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  May 2012

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• Breaking News

  • Durable goods orders point to factory resilience
    By Jason Lange WASHINGTON (Reuters) - Orders for long-lasting U.S. manufactured goods rose more than expected in April, a hopeful sign that a sharp slowdown in factory output could soon run its course. New orders for durable goods, which range from toasters to aircraft, increased 3.3 percent last month, the Commerce Department said on Friday. The data was the latest to show the U.S. economy exhibiting surprising resilience in the face of harsh fiscal austerity measures enacted this year. ...
  • Wall St. slips on Fed stimulus uncertainty; P&G jumps
    By Leah Schnurr NEW YORK (Reuters) - Stocks fell for a third day on Friday, putting indexes on track for their first negative week since mid-April, on lingering concern the U.S. central bank may scale back its stimulus measures to support the economy. Still, losses were mild by midday, with a 4 percent gain in Procter & Gamble helping both the Dow and the S&P 500. A jump in April orders for long-lasting manufactured goods, such as refrigerators and toasters, painted an encouraging economic picture. ...
  • Exclusive: NY attorney general says more evidence banks violated mortgage pact
    By Karen Freifeld NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses. Schneiderman - who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal - said other states had found similar problems. ...
  • Insight: Luxury brands position for U.S. boom
    By Astrid Wendlandt and Phil Wahba PARIS/NEW YORK (Reuters) - Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly commonplace. Ephraim is the kind of man who gives luxury goods makers high hopes that the U.S. market can fuel future growth, as China runs out of steam and demand in Europe sags. "There is a cultural shift," Ephraim says while browsing at Saks Inc's New York City flagship. "Men are becoming more fashion forward. ...
  • News Corp's publishing business to initiate stock buyback
    By Jennifer Saba (Reuters) - News Corp set the distribution ratios for the spinoff of its publishing business, which may start buying back stock right away. The board of the publishing business, which will retain the News Corp name, authorized a $500 million stock repurchase program, the company said on Friday. The stock repurchase may shed light for analysts and investors who want to know how the new News Corp will use the $2.6 billion in cash it will have when the spinoff takes place. That is expected to occur on June 28. ...
  • Senator urges 'extreme caution' on Softbank-Sprint deal
    WASHINGTON (Reuters) - An influential senator on Friday expressed strong concerns about Japanese company Softbank Corp's plan to buy 70 percent of Sprint Nextel, the No. 3 mobile service provider, warning it could expose the United States to more Chinese cyber attacks. "I have real concerns that this deal, if approved, could make American industry and government agencies far more susceptible to cyber attacks from China and the People's Liberation Army," Senator Charles Schumer said in a statement. ...
  • Monte Paschi might not be an isolated bank case in Italy: Chairman
    BAGNAIA, Italy (Reuters) - The crisis that has hit Italy's third-largest lender Banca Monte dei Paschi di Siena might not be an isolated case, Monte Paschi Chairman Alessandro Profumo said on Friday. "There could be other cases similar (to the one of Monte dei Paschi)," Profumo said at a conference in Bagnaia, close to Siena, where Monte Paschi is based. "Some people at Monte Paschi, who desired to retain the power they had gained, decided to hide problems and bend the rules," he said, referring to the bank's former management. ...
  • Henrik Fisker joins Hong Kong tycoon to salvage Fisker: sources
    By Deepa Seetharaman and Norihiko Shirouzu DETROIT/BEIJING (Reuters) - Henrik Fisker is working with an investor group to salvage Fisker Automotive, the "green" car company he co-founded nearly six years ago that is now struggling to stave off bankruptcy, people familiar with the matter said this week. The discussions follow Henrik Fisker's resignation from the company in March after finding himself increasingly at odds with other top executives over strategy. The well-regarded car designer is now teamed up with an investor group led by Hong Kong billionaire and Fisker investor Richard Li. ...
  • P&G CEO switch will not lead to big strategy change: CFO
    (Reuters) - Procter & Gamble Co said on Friday the surprise return of A.G. Lafley as chairman and chief executive was not an indication of any bigger problems at the world's largest consumer products maker. Lafley replaces Bob McDonald, effective immediately, at P&G, which is in the midst of a major restructuring. Shares of P&G were up nearly 4 percent at $81.81 on Friday after rising as high as $82.35. "This change very simply reflects Bob McDonald's decision to retire and the board's view that A.G. ...
  • Raiffeisen CEO quits over offshore deals
    By Georgina Prodhan and Michael Shields VIENNA (Reuters) - Raiffeisen Bank International Chief Executive Herbert Stepic resigned on Friday in what he called an effort to spare the bank he built into an eastern European powerhouse from damaging publicity over his personal property deals. Stepic, 66, again denied wrongdoing in using front companies in the Caribbean and Asia to buy flats in Singapore in 2006 and 2008 but said he decided to quit out of loyalty to Raiffeisen. ...

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