Business News

Peregrine CEO indicted for lying to regulators

By Ann Saphir and Tom Polansek SAN FRANCISCO/CHICAGO | Mon Aug 13, 2012 8:03pm EDT SAN FRANCISCO/CHICAGO (Reuters) - Peregrine Financial Group founder and chief executive Russell Wasendorf Sr was indicted on charges of lying to regulators, a little over a month after he botched a suicide attempt and confessed to bilking customers of his brokerage for years. Wasendor...

14 Aug 12:28 AM 0 Read More...

Ex-Barclays trader Merchant, under Libor scrutiny, exits UBS

By Jennifer Ablan and Matthew Goldstein Mon Aug 13, 2012 7:34pm EDT (Reuters) - Jay V. Merchant, who has come under federal scrutiny in the Libor manipulation scandal related to his tenure at Barclays Plc, left his position as head of swap trading at UBS on Monday, a UBS spokeswoman confirmed. Merchant, who worked for Barclays in New York from 2006 to 2009, is being looked a...

14 Aug 12:28 AM 0 Read More...

U.S. Treasury increases auto bailout cost estimate

WASHINGTON | Mon Aug 13, 2012 4:36pm EDT WASHINGTON (Reuters) - The U.S. Treasury Department has said the auto industry bailout will cost taxpayers $3.4 billion more than previously thought. Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday.That is up from the last quarterly estimate o...

14 Aug 12:28 AM 0 Read More...

Wall Street dips after six-day rally; Japan data weighs

By Angela Moon NEW YORK | Mon Aug 13, 2012 2:34pm EDT NEW YORK (Reuters) - Stocks fell on Monday after six days of gains for the S&P 500 and as Japanese data showed their economy grew much less than expected in the second quarter, a reminder of the headwinds faced by the global economy. The benchmark index had risen 3 percent over the prior six sessions, its lon...

13 Aug 7:17 PM 0 Read More...

Tesoro eyes West Coast empire with BP refinery deal

By Selam Gebrekidan and Michael Erman Mon Aug 13, 2012 12:56pm EDT (Reuters) - Tesoro Corp (TSO.N) moved on Monday to create the biggest U.S. refining empire in the Pacific Basin with a $2.5 billion deal to buy BP's (BP.L) Carson plant in the isolated California market. Shares in Tesoro shot up more than 9 percent, trading at $38.75.If regulators approve the purchase, the in...

13 Aug 7:17 PM 0 Read More...

Wall Street opens lower after string of gains

NEW YORK | Mon Aug 13, 2012 9:34am EDT NEW YORK (Reuters) - Stocks opened slightly lower on Monday after six straight sessions of gains by the S&P 500 as Japan showed signs of economic weakness. The Dow Jones industrial average .DJI was down 24.23 points, or 0.18 percent, at 13,183.72. The Standard & Poor's 500 Index .SPX was down 2.02 points, or 0.14 percent, at 1,...

13 Aug 2:12 PM 0 Read More...

Tesoro to buy BP refinery, related assets for $2.5 billion

Mon Aug 13, 2012 9:23am EDT (Reuters) - Tesoro Corp (TSO.N) said it would buy BP Plc's (BP.L) refinery in Carson, California, and related assets for about $2.5 billion. Independent refiner Tesoro on Monday said it would pay $1.18 billion for BP's refining and marketing business in Southern California, plus the value of the refinery's inventory at the time of closing. At current pric...

13 Aug 2:12 PM 0 Read More...

GM recalls over 38,000 police Impalas in North America

Mon Aug 13, 2012 9:02am EDT (Reuters) - General Motors Co (GM.N) is recalling more than 38,000 Chevrolet Impala police cars in North America because the lower front control arms could fracture, increasing the risk of crash. The recall, which does not affect non-police versions of the Impala, covers 36,413 cars in the United States and 1,713 in Canada, according to GM and documents f...

13 Aug 2:12 PM 0 Read More...

Oil hits $115, highest since May, on supply concern

By Alex Lawler LONDON | Mon Aug 13, 2012 9:51am EDT LONDON (Reuters) - Oil hit $115 a barrel on Monday for the first time in more than three months as concern about supplies and hopes that governments will roll out more stimulus measures outweighed signs of weakening fuel demand. Supply of the North Sea crudes underpinning the Brent crude contract was set to hit a r...

13 Aug 2:12 PM 0 Read More...

Julius Baer to buy Merrill Lynch private bank outside U.S.

By Martin de Sa'Pinto and Katharina Bart ZURICH | Mon Aug 13, 2012 9:41am EDT ZURICH (Reuters) - Swiss private bank Julius Baer (BAER.VX) is to buy Bank of America's (BAC.N) non-U.S. Merrill Lynch wealth manager, paying 860 million Swiss francs ($882 million) for the loss-making business to boost its assets managed by 40 percent and backing the deal with plans to ra...

13 Aug 2:12 PM 0 Read More...