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- Wall Street at session high on energy shares
- Manufacturing up, construction spending falls
- Avon rejects $10 billion takeover bid from Coty
- Goldman Sachs eyes $3 billion property debt fund: report
- DBS to test Indonesian openness with $7.2 billion takeover
- BP shuts N.Sea oil platform for maintenance work
- Pinnacle Airlines files for bankruptcy in U.S
- Exclusive: Macquarie eyes $2 billion North American infrastructure fund: sources
- Wells Fargo opens business for the ultra-wealthy
- Euro zone unemployment reaches near 15-year high
- Manufacturing sector picks up in March: ISM
- February construction spending drop largest in 7 months
- Dow Chemical to close 4 plants in cost-saving move
- U.S., EU blast Argentina's trade restrictions at WTO
- Analysis: Complex, divided EU gets philosophical about its future
- CIT to reduce high cost debt by $500 million more
- Pinnacle Airlines flies into bankruptcy
- Emerging Europe factories surprise in March, buck trend
- BHP Billiton: force majeure at Bowen Basin coal mines
- Bitcoin, the financial traders' anarchic new toy
- Barry Callebaut cautious, as investments hit H1 profit
- Ranbaxy starts generic Lipitor shipments from India
- Analysis: Europe ponders free trade or fair trade
- Firm dropped by Visa says under 1.5 million card numbers stolen
- Goldman fund to exit company owning sex traffic site
- Looking for takeoff in U.S. jobs
- U.S. automakers expect sizzling sales for March
- AIG looking at buying home loans: FT
- Analysis: A Romney win would likely change little at Federal Reserve
- Gray hair's in fashion, but what about at work?
- US stocks edge up on mixed global economic data
- Global Payments says Visa drops it after breach
- Local investors buy Philly newspapers for $55M
- Dow shuts plants, cuts jobs as Europe struggles
- US factory output rises, but construction falls
- AFA Foods files for bankruptcy citing 'pink slime'
- Dollar ahead vs euro as US manufacturing rises
- Report: AirTran did the best job for passengers
- GM adds week to Volt plant's usual summer closure
| Wall Street at session high on energy shares Posted:
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| Manufacturing up, construction spending falls Posted:
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| Avon rejects $10 billion takeover bid from Coty Posted:
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| Goldman Sachs eyes $3 billion property debt fund: report Posted:
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| DBS to test Indonesian openness with $7.2 billion takeover Posted:
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| BP shuts N.Sea oil platform for maintenance work Posted: LONDON (Reuters) - British major BP said on Monday it shut in oil output at the Valhall platform last week for compressor maintenance. "Valhall production was shut in last week to undertake some maintenance work to the compressor unit. The results of testing this week will determine when a re-start is likely," a BP spokesman said in a statement. The spokesman did not specify the shut in volume or say if the maintenance was unplanned. The Valhall oilfield normally produces about 42,000 barrels of crude oil per day and it feeds into the Ekofisk oil stream. ... |
| Pinnacle Airlines files for bankruptcy in U.S Posted: (Reuters) - Pinnacle Airlines Corp , parent of Pinnacle Airlines and Colgan Air, filed for bankruptcy protection late on Sunday, the latest victim of high fuel prices and dampened travel demand. Memphis, Tennessee-based Pinnacle operates as various regional airlines - most notably Delta Connection - for bigger-name partners including Delta Air Lines , United Airlines and US Airways . Pinnacle said it would rework contracts with Delta and end flying for United and U.S. Airways. The company also wants to cut its labor and operating costs. The U.S. ... |
| Exclusive: Macquarie eyes $2 billion North American infrastructure fund: sources Posted: NEW YORK (Reuters) - Australia's Macquarie Group Ltd , the world's largest manager of infrastructure assets, is preparing to raise a $2 billion infrastructure fund in 2012, its third focused on the United States and Canada, people familiar with the matter said. Macquarie, which has averaged gross internal rates of return of more than 20 percent in its North American infrastructure investments, is planning to start fundraising this year, as its second $1.6 billion North American infrastructure fund was fully invested, the people said. Macquarie declined to comment. ... |
| Wells Fargo opens business for the ultra-wealthy Posted:
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| Euro zone unemployment reaches near 15-year high Posted:
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| Manufacturing sector picks up in March: ISM Posted: NEW YORK (Reuters) - The pace of growth in the manufacturing sector picked up a tad in March, while new orders dipped modestly, according to an industry report released on Mon day. The Institute for Supply Management said its index of national factory activity rose to 53.4 from 52.4 in February, topping economists' expectations of 53.0. A reading above 50 indicates expansion in the manufacturing sector, while a number below 50 means contraction. New orders edged down to 54.5 from 54.9 and prices paid also eased to 61.0 from 61.5. (Reporting by Leah Schnurr; Editing by James Dalgleish) |
| February construction spending drop largest in 7 months Posted:
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| Dow Chemical to close 4 plants in cost-saving move Posted: (Reuters) - Dow Chemical Co said it is closing four plants and laying off 900 workers, part of a plan to slash costs by $250 million annually amid a weak global economy. Steep drops in demand for construction products, especially in Europe, have hurt the chemical industry in the past year. Dow make Styrofoam, a key insulation material used in home and commercial construction. The company said on Monday it will record $350 million in one-time charges for the plant closures and layoffs. About $110 million of the total will go to laid-off workers. ... |
| U.S., EU blast Argentina's trade restrictions at WTO Posted: GENEVA (Reuters) - Argentina came under a barrage of criticism at the World Trade Organization on Friday, where the United States, European Union, Japan and 10 other countries accused it of tying up imports in red tape. Argentina's center-left government has imposed a raft of sometimes unorthodox import restrictions in recent years as it battles to shield local industry and its trade surplus, which shrank 11 percent in 2011 to $10.4 billion. On February 1, President Cristina Fernandez's administration imposed a new system to pre-approve, or reject, nearly every purchase from abroad. ... |
| Analysis: Complex, divided EU gets philosophical about its future Posted: COPENHAGEN (Reuters) - It is a club that is open to all of Europe, but not all members are equal. As the euro zone debt crisis forces the currency area to integrate more closely to survive, those outside the bloc but in the European Union are worried that they will be left as junior partners without a say. The euro zone's response to its public debt crisis has created layers of new agreements and mechanisms that affect the EU's 10 non-euro countries, who are shut out when deals are done and only learn later of the decisions of the 17. ... |
| CIT to reduce high cost debt by $500 million more Posted: (Reuters) - Business lender CIT Group Inc said it will redeem part of its 7 percent senior unsecured notes maturing in 2017, reducing its high-cost debt by $500 million. CIT, which in late 2009 came out of a short bankruptcy, said in a statement it will continue to eliminate or refinance its remaining high-cost debt. The company is led by former Merrill Lynch CEO John Thain. CIT operates under an agreement subjecting it to close scrutiny from the Federal Reserve Bank of New York. ... |
| Pinnacle Airlines flies into bankruptcy Posted: (Reuters) - Pinnacle Airlines Corp filed for bankruptcy protection late on Sunday, as the U.S. regional airline fell victim to high fuel prices and dampened travel demand that has negatively impacted some of the major players in the industry. In the past, upon facing financial trouble, United Continental Holdings Inc's United Airlines and Delta Air Lines Inc have taken the Chapter 11 route to cut costs and later found merger partners. AMR Corp, the parent of American Airlines, had also filed for bankruptcy late last year. In a filing with a U.S. ... |
| Emerging Europe factories surprise in March, buck trend Posted: PRAGUE (Reuters) - Emerging Europe's manufacturing sector showed a surprising surge in March, bucking a trend of decline in the euro zone and defying expectations that a slowdown in the car- and electronics- producing region would accelerate. A crucial part of the European supply chain, Poland, the Czech Republic and Hungary are handcuffed to global demand, declines in which have caused policymakers to slash growth forecasts and look for ways to shore up budget revenues. But Purchasing Managers Index (PMI) data showed all three had shrugged off PMI falls in Germany and the wider euro zone. ... |
| BHP Billiton: force majeure at Bowen Basin coal mines Posted: PERTH (Reuters) - The world's biggest miner, BHP Billiton , is declaring force majeure at its coal mines in Australia's Bowen Basin due to prolonged union strikes and heavy rain, the company said on Monday, in a move that could spur prices of metallurgical coal. About 3,500 unionized workers have been staging rolling work stoppages at the mines since mid-2011 and Australia's eastern state of Queensland, where the mines are located, was lashed by heavy flooding last year and heavy rain this year. ... |
| Bitcoin, the financial traders' anarchic new toy Posted: LONDON (Reuters) - Financial traders have a new toy: Bitcoin, a digital currency variously dismissed as a Ponzi scheme or lauded as the greatest invention since the Internet. Unlike conventional fiat money and other digital currencies, Bitcoin runs through a peer-to-peer network, independent of central control. Bitcoins are currently worth $4.88 each on online currency exchanges, where they can be bought and sold for about 15 world currencies. Users - an odd assortment of uber-geeks, anarchists, libertarians, scammers and forex traders - sent about $4. ... |
| Barry Callebaut cautious, as investments hit H1 profit Posted:
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| Ranbaxy starts generic Lipitor shipments from India Posted: MUMBAI (Reuters) - Ranbaxy Laboratories Ltd has started exports of a copycat version of blockbuster cholesterol drug Lipitor from a new facility in India that has been approved by the U.S. Food and Drug Administration. The company, majority owned by Japan's Daiichi Sankyo, has been selling the generic version in the United States since last December 1 from its facility in America but exports to the United States from its plants in India were banned in 2009 over disputes related to compliance issues. Ranbaxy, India's biggest drugmaker by sales, said on Monday the U.S. ... |
| Analysis: Europe ponders free trade or fair trade Posted: PARIS (Reuters) - Europe has opened a can of worms by trying to reconcile free trade with fair trade. Under pressure from French President Nicolas Sarkozy, the European Commission adopted proposals on March 21 that could shut foreign companies out of bidding for public contracts in the European Union unless their home countries provide similar access to European firms. ... |
| Firm dropped by Visa says under 1.5 million card numbers stolen Posted: NEW YORK (Reuters) - Visa Inc has dropped payment processor Global Payments Inc from its list of approved service providers after a major cyber intrusion that could expose Visa, MasterCard, American Express and Discover card holders to fraud. Global Payments said it believes less than 1.5 million credit card numbers were stolen in the cyber security breach. It said so-called Track 2 card data was stolen but card holders' names, addresses and social security numbers were not obtained. It also believes the affected part of its processing system is confined to North America. ... |
| Goldman fund to exit company owning sex traffic site Posted: NEW YORK (Reuters) - A private equity fund run by Goldman Sachs Group Inc has agreed to sell its stake in the media company that runs a sex trafficking forum back to company's management, a spokeswoman said on Sunday. GS Capital Partners III on Friday signed a deal to sell its 16 percent stake in Village Voice Media, which owns the website, called Backpage.com. ... |
| Looking for takeoff in U.S. jobs Posted: WASHINGTON (Reuters) - Sorting out trends in the U.S. labor market is tricky business these days. There is plenty of evidence to support the view that unemployment is stalled at 8.3 percent for much of the year, and a case to argue that job growth is poised for takeoff. Three interlocking factors are seen in play - the pace of productivity gains, size of the labor force and the outlook for GDP growth. Dial any one factor up and it can change the jobs outlook significantly. ... |
| U.S. automakers expect sizzling sales for March Posted:
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| AIG looking at buying home loans: FT Posted: (Reuters) - Bailed-out insurer American International Group is looking at the possibility of purchasing whole loans as another investment vehicle, leveraging the growing market share of its mortgage insurance business, the company's chief executive said in an interview with the Financial Times. "We're now thinking about maybe we should try to find a way to buy the mortgages that we're insuring," Bob Benmosche told the paper. ... |
| Analysis: A Romney win would likely change little at Federal Reserve Posted:
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| Gray hair's in fashion, but what about at work? Posted: Jeanne Thompson began going gray at 23. She colored her hair for years as she worked her way into management at a large Boston-area financial services company, then gave up the dye for good about a year ago. |
| US stocks edge up on mixed global economic data Posted:
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| Global Payments says Visa drops it after breach Posted:
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| Local investors buy Philly newspapers for $55M Posted:
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| Dow shuts plants, cuts jobs as Europe struggles Posted: Dow Chemical will cut 900 jobs and shutter plants on three continents because of weakness in Europe, which may soon tip back into recession of it has not done so already. |
| US factory output rises, but construction falls Posted: U.S. factories stepped up hiring and production in March, the latest evidence that manufacturing is growing at a healthy pace and fueling the recovery. |
| AFA Foods files for bankruptcy citing 'pink slime' Posted: Beef products company AFA Foods said Monday that it is filing for Chapter 11 bankruptcy protection and selling its assets after the public outcry over the beef filler known as "pink slime" derailed its efforts to save its already struggling business. |
| Dollar ahead vs euro as US manufacturing rises Posted: The dollar is rising against the euro after manufacturing activity rose in the U.S. last month but fell in Europe. |
| Report: AirTran did the best job for passengers Posted:
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| GM adds week to Volt plant's usual summer closure Posted: General Motors is suspending production of the Chevrolet Volt for an extra week this summer to control inventory. |
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