09 Sep
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Breaking News- Bernanke says more progress needed before stimulus pullbackBy Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain momentum, Bernanke told Congress. But minutes from the Fed's most recent meeting released on Wednesday showed the bar was still relatively high. ...
- Home sales close in on three-and-a-half year highBy Lucia Mutikani WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years and prices surged, offering the economy a buffer from the stiff headwinds posed by belt-tightening by Washington. The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009. The data underscored the housing market's improving fortunes as it starts to regain its lost glory. Resales were 9.7 percent higher than the same period last year. ...
- Wall Street extends losses, S&P down 1 percentNEW YORK (Reuters) - Stocks extended their decline on Wednesday, with the S&P 500 falling 1 percent following remarks by Federal Reserve Chairman Ben Bernanke which suggested the central bank was not ready to pull back on its economic stimulus efforts but may act if the economy continues to improve. The Dow Jones industrial average was down 112.68 points, or 0.73 percent, at 15,274.90. The Standard & Poor's 500 Index was down 19.25 points, or 1.15 percent, at 1,649.91. The Nasdaq Composite Index was down 53.76 points, or 1.53 percent, at 3,448.37. ...
- PepsiCo rethinks U.S. pricing to attract more everyday buyers(Reuters) - PepsiCo Inc said it is tweaking its drink-pricing strategy in some parts of the United States, as it aims to wean consumers off the habit of buying soda only when it is on sale. The strategy, which PepsiCo refers to as "hybrid everyday value," involves narrowing the gap between soda prices on holidays and regular days. It aims to lessen the discounts on holidays, when a 12-pack of 12-ounce cans can cost as little as $2.50 to $3, and lower prices throughout the rest of the year, when the same package can cost as much as $5.99. ...
- Bob Lutz, Chinese parts maker offer $20 million for Fisker: sourcesDETROIT (Reuters) - China's largest auto parts maker and a boutique car company led by former General Motors Co executive Bob Lutz have offered $20 million to buy "green" carmaker Fisker Automotive, people familiar with the matter said on Wednesday. Wanxiang and VL Automotive are looking to buy Fisker, which has not built a car since July, through a prepackaged bankruptcy deal. A separate team of investors is looking to buy out the U.S. Department of Energy's position in Fisker. A spokesman for VL Automotive declined to comment. Pin Ni, president of Wanxiang's U.S. ...
- Europe targets Switzerland in fight against bank secrecyBy John O'Donnell and Martin Santa BRUSSELS (Reuters) - Europe edged closer to lifting banking secrecy on Wednesday after Austria said it was ready to share data on foreign depositors but Vienna's support could fade should efforts to strike a similar deal with Switzerland fail. Austria's dropping of objections allowed EU leaders to commit to an exchange of bank information between countries by the end of the year, as cash-strapped states seek to stop tax evasion and close loopholes highlighted by Apple Inc's use of a base in Ireland. ...
- Delta will wait for new planes to prove themselves: CEOBy Karen Jacobs (Reuters) - U.S. carrier Delta Air Lines will watch the wave of orders for the latest Airbus and Boeing planes roll on by and wait for the jets to prove themselves before ordering any, its chief executive told Reuters on Wednesday. The two airplane makers have orders for more than 3,000 of their narrow-bodied models, the Boeing 737 MAX and the Airbus A320neo, which boast fuel savings of about 15 percent. The new models are to be in service from the second half of the decade. ...
- Delta Airlines wants to stop Ex-Im help on big jetsBy Alwyn Scott (Reuters) - Delta Air Lines Inc wants the U.S. Export-Import Bank to stop helping state-owned foreign airlines buy wide-body jets from Boeing Co , and would be willing to forgo such support for its own purchases if all such subsidies were eliminated, its chief executive said on Wednesday. "We would be perfectly willing, if we had a total moratorium on narrow-body and wide-body financing, to forego" export credit help on narrow-body jet purchases from Bombardier , Delta CEO Richard Anderson said in an interview with Reuters. ...
- Fed officials want more progress before bond tapering: minutesWASHINGTON (Reuters) - Many Federal Reserve officials earlier this month wanted to see more evidence that the economy was recovering before shifting toward a tapering of their bond purchase program, the Fed said on Wednesday. "Most observed that the outlook for the labor market had shown progress since the program was started in September," according to minutes of the central bank's April 30-May 1 meeting. ...
- Dish uses national security ads to fight SoftBank dealBy Liana B. Baker (Reuters) - Dish Network Corp has rolled out an advertising campaign suggesting a deal by a Japanese company to acquire Sprint Nextel Corp could threaten U.S. national security, hoping to sway lawmakers and win support for its rival offer. The campaign, which so far appears on the Internet and in Washington-area newspapers, is Dish's most public lobbying effort yet against Japan-based SoftBank Corp. Dish has been pushing the national security angle hard in Washington. ...
- Bernanke says more progress needed before stimulus pullback
