Business News

Lawmakers: Wal-Mart CEO knew of Mexico bribe claim

By Aruna Viswanatha and Jessica Wohl WASHINGTON/CHICAGO | Thu Jan 10, 2013 11:59am EST WASHINGTON/CHICAGO (Reuters) - Lawmakers on Thursday released emails that appeared to show Wal-Mart Chief Executive Mike Duke knew as far back as 2005 of allegations that company representatives had bribed Mexican officials. The emails appeared to contradict the company's public s...

10 Jan 5:36 PM 0 Read More...

Exclusive: PE firms targeted Legg Mason but were spurned - sources

By Jessica Toonkel and Ross Kerber and Greg Roumeliotis NEW YORK | Thu Jan 10, 2013 12:05pm EST NEW YORK (Reuters) - Legg Mason Inc (LM.N) has been approached in recent months by some of its senior managers and private equity firms with plans to take the struggling asset manager private, but the board has decided against exploring that option at least until the comp...

10 Jan 5:36 PM 0 Read More...

Ex UBS boss blames "mercenaries" for Libor debacle

By Steve Slater and Katharina Bart LONDON/ZURICH | Thu Jan 10, 2013 9:55am EST LONDON/ZURICH (Reuters) - The former chief executive of UBS (UBSN.VX) blamed "mercenaries" for its role in the global interest-rate rigging scandal that has further undermined the Swiss bank's once venerable reputation. UBS was fined a record $1.5 billion last month for manipulating Libor...

10 Jan 5:36 PM 0 Read More...

US STOCKS-Futures gain as China data points to growth

NEW YORK | Thu Jan 10, 2013 7:25am EST NEW YORK (Reuters) - U.S. stock index futures rose on Thursday, alongside other risk assets, as stronger-than-expected exports in the world's second-biggest economy, China, raised hopes for a more robust recovery in the global economy this year. Data showed China's export growth rebounded sharply to a seven-month high in December, a st...

10 Jan 12:35 PM 0 Read More...

Ex UBS bosses accused of "staggering" ignorance

By Steve Slater and Katharina Bart LONDON/ZURICH | Thu Jan 10, 2013 7:24am EST LONDON/ZURICH (Reuters) - British lawmakers accused former bosses of Switzerland's UBS (UBSN.VX) of "staggering" ignorance on Thursday for failing to uncover widespread interest rate rigging at the bank. UBS was fined a record $1.5 billion last month for manipulating Libor interest rates,...

10 Jan 12:35 PM 0 Read More...

Consumer watchdog tightens mortgage lending rules on banks

By Emily Stephenson and Margaret Chadbourn WASHINGTON | Thu Jan 10, 2013 12:12am EST WASHINGTON (Reuters) - More than five years after the housing market collapsed, the U.S. government's newly created consumer watchdog said Thursday it will force banks to verify a borrower's ability to repay loans to ward off the kind of loose lending that helped push the U.S. econo...

10 Jan 12:35 PM 0 Read More...

Morgan Stanley to cut jobs, may signal more pain ahead

By Lauren Tara LaCapra Thu Jan 10, 2013 1:39am EST (Reuters) - Morgan Stanley plans to slash 1,600 jobs in what may be just the beginning of a new round of layoffs at large investment banks, this time driven by a deeper reassessment of Wall Street businesses in the face of new regulations and capital standards. Morgan Stanley, the sixth-largest U.S. bank by assets, plans to ...

10 Jan 12:35 PM 0 Read More...

Apple's Tim Cook meets with China Mobile chairman in Beijing

SHANGHAI | Thu Jan 10, 2013 4:24am EST SHANGHAI (Reuters) - Apple Inc's Chief Executive Tim Cook met with China Mobile's Chairman Xi Guohua on Thursday to discuss "matters of cooperation," a China Mobile spokesman said, raising hopes that a deal between the two tech giants may move forward. "In the morning, Apple's CEO Tim Cook visited China Mobile's headquarters. China Mob...

10 Jan 12:35 PM 0 Read More...

Lenovo entering ‘PC plus’ era, CEO says

By Poornima Gupta and Bill Rigby LAS VEGAS |Wed Jan 9, 2013 10:40pm EST LAS VEGAS (Reuters) – China’s Lenovo Group Ltd, on track to become the world’s No.1 personal computer maker, is leveraging on what it calls the “PC plus” era as the company ramps up its plant capacity in major markets including the United States. PC demand growth has waned over the past year as more consumers floc...

10 Jan 7:33 AM 0 Read More...

Wall Street rises after Alcoa reports earnings

By Gabriel Debenedetti NEW YORK | Wed Jan 9, 2013 5:01pm EST NEW YORK (Reuters) - Stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season. Stocks had retreated at the start of the week from the S&P 500's highest point in five years, hit last Friday, on worries about possi...

10 Jan 2:31 AM 0 Read More...