Business News

Wholesale inventories fall on petroleum

WASHINGTON | Thu Aug 9, 2012 10:07am EDT WASHINGTON (Reuters) - Wholesale inventories in June recorded their largest drop since September as the value of petroleum stocks fell by the most in more than 3-1/2 years, government data showed on Thursday. Total wholesale inventories slipped 0.2 percent to $481.9 billion, the Commerce Department said, after being almost flat in Ma...

09 Aug 5:12 PM 0 Read More...

Stock futures pressured as ECB hopes give way to doubts

By Rodrigo Campos NEW YORK | Thu Aug 9, 2012 8:01am EDT NEW YORK (Reuters) - Stock index futures slipped on Thursday as hopes about European Central Bank action to tackle the bloc's crisis grew stale, giving way to angst after European and U.S. equity benchmarks hit multi-month highs. However, Chinese economic data kept alive talk that central banks will intervene t...

09 Aug 12:07 PM 0 Read More...

Asian shares at three-month high, China data spurs easing hopes

By Chikako Mogi TOKYO | Thu Aug 9, 2012 2:02am EDT TOKYO (Reuters) - Asian shares rose to a three-month high on Thursday after softer Chinese inflation and industrial output data left room for more policy easing to support growth. The new data added to growing but still guarded investor optimism that European policymakers will take decisive action to tackle the euro...

09 Aug 7:05 AM 0 Read More...

S&P 500 barely extends rally to day four

By Ryan Vlastelica NEW YORK | Wed Aug 8, 2012 7:31pm EDT NEW YORK (Reuters) - The Standard & Poor's 500 just barely extended a streak of gains to a fourth day on Wednesday, ending above 1,400 in another thinly traded session. Expectations for stimulus from the European Central Bank and the U.S. Federal Reserve triggered the recent gains, but investors found litt...

09 Aug 1:57 AM 0 Read More...

S&P 500 just barely extends rally to Day Four

By Ryan Vlastelica NEW YORK | Wed Aug 8, 2012 4:22pm EDT NEW YORK (Reuters) - The Standard & Poor's 500 just barely extended a streak of gains to a fourth day on Wednesday, ending above 1,400 in another thinly traded session. Expectations for stimulus from the European Central Bank and the U.S. Federal Reserve triggered the recent gains, but investors found litt...

08 Aug 8:53 PM 0 Read More...

Standard Chartered begins fightback on Iran allegations

By Carrick Mollenkamp and Steve Slater NEW YORK/LONDON | Wed Aug 8, 2012 3:15pm EDT NEW YORK/LONDON (Reuters) - Standard Chartered won some help from Britain's central bank governor on Wednesday in its fightback against a U.S. regulator's allegations that it hid $250 billion of sanctions-busting transactions with Iran. The British bank lost over a quarter of its mar...

08 Aug 8:53 PM 0 Read More...

Wall Street erases early losses, drifts higher

NEW YORK | Wed Aug 8, 2012 11:32am EDT NEW YORK (Reuters) - Stocks erased early losses and turned positive on Wednesday, led by gains in materials and consumer staples shares. The Dow Jones industrial average .DJI gained 28.49 points, or 0.22 percent, to 13,197.09. The Standard & Poor's 500 Index .SPX rose 1.65 point...

08 Aug 3:48 PM 0 Read More...

Regulators irate at NY action against Standard Chartered

By Carrick Mollenkamp and Emily Flitter and Karen Freifeld NEW YORK/LONDON | Wed Aug 8, 2012 9:07am EDT NEW YORK/LONDON (Reuters) - The Treasury Department and Federal Reserve were blindsided and angered by New York's banking regulator's decision to launch an explosive attack on Standard Chartered Plc over $250 billion in alleged money laundering transactions tied t...

08 Aug 3:48 PM 0 Read More...

U.S. productivity rises in second quarter, 2011 revised upward

WASHINGTON | Wed Aug 8, 2012 9:27am EDT WASHINGTON (Reuters) - Nonfarm productivity rose more than expected in the second quarter as companies expanded output but only modestly increased the hours worked by their employees, data from the Labor Department showed on Wednesday. Productivity climbed at a faster-than-expected 1.6 percent annual rate between April and June.The st...

08 Aug 3:48 PM 0 Read More...

Spyker says GM served with $3 billion damages claim

AMSTERDAM | Wed Aug 8, 2012 10:46am EDT AMSTERDAM (Reuters) - Dutch sportscar maker Spyker said on Wednesday that General Motors has been served with the complaint that Spyker filed against it earlier this week and that GM is due to respond by August 28. Spyker is suing General Motors for more than $3 billion on behalf of its subsidiary Saab, accusing the U.S. automaker of ...

08 Aug 3:48 PM 0 Read More...