stocks closed sharply lower Monday after doubt emerged that last week’s historic agreement to bind the budgets of European countries more closely together will solve the region’s financial crisis. Fitch Ratings said the region will face “a signific
December 12, 2011
D.C. mayor planning environmental initiative
Hoping to jump-start his legislative agenda while boosting his standing with city progressives, D.C. Mayor Vincent C. Gray is undertaking an environmental initiative he thinks will one day make the city a national model for clean energy, urban farming, g
December 12, 2011
December 12, 2011
— The Congressional Budget Office explains the budget in one graphic. — China’s deserted fake Disneyland. — Imagining what Washington, D.C. would like look without public transportation. — The economics of video games. Read full article >&g
December 12, 2011
Liberalismâs problem in one graph
That’s via Gallup. To some degree, it’s not clear how much these data tell us about elections. We look to be resuming a three-decade trend that was briefly interrupted by 9/11 and the financial crisis — and Democrats won plenty of elections during
December 12, 2011
Gingrich would give the top 1 percent a $430,000 tax break
The Tax Policy Center has run the numbers on Newt Gingrich’s tax plan. The verdict? Gingrich’s plan does more for wealthy American households than any plan released by the other 2012 candidates — and increases the deficit by trillions. Gingrich wou
December 11, 2011
Long-term jobless eye bleak future as benefits end
WASHINGTON (Reuters) - George Parks has been out of work for 21 months and his unemployment benefits will run out at the end of the month.
December 11, 2011
Insight: The day Europe lost patience with Britain
BRUSSELS (Reuters) - It was billed as a summit to save the euro. It may be remembered as the day Europe lost patience with Britain, as most of the continent threw its lot in with EU founding members France and Germany and committed to binding their econom
December 11, 2011
Europe pushes ahead with fiscal union, UK isolated
BRUSSELS (Reuters) - Europe secured an historic agreement to draft a new treaty for deeper economic integration in the euro zone on Friday, but Britain, the region's third largest economy, refused to join the other 26 countries in a fiscal union and was l
December 11, 2011
Recap: Britain balks as rest of E.U. forges fiscal pact
Business Billionaire Philip Falcone and his hedge fund , Harbinger Capital Partners, were notified that they may be sued by the SEC for alleged “violations of the federal securities laws’ anti-fraud provisions.” Falcone gained fame with bets against
December 11, 2011
Insight: The day Europe lost patience with Britain
BRUSSELS (Reuters) - It was billed as a summit to save the euro. It may be remembered as the day Europe lost patience with Britain, as most of the continent threw its lot in with EU founding members France and Germany and committed to binding their econom
December 11, 2011
U.S.-listed firms told to reveal Syria, Iran links: FT
NEW YORK (Reuters) - At least a dozen U.S.-listed companies have been told by the U.S. Securities and Exchange Commission to disclose business activity in and with Syria, Iran and others deemed "state sponsors" of terror by the state department, the Finan
December 11, 2011
Wall Street experts weigh in on European Union budget agreement, impact on world markets
NEW YORK — The financial world initially rejoiced Friday when word came of a deal by most European countries — including all 17 that use the euro — to allow the European Commission to oversee national budgets and impose penalties if a country’s d
December 11, 2011
What if prevention doesnât save money?
The idea that preventive health care saves money is among the most ubiquitous and bipartisan health policy ideas out there. It’s an idea that numerous contenders for president in 2008, Democrat and Republican, endorsed. Prevention, President Obama has
December 11, 2011
Sunday Pearlstein: End of the âanything goesâ era of antitrust?
Maybe you’ve noticed that companies that are already at the top of their industries have become rather brazen about trying to increase their profits and share prices by buying up their nearest competitors. Who can blame them? For years now, the courts
December 11, 2011
Sunday Pearlstein: End of the âanything goesâ era of antitrust?
Maybe you’ve noticed that companies that are already at the top of their industries have become rather brazen about trying to increase their profits and share prices by buying up their nearest competitors. Read full article >>
December 11, 2011
December 10, 2011
Corporate warnings bode ill for earnings
NEW YORK (Reuters) - On top of euro zone debt troubles, Wall Street now has to worry about sagging sales from Europe as a recession in the region seems more likely.
December 10, 2011
Lehman preparing bid for Archstone stake: report
CHICAGO (Reuters) - The bankruptcy estate of Lehman Brothers Holdings Inc is preparing to make a $1.33 billion bid for part of apartment owner Archstone that it does not already hold, according to a report in the Wall Street Journal.
December 10, 2011
Hungary aiming for 10-15 billion euro IMF/EU deal: analysts
BUDAPEST (Reuters) - Hungary's government is aiming for a 10-15 billion euro package from the International Monetary Fund and the European Union to stabilize its economy, preferably with lighter terms, but would be also willing to accept a stricter deal,
December 10, 2011
China says already part of effort to help Europe
VIENNA (Reuters) - China will remain part of international efforts to help Europe through its crisis, vice foreign minister Fu Ying said on Saturday, dismissing the idea that Beijing was sitting back as the region suffered.
December 10, 2011
Olympus ousted CEO to visit Japan
TOKYO (Reuters) - Olympus Corp's ousted CEO, Michael Woodford, flies to Japan on Tuesday to press on with a battle to win back his job, as media reported that prosecutors plan to raid the homes of suspects in a $1.7 billion accounting fraud at the camera
December 10, 2011
Air Berlin to keep turning cost-cut screw: report
FRANKFURT (Reuters) - German loss-making airline Air Berlin aims to trim costs by up to 250 million euros (£213.6 million) per year, a German magazine reported, which would be one fourth above its official savings target for 2012 of 200 million euros.
December 10, 2011
Gingrich comes under attack in GOP debate
DES MOINES —Republican presidential front-runner Newt Gingrich came under sharp and repeated attack here Saturday night, accused by his rivals of being a career politician who has profited by being a Washington insider, a serial hypocrite who has often
December 10, 2011
How much does climate policy depend on China and India?
One idea that often gets brought up in discussions of climate change is that it doesn’t matter what Europe and the United States do as long as India and China keep growing at their furious pace and emitting heat-trapping greenhouse gases without end.
December 10, 2011
Longform.orgâs weekend reading list
Every weekend, Longform.org picks the week’s best in-depth stories on politics and policy for Wonkblog. For daily selections of new and classic nonfiction, check out Longform.org or follow @longformorg on Twitter. For the Families of Some Debtors,
December 10, 2011
Stop the pharmacy consolidation train
Maybe you’ve noticed that companies that are already at the top of their industries have become rather brazen about trying to increase their profits and share prices by buying up their nearest competitors. Who can blame them? For years now, the courts
December 10, 2011
Key economic events for the week of Dec. 12
Lots of November economic data and a Federal Reserve meeting will be in the headlines this week.TuesdayHoliday reports have begun on a positive note; new data from the Commerce Department could confirm those early reports. November retail sales are forec
December 9, 2011
Stock futures rise after Europe summit results
NEW YORK (Reuters) - Stock index futures rose on Friday after European Union leaders agreed on measures that partially addresses the region's crippling sovereign debt crisis.
December 9, 2011
UK isolated as Europe moves ahead on fiscal union
BRUSSELS (Reuters) - Europe divided on Friday in a historic rift over building a closer fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to forge ahead with a separate treaty, leaving Britain isolate
December 9, 2011
Moody's cuts three French banks
PARIS (Reuters) - Ratings agency Moody's downgraded the debt of BNP Paribas , Societe Generale , and Credit Agricole on Friday, citing deteriorating liquidity and funding conditions.
December 9, 2011
Exclusive: China to create $300 billion FX investment vehicle
BEIJING (Reuters) - China's central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world's largest stockpile of foreign exchange reserves, a source with knowledge of the matter told Re
December 9, 2011
TOKYO (Reuters) - Toyota, set to lose its crown as the world's top-selling automaker this year, more than halved its annual profit forecast to $2.6 billion, reeling from a strong yen and Thai floods that severed its supply lines.
December 9, 2011
China data signals pro-growth policy shift
BEIJING (Reuters) - China's industrial output growth dropped in November to its slowest pace in more than two years and inflation tumbled as economic conditions deteriorated, raising expectations that Beijing will pursue a more pro-growth policy to suppor
December 9, 2011
Nuance, not initiative, likely in China 2012 economic plan
BEIJING (Reuters) - Top Chinese leaders will likely resist pressure to declare an outright easing in monetary policy when they meet next week to decide economic priorities for 2012, the last full year of President Hu Jintao's tenure ahead of a critical le
December 9, 2011
Sports revenues should grow despite economic woes: report
WELLINGTON (Reuters) - The global economic slowdown is a concern but sports revenues worldwide should grow by about 3.7 percent to $145.3 billion by 2015, according to a research report released on Friday.
December 9, 2011
US stock futures get a boost after 23 European countries back plan to strengthen fiscal union
NEW YORK — Wall Street is pointing higher after 23 European nations agreed to tie their economies closer together in hopes of heading off any future debt crisis. Dow futures rose 0.8 percent to 12,033 before the market opened Friday. The broader Standa
December 9, 2011
Oil falls below $98 per barrel on concerns about European debt crisis
BANGKOK — Oil prices fell below $98 per barrel Friday in Asia as uncertainty surrounded the outcome of a critical meeting of Europe’s leaders aimed at solving the continent’s debt crisis. Benchmark crude for January delivery was down 49 cents to $9
December 9, 2011
Euro deal gets modest support in markets; EU leaders thrashing out further details
MILAN — A deal to get the 17 countries that use the euro to tie their economies closer together has got a modest level of support in the markets Friday, even though European Union leaders failed to reach unanimity on the plan. Though the 17 were joined
December 9, 2011
A guide to the treaty European leaders forged in marathon discussions to save the euro
Twenty-three European Union states agreed Friday to set up a new treaty, giving up crucial powers over their own budgets in an attempt to overcome a crippling debt crisis. Q: Who’s plans to be in it? A: All 17 countries that use the euro, plus Denmark,
December 9, 2011
Wonkbook: Three questions about the euro deal
Ladies and gentleman, we've got a euro deal. Maybe. Sort of. We at least have a deal that Angela Merkel, chancellor of Germany, and Mario Draghi, head of the European Central Bank, say they're happy with. The deal doesn't include the United Kingdom, w
December 9, 2011
Regulators could sanction Falcone over trading
(Reuters) - Philip Falcone, a hedge fund manager who became an overnight billionaire by betting on the collapse on the U.S. housing market, is now fighting to keep his career afloat.
December 9, 2011
How the Dow Jones industrial average and other major stock index fared on Friday and this week
The Dow Jones industrial average rose 186 points Friday as a deal to forge stronger ties between most of Europe’s economies raised hopes that the region is close to resolving its debt crisis. All 17 nations that use the euro agreed to sign a treaty tha
December 9, 2011
— Occupy Wall Street gets meta: Occupy protesters occupy the set of a “Law and Order” fake occupy protest. — Comic Sans, the much-maligned font, fights back. — The richest cat in the world. — The recession has been good for the cremation ind
December 9, 2011
December 8, 2011
MF Global's Corzine: I did not intend to break rules
WASHINGTON (Reuters) - A contrite Jon Corzine, in his first public defense of his leadership of now-bankrupt futures brokerage MF Global, told U.S. lawmakers he "never intended" to break rules and had no clue what happened to hundreds of millions of dolla
December 8, 2011
Samsung wins round in long legal fight with Apple
SYDNEY/SEOUL (Reuters) - Samsung Electronics Co won a round of its bruising global patent fight with Apple Inc on Friday when an Australian court lifted a ban on the sale of its Galaxy tablet computer in time for the busy Christmas shopping season.
December 8, 2011
ECB cuts interest rates, loosens reins on loans
The European Central Bank took new measures Thursday to bolster the continent’s ailing economy while dampening expectations that it would escalate its efforts to help struggling European governments borrow money at affordable rates. The ECB cut interes
December 8, 2011
—When “critical access hospitals” aren’t so critical at all. —Costco tells us what Americans like to buy: milk, eggs and diamond rings. —The economics of Moneyball. —The Solyndra effect, in one chart. Read full article >>
December 8, 2011
The fruitless inquisition of Jon Corzine
The hearing had barely begun, but Jon Corzine was already bracing himself for the onslaught. “Mr. Corzine — Governor, Senator. ... I don’t know what to call you exactly,” said Rep. Collin Peterson (D-Minn.). “A lot of people have bad names,”
December 7, 2011
Stock index futures signal gains for equities
(Reuters) - Stock index futures pointed to a higher open for equities on Wall Street on Wednesday, with futures for the S&P 500, the Dow Jones and Nasdaq 100 up 0.6-0.8 percent.
December 7, 2011
France vows powerful summit deal
PARIS (Reuters) - The leaders of France and Germany will not leave this week's EU summit until a "powerful" deal is reached to arrest the euro zone debt crisis, Paris said on Wednesday, as latest borrowing figures exposed the stressed state of Europe's ba
December 7, 2011
Exclusive: D.Boerse, NYSE mull spin-off on EU demands
FRANKFURT (Reuters) - Deutsche Boerse and NYSE could spin off parts of their derivatives arms to create a third-party competitor as a way to allay anti-trust concerns about their $9 billion merger, two sources familiar with Boerse's thinking said.
December 7, 2011
Olympus board signals it will quit
TOKYO (Reuters) - Olympus Corp's board signaled plans to quit over a $1.7 billion accounting fraud, but will likely pick a team of potential successors, triggering a battle for control of the Japanese firm with the former CEO who blew the whistle on the s
December 7, 2011
Banks seek to avoid Volcker rule "fire sale"
WASHINGTON/CHARLOTTE (Reuters) - Banks want regulators to give them more time to liquidate investments in certain private equity funds under the Volcker rule, arguing that without more leeway they will have to hold "fire sales."
December 7, 2011
Mortgage applications jumped last week: MBA
NEW YORK, Dec 7 - Applications for home mortgages jumped last week, recouping last week's steep decline as interest rates continued to fall, an industry group said on Wednesday.
December 7, 2011
China growth to ease as export outlook darkens
BEIJING (Reuters) - China's annual rate of export growth slowed in November versus October, Vice Commerce Minister Chong Quan said on Wednesday, confirming market expectations that deteriorating external conditions are dragging on the world's No. 2 econom
December 7, 2011
Tepco plans $1.3 billion in additional cost cuts: source
TOKYO (Reuters) - Tokyo Electric Power Co plans an additional 100 billion yen ($1.3 billion) in cost cuts and is considering selling thermal power plants to help cover compensation and cleanup costs at its crippled Fukushima nuclear power plant, a source
December 7, 2011
Multinational firms placing less importance on China: survey
SHANGHAI (Reuters) - Multinational companies operating in China are placing less importance on the world's second-biggest economy amid rising local competition and concern over intellectual property (IP) rights, a survey showed on Wednesday.
December 7, 2011
India retail reform unravels after backlash
NEW DELHI (Reuters) - India suspended plans to open its $450 billion supermarket sector to foreign firms such as Wal-Mart Stores Inc , backtracking from one of the government's boldest reforms in years in the face of a huge political backlash.
December 7, 2011
Oil rises to near $102 in Asia after supply report shows mixed signs about US demand
SINGAPORE — Oil prices rose to near $102 a barrel Wednesday in Asia after a crude supply report showed mixed signs about U.S. demand strength. Benchmark crude for January delivery was up 49 cents to $101.77 a barrel at late afternoon Singapore time in
December 7, 2011
German industrial output up 0.8 percent in October; offsets some of previous monthâs big fall
FRANKFURT, Germany — Germany says its industrial production rose by 0.8 percent in October from the month before. The rise only recouped some of the previous month’s hefty 2.8 percent fall. The country’s Economy Ministry said Wednesday that a key f
December 7, 2011
Wonkbook: Occupy Wall Street occupies Obama's 2012 campaign
In 2004, Obama gave a keynote speech at the Democratic Convention. The speech didn't just launch his career as a national politician -- it foretold the message that would carry him through the 2008 election. The theme was political division. "Even a
December 6, 2011
Stock futures gain on hopes of euro zone reforms
NEW YORK (Reuters) - Stock index futures rose on Tuesday as investors hoped S&P's downgrade warning on the euro zone's credit ratings will help force through budget changes at a European Union summit this week.
December 6, 2011
S&P downgrade threat a clarion call for euro reform
PARIS/BERLIN (Reuters) - A threat by Standard & Poors to slash credit ratings across the euro zone has sounded a clarion call, which could help Nicolas Sarkozy and Angela Merkel force through a change to the European Union treaty at a summit this week.
December 6, 2011
Legal action urged in damning Olympus report
TOKYO (Reuters) - An independent panel issued a damning report on a $1.7 billion accounting scandal at Japan's disgraced Olympus Corp on Tuesday, urging legal action against the executives responsible for the cover-up and the replacement of other board me
December 6, 2011
BP says Halliburton destroyed Gulf spill evidence
(Reuters) - BP Plc accused Halliburton Co of destroying evidence that the oilfield services company did inadequate cement work on the Gulf of Mexico oil well that blew out last year, and asked a federal judge to punish Halliburton.
December 6, 2011
Insight: Conflicting visions at core of euro zone crisis
Since the inception of the euro, France and Germany have pursued divergent visions of European economic and monetary union. In two decades, the French have become a little more German, the Germans a little more French. But the gulf remains.
December 6, 2011
MF Global workers sue Corzine, other execs
(Reuters) - Past and present MF Global employees sued ex-CEO Jon Corzine and other executives over alleged misrepresentations they say destroyed the value of the company's stock.
December 6, 2011
Exclusive: Shell strikes shale gas in China
DOHA (Reuters) - Royal Dutch Shell Plc has found shale gas in China, a development that could cap imports in a market natural gas producers are hoping will drive demand.
December 6, 2011
High oil prices may threaten growth: BP
DOHA (Reuters) - The fragile economic recovery could be negatively affected by high oil prices, especially in the United States, BP's chief executive said on Tuesday.
December 6, 2011
Swiss town cuts taxes after Glencore CEO windfall
ZURICH (Reuters) - The Swiss town of Rueschlikon that is home to Glencore boss Ivan Glasenberg has cut taxes after a huge windfall following the commodity company's flotation this year.
December 6, 2011
German industrial orders rebound sharply in October
BERLIN — Industrial orders in Germany rebounded sharply in October, helped by a strong increase in demand from the eurozone and other foreign countries. The Economy Ministry said Tuesday that new orders rebounded with a 5.2 percent month-on-month gain
December 6, 2011
Wonkbook: Germanyâs high-stakes bet
For Germans, the question isn't whether to save the euro. It's when to save the euro. For the rest of us, the question is whether the Germans will wait until it's already too late. Over the course of dozens of interviews conducted in Berlin over the las
December 6, 2011
U.S. officials quietly cajole European leaders on debt crisis
Senior U.S. officials are playing a behind-the-scenes role in efforts to contain the European debt crisis, cajoling the region’s leaders to take more steps to calm markets and trying to mediate among European governments with competing interests. U.S.
December 6, 2011
Dow Jones industrial average gains 52 as hopes build for greater European bailout powers
The Dow Jones industrial average closed up 52 points following a report that European leaders are considering more aggressive programs to bail out weaker countries in the region. Broader market indicators were mixed. The S&P 500 index rose 1 point an
December 6, 2011
Obama invokes Teddy Roosevelt in speech attacking GOP policies
OSAWATOMIE, Kan. — President Obama came to this tiny middle American town Tuesday to invoke the spirit of a long-ago Republican president in a speech that laid out, in his sharpest language yet, the economic and social arguments he will probably use ag
December 6, 2011
—“How I Met Your Mother” and the optimism of inevitability. —New dinosaur species discovered ... inside a museum. —Despite the stress, presidents do not actually age faster than the rest of us. —Putting Boeing’s labor deal in historical co
December 6, 2011
Are Americaâs subways and roads overpriced?
Why do transportation projects cost so much in the United States? It’s not just that $98 billion whale of a high-speed rail project in California. David Levinson, a transportation expert at the University of Minnesota, notes that roundabouts now go for
December 6, 2011
December 5, 2011
Sarkozy, Merkel kick off week of euro crisis talks
PARIS (Reuters) - French President Nicolas Sarkozy and German Chancellor Angela Merkel meet in Paris on Monday under pressure to align their positions on centralizing control of euro zone budgets to stem a debt crisis that threatens Europe's currency unio
December 5, 2011
Samsung up after Apple's bid to ban Galaxy rejected
SEOUL (Reuters) - Shares in Samsung Electronics Co Ltd rose more than 2 percent on Monday after Apple Inc's bid to halt U.S. sales of its Galaxy line of products was rejected, easing concern of slowing growth in its telecom business, which generates reven
December 5, 2011
Italy PM Monti unveils sweeping austerity package
ROME (Reuters) - Prime Minister Mario Monti, boosted by positive market reaction, takes a 30 billion euro austerity package to Italy's parliament on Monday to help stem a debt crisis threatening to overwhelm the euro zone.
December 5, 2011
Lehman Brothers close to naming a new board: report
(Reuters) - The bankruptcy estate of Lehman Brothers Holdings is close to naming a new board of directors to help finish winding down the collapsed financial firm, the Wall Street Journal said, citing people familiar with the matter.
December 5, 2011
GM declares Opel strategy a failure: paper
FRANKFURT (Reuters) - General Motors has declared its strategy for turning around its European carmaking unit Opel a failure, Financial Times Deutschland reported on Monday, citing GM Vice Chairman Steve Girsky.
December 5, 2011
Toyota to announce earnings forecast on Friday
TOKYO (Reuters) - Toyota Motor Corp will announce an earnings forecast on Friday for the financial year to March 2012, as it steadily restores production disrupted by Thai flooding that forced it to withdraw its outlook a month earlier.
December 5, 2011
Troubled bank Dexia gets new financing lifeline
BRUSSELS (Reuters) - Crisis-hit Franco-Belgian bank Dexia has secured temporary financing guarantees from Belgium, France and Luxembourg to keep it running while the countries cement the bailout they put together in October.
December 5, 2011
Chinese bank in Saab rescue talks
AMSTERDAM (Reuters) - A Chinese bank is in talks about taking a stake in Saab, in the latest attempt to rescue the crisis-hit Swedish car maker after an earlier deal to secure its future ran into trouble.
December 5, 2011
Analysis: India inches closer to crisis as rupee retreats
MUMBAI (Reuters) - India may face its worst financial crisis in decades if it fails to stem a slide in the rupee, leaving the central bank with a difficult choice over how to make best use of its limited reserves to maintain the confidence of foreign inve
December 5, 2011
Oil rises to near $102 a barrel in Asia amid rising Iran tension, improving US economy
SINGAPORE — Oil prices rose to near $102 a barrel Monday in Asia amid growing tensions between Iran and Western powers and signs the U.S. economy is improving. Benchmark crude for January delivery was up 64 cents to $101.60 a barrel at late afternoon S
December 5, 2011
Clinton pledges continued support to Afghanistan after troop withdrawal in 2014
BONN, Germany — The U.S. secretary of state says Afghanistan can count on America’s support even after combat troops complete their planned withdrawal in 2014. Hillary Rodham Clinton told a global conference on Afghanistan’s future Monday that “t
December 5, 2011
Markets signal optimism that Merkel, Sarkozy will agree on plan to save the euro
PARIS — Financial markets are signaling optimism that the leaders of Germany and France will deliver a cohesive plan that saves the euro through stricter oversight of government budgets. French President Nicolas Sarkozy and German Chancellor Angela Mer
December 5, 2011
December 5, 2011
Lehman hearing may herald end of bankruptcy
NEW YORK (Reuters) - Lehman Brothers Holdings Corp is about to take its last step toward exiting a more than three-year-long bankruptcy process, a move that should enable it to begin paying back investors next year.
December 5, 2011
Tremors from a euro collapse would be global, with U.S. recession likely
To get a sense of how vulnerable the U.S. economy could be if the euro currency union cracks apart, start with the volume of U.S. exports to the euro zone — $153 billion in the first six months of the year. Add several hundred billion dollars in inves
December 5, 2011
An early stock rally fades on news that all countries in the euro area face risk of downgrade
Reports that all countries using the euro could get their credit ratings downgraded deflated a morning rally in the stock market Monday. The Dow Jones industrial average closed up 78 points, giving back much of a 167-point gain from earlier. News reports
December 5, 2011
Congress sees shipping-certification firms as tool to tighten Iran noose
Congress is trying to use a little-known certification requirement for ships and drilling rigs as a lever to squeeze Iran’s trade with the rest of the world. Facing U.S. pressure, a Norwegian company that certifiesvessels is ending its relationship wi
December 5, 2011
— Metallica and Red Hot Chili Peppers are retooling their European concert tours around the debt crisis. — Eight Lamborghinis, Ferraris create a $4 million pileup in Japan. — Why doctors hate instant soup (hint: it burns). — “Further reflecti
December 5, 2011
Optimism in Europe. But how long will it last?
The markets looked awfully giddy today. Stocks were up in Europe. Italy’s once-terrifyingly-high borrowing costs were tumbling. So should we interpret today’s rally as a sign that Europe’s leaders might just get this euro crisis under control? Perh
December 4, 2011
Decision time for EU, with euro's future at stake
PARIS (Reuters) - The euro faces a decisive week as European Union leaders, urged on anxiously by the United States, seek agreement on a convincing rescue plan that has eluded them for two years.
December 4, 2011
Panel to release report on Olympus scandal Tuesday: report
TOKYO (Reuters) - An expert panel appointed by Japan's Olympus Corp to look into an accounting scandal at the disgraced firm will release its findings on Tuesday, Kyodo news agency said in a weekend report, opening the way for possible criminal complaints
December 4, 2011
Italy PM prepares to adopt crisis measures
ROME (Reuters) - Prime Minister Mario Monti accelerated plans on Sunday to approve a 20 billion-euro austerity package aimed at shoring up Italy's strained finances and stemming a crisis that threatens to overwhelm the euro zone.
December 4, 2011
Iran says oil would go over $250 if exports banned
TEHRAN (Reuters) - Iran warned the West on Sunday any move to block its oil exports would more than double crude prices with devastating consequences on a fragile global economy.
December 4, 2011
Austrian chancellor backs EU treaty change: report
VIENNA (Reuters) - Austrian Chancellor Werner Faymann backs changes to the European Union treaty that would create a political and economic powerhouse even at the cost of relinquishing some national sovereignty, he told a Sunday newspaper.
December 4, 2011
Exclusive: India government puts foreign supermarkets "on pause"
MUMBAI (Reuters) - India has put a plan to open up its retail industry to foreign supermarkets on hold, a senior government source said on Sunday, an embarrassing turnaround for a beleaguered government fighting to retain the support of key allies.
December 4, 2011
AP Interview: Ex-UN climate chief faults world leaderes for failing to guide climate talks
DURBAN, South Africa — Yvo de Boer said he left his job as the U.N.’s top climate official in frustration 18 months ago, believing the process of negotiating a meaningful climate agreement was failing. His opinion hasn’t changed. “I still have t
December 4, 2011
Sunday Pearlstein: Seven who exceed defining
Monday morning at Ford’s Theatre, seven extraordinary people will receive an award from The Washington Post and Harvard’s Kennedy School of Government for being among America’s top leaders. At a time when inspiring leadership seems to be in such
December 4, 2011
What we can learn from German public transit
Germany has been dominating the headlines lately with the euro debt crisis, so why not look at other aspects of the country’s public policy? Like, say, transit. Lisa Margonelli points to a fascinating paper by Ralph Buehler and John Pucher comparing pu
December 3, 2011
Searching across the Atlantic for clues
NEW YORK (Reuters) - The euro zone will once again serve as the source of Wall Street's angst, as investors look to a summit of the region's political leaders for decisive solutions for the ballooning debt crisis.
December 3, 2011
Debt funds needed in all eurozone states: Germany
BERLIN (Reuters) - Every country in the euro zone needs to set up a special national fund for sovereign debt that is more than 60 percent of gross domestic product, Germany's finance minister told a newspaper.
December 3, 2011
Olympus won't get extension on reporting deadline: sources
TOKYO (Reuters) - Japanese regulators will not extend a deadline for Olympus to report its financial results, sources with knowledge of the matter said, leaving the scandal-hit company with less than two weeks to correct two decades of accounting and avoi
December 3, 2011
Sprint signs on through 2016 as top sponsor of NASCARâs elite Cup Series
LAS VEGAS — Sprint announced a three-year contract extension Friday night with NASCAR to remain the title sponsor of the elite Cup Series through at least 2016. Sprint CEO Dan Hesse announced the extension late in NASCAR’s season-ending awards ceremo
December 3, 2011
Longform.orgâs weekend reading list
Every weekend, Longform.org picks the week’s best in-depth stories on politics and policy for Wonkblog. For daily selections of new and classic nonfiction, check out Longform.org or follow @longformorg on Twitter. Upheaval at the New York Public Li
December 3, 2011
Down with the passive voice! The war against gobbledygook in Washington
Meet the anti-jargon activists who are fed up with the use of legalese, technical gibberish, and other gobbledygook in Washington. From my Outlook story this weekend: Their mission isn’t just to cut down on government forms in triplicate. They believe
December 3, 2011
China says U.S. solar ruling smacks of protectionism
SHANGHAI (Reuters) - China said it was "deeply concerned" about a preliminary ruling by a U.S. trade body that trade practices by Chinese solar makers are hurting U.S. producers and said the decision underscored a U.S. "inclination to trade protectionism.
December 3, 2011
SAP offers $3.4 billion for SuccessFactors
Dec 3 - Germany's SAP announced a $3.4 billion cash deal to buy U.S. web-based software company SuccessFactors, joining the scramble among technology firms to offer cloud-computing services to businesses.
December 3, 2011
Aggressive labor stance threatens Pilbara expansion: Rio Tinto
SYDNEY (Reuters) - Rio Tinto chief executive Tom Albanese said an "aggressive" stance by unions, high labor costs and a potential downturn in world prices threaten plans for vast expansion of its key Australian iron ore operations.
December 3, 2011
Herman Cain suspends his campaign for 2012 GOP presidential nomination
ATLANTA — The brief but dramatic campaign of Herman Cain ended on Saturday, when the little-known businessman who captivated the Republican race said the relentless attention on accusations of his sexual misconduct had become too much to bear. Both de
December 3, 2011
In health reform, there’s a lot of talk about an impending “doctor shortage,” where we’ll have too few physicians to treat a population that’s getting increasingly older and sicker. By 2020, we’ll have 90,000 fewer doctors than we need, accor
December 3, 2011
Steven Pearlstein: Seven leaders who exceed defining
Monday morning at Ford’s Theatre, seven extraordinary people will receive an award from The Washington Post and Harvard’s Kennedy School of Government for being one of America’s top leaders. At a time when inspiring leadership seems to be in such s
December 3, 2011
December 2, 2011
Stock futures gain ahead of key jobs report
(Reuters) - Stock index futures pointed to a sharply higher open for equities on Wall Street on Friday, with futures for the S&P 500, for the Dow Jones and for the Nasdaq 100 up 1 to 1.1 percent ahead of a key jobs report.
December 2, 2011
Insight: Tables turned as SEC watchdog comes under attack
WASHINGTON (Reuters) - David Kotz, the top watchdog of the Securities and Exchange Commission, is facing mounting criticism over some of the investigative techniques that have won him plaudits on Capitol Hill.
December 2, 2011
Merkel says debt crisis will take years to solve
BERLIN/PARIS (Reuters) - German Chancellor Angela Merkel called on Friday for rapid EU treaty change to remedy the root causes of the euro zone's debt crisis but warned that Europeans faced a long, hard "marathon" to restore lost credibility. Presented
December 2, 2011
Zynga plans to raise $925 million in IPO
(Reuters) - Zynga Inc could raise $925 million, less than previously planned, in what is still one of the largest and most hotly anticipated Internet IPOs in years. Presented By: Strengthen Customer Relationships Ads by Pheedo
December 2, 2011
Analysis: MF Global proves Enron-era accounting lives on
(Reuters) - The off-balance-sheet accounting methods that Enron and Lehman Brothers made famous in their epic failures years ago have a modern-day poster child: MF Global.
December 2, 2011
RIM to book PlayBook charge in quarter
TORONTO (Reuters) - Research in Motion said on Friday it would take a big charge in its third quarter to write down the value of its poorly received PlayBook tablet computers, in a fresh setback for the struggling BlackBerry maker.
December 2, 2011
Ten days of secret planning to rescue markets
LONDON/FRANKFURT (Reuters) - Britain orchestrated this week's bold move by central banks to stave off a cash crunch in global markets, helping drive a plan that began to take shape around 10 days ago.
December 2, 2011
Analysis: Japan's silent majority may find voice over Olympus
TOKYO (Reuters) - Some big Japanese shareholders in disgraced firm Olympus Corp may support ex-CEO Michael Woodford's campaign to return to the helm -- a once-unthinkable step for investors that are more usually known for their discreet, hands-off approa
December 2, 2011
Gucci sales not slowing yet, has plan B ready
PARIS (Reuters) - Luxury brand Gucci has not seen any impact on its business from global economic woes but it would be prepared to react quickly and cut costs if sales slowed, its chief executive said in a newspaper interview.
December 2, 2011
Oil hovers above $100 in Asia as traders look to key US jobs report
SINGAPORE — Oil prices hovered above $100 a barrel Friday in Asia as traders awaited a U.S. jobs report for evidence about the strength of the U.S. economy and demand for crude. Benchmark crude for January delivery was up 60 cents to $100.80 a barrel a
December 2, 2011
The shots seen âround the country: TV ad wars get intense as voting nears in presidential race
NEW YORK — The crush of presidential campaign ads is here. Less than five weeks before voting begins in the 2012 presidential contest, the Republican candidates are stepping up their presence over the TV airwaves and online. Super PACs have been runnin
December 2, 2011
Merkel warns solution to Europeâs crisis will take years
LONDON — German Chancellor Angela Merkel warned on Friday that the only solution to Europe’s debt crisis was a drawn-out process to alter or create new European Union treaties, a process that will take years. Her statement underscored the gap between
December 2, 2011
December 2, 2011
Exclusive: MF Global mixed funds, transferred abroad
WASHINGTON (Reuters) - Regulators investigating the collapse of MF Global have determined that the firm combined money between securities and futures accounts owned by customers, and transferred funds outside the country to at least one entity, a source s
December 2, 2011
U.S. jobless rate drops to 2-1/2 year low
WASHINGTON (Reuters) - The U.S. unemployment rate tumbled to a 2-1/2 year low in November, even though the pace of hiring remained too slow to suggest a significant acceleration in the labor market recovery.
December 2, 2011
AMR creditors' committee may be an eclectic mix
(Reuters) - Labor unions, suppliers and other groups with potential claims against bankrupt AMR Corp will gather on Monday to vie for a seat on what could be an eclectic committee of creditors.
December 2, 2011
Congress subpoenas Corzine on MF Global collapse
WASHINGTON (Reuters) - Former MF Global chief Jon Corzine was subpoenaed to testify before Congress, setting up an awkward legal situation for the ex-senator facing multiple probes into the firm's collapse.
December 2, 2011
Analysis: Earnings outlook may be deteriorating rapidly
NEW YORK (Reuters) - Earnings season is just over a month away, but the early signals are not comforting.
December 2, 2011
Fed hawks say central banks can't solve fiscal woes
DALLAS/PHILADELPHIA (Reuters) - The U.S. Federal Reserve and other central banks must not succumb to calls for additional help from monetary authorities in the face of high budget deficits, two top Fed officials said on Friday.
December 2, 2011
Euro program at IMF could spread rescue risk worldwide
The Obama administration has been adamant that Europe can afford to resolve its financial crisis on its own, and that U.S. taxpayers and others outside the region should not foot the bill for any expanded bailout effort. But a developing plan for Europe
December 2, 2011
Summary Box: Early rally fades on Wall Street, but S&P 500 still has best week since March â09
BIG WEEK: The S&P 500 index ended the week up 7.4 percent, its best week since Ma