• 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 on track for first losing week since mid-April
    By Angela Moon NEW YORK (Reuters) - Stocks mostly declined for a third day on Friday, putting indexes on track for their first negative week since mid-April, on lingering concern that the U.S. central bank may scale back its stimulus measures to support the economy. Still, major U.S. stock indexes came off their lows. The Dow edged into positive territory by late afternoon trading, buoyed by a 4 percent gain in Procter & Gamble . A jump in April orders for long-lasting manufactured goods, such as refrigerators and toasters, painted an encouraging economic picture. ...
  • Exclusive: New York claims more proof of bank mortgage abuses
    By Karen Freifeld NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses. Schneiderman - who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal - said other states had found similar problems. ...
  • Yahoo joins growing list of bidders for Hulu: sources
    By Ronald Grover LOS ANGELES (Reuters) - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $1.1 billion acquisition of blogging service Tumblr. It now joins rival bidders for Hulu including Time Warner Cable Inc, DirecTV, former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said. Yahoo did not immediately respond to requests for comment. ...
  • News Corp's publishing business to initiate stock buyback
    By Jennifer Saba (Reuters) - News Corp set the distribution ratios for the spinoff of its publishing business, which 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 stock repurchase may shed light for analysts and investors who want to know how the new News Corp will use the $2.6 billion in cash it will have when the spinoff takes place. That is expected to occur on June 28. ...
  • Senator urges 'extreme caution' on Softbank-Sprint deal
    WASHINGTON (Reuters) - An influential senator on Friday expressed strong concerns about Japanese company Softbank Corp's plan to buy 70 percent of Sprint Nextel, the No. 3 mobile service provider, warning it could expose the United States to more Chinese cyber attacks. "I have real concerns that this deal, if approved, could make American industry and government agencies far more susceptible to cyber attacks from China and the People's Liberation Army," Senator Charles Schumer said in a statement. ...
  • Exclusive: DBRS to rate all euro zone sovereigns by year-end
    By Luciana Lopez NEW YORK (Reuters) - DBRS plans to rate the credit of all euro-zone sovereigns by year-end, from the current 10 of 17, which will give the now-missing countries one more way for the ECB to weigh how valuable each nation's debt is as collateral. The move is part of a larger push at DBRS to rate more sovereigns, from the current 26 to closer to 50, including a broader expansion in Asia. "Our immediate target is to ensure that we have the whole euro zone covered," said Alan G. Reid, group managing director at DBRS. ...
  • State Department posts feedback on Keystone pipeline
    By Valerie Volcovici WASHINGTON (Reuters) - The State Department says it is taking the unusual step of releasing publicly the feedback it has received about a controversial pipeline project after an "unprecedented" response to its draft environmental report. The department said it had received more than 1.2 million comments on TransCanada Corp's proposed Keystone XL pipeline that would run from oil sands in Alberta, Canada to refineries and ports along the U.S. Gulf Coast. ...
  • 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. Shares of P&G were up nearly 4 percent at $81.81 on Friday after rising as high as $82.35. "This change very simply reflects Bob McDonald's decision to retire and the board's view that A.G. ...
  • DOJ subpoenas documents on Forest Labs' inhalation drug
    (Reuters) - Drugmaker Forest Laboratories received a subpoena earlier this month from U.S. prosecutors requesting documents relating to its small-selling lung disorder product, the Tudorza Pressair inhaler, the company said in a filing. The New York-based company said it was cooperating with the request in the May 6 subpoena. It did not respond to a request for further comment. A spokeswoman for the U.S. Attorney's Office in New York also declined to comment. The subpoena, which came from the U.S. ...

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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 on track for first losing week since mid-April
    By Angela Moon NEW YORK (Reuters) - Stocks mostly declined for a third day on Friday, putting indexes on track for their first negative week since mid-April, on lingering concern that the U.S. central bank may scale back its stimulus measures to support the economy. Still, major U.S. stock indexes came off their lows. The Dow edged into positive territory by late afternoon trading, buoyed by a 4 percent gain in Procter & Gamble . A jump in April orders for long-lasting manufactured goods, such as refrigerators and toasters, painted an encouraging economic picture. ...
  • Exclusive: New York claims more proof of bank mortgage abuses
    By Karen Freifeld NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses. Schneiderman - who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal - said other states had found similar problems. ...
  • Yahoo joins growing list of bidders for Hulu: sources
    By Ronald Grover LOS ANGELES (Reuters) - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $1.1 billion acquisition of blogging service Tumblr. It now joins rival bidders for Hulu including Time Warner Cable Inc, DirecTV, former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said. Yahoo did not immediately respond to requests for comment. ...
  • News Corp's publishing business to initiate stock buyback
    By Jennifer Saba (Reuters) - News Corp set the distribution ratios for the spinoff of its publishing business, which 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 stock repurchase may shed light for analysts and investors who want to know how the new News Corp will use the $2.6 billion in cash it will have when the spinoff takes place. That is expected to occur on June 28. ...
  • Senator urges 'extreme caution' on Softbank-Sprint deal
    WASHINGTON (Reuters) - An influential senator on Friday expressed strong concerns about Japanese company Softbank Corp's plan to buy 70 percent of Sprint Nextel, the No. 3 mobile service provider, warning it could expose the United States to more Chinese cyber attacks. "I have real concerns that this deal, if approved, could make American industry and government agencies far more susceptible to cyber attacks from China and the People's Liberation Army," Senator Charles Schumer said in a statement. ...
  • Exclusive: DBRS to rate all euro zone sovereigns by year-end
    By Luciana Lopez NEW YORK (Reuters) - DBRS plans to rate the credit of all euro-zone sovereigns by year-end, from the current 10 of 17, which will give the now-missing countries one more way for the ECB to weigh how valuable each nation's debt is as collateral. The move is part of a larger push at DBRS to rate more sovereigns, from the current 26 to closer to 50, including a broader expansion in Asia. "Our immediate target is to ensure that we have the whole euro zone covered," said Alan G. Reid, group managing director at DBRS. ...
  • State Department posts feedback on Keystone pipeline
    By Valerie Volcovici WASHINGTON (Reuters) - The State Department says it is taking the unusual step of releasing publicly the feedback it has received about a controversial pipeline project after an "unprecedented" response to its draft environmental report. The department said it had received more than 1.2 million comments on TransCanada Corp's proposed Keystone XL pipeline that would run from oil sands in Alberta, Canada to refineries and ports along the U.S. Gulf Coast. ...
  • 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. Shares of P&G were up nearly 4 percent at $81.81 on Friday after rising as high as $82.35. "This change very simply reflects Bob McDonald's decision to retire and the board's view that A.G. ...
  • DOJ subpoenas documents on Forest Labs' inhalation drug
    (Reuters) - Drugmaker Forest Laboratories received a subpoena earlier this month from U.S. prosecutors requesting documents relating to its small-selling lung disorder product, the Tudorza Pressair inhaler, the company said in a filing. The New York-based company said it was cooperating with the request in the May 6 subpoena. It did not respond to a request for further comment. A spokeswoman for the U.S. Attorney's Office in New York also declined to comment. The subpoena, which came from the U.S. ...

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