Today's Reuters Business News Headlines - Yahoo! News:
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China grants new investment licenses to five overseas firms in Feb
Fri,9 Mar 2012 11:10 PM PST
Reuters - BEIJING (Reuters) - China granted new investment licenses to five foreign institutions in February to invest in its stock and bond markets, the securities regulator said on Saturday. The Chinese Securities Regulatory Commission awarded the licenses to Taiwan's TransGlobe Life Insurance Inc and Cathay Life Insurance Co Ltd, Malaysia's Public Mutual Berhad, and Japan's Meiji Yasuda Asset Management Company Ltd and Sumitomo Mitsui Banking Corporation, it said on its website. The institutions will still need to receive quotas from the foreign exchange regulator before they can start investing. ... Full Story | Top |
Government to seek court approval of $25 billion mortgage pact
Fri,9 Mar 2012 09:51 PM PST
Reuters -  WASHINGTON, D.C. (Reuters) - A previously announced $25 billion settlement between five major banks accused of abusive mortgage practices and government officials will be filed in federal court on Monday, people familiar with the matter said late Friday. The pact unveiled February 9 is expected to result in payments and other mortgage relief for about one million borrowers, but must first be approved by a judge. ...
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Import surge sends China trade to decade-deep deficit
Fri,9 Mar 2012 09:50 PM PST
Reuters -  BEIJING (Reuters) - China's trade balance plunged $31.5 billion into the red in February as imports swamped exports to leave the largest deficit in at least a decade and fuel doubts about the extent to which frail foreign demand or seasonal distortion drove the drop. Import growth of 39.6 percent on the year in February was the strongest in a year, well ahead of the 27 percent expected and more than twice the rate of export growth of 18.4 percent that was barely more than half the pace forecast -- albeit at a six month high. ...
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Apollo's Black gets $104 million in distributions, pay
Fri,9 Mar 2012 06:12 PM PST
Reuters -  (Reuters) - Apollo Global Management LLC co-founder Leon Black will take home $104.2 million in 2011 dividends, salary and share of profits from the private equity firm, more than twice what he got in 2010, thanks to the firm's record investment payouts. Apollo's revenues from realized carried interest - its cut from the profits it makes investors - hit an all-time annual high of $645 million in 2011 due to cash payouts from some of its realized investments, such as the sale of Parallel Petroleum to Samsung C&T Corp for $772 million. ...
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Government nixes tentative $1 billion settlement with J&J: WSJ
Fri,9 Mar 2012 05:44 PM PST
Reuters -  (Reuters) - Federal prosecutors in Washington, D.C. have nixed a tentative $1 billion settlement with Johnson & Johnson, holding out for a bigger settlement with the drugmaker for alleged improper marketing of its Risperdal schizophrenia drug, the Wall Street Journal said. The report, citing sources familiar with the situation, said Department of Justice prosecutors in Washington rejected a proposed settlement worked out about two months ago between J&J and federal prosecutors in Philadelphia, and that the deal must now be renegotiated. ...
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Stocks may avert pullback - again
Fri,9 Mar 2012 05:17 PM PST
Reuters -  NEW YORK (Reuters) - For a moment, stocks looked like they were headed for a long-awaited pullback this week. But that didn't happen. After more signs of a healthier economy, stocks may have room to run higher in the week ahead. The benchmark Standard & Poor's 500 Index registered another week of gains on Friday, its fifth in six weeks, once again defying calls for a reversal in its five-month rally. Friday also marked the three-year anniversary of the S&P 500's plunge to a 12-year low, a move that was followed by a sharp rally. The S&P 500 still is up 102 percent from that low. ...
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Toronto builds airport tunnel, loses ferry romance
Fri,9 Mar 2012 05:07 PM PST
Reuters - TORONTO (Reuters) - Canada's biggest city is starting work on a tunnel that will eliminate the need for a short ferry ride to its downtown island airport, promising an extra draw to travelers seeking quick access to Toronto's business core. Prime Minister Stephen Harper said the pedestrian link, to be operational by 2014, would help give Toronto's Billy Bishop Airport the service it deserves. "Toronto is a world class city, and airports in world class cities must provide world class service," Harper told an event on Friday marking the start of construction. ... Full Story | Top |
Mercer inches closer to Fibrek deal
Fri,9 Mar 2012 05:03 PM PST
Reuters - (Reuters) - Canada's Mercer International Inc said the Court of Québec has reversed a cease trade order against a private placement of special warrants by Fibrek Inc to Mercer. On February 23, the Bureau de décision et de révision had issued a cease trade order against the private placement of 32,320,000 special warrants to Mercer. Mercer and Resolute Forest Products , previously known as AbitibiBowater, are both looking to buy Canadian pulp producer Fibrek. "We now look forward to effecting our offer to acquire all of the outstanding common shares of Fibrek... ... Full Story | Top |
Industry group finds Greek deal triggers CDS payout
Fri,9 Mar 2012 04:25 PM PST
Reuters - NEW YORK (Reuters) - Greece's debt swap deal will trigger the payout of insurance protection on the country's bonds because of legislation that forced all private creditors to take losses, an industry group said on Friday. The International Swaps and Derivatives Association said the decision by its EMEA Determinations Commission to declare a so-called credit event was unanimous. The actual payout to creditors is likely to be less than the maximum of $3.16 billion of net outstanding Greek credit default swap contracts because bondholders are not losing all of their original investment. ... Full Story | Top |
MF Global plans bonus payouts for 3 executives: source
Fri,9 Mar 2012 04:14 PM PST
Reuters - NEW YORK (Reuters) - Three top executives at MF Global Holdings Ltd kept on since the commodities firm's collapse could receive performance-based bonuses under a retention plan being prepared by a court-appointed trustee, people close to the trustee said. Trustee Louis Freeh plans to ask a bankruptcy judge to approve the employment agreements, said these people, who spoke on condition of anonymity because the plan is still being crafted. ... Full Story | Top |
Now more optimistic, job-seekers dust off resumes
Fri,9 Mar 2012 04:10 PM PST
Reuters - CHICAGO/NEW YORK (Reuters) - Like many unemployed Americans, Gint Butenas is cautiously hopeful that things might be about to go his way. The 57-year-old information technology worker was laid off by a pharmaceutical manufacturer in 2009. At the time, Butenas recalls the economy was losing 250,000 jobs a month so he saw little point in even looking for work. After completing a master's degree to improve his IT skills in 2010, he is now looking for a job and noticing signs of improvement. ... Full Story | Top |
Morgan Stanley banker pleads not guilty in cab driver assault
Fri,9 Mar 2012 04:02 PM PST
Reuters -  STAMFORD, Connecticut (Reuters) - A senior Morgan Stanley banker pleaded not guilty on Friday to hate crime, theft and assault charges stemming from an incident last December that police say escalated from a dispute over a $200-plus cab fare to a knife attack on the driver. William Bryan Jennings, who had been co-head of North American fixed-income capital markets at the Wall Street bank until being put on leave following his arrest last month, entered "not guilty" pleas to each of three charges against him. ...
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IMF chief proposes 28 billion euro Greek loan for 4 years
Fri,9 Mar 2012 03:59 PM PST
Reuters -  WASHINGTON (Reuters) - The International Monetary Fund next week will consider making a loan worth 28 billion euros ($36.7 billion) to Greece over a four year period, as part of a second international bailout package for Athens. The loan size would be at the upper end of the amount expected and for a year longer than similar IMF programs. ...
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Regulator approves Cap One: HSBC deal
Fri,9 Mar 2012 03:32 PM PST
Reuters -  (Reuters) - Bank regulators approved Capital One Financials acquisition of HSBC's $30 billion U.S. credit card business, the Office of the Comptroller of the Currency announced on Friday. McLean, Virginia-based Capital One has been expanding through acquisitions recently and received approval from the Federal Reserve last month to acquire ING Groep NV's U.S. online banking unit in a $8.9 billion deal. Capital One in August announced its plan to acquire HSBC's U.S. credit card portfolio in a $2.6 billion deal. ...
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GE holds CEO Immelt's pay steady in 2011
Fri,9 Mar 2012 03:16 PM PST
Reuters - (Reuters) - General Electric Co held Chief Executive Jeff Immelt's pay essentially flat in 2011, a year that the largest U.S. conglomerate's profit rose 16 percent but its shares stagnated. The world's largest maker of jet engines and electric turbines paid its 56-year-old CEO total compensation worth $21.6 million last year, up less than 1 percent from 2010, the company said in a filing with the U.S. Securities and Exchange Commission. The increase was due to a $3.9 million rise in the book value of his pension; factoring that out his pay declined. ... Full Story | Top |
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