Business News

Soft-spoken Yellen wields outsize influence as Fed's No. 2

By Mark Felsenthal WASHINGTON | Sun Aug 5, 2012 10:01am EDT WASHINGTON (Reuters) - If the Federal Reserve delivers another jolt of monetary stimulus to try to stir the U.S. economy back to life, it will be in part because of the powers of persuasion of a soft-spoken, former Berkeley professor. From her corner office just down the hall from Chairman Ben Bernanke's, J...

06 Aug 7:50 AM 0 Read More...

Taiwan's HTC July sales fall 45 percent on year

TAIPEI | Mon Aug 6, 2012 3:20am EDT TAIPEI (Reuters) - Taiwan smartphone maker HTC Corp (2498.TW) said on Monday that unaudited consolidated sales for July were T$25 billion ($834 million), down 45 percent from the same month a year earlier. The monthly sales compared with T$45.11 billion a year ago and T$30 billion in the previous month.It did not give further details.($1 ...

06 Aug 7:50 AM 0 Read More...

Wall Street Week Ahead: Positive momentum in the face of headwinds

By Ryan Vlastelica NEW YORK | Fri Aug 3, 2012 6:44pm EDT NEW YORK (Reuters) - To borrow from "Star Wars," the Force is strong with this stock market. Despite a ho-hum earnings season and central banks' disappointing hopes for aggressive economic stimulus this week, U.S. stocks held firm.After four days of losses, the benchmark Standard & Poor's 500 index .INX .S...

03 Aug 11:56 PM 0 Read More...

Exclusive: Fired Barclays trader draws scrutiny in Libor probe

By Jennifer Ablan, Matthew Goldstein, Carrick Mollenkamp Fri Aug 3, 2012 7:20pm EDT (Reuters) - A 30-year-old former Barclays Plc swaps trader in New York, who was fired from the bank in 2010, is among those drawing scrutiny from prosecutors in the deepening scandal over the manipulation of global benchmark interest rates. U.S. prosecutors in Washington, D.C. are looking at ...

03 Aug 11:56 PM 0 Read More...

U.S. hiring picks up but not enough to sideline Fed

By Lucia Mutikani WASHINGTON | Fri Aug 3, 2012 5:12pm EDT WASHINGTON (Reuters) - U.S. employers hired the most workers in five months in July, but an increase in the jobless rate to 8.3 percent kept prospects of further monetary stimulus from the Federal Reserve on the table. Nonfarm payrolls rose 163,000 last month, the Labor Department said on Friday, breaking thr...

03 Aug 11:56 PM 0 Read More...

Berkshire Hathaway profit falls on derivative losses

By Ben Berkowitz Fri Aug 3, 2012 6:00pm EDT (Reuters) - Warren Buffett's ice-cream-to-insurance conglomerate Berkshire Hathaway (BRKa.N) reported a smaller profit for the second quarter on Friday as losses on derivatives dragged down results, though operating income set the new records Buffett predicted. Buffett eschews derivatives for the most part, but he does have one out...

03 Aug 11:56 PM 0 Read More...

Spain inches towards a full EU bailout

By Julien Toyer MADRID | Fri Aug 3, 2012 1:16pm EDT MADRID (Reuters) - Spanish Prime Minister Mariano Rajoy inched closer on Friday to asking for an EU bailout for his country, but said he needed first to know what conditions would be attached and what form the rescue would take. His comments, at his first post-cabinet meeting news conference since taking office las...

03 Aug 11:56 PM 0 Read More...

Wall Street surges to three-month high on strong payrolls

By Anna Louie Sussman NEW YORK | Fri Aug 3, 2012 2:02pm EDT NEW YORK (Reuters) - Wall Street rallied to its highest level since early May on Friday on a stronger-than-expected jobs report, putting the S&P 500 on track to snap a four-day losing streak. Employers hired the most workers in five months in July, giving a lift to sentiment. At the same time, a rise in...

03 Aug 6:51 PM 0 Read More...

Employers step-up hiring, but Fed still in picture

By Lucia Mutikani WASHINGTON | Fri Aug 3, 2012 1:49pm EDT WASHINGTON (Reuters) - Employers in July hired the most workers in five months, but an increase in the jobless rate to 8.3 percent keep prospects of further monetary stimulus from the Federal Reserve on the table. Nonfarm payrolls rose 163,000 last month, the Labor Department said on Friday, breaking three st...

03 Aug 6:51 PM 0 Read More...

Wall Street rallies at open after payrolls report

NEW YORK | Fri Aug 3, 2012 9:37am EDT NEW YORK (Reuters) - Stocks opened sharply higher on Friday, putting the S&P 500 on track to break a four-day string of losses, following the July nonfarm payrolls report, which was stronger than expected. The Dow Jones industrial average .DJI was up 156.44 points, or 1.21 percent, at 13,035.32. The Standard & Poor's 500 Index ....

03 Aug 1:49 PM 0 Read More...