U.S. Economy » 2012 » April

April 2012
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Yahoo buying Tumblr for $1.1 billion, vows not to screw it up

(Reuters) - Yahoo Inc said it is acquiring blogging service Tumblr for $1.1 billion cash, a bold bet by Chief Executive Marissa Mayer to revitalize the struggling Internet pioneer by co-opting a Web property with strong visitor traffic but little revenue. The deal, which will use about a fifth of Yahoo's $5.4 billion in cash and marketable securities, is the largest by far since Mayer took the reins in July seeking to reverse a multi-year decline in Yahoo's business and Web traffic. ...

Wall Street opens lower after record highs

NEW YORK (Reuters) - Wall Street opened weaker on Monday as investors searched for catalysts after major U.S. equity indexes closed a fourth consecutive week of gains Friday. The Dow Jones industrial average slipped 14.90 points, or 0.10 percent, to 15,339.50. The Standard & Poor's 500 Index was off 1.84 points, or 0.11 percent, to 1,665.63. The Nasdaq Composite Index lost 7.17 points, or 0.21 percent, to 3,491.79. (Reporting by Leah Schnurr; Editing by Nick Zieminski)

Dell says cannot disclose more information to Icahn yet

(Reuters) - Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's. Earlier this month, Icahn and Southeastern offered $12 in cash per share or additional shares to existing investors as an alternative to Michael Dell's $24.4 billion bid to take the company private. ...

Actavis to buy Warner Chilcott in $5 billion stock deal

(Reuters) - Generic drugmaker Actavis Inc, which has been the subject of takeover speculation, plans to buy specialty pharmaceutical company Warner Chilcott Plc for $5 billion in stock. The companies said the deal had an enterprise value, including debt, of $8.5 billion. The move comes as Actavis has spurned approaches from Canadian pharmaceutical company Valeant Pharmaceuticals International Inc and Mylan Inc. Analysts have said that if Actavis were to buy Warner Chilcott, it would kill the chances of its being taken over. Warner Chilcott shareholders will receive 0. ...

Unclear whether Fed's bond buying has helped economy: Fisher

(Reuters) - While the Federal Reserve's accommodative policies have boosted stocks and helped the rich, it is unclear whether they are doing enough for the broader U.S. economy, a top central bank official said on Monday. "We've made rich people richer...," Dallas Fed President Richard Fisher said on CNBC television. "Question is what have we done for working men and women in America?" Fisher, who has long opposed the Fed's bond-buying program and wants to reduce it, added he expects real gross domestic product growth of more than 2.5 percent by year end. ...

Chesapeake Energy hires Anadarko executive as CEO

(Reuters) - Chesapeake Energy Corp has hired Robert Douglas Lawler of rival Anadarko Petroleum Corp as its chief executive, filling the post vacated by co-founder Aubrey McClendon in April. Shares of Chesapeake, the second-largest U.S. natural gas producer, rose 2 percent in trading before the bell. Lawler, 46, who is senior vice-president of international and deep-water operations at Anadarko Petroleum, would join Chesapeake on June 17, the company said in a statement. ...

Former GOP Senator Judd Gregg named CEO of lobbying group SIFMA

NEW YORK (Reuters) - The Securities Industry and Financial Markets Association named former Republican Senator Judd Gregg as its chief executive officer, the lobbying group said Monday. The appointment of the veteran politician, who also was governor of New Hampshire and a member of the U.S. House of Representatives, continues a growing trend of legislators, financial regulators, bank executives and lobbyists moving back and forth among the channels. ...

Monster machines fan out on U.S. farms facing slow sow

By Tom Polansek and Mark Weinraub SHERIDAN, Illinois (Reuters) - With the U.S. spring planting season off to a historically slow start, an increasing number of farmers are counting on powerful tools to catch up: Monster machines that sow 36 rows of corn at once and feature high-tech innovations like computer-guided directional equipment. The technological wizardry from companies like Deere & Co and AGCO Corp is pitted in a frantic race against time, with farmers scrambling to get seeds in the ground because a slow start depresses yields and reduces the size of their harvest. ...

GE Capital plans to pay $6.5 billion in dividends to GE

(Reuters) - GE Capital Corp's board has approved a plan to pay $6.5 billion in dividends, including a special dividend of $4.5 billion, to parent General Electric Co in 2013. "This announcement is consistent with our goal to reduce the overall size of GE Capital and for it to return significant cash to GE," GE Chairman and CEO Jeff Immelt said in a statement. (Corrects headline and first paragraph to say GE Capital plans to pay $6.5 billion to GE, not $11 billion) (Reporting by Mridhula Raghavan in Bangalore)

Vodafone withdraws from BT mobile partner talks: sources

LONDON (Reuters) - Britain's Vodafone has withdrawn from the running to provide a mobile service to fixed-line operator BT , two industry sources told Reuters, bringing to an end a nine-year partnership. Vodafone had been the so-called mobile virtual network operator for BT, providing mobile services to staff, small companies and multi-national corporations which are clients to the BT Global Services division. ...

Archive for April 1st, 2012

01 Apr

Survey shows Japan manufacturers still pessimistic

Japanese manufacturers remain gloomy over high oil prices, the strong yen and weaker growth in Asia, according to a central bank survey that defied expectations that business confidence is improving in the world’s third-largest economy.

Original post by Associated Press and software by Elliott Back

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Archive for April 1st, 2012

Survey shows Japan manufacturers still pessimistic