Business News

S&P 500 ekes out gains to run streak to six days

By Ryan Vlastelica NEW YORK | Fri Aug 10, 2012 7:32pm EDT NEW YORK (Reuters) - The Standard & Poor's 500 finished slightly higher on Friday to run its streak to six straight sessions, but activity was light and gains were slight as the market enters a seasonally slow period. The Dow and the S&P 500 closed out their fifth straight week of gains, led once agai...

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

Standard Chartered helped build damning case against itself

By Aruna Viswanatha and Andrew Longstreth WASHINGTON/NEW YORK | Fri Aug 10, 2012 7:08pm EDT WASHINGTON/NEW YORK (Reuters) - Standard Chartered, the British bank facing explosive money laundering allegations from New York State's top bank regulator, appears to have been burned by a decision to waive attorney-client privilege, a move that usually helps appease U.S. au...

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

Exclusive: Former Barclays trader "has cooperated" with Libor probe

By Matthew Goldstein and Jennifer Ablan NEW YORK | Fri Aug 10, 2012 4:02pm EDT NEW YORK (Reuters) - A former Barclays Plc trader who was fired by the bank for sending inappropriate emails about Libor "has cooperated" with the federal criminal probe into the alleged rigging of international benchmark interest rates, according to the New York hedge fund that currently...

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

Analysis: Legal woes may spoil Chesapeake's Michigan sale

By Anna Driver and Joshua Schneyer HOUSTON/NEW YORK | Fri Aug 10, 2012 4:31pm EDT HOUSTON/NEW YORK (Reuters) - Chesapeake Energy's (CHK.N) planned sale of its oil and gas properties in Michigan likely will bring in less cash for operations or even be stymied completely because of probes into how it got the properties in the first place, some analysts say. And any fi...

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

Peregrine president set to testify before grand jury next week

CHICAGO | Fri Aug 10, 2012 7:09pm EDT CHICAGO (Reuters) - An Iowa grand jury is expected to hear testimony from Peregrine Financial Group's president next week as it begins considering alleged wrongdoing at the failed futures brokerage. Russell Wasendorf Jr., Peregrine's president and the son of the brokerage's accused chief executive, has been subpoenaed by the grand jury ...

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

Chinese data reins in Wall Street, S&P still up for week

By Anna Louie Sussman NEW YORK | Fri Aug 10, 2012 2:31pm EDT NEW YORK (Reuters) - Stocks fell on Friday on a raft of weak data from China that signaled a slowing global economy, but the S&P 500 remained on track for a fifth straight week of gains. Data on Chinese trade and bank lending suggested pro-growth policies have been insufficient in the face of weak dema...

10 Aug 6:50 PM 0 Read More...

Wall Street to fall on China data, S&P still up for week

NEW YORK | Fri Aug 10, 2012 9:38am EDT NEW YORK (Reuters) - Stocks opened lower on Friday after a far weaker-than-expected rate of growth in Chinese exports, but the S&P 500 remained on track to post its fifth straight week of gains. The Dow Jones industrial average .DJI dropped 38.56 points, or 0.29 percent, to 13,126.63. The Standard & Poor's 500 Index .SPX shed 4...

10 Aug 1:45 PM 0 Read More...

Weak China data leads shares, euro lower

LONDON | Fri Aug 10, 2012 3:36am EDT LONDON (Reuters) - Poor Chinese trade data clipped a strong recent run by European shares and the euro on Friday, unwinding some of the gains built since the European Central Bank began to ready fresh action to combat the region's debt woes and limp growth. The FTSEurofirst 300 index of top European shares .FTEU3 was down 0.35 percent at...

10 Aug 8:25 AM 0 Read More...

Exclusive: U.S. banks told to make plans for preventing collapse

By Rick Rothacker Fri Aug 10, 2012 12:04am EDT (Reuters) - U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help. The two-year-old program, which has been largely secret unt...

10 Aug 8:25 AM 0 Read More...

Justice Department drops Goldman financial crisis probe

By David Ingram and Aruna Viswanatha WASHINGTON | Thu Aug 9, 2012 9:45pm EDT WASHINGTON (Reuters) - The U.S. Justice Department said it will not pursue criminal charges against Goldman Sachs Group Inc or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients. The decision not to prosecute Goldma...

10 Aug 3:18 AM 0 Read More...