• Breaking News

  • Bernanke says Fed likely to reduce bond buying this year
    By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Bernanke's confirmation that the Fed is getting closer to pulling back on its $85 billion in monthly asset purchases confirmed investor fears, sending stocks and bonds sharply lower and pushing benchmark Treasury yields to a 15-month high. ...
  • Analysis: Sprint should raise Clearwire bid to avoid Dish tension
    By Sinead Carew and Liana B. Baker NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie Ergen. Shareholders of Clearwire, already majority owned by Sprint, will vote on June 24 on Sprint's $3.40-a-share offer to buy the rest of the company. But Clearwire's board has recommended shareholders instead accept a higher, $4.40-a-share tender offer from Dish. ...
  • Icahn reiterates commitment for Dell buy
    By Michelle Sierra NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders. "Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if ...
  • Wall St. drops after Bernanke hints at slowing stimulus
    By Ryan Vlastelica NEW YORK (Reuters) - Stocks fell more than 1 percent on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank would start to reduce its stimulus measures later this year if the economy is strong enough. Equities have been closely tethered to ultra-loose monetary policy, which has been key to the S&P's climb of more than 14 percent so far this year. Benchmark 10-year U.S. bond yields jumped to a 15-month high on expectations the Fed will reduce its bond buying. ...
  • Euro ministers to decide direct bank recapitalization rules on Thursday
    By Jan Strupczewski BRUSSELS (Reuters) - Euro zone finance ministers will decide on Thursday when and how their bailout fund can invest in a bank to save it from failure, laying a cornerstone of the banking union seen as vital to restore economic growth. Ministers from the 17 countries using the euro will also set guidelines for how much a government would have to contribute to such a bank rescue, which banks would be eligible, and who would lose money in the process. ...
  • SandRidge ousts CEO Ward, Bennett takes the helm
    By Anna Driver and Michael Erman (Reuters) - SandRidge Energy Inc's board of directors removed the energy company's founder and chief executive, Tom Ward, on Wednesday after a months-long struggle with activist investors who accused him of strategic mistakes and self-dealing at the expense of shareholders. Ward, who was also under fire for his high pay, will receive a severance payment of more than $90 million in cash and stock. The oil and gas company's board named its president, James Bennett, to replace Ward as CEO, citing a need for new leadership. ...
  • US Airways chief warns lawmakers of potential service cuts
    By Diane Bartz WASHINGTON (Reuters) - Forcing a combined American Airlines and US Airways Group to surrender slots at Reagan National Airport would risk fewer flights to small and medium-sized cities, US Airways CEO Doug Parker told lawmakers on Wednesday. Parker was testifying to a Senate subcommittee on the impact of the proposed merger of the two airlines. Servicing larger cities is more profitable and thus the airlines, which together have two-thirds of the take-off and landing slots at Reagan National, near Washington D.C. ...
  • Exclusive: Forest mulls bid for Irish drugmaker Elan - sources
    By Jessica Toonkel and Soyoung Kim NEW YORK (Reuters) - Forest Laboratories Inc, the specialty drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish drugmaker Elan Corp Plc, two people familiar with the situation said. Elan, which has a market capitalization of nearly $7 billion, put itself up for sale last week in an effort to fend off a hostile offer from U.S. investment firm Royalty Pharma. Forest is among several mid-sized drugmakers considering an offer for Elan, the people said on Wednesday. ...
  • John McAfee resurfaces as ranting video star, mocks McAfee software
    By Jim Finkle BOSTON (Reuters) - Eccentric software pioneer John McAfee is back in the spotlight - lashing out at the anti-virus software that bears his name in a profanity-laced video. McAfee, an American who helped create the anti-virus software industry, generated a media frenzy at the end of last year when he fled his home on a tropical island in Belize, claiming that police in the Central American nation wanted to frame him for murder. ...
  • Sony spin-off plan off agenda but looms over shareholder meet
    By Mari Saito TOKYO (Reuters) - A proposal by Sony Corp's top investor to partially spin off the Japanese company's lucrative entertainment business will be the elephant in the room at an annual shareholders meeting on Thursday. Daniel Loeb, who heads New York-based hedge fund Third Point, will miss the gathering and those attending will not consider his suggestion, sources familiar with the matter said. They gave no reason why Loeb would not attend. ...

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• Breaking News

  • Bernanke says Fed likely to reduce bond buying this year
    By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Bernanke's confirmation that the Fed is getting closer to pulling back on its $85 billion in monthly asset purchases confirmed investor fears, sending stocks and bonds sharply lower and pushing benchmark Treasury yields to a 15-month high. ...
  • Analysis: Sprint should raise Clearwire bid to avoid Dish tension
    By Sinead Carew and Liana B. Baker NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie Ergen. Shareholders of Clearwire, already majority owned by Sprint, will vote on June 24 on Sprint's $3.40-a-share offer to buy the rest of the company. But Clearwire's board has recommended shareholders instead accept a higher, $4.40-a-share tender offer from Dish. ...
  • Icahn reiterates commitment for Dell buy
    By Michelle Sierra NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders. "Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if ...
  • Wall St. drops after Bernanke hints at slowing stimulus
    By Ryan Vlastelica NEW YORK (Reuters) - Stocks fell more than 1 percent on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank would start to reduce its stimulus measures later this year if the economy is strong enough. Equities have been closely tethered to ultra-loose monetary policy, which has been key to the S&P's climb of more than 14 percent so far this year. Benchmark 10-year U.S. bond yields jumped to a 15-month high on expectations the Fed will reduce its bond buying. ...
  • Euro ministers to decide direct bank recapitalization rules on Thursday
    By Jan Strupczewski BRUSSELS (Reuters) - Euro zone finance ministers will decide on Thursday when and how their bailout fund can invest in a bank to save it from failure, laying a cornerstone of the banking union seen as vital to restore economic growth. Ministers from the 17 countries using the euro will also set guidelines for how much a government would have to contribute to such a bank rescue, which banks would be eligible, and who would lose money in the process. ...
  • SandRidge ousts CEO Ward, Bennett takes the helm
    By Anna Driver and Michael Erman (Reuters) - SandRidge Energy Inc's board of directors removed the energy company's founder and chief executive, Tom Ward, on Wednesday after a months-long struggle with activist investors who accused him of strategic mistakes and self-dealing at the expense of shareholders. Ward, who was also under fire for his high pay, will receive a severance payment of more than $90 million in cash and stock. The oil and gas company's board named its president, James Bennett, to replace Ward as CEO, citing a need for new leadership. ...
  • Rocket's Lazada gets $100 million in bid to be Southeast Asia's Amazon
    By Jeremy Wagstaff (Reuters) - Lazada, the Southeast Asian online retail company founded by Germany's Rocket Internet Gmbh, has secured another $100 million from investors in its bid to lift the region from its status as an e-commerce backwater. While online shopping is big in Europe, the United States and even in China, where it is likely to account for 6 percent of all retail business this year, Southeast Asians still prefer to do 99 percent of their shopping offline, the company estimates. ...
  • US Airways chief warns lawmakers of potential service cuts
    By Diane Bartz WASHINGTON (Reuters) - Forcing a combined American Airlines and US Airways Group to surrender slots at Reagan National Airport would risk fewer flights to small and medium-sized cities, US Airways CEO Doug Parker told lawmakers on Wednesday. Parker was testifying to a Senate subcommittee on the impact of the proposed merger of the two airlines. Servicing larger cities is more profitable and thus the airlines, which together have two-thirds of the take-off and landing slots at Reagan National, near Washington D.C. ...
  • Exclusive: Forest mulls bid for Irish drugmaker Elan - sources
    By Jessica Toonkel and Soyoung Kim NEW YORK (Reuters) - Forest Laboratories Inc, the specialty drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish drugmaker Elan Corp Plc, two people familiar with the situation said. Elan, which has a market capitalization of nearly $7 billion, put itself up for sale last week in an effort to fend off a hostile offer from U.S. investment firm Royalty Pharma. Forest is among several mid-sized drugmakers considering an offer for Elan, the people said on Wednesday. ...
  • John McAfee resurfaces as ranting video star, mocks McAfee software
    By Jim Finkle BOSTON (Reuters) - Eccentric software pioneer John McAfee is back in the spotlight - lashing out at the anti-virus software that bears his name in a profanity-laced video. McAfee, an American who helped create the anti-virus software industry, generated a media frenzy at the end of last year when he fled his home on a tropical island in Belize, claiming that police in the Central American nation wanted to frame him for murder. ...

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