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March 2012
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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. ...

JPMorgan investors on edge over vote on Dimon; what if they win?

By David Henry TAMPA, Florida (Reuters) - As final ballots come in on a proposal to strip JPMorgan Chase & Co Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote. JPMorgan's annual meeting on Tuesday will bring to head a months-long and bitter shareholder campaign demanding more oversight of Dimon, who has suggested that he may eventually leave the bank if he loses the vote. Investors say that while Dimon, 57, may need more oversight after the bank posted $6. ...

Dollar firms as Fed suspense builds, shares off highs

By Marc Jones LONDON (Reuters) - The dollar edged up, gold steadied and European shares held near five-year highs on Tuesday as investors look out for U.S. Federal Reserve signals on the future of its stimulus program. Upbeat comments from Chicago policymaker Charles Evans have made Wednesday's release of minutes of the U.S. central bank's last meeting and Fed chairman Ben Bernanke's testimony in Congress the same day the main focus for markets. The usually dovish Evans said on Monday that as long as the recent pickup in the U.S. ...

Sprint receives SoftBank waiver to consider Dish offer

By Mari Saito TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier. Sprint said its recommendation in favor of the SoftBank agreement had not changed, although some major Sprint shareholders including Paulson & Co and Omega Advisors have publicly said the Dish offer looks better than SoftBank's deal. SoftBank, which agreed last October to pay $20. ...

Vodafone keeps Verizon payout after European weakness

By Kate Holton and Paul Sandle LONDON (Reuters) - Vodafone posted the largest ever fall in its main revenue measure on Tuesday, forcing it to keep a dividend from its healthy U.S. arm to compensate for a slump in southern Europe. The world's second largest mobile operator, at the center of intense speculation as to whether it will sell its stake in U.S. business Verizon Wireless in one of the world's largest deals, said it had also been hit hard by regulatory cuts and the timing of last year's leap year. ...

Apple, Congress spar over taxes ahead of Tuesday hearing

By Patrick Temple-West and Poornima Gupta WASHINGTON/SAN FRANCISCO (Reuters) - Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday. ...

Goldman exits China's ICBC, seven years and billions later

By Fiona Lau and Elzio Barreto HONG KONG (Reuters) - Goldman Sachs Group Inc raised $1.1 billion by selling its remaining shares in Industrial and Commercial Bank of China, ending a seven-year old investment and handing the Wall Street firm a return of nearly four times its original stake. Goldman's relationship with ICBC was similar to that of other big global financial institutions that purchased stakes in Chinese banks and insurers. ...

IT firm iGate sacks CEO over undisclosed relationship

By Sumeet Chatterjee and Harichandan Arakali MUMBAI/BANGALORE (Reuters) - IT outsourcing company iGate Corp said it had sacked its chief executive, Phaneesh Murthy, for not disclosing a relationship with a subordinate after investigating one of the industry's best-known executives for sexual harassment. Murthy had led several initiatives to improve the performance of the Fremont, California-based company, including charging clients for business results instead of man hours, the billing method more commonly used by IT outsourcing firms. ...

Credit Suisse replaces Morgan Stanley as No. 2 Asia prime broker

By Nishant Kumar HONG KONG (Reuters) - The Asian prime brokerage unit of Credit Suisse has replaced Morgan Stanley as the second largest firm servicing the region's $148 billion hedge funds industry, a survey showed. The annual survey by industry tracker AsiaHedge, released this week, found that Goldman Sachs remains Asia's top prime broker with 179 clients and total assets under management of $24.6 billion. Credit Suisse overtook Morgan Stanley by adding 14 new clients and $2.4 billion in assets over the last year, a first for any prime broker in Asia, the survey showed. ...

U.S. asks judge to deny S&P's motion to dismiss fraud lawsuit

(Reuters) - The Justice Department on Monday asked a federal judge to deny Standard & Poor's motion to dismiss a government lawsuit against the ratings agency, saying its statements on certain financial products were fraudulent and not mere "puffery". In a $5 billion suit, the U.S. government has accused S&P, owned by McGraw-Hill Companies Inc, of issuing inflated ratings on faulty products to drum up business before the 2008 financial crisis, despite assurances that its judgments were objective. ...

Archive for March 23rd, 2012

23 Mar

European monitor upbeat on Greek economic reforms

The head of a European task force charged with helping debt-wracked Greece fix its economy said in remarks published on Saturday he was upbeat that Athens would be able to implement key reforms.

Original post by AFP and software by Elliott Back

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Archive for March 23rd, 2012

European monitor upbeat on Greek economic reforms