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May 2012
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Wall St. dips after recent rally as Fed statement looms

By Rodrigo Campos NEW YORK (Reuters) - Stocks dipped modestly at the open on Wednesday, but held on to most of their gains over the last two days, ahead of a highly anticipated Federal Reserve statement and news conference. The Fed will release a policy statement at 2:00 p.m. EDT, which will be followed soon after by a news briefing with Chairman Ben Bernanke. "The early morning action is not surprising given the fact that we've had two days of position jockeying ahead of the (Fed)announcement," said Andre Bakhos, director of market analytics at Lek Securities in New York. ...

Swiss parliament rejects U.S. tax deal

BERNE (Reuters) - The Swiss lower house of parliament dealt a final death blow on Wednesday to a draft law aimed at protecting the country's banks from criminal charges in the United States for helping wealthy Americans to evade tax. The Swiss government has warned that the bill's failure could prompt impatient U.S. prosecutors to indict banks, although it could still invoke an executive order to allow them to hand over data to try to avert charges. The bill was aimed at allowing banks to sidestep Swiss secrecy laws by disclosing their U.S. ...

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. ...

FedEx posts higher-than expected profit, will cut more capacity

By Nivedita Bhattacharjee (Reuters) - FedEx Corp reported a higher-than-expected quarterly profit on Wednesday, sending its shares higher, but the world's biggest air-freight company said it was cutting more capacity between the United States and Asia. The company, considered an economic bellwether because of the massive volume of goods it moves around the world, is still trying to adjust to increasing demand for cheaper ground transport rather than pricier but faster air shipping. ...

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. ...

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. ...

Tesla recalls some Model S vehicles due to seat-mount defect

(Reuters) - Electric car maker Tesla Motors Inc said it recalled some Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat. "This reduces our confidence that the left hand seat back will be properly retained in the event of a crash," Tesla founder-CEO Elon Musk said in a statement posted on its website. The statement did not specify the number of vehicles affected. Musk said there were no customer complaints and that the company was not aware of any injuries because of the defect. ...

Commerzbank to cut 5,200 jobs

FRANKFURT (Reuters) - Commerzbank is to cut around 5,200 jobs, or 11 percent of its 48,000 staff, Germany's second-largest lender said on Wednesday. The job cuts will fall mainly on the bank's domestic operations including at its retail banking unit, Commerzbank said. Commerzbank has said 2013 will be a year of transition. It posted a net loss of 94 million euros ($126 million) in the first three months and booked a 493 million euro restructuring charge linked to 4,000-6,000 job losses. (Reporting by Edward Taylor; Editing by Ludwig Burger)

Dolce and Gabbana sentenced to jail for tax evasion

By Manuela D'Alessandro MILAN (Reuters) - Fashion design duo Domenico Dolce and Stefano Gabbana were on Wednesday handed a suspended prison sentence of one year and eight months for hiding hundreds of millions of euros from the tax authorities. The designers, who are nearly as famous as the stars they dress, were not present in court in Milan and have denied the charges. Given the complexity and length of the appeals process, they are unlikely to spend any time in jail. Public prosecutor Gaetano Ruta had asked for two and a half years. The judge gave them a suspended sentence. ...

Local, global trends boost Gulf banks as foreign rivals retrench

By Stanley Carvalho and Dinesh Nair ABU DHABI/DUBAI (Reuters) - When British banker Michael Tomalin took the top job at National Bank of Abu Dhabi in 1999, the lender had about $9 billion in assets - tiny by global standards - and its operations were largely confined to the oil-rich emirate of Abu Dhabi. Today, NBAD has a presence in 14 countries and assets of about $100 billion, and is heavily involved in international businesses such as loan syndications, private banking for wealthy clients, and advising on mergers. ...

Archive for May 12th, 2012

12 May

California budget crisis: $16 billion in the red

California’s budget deficit has swelled to a projected $16 billion — much larger than had been predicted just months ago — and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, Gov. Jerry Brown said Saturday.

Original post by Associated Press and software by Elliott Back

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Archive for May 12th, 2012

California budget crisis: $16 billion in the red