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  July 2012

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• Breaking News

  • Insight: Why Citi wants to rack up U.S. taxes
    By Dan Wilchins (Reuters) - Over the past few years, Citigroup Inc has been grappling with an unusual problem - how to incur more U.S. taxes. The third-largest U.S. bank tried to buy the foundering Wachovia Corp in the fall of 2008 in part because the deal would have brought it more taxable domestic income, a person familiar with the matter said. ...
  • Asian shares slide as upcoming Fed meeting jangles nerves
    By Chikako Mogi TOKYO (Reuters) - Asian shares slid on Tuesday as investors waited on tenterhooks for news of the U.S. Federal Open Market Committee's plans for its stimulus program - with the mere suggestion of fine-tuning it enough to unnerve investors. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 percent, dragged down by a 0.9 percent decline in Australian shares which faced selling in high-yielding stocks. The pan-Asian index, which plumbed its lowest since September on Thursday, was weighed down by a 1 percent drop each in its materials and energy sectors. ...
  • Obama says Bernanke has 'stayed a lot longer' than he wanted at Fed
    By Steve Holland WASHINGTON (Reuters) - President Barack Obama hinted in an interview aired on Monday that he may be looking for a new chief of the U.S. Federal Reserve Bank, saying current Chairman Ben Bernanke has stayed a lot longer than he had originally planned. Obama, speaking to Charlie Rose, host of a PBS interview program, compared Bernanke to longtime FBI Director Robert Mueller, who agreed to stay two years longer than he had planned and is to leave in the coming months. "Well, I think Ben Bernanke's done an outstanding job. ...
  • Analysis: Companies may turn to courts on U.S. natural gas export push
    By Ayesha Rascoe WASHINGTON (Reuters) - U.S. companies hoping to export natural gas are frustrated by lengthy delays and rule changes as they await U.S. Department of Energy approval of their applications and may turn to the courts to speed up the process. Both the slow pace of decisions on applications to ship U.S. liquefied natural gas abroad and the process for making those decisions could be challenged, legal sources say. Potential strategies could be laid out during a House of Representatives panel on Tuesday, which will focus on the current impediments to U.S. LNG exports. ...
  • Airlines' performance improves, lags other industries: U.S. poll
    By Chris Michaud (Reuters) - U.S. consumers are more satisfied with airlines in recent years but the industry still gets relatively low marks, mainly due to the onboard experience, according to a new customer poll released on Tuesday. The American Consumer Satisfaction Index, which surveys some 70,000 U.S. customers annually on more than 40 industries ranging from apparel and hospitals to banks and insurance, found only television and internet service providers ranked lower. ...
  • China May home prices rise at fastest pace this year
    By Xiaoyi Shao and Jonathan Standing BEIJING (Reuters) - China's house prices rose at the fastest pace this year in May from a year earlier, though the pace of gains eased from the previous month, highlighting the dilemma facing the central bank as it balances the need to support the economy against holding down housing inflation. Average new home prices in 70 major Chinese cities in May rose 6 percent from a year earlier, after a two-year high of 4.9 percent in April, according to Reuters calculations from data released by the National Bureau of Statistics (NBS) on Tuesday. ...
  • Court appoints lead plaintiff in shareholder lawsuit against SAC
    (Reuters) - A New York court designated a pension fund as the lead plaintiff in a lawsuit filed by shareholders of Elan Corp against SAC Capital, a court filing showed, as the hedge fund continued to face varied legal challenges over insider-trading charges. Pension fund City of Birmingham Retirement and Relief System has been named as the lead representative party, who will act on behalf of other co-litigants in directing the lawsuit, according to a court order on Monday. ...
  • Japan says G8 stance is sign of approval for 'Abenomics'
    By Stanley White TOKYO (Reuters) - Japanese cabinet ministers welcomed the Group of Eight summit's stance on Tokyo's sweeping stimulus policies as a vote of confidence in the government's strategy to end 15 years of entrenched deflation and revive a lackluster economy. Japan's economics minister also moved to parry any suggestion that Prime Minister Shinzo Abe's policies, known as "Abenomics", are aimed at intentionally weakening the yen to benefit the country's exports. ...
  • Sprint sues Dish, Clearwire as key deadline looms
    By Jonathan Stempel and Sruthi Ramakrishnan (Reuters) - Sprint Nextel Corp on Monday said it has sued Dish Network Corp to block its tender offer for Clearwire Corp, on the eve of a key deadline in a takeover battle that also includes Japanese mobile carrier SoftBank Corp. The lawsuit filed on Monday in Delaware Chancery Court accuses Dish of trying to "fool" and "coerce" Clearwire shareholders into tendering their shares, and rejecting Sprint's competing effort to buy the 49.8 percent it did not already own of the wireless broadband provider. ...
  • Third Point raises Sony stake, presses for entertainment spin-off
    TOKYO (Reuters) - New York-based hedge fund company Third Point said it had raised its stake in Japan's Sony Corp and asked for an opportunity to present its proposal to Sony's board for a partial spin-off of the company's entertainment unit. The move comes after Third Point, a $13 billion hedge fund founded by billionaire investor Daniel Loeb, last month proposed that the struggling electronics maker conduct an initial public offering for its profitable music and movie business, saying it could boost Sony's share price by as much as 60 percent. ...

Archive for July 30th, 2012

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