Today's Reuters Business News Headlines - Yahoo! News:
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BHP Billiton likely to delay Olympic Dam $30b expansion decision: report
Fri,27 Jul 2012 09:33 PM PDT
Reuters -  SYDNEY (Reuters) - BHP Billiton (BHP.AX) (BLT.L) is likely to delay a decision on a $30 billion proposed expansion of the Olympic dam mine in South Australia, a newspaper said, months after it scrapped a capital spending plan citing tough economic conditions. A decision by the world's biggest miner on whether to proceed with the proposed expansion of its copper and uranium mine will not be made until 2014 rather than by the end of this year, as previously stated by the company, the Australian reported on Saturday, citing documents it had obtained. ...
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Apple, Samsung take patent fight to crucial California trial
Fri,27 Jul 2012 09:13 PM PDT
Reuters -  SAN FRANCISCO (Reuters) - Apple Inc and Samsung Electronics Co Ltd take their battle for mobile supremacy to court on Monday in one of the biggest-ever technology patent trials, a case with the potential to reshape a fast-evolving market they now dominate. The tech titans will lock horns in a federal courtroom in San Jose, California, just miles from Apple's headquarters. The stakes are high, with Samsung facing potential U.S. sales bans of its Galaxy smartphones and tablet computers, and Apple in a pivotal test of its worldwide patent litigation strategy. ...
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Apple pondered strategic investment in Twitter: NYT
Fri,27 Jul 2012 09:13 PM PDT
Reuters -  SAN FRANCISCO (Reuters) - Apple Inc held discussions in recent months about possibly investing hundreds of millions of dollars in Twitter to gain a social networking presence, the New York Times on Friday, cited people briefed on the matter as saying. The iPhone and iPad maker, which has never delved deeply into a social media space dominated by Facebook Inc , at one point considered an investment that would have valued the microblogging service at $10 billion but the two were not in negotiations now, the newspaper reported. Apple declined comment. ...
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Bernanke, Geithner response to Libor scandal rings hollow
Fri,27 Jul 2012 05:29 PM PDT
Reuters -  WASHINGTON (Reuters) - Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history: the systematic manipulation of a key global interest rate. It's a line of argument that has fallen flat with some lawmakers and investors, who want to know why Bernanke and other key U.S. regulators did not do more to end a potentially criminal rigging of interest rates affecting trillions of dollars in financial contracts. ...
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JPMorgan creates more management checks and balances
Fri,27 Jul 2012 04:06 PM PDT
Reuters -  NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon reshuffled his management team, in a step that analysts see as creating more checks and balances in the upper ranks after the bank suffered from embarrassing trading losses. Analysts said the changes, announced on Friday, position Michael Cavanagh and Daniel Pinto as prime candidates to succeed Dimon, 56, when he is ready to retire. Cavanagh, 46, and Pinto, 49, were named co-chiefs of commercial and investment banking. Matt Zames, 41, was named co-chief operating officer and is also seen as a strong candidate to succeed ...
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JPMorgan's Dimon wants to stay at bank "many, many more years"
Fri,27 Jul 2012 04:06 PM PDT
Reuters - NEW YORK (Reuters) - JPMorgan Chase & Co Chairman and CEO Jamie Dimon said in an interview on Friday that he wants to stay at the bank for "many, many more years." Dimon spoke to Reuters after announcing that he is rearranging responsibilities of many of his top lieutenants to prepare the bank for his eventual departure. "Succession is one of the most critical things I have to do -- getting people prepared for these jobs, including mine," said Dimon, whose bank holds $2.29 trillion in assets, more than any other United States-based lender. ... Full Story | Top |
White House lowers growth forecasts, brightens jobs picture
Fri,27 Jul 2012 03:56 PM PDT
Reuters - WASHINGTON (Reuters) - The White House cut its outlook for U.S. growth in 2012 and 2013 on Friday, hours after data showed the economy grew at a tepid pace in the second quarter, raising concerns about a slowdown that could mar President Barack Obama's re-election chances. In its semi-annual budget review, the White House said it expected gross domestic product to rise 2.3 percent this year and 2.7 percent next year - less than the 2.7 percent and 3.0 percent growth projections it made in February. ... Full Story | Top |
Spain discusses state bailout; ECB seen writing off Greek debt
Fri,27 Jul 2012 03:31 PM PDT
Reuters -  BRUSSELS (Reuters) - Spain has at last conceded it may need a state bailout and policymakers are considering writing down Greek debt to their central banks, European officials said on Friday, as markets anticipated radical new action to pull the continent out of its debt maelstrom. European Central Bank President Mario Draghi, who on Thursday pledged to do whatever was necessary to protect the euro zone from collapse, is also set to meet Germany's Bundesbank President Jens Weidmann to discuss a raft of other measures to address the region's crisis, according to a Bloomberg report. ...
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TSX rallies to three-week high on euro zone hopes
Fri,27 Jul 2012 02:48 PM PDT
Reuters -  TORONTO (Reuters) - Canadian stocks hit a three-week high on Friday, led by financial and energy shares, as risk trade rallied on renewed optimism that European policymakers were united in battling the euro zone's debt crisis that is sapping global economic growth. German Chancellor Angela Merkel and French President François Hollande said on Friday that they are "deeply committed to the integrity of the euro zone" and "are determined to do everything to protect the euro zone." The joint statement echoed similar remarks by European Central Bank President Mario Draghi on Thursday. ...
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CNN chief Walton to leave ratings-starved network
Fri,27 Jul 2012 02:42 PM PDT
Reuters -  (Reuters) - CNN Worldwide President Jim Walton said on Friday he is leaving the once-dominant cable news network, which has been plagued by low ratings in recent years. Phil Kent, chief executive of Turner Broadcasting, will begin a search for a new president, the network said. Walton is departing on December 31. "CNN needs new thinking. That starts with a new leader who brings a different perspective, different experiences and a new plan," said Walton, 54, CNN's president since 2003. ...
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Rally drives S&P 500 to highest close since May 3
Fri,27 Jul 2012 02:42 PM PDT
Reuters -  NEW YORK (Reuters) - Stocks surged on Friday, driving the S&P 500 to its highest close since May 3 as hopes increased that the Federal Reserve and the European Central Bank may provide further stimulus. Taken together, the S&P 500's two-day move was its biggest since December, driven by optimism that central banks will ride to the rescue with more aid for the world economy. The S&P 500 rose 3.6 percent in those two days, and the moves come before key meetings of both the Fed and the ECB next week. The Dow ended above 13,000 for the first time since May 7. ...
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Wall Street Week Ahead: Rolling out red carpet for central bankers
Fri,27 Jul 2012 02:32 PM PDT
Reuters -  NEW YORK (Reuters) - Stocks took off at the end of the week, drawn by the allure of a helping hand from the world's two most powerful central banks. Traders are unlikely to resist those charms again next week. The U.S. Federal Reserve and the European Central Bank both meet next week amid investor expectations of action to stimulate economic growth and, in the case of the ECB, tackle the spreading euro zone debt crisis. The drumbeat of weak economic data and disappointing U.S. corporate profits and outlooks mean central banks can be stocks' best friends. ...
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Oil up fourth day as stimulus hopes support
Fri,27 Jul 2012 01:57 PM PDT
Reuters -  NEW YORK (Reuters) - Oil prices rose a fourth day on Friday on hopes for more stimulus from the U.S. Federal Reserve after data showed U.S. economic growth slowed in the second quarter as expected. Dollar-denominated crude futures saw choppy trading as the euro and dollar also seesawed, buffeted by comments from European leaders. The euro hit a three-week high, lifted early after French leader Francois Hollande and his German counterpart, Angela Merkel, said they are determined to do all they can to safeguard the single currency. ...
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Cautious consumers, foreign trade curb second quarter growth
Fri,27 Jul 2012 01:56 PM PDT
Reuters -  WASHINGTON (Reuters) - U.S. economic growth slowed in the second quarter as consumers spent at their slowest pace in a year, increasing pressure on the Federal Reserve to do more to bolster the recovery. Gross domestic product expanded at a 1.5 percent annual rate between April and June, the weakest pace of growth since the third quarter of 2011, the Commerce Department said on Friday. First-quarter growth was revised up by a tenth of a percent to a 2.0 percent pace. Details of the report were weak, with foreign trade being a drag and stocks of unsold goods rising. ...
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Petronas raises Progress Energy offer after rival bid
Fri,27 Jul 2012 01:24 PM PDT
Reuters -  (Reuters) - Progress Energy Resources Corp said Malaysia's state oil company Petronas has agreed to raise its offer to buy the Canadian natural gas producer by 8 percent after Progress received an unsolicited proposal from a third party. Petronas, which in June launched a C$20.45 per share offer for Progress, will now pay C$22.00 for each share, or C$5.17 billion ($5.12 billion) in total. Progress did not name the third party that made the unsolicited offer, but said its board has approved Petronas's latest offer. ...
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