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  August 2012

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• Breaking News

  • Yahoo buying Tumblr for $1.1 billion, vows not to screw it up
    By Alexei Oreskovic and Jennifer Saba SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue. ...
  • Wall Street ends flat on correction worries
    By Angela Moon NEW YORK (Reuters) - Stocks ended little changed on Monday, with indexes hovering near record levels as concerns about a correction cut earlier gains that had been prompted by news about a flurry of acquisitions. The Dow and the S&P 500 briefly hit all-time intraday highs. Early in the session, investors' sentiment was brightened by a slew of deal news, including Yahoo Inc's acquisition of Tumblr. ...
  • Apple's stateless subsidiaries lower tax bills: Senate report
    By Patrick Temple-West WASHINGTON (Reuters) - Using an unusual global tax structure, Apple Inc has held billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure concluded on Monday. ...
  • Citi names new heads of mortgages, private bank, Citi Holdings
    NEW YORK (Reuters) - Citigroup Inc Chief Executive Michael Corbat named Jane Fraser as the new head of the bank's mortgage business on Monday ,as current CitiMortgage CEO Sanjiv Das plans to leave the bank to pursue other opportunities, according to an internal memo. Das took over Citigroup's mortgage business at the height of the financial crisis in 2008 as it was losing billions of dollars on bad subprime housing bets. He will remain at the bank for a few months to assist on mortgage issues related to the government, according to the memo. ...
  • Apple to argue for tax reform, defend tax practices on Tuesday
    By Poornima Gupta SAN FRANCISCO (Reuters) - Apple Inc will argue for a comprehensive corporate tax reform that will levy a "reasonable tax" on foreign earnings and is not dependent on a company's revenue when it goes before a Senate panel on Tuesday to explain its offshore tax practices. In prepared testimony released by the company and submitted ahead of Apple Chief Executive Tim Cook's hearing on Tuesday before the Senate Permanent Subcommittee on Investigations, Apple denied it employed "tax gimmicks" like using Cayman Islands bank accounts or shifting intellectual property abroad. ...
  • Trade group SIFMA names ex-Senator Gregg as CEO
    By Jed Horowitz NEW YORK (Reuters) - SIFMA, the U.S. securities industry's largest trade group, named former Senator Judd Gregg as chief executive officer, in a move that may signal a desire to mend fences with ordinary Americans and U.S. Congress. The Securities Industry and Financial Markets Association had been expected to give the post to interim chief executive and president Kenneth Bentsen, a veteran lobbyist, said a person close to the group. ...
  • Chesapeake Energy hires Anadarko executive as CEO
    By Anna Driver (Reuters) - Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No. 2 U.S. natural gas producer, which has suffered a governance crisis and liquidity crunch over the last year. Chesapeake hired Robert Douglas Lawler, senior vice president of international and deepwater operations at Anadarko, to fill the post vacated by co-founder Aubrey McClendon in April. Shares of Chesapeake were up 4 percent as Lawler's appointment ends a three-month search for McClendon's replacement. ...
  • GM gearing up for big ad push for crucial new pickups: executive
    By Ben Klayman DETROIT (Reuters) - The launch of General Motors Co's redesigned Chevrolet Silverado, the most important since the automaker's bankruptcy and $50 billion taxpayer-funded bailout in 2009, is on track and advertising for its full-size trucks should begin in a few weeks, a top GM executive said on Monday. Mark Reuss, head of GM's North American operations, said the launch of the 2014 Silverado and GMC Sierra pickups is going "really good" and there had been no hiccups to slow the rollout. ...
  • First flight nears, A350 could make Paris show flyby
    By Tim Hepher PARIS (Reuters) - Airbus could steal the Paris air show with a flyby of its newest passenger jet, the A350, as confidence grows over a maiden flight some four weeks away. The timescales of its previous airliner launches suggest the European manufacturer could be ready to fly the aircraft in mid-June, depending on weather and ground trials, giving pilots a narrow time window to test the plane's basic characteristics in flight before the June 17-23 air show. ...
  • Morgan Stanley sued in 'pay-to-play' retirement plan case
    (Reuters) - Morgan Stanley has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc and others in exchange for extra fees in an illegal "pay-to-play" scheme. Skin Pathology Associates Inc. filed suit in federal court in Manhattan on May 16, accusing Morgan Stanley of violating federal laws governing retirement plans through its dealings with co-defendant ING Life Insurance and Annuity Co and other 401(k) service providers. ...

Archive for August 19th, 2012

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