• Breaking News

  • 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. ...
  • BlackBerry shares fall as analyst downgrades stock ahead of earnings
    TORONTO (Reuters) - BlackBerry shares fell nearly 4 percent on Tuesday after a Bernstein Research analyst cut his rating on the stock to "underperform" ahead of the company's quarterly earnings release next week. While Bernstein's Pierre Ferragu said he expected disappointing results from the smartphone maker, other analysts have bullish expectations, pointing to an even more volatile run for a generally volatile stock. ...
  • 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. ...
  • 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. ...
  • Tesla recalls some Model S cars due to seat-mount defect
    By Bernie Woodall (Reuters) - Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat. The fix will cost Tesla about $150,000 during the second quarter, company spokeswoman Shanna Hendriks said. Tesla will inspect and reinforce the bracket in all the cars built during this time period. This is the first recall for the Model S, blemishing a clean public record for the electric sedan that received a rare, near-perfect score from influential Consumer Reports magazine. The U.S. ...
  • 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. ...
  • World Bank watching Fed, ready to respond
    By Paul Ingrassia and Mike Peacock LONDON (Reuters) - The World Bank is concerned about the spillover effects on developing countries of a slowing of U.S. money creation and will move to provide affordable capital when borrowing costs rise, its president said on Wednesday. The U.S. Federal Reserve has sparked a bout of financial market turmoil since its chief, Ben Bernanke, announced on May 22 that the Fed could, before the year is out, begin slowing the pace at which it creates dollars. ...

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• Breaking News

  • 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. ...
  • BlackBerry shares fall as analyst downgrades stock ahead of earnings
    TORONTO (Reuters) - BlackBerry shares fell nearly 4 percent on Tuesday after a Bernstein Research analyst cut his rating on the stock to "underperform" ahead of the company's quarterly earnings release next week. While Bernstein's Pierre Ferragu said he expected disappointing results from the smartphone maker, other analysts have bullish expectations, pointing to an even more volatile run for a generally volatile stock. ...
  • U.S. judge limits ex-Goldman Sachs exec'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. ...
  • 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. ...
  • Tesla recalls some Model S cars due to seat-mount defect
    By Bernie Woodall (Reuters) - Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat. The fix will cost Tesla about $150,000 during the second quarter, company spokeswoman Shanna Hendriks said. Tesla will inspect and reinforce the bracket in all the cars built during this time period. This is the first recall for the Model S, blemishing a clean public record for the electric sedan that received a rare, near-perfect score from influential Consumer Reports magazine. The U.S. ...
  • Flush with orders, aerospace industry retools
    By Alwyn Scott PARIS (Reuters) - As airplane makers gathered outside Paris to show off their newest high-tech jetliners on Monday, a less-heralded technology story was unfolding back home on the factory floors of the world's leading aerospace companies. The planned introduction of at least half a dozen new plane designs that push the boundaries of flight performance has given the industry its biggest opportunity in a decade or more to automate factories, add new techniques and reduce costs. ...
  • World Bank watching Fed, ready to respond
    By Paul Ingrassia and Mike Peacock LONDON (Reuters) - The World Bank is concerned about the spillover effects on developing countries of a slowing of U.S. money creation and will move to provide affordable capital when borrowing costs rise, its president said on Wednesday. The U.S. Federal Reserve has sparked a bout of financial market turmoil since its chief, Ben Bernanke, announced on May 22 that the Fed could, before the year is out, begin slowing the pace at which it creates dollars. ...

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