Today's Reuters Business News Headlines - Yahoo! News:
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Bristol-Myers to buy Amylin for about $5.3 billion
Fri,29 Jun 2012 08:56 PM PDT
Reuters - NEW YORK (Reuters) - Bristol-Myers Squibb Co will buy biotechnology company Amylin Pharmaceuticals Inc for about $5.3 billion in cash, helping Bristol-Myers extend its portfolio of diabetes treatments with the addition of drugs Byetta and Bydureon. Bristol-Myers said late on Friday it had also reached a follow-on deal with UK-based AstraZeneca Plc to collaborate on developing Amylin's products once the buyout is completed, expanding upon an existing partnership between the two pharmaceutical makers in diabetes treatments. AstraZeneca will pay $3.4 billion in cash for these rights. ... Full Story | Top |
Trustee objects to advisers in Dewey bankruptcy
Fri,29 Jun 2012 08:38 PM PDT
Reuters - (Reuters) - The U.S. Trustee in the bankruptcy case of Dewey & LeBoeuf objected on Friday to the retention of law firms and public relations advisers that had filed applications to advise the defunct law firm in its bankruptcy proceedings. Hope Davis, who represents the U.S. Justice Department in the bankruptcy, objected to the applications of law firms Proskauer Rose LLP and Keightley & Ashner LLP, arguing that the case does not "warrant the need for two law firms to perform what appear to be the same services. ... Full Story | Top |
Airbus poised to invest $600 million in new U.S. plant
Fri,29 Jun 2012 05:41 PM PDT
Reuters -  ATLANTA (Reuters) - European planemaker Airbus is poised to invest $600 million in a new U.S. production facility in Mobile, Alabama, for its A320 passenger jet that is expected to produce four planes a month by 2017, according to two people familiar with the company's plans. U.S. rival Boeing Co on Friday argued that a U.S.-based plant would not dilute Washington's case against European aircraft loans that the World Trade Organization has found illegal. The same body has also faulted some U.S. aid to Boeing. ...
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Securities regulator FINRA lost $84 million in 2011
Fri,29 Jun 2012 05:36 PM PDT
Reuters - (Reuters) - The Financial Industry Regulatory Authority, the U.S. securities industry's self-funded regulator, lost $84 million last year on higher, one-time project expenses. Weaker collection of fees due to low industry trading volume and thin returns on its investment portfolio also depressed earnings. FINRA, whose top five executives received $6.86 million in compensation for 2011, said in its annual report released on Friday that it is seeking approval to raise fees for its brokerage firm members "in light of our robust regulatory responsibilities but static funding levels. ... Full Story | Top |
White House: encouraged by "progress" made by Europe
Fri,29 Jun 2012 04:59 PM PDT
Reuters - ABOARD AIR FORCE ONE (Reuters) - The White House on Friday offered a cautious welcome to the promise of fresh action by euro zone leaders during overnight talks to tackle their simmering debt crisis, but emphasized that the region will require ongoing steps to resolve its problems. "We welcome the indications that euro area leaders made progress last night as they grapple with these challenges. We also ... note that these difficulties will not be resolved overnight and details remain to be worked out," said White House press secretary Jay Carney. The European crisis has threatened the tepid U. ... Full Story | Top |
How all-night Brussels showdown pulled euro back from brink
Fri,29 Jun 2012 04:59 PM PDT
Reuters - BRUSSELS (Reuters) - They were bleary-eyed in their crumpled suits early on Friday morning, but euro zone negotiators were smiling after a hard-fought night of talks that struck a surprisingly far-reaching deal to prop up the euro. An agreement to let the euro zone's rescue funds directly recapitalize banks - something Spain has long held out for - went substantially beyond what almost all diplomats and finance officials expected going into the two-day summit. ... Full Story | Top |
G20 says eurozone decisions are important step forward
Fri,29 Jun 2012 04:59 PM PDT
Reuters - MEXICO CITY (Reuters) - Euro zone leaders' moves to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states are an important step forward, Group of 20 finance ministers said on Friday. In a statement released by the Mexican finance ministry, the G20 said the steps agreed at Friday's summit were in line with promises in Los Cabos earlier this month that Europe would take all the necessary measures to safeguard the integrity and stability of the currency area and improve market functioning. ... Full Story | Top |
Investors seek US debt on EU summit pessimism: EPFR
Fri,29 Jun 2012 04:59 PM PDT
Reuters - NEW YORK (Reuters) - In advance of the latest round of European talks to help stabilize the euro zone financial situation, investors once again played it safe, data from EPFR Global showed on Friday. The fund-tracking firm reported that U.S. bond funds took in $3.26 billion in the week ended June 27. More significantly, U.S. stock funds saw redemptions of $7.64 billion, with about 80 percent of that being pulled from three exchange-traded funds. Bond funds globally saw inflows of $4.74 billion over the week, while equity funds saw outflows of $7.69 billion. ... Full Story | Top |
Merkel says ECB supervisory plans ready by year-end
Fri,29 Jun 2012 04:59 PM PDT
Reuters - BERLIN (Reuters) - Chancellor Angela Merkel told German lawmakers on Friday proposals to give the European Central Bank (ECB) new supervisory powers for banks in the euro zone would be ready by the end of the year. "It's not going to happen in a single day and not in two weeks either. It's a longer process, a proposal for that should be ready by the end of the year," Merkel told the lower house Bundestag. She was speaking after attending a two-day EU summit in Brussels which agreed the bigger role for the ECB along with other measures aimed at overcoming the euro zone debt crisis. ... Full Story | Top |
Schaeuble: no euro bonds in my lifetime either
Fri,29 Jun 2012 04:59 PM PDT
Reuters - BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble echoed Angela Merkel's pledge that Europe would have no common euro bonds in her lifetime, saying on Friday they wouldn't happen as long as he lived either unless other radical reforms occurred first. "Euro bonds, if understood as euro bonds without common liability and without common financial policy, are something that I don't want in my lifetime either," Schaeuble said. ... Full Story | Top |
EU summit success to help Hollande pass fiscal pact
Fri,29 Jun 2012 04:59 PM PDT
Reuters - PARIS (Reuters) - French President Francois Hollande's role in goading Germany towards more flexibility in aiding debt-laden euro zone states positions him well to win parliamentary support for stiffer budget discipline rules he once swore to rewrite. The Socialist leader led a revolt against Berlin's austerity focus that resulted in a hard-fought deal on Friday offering more help to struggling Spain and Italy in return for joint European banking supervision, and deeper fiscal union down the road. ... Full Story | Top |
EU summit moves push Italian, Spanish yields lower
Fri,29 Jun 2012 04:59 PM PDT
Reuters - LONDON (Reuters) - Spanish and Italian government bond yields fell sharply on Friday and safe-haven German government debt sold off after euro zone leaders agreed to re-model the bloc's rescue funds, but the relief may be brief. Catching markets by surprise, the leaders agreed to allow the rescue funds to stabilize debt markets and directly recapitalize banks, responding to pleas from Spain and Italy to help lower their borrowing costs. ... Full Story | Top |
EU deal for Spain, Italy buoys markets but details sketchy
Fri,29 Jun 2012 04:59 PM PDT
Reuters -  BRUSSELS (Reuters) - Under pressure to prevent a catastrophic breakup of their single currency, euro zone leaders agreed on Friday to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states. They also pledged to create a single banking supervisor for euro zone banks based around the European Central Bank in a landmark first step towards a European banking union that could help shore up struggling member Spain. ...
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IMF welcomes steps to deepen EU financial integration
Fri,29 Jun 2012 04:59 PM PDT
Reuters - WASHINGTON (Reuters) - The International Monetary Fund on Friday welcomed decisions by European leaders to deepen financial sector integration in the euro zone, saying it they would "help break the feedback loop between banks and sovereigns." "These are the right steps toward completing monetary union which will also benefit from further action for deeper fiscal integration," an IMF spokeswoman said in a statement. (Reporting By Lesley Wroughton; Editing by Chizu Nomiyama) Full Story | Top |
Wall Street Week Ahead: Can EU deal lift stocks for more than a day?
Fri,29 Jun 2012 04:47 PM PDT
Reuters -  NEW YORK (Reuters) - Stocks finished the first half of the year with a bang as investors welcomed news that the euro zone is a step closer to solving its 30-month-long debt crisis. Now for the question: Is this rally strong enough to last for more than a day? The S&P 500 and the Nasdaq posted their best daily percentage gains since December on Friday after an agreement by European leaders to stabilize the region's troubled banks, a pact that helped remove some of the uncertainty that has plagued markets. "That is the major question. ...
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