| Wall Street jumps as earnings top forecasts Posted: 16 Oct 2012 09:02 AM PDT  NEW YORK (Reuters) - Stocks climbed on Tuesday as stronger-than-expected quarterly earnings from such bellwethers as Goldman Sachs and Johnson & Johnson tempered recent concerns that the sluggish global economy would dent third-quarter results. Dow components Johnson & Johnson and UnitedHealth Group , both raised their full-year profit views while Goldman Sachs increased its dividend. Goldman Sachs shares gained 0.9 percent to $125.63 after the banking company posted earnings that beat expectations and revenue that more than doubled. ...
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| Citigroup CEO Vikram Pandit resigns Posted: 16 Oct 2012 08:53 AM PDT  (Reuters) - Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday, effective immediately, a shock change at the top of the No. 3 U.S. bank just one day after a surprisingly strong quarterly earnings report. Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank. But Citigroup shares rose 1.5 percent in morning trading as some investors said they were not sorry to see the one-time hedge fund executive leave. ...
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| Gasoline fuels inflation, but Fed policy seen steady Posted: 16 Oct 2012 07:06 AM PDT  WASHINGTON (Reuters) - Consumer prices rose in September as the cost of gasoline surged, posing a threat to consumers' spending power although inflation pressures look unlikely to derail the Federal Reserve's ultra-easy policy path. A separate report on Tuesday showed U.S. factory output rose only modestly in September, a sign the cooling global economy is weighing on American manufacturers. The Consumer Price Index increased 0.6 percent last month, in line with analysts' expectations and matching August's reading, data from the Labor Department showed. ...
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| Goldman Sachs' investment gains lead to profit beat Posted: 16 Oct 2012 08:24 AM PDT  (Reuters) - Goldman Sachs Group Inc reported higher-than-expected quarterly earnings on Tuesday as revenue more than doubled on big gains in stocks and bonds that the Wall Street bank holds as investments. However, return on equity - a measure of how the company wrings profit from its balance sheet - remained in a single-digit percentage range, and investment banking and trading results showed signs of weak client activity. The investment bank lifted its dividend for the second time in a year, which is unusual because Goldman has said it would prefer to use capital to invest in businesses. ...
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| Analysis: Xstrata investors get pay vote but may not risk stand Posted: 16 Oct 2012 07:22 AM PDT  LONDON (Reuters) - Careful what you wish for. That could be advice for corporate governance advocates who sought a separate vote on the lavish executive pay deal that was bundled in as part of the terms of the $33 billion merger between Glencore and Xstrata. Thanks to a voting structure shake-up, shareholders will now be able to vote for the deal without the pay, and have an option to reject the proposed retention packages, achieving what looks like a victory against excessive boardroom remuneration. ...
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| GM Cadillac to start making ELR plug-in hybrid in late 2013 Posted: 16 Oct 2012 07:03 AM PDT  DETROIT (Reuters) - The production of the Cadillac ELR, the first luxury plug-in hybrid electric vehicle from General Motors Co, is to begin in late 2013 at the same plant that makes the Chevrolet Volt, a top GM official said on Tuesday. The ELR will be introduced to the U.S. market shortly after the start of production, but GM did not announce timing of the first sales for the Cadillac ELR. The ELR is the production version of the concept Cadillac Converj introduced at the Detroit auto show in 2009. ...
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| Coca-Cola's revenue misses Wall Street expectations Posted: 16 Oct 2012 07:06 AM PDT  (Reuters) - Coca-Cola Co reported quarterly revenue that came in short of Wall Street expectations on Tuesday, hurt by declines in Europe and Asia where it sold more lower-priced drinks. The world's biggest soft-drink maker, with brands such as Sprite, Fanta and Minute Maid, also said revenue and profit were hurt by the stronger U.S. dollar, which reduces the value of overseas sales. Still, earnings were in line with analysts' expectations and shares edged slightly lower in premarket trading. ...
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| Gap makes more changes to its executive lineup Posted: 16 Oct 2012 07:34 AM PDT  (Reuters) - Gap Inc is placing each of its divisions under a single global executive, the retailer said on Tuesday, as it recreates its model for its Old Navy unit. The moves come after Gap had hired a number of new executives and revamped its management lineup in recent months under Chief Executive Officer Glenn Murphy. Starting November 5, Steve Sunnucks, who is international chief for the Gap brand, will become global president, while Art Peck, chief of Gap North America, will take over as president of the new innovation, digital strategy and new brands division. ...
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| Germany's Schaeuble advocates leap in euro integration Posted: 16 Oct 2012 08:54 AM PDT  ABU DHABI (Reuters) - German Finance Minister Wolfgang Schaeuble has called days before an EU summit for a leap forward in European integration, saying the bloc needs a new commissioner with power over budgets and reform of European Parliament decision-making. Such reforms would accelerate the trend towards a two-speed Europe whose inner core would be the euro zone, spurred towards closer union by its three-year-old sovereign debt crisis. ...
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| J&J third-quarter profit beats as drugs, devices deliver Posted: 16 Oct 2012 07:43 AM PDT  (Reuters) - Johnson & Johnson reported better-than-expected quarterly results on Tuesday, as prescription drug sales rebounded with the help of newer products and jitters about medical device sales proved unfounded. "Things can't help but look more positive for the company with today's results," said Piper Jaffray analyst Matt Miksic, who noted it was the first time in a year that J&J had beaten Wall Street sales estimates. Earnings per share before special items topped expectations, and revenue also beat Wall Street estimates. ...
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| Vikram Pandit steps down as Citigroup CEO Posted: 16 Oct 2012 08:44 AM PDT  Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, shocking Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed.
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| Stocks higher on 3Q profits; Mattel jumps Posted: 16 Oct 2012 08:49 AM PDT  Stocks are rising on Wall Street after several big-name U.S. companies posted strong results.
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| Social Security benefits to go up by 1.7 percent Posted: 16 Oct 2012 07:56 AM PDT  More than 56 million Social Security recipients will see their monthly payments go up by 1.7 percent next year.
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| More expensive gas pushes US consumer prices up Posted: 16 Oct 2012 07:51 AM PDT  Higher gas costs drove up U.S. consumer prices in September for the second straight month. Outside energy, there was little sign of inflation.
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| US homebuilder confidence at 6-year high Posted: 16 Oct 2012 08:45 AM PDT  Confidence among U.S. homebuilders remains at its highest level in six years, reflecting improved optimism over the strengthening housing market this year and a pickup in visits by prospective buyers to builders' communities.
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| Oil prices slip on mixed economic data Posted: 16 Oct 2012 09:11 AM PDT Oil prices are slightly lower at midday Tuesday, as traders mull mixed data about the nation's slowly recovering economy. |
| Microsoft tablet Surface to start at $499 Posted: 16 Oct 2012 08:43 AM PDT Microsoft's first tablet computer, the Surface, will start at $499 when it goes on sale Oct. 26. |
| US industrial output rises but factories stay weak Posted: 16 Oct 2012 07:44 AM PDT  U.S. industrial production increased only modestly in September, held back by weak growth in factory output.
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| Foxconn says underage interns found working Posted: 16 Oct 2012 07:47 AM PDT Electronics manufacturer Foxconn said Tuesday it found underage interns as young as 14 working at one of its factories in China. |
| Coca-Cola's profit up even as sales disappoint Posted: 16 Oct 2012 08:11 AM PDT  The Coca-Cola Co. has a formula for growth in the volatile economic climate: sell more of its drinks in emerging markets and evolve its stable of products at home, where concerns over sugary drinks are intensifying.
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| News Summary: Builder confidence at 6-year high Posted: 16 Oct 2012 09:13 AM PDT CONFIDENCE BOOST: The National Association of Home Builders/Wells Fargo builder sentiment index increased to 41 in October. That's up from 40 in September and the highest reading since June 2006, just before the housing bubble burst. Any reading below 50 indicates negative sentiment about the housing market. |
| Oil prices slip on mixed economic data Posted: 16 Oct 2012 09:11 AM PDT Oil prices are slightly lower at midday Tuesday, as traders mull mixed data about the nation's slowly recovering economy. |
| Wall Street jumps as earnings top forecasts Posted: 16 Oct 2012 09:02 AM PDT NEW YORK (Reuters) - Stocks climbed on Tuesday as stronger-than-expected quarterly earnings from such bellwethers as Goldman Sachs and Johnson & Johnson tempered recent concerns that the sluggish global economy would dent third-quarter results. Dow components Johnson & Johnson and UnitedHealth Group , both raised their full-year profit views while Goldman Sachs increased its dividend. Goldman Sachs shares gained 0.9 percent to $125.63 after the banking company posted earnings that beat expectations and revenue that more than doubled. ... |
| Japan's Softbank snaps up Sprint in $20 billion deal Posted: 16 Oct 2012 09:01 AM PDT  (Reuters) - Japanese mobile operator Softbank Corp said it will buy about 70 percent of Sprint Nextel Corp for $20.1 billion, giving Softbank the American toehold it has long desired and Sprint the capital to expand its network and potentially buy peers. The deal for the third-largest U.S. wireless carrier represents the most a Japanese firm has spent on an overseas acquisition. Announced by Softbank's billionaire founder and chief Masayoshi Son and Sprint Chief Executive Dan Hesse at a packed news conference in Tokyo on Monday, the transaction gives Softbank entry into a U.S. ...
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| Insurer UnitedHealth's 3Q profit jumps 23 percent Posted: 16 Oct 2012 08:59 AM PDT  UnitedHealth Group's third-quarter net income jumped 23 percent, and the nation's largest health insurer raised its 2012 earnings forecast for the third time this year.
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| EU Commissioner resigns in corruption scandal Posted: 16 Oct 2012 08:57 AM PDT EU Health Commissioner John Dalli has resigned over corruption allegations involving tobacco legislation, but denies wrongdoing. |
| SAfrica trade federation blames unrest on bosses Posted: 16 Oct 2012 08:56 AM PDT Mine bosses have aggravated South Africa's labor unrest by dismissing striking mineworkers, the Congress of South African Trade Unions said Tuesday, voicing strong support for thousands of workers who have staged wildcat strikes at gold and platinum mines across the country. |
| TSX rallies more than 1 percent, resources lead way Posted: 16 Oct 2012 08:55 AM PDT  TORONTO (Reuters) - Canada's main stock index rallied more than 1 percent on Tuesday with market sentiment buoyed by stronger-than-expected U.S. earnings and firmer commodity prices. Mining and energy stocks were up 1.75 percent and 1.18 percent, respectively, as gold and copper prices came off one-month lows and oil prices edged higher. The index's materials group, home to miners, was up 1.73 percent. Barrick Gold was the biggest index mover, up 2.05 percent at C$38.76, while Suncor Energy climbed 1.3 percent to C$32.80. Miner Goldcorp gained 1.57 percent to C$43.24. ...
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| Germany's Schaeuble advocates leap in euro integration Posted: 16 Oct 2012 08:54 AM PDT ABU DHABI (Reuters) - German Finance Minister Wolfgang Schaeuble has called days before an EU summit for a leap forward in European integration, saying the bloc needs a new commissioner with power over budgets and reform of European Parliament decision-making. Such reforms would accelerate the trend towards a two-speed Europe whose inner core would be the euro zone, spurred towards closer union by its three-year-old sovereign debt crisis. ... |
| Citigroup CEO Vikram Pandit resigns Posted: 16 Oct 2012 08:53 AM PDT (Reuters) - Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday, effective immediately, a shock change at the top of the No. 3 U.S. bank just one day after a surprisingly strong quarterly earnings report. Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank. But Citigroup shares rose 1.5 percent in morning trading as some investors said they were not sorry to see the one-time hedge fund executive leave. ... |
| Canda dollar near two-week low as Carney speech weighs Posted: 16 Oct 2012 08:50 AM PDT TORONTO (Reuters) - The Canadian dollar hit its weakest level in nearly two weeks against its U.S. counterpart on Tuesday, after a Bank of Canada speech omitted mention of a long-stated intention to raise interest rates once conditions permit. Governor Mark Carney said on Monday that the central bank would take whatever action is necessary to keep inflation on target and acknowledged the effect global uncertainty was having on Canada's resource-linked economy. But the speech omitted key hawkish language about withdrawal of "considerable monetary policy stimulus. ... |
| Stocks higher on 3Q profits; Mattel jumps Posted: 16 Oct 2012 08:49 AM PDT Stocks are rising on Wall Street after several big-name U.S. companies posted strong results. |
| Iraq removes central bank head in corruption probe Posted: 16 Oct 2012 08:48 AM PDT  Iraq abruptly removed the longtime governor of the country's central bank Tuesday after he and other bank officials were targeted in an investigation into alleged financial wrongdoing.
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| Key moments in Pandit's tenure as CEO of Citigroup Posted: 16 Oct 2012 08:48 AM PDT Vikram Pandit stepped down Tuesday as CEO of Citigroup. Here are some highlights of his nearly five-year tenure: |
| News Summary: A123 files for bankruptcy protection Posted: 16 Oct 2012 08:45 AM PDT SHORT CIRCUIT: Short of cash and hurting from weak sales of electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection on Tuesday and quickly sold its automotive assets. |
| US homebuilder confidence at 6-year high Posted: 16 Oct 2012 08:45 AM PDT Confidence among U.S. homebuilders remains at its highest level in six years, reflecting improved optimism over the strengthening housing market this year and a pickup in visits by prospective buyers to builders' communities. |
| Bad roads, lack of bags threaten Ivorian cocoa harvest Posted: 16 Oct 2012 08:45 AM PDT  ABIDJAN (Reuters) - The bad state of rural roads in top cocoa grower Ivory Coast and delays in distributing jute sacks used to transport beans from plantations to ports could affect bean quality as the main crop harvesting gets under way, farmers said on Tuesday. The 2012/13 harvest season officially opened on October 3. The country's marketing board, the Coffee and Cocoa Council (CCC), is meant to supply exporters and farmer cooperatives with special jute sacks at the start of each season to pack beans in the bush. ...
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| Vikram Pandit steps down as Citigroup CEO Posted: 16 Oct 2012 08:44 AM PDT Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, shocking Wall Street, after steering the bank through the 2008 financial crisis and the choppy years that followed. |
| Microsoft tablet Surface to start at $499 Posted: 16 Oct 2012 08:43 AM PDT Microsoft's first tablet computer, the Surface, will start at $499 when it goes on sale Oct. 26. |
| Goldman Sachs' earnings soar, but caution rules Posted: 16 Oct 2012 08:43 AM PDT  Goldman Sachs turned in third-quarter earnings Tuesday that easily beat analysts' estimates, but the bank's mood seemed more cautious than celebratory.
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