Business News

"Fiscal cliff" already affecting U.S. economy: BofA CEO

By Rick Rothacker Tue Nov 13, 2012 12:28pm EST (Reuters) - Fiscal brinkmanship in Washington is already affecting the U.S. economy as worried businesses invest less in equipment, Bank of America Corp (BAC.N) Chief Executive Brian Moynihan said. U.S. lawmakers return to the capital Tuesday with a seven-week deadline to agree on averting the so-called fiscal cliff - scheduled ...

13 Nov 7:17 PM 0 Read More...

UK regulator to probe HSBC

By Dasha Afanasieva JERSEY | Tue Nov 13, 2012 1:44pm EST JERSEY (Reuters) - Jersey's financial watchdog is to probe anti-money laundering systems and controls at HSBC, following a report that Europe's biggest bank was harboring money for convicted criminals. Britain's Daily Telegraph newspaper said on Friday it had been handed leaked data that identified 4,388 Briti...

13 Nov 7:17 PM 0 Read More...

State Street battles weak FX revenue, high compensation costs

Tue Nov 13, 2012 11:57am EST (Reuters) - Weak foreign exchange revenue persists at State Street Corp (STT.N), hurting the custody bank's chances of lowering its high ratio of compensation expenses, top executives said on Tuesday. Some shareholders, including activist investor Nelson Peltz, have criticized State Street's compensation-to-revenue ratio, saying it is too high.State Stre...

13 Nov 7:17 PM 0 Read More...

Stock futures dip on "cliff" fears, Home Depot rises

By Ryan Vlastelica NEW YORK | Tue Nov 13, 2012 8:53am EST NEW YORK (Reuters) - Stock index futures fell on Tuesday amid investor concern about the looming U.S. "fiscal cliff" debate and how a lack of agreement in Congress could hurt the nation's economy. Equities have been pressured in recent sessions by worries over the cliff - a series of budget cuts and tax hikes...

13 Nov 2:07 PM 0 Read More...

Home Depot profit beats as housing market improves

By Martinne Geller Tue Nov 13, 2012 7:24am EST (Reuters) - Home Depot Inc (HD.N) reported a higher-than-expected quarterly profit on Tuesday and raised its full-year outlook as the world's largest home improvement chain benefited from a recent uptick in the U.S. housing market. The nascent recovery in housing has encouraged professional contractors to buy more in recent mont...

13 Nov 2:07 PM 0 Read More...

EU, IMF clash over Greece revives debt crisis fears

By Jan Strupczewski and Annika Breidthardt BRUSSELS | Tue Nov 13, 2012 7:17am EST BRUSSELS (Reuters) - A public clash between Greece's international lenders over how Athens can bring its debts down to a sustainable level has reignited fears that the crisis could flare up anew. Euro zone finance ministers suggested that Greece, where the euro zone debt crisis began, ...

13 Nov 2:07 PM 0 Read More...

Opel unions say no Ford-style overhaul imminent

FRANKFURT | Tue Nov 13, 2012 8:06am EST FRANKFURT (Reuters) - Ford's (F.N) decision to close three factories and cull 5,700 jobs in Europe will not serve as a blueprint for General Motors' (GM.N) Opel unit, where upcoming cuts will be far milder, the German carmaker's top labour leader said. Mass market carmakers Ford, Opel, Peugeot (PEUP.PA) and Fiat (FIA.MI) all expect he...

13 Nov 2:07 PM 0 Read More...

BP freed for further Rosneft co-operation

By Andrew Callus and Douglas Busvine LONDON/MOSCOW | Tue Nov 13, 2012 7:37am EST LONDON/MOSCOW (Reuters) - British oil company BP (BP.L) took a further step towards closer ties with Russian state oil company Rosneft (ROSN.MM) on Tuesday as the partners in its existing venture in the oil-rich country dropped their opposition to the tie-up. AAR, the holding company of...

13 Nov 2:07 PM 0 Read More...

Analysis: Businesses turn to tax fight, some stung by Romney bets

By Kevin Drawbaugh and Kim Dixon WASHINGTON | Tue Nov 13, 2012 1:10am EST WASHINGTON (Reuters) - Major U.S. businesses are plunging into the Washington tax policy debate now that the elections are over and some are in an awkward position after betting heavily on Mitt Romney. The Republican, who lost in last week's presidential vote, was backed overwhelmingly not onl...

13 Nov 9:02 AM 0 Read More...

Vodafone takes 6 billion pounds writedown on Europe

LONDON | Tue Nov 13, 2012 2:33am EST LONDON (Reuters) - Vodafone (VOD.L) wrote down the value of its business in Spain and Italy by 5.9 billion pounds and lowered its full-year outlook on Tuesday after reporting its first fall since 2010 in its key organic service revenue metric. The British company posted a 1.4 percent fall in group organic service revenue in the second qu...

13 Nov 9:02 AM 0 Read More...