Today's Reuters Business News Headlines - Yahoo! News:
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ECB saves Greece from bankruptcy by securing emergency loans-paper
Fri,3 Aug 2012 08:09 PM PDT
Reuters - BERLIN (Reuters) - The European Central Bank (ECB) has saved Greece from bankruptcy for the time being by securing it interim financing in the form of additional emergency loans from the Bank of Greece, German newspaper Die Welt said on Saturday. The ECB's Governing Council agreed at its meeting on Thursday to increase the upper limit for the amount of Greek short-term loans the Bank of Greece can accept in exchange for emergency loans, the newspaper said in an advance copy of the article due to appear in its Saturday edition. ... Full Story | Top |
Knight Capital heads into make-or-break weekend
Fri,3 Aug 2012 07:56 PM PDT
Reuters -  (Reuters) - Knight Capital Group Inc's future remained in flux as it headed into the weekend trying to clinch a rescue deal, but there was skepticism on Wall Street that one of the largest U.S. equities trading firms would find a suitor before Monday. Knight was plunged into crisis on Wednesday when it lost $440 million, most of its capital, after a software glitch caused it to make thousands of unintended trades on about 140 stocks. Knight said on Thursday it was actively pursuing strategic and financing alternatives. ...
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Labor chief Solis urges congress to aid employment
Fri,3 Aug 2012 05:56 PM PDT
Reuters - WASHINGTON (Reuters) - Labor Secretary Hilda Solis said on Friday the U.S. labor market still has a long way to go to get back to health and urged Congress to do more to foster job growth. Speaking on CNBC, Solis said that while progress has been made in some sectors of the labor market, there was more that could be done. "We need to do more," Solis said. "We still have projects that we know can be moved on if the Congress will come together. I think the public just needs to be heard and make it clear to Congress that now is the time to act." Data on Friday showed the U.S. ... Full Story | Top |
White House says jobs data shows economy recovering
Fri,3 Aug 2012 05:56 PM PDT
Reuters - WASHINGTON (Reuters) - The White House said on Friday that data showing U.S. hiring increased in July showed the economy was continuing to recover, and stressed the jobless rate was "essentially unchanged" despite its rise from 8.2 percent to 8.3 percent. "Today's employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression," Alan Krueger, chairman of the White House Council of Economic Advisers, said in a statement. He also noted that although the unemployment rate ticked up, "more precisely, the rate rose from ... Full Story | Top |
Instant view: July nonfarm payrolls rise by 163,000
Fri,3 Aug 2012 05:56 PM PDT
Reuters - NEW YORK (Reuters) - Employers in July hired the most workers in five months, but an increase in the jobless rate to 8.3 percent will probably keep expectations of additional monetary stimulus from the Federal Reserve intact. COMMENTS: STEPHEN STANLEY, CHIEF ECONOMIST, PIERPONT SECURITIES, STAMFORD, CONNECTICUT "It's marginally better on the balance. More importantly we have a drop in household employment, which is not such good news. Even with the better-than-expected payroll number, it's not sufficiently big enough to change the big-picture view. ... Full Story | Top |
Obama says too many still jobless, need to help middle class
Fri,3 Aug 2012 05:56 PM PDT
Reuters - WASHINGTON (Reuters) - President Barack Obama welcomed Friday's data showing employers kept hiring in July but said there were still too many Americans without jobs, and warned that Republican tax plans would hurt the middle class at a still-sensitive time. "We've still got too many folks out there who are looking for work, we've got more work to do on their behalf," Obama, who is running for re-election in November, told an event at the White House where he pitched his own plan to keep middle class taxes low and raise rates on the very rich. ... Full Story | Top |
Hiring picks up but not enough to sideline Fed
Fri,3 Aug 2012 05:56 PM PDT
Reuters -  WASHINGTON (Reuters) - Employers hired the most workers in five months in July, but an increase in the jobless rate to 8.3 percent kept prospects of further monetary stimulus from the Federal Reserve on the table. Nonfarm payrolls rose 163,000 last month, the Labor Department said on Friday, breaking three straight months of job gains below 100,000 and offering hope for the ailing economy. "It's a relief we did not post another number like 75,000, but the reality is it's not night and day. ...
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Treasury says to raise $5 billion from AIG stock sale
Fri,3 Aug 2012 05:27 PM PDT
Reuters -  WASHINGTON (Reuters) - The U.S. Treasury Department said on Friday it expects to raise $5 billion from its sale of American International Group stock, cutting the government's stake in the bailed-out insurer to 55 percent. The sale, which would bring a profit of about $300 million to the U.S. Treasury, comes as President Barack Obama campaigns for a second term and has been forced to defend his administration's decision to use taxpayer money to prop up companies during the crisis. The Treasury Department priced the offering at $30.50 a share, six percent above the $28.72 price needed for the ...
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Wall Street sees Knight as software risk wake-up call
Fri,3 Aug 2012 05:16 PM PDT
Reuters -  (Reuters) - Wall Street banks and brokers are poring over their trading systems and rethinking the way they test software to make sure they don't become the next Knight Capital Group, the trading firm whose survival was imperiled by a software glitch on Wednesday. Knight Capital's $440 million loss from errant trades, which has forced the company to consider selling all or part of itself, is the third time in five months that technical bugs have caused trouble for Wall Street players. ...
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Weapons maker Lockheed builds submarine for oil rigs
Fri,3 Aug 2012 05:10 PM PDT
Reuters -  PALM BEACH, Florida (Reuters) - Lockheed Martin Corp is already the Pentagon's biggest supplier and the largest information technology provider for the U.S. federal government, but now it is turning its sights on a $1 billion niche market in the oil and gas industry. At a small waterfront facility just outside Palm Beach, Florida, engineers have developed a 10-foot unmanned submarine named Marlin that uses sonar and other technologies developed for the U.S. military to inspect off-shore oil rigs in far less time and at lower cost than current systems. ...
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Exclusive: Fired Barclays trader draws scrutiny in Libor probe
Fri,3 Aug 2012 04:17 PM PDT
Reuters -  (Reuters) - A 30-year-old former Barclays Plc swaps trader in New York, who was fired from the bank in 2010, is among those drawing scrutiny from prosecutors in the deepening scandal over the manipulation of global benchmark interest rates. U.S. prosecutors in Washington, D.C. are looking at Ryan Reich's activities while at Barclays between August 2006 and March 2010, said several people familiar with the situation, who declined to be identified because the bid-rigging investigation is ongoing. ...
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Apple's Jobs was open to making smaller iPad: executive
Fri,3 Aug 2012 03:53 PM PDT
Reuters -  SAN JOSE, California (Reuters) - Steve Jobs was receptive to Apple Inc making a smaller tablet, a senior executive said in a 2011 email revealed on Friday, fanning speculation that Apple plans to make a mini-iPad and take on Google and Amazon products. Vice President Eddy Cue urged then-chief operating officer Tim Cook in January 2011 to build a 7-inch tablet, according to an email from Cue that Samsung Electronics introduced as evidence in a U.S. patent trial. ...
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Nissan unveils sleeker Pathfinder SUV
Fri,3 Aug 2012 03:25 PM PDT
Reuters -  FARMINGTON HILLS, Michigan (Reuters) - Nissan Motor Co unveiled a new 2013 model of its Pathfinder on Friday that it hopes will improve the current version's lagging performance among large sports utility vehicles in the U.S. market. The new Pathfinder will be 300 to 500 pounds lighter than the 2012 versions, depending on which options consumers take, said Carla Bailo, senior vice president of research and development for Nissan Americas. The Pathfinder was unveiled at Nissan's North American technical center in suburban Detroit on Friday and in New York on Thursday night. ...
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Berkshire Hathaway profit falls on derivative losses
Fri,3 Aug 2012 03:00 PM PDT
Reuters -  (Reuters) - Warren Buffett's ice-cream-to-insurance conglomerate Berkshire Hathaway reported a smaller profit for the second quarter on Friday as losses on derivatives dragged down results, though operating income set the new records Buffett predicted. Buffett eschews derivatives for the most part, but he does have one outstanding - and large - derivative bet tied to stock market performance. While he has said repeatedly he expects that position to be profitable over time, it generated nearly $700 million in losses in the last quarter. Berkshire earned $3. ...
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S&P cuts, affirms Italian banks in sweeping changes
Fri,3 Aug 2012 02:49 PM PDT
Reuters -  MILAN/NEW YORK (Reuters) - Ratings agency Standard & Poor's on Friday downgraded a broad swath of Italian banks, citing worries that the recession in the euro zone's third-largest economy could mean mounting losses for the country's lenders. Among the banks cut were giant Monte dei Paschi di Siena SpA . The bank stayed within the investment grade category - but only barely, slipping to BBB-minus from BBB. Monte Paschi, which has laid out a tough restructuring plan, is regarded as the weakest among Italy's top banks and was forced to request state aid in June to boost its weak capital base. ...
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