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  June 2012

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• Breaking News

  • Fed keeps buying bonds, but sees economic risks easing
    By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - The Federal Reserve on Wednesday said risks to the outlook for the U.S. economy and job market had eased since last fall, but it said it would keep buying $85 billion in bonds per month given the still-high level of unemployment. Describing the economy as expanding moderately, Fed officials cited further improvement in the labor market and the housing sector, even as they noted that inflation was running below their 2 percent long-term goal. ...
  • Wall St. falls after 'status quo' Fed statement
    By Ryan Vlastelica NEW YORK (Reuters) - Stocks fell on Wednesday, with the losses accelerating even after the Federal Reserve said it would hold steady with its monetary policy. The central bank gave no explicit indication that it was close to pulling back on its program to buy $85 billion in bonds per month, a policy that has been a key to the market's rally this year. Investors have speculated the Fed might start drawing down soon, contributing to a spate of volatility, though equities advanced strongly on both Monday and Tuesday ahead of the statement. ...
  • News Corp spinoffs start preliminary trading
    (Reuters) - News Corp's publishing and entertainment arms began trading separately on a preliminary basis on Wednesday, one of the last steps before Rupert Murdoch's company officially splits in two on June 28. Shares of the new News Corp, the publishing arm that includes properties such as The Wall Street Journal, opened at $15.28 on Nasdaq, trading on a "when-issued" basis under the symbol "NWSAV." The shares were up 4.5 percent at mid-morning at $15.95 and were the second-most-active issue on Nasdaq with more than 20 million shares changing hands. ...
  • Switzerland buries U.S. tax law, banks seen at risk
    By Ruben Sprich BERNE (Reuters) - Swiss lawmakers dealt a death blow on Wednesday to a draft law which aimed to protect the country's banks from criminal charges in the United States for helping wealthy Americans evade tax. The Swiss government has warned that the bill's failure could prompt impatient U.S. prosecutors to indict banks, though it could still use an executive order to allow them to hand over data to try to avoid criminal charges. ...
  • Orders top $100 billion as Ryanair gives Boeing a boost
    By Alwyn Scott and Maria Sheahan PARIS (Reuters) - Orders at the Paris Airshow surpassed $100 billion on Wednesday, as planemakers Boeing and Airbus cashed in on demand for fuel-efficient jets and growth in both budget carriers and emerging markets. Ryanair, Europe's biggest low-cost airline, finalized an order for 175 Boeing 737-800 aircraft worth around $15.6 billion at list prices on day three of the aerospace industry's showcase event, the largest single order ever placed by a European airline with the U.S. group. ...
  • Exclusive - Forest keen to bid for Irish drugmaker Elan - sources
    By Jessica Toonkel and Soyoung Kim NEW YORK (Reuters) - Forest Laboratories Inc , the specialty drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish drugmaker Elan Corp , two people familiar with the situation said. Elan, which has a market capitalization of nearly $7 billion, put itself up for sale last week in an effort to fend off a hostile offer from U.S. investment firm Royalty Pharma. Forest is among several mid-size drugmakers keen to bid on Elan, the people said on Wednesday. ...
  • U.S. banks failed to follow mortgage standards: monitor
    By Margaret Chadbourn and Emily Stephenson WASHINGTON (Reuters) - Four of the largest U.S. mortgage servicers failed to adhere to some of the new standards set out in a landmark settlement meant to help consumers facing foreclosure, a court-appointed monitor said on Wednesday. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo need to make improvements in handling loan modifications, said Joseph Smith, who oversees the $25 billion settlement between banks and the U.S. government. ...
  • U.S. judge limits ex-Goldman Sachs executive's defense in fraud case
    By Bernard Vaughan NEW YORK (Reuters) - A federal judge on Wednesday limited the extent to which former Goldman Sachs Group Inc vice president Fabrice Tourre can argue that he was acting on the advice of company lawyers in his defense against charges that he misled investors. The ruling could be another setback for Tourre ahead of his trial on July 15, after the judge earlier this month rejected his argument that the U.S. Securities and Exchange Commission should narrow its case against him. ...
  • Web retailer Fab valued at $1 billion with funding from Tencent
    (Reuters) - Fab has raised $150 million from several investors, including Tencent Holdings , that values the online retailer at $1 billion. As part of the funding round Tencent, China's largest online gaming and social networking company, will get to appoint a director to Fab's board, said Jason Goldberg, Fab's chief executive and founder, in a post on his personal blog on Wednesday. "We specifically sought out a strategic partner like Tencent because we are intent on bringing Fab to many new markets," Goldberg said. ...
  • Exclusive: Parmalat should cut LAG price by $151 million, report to court says
    By Valentina Accardo PARMA, Italy (Reuters) - A court-appointed commissioner has recommended Italian dairy group Parmalat cut the price it paid to its parent company Lactalis to acquire its North American cheesemaking division by $151 million, a move that will please minority shareholders. Parmalat , which is 83-percent owned by French dairy firm Lactalis, initially agreed last year to buy Lactalis American Group (LAG) from the parent for $904 million, a move that angered minority shareholders who accused management of acting in the parent company's interest by overpaying. ...

Archive for June 2nd, 2012

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