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  July 2012

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• Breaking News

  • 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. ...
  • Housing recovery boosts Home Depot results; outlook raised
    By Dhanya Skariachan (Reuters) - Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. The news on Tuesday boosted Home Depot shares by 3.9 percent to $79.75 in premarket trading. A bubble in the U.S. housing market was at the core of the 2007-2009 financial crisis. During the downturn, Home Depot's sales at established stores fell more than 20 percent in such markets as Florida and California. ...
  • JPMorgan investors on edge over vote on Dimon; what if they win?
    By David Henry TAMPA, Florida (Reuters) - As final ballots come in on a proposal to strip JPMorgan Chase & Co Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote. JPMorgan's annual meeting on Tuesday will bring to head a months-long and bitter shareholder campaign demanding more oversight of Dimon, who has suggested that he may eventually leave the bank if he loses the vote. Investors say that while Dimon, 57, may need more oversight after the bank posted $6. ...
  • 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. ...
  • Dollar firms as Fed suspense builds, shares off highs
    By Marc Jones LONDON (Reuters) - The dollar edged up, gold steadied and European shares held near five-year highs on Tuesday as investors look out for U.S. Federal Reserve signals on the future of its stimulus program. Upbeat comments from Chicago policymaker Charles Evans have made Wednesday's release of minutes of the U.S. central bank's last meeting and Fed chairman Ben Bernanke's testimony in Congress the same day the main focus for markets. The usually dovish Evans said on Monday that as long as the recent pickup in the U.S. ...
  • Sprint receives SoftBank waiver to consider Dish offer
    By Mari Saito 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. ...
  • Vodafone keeps Verizon payout to make up for European slump
    By Kate Holton and Paul Sandle LONDON (Reuters) - Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group's main revenue measure. The British firm is trying to decide whether to sell Verizon Wireless, its profitable U.S. unit in what could be the world's third largest deal to support its struggling core operations. ...
  • AutoZone profit rises as costs fall
    (Reuters) - AutoZone Inc , the largest U.S. auto parts retailer, reported a 7 percent rise in quarterly profit as costs fell. Net income rose to $265.6 million, or $7.27 per share, in the third quarter, from $248.6 million, or $6.28 per share, a year earlier. Revenue rose 4.5 percent to $2.21 billion. (Reporting by Bijoy Koyitty in Bangalore)
  • IT firm iGate sacks CEO over undisclosed relationship
    By Sumeet Chatterjee and Harichandan Arakali MUMBAI/BANGALORE (Reuters) - IT outsourcing company iGate Corp said it had sacked its chief executive, Phaneesh Murthy, for not disclosing a relationship with a subordinate after investigating one of the industry's best-known executives for sexual harassment. Murthy had led several initiatives to improve the performance of the Fremont, California-based company, including charging clients for business results instead of man hours, the billing method more commonly used by IT outsourcing firms. ...
  • Goldman exits China's ICBC, seven years and billions later
    By Fiona Lau and Elzio Barreto HONG KONG (Reuters) - Goldman Sachs Group Inc raised $1.1 billion by selling its remaining shares in Industrial and Commercial Bank of China, ending a seven-year old investment and handing the Wall Street firm a return of nearly four times its original stake. Goldman's relationship with ICBC was similar to that of other big global financial institutions that purchased stakes in Chinese banks and insurers. ...

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