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June 2012
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Wall Street Week Ahead: Correction talk gets old as rally sails along

By Angela Moon NEW YORK (Reuters) - With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old. Concerns about a technical correction have been a hot topic for weeks, especially as the rally accelerated in May - the S&P 500 is up 4.4 percent so far this month and up nearly 17 percent for the year. But as the three major U.S. stock indexes inch higher and higher to set record after record, many analysts are shrugging off the pullback worries. ...

SAC Capital won't fully cooperate with government: letter

By Emily Flitter and Katya Wachtel NEW YORK (Reuters) - Steven A. Cohen's hedge fund SAC Capital Advisors told investors on Friday it would no longer cooperate "unconditionally" with the U.S. government's insider trading investigation. In a brief letter to investors, the $15 billion hedge fund did not elaborate but said it believes the next few months will be critical in the investigation. The firm said that "over the coming months there will be more clarity about the outcome of these matters. ...

Oil price probe widens, senator wants Justice Department help

By Simon Falush and Timothy Gardner LONDON/WASHINGTON (Reuters) - A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands, while a key U.S. senator on Friday called for the Justice Department to join the investigation. Dutch trading house Argos Energies, a mid-sized trading company that deals in physical oil products and owns storage facilities, was visited by inspectors from the European Commission on Tuesday, a source familiar with the investigation said on Friday. ...

Transocean chairman voted out, Icahn dividend plan rejected

By Alice Baghdjian ZUG, Switzerland (Reuters) - Transocean Ltd shareholders voted out Chairman Michael Talbert at the annual meeting on Friday and backed a nominee of activist investor Carl Icahn to replace him on the board of the world's largest offshore drilling contractor. But shareholders rejected Icahn's proposed $4-per-share dividend and opted instead for the board-supported payout of $2.24 per share, the Switzerland-based company said. Transocean shares closed down 1.3 percent to $54.03 on the New York Stock Exchange. The Swiss shares closed 1.4 percent higher. ...

Exclusive: EU cites Chinese telecoms Huawei and ZTE for trade violations

By Daniel Bases NEW YORK (Reuters) - Europe's top trade official for the first time late on Friday officially cited Chinese mobile telecommunications equipment makers Huawei and ZTE Corp for violating anti-dumping and anti-subsidy guidelines. European Union Trade Commissioner Karel De Gucht said he was prepared to launch a formal investigation into anti-competitive behavior by these Chinese companies in order to protect a "strategic" sector of Europe's economy. ...

China April housing inflation quickens to two year high

By Xiaoyi Shao and Michael Martina BEIJING (Reuters) - China's housing inflation accelerated to its fastest pace in April in two years, driven by a jump in prices in Beijing and Shanghai, complicating the task of policymakers trying to cool the property sector while supporting economic expansion. Average new home prices rose 4.9 percent last month from a year ago, after a year-on-year increase of 3.6 percent in March, according to Reuters calculations from data released by the National Bureau of Statistics(NBS) on Saturday. The rise was the sharpest since April 2011. ...

Investor group calls on SEC to review change in JPMorgan voting

By David Henry NEW YORK (Reuters) - Pension and endowment managers on Friday called on U.S. regulators to review the rules for shareholder voting after a firm collecting ballots for JPMorgan Chase & Co cut off the bank's opponents from polling information. The Council of Institutional Investors, which represents managers of pensions, endowments, and foundations with more than $3 trillion of assets total, said in a letter to the Securities and Exchange Commission that votes at companies' annual meetings are set up in a way that gives too much of an advantage to corporate management. ...

Yahoo to vote on $1.1 billion Tumblr buy: AllThingsD

SAN FRANCISCO (Reuters) - Yahoo Inc's board will meet on Sunday to vote on whether to offer $1.1 billion in cash for New York-based blogging service Tumblr, tech blog AllThingsD cited sources close to the situation as saying on Friday. Such an acquisition would be CEO Marissa Mayer's largest deal since taking the helm of the once-iconic Internet company in July 2012. Yahoo is keen on Tumblr because its younger user base would enhance the older website's "cool factor," the technology blog cited the sources as saying. The news could be announced as soon as Monday, it said. ...

Judge revives Dexia's mortgage lawsuit vs. JPMorgan

By Jonathan Stempel (Reuters) - A federal judge has revived a closely watched lawsuit accusing JPMorgan Chase & Co of misleading Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt. Citing a recent federal appeals court decision involving American International Group Inc and Bank of America Corp , U.S. District Judge Jed Rakoff in Manhattan said he had lacked jurisdiction when he decided on April 2 to throw out much of Dexia's lawsuit against JPMorgan. That ruling had dismissed claims for all but $5. ...

China deal ends distraction, but not questions, for Caterpillar

By James B. Kelleher CHICAGO (Reuters) - Caterpillar Inc's deal to cut the purchase price of a Chinese mining-equipment maker it bought last year ends an embarrassing episode that overshadowed the company's effort to expand in China and distracted its executives for months. Now, analysts say, comes the hard part: Proving to investors that ERA Mining Machinery, the Chinese maker of hydraulic roof supports that Caterpillar purchased, really can help penetrate China's huge underground mining market. ...

Archive for June 19th, 2012

19 Jun

Erotic hotel’s guests oblivious to G20 summit stress

LOS CABOS, Mexico (Reuters) - Just a few hundreds yards from where global powers worked around the clock this week to ease Europe’s debt crisis and revive the world economy, the customers at one hotel were oblivious to the stress and letting it all hang out. The adults-only Desire Resort and Spa combined business and [...]

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Archive for June 19th, 2012

Erotic hotel’s guests oblivious to G20 summit stress