| Dow, S&P 500 edge up ahead of Fed announcement Posted: 12 Dec 2012 09:06 AM PST  NEW YORK (Reuters) - Stocks mostly gained on Wednesday, but the moves were slim before the U.S. Federal Reserve's expected announcement of a new stimulus plan at the end of its two-day monetary policy meeting. The Fed is expected to detail a new round of bond buying later on Wednesday to boost a fragile economic recovery threatened by political wrangling over the government's budget. The Federal Open Market Committee's monetary policy decision is expected around 12:30 p.m. ET. ...
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| Boehner: serious differences remain on "fiscal cliff" Posted: 12 Dec 2012 08:59 AM PST  WASHINGTON (Reuters) - House Speaker John Boehner said on Wednesday "serious differences" remain with President Barack Obama in talks to avert the "fiscal cliff" of steep tax hikes and budget cuts set for the end of the year. Boehner, who spoke with Obama on Tuesday night, said the president's proposal for $1.4 trillion in new tax revenues did not fulfill his promise for a balanced approach to taming the federal deficit and could not pass Congress. ...
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| Goldman CEO says his likely successor works at firm now Posted: 12 Dec 2012 09:03 AM PST  NEW YORK (Reuters) - Goldman Sachs Group Inc Chief Executive Officer Lloyd Blankfein said on Wednesday that he believes his successor is working at the firm now. While the choice is ultimately up to Goldman's board of directors, Blankfein said: "It is a very high likelihood, close to 100 percent, that the next leader of Goldman Sachs is at Goldman Sachs." Blankfein made the comments at a New York Times conference in New York. (Reporting by David Henry in New York; Editing by Gerald E. McCormick.)
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| Berkshire buys $1.2 billion in stock from single investor Posted: 12 Dec 2012 08:09 AM PST  (Reuters) - Warren Buffett's conglomerate Berkshire Hathaway Inc bought back $1.2 billion in stock from the estate of an unnamed investor, the company said on Wednesday, one day after Buffett advocated for a higher estate tax when the wealthy die. Berkshire also raised the threshold for future share buybacks to 120 percent of book value from 110 percent - the level it chose when it first approved a repurchase program in September 2011. The most recent buyback was done at slightly more than 117 percent of Berkshire's September 30 book value. ...
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| Costco profit jumps despite light membership fee growth Posted: 12 Dec 2012 08:00 AM PST  (Reuters) - Costco Wholesale Corp's quarterly earnings beat Wall Street estimates, but the largest U.S. warehouse club chain collected less in membership fees than some analysts anticipated. Shares of Costco were up 0.8 percent at $99.11 in morning Nasdaq trading after a slight decline earlier in the session. Members pay up to $110 per year to shop at Costco's cavernous stores and website, where they can buy everything from carrots to kayaks. The fee revenue pads Costco's bottom line and allows it to offer low prices and take in thin profit margins on items it sells. ...
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| Honda to recall 871,000 vehicles for roll-away problem Posted: 12 Dec 2012 08:28 AM PST  (Reuters) - Honda Motor Co will recall 871,000 vehicles that could roll away after the ignition key has been removed, including 807,000 in the United States, the company said on Wednesday. The automaker said a part in the ignition interlock could become damaged or worn, enabling the key to be removed even if the vehicle's transmission lever has not been shifted into park. "If the transmission is not in park and the parking brake is not set, the vehicle could roll away and a crash could occur," the company said in a statement. ...
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| With Germany's backing, EU nears banking union deal Posted: 12 Dec 2012 08:58 AM PST  BRUSSELS (Reuters) - Germany signaled on Wednesday it was ready to back plans to give the European Central Bank new powers to supervise banks across the bloc, raising the prospect of a breakthrough on the European Union's most ambitious financial reform. Last week France and Germany had clashed openly over parts of the plan, but with little time left for the EU to meet a commitment to complete the framework for a common bank supervisor by the end of the year, both countries redoubled efforts to settle their differences. ...
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| Import prices post biggest fall in five months Posted: 12 Dec 2012 06:06 AM PST  WASHINGTON (Reuters) - Import prices recorded the biggest drop in five months in November as food and fuel costs tumbled, keeping inflation pressures subdued against the backdrop of a weak economy. The Labor Department said on Wednesday import prices fell 0.9 percent after three straight months of gains. October's data was revised to show a 0.3 percent increase rather than the previously reported 0.5 percent gain. Economists polled by Reuters had expected import prices to fall 0.5 percent last month. In the 12 months to November, import prices fell 1.6 percent. ...
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| Nasdaq to buy Thomson Reuters PR, IR units for $390 million Posted: 12 Dec 2012 09:07 AM PST  (Reuters) - Nasdaq OMX Group Inc said on Wednesday it agreed to buy Thomson Reuters Corp's investor relations, public relations and multimedia services units for $390 million, as the exchange operator builds businesses that do not depend on trading. The all-cash deal will add to Nasdaq's earnings within 12 months of closing, excluding transaction-related costs, the company said. Nasdaq is looking to sell additional services to the companies that list on its exchanges as a way to draw more revenue from its corporate customers. ...
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| Greece's lenders call bond buyback a success, endorse aid Posted: 12 Dec 2012 08:19 AM PST  BERLIN/ATHENS (Reuters) - Greece's foreign lenders hailed a bond buyback as a success even though it narrowly fell short of a target to cut the country's debt, paving the way for Athens to get long-delayed aid to avoid bankruptcy. The scheme was intended to put Greece's debt mountain on a more sustainable footing but is now expected to cut it by less than initially hoped because of higher-than-expected prices to buy back the bonds. To make up the shortfall, Athens asked its foreign lenders for an extra 1.29 billion euros over the 10 billion euros initially allotted to buy back all the 31. ...
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| Stocks edge higher as Fed ends two-day meeting Posted: 12 Dec 2012 08:49 AM PST  Stocks are edging higher, extending a winning streak, as investors awaited news on whether the Federal Reserve will extend its economic stimulus program.
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| Boehner: 'Serious differences' remain in talks Posted: 12 Dec 2012 08:26 AM PST  House Speaker John Boehner said Wednesday that "serious differences" remain between him and President Barack Obama in negotiations on averting automatic spending cuts and tax increases that economists fear could send the U.S. economy over a "fiscal cliff."
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| Fed expected to revamp bond buying program Posted: 12 Dec 2012 03:30 AM PST  The Federal Reserve is wrapping up 2012 the way it began the year, searching for ways to help a U.S. economy that is still struggling with high unemployment and sub-par growth.
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| Fewer US CEOs expect hiring dip over next 6 months Posted: 12 Dec 2012 08:55 AM PST A survey of U.S. chief executives shows the number of large companies that plan to add jobs or hire more workers is essentially unchanged versus three months ago, although fewer expect hiring to decrease. |
| Top 2012 searches include Whitney, PSY, Sandy Posted: 12 Dec 2012 08:10 AM PST  The world's attention wavered between the tragic and the silly in 2012, and along the way, Web surfers searched in huge numbers to find out about a royal princess, the latest iPad, and a record-breaking skydiver.
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| Facebook poised to roll out more privacy controls Posted: 12 Dec 2012 08:12 AM PST Facebook is trying to make its privacy controls easier to find and understand in an effort to turn the world's largest social network in to a more discreet place. |
| NJ girl to meet with Easy-Bake team at Hasbro Posted: 12 Dec 2012 09:10 AM PST  A New Jersey girl who started a campaign calling for an Easy-Bake Oven in gender-neutral colors is planning to meet with the people who design it.
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| Deutsche Bank: co-CEO, CFO part of tax probe Posted: 12 Dec 2012 08:55 AM PST Deutsche Bank says its co-chief executive Juergen Fitschen and chief finance officer Stefan Krause are under investigation as part of a tax evasion probe linked to the bank's emissions trading business. |
| Pfizer to pay $55 million in drug misbranding case Posted: 12 Dec 2012 08:11 AM PST The Justice Department says Pfizer Inc. will pay $55 million to resolve allegations that Wyeth LLC promoted the drug Protonix for uses that were not approved by the Food and Drug Administration. Pfizer acquired Wyeth in October 2009. |
| Europe seeks to make progress on banking union Posted: 12 Dec 2012 08:05 AM PST  European Union finance ministers moved closer Wednesday to creating a single supervisor for their banks after France and Germany patched up their differences over the issue.
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