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Business News

Bernanke says Fed stimulus benefits clear, budget cuts a risk

By Pedro da Costa and Alister Bull WASHINGTON | Tue Feb 26, 2013 11:59am EST WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke strongly defended the U.S. central bank's bond-buying stimulus before Congress on Tuesday, saying its benefits clearly exceed possible costs. The Fed chairman also urged lawmakers to avoid sharp spending cuts set to go into effect...

26 Feb 5:01 PM 0 Read More...

Wall Street cash bonuses seen higher in 2012: NY state comptroller

NEW YORK | Tue Feb 26, 2013 11:17am EST NEW YORK (Reuters) - Wall Street cash bonuses are forecast to have risen in 2012 to their highest since 2010, but are still below pre-crisis levels, New York state's comptroller said on Tuesday. The securities industry's bonus pool was expected to total $20 billion, Comptroller Thomas DiNapoli said at a press conference on Tuesday, up...

26 Feb 5:01 PM 0 Read More...

Stock index futures point to small rebound

LONDON | Tue Feb 26, 2013 4:38am EST LONDON (Reuters) - U.S. stock index futures pointed to a slightly higher open on Wall Street on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.3-0.4 percent at 0916 GMT. U.S. stocks had suffered their biggest drop since November on Monday after later results pointed to a strong showing in Italian electio...

26 Feb 12:01 PM 0 Read More...

Asian shares slip, EU bourses set to slide on Italy vote

By Chikako Mogi TOKYO | Tue Feb 26, 2013 1:22am EST TOKYO (Reuters) - Asian shares declined on Tuesday and the euro hit its lowest in nearly seven weeks against the dollar as an apparently deadlocked election in Italy raised the specter of a resurgent euro zone debt crisis. Italy's main FTSE MIB .FTMIB stock market index is expected to open down 2.5 percent, while o...

26 Feb 6:57 AM 0 Read More...

Bernanke to face Fed critics in testimony to Congress

By Alister Bull WASHINGTON | Tue Feb 26, 2013 12:06am EST WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke faces the first of two days of congressional testimony that will subject the Fed's controversial bond-buying program to tough scrutiny and gauge his confidence in the resilience of the U.S. economy. Coming just a week after the Fed's meeting minutes...

26 Feb 6:57 AM 0 Read More...

Wall Street trips and falls on cloudy Italian election

By Chuck Mikolajczak NEW YORK | Mon Feb 25, 2013 6:41pm EST NEW YORK (Reuters) - Stocks on Monday suffered their biggest drop since November after a strong showing in Italian elections by groups opposed to the country's economic reforms triggered worry that Europe's debt problems could once again destabilize the global economy. The decline marks the biggest percenta...

26 Feb 1:56 AM 0 Read More...

Chesapeake, Encana sued in civil antitrust action

By Brian Grow and Joshua Schneyer Mon Feb 25, 2013 3:59pm EST (Reuters) - A major Michigan landowner is suing Chesapeake Energy Corp and Encana Corp, alleging that the two energy giants colluded to rig bids for oil and gas rights in 2010. Northstar Energy, which owns nearly 10,000 acres in Michigan's Utica-Collingwood oil and gas shale formation, filed the lawsuit against Ch...

26 Feb 1:56 AM 0 Read More...

Exclusive: Goldman to begin fresh round of job cuts

By Lauren Tara LaCapra and Katya Wachtel Mon Feb 25, 2013 7:01pm EST (Reuters) - Goldman Sachs Group Inc will begin its annual job cutting process as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading. The bank usually culls out the weakest 5 percent of its employees around...

26 Feb 1:56 AM 0 Read More...

BP, contractors start trial for worst US offshore spill

By Kristen Hays NEW ORLEANS | Mon Feb 25, 2013 7:29pm EST NEW ORLEANS (Reuters) - A long-awaited trial over the biggest U.S. offshore oil spill began on Monday, with governments, businesses and individuals blaming BP Plc mostly for the 2010 disaster that killed 11 rig workers and spilled 4 million barrels of oil into the Gulf of Mexico. "Not only was it within BP's ...

26 Feb 1:56 AM 0 Read More...

CNOOC closes $15.1 billion acquisition of Canada's Nexen

By Euan Rocha TORONTO | Mon Feb 25, 2013 6:36pm EST TORONTO (Reuters) - The contentious $15.1 billion takeover of Canadian oil and gas company Nexen Inc (NXY.TO) by Chinese state-owned entity CNOOC Ltd (0883.HK) closed on Monday, more than seven months after China's largest-ever foreign takeover was announced. Nexen, based in Calgary, Alberta, said in a statement on...

26 Feb 1:56 AM 0 Read More...