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  July 2012

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• Breaking News

  • 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. ...
  • Analysis: Sprint should raise Clearwire bid to avoid Dish tension
    By Sinead Carew and Liana B. Baker NEW YORK (Reuters) - Sprint Nextel Corp should consider raising its offer price for Clearwire Corp or risk being saddled with a contentious relationship with Dish Network Corp, controlled by feisty billionaire Charlie Ergen. Shareholders of Clearwire, already majority owned by Sprint, will vote on June 24 on Sprint's $3.40-a-share offer to buy the rest of the company. But Clearwire's board has recommended shareholders instead accept a higher, $4.40-a-share tender offer from Dish. ...
  • 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. ...
  • 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. ...
  • Sony spin-off plan off agenda but looms over shareholder meet
    By Mari Saito TOKYO (Reuters) - A proposal by Sony Corp's top investor to partially spin off the Japanese company's lucrative entertainment business will be the elephant in the room at an annual shareholders meeting on Thursday. Daniel Loeb, who heads New York-based hedge fund Third Point, will miss the gathering and those attending will not consider his suggestion, sources familiar with the matter said. They gave no reason why Loeb would not attend. ...
  • 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. ...
  • 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. ...
  • 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. ...

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