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July 2012
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Bernanke says Fed likely to reduce bond buying this year

By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Bernanke's confirmation that the Fed is getting closer to pulling back on its $85 billion in monthly asset purchases confirmed investor fears, sending stocks and bonds sharply lower and pushing benchmark Treasury yields to a 15-month high. ...

Icahn reiterates commitment for Dell buy

By Michelle Sierra NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell shareholders. "Nothing has changed regarding the financing," Icahn said. "We expect to have $5.2 billion in the next couple of weeks. Our investment bank is already committing $1.6 billion and my affiliates and I would provide $2 billion, if ...

Wall St. drops after Bernanke hints at slowing stimulus

By Ryan Vlastelica NEW YORK (Reuters) - Stocks fell more than 1 percent on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank would start to reduce its stimulus measures later this year if the economy is strong enough. Equities have been closely tethered to ultra-loose monetary policy, which has been key to the S&P's climb of more than 14 percent so far this year. Benchmark 10-year U.S. bond yields jumped to a 15-month high on expectations the Fed will reduce its bond buying. ...

Ally deal draws limited objections from ResCap creditors

By Tom Hals (Reuters) - Ally Financial Inc's proposed $2.1 billion agreement reached last month with creditors of its bankrupt Residential Capital LLC subsidiary cleared a key court deadline with only one vigorous objection, though several warning shots were fired. Ally agreed to the settlement last month to end allegations it stripped ResCap of choice assets including the online lender, Ally Bank, before dumping the business into bankruptcy, which left creditors empty-handed. ...

Britain to start sale of Lloyds soon, review RBS split

By Matt Scuffham and David Milliken LONDON (Reuters) - Britain is ready to start selling its shares in Lloyds Banking Group and will examine whether to break up Royal Bank of Scotland , Finance Minister George Osborne said, admitting the re-privatization of RBS remains a long way off. The government is keen to show Britain's part-nationalized banks are recovering from the 2008 financial crisis and a profitable sale of part of its 39 percent stake in Lloyds would allow it to claim at least partial success ahead of the next election in 2015. ...

US Airways chief warns lawmakers of potential service cuts

By Diane Bartz WASHINGTON (Reuters) - Forcing a combined American Airlines and US Airways Group to surrender slots at Reagan National Airport would risk fewer flights to small and medium-sized cities, US Airways CEO Doug Parker told lawmakers on Wednesday. Parker was testifying to a Senate subcommittee on the impact of the proposed merger of the two airlines. Servicing larger cities is more profitable and thus the airlines, which together have two-thirds of the take-off and landing slots at Reagan National, near Washington D.C. ...

Exclusive: Forest mulls bid for Irish drugmaker Elan - sources

By Jessica Toonkel and Soyoung Kim NEW YORK (Reuters) - Forest Laboratories Inc, the specialty drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish drugmaker Elan Corp Plc, two people familiar with the situation said. Elan, which has a market capitalization of nearly $7 billion, put itself up for sale last week in an effort to fend off a hostile offer from U.S. investment firm Royalty Pharma. Forest is among several mid-sized drugmakers considering an offer for Elan, the people said on Wednesday. ...

SandRidge ousts CEO Ward, Bennett takes the helm

By Anna Driver and Michael Erman (Reuters) - SandRidge Energy Inc's board of directors removed the energy company's founder and chief executive, Tom Ward, on Wednesday after a months-long struggle with activist investors who accused him of strategic mistakes and self-dealing at the expense of shareholders. Ward, who was also under fire for his high pay, will receive a severance payment of more than $90 million in cash and stock. The oil and gas company's board named its president, James Bennett, to replace Ward as CEO, citing a need for new leadership. ...

New bookkeeping rule to priprizese open insurers' 'black box' accounts

By Huw Jones LONDON (Reuters) - An international bookkeeping regime being unveiled on Thursday will iron out national variants in insurers' "black box" balance sheets although the transition will take several years and the United States will keep its own, very different rules. The International Accounting Standards Board's (IASB) third try at a new rule will be unchanged from the previous draft: each reporting period insurers must update policy values based on prevailing market conditions rather than at historic cost. ...

Microsoft talked with Nokia about buying devices unit: report

SEATTLE (Reuters) - Microsoft Corp recently talked with Nokia about buying the Finnish phone maker's devices unit, but the discussions faltered and are not likely to be revived, the Wall Street Journal reported Wednesday in its online edition. The Journal reported that "advanced discussions" on a deal happened as recently as this month, according to unnamed sources it said were familiar with the matter. Microsoft rejected a deal because of price and Nokia's loss of market share to rising Asian competitors, the report said. Representatives of both companies declined comment. ...

Archive for July 1st, 2012

01 Jul

Mexico’s old rulers claim presidential election win

Mexican opposition candidate Enrique Pena Nieto's campaign team claimed victory in the country's presidential election on Sunday after exit polls showed him winning by a comfortable margin. Pena Nieto, 45, of the Institutional Revolutionary Party (PRI), led by between 8 and 11 percentage points in exit polls published by three of Mexico's main television networks [...]

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Archive for July 1st, 2012

Mexico’s old rulers claim presidential election win