Business News

Wall Street ends flat on late buying, Cyprus woes linger

By Rodrigo Campos NEW YORK | Wed Mar 27, 2013 5:35pm EDT NEW YORK (Reuters) - Stocks rebounded from early declines to close little changed on Wednesday, but investors were still worried about the chance of a run on Cypriot banks and its possible implications for other euro-zone lenders. Financial shares fell on both sides of the Atlantic on concerns that depositors ...

27 Mar 11:31 PM 0 Read More...

Wall Street slips as euro zone concerns drag

By Chuck Mikolajczak NEW YORK | Wed Mar 27, 2013 2:07pm EDT NEW YORK (Reuters) - Stocks declined on Wednesday as tepid demand at an Italian debt auction stoked investor concerns about the financial stability of the euro zone. A stalemate over the formation of a new government in Italy and fiscal upheaval in Cyprus were reflected in a rise in Italian bond yields, wit...

27 Mar 6:26 PM 0 Read More...

Cyprus to limit cash, credit-card use abroad

By Michele Kambas and Costas Pitas NICOSIA | Wed Mar 27, 2013 1:49pm EDT NICOSIA (Reuters) - Cyprus is set to restrict the flow of cash from the island and may curb the use of Cypriot credit cards abroad as it tries to avert a run on its banks after agreeing a tough rescue package with international lenders. A Greek newspaper published details of what officials told...

27 Mar 6:26 PM 0 Read More...

BRICS "Big Five" find it hard to run as a herd

By Pascal Fletcher DURBAN, South Africa | Wed Mar 27, 2013 12:43pm EDT DURBAN, South Africa (Reuters) - At a summit in South Africa on Wednesday, Vladimir Putin likened the BRICS nations - Brazil, Russia, India, China and South Africa - to Africa's "Big Five" game beasts of trophy hunting lore - the lion, elephant, buffalo, leopard and rhinoceros. The Russian presid...

27 Mar 6:26 PM 0 Read More...

EADS shareholders back sweeping ownership change

By Tim Hepher AMSTERDAM | Wed Mar 27, 2013 12:12pm EDT AMSTERDAM (Reuters) - Airbus parent EADS (EAD.PA) won backing for sweeping changes in its structure, claiming "emancipation" from political interference as shareholders tore up a Franco-German ownership pact in favor of greater management freedom. Investors in Europe's largest aerospace group also on Wednesday a...

27 Mar 6:26 PM 0 Read More...

Fed's Rosengren plays down asset bubble risk, says QE3 working

By Scott Malone MANCHESTER, New Hampshire | Wed Mar 27, 2013 11:57am EDT MANCHESTER, New Hampshire (Reuters) - There is "little evidence" Federal Reserve bond purchases have caused financial instability and since the measures are working, they ought be continued for the rest of 2013, a senior central banker said on Wednesday. Boston Federal Reserve President Eric Ro...

27 Mar 6:26 PM 0 Read More...

Cyprus controls expected to hit foreign transactions

By Michele Kambas and Costas Pitas NICOSIA | Wed Mar 27, 2013 9:09am EDT NICOSIA (Reuters) - Cyprus is expected to stop people taking their money out of the country but will not restrict dealings at home as it tries to avert a run on its banks after agreeing a tough rescue package with international lenders. Cypriots have taken to the streets of Nicosia in their tho...

27 Mar 1:24 PM 0 Read More...

Stock futures drop on renewed euro zone worries

By Angela Moon NEW YORK | Wed Mar 27, 2013 8:29am EDT NEW YORK (Reuters) - Stock futures fell on Wednesday, after a robust rally a day earlier, as soft demand at an Italian debt auction sparked fresh jitters over the financial health of the euro zone. The Dow climbed more than 100 points Tuesday to another record close, and the S&P 500 rose to within striking di...

27 Mar 1:24 PM 0 Read More...

U.S. asks Liechtenstein for data in Swiss banking probe

ZURICH | Wed Mar 27, 2013 3:48am EDT ZURICH (Reuters) - U.S. prosecutors are asking Liechtenstein to hand over data on foundations and other financial vehicles as part of their investigation into tax evasion by wealthy Americans, the principality's international tax office said on Wednesday. Swiss newspapers Tages-Anzeiger and Neue Zuercher Zeitung earlier reported the tiny...

27 Mar 8:21 AM 0 Read More...

EADS says Spain may sell 1.15 percent of group as cuts stake

AMSTERDAM | Wed Mar 27, 2013 3:30am EDT AMSTERDAM (Reuters) - Spain plans to sell 1.15 percent of EADS (EAD.PA) as the aerospace company switches to a new corporate structure, EADS said on Wednesday. Spain, which owns more than 5 percent of the Airbus parent company, had been expected to keep a core stake of 4 percent and place the rest in a special foundation set up to han...

27 Mar 8:21 AM 0 Read More...