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Greece, data weigh on Wall Street; technologies slip NEW YORK (Reuters) - Stocks fell on Thursday on ongoing concerns about Greece's possible exit from the euro zone, while tepid economic data gave investors little reason to take risk. Declines in technology stocks, led by a nearly 15 percent drop in NetApp Inc , weighed the Nasdaq further. Data showed demand for long-lasting manufactured goods rose less than expected in April while weekly jobless claims dipped modestly for the week ended May 19. ... Thu, 24 May 2012 13:51:14 -0400
Economy trudges along despite Europe turbulence WASHINGTON (Reuters) - The number of Americans filing new claims for jobless benefits dipped last week and factory activity grew but at a slower pace in May, indicating the economy was plodding along despite growing headwinds from Europe. Though Thursday's economic reports were a bit lackluster, they offered no signs of deterioration in the world's largest economy as growth in countries like China slows and the euro zone edges towards a recession. ... Thu, 24 May 2012 13:28:11 -0400
Morgan Stanley still has Facebook issues: source NEW YORK (Reuters) - Morgan Stanley continues to work through trade orders placed on Friday by brokerage customers in Facebook Inc during the social networking company's IPO, two people familiar with the situation said on Thursday. Morgan Stanley Smith Barney, an affiliate unit of Facebook lead underwriter Morgan Stanley, did not receive from the Nasdaq stock market information about stock trades in a "systematic, orderly way," said one person, who was not authorized to speak publicly on the matter. Nasdaq said it had all orders, executed or not, returned to member firms by 1:50 p.m. ... Thu, 24 May 2012 14:35:44 -0400
Chesapeake plans to sell wells in Wyoming, Colorado HOUSTON/NEW YORK (Reuters) - Chesapeake Energy Corp has put 504,000 acres in the DJ Basin in Wyoming and Colorado up for sale, as the U.S. energy company scrambles to raise cash to close a $9 billion to $10 billion funding shortfall. Chesapeake, which earlier this month arranged a pricey $4 billion loan from its investment bankers to tide it over, has said it will sell as much as $11 billion in assets this year. The DJ Basin deal includes oil and gas production from 29 wells that the company operates and Chesapeake's interest in 24 non-operated wells, according to a prospectus on the assets. ... Thu, 24 May 2012 14:34:50 -0400
Analysts back Hewlett Packard's layoff plans (Reuters) - Analysts said Hewlett Packard Co's plan to cut jobs was a step in the right direction but the PC maker will have to do more to regain investors' confidence. Shares of the world's No. 1 personal computer maker were up 6 percent at $22.26 in early trading on the New York Stock Exchange on Thursday. "While we certainly don't believe HP has resolved all their issues, we do see the company moving in the right direction," RBC Capital Markets LLC analyst Amit Daryanani wrote in a note to clients. ... Thu, 24 May 2012 10:18:16 -0400
Warren Buffett eyes more newspapers: report (Reuters) - Warren Buffett's Berkshire Hathaway Inc is eyeing more newspapers, according to a memo posted on Jim Romenesko's media website. http://tinyurl.com/7odreje The Oracle of Omaha wrote in a memo to Berkshire Hathaway's publishers and editors that "Berkshire will probably purchase more papers in the next few years," according to the website. Buffett's company announced on May 17 that it would buy the majority of Media General Inc's papers for $142 million in cash and that it would form a new subsidiary called BH Media Group. ... Thu, 24 May 2012 12:39:18 -0400
Eurozone governments ponder Greek exit contingency ROME/HELSINKI (Reuters) - At least half of euro zone governments as well as banks and large companies are making contingency plans in case Greece decides to leave the single currency area, even though the preferred option is still for Athens to keep the euro. Italy's Deputy Economy Minister Vittorio Grilli said his country was ready for such a possibility, if Greek voters on June 17 give power to parties that reject reforms agreed with the EU and IMF in exchange for emergency loans. ... Thu, 24 May 2012 11:56:41 -0400
Facebook executive ducks questions about IPO debacle BOSTON (Reuters) - Facebook Chief Operating Officer Sheryl Sandberg spoke to Harvard University students in her first public appearance since the company's disappointing initial public offering, but refrained from addressing the controversy around its messy, glitch-plagued debut. Instead, Sandberg urged students graduating this week from Harvard's business school to work for fast-growing companies, communicate honestly and address inequality in the workplace. ... Thu, 24 May 2012 13:55:24 -0400
Fidelity, Knight problems add to Nasdaq's Facebook woes (Reuters) - The repercussions from Facebook's botched initial public offering deepened on Thursday as Fidelity Investments found itself dealing with "thousands" of customers with order problems and Knight Capital demanded tens of millions of dollars in compensation from Nasdaq for trading-related losses. ... Thu, 24 May 2012 14:24:24 -0400
Analysis: Some workers on the move again, but most stuck NEW YORK (Reuters) - Bruno Martinho, a wind power engineer, moved quickly when he landed a new job in March that raised his pay by a third. Within weeks, the 34-year-old was on his way to Houston from New York, a 1,600 mile journey, to monitor the wind in Texas, a booming center for wind power. For those with skills in hot demand, the United States looks more like a land of opportunity again, especially if they are prepared to uproot and move for work. But such people are more the exception than the rule. ... Thu, 24 May 2012 13:36:14 -0400
Microsoft wins ruling against Motorola over texting FRANKFURT (Reuters) - A German regional court ruled in a hearing on Thursday that Motorola Mobility infringed Microsoft patents by offering the option on its mobile phones to send a longer text in a batch of several messages. "We're pleased the court agreed today that Motorola has infringed Microsoft's intellectual property, and we hope Motorola will be willing to join other Android device makers by taking a license to our patents," Microsoft said in a statement, referring to Google's Android operating system for mobile phones. ... Thu, 24 May 2012 13:53:01 -0400
Dow says wins $2.16 billion in Kuwait arbitration (Reuters) - An arbitrator ruled Kuwait's state-run chemical company must pay Dow Chemical Co $2.16 billion for wrongly canceling a planned plastics joint venture in 2008, Dow said on Thursday. The International Chamber of Commerce's International Court ruling against Petrochemical Industries Co (PIC) of Kuwait is final and binding and believed to be one of the largest ever arbitration awards, according to Dow's law firm, Shearman and Sterling LLP. Kuwait pulled out of the $17. ... Thu, 24 May 2012 11:54:40 -0400
Europe's slump deepens; U.S., China lose momentum LONDON/NEW YORK (Reuters) - The shadows over the global economy darkened on Thursday as the euro zone's private sector contracted, U.S. manufacturing growth slowed and China's once-booming factories faltered. In Europe, a downturn that started in smaller states on the euro zone's periphery is now taking root in the core countries of Germany and France, where tepid growth had been the main ballast of support for the euro area economy. "We are very much in a period of weakening global growth. ... Thu, 24 May 2012 13:10:48 -0400
UK appointed pro-Murdoch minister to News Corp Bid LONDON (Reuters) - Prime Minister David Cameron gave the job of ruling on a multi-billion dollar takeover by News Corp to a minister he knew supported the deal, an inquiry heard on Thursday, reigniting accusations he was in hock to Rupert Murdoch. Jeremy Hunt, the Culture Secretary who was handed the task of deciding whether to support Murdoch's $12 billion bid for BSkyB, had previously sent a memo to Cameron detailing his view that the takeover would be good for Britain. ... Thu, 24 May 2012 14:50:28 -0400
Bank earnings rebound, but lending slackens WASHINGTON (Reuters) - The banking industry enjoyed its highest earnings since the first half of 2007 in the first quarter, but lending slowed, reversing what had been an encouraging trend in loan growth. The Federal Deposit Insurance Corp's quarterly report, released on Thursday, showed the industry earned $35.3 billion in the first quarter, up $6.6 billion, or 22.9 percent, from a year earlier. The increase was largely due to banks setting aside less money to guard against loan losses. ... Thu, 24 May 2012 13:20:57 -0400
Four men, five weeks - a plan for Europe's future BRUSSELS (Reuters) - European Union leaders have given the bloc's four most powerful officials a little over a month to come up with a clearer template for euro zone integration, a pitch to persuade voters and markets that the euro has staying power. The four -- European Commission President Jose Manuel Barroso, European Central Bank President Mario Draghi, Eurogroup Chairman Jean-Claude Juncker and European Council President Herman Van Rompuy -- have no less a task ahead than spelling out where Europe is actually going. ... Thu, 24 May 2012 11:51:26 -0400
Moody's restates French AAA, negative outlook PARIS (Reuters) - Moody's restated its negative outlook on France's top-notch credit rating on Thursday, saying after Francois Hollande's May 6 presidential election win that it needed more time to assess how France will manage its public finances in a time of anemic growth. Socialist Hollande took over from conservative Nicolas Sarkozy on May 15 and has named an interim government, but ratings agency Moody's said it was waiting to see what happened after June parliamentary elections. ... Thu, 24 May 2012 11:44:35 -0400
Tiffany lowers profit forecast, blames economy (Reuters) - Tiffany & Co lowered its fiscal-year sales and profit forecasts on Thursday, citing slowing economic growth in many countries and weakness in its home market, and the upscale jeweler's shares fell almost 7 percent. Rival Signet Jewelers Ltd also issued a disappointing forecast and posted first-quarter results that showed slowing growth in its U.S. sales, particularly at its higher-end Jared chain. Tiffany shares were down 6.7 percent in premarket trading, while Signet was off 11.5 percent. Signet shares fell 4.7 percent in London. ... Thu, 24 May 2012 10:35:17 -0400
Europe's slump deepens, U.S., China lose momentum LONDON/NEW YORK (Reuters) - The shadows over the global economy darkened this month as the euro zone's private sector contracted, U.S. manufacturing growth slowed and China's once-booming factories faltered, surveys showed on Thursday. In Europe, a downturn that started in smaller states on the euro zone's periphery is now taking root in the core countries of Germany and France, where tepid growth had been the main ballast of support for the euro area economy. "We are very much in a period of weakening global growth. ... Thu, 24 May 2012 09:51:00 -0400
EU court to rule on $1.1 billion Microsoft fine on June 27 LUXEMBOURG (Reuters) - Europe's second-highest court will rule on June 27 whether EU regulators were justified in fining Microsoft 899 million euros ($1.1 billion) four years ago for failing to comply with an antitrust ruling intended to make business easier for its rivals. The European Commission imposed the fine - a record at the time - after the U.S. software group failed to provide information to firms with competing products, as had been ordered by the EU watchdog in 2004. The penalty was the first imposed by the EU regulator for non-compliance with an antitrust decision. ... Thu, 24 May 2012 08:59:08 -0400
Analysis: Shale energy boom dangles prospect of leap in economic growth WASHINGTON (Reuters) - America's reliance on fuel imports has sucked vigor from its economy for decades. Now an oil and natural gas boom holds out the prospect for a new era of stronger U.S. economic growth. Vast reserves of natural gas and oil unlocked from underground shale deposits have slashed the price of U.S. natural gas to a fraction of costs in Europe and Asia, making it some of the cheapest energy in the world. That is cutting production costs at U.S. factories, making 'Made in America' a more attractive option and driving investment in everything from foundries to chemical plants. ... Thu, 24 May 2012 11:03:36 -0400
MasterCard loses card fee challenge, Visa Europe next LUXEMBOURG (Reuters) - Mastercard lost a challenge to an EU ban on its cross-border card fees in a ruling that puts rival Visa Europe squarely in the sights of European regulators over its charges. Europe's second-highest court on Thursday upheld a 2007 decision by the European Commission which was triggered by retailers' gripes about the world's second-largest credit and debit card network. ... Thu, 24 May 2012 10:51:03 -0400
Shareholders sue Facebook, NYSE comes calling SAN FRANCISCO (Reuters) - The fallout from Facebook Inc's messy initial public offering widened on Wednesday as shareholders sued the social network and its bankers while a trading firm revealed a massive loss on the shares and threatened to seek "remedies." The Nasdaq stock exchange also came under further pressure as a source close to the situation told Reuters that NYSE Euronext had opened discussions with Facebook about a potential stock listing there. Nasdaq also faces litigation from angry investors. ... Thu, 24 May 2012 10:31:18 -0400
EU urges Greece to stay in euro, plans for possible exit BRUSSELS (Reuters) - European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program. After nearly six hours of talks held during an informal dinner, leaders said they were committed to Greece remaining in the euro zone, but it had to stick to its side of the bargain too, a commitment that will mean a heavy cost for Greeks. ... Thu, 24 May 2012 14:51:00 -0400
German economy succumbs to euro gloom BERLIN (Reuters) - German business sentiment collapsed in May and the manufacturing sector shrank as turmoil in the euro zone unsettled firms, threatening to end the immunity of Europe's largest economy to the troubles surrounding it. Germany's "Teflon economy" has so far avoided the fate of its European peers thanks to strong exports to other parts of the world and healthy domestic demand, and data confirmed on Thursday it grew 0.5 percent in the first quarter. ... Thu, 24 May 2012 07:41:44 -0400
Peugeot touts spartan sedan to emerging markets PARIS (Reuters) - PSA Peugeot Citroen unveiled a new sedan for emerging markets and said other pared-down models would follow, as the struggling French automaker seeks to reduce dependence on flagging Western European demand. Through statements and photos published on Thursday, the company offered a glimpse of a compact Peugeot 301 car to be built in Vigo, Spain, and introduced later this year, starting in Turkey. The new car "illustrates the internationalization of the brand", Peugeot said, predicting that it would become one of its global bestsellers. ... Thu, 24 May 2012 09:31:30 -0400
April durable goods orders edge up as machinery drags WASHINGTON (Reuters) - Demand for long-lasting manufactured goods rose less than expected in April as companies scaled back plans to add machinery and the military ordered fewer aircraft, suggesting factory activity was losing momentum in the second quarter. New orders for durable goods edged 0.2 percent higher last month, a minimal gain after a revised 3.7 percent drop in March, the Commerce Department said on Thursday. Economists had forecast orders for durable goods, which range from toasters to aircraft, to increase 0.5 percent in April after a previously reported 3.9 percent fall in ... Thu, 24 May 2012 08:37:15 -0400
Jobless claims little changed last week WASHINGTON (Reuters) - New claims for unemployment benefits fell slightly last week, government data on Thursday showed, suggesting the labor market continues to expand at a moderate pace. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 370,000, the Labor Department said. The prior week's figure was revised up to 372,000 from the previously reported 370,000. Economists polled by Reuters had forecast claims unchanged last week. The four-week moving average for new claims, considered a better measure of labor market trends, dropped 5,500 to 370,000. ... Thu, 24 May 2012 08:32:31 -0400
China's CIC eyes up to $2 billion stake in Alibaba Group: sources HONG KONG (Reuters) - Sovereign wealth fund China Investment Corp (CIC) is in advanced talks to buy an up to $2 billion stake in Alibaba Group, sources told Reuters, as the Chinese e-commerce powerhouse looks to secure the last of the funding it needs to buy back part of its stake from Yahoo Inc. The involvement of CIC, China's giant sovereign wealth fund which manages around $410 billion in assets, underlines the significance of the deal Alibaba has struck with Yahoo, which returns voting control back to founder Jack Ma. It also emphasises the potential value of the company. ... Thu, 24 May 2012 06:58:23 -0400
GM recalls 4,300 cars in U.S. for airbag issue (Reuters) - General Motors Co said on Thursday it is recalling 4,304 Chevrolet Malibu Eco cars sold in the United States to reprogram a module that controls airbag deployments. The U.S. automaker said in what it described as rare cases under extremely aggressive turning, the roof rail airbags in some 2013 model year Malibu Ecos might inflate. It also said in another scenario it described as rarer that the airbags and safety belt pretensioners might not deploy. GM said no crashes or injuries have been reported related to this issue. ... Thu, 24 May 2012 08:08:17 -0400
Buffett says his firm likely to buy newspapers Warren Buffett says his company is likely to buy more newspapers in the next few years, and Berkshire Hathaway will not try to influence the editorial policies of any of them. Thu, 24 May 2012 14:43:22 -0400
Israel steps up security ties with China After a prolonged chill, security ties between Israel and China are warming up. Thu, 24 May 2012 14:39:44 -0400
Memo: UK minister lobbied for Murdoch takeover A British minister in the hot seat for his alleged close ties to Rupert Murdoch's media empire did lobby Prime Minister David Cameron to back the tycoon's bid for satellite broadcaster BSkyB, according to a memo made public Thursday. Thu, 24 May 2012 14:35:22 -0400
Vatican bank chief ousted in no-confidence vote The president of the Vatican bank was effectively ousted Thursday after receiving a unanimous vote of no-confidence from bank overseers for having leaked documents and failed to do his job at a critical time in the Holy See's efforts to show transparency in its finances, the Vatican and officials said. Thu, 24 May 2012 14:28:33 -0400
Food stamp fraud raising concerns in gov't offices Food stamp recipients are ripping off the government for millions of dollars by illegally selling their benefit cards for cash — sometimes even in the open, on eBay or Craigslist — and then asking the government for replacement cards. Thu, 24 May 2012 14:20:54 -0400
Report: State tobacco prevention funding lacking States have spent only about 3 percent of the billions they've received in tobacco taxes and legal settlements over the last decade to fund tobacco prevention programs, making it harder to reduce the death and disease caused by tobacco use, according to a report released Thursday by the federal Centers for Disease Control and Prevention. Thu, 24 May 2012 14:10:48 -0400
Smart Spending: Putting extreme couponing to test Armed with a stack of coupons, Amanda Ostrowski paid just $51.67 for $1,175.33 worth of groceries on TLC's reality show "Extreme Couponing." Thu, 24 May 2012 14:07:21 -0400
Oil bounces back, close to $91 per barrel Oil bounced back a day after falling below $90 per barrel for the first time in months. Thu, 24 May 2012 13:54:39 -0400
Facebook launches iPhone camera app Facebook's rocky initial public offering hasn't stopped life at the world's biggest online social network. On Thursday, the company unveiled a camera app for the iPhone. Thu, 24 May 2012 13:53:09 -0400
EU running out of time as Greece nears the exit European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone, but until after elections it's uncertain whether it can implement the austerity that Europe has set as a condition for doing so. Thu, 24 May 2012 13:44:13 -0400
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