• Breaking News

  • Bernanke suggests Fed not ready to pull back on stimulus
    By Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the U.S. central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday. In testimony that offered little sign he is ready to retreat from the Fed's latest round of bond buying, Bernanke emphasized the high costs of unemployment and inflation that continues to run below the Fed's target. ...
  • Existing home sales highest in almost three-and-a-half years
    By Lucia Mutikani WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years, which should support the housing sector and the overall economic recovery. The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009. The increase, however, was below expectations for a rise to a 4.99 million-unit rate last month. Compared to April last year, home resales were up 9.7 percent. ...
  • Wall Street rises as concern eases over Fed tapering
    By Leah Schnurr NEW YORK (Reuters) - Stocks rose on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it tapered its stimulus efforts. The head of the central bank said the Fed's monetary stimulus was helping the economy recover, but emphasized the high costs of unemployment and inflation that continues to run below the Fed's target. The testimony before a Congressional panel helped boost indexes by as much as 1 percent. ...
  • Clearwire recommends approval of sweetened Sprint bid
    NEW YORK (Reuters) - Clearwire Corp said its special committee and its board of directors approved Sprint Nextel Corp's sweetened offer to take over the company and advised shareholders to vote for the deal. Wireless service provider Clearwire announced its decision on Wednesday, one day after Sprint raised its offer for the almost 50 percent of the company it does not already own to $3.40 per share from $2.97. After the Clearwire statement, its shares fell 1 percent in morning trade on Nasdaq to $3.355, below the offer price. ...
  • Europe closes in on tax havens; Austria agrees to swap bank data
    By John O'Donnell BRUSSELS (Reuters) - Europe moved closer to ending banking secrecy on Wednesday after Austria dropped objections to sharing data on foreign depositors and the EU focused on negotiating a similar agreement with Switzerland. "It's a bad day for tax cheats," Austrian Chancellor Werner Faymann told reporters at a meeting of EU leaders to discuss fighting tax fraud. "We will act jointly and I believe we will manage the exchange of data by the end of the year. ...
  • Praet says ECB can expand its tools to fight crisis
    WASHINGTON (Reuters) - The European Central Bank could expand its monetary policy toolkit if needed to respond to threats to price stability, and must ensure the euro zone economy does not enter a downward spiral, ECB Executive Board member Peter Praet said on Wednesday. "We have an objective: price stability," Praet, who is in charge of the economics portfolio on the ECB's six-member executive board, told a conference in Washington. "If that objective is at risk, we have the possibility ... ...
  • Boeing expects 787 battery retrofits done by next week
    WASHINGTON (Reuters) - Boeing Co is 90 percent finished with retrofits of the battery system on its 787 Dreamliner and should finish the rest by next week, Ray Conner, president of the company's commercial airplane division, told an investor conference on Wednesday. Conner told the conference he saw "great momentum" on the 787 program, after overheated batteries prompted a fleetwide grounding earlier this year. Production of the new airliner had reached seven airplanes a month and was on track to reach the projected level of 10 per month by the end of the year, Conner said. ...
  • State-backed UK banks gain approval for capital plans
    By Matt Scuffham and Steve Slater LONDON (Reuters) - State-backed British lenders Lloyds Banking Group and Royal Bank of Scotland have agreed plans to shore up their capital with the financial regulator, removing a barrier to the government offloading its shares. The regulator said on Wednesday it had finalized capital requirements for the two banks and the lenders had submitted their plans. Both banks said they did not need to issue new equity and could raise the necessary capital by selling assets and through their restructurings, which are already under way. ...
  • Monte Paschi director accused of insider trading-source
    MILAN (Reuters) - A board member at Italy's troubled lender Monte dei Paschi di Siena is being investigated over allegations of breaking insider trading rules and has been suspended, a judicial source said on Wednesday. Prosecutors in Siena allege that the board member, Michele Briamonte, leaked to the press the content of a board meeting during which it was decided to seek damages from two former executives as well as investment banks Nomura and Deutsche Bank over losses on financial derivatives contracts, the source said. ...
  • Exclusive: Carrefour to divest 25 pct stake in Middle East venture - sources
    DUBAI (Reuters) - Carrefour , Europe's largest retailer, is in advanced talks to divest its remaining 25-percent stake in its Middle Eastern joint venture to local partner Majid Al Futtaim (MAF), two sources familiar with the matter said. Family-owned MAF is paying between $400-$500 million for the stake, one of the sources said, adding an announcement on the divestment was "imminent". Carrefour, the world's largest retailer after Wal-Mart , has been cutting its presence globally and sold 2.8 billion euros ($3. ...

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• Breaking News

  • Bernanke suggests Fed not ready to pull back on stimulus
    By Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the U.S. central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday. In testimony that offered little sign he is ready to retreat from the Fed's latest round of bond buying, Bernanke emphasized the high costs of unemployment and inflation that continues to run below the Fed's target. ...
  • Existing home sales highest in almost three-and-a-half years
    By Lucia Mutikani WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years, which should support the housing sector and the overall economic recovery. The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009. The increase, however, was below expectations for a rise to a 4.99 million-unit rate last month. Compared to April last year, home resales were up 9.7 percent. ...
  • Wall Street rises as concern eases over Fed tapering
    By Leah Schnurr NEW YORK (Reuters) - Stocks rose on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it tapered its stimulus efforts. The head of the central bank said the Fed's monetary stimulus was helping the economy recover, but emphasized the high costs of unemployment and inflation that continues to run below the Fed's target. The testimony before a Congressional panel helped boost indexes by as much as 1 percent. ...
  • Clearwire recommends approval of sweetened Sprint bid
    NEW YORK (Reuters) - Clearwire Corp said its special committee and its board of directors approved Sprint Nextel Corp's sweetened offer to take over the company and advised shareholders to vote for the deal. Wireless service provider Clearwire announced its decision on Wednesday, one day after Sprint raised its offer for the almost 50 percent of the company it does not already own to $3.40 per share from $2.97. After the Clearwire statement, its shares fell 1 percent in morning trade on Nasdaq to $3.355, below the offer price. ...
  • Europe closes in on tax havens; Austria agrees to swap bank data
    By John O'Donnell BRUSSELS (Reuters) - Europe moved closer to ending banking secrecy on Wednesday after Austria dropped objections to sharing data on foreign depositors and the EU focused on negotiating a similar agreement with Switzerland. "It's a bad day for tax cheats," Austrian Chancellor Werner Faymann told reporters at a meeting of EU leaders to discuss fighting tax fraud. "We will act jointly and I believe we will manage the exchange of data by the end of the year. ...
  • Praet says ECB can expand its tools to fight crisis
    WASHINGTON (Reuters) - The European Central Bank could expand its monetary policy toolkit if needed to respond to threats to price stability, and must ensure the euro zone economy does not enter a downward spiral, ECB Executive Board member Peter Praet said on Wednesday. "We have an objective: price stability," Praet, who is in charge of the economics portfolio on the ECB's six-member executive board, told a conference in Washington. "If that objective is at risk, we have the possibility ... ...
  • Boeing expects 787 battery retrofits done by next week
    WASHINGTON (Reuters) - Boeing Co is 90 percent finished with retrofits of the battery system on its 787 Dreamliner and should finish the rest by next week, Ray Conner, president of the company's commercial airplane division, told an investor conference on Wednesday. Conner told the conference he saw "great momentum" on the 787 program, after overheated batteries prompted a fleetwide grounding earlier this year. Production of the new airliner had reached seven airplanes a month and was on track to reach the projected level of 10 per month by the end of the year, Conner said. ...
  • State-backed UK banks gain approval for capital plans
    By Matt Scuffham and Steve Slater LONDON (Reuters) - State-backed British lenders Lloyds Banking Group and Royal Bank of Scotland have agreed plans to shore up their capital with the financial regulator, removing a barrier to the government offloading its shares. The regulator said on Wednesday it had finalized capital requirements for the two banks and the lenders had submitted their plans. Both banks said they did not need to issue new equity and could raise the necessary capital by selling assets and through their restructurings, which are already under way. ...
  • Monte Paschi director accused of insider trading-source
    MILAN (Reuters) - A board member at Italy's troubled lender Monte dei Paschi di Siena is being investigated over allegations of breaking insider trading rules and has been suspended, a judicial source said on Wednesday. Prosecutors in Siena allege that the board member, Michele Briamonte, leaked to the press the content of a board meeting during which it was decided to seek damages from two former executives as well as investment banks Nomura and Deutsche Bank over losses on financial derivatives contracts, the source said. ...
  • Exclusive: Carrefour to divest 25 pct stake in Middle East venture - sources
    DUBAI (Reuters) - Carrefour , Europe's largest retailer, is in advanced talks to divest its remaining 25-percent stake in its Middle Eastern joint venture to local partner Majid Al Futtaim (MAF), two sources familiar with the matter said. Family-owned MAF is paying between $400-$500 million for the stake, one of the sources said, adding an announcement on the divestment was "imminent". Carrefour, the world's largest retailer after Wal-Mart , has been cutting its presence globally and sold 2.8 billion euros ($3. ...

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