08 Aug
Plane uses ice runway to evacuate American from Antarctica
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Breaking News- Bernanke offers no hint of pullback in Fed stimulusBy Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the 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 no sign that 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 yearsBy 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. ...
- EU leaders shine spotlight on Amazon, Google over tax policyBy Luke Baker BRUSSELS (Reuters) - European leaders will discuss how to combat aggressive tax avoidance by major companies such as Amazon, Google and Apple at a summit on Wednesday, and cut the estimated 1 trillion euros a year the EU loses to tax evasion or avoidance. The four-hour summit was originally called to discuss energy policy, but investigations in Britain, France and the United States exposing how little tax major international companies have been paying by carefully structuring their European operations has forced the issue to the top of the agenda. ...
- Wall Street rises as concern eases over Fed taperingBy Rodrigo Campos NEW YORK (Reuters) - Stocks rose on Wednesday, giving up some gains after an initial rally, after Federal Reserve Chairman Ben Bernanke said the central bank needed to see further signs of traction in the economy before it tapered its economic stimulus efforts. The S&P 500 hit yet another record high after Bernanke's prepared speech to Congress offered no sign that he was ready to retreat from the Fed's latest round of bond buying, which cooled investor speculation that the central bank was preparing to reduce its monetary stimulus. ...
- Clearwire recommends approval of sweetened Sprint bidNEW 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. ...
- Target cuts full-year forecast after weak first quarterBy Jessica Wohl (Reuters) - Target Corp cut its full-year profit forecast on Wednesday while turning in a weak first quarter with disappointing sales, as a chilly start to spring kept shoppers from buying seasonal items like clothing. Target warned in April its first-quarter results would be weaker than anticipated, and its performance was even worse than revised Wall Street expectations due to the cool weather and the impact of higher payroll taxes on spending. Shares of Target fell 3.6 percent to $68.70. First-quarter sales at stores open at least a year fell 0. ...
- Boeing says 787 battery retrofits to be done by next weekWASHINGTON (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 that 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 earlier problems with the supply chain had been resolved, Conner said. ...
- BP to invest $2.85 billion in Iraq's largest oilfieldBy Aref Mohammed BASRA, Iraq (Reuters) - Oil major BP has allocated $2.85 billion to develop Iraq's Rumaila oilfield in 2013, up from $2.2 billion last year, the head of the joint management committee for the field told Reuters On Wednesday. Boosting output from Rumaila, Iraq's most prolific oilfield is vital for the country to realize its ambition of raising oil exports to 6 million barrels per day (bpd) by 2017. Salah Mohammad said production from the field would rise to 1.450 million bpd by the end of 2013 from around 1.4 million bpd now. ...
- Boeing defense chief sees rising R&D, marginsWASHINGTON (Reuters) - Boeing Co's defense division expects to continue growing its research and development spending and operating margins in coming years, regardless of what happens with top line revenues, the head of Boeing Defense Space and Security said on Wednesday. "We'll fight our way through this environment," Dennis Muilenburg told the company's investor conference. He said the company's programs were well aligned with the Pentagon's priorities and sales should be flat, despite an expected decline in overall U.S. defense spending. ...
- SocGen moves to fire Rosbank CEO after arrestPARIS (Reuters) - Societe Generale said on Wednesday that it was moving to dismiss its top Russian executive days after his shock arrest on bribery charges. The decision by Russian subsidiary Rosbank's board to fire its head, Vladimir Golubkov, after his arrest last week in a dramatic sting came as the French bank's management faced shareholders at its annual shareholder meeting. ...
- Bernanke offers no hint of pullback in Fed stimulus
