Saturday, September 1, 2012

Daily News Digest: Reuters Business News Headlines - Yahoo! News

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Saturday, September 1, 2012 12:00 AM PDT
Today's Reuters Business News Headlines - Yahoo! News:
Bernanke says Fed ready to act but short on specifics
Fri,31 Aug 2012 05:50 PM PDT
Reuters -

Ben Bernanke reacts as he testifies before the House Committee on the Financial Services semi-annual monetary policy report on Capitol Hill in WashingtonJACKSON HOLE, Wyoming (Reuters) - Federal Reserve Chairman Ben Bernanke on Friday left the door wide open to a further easing of monetary policy, saying the stagnation in the U.S. labor market was a "grave concern," but he stopped short of providing a clear signal of imminent action. His stark language gave a temporary lift to U.S. stocks, but economists walked away from the Fed chairman's remarks still divided over whether the central bank would launch a fresh round of bond purchases at its upcoming meeting in September. ...


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Europe must act strongly to tackle crisis: OECD
Fri,31 Aug 2012 05:39 PM PDT
Reuters -

Structure showing the Euro currency sign is seen in front of the ECB headquarters in FrankfurtJACKSON HOLE, Wyoming (Reuters) - Backing bond market intervention by the European Central Bank, the OECD said on Friday that Europe must seize a "window of opportunity" offered by the relative recent calm of financial markets to tackle the simmering euro zone debt crisis. "I think it is now time that the European authorities push strongly toward a solution," said Pier Carlo Padoan, chief economist of the Paris-based Organization of Economic Cooperation and Development. ...


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AMR, US Airways say evaluating potential merger
Fri,31 Aug 2012 04:26 PM PDT
Reuters -

A US airways plane takes off behind an American Airlines jet at Ronald Reagan National Airport in Washington(Reuters) - American Airlines parent AMR Corp and US Airways Group Inc have signed a non-disclosure agreement as they evaluate a potential merger that would create an airline that rivals leader United Continental Holdings Inc in scope. The two carriers said on Friday they agreed to share confidential information, work with bankrupt AMR's creditors committee, and not talk to third parties about any terms of their possible combination. American has also signed non-disclosure agreements with other parties, according to a memo the company sent to managers on Friday. ...


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Bernanke raps BIS call for global cooperation by central banks
Fri,31 Aug 2012 03:33 PM PDT
Reuters - JACKSON HOLE, Wyoming (Reuters) - The world's big central banks ought to cooperate more by taking into account the global impact of their individual policy decisions, a top policymaker said on Friday, but he was immediately challenged by Federal Reserve Chairman Ben Bernanke. Jaime Caruana, general manager of the Bank for International Settlements, a global forum for central banks, told some of the world's most powerful policymakers that they must recapture the common sense of purpose they showed when fighting the global financial crisis of 2007-09. ... Full Story
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China won't challenge WTO ruling in U.S. bank card row
Fri,31 Aug 2012 03:26 PM PDT
Reuters - GENEVA/WASHINGTON (Reuters) - The United States welcomed China's decision on Friday not to appeal a trade panel ruling that Beijing discriminated against U.S. bank card suppliers such as Mastercard Inc and Visa Inc in favor of a state-owned enterprise, China UnionPay. "Fair and open financial services markets are critical to facilitating global trade," U.S. Trade Representative Ron Kirk said in a statement, noting that China now had 30 days to say how it would comply with the World Trade Organization's July 16 ruling. The U.S. ... Full Story
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BlackRock picked its battles in fierce proxy season
Fri,31 Aug 2012 02:31 PM PDT
Reuters -

A BlackRock building is seen in New YorkBOSTON (Reuters) - Funds run by BlackRock Inc went along with management during high-profile proxy contests at JPMorgan Chase & Co and Citigroup Inc, new filings show, limiting gains by dissident shareholders during the noisy spring proxy season. But even as funds of New York-based BlackRock voted for the status quo at the banks, they dissented in other fights such as at Walt Disney Co and Simon Property Group. BlackRock funds also raised the stakes when rejecting executive pay plans by adding votes "against" individual directors, unlike some rival funds. ...


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Facebook hits new low after price target cuts
Fri,31 Aug 2012 02:29 PM PDT
Reuters -

Facebook logo is seen on a screen inside at the Nasdaq Marekstsite in New York(Reuters) - Shares of Facebook Inc fell 4.5 percent to a new low on Friday after brokerages cut their price targets on the company's shares, saying several lock-up expirations over the next year will weigh on the stock. Early investors got the green light to sell Facebook shares for the first time on August 16, sending its stock down 6.3 percent and prompting price target cuts. About 243 million shares will become available for trading from mid-October, with November 14 being the big day when more than 1.2 billion shares will enter the market. ...


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Europe must implement plans or risk upsetting markets: IMF
Fri,31 Aug 2012 02:08 PM PDT
Reuters -

IMF First Deputy Managing Director Lipton speaks during a news conference in TokyoJACKSON HOLE, Wyoming (Reuters) - Euro zone commitments to tackle the region's two-year sovereign debt crisis have comforted financial markets but must now be translated into action or risk investor patience souring again, the International Monetary Fund said on Friday. "Europe has made decisions and now it is time for Europeans to ... move forward and actually implement it," IMF First Deputy Managing Director David Lipton told Reuters Insider on the sidelines of the annual central bank symposium in Jackson Hole, Wyoming. ...


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Citibank schemed with firm to hide its woes: Ex-Dewey partner
Fri,31 Aug 2012 02:06 PM PDT
Reuters -

A woman walks into a Citibank branch in New YorkNEW YORK (Reuters) - A former Dewey & LeBoeuf partner who has been accused by Citibank of defaulting on a loan is making a provocative countercharge: He claims the bank participated in a "fraudulent scheme" to help a few leaders of the now defunct law firm hide Dewey's dire financial situation from him and the broader partnership. In a 23-page motion filed in New York federal court this month, former Dewey partner Steven Otillar argues that he and other partners were "fraudulently induced" into signing up for a Citibank loan program that financed their capital contributions to the firm. ...


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DOJ targets banks, others in new money laundering offensive
Fri,31 Aug 2012 01:58 PM PDT
Reuters -

The exterior of the U.S. Department of Justice headquarters building in Washington(Reuters) - The Department of Justice is shifting its sights to a new offensive in combating money laundering: bringing criminal charges against banks and other financial institutions for weak compliance systems that fail to catch illicit money flows. Even while the department's money-laundering unit is wrapping up a series of blockbuster cases involving sanctions-busting transactions routed through some of Europe's biggest banks, it has set its sights on the next front. ...


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Bernanke lifts Wall Street, keeps stimulus in play
Fri,31 Aug 2012 01:44 PM PDT
Reuters -

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Stocks rose on Friday after Federal Reserve Chairman Ben Bernanke, expressing "grave concern" for the stagnating U.S. job market, said the central bank was prepared to take further steps to strengthen the economy if necessary. Though Bernanke, speaking in Jackson Hole, Wyoming, dashed some hopes for a signal of quick action, his comments bolstered bets that the central bank was closer to providing more stimulus for an economy that is close to stalling. ...


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Three ex-UBS bankers convicted of municipal bond rigging
Fri,31 Aug 2012 01:43 PM PDT
Reuters - NEW YORK (Reuters) - Three former UBS AG executives were convicted on Friday of conspiring to deceive U.S. cities and towns by operating a scheme to rig bids to invest municipal bond proceeds. The verdict by a federal court jury in Manhattan is the latest victory for the U.S. Department of Justice in its broad investigation of the $3.7 trillion U.S. municipal bond market. The widespread probe has touched some of the world's largest banks. ... Full Story
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Canada job growth seen slow in August
Fri,31 Aug 2012 01:43 PM PDT
Reuters - OTTAWA (Reuters) - After some outsized gains and losses in the past five months, most economists expect Canada's job market to settle down to a pattern of slow growth. March and April had shown a whopping 140,500-job gain for the two months, and July surprised with a loss of 30,400, with little evidence of accompanying bursts of economic activity or a sudden slowdown. "Although it is unlikely that the heavy job losses from July continued, we're not exactly expecting vigorous employment growth," IHS Global Insight economists Arlene Kish and Jillian Kohut wrote in a note to clients. ... Full Story
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Gold miners, Bernanke push TSX higher
Fri,31 Aug 2012 01:34 PM PDT
Reuters -

People walk past an electronic board displaying the midday TSX index in TorontoTORONTO (Reuters) - Canadian stocks ended the week on a positive note, boosted by a speech from Federal Reserve Chairman Ben Bernanke that kept stimulus hopes alive and as the soaring price of bullion helped gold miners. Bernanke stopped short of giving a clear signal the U.S. central bank would soon act but investors bet that his language made another round of bond-buying, known as quantitative easing, more likely. ...


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Oil posts second monthly rise, tops $114 after Bernanke
Fri,31 Aug 2012 01:32 PM PDT
Reuters - NEW YORK (Reuters) - Oil rose above $114 a barrel in volatile trading on Friday, taking gains in August above 9 percent, after U.S. Federal Reserve Chairman Ben Bernanke stopped short of signaling extra monetary easing was imminent but kept the door open for action. Crude initially pulled back after Bernanke's address at a central bankers' symposium in Jackson Hole, Wyoming. As traders parsed the details, prices were quick to move higher, supported by stronger-than-expected U.S. economic data. Figures released on Friday showed U.S. ... Full Story
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