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  • Wall St. edges lower as Fed statement looms
    By Alison Griswold NEW YORK (Reuters) - Stocks dipped on Wednesday as investors awaited a Federal Reserve statement that could provide clues about the central bank's future stimulus efforts, a key to the market's current rally. The Fed will release a policy statement at 2 p.m. which will sum up policymakers' views on the economic outlook and also shed light on when the Fed might scale back its bond-buying, meant to stimulate growth and bolster the job market. Chairman Ben Bernanke will hold a news conference beginning at 2:30 p.m. ...
  • News Corp spinoffs start preliminary trading
    (Reuters) - News Corp's publishing and entertainment arms began trading separately on a preliminary basis on Wednesday, one of the last steps before Rupert Murdoch's company officially splits in two on June 28. Shares of the new News Corp, the publishing arm that includes properties such as The Wall Street Journal, opened at $15.28 on Nasdaq, trading on a "when-issued" basis under the symbol "NWSAV." The shares were up 4.5 percent at mid-morning at $15.95 and were the second-most-active issue on Nasdaq with more than 20 million shares changing hands. ...
  • Switzerland buries U.S. tax law, banks seen at risk
    By Ruben Sprich BERNE (Reuters) - Swiss lawmakers dealt a death blow on Wednesday to a draft law which aimed to protect the country's banks from criminal charges in the United States for helping wealthy Americans evade tax. The Swiss government has warned that the bill's failure could prompt impatient U.S. prosecutors to indict banks, though it could still use an executive order to allow them to hand over data to try to avoid criminal charges. ...
  • Orders top $100 billion as Ryanair gives Boeing a boost
    By Alwyn Scott and Maria Sheahan PARIS (Reuters) - Orders at the Paris Airshow surpassed $100 billion on Wednesday, as planemakers Boeing and Airbus cashed in on demand for fuel-efficient jets and growth in both budget carriers and emerging markets. Ryanair, Europe's biggest low-cost airline, finalized an order for 175 Boeing 737-800 aircraft worth around $15.6 billion at list prices on day three of the aerospace industry's showcase event, the largest single order ever placed by a European airline with the U.S. group. ...
  • Exclusive: Forest interested in bidding for Irish drugmaker Elan - sources
    NEW YORK (Reuters) - Forest Laboratories Inc is among a handful of companies interested in bidding for Irish drugmaker Elan Corp , according to two people familiar with the situation who wished to remain anonymous because they are not permitted to speak to the media. Forest and Elan declined to comment. (Reporting by Jessica Toonkel, Soyoung Kim)
  • U.S. banks failed to follow mortgage standards: monitor
    By Margaret Chadbourn and Emily Stephenson WASHINGTON (Reuters) - Four of the largest U.S. mortgage servicers failed to adhere to some of the new standards set out in a landmark settlement meant to help consumers facing foreclosure, a court-appointed monitor said on Wednesday. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo need to make improvements in handling loan modifications, said Joseph Smith, who oversees the $25 billion settlement between banks and the U.S. government. ...
  • U.S. judge limits ex-Goldman Sachs executive's defense in fraud case
    By Bernard Vaughan NEW YORK (Reuters) - A federal judge on Wednesday limited the extent to which former Goldman Sachs Group Inc vice president Fabrice Tourre can argue that he was acting on the advice of company lawyers in his defense against charges that he misled investors. The ruling could be another setback for Tourre ahead of his trial on July 15, after the judge earlier this month rejected his argument that the U.S. Securities and Exchange Commission should narrow its case against him. ...
  • Exclusive: Parmalat should cut LAG price by $151 million, report to court says
    By Valentina Accardo PARMA, Italy (Reuters) - A court-appointed commissioner has recommended Italian dairy group Parmalat cut the price it paid to its parent company Lactalis to acquire its North American cheesemaking division by $151 million, a move that will please minority shareholders. Parmalat , which is 83-percent owned by French dairy firm Lactalis, initially agreed last year to buy Lactalis American Group (LAG) from the parent for $904 million, a move that angered minority shareholders who accused management of acting in the parent company's interest by overpaying. ...
  • New Eurofighter chief aims to make jet cheaper
    PARIS (Reuters) - The new chief of the Eurofighter Typhoon will lay out plans by the end of this year to make the fighter jet cheaper and decision-making quicker, as the aircraft gears up to vie for more business in an increasingly crowded and competitive market. Alberto Gutierrez, the former head of operations at EADS unit Airbus Military who became Eurofighter's chief executive in April, said the goal was to win at least 25 percent of 1,000 potential aircraft sales in the global market. ...
  • Vodafone may trump Liberty with $10 billion cash bid for Kabel: sources
    FRANKFURT/LONDON (Reuters) - Vodafone is discussing a 7.6 billion euros ($10 billion) cash bid with Germany's No. 1 cable operator Kabel Deutschland and is confident its offer and absence of antitrust issues put it in a better position than rival Liberty Global, two sources familiar with its thinking said on Wednesday. Liberty Global , which owns Unity Media, Germany's No. 2 cable operator, made an 85-euro-a-share offer on Tuesday, two people familiar with the matter said, just days after sources said Vodafone had offered 81-82 euros a share or 7.2 billion euros in cash. ...

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  March 2012

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• Breaking News

  • Men's Wearhouse ousts founder, pitchman Zimmer
    NEW YORK (AP) — Apparently, Men's Wearhouse Inc. doesn't like the way its founder looks anymore.
  • Investors look for answers on economy from Fed
    WASHINGTON (AP) — Worry and speculation have consumed investors since Chairman Ben Bernanke spoke to Congress last month about the Federal Reserve's drive to keep long-term interest rates at record lows.
  • FedEx 4Q profit drops as priority services lag
    DALLAS (AP) — FedEx Corp.'s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options and the company spent heavily on restructuring.
  • Diverted United 787 passengers on way to Tokyo
    SEATTLE (AP) — Passengers from a United Airlines Denver-to-Tokyo flight that diverted to Seattle Tuesday when the Boeing 787 had an oil filter issue are on their way again.
  • Stocks edge lower as investors wait on Fed
    NEW YORK (AP) — The stock market is waiting on the Fed.
  • Pruitt: DOJ broke rules in phone records seizure
    WASHINGTON (AP) — The Justice Department violated its own rules when it secretly seized records for thousands of phone calls to and from journalists for The Associated Press as part of a leak investigation, the head of the company said Wednesday.
  • Study: Wiser medication use could cut health costs
    TRENTON, N.J. (AP) — If doctors and patients used prescription drugs more wisely, they could save the U.S. health care system at least $213 billion a year, by reducing medication overuse, underuse and other flaws in care that cause complications and longer, more-expensive treatments, researchers conclude.
  • Food stamp cuts key to farm bill's fate in House
    WASHINGTON (AP) — Prospects for House passage of a new farm bill could turn on the level of food stamp cuts as Republicans leaders scrambled Wednesday to secure support for the five-year, half-trillion dollar measure.
  • Senator: IRS to pay $70M in employee bonuses
    WASHINGTON (AP) — The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of automatic spending cuts enacted this year, according to a GOP senator.
  • Oil little changed before Fed's Bernanke speaks
    NEW YORK (AP) — The price of oil was down slightly Wednesday as traders waited to hear the latest on the Federal Reserve's monetary policy from chairman Ben Bernanke.

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