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March 2011
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Bernanke points to reduced Fed bond buying this year

By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the central bank expects to slow the pace of its bond purchases later this year and bring them to a halt around mid-2014, comments that weighed on stocks and pushed bond yields to a 15-month high. The Fed expects moderate growth to lead to continuing healing in the job market as headwinds facing the economy ease, Bernanke said. He also said policymakers expect inflation to move back up toward their long-term 2 percent goal. ...

Icahn reiterates commitment for Dell buy

By Michelle Sierra NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders. "Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if ...

Wall St. adds to losses on Bernanke comments

NEW YORK (Reuters) - Stocks extended losses in late trading session, with the Nasdaq falling more than 1 percent, after Federal Reserve Chairman Ben Bernanke said the Fed could reduce the rate of stimulus this year if the economy continues to improve. The Dow Jones industrial average was down 179.62 points, or 1.17 percent, at 15,138.61. The Standard & Poor's 500 Index was down 20.21 points, or 1.22 percent, at 1,631.60. The Nasdaq Composite Index was down 34.83 points, or 1.00 percent, at 3,447.35. (Reporting by Angela Moon; Editing by Nick Zieminski)

News Corp spinoffs start preliminary trading

(Reuters) - News Corp's publishing and entertainment arms began trading separately on a preliminary basis on Wednesday, one of the last steps before Rupert Murdoch's company officially splits in two on June 28. Shares of the new News Corp, the publishing arm that includes properties such as The Wall Street Journal, opened at $15.28 on Nasdaq, trading on a "when-issued" basis under the symbol "NWSAV." The shares were up 4.5 percent at mid-morning at $15.95 and were the second-most-active issue on Nasdaq with more than 20 million shares changing hands. ...

Nvidia's stock jumps on license plan; Wall Street eyes Apple

By Noel Randewich (Reuters) - Shares of chipmaker Nvidia surged nearly 6 percent on Wednesday after the company said it plans to license its graphics technology, opening the door to new business with Apple, Samsung Electronics and other mobile device makers. Chief Executive Officer Jen-Hsun Huang told the Reuters Global Technology Summit in San Francisco on Tuesday that licensing graphics cores and visual patents would help Nvidia take greater advantage of the booming market for smartphones and tablets and tap markets it could not reach through selling its own chips. ...

Switzerland buries U.S. tax law, banks seen at risk

By Ruben Sprich BERNE (Reuters) - Swiss lawmakers dealt a death blow on Wednesday to a draft law which aimed to protect the country's banks from criminal charges in the United States for helping wealthy Americans evade tax. The Swiss government has warned that the bill's failure could prompt impatient U.S. prosecutors to indict banks, though it could still use an executive order to allow them to hand over data to try to avoid criminal charges. ...

Orders top $100 billion as Ryanair gives Boeing a boost

By Alwyn Scott and Maria Sheahan PARIS (Reuters) - Orders at the Paris Airshow surpassed $100 billion on Wednesday, as planemakers Boeing and Airbus cashed in on demand for fuel-efficient jets and growth in both budget carriers and emerging markets. Ryanair, Europe's biggest low-cost airline, finalized an order for 175 Boeing 737-800 aircraft worth around $15.6 billion at list prices on day three of the aerospace industry's showcase event, the largest single order ever placed by a European airline with the U.S. group. ...

Exclusive - Forest keen to bid for Irish drugmaker Elan - sources

By Jessica Toonkel and Soyoung Kim NEW YORK (Reuters) - Forest Laboratories Inc, the specialty drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish drugmaker Elan Corp, two people familiar with the situation said. Elan, which has a market capitalization of nearly $7 billion, put itself up for sale last week in an effort to fend off a hostile offer from U.S. investment firm Royalty Pharma. Forest is among several mid-size drugmakers keen to bid on Elan, the people said on Wednesday. ...

Harvard hires Xia from Morgan Stanley as chief risk officer

By Svea Herbst-Bayliss BOSTON (Reuters) - Harvard University said on Wednesday that it had hired Wall Street veteran Jake Xia as its chief risk officer to analyze and monitor investment exposure in its $30.7 billion endowment. Xia, a fixed income expert who worked at Morgan Stanley for 17 years and for a time oversaw all trading risks in debt products for the bank, is joining Harvard as the school works to polish its investment image after heavy losses during the financial crisis. In the fiscal year ended June 30, 2009, Harvard made headlines when its endowment lost 27 percent of its value. ...

U.S. banks failed to follow mortgage standards: monitor

By Margaret Chadbourn and Emily Stephenson WASHINGTON (Reuters) - Four of the largest U.S. mortgage servicers failed to adhere to some of the new standards set out in a landmark settlement meant to help consumers facing foreclosure, a court-appointed monitor said on Wednesday. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo need to make improvements in handling loan modifications, said Joseph Smith, who oversees the $25 billion settlement between banks and the U.S. government. ...

Archive for March 9th, 2011

09 Mar

China trade swings to largest deficit in 7 years (Reuters)

Reuters - China swung to a surprise trade deficit in February of $7.3 billion, its largest in seven years, as the Lunar New Year holiday dealt a sharper blow to export activity than had been expected.
Original post by Reuters and software by Elliott Back

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Archive for March 9th, 2011

China trade swings to largest deficit in 7 years (Reuters)