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  March 2012

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• Breaking News

  • Wall St. extends rise, investors see no change in Fed policy
    By Ryan Vlastelica NEW YORK (Reuters) - Stocks advanced for a second straight day on Tuesday as investors bet the Federal Reserve would temper statements which were interpreted to mean a sooner-than-expected winding down of stimulus efforts. Strong market breadth showed an increased appetite for equities, but trading volume was light, a sign that many market participants were taking a wait-and-see attitude. The Fed's two-day policy meeting started Tuesday, and traders are trying to guess its timeline for scaling back purchases of $85 billion per month of bonds. ...
  • Adobe Systems profit beats as Creative Cloud subscriptions grow
    (Reuters) - Adobe Systems Inc, which makes the Photoshop and Acrobat software, reported a higher-than-expected adjusted quarterly profit as demand rose for the subscription-based version of its flagship software package. Shares of the company rose 4.4 percent in after-market trading. Net income fell to $76.5 million, or 15 cents per share, in the second quarter, from $223.9 million, or 45 cents per share, a year earlier. Excluding items, earnings were 36 cents per share. Revenue fell 10 percent to $1.01 billion. Analysts on average had expected earnings of 33 cents per share on revenue of $1. ...
  • Google asks U.S. surveillance court permission to publish request data
    SEATTLE (Reuters) - Google Inc said on Tuesday it has asked the Foreign Intelligence Surveillance Court to allow the Internet company to publish aggregate numbers of national security requests, including disclosures under the Foreign Intelligence Surveillance Act (FISA), separately from criminal requests. Google's move comes after other tech companies, including Microsoft Corp, Facebook Inc and Apple Inc released limited information about the number of surveillance requests they receive under an agreement they struck with the U.S. government last week. ...
  • Icahn seeks Dell share buyback, buys Southeastern stock
    (Reuters) - Billionaire investor Carl Icahn on Tuesday laid out a new proposal for Dell Inc, calling on the No. 3 PC maker to buy back 1.1 billion shares and allowing the activist to become a larger stakeholder. Icahn said in an open letter to Dell shareholders that he and Southeastern Asset Management would still seek to stop founder Michael Dell's buyout offer for the company, and if successful, elect new directors to the board at a shareholder meeting scheduled for July 18. Those directors in turn would implement a $14 per share tender offer, he said in the letter. ...
  • Chrysler relents, to recall 2.7 million Jeeps over fuel tanks
    By Bernie Woodall DETROIT (Reuters) - Chrysler Group LLC said it would recall 2.7 million older Jeep models after initially fighting a recall request from U.S. regulators in a dispute over crash protection for their fuel tanks. The recall will affect Jeep Grand Cherokee SUVs from model years 1993 to 2004 and Jeep Liberty SUVs from 2002 to 2007. While Chrysler stood by its assertion that the vehicles are not defective, the automaker acknowledged consumer concerns and said it may upgrade the rear structure of the vehicles, which have their fuel tanks situated behind the rear axle. ...
  • Exclusive: Facebook reaches 1 million active advertisers
    By Jennifer Saba (Reuters) - Facebook Inc said on Tuesday it now has 1 million active advertisers globally who used the platform in the last 28 days, a milestone for the company that is seeking to revive its revenue growth. A vast majority of those advertisers are small business owners who have flocked to the world's No. 1 social network. Facebook executives are hoping to net even more small advertisers since 16 million local businesses, ranging from jewelry sellers to clothing stores, set up free pages on the network. ...
  • Huawei says has no plans to buy Nokia
    NEW YORK (Reuters) - Chinese network equipment and cellphone maker Huawei Technologies Co said it "has no plans to acquire Nokia", responding to a Financial Times report that it would consider buying the Finish phone maker. The denial came from Huawei's vice president for external affairs, Bill Plummer. The story on the FT website on Tuesday had quoted the head of Huawei's consumer business, Richard Yu, as saying: "We are considering these sorts of acquisitions; maybe the combination has some synergies but depends on the willingness of Nokia. We are open-minded." Nokia declined comment. ...
  • Ex-fund managers can remain free during U.S. insider trading appeal
    By Nate Raymond NEW YORK (Reuters) - Two former hedge fund managers persuaded a U.S. appeals court on Tuesday to allow them to remain free on bail as they seek to have their insider-trading convictions thrown out. Todd Newman, a former portfolio manager at hedge fund Diamondback Capital Management, and Anthony Chiasson, co-founder of hedge fund Level Global Investors, had been set to begin prison sentences later this summer. The two were convicted in December of illegally trading in Dell Inc and Nvidia Corp stock based on non-public information supplied by research analysts. ...
  • G8 pledges action on tax evasion, few concrete measures
    By William Schomberg and Jeff Mason ENNISKILLEN, Northern Ireland (Reuters) - The world's rich economies said they would take a tougher stance on fighting money laundering and tax evasion but promised little in the way of specific new action at the end of a two-day summit on Tuesday. The Group of Eight leaders signed up for a string of aims including improved transparency about who owns shell companies and more information-sharing between tax authorities. ...
  • Deloitte to pay $10 million to settle misconduct accusations
    By Karen Freifeld NEW YORK (Reuters) - A financial advisory unit of Deloitte LLP has agreed to pay $10 million and accept other New York state penalties to settle accusations of misconduct related to an investigation of money laundering at Standard Chartered Bank. Deloitte Financial Advisory Services also agreed to a one-year ban on doing consulting work for financial institutions regulated by New York state, and to reforms designed to address conflicts of interest, the state Department of Financial Services said on Tuesday. ...

Archive for March 24th, 2012

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