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  May 2012

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• Breaking News

  • Bernanke expected to stay the course on Fed policy
    By Jonathan Spicer NEW YORK (Reuters) - Federal Reserve Chairman Ben Bernanke is not expected to hint at a pending policy change when he testifies before the U.S. Congress on Wednesday despite some speculation among investors that the central bank could soon reduce its massive bond buying program. Bernanke's close ally, New York Fed President William Dudley, stressed repeatedly on Tuesday that uncertain economic conditions meant it was too early to determine whether to taper the Fed's $85 billion in monthly purchases. ...
  • EU leaders shine spotlight on Amazon, Google over tax policy
    By 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 St. opens higher ahead of Bernanke
    By Rodrigo Campos NEW YORK (Reuters) - Stocks edged higher at the open on Wednesday, ahead of highly anticipated testimony in Congress by Federal Reserve Chairman Ben Bernanke on the economy and monetary policy. Bernanke is expected to strike a dovish tone when he addresses a congressional committee at 10:00 a.m. EDT (1400 GMT). Earlier on Wednesday, influential New York Fed President William Dudley reinforced his own remarks from Tuesday, when he damped speculation that the U.S. central bank was preparing to reduce its monetary stimulus. ...
  • Clearwire recommends vote for revised Sprint bid
    NEW YORK (Reuters) - Clearwire Corp said on Wednesday its special committee and its board of directors approved majority shareholder Sprint Nextel Corp's revised offer to take over the company and advised investors to vote for the deal. Wireless service provider Clearwire announced the decision just a 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 per share. ...
  • Target cuts full-year forecast after weak first quarter
    By 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. Target stock fell 2.7 percent to $69.30 in early trading. First-quarter sales at stores open at least a year fell 0.6 percent, while analysts targeted a 0. ...
  • Too soon to dial back Fed stimulus: Dudley
    (Reuters) - It is too soon to determine whether to dial down the Federal Reserve's massive bond-buying program, and the economic picture may not be clear enough to make that decision for another three or four months, an influential U.S. central bank official said. New York Fed President William Dudley, a close ally of Chairman Ben Bernanke, said on Bloomberg TV that it was possible to taper down the $85 billion in monthly asset purchases by the fall "if the economy does better and if the labor market continues to improve" in the face of tighter fiscal policies. ...
  • Toll Brothers profit rises 46 percent
    (Reuters) - Toll Brothers Inc posted a 46 percent rise in quarterly profit as the largest U.S. luxury homebuilder sold more homes at higher prices, indicating that the housing recovery is spreading across the industry. Record-low interest rates and rising rents have encouraged people to buy homes. Ground-breaking to build new homes in the United States rose 7 percent in March to the highest level since June 2008. Toll said its quarterly orders were the highest in seven years. ...
  • State-backed UK banks gain approval for capital plans
    By Matt Scuffham LONDON (Reuters) - State-backed British lenders Lloyds Banking Group and Royal Bank of Scotland have agreed plans to shore up their capital with the financial regulator, removing a barrier to the government offloading its shares. The regulator said on Wednesday it had finalized capital requirements for the two banks and that the lenders had submitted their plans. Both banks said they did not need to issue new equity and could raise the necessary capital by selling assets and via restructuring plans already under way. ...
  • The Irish loophole behind Apple's low tax bill
    By Tom Bergin LONDON (Reuters) - Apple's ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation revealed Tuesday that Apple, maker of iPhones, iPads and Mac computers, channeled profits into Irish-incorporated subsidiaries that had "no declared tax residency anywhere in the world. ...
  • Pfizer to spin off Zoetis stake to shareholders
    (Reuters) - Pfizer Inc said on Wednesday it will spin off its majority stake in animal health business Zoetis Inc to shareholders by allowing them to swap Pfizer stock for Zoetis stock at a 7 percent discount. Pfizer, the largest drugmaker, sold Zoetis shares in an initial public offering in February that raised $2.2 billion. Pfizer retained an 80 percent stake in Zoetis after the IPO and now plans to unwind that, starting with this offer. The offer would allow shareholders to exchange $100 worth of Pfizer stock for $107.52 worth of Zoetis stock. ...

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