Today's Reuters Business News Headlines - Yahoo! News:
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Stocks, the little engine that could
Fri,2 Mar 2012 05:42 PM PST
Reuters - NEW YORK (Reuters) - Stocks have proven the naysayers wrong so far in 2012. And the February jobs report could be just the ticket to keep the bulls going next week. The five-month stock rally has been built on a string of improving economic data that suggests U.S. corporate profit growth will remain intact, according to some analysts. Job growth is a big part of that picture. It has lagged most other parts of the U.S. economy, a point frequently raised by Republican presidential hopefuls. ... Full Story | Top |
Citigroup Chairman Parsons stepping down
Fri,2 Mar 2012 04:35 PM PST
Reuters -  (Reuters) - Richard Parsons will step down as chairman of Citigroup Inc at its annual meeting in April and will be succeeded by Michael O'Neill, the former chief executive of Bank of Hawaii Corp, Citigroup said on Friday. Two other board members are also leaving. The moves will leave Citi under the leadership of directors and top executives who came to the company following losses in the financial crisis that required government bailouts. Parsons, 63, joined the board 16 years ago and became chairman in 2009. ...
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Citigroup Chairman Parsons stepping down
Fri,2 Mar 2012 03:11 PM PST
Reuters - (Reuters) - Richard Parsons will step down as chairman of Citigroup Inc at its annual meeting in April and is to be succeeded by Michael O'Neill, the former chief executive of Bank of Hawaii Corp, Citigroup said on Friday. Two other board members are also leaving. The moves will leave Citi under the leadership of directors and top executives who came to the company after it suffered losses in the financial crisis that required government bailouts. Parsons, 63, joined the board 16 years ago and became chairman in 2009. ...
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Credit Suisse to face National Century fraud case
Fri,2 Mar 2012 02:57 PM PST
Reuters - (Reuters) - A federal judge rejected Credit Suisse Group Inc's bid to dismiss a lawsuit by National Century Financial Enterprises bondholders that accused the Swiss bank of deceiving them about the health care finance company and missing its vast, roughly $2.9 billion fraud. U.S. District Judge James Graham in Columbus, Ohio said the bondholders, who held nearly $2 billion of National Century debt, "have submitted sufficient evidence in support of their fraud-based claims" to allow the lawsuit to proceed. ... Full Story | Top |
Yelp soars in market debut on Facebook optimism
Fri,2 Mar 2012 02:55 PM PST
Reuters -  (Reuters) - Consumer review website Yelp Inc made a sparkling market debut on Friday, buoyed by optimism ahead of Facebook's public listing and hopes for further successful public listings by Internet companies down the road. Yelp's stock closed 64 percent higher at $24.58, a day after Yelp priced its IPO at $15 a share - above its indicated range of $12 to $14. At Friday's closing price, the company is worth about $1.47 billion - about 17 times its 2011 revenue. ...
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Support cited for F-35 fighter after joint meeting
Fri,2 Mar 2012 02:34 PM PST
Reuters - WASHINGTON (Reuters) - The United States and eight other countries helping to develop the new F-35 Joint Strike Fighter underscored their full and continued support for the program, according to two sources who attended a gathering hosted by Canada. Despite U.S. plans to put off orders for 179 planes over the next five years and a steady drip of news about technical problems and developmental issues, a statement issued by Canada on Friday cited "good progress" on the program. ... Full Story | Top |
Facebook adding banks for IPO: sources
Fri,2 Mar 2012 02:30 PM PST
Reuters -  SAN FRANCISCO (Reuters) - Facebook Inc will add banks in coming weeks to help underwrite its initial public offering, two sources familiar with its plans said on Friday. Deutsche Bank, Credit Suisse and Citigroup are among the banks that will likely be added, said the sources, who requested anonymity because they were not authorized to speak publicly on the matter. Last September, Facebook increased its credit line to $2.5 billion. One of the sources said that the credit line may be increased to about $5 billion in the future. In February 2011, Facebook set up a $1. ...
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Analysis:Despite crunch, BNY Mellon is a stock-option contrarian
Fri,2 Mar 2012 02:19 PM PST
Reuters - BOSTON (Reuters) - BNY Mellon Corp is sticking with employee stock options, even as many major U.S. banks cut them, and despite its previous awards losing more than $850 million in value since 2008. Since the height of the credit crisis, U.S. banks have reduced or stopped issuing stock options to employees in favor of so-called restricted stock shares. Like options, the shares cannot be cashed in for several years, but employees can pocket some gains from them even if the stock price falls. ... Full Story | Top |
TSX slides to 10-day low on oil, gold
Fri,2 Mar 2012 01:58 PM PST
Reuters -  TORONTO (Reuters) - Canadian stocks hit a 10-day low on Friday as resource issues slumped on weaker oil and gold prices and as optimism over progress in Europe's debt crisis faded after Spain set a deficit target bigger than allowed by the euro zone's new fiscal pact. Six of the TSX's 10 main sectors were lower, led by the heavyweight materials and energy groups, which both slid more than 1 percent. "Oil is reversing course a little this week so that's driving a little bit of the weakness in the TSX," said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri. U.S. ...
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Dollar skids to snap 4 days of gains, but up on week
Fri,2 Mar 2012 01:36 PM PST
Reuters - TORONTO (Reuters) - The Canadian dollar retreated against its U.S. counterpart on Friday after touching a year-high this week, as the greenback climbed broadly amid a risk-off tone in global markets. The euro fell against the U.S. dollar on revived worries about Europe's fiscal stability, while oil prices sank after touching 3-1/2 year highs and the stronger greenback weighed on gold prices. "Equities are lower; commodities are lower, led by crude oil being down by two bucks. That, combined with the broader base U.S. ... Full Story | Top |
Wall St slips but S&P up for 3rd straight week
Fri,2 Mar 2012 01:30 PM PST
Reuters -  NEW YORK (Reuters) - The S&P and Nasdaq notched their eighth week of gains out of the last nine, but momentum ran out on Friday as stocks ended the day lower in a thinly traded session. Energy shares were the big losers in the broad decline, falling alongside crude oil prices, though other cyclical groups, including industrials and financials, also lost altitude. The S&P 500 has gained almost 9 percent since the beginning of the year. ...
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Cruise industry woes not affecting Disney, CEO says
Fri,2 Mar 2012 12:51 PM PST
Reuters - (Reuters) - As Disney prepares to launch its fourth cruise ship following several recent disasters that have rocked the industry, and other cruise lines jump to slash fares, the company's chief executive officer never considered cutting rates for passengers on its new Disney Fantasy ship, scheduled to sail on March 31. "The opportunity we see isn't in grabbing market share by pricing. We have a brand that means quality and service for family entertainment," Chief Executive Bob Iger said from a Disney Fantasy stateroom an hour before its March 1 christening in New York City. ... Full Story | Top |
Barrick names human rights, ecology advisory panel
Fri,2 Mar 2012 12:51 PM PST
Reuters - TORONTO (Reuters) - Barrick Gold named a corporate social responsibility board on Friday, which will advise the world's top gold producer on community relations, sustainable development and human rights, as miners around the globe face tougher public and investor scrutiny of their activities. Toronto-based Barrick was hit by a torrent of criticism last year after at least five people were killed and many more were hurt, when hundreds of people raided a gold mine in Tanzania owned by its subsidiary African Barrick Gold. ... Full Story | Top |
Merkin close to settling with NY for $400 million: source
Fri,2 Mar 2012 12:29 PM PST
Reuters - NEW YORK (Reuters) - Financier J. Ezra Merkin, accused of secretly steering $2.4 billion in client funds to Ponzi schemer Bernard Madoff, is close to settling a lawsuit brought by the New York attorney general for about $400 million, according to a person close to the matter. Merkin, a former chairman of the finance company GMAC LLC, betrayed investors by reaping $470 million in client fees while "recklessly" sending their funds to Madoff to oversee, the lawsuit contends. ... Full Story | Top |
Morgan Stanley banker charged with hate crime
Fri,2 Mar 2012 11:58 AM PST
Reuters - (Reuters) - A senior Morgan Stanley investment banker was placed on leave after police accused him of hurling racial slurs at a taxi driver of Middle Eastern descent and stabbing him in the hand with a pen knife over a fare dispute. William Bryan Jennings, co-head of North American fixed-income capital markets at the Wall Street bank, was arrested near his home in Darien, Connecticut, on Wednesday and charged with second-degree assault, sixth-degree larceny for not paying the fare and intimidation by bias or bigotry, Detective Mark Cappelli told Reuters. ... Full Story | Top |
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