Business News

JPMorgan to exit physical commodities business

By David Sheppard NEW YORK | Fri Jul 26, 2013 4:08pm EDT NEW YORK (Reuters) - JP Morgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street's role in the trading of oil tankers, coffee beans and metals comes under intense political and regu...

26 Jul 8:12 PM 0 Read More...

Wall St. cuts declines heading into close

NEW YORK | Fri Jul 26, 2013 4:08pm EDT NEW YORK (Reuters) - Stocks finished mostly flat on Friday, though a rally in Amazon.com (AMZN.O) shares a day after the online retailer's results helped boost the Nasdaq. The Dow Jones industrial average .DJI was up 2.99 points, or 0.02 percent, at 15,558.60. The Standard & Poo...

26 Jul 8:12 PM 0 Read More...

New Anglo boss targets $3.5 billion lift to fix lagging miner

By Clara Ferreira-Marques LONDON | Fri Jul 26, 2013 10:50am EDT LONDON (Reuters) - Anglo American's (AAL.L) new boss laid out his blueprint for a turnaround of the underperforming miner on Friday, vowing to cut costs, halve a $17 billion project pipeline and revive lagging mines to boost cash and returns by...

26 Jul 3:08 PM 0 Read More...

SAC Capital pleads not guilty to insider trading charges

NEW YORK | Fri Jul 26, 2013 10:48am EDT NEW YORK (Reuters) - Steven Cohen's hedge fund, SAC Capital Advisors, pleaded not guilty to insider trading charges in federal court on Friday. The firm's general counsel, Peter Nussbaum, flanked by five high-powered defense lawyers, entered the plea before U.S. District Judge Laura Taylor Swain in New York.U.S. prosecutors unsealed a...

26 Jul 3:07 PM 0 Read More...

Insurers Allianz and QBE most exposed to Spain train crash

Fri Jul 26, 2013 10:36am EDT MADRID/LONDON (Reuters) - Germany's Allianz (ALVG.DE) and Australian group QBE (QBE.AX) bear the bulk of the insurance liability from this week's fatal train crash in northwest Spain, according to sources at the companies. While Allianz's Spanish subsidiary covers a compulsory personal accident policy for Spain's state-owned rail network Renfe, QBE cover...

26 Jul 3:07 PM 0 Read More...

Wall Street falls in early trade as market takes breather

By Angela Moon NEW YORK | Fri Jul 26, 2013 10:09am EDT NEW YORK (Reuters) - Stocks fell on Friday as the market took a breather from a recent rally that has taken the S&P 500 up about 18 percent for the year and as investors digested major earnings. Major U.S. stock indexes have advanced steadily this year with the S&P 500 hitting an all-time high earlier th...

26 Jul 3:07 PM 0 Read More...

Consumer sentiment rises to highest level in six years in July

NEW YORK | Fri Jul 26, 2013 10:01am EDT NEW YORK (Reuters) - U.S. consumer sentiment rose in July to the highest level in six years as Americans felt better about the current economic climate, though they expected to see a slower rate of growth in the year ahead, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final reading on the overall in...

26 Jul 3:07 PM 0 Read More...

Probe opened as Air India Boeing Dreamliner oven overheats midair

NEW DELHI | Fri Jul 26, 2013 5:19am EDT NEW DELHI (Reuters) - An oven in a Boeing Co (BA.N) Dreamliner operated by Air India AIN.UL overheated during a domestic flight this week causing smoke but did not interrupt services, the state-run Indian carrier said, adding an investigation has begun. India's aviation regulator said it was examining the incident and had sought a rep...

26 Jul 10:04 AM 0 Read More...

Japan's ANA finds damaged battery wires on Boeing Dreamliner locator beacons

TOKYO | Fri Jul 26, 2013 4:38am EDT TOKYO (Reuters) - Japan's ANA Holdings Inc (9202.T), which operates the world's biggest fleet of Boeing Co (BA.N) Dreamliners, said it found damage to the battery wiring on two 787 locator beacons during checks after the devices were identified as the likely cause of a fire on another aircraft in London this month. The damage was slight, ...

26 Jul 10:04 AM 0 Read More...

GM's South Korean workers OK wage deal after strike hits output

SEOUL | Fri Jul 26, 2013 4:28am EDT SEOUL (Reuters) - General Motors' (GM.N) South Korean workers have approved an annual wage deal, ending 13 days of partial strikes at the base where the U.S. automaker produces more than 40 percent of its Chevy-branded cars, a union spokesman said on Friday. A total of 54.3 percent of union voters approved the pact, which includes bonuses...

26 Jul 10:04 AM 0 Read More...