| Wall Street falls as Europe drags on outlooks Posted: 24 Jul 2012 08:58 AM PDT  NEW YORK (Reuters) - Wall Street dropped on Tuesday as high bond yields in Spain remained an overhang and a round of disappointing profit outlooks highlighted the effect of the euro zone debt crisis on corporate profits. United Parcel Service , seen by many as a proxy for economic activity, reported quarterly results that missed forecasts and cut its 2012 outlook, citing uncertain global economic conditions. The shares fell 3.8 percent to $74.90, pulling the Dow Jones Transportation average down 1.1 percent. ...
|
| AT&T weaker business outlook dampens wireless strength Posted: 24 Jul 2012 09:10 AM PDT  (Reuters) - AT&T Inc pulled back its outlook for business services this year, sending its shares down 3 percent despite its better than expected quarterly profit as it reduced costs from customer upgrades to smartphones such as the Apple Inc iPhone. After pushing up AT&T's share price up 17 percent so far this year, investors pulled back on Tuesday due to economic uncertainties and expectations that the company will not be able to sustain its strong wireless profit margins once Apple launches its next iPhone, expected in the fourth quarter. ...
|
| Apple estimates $2.52 billion damages in Samsung battle Posted: 24 Jul 2012 07:02 AM PDT  (Reuters) - Apple Inc claims it is entitled to $2.525 billion of damages in its high-stakes battle against Samsung Electronics Co over patents for technology used in smartphones and tablets, such as the iPhone and iPad. According to a partially redacted filing on Tuesday with a federal court in San Jose, California, Apple believes Samsung owes "substantial monetary damages" because the Korean company illegally "chose to compete by copying Apple. ...
|
| Exclusive: Greece will need more debt restructuring - EU officials Posted: 24 Jul 2012 08:41 AM PDT  BRUSSELS (Reuters) - Greece is unlikely to be able to pay what it owes and further debt restructuring is likely to be necessary, three EU officials said on Tuesday, a cost that would have to fall on the European Central Bank and euro zone governments. The officials said that twice bailed-out Greece would be found to be way off track by EU and International Monetary Fund officials who have been assessing the country. ...
|
| Iraq blacklists Chevron for Kurdish oil deals Posted: 24 Jul 2012 08:52 AM PDT  BAGHDAD (Reuters) - Iraq hit out at Chevron Corp over its just-signed oil contract with Kurdistan, barring it from any oil agreements with the central government in a move meant to deter other companies from dealing directly with the semi-autonomous northern region. Baghdad has long held that contracts signed by the Kurdistan Regional Government (KRG) are illegal, and last year Exxon Mobil Corp aroused its anger by striking a deal with the region while also running a project at a supergiant oilfield in the south. Baghdad retaliated by banning Exxon from an exploration tender in May. ...
|
| Manufacturing growth slowest in 19 months: Markit Posted: 24 Jul 2012 06:37 AM PDT  NEW YORK (Reuters) - Manufacturing this month expanded at its slowest pace since late 2010, hobbled by weak overseas demand for American goods, though a rise in domestic orders helped cushion the blow. Financial information firm Markit said on Tuesday its U.S. "flash" manufacturing Purchasing Managers Index for July fell to 51.8 from 52.5 in June. July marked the fourth consecutive month of slower growth and the sector's weakest showing since December, 2010. The index remained above 50, indicating factory activity continued to expand, only less rapidly. ...
|
| Moody's warning fuels German resentment over euro bailouts Posted: 24 Jul 2012 08:07 AM PDT  BERLIN (Reuters) - The prospect of Europe's biggest economy losing its cherished AAA credit status has unsettled Germans, already angry about footing the bill for bailouts, and triggered calls for an even tougher stance on Greece and other euro zone laggards. While politicians and economists were at pains to argue that Moody's downward revision to Germany's credit rating outlook would have little immediate impact on borrowing costs, ordinary Germans said they were worried. ...
|
| Citing global anxiety, DuPont gets cautious on 2012 Posted: 24 Jul 2012 08:24 AM PDT (Reuters) - DuPont expects 2012 earnings to come in at the bottom of its prior forecast range, due in part to economic uncertainty circling the globe, the maker of chemicals, hybrid seeds and Kevlar bulletproof fiber said on Tuesday. The updated forecast, for earnings at the "lower end" of a range of $4.20 to $4.40 per share, came after the company posted a higher-than-expected profit for the second quarter. Analysts on average expect earnings of $4.25 per share this year, meaning DuPont could fall short of Wall Street's expectations. ... |
| Apple heads into choppy waters as new iPhone awaited Posted: 24 Jul 2012 07:06 AM PDT  SAN FRANCISCO (Reuters) - Apple Inc faces an unusual phenomenon when reporting earnings this time around: low expectations. Few are expecting the world's most valuable technology company -- which surpasses Wall Street expectations with near regularity -- to deliver a bumper quarter once more on Tuesday. The main reason: consumers holding out for the new iPhone. Apple may still surprise market watchers, but many Wall Street analysts and investors remember how chatter over the launch of a new iPhone last year caused Apple to miss quarterly expectations in the fall, for the first time in years. ...
|
| Relentless market pressure pushes Spain closer to bailout Posted: 24 Jul 2012 07:17 AM PDT  MADRID (Reuters) - Spain paid the second highest yield on short-term debt since the birth of the euro at an auction on Tuesday, reflecting a growing belief that the country will need a full sovereign bailout that the euro zone can barely afford. Spain's increasingly desperate struggle to put its finances right has seen its borrowing costs soar to levels that are not payable indefinitely. Italy, commonly regarded as too big to bail out, has been dragged along in its wake. ...
|
| ECB mulls Danish-style deposit charge as lending prod Posted: 24 Jul 2012 08:18 AM PDT FRANKFURT (Reuters) - The European Central Bank may soon become the first of the world's major central banks to try out negative interest rates on deposits in an attempt to force tight-fisted banks to lend. Negative rates effectively mean that the ECB would charge banks to hold their money, something the central bankers hope will push them into lending and away from hoarding their cash. The ECB is already some way towards this. It entered uncharted waters in July, cutting its main refinancing rate to a new record low of 0.75 percent and the rate it pays banks for overnight deposits to zero. ... |
| Weak Europe, strong dollar temper industrial outlook Posted: 24 Jul 2012 07:49 AM PDT NEW YORK/BOSTON (Reuters) - Manufacturers reined in 2012 sales and profit forecasts on Tuesday even as several companies reported higher-than-expected quarterly earnings that showed they were overcoming weak European demand and the impact of a stronger dollar. Illinois Tool Works Inc , Pentair Inc and Paccar Inc were among the companies that beat Wall Street forecasts. The results showed, though, that Europe's slow economies were taking their toll on U.S. industrials, some of which generate as much as a third of their sales from the region. Several companies cut their 2012 forecasts. ... |
| Greek recession seen deeper than 7 percent this year: PM Posted: 24 Jul 2012 05:24 AM PDT  ATHENS (Reuters) - Greece's recession may be deeper than 7 percent this year, Prime Minister Antonis Samaras said on Tuesday, estimating that the country would not return to growth before 2014. "We will start containing the recession this year and we will be able to move onto recovery at the beginning of 2014," Samaras told a parliamentary group meeting. Greece is in a fifth straight year of recession and blames the deeper than expected contraction for missing its tax revenue and budget deficit goals. (Reporting by Harry Papachristou)
|
| Dow Jones to sell newswires through WSJ.com: CEO Posted: 24 Jul 2012 07:40 AM PDT  (Reuters) - When Lex Fenwick started his job as CEO of Dow Jones & Co more than five months ago, he found it strange that one of Wall Street's most historic and well-known brands did not have a direct pipeline into Wall Street itself. The 130-year-old publisher of Dow Jones Newswires relies on third parties, including rivals Bloomberg LP and Thomson Reuters Corp, to deliver its content to banks, brokers and funds; it does not have its own distribution channel. ...
|
| UPS misses estimates, cuts 2012 outlook; shares fall Posted: 24 Jul 2012 06:04 AM PDT  (Reuters) - United Parcel Service reported higher quarterly results that missed forecasts and the world's largest package delivery company cut its 2012 outlook, citing uncertain global economic conditions, sending its shares down nearly 4 percent premarket. The company lowered its full-year outlook to $4.50 to $4.70 a share, from its prior earnings estimate of $4.75 to $5.00 per share, and said customers are more concerned about the economy in the second half of the year. ...
|
| DuPont cautious on 2012, Q2 net profit falls Posted: 24 Jul 2012 03:57 AM PDT  (Reuters) - DuPont and Co , which makes hybrid seeds, a critical pigment for paint and Kevlar bulletproof fiber, now expects 2012 profit to be at the low end of its forecast, due in part to economic uncertainty circling the globe. The new forecast, for earnings at the "lower end" of the range of $4.20 to $4.40 per share, came after the company posted higher-than-expected quarterly profit. Details were sparse in a press release on Tuesday announcing quarterly results, but Ellen Kullman, DuPont's chief executive, said: "Our teams continue to executive well in a dynamic environment. ...
|
| Exclusive: Deutsche Bank's own Libor probe clears board - sources Posted: 24 Jul 2012 05:39 AM PDT  FRANKFURT (Reuters) - A Deutsche Bank internal probe has found that two of its former traders may have been involved in colluding to manipulate global benchmark interest rates but there was no indication of failure at the top of the organization, three people close to the investigation said. The preliminary conclusion contrasts with Barclays, which last month reached a $450 million settlement with U.S. and UK regulators over its involvement in alleged manipulation of the London interbank offered rate (Libor). ...
|
| Rosneft to talk to BP about buying TNK-BP stake Posted: 24 Jul 2012 06:57 AM PDT  MOSCOW (Reuters) - State oil company Rosneft waded into the dispute between BP and its Russian partners on Tuesday, saying it is in talks to buy half of the troubled venture in a reminder the Kremlin is likely to fire the final shot in the battle. British oil major BP has said it is seeking to exit its troubled but lucrative investment in Russia's third-largest oil company, TNK-BP . It formed the 50:50 joint venture with AAR, the consortium representing the tycoons, nearly a decade ago to tap into the country's vast energy reserves. The group is now estimated to be worth as much as $30 ...
|
| Lockheed raises 2012 guidance as Q2 net tops view Posted: 24 Jul 2012 06:54 AM PDT  WASHINGTON (Reuters) - Lockheed Martin Corp posted better-than-expected second-quarter net profit and raised its full-year forecast, but said it still faces challenges ahead with $500 billion in additional U.S. defense spending cuts due to start next year. Top U.S. weapons maker Lockheed Martin, which receives more than 80 percent of its revenue from the U.S. government, expects U.S. defense spending to fall by about $55 billion next year if the cuts -- to be spread out over 10 years -- move ahead. ...
|
| Michigan lawmakers call for action in Chesapeake-Encana probe Posted: 24 Jul 2012 03:59 AM PDT  (Reuters) - Two Michigan state representatives have called on officials there to step up their investigations into possible collusion between Chesapeake Energy Corp and Encana Corp, following a Reuters report that the energy rivals plotted to avoid bidding against each other in Michigan land deals. Encana, which opened an internal investigation led by its board of directors in late June, is scheduled to release second- quarter earnings Wednesday. Canada's largest natural gas company, Encana has said it will not comment further on the collusion report until its inquiry is completed. ...
|
| Huawei says H1 operating profit down by a fifth Posted: 24 Jul 2012 05:58 AM PDT  HONG KONG (Reuters) - Huawei Technologies Co Ltd , the world's No.2 telecommunications gear maker, posted a 22 percent fall in first-half operating profit, citing the "significant challenge" of the global economy and the telecoms equipment market. The company, whose expansion plans have been met with some suspicion in the United States and Australia over concerns about cyber security, said revenues rose just 5 percent although it expressed confidence it would achieve its full-year target of boosting sales 15-20 percent. ...
|
| Rogers adjusted profit up, helped by wireless margins Posted: 24 Jul 2012 08:32 AM PDT (Reuters) - Rogers Communications Inc , Canada's largest mobile phone company, reported higher adjusted earnings on Tuesday as margins rose in its cellular phone business even as competition picked up, and its shares rose more than 5 percent. Wireless operating profit margin as a percentage of network revenue rose to 48.2 percent from 46.5 percent in the same quarter last year. The company said better cost control and lower customer turnover helped margins. "We could see the revenue trajectory was lower than what we had anticipated, and we took immediate action. ... |
| Wal-Mart opposes proposed settlement on credit card fees Posted: 24 Jul 2012 05:39 AM PDT  NEW YORK (Reuters) - Wal-Mart Stores Inc , the world's largest retailer, on Tuesday joined the growing chorus of merchants opposed to a proposed settlement with Visa Inc. and MasterCard Inc over credit card fees. Wal-Mart said the $7.25 billion settlement would not change a "broken" system of what credit card companies charge retailers for processing credit and debit card payments, known as "swipe fees. ...
|
| Pepsi to sponsor Super Bowl halftime show Posted: 24 Jul 2012 04:39 AM PDT  (Reuters) - PepsiCo Inc, one of the Super Bowl's top advertisers, said it will sponsor the halftime show at the 2013 championship game under an agreement with the National Football League. Pepsi will receive 60 seconds of commercial time during the game's broadcast on CBS. The deal comes after General Motors Co, the football extravaganza's third-largest advertiser over the last decade, said it will not advertise in next year's game because it was too expensive. (Reporting by Arpita Mukherjee in Bangalore; Editing by Anthony Kurian)
|
| Iraq blacklists Chevron for Kurdistan deals Posted: 24 Jul 2012 05:09 AM PDT  BAGHDAD (Reuters) - Iraq has decided to blacklist Chevron Corp and bar it from signing any oil deals with the oil ministry after the U.S. major purchased stakes in two blocks in Iraq's Kurdistan, the oil ministry said in a statement on Tuesday. "In line with Oil Ministry policy based on the constitution, the Oil Ministry announces the disqualification of Chevron company and bars it from signing any deals with the federal Oil Ministry and its companies," the statement said. Chevron Corp confirmed last week its purchase of 80 percent of two blocks in Iraq's Kurdistan, as the second-largest U.S. ...
|
| BP, Transocean faulted for lax guidelines in Gulf spill report Posted: 23 Jul 2012 10:18 PM PDT  HOUSTON (Reuters) - BP Plc and Transocean Ltd lacked clear guidelines for key tests to ensure that the ill-fated Macondo well was safely sealed before it ruptured and triggered the 2010 Deepwater Horizon disaster, U.S. safety investigators said. The preliminary report from the U.S. Chemical Safety Board, to be delivered at a public hearing in Houston on Tuesday, puts the spotlight back on missteps highlighted in prior investigations as BP faces potential civil and even criminal penalties over the incident. More than two years have passed since the disaster struck at 9:53 p.m. ...
|
| Barclays picks lawyer to head business review Posted: 24 Jul 2012 02:51 AM PDT  LONDON (Reuters) - Barclays has picked veteran lawyer Anthony Salz to lead a review of its culture and practices following an interest rate rigging scandal that has rocked the bank, forcing its chairman and chief executive to quit. The review could include a change to the bank's bonus structure and is expected to complete before May 2013. The scandal has shown Barclays needs to step up its efforts to change culture, the bank admitted on Tuesday. Salz spent more than 30 years as a corporate lawyer with Freshfields Bruckhaus Deringer, including 10 as senior partner. ...
|
| Exclusive: Carlyle, BC eye United Tech unit - sources Posted: 24 Jul 2012 03:20 AM PDT  NEW YORK (Reuters) - Private equity firms Carlyle Group LP and BC Partners Ltd have joined forces and are in advanced talks to buy United Technologies Corp's industrial businesses, according to three people familiar with the matter, in a deal that could be valued at more than $3.5 billion. The private equity consortium has emerged as the leading candidate to buy the pump and compressor businesses within United Tech's Hamilton Sundstrand subsidiary and a deal may come in the near future, the people said. ...
|
| China stabilizes, euro zone struggles on Posted: 24 Jul 2012 03:55 AM PDT  LONDON/BEIJING (Reuters) - The troubled euro zone's private sector looks set for many months of more pain, July business surveys showed on Tuesday, contrasting with Chinese manufacturers reporting a pick-up in output and signs of stabilization in new export orders. In a further blow to policymakers battling Europe's raging debt crisis -- with Spain now firmly in the bailout spotlight -- the downturn that began in the euro zone's smaller economies has now become entrenched in core countries Germany and France. The 17-nation euro zone's private sector economy shrank for a sixth month in July. ...
|
| Mercedes hires Valmet to build more A-Class cars Posted: 24 Jul 2012 03:57 AM PDT  FRANKFURT (Reuters) - Daimler has awarded independent Finnish car manufacturer Valmet Automotive a contract to build more than 100,000 of its Mercedes-Benz A-Class compact cars from 2013 to 2016, the German automotive group said on Tuesday. Daimler has received more than 40,000 orders for the A-Class, a volume model critical to its plans to close the gap with larger rivals BMW and Audi , it said. "Our new compacts are so popular with our customers that the Rastatt and Kecskemet plants are completely utilized. ...
|
| Moody's may downgrade Penn State's credit Posted: 24 Jul 2012 09:07 AM PDT Moody's Investors Service said Tuesday it may cut its rating on Penn State's credit as the university deals with the fallout from the Jerry Sandusky child sexual-abuse case and sanctions against the school's football team. |
| Company recalls hundreds of thousands of strollers Posted: 24 Jul 2012 09:05 AM PDT Peg Perego is recalling hundreds of thousands of strollers because children can become trapped and strangled between trays on them. One death has already been reported. |
| Marlboro maker Altria 2Q profit nearly triples Posted: 24 Jul 2012 09:02 AM PDT  Marlboro maker Altria Group Inc. said Tuesday that its net income nearly tripled in second-quarter as higher prices helped offset flat cigarette volumes compared with a year ago when its results were depressed by a big charge.
|
| US stocks falling for 3rd day on lower earnings Posted: 24 Jul 2012 08:53 AM PDT  Stocks are sliding following weak earnings from United Parcel Service and other major U.S. companies. The market was headed for its third loss in a row.
|
| AT&T smartphone sales fall in 2Q, boosting net Posted: 24 Jul 2012 08:53 AM PDT  AT&T Inc. on Tuesday said it saw declining smartphone sales in the second quarter, leading to the best profitability ever in its wireless arm as it saved on phone subsidies.
|
| 5 reasons for Spain's colossal economic troubles Posted: 24 Jul 2012 08:51 AM PDT  Spain's financial crisis is a lot like peeling an onion: remove one troubled layer and you expose another.
|
| Board: BP missed the big hazard issues in spill Posted: 24 Jul 2012 08:42 AM PDT  A government investigative committee says BP and the drilling contractor it hired to operate the Deepwater Horizon rig that exploded two years ago focused too closely on personal safety at the expense of preventing major hazards.
|
| UPS sees global economy getting worse Posted: 24 Jul 2012 08:42 AM PDT  UPS expects the global economy to get worse before it gets better. Again.
|
| Oil prices steady on stronger Chinese factory data Posted: 24 Jul 2012 08:35 AM PDT The price of oil is up slightly as China's manufacturing sector appeared to be getting stronger. |
| US stocks drop for 3rd day on lower earnings Posted: 24 Jul 2012 08:27 AM PDT Stocks are sliding on Wall Street on Tuesday following weak earnings from United Parcel Service and other major U.S. companies. The market was headed for its third loss in a row. |
No comments:
Post a Comment