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  • Jobless claims data suggests labor market strength
    By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by Washington. The improving job market tone is helping to prop up housing, with rising home prices keeping domestic consumption supported. But tighter fiscal policy as the government tries to slash its bloated budget deficit is dampening factory activity. ...
  • EU wants big companies to reveal national tax bills
    By John O'Donnell BRUSSELS (Reuters) - Europe's top regulatory official is seeking to force large companies to disclose how much tax they pay in each country where they operate, a measure some politicians say could curb tax avoidance. Michel Barnier, the European commissioner in charge of drafting business regulation, said in a speech in Amsterdam that rules which will force banks to report their profits, taxes and subsidies by country from 2015 should be extended to cover other companies. "We will expand these reporting obligations to large companies and groups," he said on Thursday. ...
  • Wall St. pares losses, Dow edges up
    NEW YORK (Reuters) - Stocks pared their losses on Thursday, with the Dow turning positive on strength in Hewlett-Packard Co and Boeing Co HP soared 14.1 percent to $24.22 a day after raising its profit outlook, while Boeing gained 1.9 percent to $99.82. The Dow Jones industrial average rose 3.90 points, or 0.03 percent, to 15,311.07. The Standard & Poor's 500 Index was down 3.01 points, or 0.18 percent, at 1,652.34. The Nasdaq Composite Index was down 1.01 points, or 0.03 percent, at 3,462.29. (Reporting by Ryan Vlastelica; Editing by Jan Paschal)
  • Apple enjoyed Irish tax holiday from the start
    By Poornima Gupta and Padraic Halpin SAN FRANCISCO/DUBLIN (Reuters) - Apple has operated almost tax-free in Ireland since 1980, welcomed by a government keen to bring jobs to what was then one of Europe's poorest countries, former company executives and Irish officials have said. Chief Executive Tim Cook faced criticism from a Senate subcommittee in Washington on Tuesday over the iPad and iPhone maker's tax practices, which had been shrouded from full view behind secretive tax-exempt Irish-based corporate entities. ...
  • New car sales seen up 6-8 percent in May: analysts
    DETROIT (Reuters) - Auto sales in May are expected to rise 6 percent to 8 percent and the annual sales pace should rebound back above 15 million vehicles after a disappointing result in the prior month, two research reports said on Thursday. Sales of new cars and trucks in May are expected to top 1.43 million vehicles, while the annual sales pace is forecast to hit 15.2 million vehicles, according to a report by J.D. Power and Associates and LMC Automotive, as well as one by TrueCar.com. Kelley Blue Book's forecast is slightly more conservative, as it sees sales rising 6 percent to almost 1. ...
  • Fed not "that close" to winding down stimulus: Bullard
    By Marc Jones LONDON (Reuters) - A senior central banker sought to give reassurance on Thursday that the Fed is in no hurry to start winding down its economic stimulus after comments by chairman Ben Bernanke sent stock markets tumbling. James Bullard, president of the Federal Reserve Bank of St. Louis, said on Thursday he did not think the Fed was "that close" to starting the process of winding down its support although it was the likely next step if the economy continued to improve and inflation picks up. ...
  • Ally to pay $2.1 billion to settle ResCap litigation
    By Tom Hals (Reuters) - Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets. The deal will allow Ally to put behind it problems tied to mortgage lending so it can focus on its U.S. auto financing business and its online bank. The settlement also paves the way for ResCap to repay its creditors. Under the deal, detailed in a court filing on Thursday, Ally will pay $1.95 billion in cash and expects $150 million more to come from its insurers. ...
  • Former Chrysler, Fisker CEO launches venture fund with Penske
    By Deepa Seetharaman DETROIT (Reuters) - Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske to invest in technology startups. The fund, IncWell LP, will provide initial investments ranging from $50,000 and $250,000. IncWell has "strong interests" in the areas of clean energy, medical, healthcare, transportation and information applications. LaSorda, who was also a key manufacturing executive at General Motors Co, left Chrysler in 2009 just after the automaker filed for bankruptcy. ...
  • U.S., China factories struggle; Fed hints at less stimulus
    By Andy Bruce and Steven C. Johnson LONDON/NEW YORK (Reuters) - Chinese factory activity declined in May for the first time in seven months and U.S. manufacturing grew at its slowest pace since October, suggesting it may take a while before the global economy starts to pick up steam. Thursday's downbeat business surveys from the world's two largest economies came a day after Federal Reserve Chairman Ben Bernanke spooked markets by hinting that the U.S. central bank could soon scale back monthly bond purchases, provided the economy maintained its recent momentum. ...
  • Forest Labs' longtime CEO Solomon to step down at year-end
    (Reuters) - Forest Laboratories Inc said Howard Solomon, its chief executive of more than 35 years, will retire at the end of this year, capping a tenure that saw the company morph from a small generic and vitamins maker to a $10 billion corporation. Solomon will continue in the chairman role until the annual shareholder meeting in 2014, the company said. Forest Labs, which was in a bitter proxy battle with activist investor Carl Icahn last year, said it has been evaluating internal and external candidates for the top job. ...

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• Breaking News

  • Jobless claims data suggests labor market strength
    By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by Washington. The improving job market tone is helping to prop up housing, with rising home prices keeping domestic consumption supported. But tighter fiscal policy as the government tries to slash its bloated budget deficit is dampening factory activity. ...
  • EU wants big companies to reveal national tax bills
    By John O'Donnell BRUSSELS (Reuters) - Europe's top regulatory official is seeking to force large companies to disclose how much tax they pay in each country where they operate, a measure some politicians say could curb tax avoidance. Michel Barnier, the European commissioner in charge of drafting business regulation, said in a speech in Amsterdam that rules which will force banks to report their profits, taxes and subsidies by country from 2015 should be extended to cover other companies. "We will expand these reporting obligations to large companies and groups," he said on Thursday. ...
  • Wall St. pares losses, Dow edges up
    NEW YORK (Reuters) - Stocks pared their losses on Thursday, with the Dow turning positive on strength in Hewlett-Packard Co and Boeing Co HP soared 14.1 percent to $24.22 a day after raising its profit outlook, while Boeing gained 1.9 percent to $99.82. The Dow Jones industrial average rose 3.90 points, or 0.03 percent, to 15,311.07. The Standard & Poor's 500 Index was down 3.01 points, or 0.18 percent, at 1,652.34. The Nasdaq Composite Index was down 1.01 points, or 0.03 percent, at 3,462.29. (Reporting by Ryan Vlastelica; Editing by Jan Paschal)
  • Apple enjoyed Irish tax holiday from the start
    By Poornima Gupta and Padraic Halpin SAN FRANCISCO/DUBLIN (Reuters) - Apple has operated almost tax-free in Ireland since 1980, welcomed by a government keen to bring jobs to what was then one of Europe's poorest countries, former company executives and Irish officials have said. Chief Executive Tim Cook faced criticism from a Senate subcommittee in Washington on Tuesday over the iPad and iPhone maker's tax practices, which had been shrouded from full view behind secretive tax-exempt Irish-based corporate entities. ...
  • New car sales seen up 6-8 percent in May: analysts
    DETROIT (Reuters) - Auto sales in May are expected to rise 6 percent to 8 percent and the annual sales pace should rebound back above 15 million vehicles after a disappointing result in the prior month, two research reports said on Thursday. Sales of new cars and trucks in May are expected to top 1.43 million vehicles, while the annual sales pace is forecast to hit 15.2 million vehicles, according to a report by J.D. Power and Associates and LMC Automotive, as well as one by TrueCar.com. Kelley Blue Book's forecast is slightly more conservative, as it sees sales rising 6 percent to almost 1. ...
  • Fed not "that close" to winding down stimulus: Bullard
    By Marc Jones LONDON (Reuters) - A senior central banker sought to give reassurance on Thursday that the Fed is in no hurry to start winding down its economic stimulus after comments by chairman Ben Bernanke sent stock markets tumbling. James Bullard, president of the Federal Reserve Bank of St. Louis, said on Thursday he did not think the Fed was "that close" to starting the process of winding down its support although it was the likely next step if the economy continued to improve and inflation picks up. ...
  • Ally to pay $2.1 billion to settle ResCap litigation
    By Tom Hals (Reuters) - Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets. The deal will allow Ally to put behind it problems tied to mortgage lending so it can focus on its U.S. auto financing business and its online bank. The settlement also paves the way for ResCap to repay its creditors. Under the deal, detailed in a court filing on Thursday, Ally will pay $1.95 billion in cash and expects $150 million more to come from its insurers. ...
  • Former Chrysler, Fisker CEO launches venture fund with Penske
    By Deepa Seetharaman DETROIT (Reuters) - Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske to invest in technology startups. The fund, IncWell LP, will provide initial investments ranging from $50,000 and $250,000. IncWell has "strong interests" in the areas of clean energy, medical, healthcare, transportation and information applications. LaSorda, who was also a key manufacturing executive at General Motors Co, left Chrysler in 2009 just after the automaker filed for bankruptcy. ...
  • U.S., China factories struggle; Fed hints at less stimulus
    By Andy Bruce and Steven C. Johnson LONDON/NEW YORK (Reuters) - Chinese factory activity declined in May for the first time in seven months and U.S. manufacturing grew at its slowest pace since October, suggesting it may take a while before the global economy starts to pick up steam. Thursday's downbeat business surveys from the world's two largest economies came a day after Federal Reserve Chairman Ben Bernanke spooked markets by hinting that the U.S. central bank could soon scale back monthly bond purchases, provided the economy maintained its recent momentum. ...
  • Forest Labs' longtime CEO Solomon to step down at year-end
    (Reuters) - Forest Laboratories Inc said Howard Solomon, its chief executive of more than 35 years, will retire at the end of this year, capping a tenure that saw the company morph from a small generic and vitamins maker to a $10 billion corporation. Solomon will continue in the chairman role until the annual shareholder meeting in 2014, the company said. Forest Labs, which was in a bitter proxy battle with activist investor Carl Icahn last year, said it has been evaluating internal and external candidates for the top job. ...

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