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  June 2012

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• Breaking News

  • Bernanke says Fed likely to reduce bond buying this year
    By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Bernanke's confirmation that the Fed is getting closer to pulling back on its $85 billion in monthly asset purchases confirmed investor fears, sending stocks and bonds sharply lower and pushing benchmark Treasury yields to a 15-month high. ...
  • Icahn reiterates commitment for Dell buy
    By Michelle Sierra NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders. "Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if ...
  • Wall St. drops after Bernanke hints at slowing stimulus
    By Ryan Vlastelica NEW YORK (Reuters) - Stocks fell more than 1 percent on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank would start to reduce its stimulus measures later this year if the economy is strong enough. Equities have been closely tethered to ultra-loose monetary policy, which has been key to the S&P's climb of more than 14 percent so far this year. Benchmark 10-year U.S. bond yields jumped to a 15-month high on expectations the Fed will reduce its bond buying. ...
  • Ally deal draws limited objections from ResCap creditors
    By Tom Hals (Reuters) - Ally Financial Inc's proposed $2.1 billion agreement reached last month with creditors of its bankrupt Residential Capital LLC subsidiary cleared a key court deadline with only one vigorous objection, though several warning shots were fired. Ally agreed to the settlement last month to end allegations it stripped ResCap of choice assets including the online lender, Ally Bank, before dumping the business into bankruptcy, which left creditors empty-handed. ...
  • Britain to start sale of Lloyds soon, review RBS split
    By Matt Scuffham and David Milliken LONDON (Reuters) - Britain is ready to start selling its shares in Lloyds Banking Group and will examine whether to break up Royal Bank of Scotland , Finance Minister George Osborne said, admitting the re-privatization of RBS remains a long way off. The government is keen to show Britain's part-nationalized banks are recovering from the 2008 financial crisis and a profitable sale of part of its 39 percent stake in Lloyds would allow it to claim at least partial success ahead of the next election in 2015. ...
  • US Airways chief warns lawmakers of potential service cuts
    By Diane Bartz WASHINGTON (Reuters) - Forcing a combined American Airlines and US Airways Group to surrender slots at Reagan National Airport would risk fewer flights to small and medium-sized cities, US Airways CEO Doug Parker told lawmakers on Wednesday. Parker was testifying to a Senate subcommittee on the impact of the proposed merger of the two airlines. Servicing larger cities is more profitable and thus the airlines, which together have two-thirds of the take-off and landing slots at Reagan National, near Washington D.C. ...
  • Exclusive: Forest mulls 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 Plc, 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-sized drugmakers considering an offer for Elan, the people said on Wednesday. ...
  • Italian designers Dolce and Gabbana convicted of tax evasion
    By Manuela D'Alessandro MILAN (Reuters) - Fashion designers Domenico Dolce and Stefano Gabbana were handed a 20-month suspended prison sentence and a heavy fine on Wednesday for hiding hundreds of millions of euros from the Italian tax authorities. The design duo, who are nearly as famous as the stars they dress, were not present in court in Milan and will lodge an appeal against their conviction on charges that they have always denied. "We will read the reasons for the verdict, and we will appeal," Massimo Dinoia, one of the pair's defense lawyers, said after the hearing. ...
  • Microsoft talked with Nokia about buying devices unit: report
    SEATTLE (Reuters) - Microsoft Corp recently talked with Nokia about buying the Finnish phone maker's devices unit, but the discussions faltered and are not likely to be revived, the Wall Street Journal reported Wednesday in its online edition. The Journal reported that "advanced discussions" on a deal happened as recently as this month, according to unnamed sources it said were familiar with the matter. Microsoft rejected a deal because of price and Nokia's loss of market share to rising Asian competitors, the report said. Representatives of both companies declined comment. ...
  • U.S. aerospace companies seek to reassure public on drones
    By Andrea Shalal-Esa PARIS (Reuters) - U.S. aerospace companies, keen to benefit from billions of dollars in possible future orders for civilian drones, are mobilizing to assuage public concerns about privacy and safety. The Aerospace Industries Association, the U.S. industry's biggest lobbying group, released a new poll on Wednesday at the Paris Airshow, which showed that 54 percent of Americans favor use of drones for civilian purposes, including border patrol, weather prediction and disaster response. ...

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