| Wall Street Week Ahead: Last-minute shopping could lift stocks Posted:  NEW YORK (Reuters) - Portfolio managers will be doing some last-minute shopping for winners from the big stock market rally as they take part next week in the quarter-end ritual of window dressing. The activity could help stocks resume their upward course in the week ahead and keep a long-expected pullback at bay. The benchmark Standard & Poor's 500 index is up 11.1 percent so far for the first quarter and the year. That would follow a gain of 11.2 percent for the fourth quarter. ...
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| James Murdoch severs all ties with UK newspapers Posted:  James Murdoch has severed all ties with News Corp's British newspaper business, which is at the centre of multiple investigations over phone and computer hacking and bribery, according to regulatory filings. Murdoch is under scrutiny for his role in failing to uncover systematic illegal interception of phone calls at the News of the World newspaper, which was shut down last July, and stepped down as chairman of News Corp's UK publishing arm last month. ...
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| BATS exchange withdraws IPO after stumbles Posted:  NEW YORK (Reuters) - In a breakdown that resembled a mini version of the 2010 "flash crash," a series of blunders hit the market debut of BATS Global Markets Exchange Inc on Friday, causing the company to take the extremely rare step of withdrawing its initial public offering of shares. The problems Friday morning caused BATS shares briefly to trade for less than a penny, confusing investors and potentially threatening the future of the fledgling exchange itself. The glitches also fouled a trade in shares of Apple Inc, the world's most valuable company, and caused a temporary halt in the ...
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| Newsmaker: McDonald's new CEO Thompson a study in contrasts Posted: (Reuters) - Don Thompson's journey to the top spot at McDonald's Corp started in front of a computer, not a deep fryer. For many executives at McDonald's, including retiring CEO Jim Skinner, the first rung on the corporate ladder began in a restaurant -- logging long hours flipping burgers, bagging fries and manning busy drive-thru windows. Thompson, an electrical engineer recruited in 1990 from the fighter jet maker that is now Northrop Grumman Corp , got his start designing robotic equipment for transporting food and making control circuits for cooking equipment. ... |
| MF Global's Corzine faces new scrutiny on customer accounts Posted:  WASHINGTON (Reuters) - Congressional investigators released details of emails from just before MF Global's bankruptcy that renew questions about whether anyone at the failed brokerage authorized the use of customer funds to cover an overdraft in London. Former MF Global official Edith O'Brien said in an October 2011 email that CEO Jon Corzine gave "direct instructions" to transfer $200 million from a customer account to cover an overdraft in its account at JPMorgan in London, according to a congressional memo released on Friday. ...
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| Optimistic on Greece, says EU task force boss Posted: FRANKFURT (Reuters) - Greece is well on track in its efforts to improve how it monitors its finances, the head of the European Commission's special task force said, while adding that its banking system remained in difficulty. "I am optimistic as never before," Horst Reichenbach told Austria's Passauer Neue Presse newspaper in an article published on Saturday. "The segment in the finance ministry which is responsible for pensions has greatly improved," he noted. ... |
| Volvo recalls more than 12,000 cars in China Posted: BEIJING (Reuters) - Volvo Cars is recalling 12,798 of its 2012 model year vehicles imported into China, the top Chinese quality regulator said, in order to prevent potential fuel leaks and to fix faulty wiring that could cause airbag failure. Volvo is recalling 11,119 S60 and XC60 cars to fix a wire harness under the front seats which might interfere with the car's airbags, China's General Administration of Quality Supervision, Inspection and Quarantine said on its website late on Friday. ... |
| Morgan Stanley wants all of Citi venture: sources Posted:  (Reuters) - Morgan Stanley is interested in buying all of Citigroup Inc's stake in their wealth management joint venture this year in what could be a roughly $10 billion deal, said people familiar with Morgan Stanley management's thinking. Under the terms of the Morgan Stanley Smith Barney joint venture, Morgan Stanley will get an option starting May 31 to buy 14 percent more of the business from Citigroup, adding to the 51 percent stake it already has. It has options to buy the remaining portion in two more chunks through May 2014. ...
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| SEC takes Wells Fargo to court to enforce subpoenas Posted:  (Reuters) - U.S. securities regulators accused Wells Fargo & Co on Friday of repeatedly ignoring its subpoenas for documents in connection with a probe into the bank's $60 billion sale of mortgage-backed securities. The Securities and Exchange Commission's filing in a San Francisco federal court seeks to compel the fourth largest U.S. bank to hand over documents. The SEC said it has issued several subpoenas since September. A Wells Fargo spokeswoman called the SEC's action "inappropriate" and pledged the bank would "vigorously defend itself in court" against the SEC action. ...
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| U.S. to appeal WTO ruling against meat labels Posted:  WASHINGTON/WINNIPEG (Reuters) - The United States said on Friday it would appeal a World Trade Organization ruling against a law requiring country-of-origin labels on all meat sold in grocery stores, a move that disappointed Canada and Mexico, both of which want the law changed. The meat labels became mandatory in March 2009 after years of debate. U.S. consumer and mainline farm groups supported the requirement, saying consumers should have information to distinguish between U.S. and foreign products. ...
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| Brazil may shift jurisdiction of Chevron case Posted:  A judge in Campos, Brazil, could shift the criminal charges filed against Chevron and drill-rig operator Transocean to Rio de Janeiro, a decision that would remove a crusading prosecutor from the case. Eduardo Santos de Oliveira, a federal prosecutor based in Campos, in Rio de Janeiro's interior, told Reuters on Friday a jurisdictional review is under way, which could delay any formal criminal indictment of the firms and their employees for weeks. ...
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| Lockheed welcomes Norway backing of F-35 fighter Posted:  WASHINGTON (Reuters) - Lockheed Martin Corp on Friday welcomed news that Norway planned to increase its order for F-35 Joint Strike Fighter jets by four planes, and was considering pulling forward the delivery of two initial training jets by one year to 2015. Lockheed said the move showed the Norwegian government's "trust and confidence" in the F-35 program, and pledged to work closely with the Norwegian government to accommodate and implement its revamped plans. Lockheed is developing three variants of the radar-evading new fighter for the U.S. ...
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| Fed's Lockhart:Despite risks, economy looks firmer Posted:  WASHINGTON (Reuters) - The economic recovery is gaining momentum, though there are risks to the outlook including a weak job market and soft consumption, Atlanta Federal Reserve Bank President Dennis Lockhart said on Friday. Lecturing to undergraduates appeared to be a new trend for Fed officials. Central bank Chairman Bernanke on Thursday delivered the second of four lecture to students at The George Washington University. On Friday, it was Lockhart's turn to discuss economics and banking with undergraduates at Georgetown University. ...
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| Fed grappling with supervisory role: Bernanke Posted:  WASHINGTON (Reuters) - The Federal Reserve is still working out how best to supervise large financial institutions whose failure could cause domino effects across the financial system, Federal Reserve Chairman Ben Bernanke said on Friday. Bernanke, in brief introductory remarks to a conference on central banking, did not say anything about the outlook for the economy or monetary policy. ...
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| PepsiCo CEO compensation up 6 percent to $17 million Posted:  (Reuters) - PepsiCo Inc Chief Executive Indra Nooyi had total compensation worth $17.1 million last year, up 6 percent from 2010, even as the food and drink company failed to meet its key internal performance targets. The increase is largely due to a 23 percent jump in Nooyi's base salary - her first raise in five years as CEO - and a gain in the value of her retirement benefits. Nooyi, 56, has come under pressure from Wall Street for allowing PepsiCo's North American soft drink business to languish while she focused on healthier products. Nooyi got a base salary of $1. ...
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| Ex-MF Global official: Corzine approved money transfer: memo Posted: WASHINGTON (Reuters) - Former MF Global official Edith O'Brien said in an October 2011 email that CEO Jon Corzine gave "direct instructions" to transfer $200 million from a customer account to cover an overdraft in a JPMorgan account in London, according to a congressional memo released on Friday. Steven Goldberg, a spokesman for Corzine, noted that Corzine did ask that the JPMorgan overdraft be corrected, but never gave any instructions to misuse customer funds. "He never directed Ms. ... |
| AOL hires Evercore to sell patent portfolio: report Posted:  (Reuters) - AOL Inc has received buyout offers from private equity firms and has hired Evercore Partners Inc to help it sell its over 800 strong patent portfolio, Bloomberg reported on Friday. Providence Equity Partners Inc, TPG Capital and Silver Lake, among others, have approached AOL about taking the Internet company private, but no deal has been struck yet, Bloomberg cited sources as saying. Activist hedge fund Starboard Value LP, which together with its affiliates owns 5. ...
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| Air Force extends probe of Afghan plane deal Posted: WASHINGTON (Reuters) - The Air Force on Friday said it was extending an investigation into an embarrassing mistake that prompted it to cancel a contract, valued at up to $1 billion, to sell Brazilian light attack planes to the Afghan government. Air Force General Donald Hoffman, commander of Air Force Materiel Command, granted investigators more time to look into the issue, said spokeswoman Jennifer Cassidy. She said a decision was now expected in coming weeks. ... |
| Apple's devoted shareholders get rich, and hang on Posted:  NEW YORK (Reuters) - When Anton Marinovich turned 18, his grandmother gave him $1,000 with strict instructions to invest in the stock market. He chose Apple Inc. Seventeen years later, his investment is worth more than $240,000 and will bring him over $1,000 a quarter through the company's new dividend plan. "It's pretty bananas," Marinovich said. ...
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| Exclusive: UBS brokerage unit shakes up management: memo Posted:  NEW YORK (Reuters) - The U.S. brokerage arm of UBS AG shook up its leadership ranks on Friday, removing a layer of management under Chief Executive Officer Robert McCann and giving private wealth management head Jason Chandler a bigger role. McCann, 54, the former Merrill Lynch executive who took over UBS Wealth Management Americas in 2009, also gave some top lieutenants more duties as he takes on an expanded role as chief executive of UBS Americas, according to an internal memo distributed on Friday. ...
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| China's ZTE to "curtail" business in Iran Posted:  (Reuters) - ZTE Corp, China's second-largest telecommunications equipment maker, said it will "curtail" its business in Iran following a report that it had sold Iran's largest telecom firm a powerful surveillance system capable of monitoring telephone and Internet communications. Reuters reported Thursday that Shenzhen-based ZTE had signed a 98.6 million euro ($130.6 million) contract with the Telecommunication Co of Iran in December 2010 that included the surveillance system. (http://link.reuters. ...
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| Nokia Siemens, German unions agree on 1,600 job cuts Posted:  HELSINKI/FRANKFURT (Reuters) - Nokia Siemens on Friday reached a deal with German unions to cut 1,600 jobs in Munich, part of the telecom equipment maker's ongoing restructuring program, which includes 17,000 job losses globally. The company, formed by Nokia and Siemens in 2007, said last November that it wanted to cut a quarter of the group's workforce as it struggles to make a profit amid fierce pricing competition from Chinese rivals and Sweden's Ericsson. Unions are strong in Germany and any hiccups in restructuring process could be costly for the lossmaking venture. ...
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| Exchange operator BATS stumbles in IPO debut Posted:  NEW YORK (Reuters) - A series of blunders hit the market debut of BATS Global Markets Exchange Inc Friday, causing its own shares to erroneously trade for less than a penny and confusing investors. The problems also fouled a trade in shares of Apple Inc , the world's most valuable company, and caused a temporary halt in its shares. It was an inauspicious debut for BATS, an exchange operator that priced 6.3 million shares at $16 per share late Thursday in an initial public offering. The BATS exchange trades both equities and equity options. BATS stock dipped to $15. ...
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| Court OKs CIT Group $75 million accord in fraud case Posted: (Reuters) - CIT Group Inc won preliminary court approval on Friday of a $75 million settlement to resolve allegations the commercial lender fraudulently misled shareholders about its exposures to risky mortgages and student loans. The class includes investors who owned CIT shares between December 12, 2006, and March 5, 2008, and who bought preferred stock under an October 2007 offering. Shareholders claimed the New York-based company falsely assured that it maintained conservative loan portfolios and had set aside adequate reserves for expected losses. ... |
| 'Hunger Games' serves up huge opening day at $68M Posted:  The feast is on: "The Hunger Games" has taken in $68.25 million domestically in its first day, a record for a non-sequel.
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| GM recalling vans, SUVs to fix steering problem Posted: General Motors is recalling more than 6,000 big vans and SUVs because their steering can fail. |
| Obama calls for end of transportation showdown Posted:  President Barack Obama wants Congress to end a showdown that threatens to cut off federal highway and transit aid to states just as the spring construction season starts.
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| Decibel alert: Partisans dial up health care noise Posted:  America's national shouting match over health care will only get louder next week as the Supreme Court weighs the fate of President Barack Obama's overhaul.
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| Medco settles Calif. pension fund kickback case Posted: A New Jersey company that manages prescription benefits has agreed to pay $2.7 million to settle an investigation into influence-peddling at California's largest public pension fund, officials announced Friday. |
| NJ firm settles Calif. pension fund kickback case Posted: A New Jersey company that manages prescription benefits has agreed to pay $2.7 million to settle an investigation over influence-peddling at California's largest public pension fund, officials announced Friday. |
| MF Global exec says Corzine ordered $200M transfer Posted: A former MF Global executive appears to contradict testimony from Jon Corzine, saying the former senator and New Jersey governor ordered the transfer of $200 million last fall out of a customer account days before the brokerage firm collapsed, according to an email obtained by congressional investigators. |
| Calif. settlement will fund car charging network Posted: An energy company accused of artificially inflating the cost of electricity, leading to California's power crisis a decade ago, agreed to pay a $120 million settlement that will fund 10,000 electric car charging stations across the state, Gov. Jerry Brown announced Friday. |
| NRG settlement to fund CA car charging network Posted: NRG Energy Inc. has agreed to pay $120 million to settle a dispute over long-term contracts signed during California's energy crisis 10 years ago, and most of the money will be used to create a network of more than 10,000 car charging stations for electric vehicles, Gov. Jerry Brown announced Friday. |
| Court weighs making health coverage a fact of life Posted:  Death, taxes and now health insurance? Having a medical plan or else paying a fine is about to become another certainty of American life, unless the Supreme Court says no.
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