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

By Alexei Oreskovic and Jennifer Saba SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue. ...

Wall Street ends flat on correction worries

By Angela Moon NEW YORK (Reuters) - Stocks ended little changed on Monday, with indexes hovering near record levels as concerns about a correction cut earlier gains that had been prompted by news about a flurry of acquisitions. The Dow and the S&P 500 briefly hit all-time intraday highs. Early in the session, investors' sentiment was brightened by a slew of deal news, including Yahoo Inc's acquisition of Tumblr. ...

Sprint receives SoftBank waiver to consider Dish offer

TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier. Sprint said its recommendation in favor of the SoftBank agreement had not changed, although some major Sprint shareholders including Paulson & Co and Omega Advisors have publicly said the Dish offer looks better than SoftBank's deal. SoftBank, which agreed last October to pay $20. ...

Apple, Congress spar over taxes ahead of Tuesday hearing

By Patrick Temple-West and Poornima Gupta WASHINGTON/SAN FRANCISCO (Reuters) - Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday. ...

iGate sacks chief executive Murthy after sexual harassment claim

(Reuters) - The board of iGate Corp, an information technology outsourcing services provider, has sacked Chief Executive Officer Phaneesh Murthy following an investigation into a claim of sexual harassment, the company said in a statement. The U.S.-listed company, which has bulk of its employees in India, has appointed Gerhard Watzinger as interim chief executive with immediate effect, the iGate statement said. "The board's decision was made as a result of an investigation by outside legal counsel, engaged by the board, of the facts and circumstances surrounding a relationship Mr. ...

JPMorgan, under pressure, gives up vote information

By Karen Freifeld and David Henry (Reuters) - JPMorgan Chase & Co , under pressure from New York officials, gave shareholders information about an upcoming vote that would increase oversight of Chairman and Chief Executive Jamie Dimon. But the ballot details may have come too late for some investors. The bank's annual meeting is on Tuesday and by far the most controversial matter up for vote is whether Dimon should retain his chairman title. ...

Exclusive: U.S. Air Force to move forward target date for F-35 use

By Andrea Shalal-Esa WASHINGTON (Reuters) - The U.S. Air Force plans to start operational use of Lockheed Martin Corp.-built F-35 fighter jets in mid-2016, a year earlier than planned, using a similar software package as the Marine Corps, two sources familiar with the plans said on Monday. The Air Force's decision to accelerate its introduction with a slightly less capable version of the F-35 software package means the planes will carry fewer weapons at first, although the software will later be upgraded to the final version, said the sources, who were not authorized to speak publicly. ...

United Airlines to return all Boeing 787s to service this week

CHICAGO (Reuters) - United Airlines said on Monday it expects to have its entire fleet of Boeing 787 Dreamliners back in service this week, as the airline's first flight with the new jetliner in four months landed safely in Chicago. "Every new airplane has issues," United CEO Jeff Smisek said after the flight landed ahead of schedule. "We've worked with Boeing to fix them. We're very confident." Smisek and Boeing CEO Jim McNerney were on the flight from Houston on Monday. ...

Tesla Motors may repay U.S. loan by Wednesday: CEO

(Reuters) - Tesla Motors Inc may repay its U.S. Department of Energy loan as early as Wednesday, Chief Executive Elon Musk said in a message on Twitter on Monday. Musk, a billionaire who owns 27.5 percent of Tesla, added that the company would move another announcement about its charging station network to next week. "Given govt loan repayment this week (prob Wed), Supercharger update will be next week," Musk said in his post. A Tesla spokeswoman confirmed that Musk was referring to the full repayment of the DOE loan. Last week, Tesla said it would use $452. ...

Apple to argue for tax reform, defend tax practices on Tuesday

By Poornima Gupta SAN FRANCISCO (Reuters) - Apple Inc will argue for a comprehensive corporate tax reform that will levy a "reasonable tax" on foreign earnings and is not dependent on a company's revenue when it goes before a Senate panel on Tuesday to explain its offshore tax practices. In prepared testimony released by the company and submitted ahead of Apple Chief Executive Tim Cook's hearing on Tuesday before the Senate Permanent Subcommittee on Investigations, Apple denied it employed "tax gimmicks" like using Cayman Islands bank accounts or shifting intellectual property abroad. ...

Archive for June 21st, 2012

21 Jun

World’s top banks hit with Moody’s downgrade

The health of 15 of the world's largest financial institutions was called into serious question, as Moody's downgraded their credit ratings, citing exposure risk and Europe's economic woes.

Original post by AFP and software by Elliott Back

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Archive for June 21st, 2012

World’s top banks hit with Moody’s downgrade