Business News

Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009

BOSTON | Thu May 23, 2013 12:02am EDT BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has l...

23 May 4:59 AM 0 Read More...

SoftBank would appoint "security director" to Sprint board

Thu May 23, 2013 12:00am EDT (Reuters) - SoftBank Corp (9984.T) would appoint a "security director" to Sprint Nextel's (S.N) board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal. Sprint said in a filing with the U.S. Securities and Exchange Commission on May 1 that...

23 May 4:59 AM 0 Read More...

Mitsubishi Motors weighs capital shift, dividends: sources

By Kentaro Sugiyama and Yoko Kubota TOKYO | Wed May 22, 2013 11:56pm EDT TOKYO (Reuters) - Mitsubishi Motors Corp (7211.T) is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the plans. Specifically, Mitsubishi Motors is considering asking...

23 May 4:59 AM 0 Read More...

Ford to close Australia auto plants: reports

SYDNEY | Wed May 22, 2013 7:30pm EDT SYDNEY (Reuters) - Ford Motor Co (F.N) is set to announce it is closing its two Australian auto plants and will cease production in the country by 2016 as it struggles with sliding sales, high costs and a strong Australian dollar, local media reported on Thursday. Ford is set to close its engine plant in Geelong and its assembly plant in...

22 May 11:56 PM 0 Read More...

Apple, former Washington wallflower, now at center of tax fight

By Andy Sullivan, Gabriel Debenedetti and Poornima Gupta WASHINGTON | Wed May 22, 2013 7:02pm EDT WASHINGTON (Reuters) - For years, Apple Inc kept a low profile in Washington as it grew into one of the most valuable companies in the world. Now the iPad maker has taken the lead, perhaps inadvertently, on a top priority for U.S. business: simplifying America's tax cod...

22 May 11:56 PM 0 Read More...

Borders gift card holders deserve nothing, judge rules

By Jonathan Stempel Wed May 22, 2013 6:59pm EDT (Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by the time the bookstore chain shut down, a Manhattan federal judge ruled on Wednesday. U.S. District Judge Andrew Carter said it would be unfair to other creditors of the former Borders Group Inc. to let gift card holder...

22 May 11:56 PM 0 Read More...

Midwest gasoline prices expected to cool after spike

By Sabina Zawadzki Wed May 22, 2013 6:02pm EDT (Reuters) - Gasoline prices in the Midwest should fall in the coming days after hitting record highs in several cities last week in the run up to Memorial Day, the traditional start to the summer driving season, traders and industry analysts said on Wednesday. Problems at regional refineries, declining gasoline stockpiles and de...

22 May 11:56 PM 0 Read More...

Wall Street extends losses after Fed minutes

NEW YORK | Wed May 22, 2013 2:35pm EDT NEW YORK (Reuters) - Stocks fell in choppy trading Wednesday, with the Dow briefly falling more than 1 percent, following remarks by Federal Reserve Chairman Ben Bernanke which suggested the central bank was not ready to pull back on its economic stimulus efforts but may act if the economy continues to improve. The Dow Jones industrial...

22 May 6:51 PM 0 Read More...

Vatican financial body investigating possible money laundering

By Philip Pullella VATICAN CITY | Wed May 22, 2013 2:18pm EDT VATICAN CITY (Reuters) - The Vatican's new financial watchdog said on Wednesday it had detected six possible attempts to use the Holy See to launder money last year, citing this as proof of its commitment to transparency. The head of the Vatican's Financial Intelligence Authority (FIA), presenting its fir...

22 May 6:51 PM 0 Read More...

Delta will wait for new planes to prove themselves: CEO

By Karen Jacobs Wed May 22, 2013 2:16pm EDT (Reuters) - U.S. carrier Delta Air Lines will watch the wave of orders for the latest Airbus and Boeing planes roll on by and wait for the jets to prove themselves before ordering any, its chief executive told Reuters on Wednesday. The two airplane makers have orders for more than 3,000 of their narrow-bodied models, the Boeing 737...

22 May 6:51 PM 0 Read More...