• Breaking News

  • HP raises 2013 outlook as Whitman's plan takes hold
    By Poornima Gupta SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing services. While fiscal second-quarter profit plummeted 32 percent, Wall Street had braced for worse. HP shares gained 14 percent after the company projected full-year earnings per share of $3.50 to $3.60, raising the lower end by 10 cents, and fiscal third-quarter profit that topped analyst estimates. ...
  • JGB yields surge, markets spooked by Bernanke remarks
    By Masayuki Kitano and Hideyuki Sano SINGAPORE (Reuters) - Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary stimulus. Bernanke's comments, suggesting the Fed's massive bond purchases could be scaled back in the next few policy meetings if the economy improves further, triggered a reaction across a swathe of markets, lifting the dollar to a three-year high versus a basket of currencies and the U.S. ...
  • China HSBC flash PMI hits seven-month low, fans growth fears
    By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to concerns that a recovery in the world's second-largest economy is sputtering. The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October. The final HSBC PMI stood at 50.4 in April. A sub-index measuring overall new orders dropped to 49. ...
  • Bernanke says more progress needed before stimulus pullback
    By Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on Wednesday. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain momentum, Bernanke told Congress. But minutes from the Fed's most recent meeting released on Wednesday showed the bar was still relatively high. ...
  • Investment firms sue exchanges in dispute on improper fee charges
    By Nate Raymond (Reuters) - A group of investment firms including Citadel Securities LLC sued the Chicago Board Options Exchange Inc and four other exchanges on Wednesday for improper charges on millions of options trades over a seven-year period. The lawsuit, filed in a state court in Illinois, said the exchanges had discovered last year that a prominent firm had been mismarking orders as originating from public customers when they were not. ...
  • Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009
    BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has lifted the broad S&P 500 Index 145 percent since the close of trading on March 9, 2009. The 401(k) recovery looks even better for workers 55 and older, according to Boston-based Fidelity, the largest U.S. administrator of 401(k) retirement plans. ...
  • SoftBank would appoint "security director" to Sprint board
    (Reuters) - SoftBank Corp would appoint a "security director" to Sprint Nextel's board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal. Sprint said in a filing with the U.S. Securities and Exchange Commission on May 1 that the new director appointed by the Tokyo-based SoftBank would oversee public safety concerns related to Sprint's wireless and wireline operations. ...
  • Mitsubishi Motors weighs capital shift, dividends: sources
    By Kentaro Sugiyama and Yoko Kubota TOKYO (Reuters) - Mitsubishi Motors Corp is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the plans. Specifically, Mitsubishi Motors is considering asking shareholders to approve plans for a 10-for-1 reverse stock split, the people said. At the same time, the company may ask shareholders to approve a capital reorganization - a change in accounting that would make it possible to resume paying dividends. ...
  • Apple, former Washington wallflower, now at center of tax fight
    By Andy Sullivan, Gabriel Debenedetti and Poornima Gupta WASHINGTON (Reuters) - For years, Apple Inc kept a low profile in Washington as it grew into one of the most valuable companies in the world. Now the iPad maker has taken the lead, perhaps inadvertently, on a top priority for U.S. business: simplifying America's tax code. Chief Executive Tim Cook, who was called before the Senate Permanent Subcommittee on Investigations on Tuesday to answer questions about Apple's alleged tax avoidance, used his appearance to plead for an overhaul of corporate taxes. ...
  • High costs, currency push Ford out of Australia car manufacturing
    By Rob Taylor and Lincoln Feast CANBERRA (Reuters) - Ford Motor Co will shut its two Australian auto plants in October 2016, blaming a strong currency and costs that are hitting manufacturers just as the country looks for other sectors of its economy to cushion the end of a mining boom. Ford Australia will close its engine plant in Geelong and its vehicle assembly plant in Broadmeadows, both in Victoria state, with the loss of 1,200 jobs, Ford Australia Chief Executive Bob Graziano said on Thursday, the latest election-year blow to the struggling Labor government. ...

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• Breaking News

  • HP raises 2013 outlook as Whitman's plan takes hold
    By Poornima Gupta SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing services. While fiscal second-quarter profit plummeted 32 percent, Wall Street had braced for worse. HP shares gained 14 percent after the company projected full-year earnings per share of $3.50 to $3.60, raising the lower end by 10 cents, and fiscal third-quarter profit that topped analyst estimates. ...
  • JGB yields surge, markets spooked by Bernanke remarks
    By Masayuki Kitano and Hideyuki Sano SINGAPORE (Reuters) - Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary stimulus. Bernanke's comments, suggesting the Fed's massive bond purchases could be scaled back in the next few policy meetings if the economy improves further, triggered a reaction across a swathe of markets, lifting the dollar to a three-year high versus a basket of currencies and the U.S. ...
  • China HSBC flash PMI hits seven-month low, fans growth fears
    By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to concerns that a recovery in the world's second-largest economy is sputtering. The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October. The final HSBC PMI stood at 50.4 in April. A sub-index measuring overall new orders dropped to 49. ...
  • Bernanke says more progress needed before stimulus pullback
    By Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on Wednesday. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain momentum, Bernanke told Congress. But minutes from the Fed's most recent meeting released on Wednesday showed the bar was still relatively high. ...
  • Investment firms sue exchanges in dispute on improper fee charges
    By Nate Raymond (Reuters) - A group of investment firms including Citadel Securities LLC sued the Chicago Board Options Exchange Inc and four other exchanges on Wednesday for improper charges on millions of options trades over a seven-year period. The lawsuit, filed in a state court in Illinois, said the exchanges had discovered last year that a prominent firm had been mismarking orders as originating from public customers when they were not. ...
  • Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009
    BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has lifted the broad S&P 500 Index 145 percent since the close of trading on March 9, 2009. The 401(k) recovery looks even better for workers 55 and older, according to Boston-based Fidelity, the largest U.S. administrator of 401(k) retirement plans. ...
  • SoftBank would appoint "security director" to Sprint board
    (Reuters) - SoftBank Corp would appoint a "security director" to Sprint Nextel's board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal. Sprint said in a filing with the U.S. Securities and Exchange Commission on May 1 that the new director appointed by the Tokyo-based SoftBank would oversee public safety concerns related to Sprint's wireless and wireline operations. ...
  • Mitsubishi Motors weighs capital shift, dividends: sources
    By Kentaro Sugiyama and Yoko Kubota TOKYO (Reuters) - Mitsubishi Motors Corp is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the plans. Specifically, Mitsubishi Motors is considering asking shareholders to approve plans for a 10-for-1 reverse stock split, the people said. At the same time, the company may ask shareholders to approve a capital reorganization - a change in accounting that would make it possible to resume paying dividends. ...
  • Apple, former Washington wallflower, now at center of tax fight
    By Andy Sullivan, Gabriel Debenedetti and Poornima Gupta WASHINGTON (Reuters) - For years, Apple Inc kept a low profile in Washington as it grew into one of the most valuable companies in the world. Now the iPad maker has taken the lead, perhaps inadvertently, on a top priority for U.S. business: simplifying America's tax code. Chief Executive Tim Cook, who was called before the Senate Permanent Subcommittee on Investigations on Tuesday to answer questions about Apple's alleged tax avoidance, used his appearance to plead for an overhaul of corporate taxes. ...
  • High costs, currency push Ford out of Australia car manufacturing
    By Rob Taylor and Lincoln Feast CANBERRA (Reuters) - Ford Motor Co will shut its two Australian auto plants in October 2016, blaming a strong currency and costs that are hitting manufacturers just as the country looks for other sectors of its economy to cushion the end of a mining boom. Ford Australia will close its engine plant in Geelong and its vehicle assembly plant in Broadmeadows, both in Victoria state, with the loss of 1,200 jobs, Ford Australia Chief Executive Bob Graziano said on Thursday, the latest election-year blow to the struggling Labor government. ...

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