Business News

Switzerland close to deal in U.S. tax dispute: finance minister

ZURICH | Sat May 18, 2013 11:46am EDT ZURICH (Reuters) - Switzerland is on the brink of a deal to settle a long-running dispute with U.S. authorities over Swiss banks accused of helping wealthy Americans evade billions of dollars of tax, the finance minister said on Saturday. "We hope that we will shortly be at the finishing line," Eveline Widmer-Schlumpf told Swiss radio i...

18 May 7:01 PM 0 Read More...

Google’s wearable Glass gadget: cool or creepy?

By Alexei Oreskovic SAN FRANCISCO |Sat May 18, 2013 10:08am EDT SAN FRANCISCO (Reuters) – Google staged four discussions expounding on the finer points of its “Glass” wearable computer during this week’s developer conference. Missing from the agenda, however, was a session on etiquette when using the recording-capable gadget, which some attendees faithfully wore everywhere – including ...

18 May 5:24 PM 0 Read More...

Alpine in talks with FCC on financing: CEO

VIENNA | Sat May 18, 2013 8:38am EDT VIENNA (Reuters) - Alpine, the Austrian unit of Spanish construction group FCC (FCC.MC), will hold talks with its owners on how to meet its financing needs and has many options open, Chief Executive Arnold Schiefer said. He was responding to a newspaper report that FCC was worried about Alpine's finances and that Austria's second-biggest...

18 May 2:01 PM 0 Read More...

Wall Street Week Ahead: Correction talk gets old as rally sails along

By Angela Moon NEW YORK | Sat May 18, 2013 4:29am EDT NEW YORK (Reuters) - With the broad S&P 500 Index .SPX gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old. Concerns about a technical correction have been a hot topic for weeks, especially as...

18 May 8:59 AM 0 Read More...

China April housing inflation quickens to two year high

By Xiaoyi Shao and Michael Martina BEIJING | Sat May 18, 2013 4:28am EDT BEIJING (Reuters) - China's housing inflation accelerated to its fastest pace in April in two years, driven by a jump in prices in Beijing and Shanghai, complicating the task of policymakers trying to cool the property sector while supporting economic expansion. Average new home prices rose 4.9...

18 May 8:59 AM 0 Read More...

China April home prices rise 4.9 percent: Reuters calculation

BEIJING | Fri May 17, 2013 9:54pm EDT BEIJING (Reuters) - Average new home prices in China's 70 major cities rose 4.9 percent in April from a year earlier, according to Reuters calculations based on official data published on Saturday, marking the fourth straight month of year-on-year increase. In month-on-month terms, prices rose 1 percent in April, easing from March's gai...

18 May 3:56 AM 0 Read More...

Judge revives Dexia's mortgage lawsuit vs. JPMorgan

By Jonathan Stempel Fri May 17, 2013 9:24pm EDT (Reuters) - A federal judge has revived a closely watched lawsuit accusing JPMorgan Chase & Co (JPM.N) of misleading Belgian-French bank Dexia SA (DEXI.BR) into buying more than $1.6 billion of troubled mortgage debt. Citing a recent federal appeals court decision involving American International Group Inc (AIG.N) and Bank ...

18 May 3:56 AM 0 Read More...

NYSE cancels irregular trades in Anadarko stock: Bloomberg

Fri May 17, 2013 9:11pm EDT (Reuters) - The New York Stock Exchange canceled trades in Anadarko Petroleum Corp (APC.N) after a blip in trading cut the market value of the company by 99 percent, according to a report in Bloomberg. Trading in the shares of the $45.15 billion company plunged to trade at 1 cent per share shortly before markets closed on Friday. The stock gained back its...

18 May 3:56 AM 0 Read More...

Unemployment rates drop in most states, Illinois climbs

WASHINGTON | Fri May 17, 2013 6:22pm EDT WASHINGTON (Reuters) - Unemployment rates dropped in 43 out of the 50 U.S. states and in the District of Columbia in April from a year before, according to Labor Department data released on Friday. A handful of states, including Illinois, Delaware, Indiana, Wisconsin, Mississippi and New Hampshire saw their jobless rates rise over th...

17 May 10:53 PM 0 Read More...

SAC Capital won't fully cooperate with government: letter

By Emily Flitter and Katya Wachtel NEW YORK | Fri May 17, 2013 6:04pm EDT NEW YORK (Reuters) - Steven A. Cohen's hedge fund SAC Capital Advisors told investors on Friday it would no longer cooperate "unconditionally" with the U.S. government's insider trading investigation. In a brief letter to investors, the $15 billion hedge fund did not elaborate but said it beli...

17 May 10:53 PM 0 Read More...