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• Dow, S&P rise after reopening, volume low
• GM sees European operations breaking even mid-decade
• Analysis: Rajoy's bailout shyness adds to Spain's risks
• Fear of bank backlash made my colleagues lie: UBS trader
• Ally pays back $2.9 billion in FDIC-backed debt
• MasterCard profit beats as consumers feel more confident
• JPMorgan sues former London Whale boss
• Wall Street scrambles to raise cash after Sandy
• More than 760,000 Con Ed customers in NYC still without power
• U.S. companies hustle to re-staff, reopen after Sandy
• Northeast air travel resumes as JFK, Newark reopen
• Amtrak restores service to Newark airport
• US stocks higher after historic 2-day close
• Sandy shuts down Northeast air travel
• Airports and stock exchange reopen; NJ devastated
• Facebook stock down after post-IPO lock-up expires
• GM shares spike on strength in South America
• Greece outlines new austerity as debt load rises
• Treasury says debt limit will be hit by late 2012
• PVH to buy Warnaco for $2.9B, gain Calvin control
• Amtrak restores service to Newark airport
• Facebook stock down after post-IPO lock-up expires
• Greece outlines new austerity as debt load rises
• Spain: Pressure to demand a bailout is easing
• TSX rises as Wall Street returns; materials lead climb
• Kenya, Uganda inflation falls point to more rate cuts
• US stocks edge down after historic 2-day close
• GM sees 2013 Europe industry auto sales down 4-5 percent
• Progress in euro zone talks on Greece, no deal yet
• Nigeria could close oil fields to curb gas flaring
• GM shares spike on strength in South America
• Experts give causes of emergency landing in Poland
• Oil rises as refineries move to full operations
• Airports and stock exchange reopen; NJ devastated
• Canada economy shrinks in August as oil, mining slump
• MasterCard's income rises on international growth
• Potash seeks Netanyahu help in Israel Chem takeover
• Scotiabank names Brian Porter as president
• U.S. companies hustle to re-staff, reopen after Sandy
• PVH to buy Warnaco for $2.9B, gain Calvin control

Dow, S&P rise after reopening, volume low Posted: 31 Oct 2012 08:03 AM PDT NEW YORK (Reuters) - Stocks mostly rose on Wednesday in the first trading session since a massive storm in the Northeast forced the first weather-related two-day market closure since 1888. Trading was expected to be volatile with volume light as many market participants remained unable to get to their offices or work from home given power outages and public transit issues across the region. "Liquidity remains very light in equities as there are a lot of empty seats on the Street," said Dave Lutz, a Baltimore-based trader with Stifel, Nicolaus & Co. "We're also seeing some outsized moves. ...

GM sees European operations breaking even mid-decade Posted: 31 Oct 2012 07:16 AM PDT DETROIT (Reuters) - General Motors Co posted a surprisingly strong profit on Wednesday and said it was targeting a return to break-even levels in its European operations by mid-decade after a loss of as much as $1.8 billion in that region this year. Shares of the automaker rose more than 5 percent in early trading. "We still have a lot of work to do, especially in Europe," GM Chief Financial Officer Dan Ammann said in a statement. GM's third-quarter net income attributable to common shareholders fell to $1.48 billion, or 89 cents a share, from $1.74 billion, or $1.03 a share, a year earlier. ...

Analysis: Rajoy's bailout shyness adds to Spain's risks Posted: 31 Oct 2012 07:55 AM PDT MADRID (Reuters) - The longer Prime Minister Mariano Rajoy puts off asking for aid from the euro zone, the greater the risk of further financial turmoil and an even worse recession in Spain, analysts say. Promises of help from the EU and the European Central Bank have brought Spain's borrowing costs down from unsustainable levels in the past few months. But ironically, if Rajoy is persuaded by the improved market conditions that he no longer needs to ask for help, it could make the situation worse. ...

Fear of bank backlash made my colleagues lie: UBS trader Posted: 31 Oct 2012 08:06 AM PDT LONDON (Reuters) - Alleged fraudster Kweku Adoboli accused his former UBS colleagues on Wednesday of lying at his trial because they were frightened of a powerful banking "machine". The 32-year-old, who was a senior trader at UBS's London offices, was arrested in September last year and blamed for losses of $2.3 billion. He is standing trial in a London court accused of two counts of fraud and four of false accounting, which he denies. ...

Ally pays back $2.9 billion in FDIC-backed debt Posted: 31 Oct 2012 08:04 AM PDT (Reuters) - Ally Financial Inc, the U.S. auto lender 74 percent owned by the U.S. government, on Wednesday said it has repaid $2.9 billion in debt issued under a financial-crisis-era program designed to bolster confidence in the banking system. The former auto lending arm of General Motors Co paid back $2.9 billion in debt guaranteed by the Federal Deposit Insurance Corp's Temporary Liquidity Guarantee Program. The debt, issued on Oct 30, 2009, came due on Tuesday. The lender plans to repay the remaining $4.5 billion in debt it issued under the program in December. ...

MasterCard profit beats as consumers feel more confident Posted: 31 Oct 2012 07:24 AM PDT (Reuters) - MasterCard Inc, the No.2 credit and debit card network, reported a quarterly profit that topped Wall Street estimates as more people across the globe opted to use cards instead of cash. Higher consumer spending in the United States also helped to boost MasterCard's third-quarter profit. U.S. consumer spending spiked in the quarter as people felt more confident about their job prospects. Cardholders made $676 billion of purchases worldwide in the quarter on a local currency basis, up 12 percent. In the United States, purchase volume grew 7. ...

JPMorgan sues former London Whale boss Posted: 31 Oct 2012 06:50 AM PDT LONDON (Reuters) - JPMorgan Chase & Co has filed a suit in a British court against the former boss of Bruno Iksil, the trader known as the London Whale, for the outsized derivatives positions he took that cost the bank $6.2 billion in losses this year. Javier Martin-Artajo, who was Iksil's immediate supervisor, was named a defendant in a London lawsuit filed on October 22. Details of the court filings, which were first reported by Bloomberg News, will not be released until the defendant acknowledges the claim, the court said. ...

Wall Street scrambles to raise cash after Sandy Posted: 31 Oct 2012 07:48 AM PDT NEW YORK (Reuters) - Wall Street firms and U.S. banks scrambled to raise cash on Wednesday, as U.S. financial markets resumed normal trading after a devastating storm pummeled the U.S. East Coast and closed major markets for two days. Major banks and investment houses rely on the money markets - a key cash source for financial markets - to finance trading positions and loans that they make. Companies sell commercial paper and other short-term loans to money market funds and other investors fund their inventories and payrolls. ...

More than 760,000 Con Ed customers in NYC still without power Posted: 31 Oct 2012 05:20 AM PDT (Reuters) - New York power company Consolidated Edison Inc said Wednesday it had restored power to over 160,000 of the 930,000 total customers knocked out by Hurricane Sandy, leaving about 764,000 still without power. Sandy hit the U.S. East Coast Monday night and left almost 8.5 million homes and businesses without power in 21 states from North Carolina to Maine and as far west as Illinois, which surpassed the 8.4 million customers left in the dark by Hurricane Irene last year. ...

U.S. companies hustle to re-staff, reopen after Sandy Posted: 31 Oct 2012 08:10 AM PDT NEW YORK/CHICAGO (Reuters) - After Hurricane Sandy bashed the East Coast with wind, flooding and a blizzard, companies scrambled on Tuesday to assess the damage, figure out how to get staff back on the job, and get customers what they needed from fresh water to roofing supplies, Wi-Fi and power for laptops. With the holiday season quickly approaching, retailers in particular hurried to get back to business. ...

Northeast air travel resumes as JFK, Newark reopen Posted: 31 Oct 2012 09:14 AM PDT Air travelers stranded in the Northeast are a little closer to getting home.

Amtrak restores service to Newark airport Posted: 31 Oct 2012 09:08 AM PDT Amtrak says it has restored train service to Newark Liberty International Airport.

US stocks higher after historic 2-day close Posted: 31 Oct 2012 08:00 AM PDT Mayor Michael Bloomberg has rung Wall Street back to business.

Sandy shuts down Northeast air travel Posted: 31 Oct 2012 07:18 AM PDT Superstorm Sandy grounded more than 18,000 flights across the Northeast and the globe, and it will take days before travel gets back to normal.

Airports and stock exchange reopen; NJ devastated Posted: 31 Oct 2012 08:15 AM PDT Two major airports reopened and the floor of the New York Stock Exchange came back to life Wednesday, while across the river in New Jersey, National Guardsmen rushed to rescue flood victims and fires still raged two days after Superstorm Sandy.

Facebook stock down after post-IPO lock-up expires Posted: 31 Oct 2012 09:05 AM PDT Facebook's stock price fell Wednesday, the day employees were eligible to start selling restricted stock in the company.

GM shares spike on strength in South America Posted: 31 Oct 2012 08:26 AM PDT A turnaround in South America and a rosier outlook in Europe helped push General Motors shares up Wednesday, even though the company's third-quarter net profit fell 14 percent.

Greece outlines new austerity as debt load rises Posted: 31 Oct 2012 09:02 AM PDT Greece's government on Wednesday outlined the new austerity measures it intends to take over the next two years, and revised its 2013 budget figures which predict the debt load will increase sharply as the recession deepens into a sixth straight year.

Treasury says debt limit will be hit by late 2012 Posted: 31 Oct 2012 06:08 AM PDT U.S. Treasury officials say they still expect the government will hit the current debt borrowing limit at the end of this year. But they say they can employ "extraordinary" measures that they have used in the past to keep the government functioning until sometime early next year.

PVH to buy Warnaco for $2.9B, gain Calvin control Posted: 31 Oct 2012 08:08 AM PDT PVH Corp., whose brands include Calvin Klein and Tommy Hilfiger, has agreed to buy rival clothier The Warnaco Group Inc. in a cash-and-stock deal worth about $2.9 billion. The deal would create one of the world's largest clothing companies and cement PVH's control of the Calvin Klein clothing brand.

Amtrak restores service to Newark airport Posted: 31 Oct 2012 09:08 AM PDT Amtrak says it has restored train service to Newark Liberty International Airport.

Facebook stock down after post-IPO lock-up expires Posted: 31 Oct 2012 09:05 AM PDT Facebook's stock price fell Wednesday, the day employees were eligible to start selling restricted stock in the company.

Greece outlines new austerity as debt load rises Posted: 31 Oct 2012 09:02 AM PDT Greece's government on Wednesday outlined the new austerity measures it intends to take over the next two years, and revised its 2013 budget figures which predict the debt load will increase sharply as the recession deepens into a sixth straight year.

Spain: Pressure to demand a bailout is easing Posted: 31 Oct 2012 09:00 AM PDT Spain is feeling less pressure to seek European financial aid in the short term because its state borrowing costs have dropped since the European Central Bank announced its offer to buy bonds, a government official said Wednesday.

TSX rises as Wall Street returns; materials lead climb Posted: 31 Oct 2012 08:59 AM PDT TORONTO (Reuters) - Canada's main stock index rose on Wednesday, led by the materials sector, which benefited from a gain in Potash Corp after the fertilizer maker ramped up efforts to acquire a smaller rival. The materials group rose 0.87 percent, having the biggest influence on the index, on a rise in commodity prices and news that Potash Corp confirmed its interest in increasing its ownership stake in Israel Chemical Ltd. Potash shares were up 1.15 percent at C$40.43. Volumes on Toronto's stock market picked up as U.S. ...

Kenya, Uganda inflation falls point to more rate cuts Posted: 31 Oct 2012 08:55 AM PDT NAIROBI/KAMPALA (Reuters) - Inflation rates in Kenya and Uganda fell in October, helped by easing food prices, creating room for further interest rate cuts to spur growth in east Africa's number one and three economies. Inflation has tumbled across east Africa's main economies this year after central banks slammed on the monetary brakes in the second half of 2011 to curb runaway prices that were driven by soaring food and fuel costs and ailing local currencies. ...

US stocks edge down after historic 2-day close Posted: 31 Oct 2012 08:54 AM PDT Mayor Michael Bloomberg has rung Wall Street back to business.

GM sees 2013 Europe industry auto sales down 4-5 percent Posted: 31 Oct 2012 08:51 AM PDT DETROIT (Reuters) - General Motors Co expects industry auto sales in Europe to fall 4 percent to 5 percent in 2013 from 2012, when sales were the weakest in nearly two decades. Steve Girsky, GM's Europe chief, said on a conference call on Wednesday that the company is not banking on market share gains of its Opel and Vauxhall brands to financially succeed. Girsky also said that GM was cash-flow positive in the third quarter in Europe, even though the company expects to lose between $1.5 billion and $1.8 billion in the region this year. GM said it expects to break even in Europe by mid-decade. ...

Progress in euro zone talks on Greece, no deal yet Posted: 31 Oct 2012 08:50 AM PDT BRUSSELS/ATHENS (Reuters) - Euro zone finance ministers made progress on Wednesday on ways to keep Greece afloat, Germany said, as talks between Athens and its foreign lenders near conclusion over reforms it must implement to receive fresh emergency loans. Greece needs to push through spending cuts and tax measures worth 13.5 billion euros ($17.5 billion) as well as a raft of economic reforms to satisfy EU and IMF lenders and secure more bailout money to avoid bankruptcy. ...

Nigeria could close oil fields to curb gas flaring Posted: 31 Oct 2012 08:30 AM PDT CAPE TOWN (Reuters) - Nigeria may shut down oil fields as it tries to clamp down on gas flaring, even if it means a loss of revenue, the petroleum industry's chief regulator said on Wednesday. Africa's top oil producer and holder of the world's seventh largest natural gas reserves is considered to be among the top two gas flarers in the world, burning off unwanted gas, after Russia. ...

GM shares spike on strength in South America Posted: 31 Oct 2012 08:26 AM PDT A turnaround in South America and a rosier outlook in Europe helped push General Motors shares up Wednesday, even though the company's third-quarter net profit fell 14 percent.

Experts give causes of emergency landing in Poland Posted: 31 Oct 2012 08:24 AM PDT Aviation experts said Wednesday that a LOT Polish Airlines flight from Newark, N.J., made an emergency landing in Warsaw last year because of technical problems with the Boeing 767 and inadequate guidance in its cockpit handbook.

Oil rises as refineries move to full operations Posted: 31 Oct 2012 08:21 AM PDT The price of oil is higher as East Coast refineries work to restore full operations.

Airports and stock exchange reopen; NJ devastated Posted: 31 Oct 2012 08:15 AM PDT Two major airports reopened and the floor of the New York Stock Exchange came back to life Wednesday, while across the river in New Jersey, National Guardsmen rushed to rescue flood victims and fires still raged two days after Superstorm Sandy.

Canada economy shrinks in August as oil, mining slump Posted: 31 Oct 2012 08:19 AM PDT OTTAWA (Reuters) - The Canadian economy shrank unexpectedly in August, pointing to a sharp third-quarter slowdown in growth from the first half and reinforcing the Bank of Canada's message that interest rate hikes are less imminent. The surprising 0.1 percent contraction in August from July reflected broad weakness across most industries, prompting economists to revise forecasts down. The Canadian dollar weakened to below parity with its U.S. counterpart. ...

MasterCard's income rises on international growth Posted: 31 Oct 2012 08:16 AM PDT MasterCard's net income rose strongly in the third quarter as its overseas business thrived, the company said Wednesday.

Potash seeks Netanyahu help in Israel Chem takeover Posted: 31 Oct 2012 08:11 AM PDT JERUSALEM (Reuters) - Potash Corp, the world's largest fertilizer maker, is ramping up efforts to acquire smaller rival Israel Chemicals (ICL) and has appealed directly to Israel's prime minister to back a deal. The Canadian company controls 13.84 percent of ICL, the world's sixth-largest fertilizer maker, and has long sought to raise its stake. Previous attempts by Potash to take over ICL since its initial investment in 1998 have been rebuffed by regulators. Any acquisition would be complicated because resources where ICL has potash and phosphate mining rights are state-owned. ...

Scotiabank names Brian Porter as president Posted: 31 Oct 2012 08:11 AM PDT (Reuters) - Bank of Nova Scotia has appointed Brian Porter to the role of president, Canada's No. 3 bank said on Wednesday, suggesting he will eventually succeed longtime Chief Executive Rick Waugh. Porter, who joined the Toronto-based bank in 1981, is currently group head of its strategically important international banking division, which has operations in about 50 countries through Latin America and Asia. He will officially take over as president on Thursday and report to Waugh, who had been both president and CEO. ...

U.S. companies hustle to re-staff, reopen after Sandy Posted: 31 Oct 2012 08:10 AM PDT NEW YORK/CHICAGO (Reuters) - After Hurricane Sandy bashed the East Coast with wind, flooding and a blizzard, companies scrambled on Tuesday to assess the damage, figure out how to get staff back on the job, and get customers what they needed from fresh water to roofing supplies, Wi-Fi and power for laptops. With the holiday season quickly approaching, retailers in particular hurried to get back to business. ...

PVH to buy Warnaco for $2.9B, gain Calvin control Posted: 31 Oct 2012 08:08 AM PDT PVH Corp., whose brands include Calvin Klein and Tommy Hilfiger, has agreed to buy rival clothier The Warnaco Group Inc. in a cash-and-stock deal worth about $2.9 billion. The deal would create one of the world's largest clothing companies and cement PVH's control of the Calvin Klein clothing brand.

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