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  June 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 Street slips on angst over longevity of Fed stimulus
    By Rodrigo Campos NEW YORK (Reuters) - Stocks fell for a third day on Friday amid lingering concern the central bank may scale back its support to the economy. Trading has been choppy in the second half of the week as market participants assess the Federal Reserve's evolving stance towards markets. Fed support has been instrumental in a rally that has boosted U.S. stocks to record highs this year. However, many analysts say the eventual tapering of Fed stimulus will come with an expansion in the economy and corporate earnings, which will continue to support equities. ...
  • 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
    (Reuters) - News Corp set the distribution ratios for the spinoff of its publishing business and said the spinoff 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 new News Corp will have $2.6 billion in cash when the spinoff is completed at the end of June. ...
  • HSBC Chairman urges acceleration of bank reform
    By Steve Slater and Matt Scuffham LONDON (Reuters) - HSBC's Chairman Douglas Flint called for an acceleration in the speed of reform within the industry as the bank was criticized by shareholders for compliance failings and accusations it aided tax avoidance. Flint told around 400 shareholders at the bank's annual meeting that the fallout from recent scandals had created a "once-in-a-generation" opportunity to reform banking and the broader financial industry. "As a first priority we need to speed up the reform process. ...
  • 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. ...
  • Academics back BP's fight to cap oil spill payouts
    By Andrew Callus LONDON (Reuters) - A group of accountancy professors is backing BP's fight to cap the U.S. oil spill compensation payouts it has to fund as the cash outflow threatens to add billions of dollars to its bill for the disaster. The news comes after the payouts administrator, Patrick Juneau, predicted that over 200,000 claims may be made in total by businesses and individuals under a settlement BP agreed last year - a level that could result in a charge against the oil company's profits as early as next year. ...
  • AirAsia may order 50 more Airbus jets: CEO
    MONACO (Reuters) - Asia's largest budget carrier, AirAsia , may order an additional 50 Airbus A320 jets on top of its existing record order for 475 of the Airbus model, Chief Executive Tony Fernandes said on Friday. The additional aircraft would be mainly for the market in India, where it expects its new affiliate, AirAsia India, to launch in the fourth quarter. "We've bought a lot of planes but we're still short, we're still leasing planes at the moment, so I was right buying these planes, and we may have to put in another order... ...
  • 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. "This change very simply reflects Bob McDonald's decision to retire and the board's view that A.G. ...
  • Analysis: German economy to pick up but fall short of traditional pace
    By Sarah Marsh BERLIN (Reuters) - Germany's economy will recover from a bout of winter weakness but fall well short of the dynamic growth rates of previous years as euro zone recession and global slowdown stunt exports and investment. There are homegrown problems too. What hue of government will result from September elections is injecting uncertainty and foreign investors cite worries about over-regulation and Germany's future energy mix after Chancellor Angela Merkel turned her back on nuclear power. ...

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