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March 2011
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Yahoo buying Tumblr for $1.1 billion, vows not to screw it up

By Alexei Oreskovic and Jennifer Saba SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue. ...

Wall Street ends near flat; correction worry rises

NEW YORK (Reuters) - U.S. stocks ended little changed on Monday with indexes hovering near record levels as concerns about a correction cut earlier gains that were boosted by acquisition activities. Based on the latest available data, the Dow Jones industrial average declined 19.12 points, or 0.12 percent, to finish unofficially at 15,335.28. The Standard & Poor's 500 Index slipped 1.18 points, or 0.07 percent, to end unofficially at 1,666.29. The Nasdaq Composite Index fell 2.53 points, or 0.07 percent, to close unofficially at 3,496.43. ...

Apple to argue for tax reform, defend tax practices on Tuesday

SAN FRANCISCO (Reuters) - Apple Inc will argue for comprehensive corporate tax reform when it goes before a Senate subcommittee on Tuesday, becoming the latest technology company to face questions over its offshore tax practices. In prepared testimony released ahead of Apple Chief Executive Tim Cook's hearing on Tuesday before the permanent subcommittee on investigations, Apple said it does not use "tax gimmicks" like moving intellectual property into offshore tax havens or using Cayman Islands bank accounts. ...

Morgan Stanley sued in 'pay-to-play' retirement plan case

(Reuters) - Morgan Stanley has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc and others in exchange for extra fees in an illegal "pay-to-play" scheme. Skin Pathology Associates Inc. filed suit in federal court in Manhattan on May 16, accusing Morgan Stanley of violating federal laws governing retirement plans through its dealings with co-defendant ING Life Insurance and Annuity Co and other 401(k) service providers. ...

Citi names new heads of mortgages, private bank, Citi Holdings

NEW YORK (Reuters) - Citigroup Inc Chief Executive Michael Corbat named Jane Fraser as the new head of the bank's mortgage business on Monday ,as current CitiMortgage CEO Sanjiv Das plans to leave the bank to pursue other opportunities, according to an internal memo. Das took over Citigroup's mortgage business at the height of the financial crisis in 2008 as it was losing billions of dollars on bad subprime housing bets. He will remain at the bank for a few months to assist on mortgage issues related to the government, according to the memo. ...

Chesapeake Energy hires Anadarko executive as CEO

By Anna Driver (Reuters) - Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No. 2 U.S. natural gas producer, which has suffered a governance crisis and liquidity crunch over the last year. Chesapeake hired Robert Douglas Lawler, senior vice president of international and deepwater operations at Anadarko, to fill the post vacated by co-founder Aubrey McClendon in April. Shares of Chesapeake were up 4 percent as Lawler's appointment ends a three-month search for McClendon's replacement. ...

Britain's Cameron tells Google and others to play fair on tax

LONDON (Reuters) - British Prime Minister David Cameron on Monday told Google's Executive Chairman Eric Schmidt and other business leaders that he expected their companies to pay their taxes in exchange for benefiting from low tax rates. Cameron's intervention came days after British lawmakers accused Google of using "smoke and mirrors" to avoid paying tax, fuelling a debate over corporate taxation that has angered the public and led to calls for a tougher approach from the government. ...

GM gearing up for big ad push for crucial new pickups: executive

By Ben Klayman DETROIT (Reuters) - The launch of General Motors Co's redesigned Chevrolet Silverado, the most important since the automaker's bankruptcy and $50 billion taxpayer-funded bailout in 2009, is on track and advertising for its full-size trucks should begin in a few weeks, a top GM executive said on Monday. Mark Reuss, head of GM's North American operations, said the launch of the 2014 Silverado and GMC Sierra pickups is going "really good" and there had been no hiccups to slow the rollout. ...

Actavis to buy Warner Chilcott in $5 billion stock deal

By Caroline Humer and Ransdell Pierson (Reuters) - Generic drugmaker Actavis Inc, itself a recent takeover target, said on Monday it would buy specialty pharmaceutical company Warner Chilcott Plc for $5 billion in stock to expand its branded drug portfolio, lower taxes and increase profits. The Warner Chilcott acquisition brings two new businesses - gastroenterology and dermatology - and adds additional women's health drugs like branded contraceptives to Actavis, which makes and sells drugs that are no longer under patent protection. ...

First flight nears, A350 could make Paris show flyby

By Tim Hepher PARIS (Reuters) - Airbus could steal the Paris air show with a flyby of its newest passenger jet, the A350, as confidence grows over a maiden flight some four weeks away. The timescales of its previous airliner launches suggest the European manufacturer could be ready to fly the aircraft in mid-June, depending on weather and ground trials, giving pilots a narrow time window to test the plane's basic characteristics in flight before the June 17-23 air show. ...

Archive for March 13th, 2011

13 Mar

Analysis: Quake impact seen deep and long, recession possible (Reuters)

Reuters - Japan’s already weak economy faces deeper damage than initially thought from the triple blow of a devastating earthquake, tsunami and nuclear disaster, and risks prolonging its sluggish recovery.
Original post by Reuters and software by Elliott Back

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Archive for March 13th, 2011

Analysis: Quake impact seen deep and long, recession possible (Reuters)