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  June 2012

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• Breaking News

  • Jobs, housing data show economy has some muscle
    By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week, pointing to resilience in the labor market despite belt-tightening by Washington. The improving employment picture is helping to prop up housing, with rising home prices keeping domestic consumption supported, limiting the drag from tighter fiscal policy that is dampening factory activity. "All the eggs are in housing and the consumers' baskets this quarter. ...
  • Goldman unveils checks on conflicts in bid to fix image
    By Lauren Tara LaCapra SALT LAKE City (Reuters) - After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc CEO Lloyd Blankfein claimed success in putting his bank and his legacy back on track. At Goldman's annual meeting on Thursday, Blankfein unveiled details of a three-year review and overhaul of the bank's practices in dealing with clients, following high-profile missteps that tarnished its reputation in the aftermath of the financial crisis. ...
  • Dow, Nasdaq edge up in choppy trading
    NEW YORK (Reuters) - Stocks hit session highs in a volatile session on Thursday with the Dow industrials posting a second straight swing of more than 160 points as investors digest the Federal Reserve's evolving policy stance. The Dow Jones industrial average rose 20.81 points or 0.14 percent, to 15,327.98, the S&P 500 lost 1.98 points or 0.12 percent, to 1,653.37 and the Nasdaq Composite added 0.03 points or 0 percent, to 3,463.33. (Reporting by Rodrigo Campos; Editing by Nick Zieminski)
  • Who repaid U.S. loan first? Chrysler, Tesla don't see eye to eye
    By Deepa Seetharaman DETROIT (Reuters) - Chrysler Group LLC and Tesla Motors Inc , both led by media-savvy executives, are trading public jabs over the definition of payback. Tesla wired $452 million on Wednesday to repay the remaining portion of its U.S. Department of Energy loan with interest. The company described itself as "the only American car company to have fully repaid the government. Chrysler's snappy rejoinder came four hours later: "Not exactly, Tesla." In 2009, Tesla won a federal loan as part of a DOE program to promoted advanced vehicle development. That same year, the U.S. ...
  • 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. ...
  • 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. ...
  • SAC lawyers met with prosecutors to argue against charges: sources
    NEW YORK (Reuters) - Lawyers for SAC Capital Advisors called a meeting with U.S. prosecutors and agents from the Federal Bureau of Investigation in April to argue that there should be no insider trading charges filed against the $15 billion hedge fund or its founder Steven A. Cohen, according to sources familiar with the matter. Lawyers for the firm made an "aggressive presentation," according to the sources, reviewing the government's investigation trade-by-trade to support their claim that the government did not have enough evidence to charge Cohen. ...
  • Pentagon sees slight drop in F-35 acquisition costs: sources
    WASHINGTON (Reuters) - The Pentagon's annual report to Congress shows a decline of $4.5 billion or just over 1 percent in the projected development and acquisition cost of the Lockheed Martin Corp F-35 fighter jet program, sources familiar with the data said. The Pentagon's annual "selected acquisition report" for lawmakers projects the cost of developing and building the new radar-evading jet to be $391.2 billion, down from last year's estimate of $395.7 billion, said the sources, who were not authorized to speak on the record. (Reporting by Andrea Shalal-Esa; Editing by Gerald E. McCormick)
  • 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. ...
  • Ally to pay $2.1 billion to settle claims tied to ResCap
    By Tom Hals (Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business. Ally hopes the deal will finally end allegations that ResCap was stripped of choice assets such as its online bank, Ally Bank, before being put into bankruptcy, leaving the mortgage unit's creditors empty-handed. Putting the issue behind it will help Ally focus on its core business of auto lending and on repaying the U.S. ...

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