Business News

Wall Street to Washington: Time to compromise on fiscal cliff

By Steven C. Johnson and Angela Moon NEW YORK | Fri Nov 9, 2012 5:33pm EST NEW YORK (Reuters) - Investors are looking for a compromise to keep the U.S. economy from sailing over the fiscal cliff. It's just not clear that the politicians in Washington are ready to deliver one. With $600 billion in tax increases and automatic spending cuts due to take effect in Januar...

09 Nov 11:52 PM 0 Read More...

Citigroup to pay former executives more than $15 million each

By David Henry Fri Nov 9, 2012 6:18pm EST (Reuters) - Former Citigroup Inc (C.N) CEO Vikram Pandit, who resigned last month under pressure from company directors, and former chief operating officer John Havens will receive more than $15 million each, the company said on Friday. The sums were disclosed in a filing with the Securities and Exchange Commission.The amounts were s...

09 Nov 11:52 PM 0 Read More...

Retail credit card fee settlement gets preliminary OK

By Jessica Dye Fri Nov 9, 2012 5:17pm EST (Reuters) - A U.S. judge on Friday granted preliminary approval to a proposed $7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc. If the deal receives final approval from U.S. District Court Judge John Gleeson of...

09 Nov 11:52 PM 0 Read More...

Wall Street climbs after data

By Chuck Mikolajczak NEW YORK | Fri Nov 9, 2012 1:20pm EST NEW YORK (Reuters) - Stocks rebounded on Friday after two days of steep losses as data showed U.S. consumer sentiment and wholesale business inventories were stronger than expected. The S&P 500 fell 3.6 percent in the previous two sessions, its worst two-day performance in slightly over a year, following...

09 Nov 6:50 PM 0 Read More...

Consumer sentiment at five-year high; inventories jump

By Leah Schnurr NEW YORK | Fri Nov 9, 2012 12:45pm EST NEW YORK (Reuters) - An increasingly upbeat view of the economy and jobs market drove U.S. consumer sentiment to a more than five-year high in early November, while a jump in wholesale inventories suggested the economy grew more than initially estimated last quarter. It was the fourth month that Americans adopte...

09 Nov 6:50 PM 0 Read More...

JC Penney sales plunge overwhelms progress at new shops

By Phil Wahba NEW YORK | Fri Nov 9, 2012 11:25am EST NEW YORK (Reuters) - J.C. Penney Co Inc (JCP.N) on Friday reported its worst drop yet in same-store sales since Chief Executive Ron Johnson began his radical transformation of the department store chain, overshadowing signs of progress at the new boutiques that are the centerpiece of the project. Still, Johnson to...

09 Nov 6:50 PM 0 Read More...

UK taxman probes HSBC accounts after data leak

LONDON | Fri Nov 9, 2012 1:26pm EST LONDON (Reuters) - HSBC, Europe's biggest bank, is at the centre of an investigation by British tax authorities into leaked data that a newspaper said showed it provided accounts in the tax haven of Jersey for alleged criminals. The authorities confirmed they were looking into details of clients in the Channel island after being handed a ...

09 Nov 6:50 PM 0 Read More...

Exclusive: Schulze's Best Buy bid seen in December, below range

By Soyoung Kim and Olivia Oran and Dhanya Skariachan NEW YORK | Fri Nov 9, 2012 1:03pm EST NEW YORK (Reuters) - An eventual bid for Best Buy Co Inc (BBY.N) by founder Richard Schulze could come in under his initially proposed $8 billion range and will likely not occur before December, sources familiar with the matter said, in a new twist to the months-long saga at t...

09 Nov 6:50 PM 0 Read More...

Stock futures fall on euro zone, "fiscal cliff" angst

By Rodrigo Campos NEW YORK | Fri Nov 9, 2012 8:23am EST NEW YORK (Reuters) - Stock index futures tumbled on Friday and were on track to post their worst weekly drop in five months as the euro zone crisis was seen hitting France and Germany and investors fretted over a looming U.S. "fiscal cliff." Growth in Germany, Europe's largest economy, is likely to weaken in th...

09 Nov 1:46 PM 0 Read More...

HSBC investigates alleged loss of client data in Jersey

LONDON | Fri Nov 9, 2012 7:05am EST LONDON (Reuters) - HSBC, Europe's biggest bank, said on Friday it was investigating the alleged loss of data for clients in Jersey but had not been notified of any investigation by tax authorities. The Daily Telegraph has reported that British tax authorities were examining details of more than 4,000 UK clients of HSBC in Jersey after a w...

09 Nov 1:46 PM 0 Read More...