Business News

China issues plan to rejuvenate old industrial base

BEIJING | Tue Apr 2, 2013 12:37am EDT BEIJING (Reuters) - China will expand an urban regeneration plan for ageing industrial cities as part of efforts to restructure the economy and promote more sustainable growth, the National Development and Reform Commission said on Tuesday. The plan, to run from 2013 to 2020, covers 95 prefecture-level cities and 25 municipalities and c...

02 Apr 5:42 AM 0 Read More...

A fiscal warning from two former budget chiefs

NEW YORK | Mon Apr 1, 2013 11:16pm EDT NEW YORK (Reuters) - Two former budget chiefs who worked for presidents from opposing political parties said on Monday that the government should reduce military spending, scale back Social Security payments and end decade-old income tax cuts to reduce the federal deficit. David Stockman, who was Republican Ronald Reagan's budget direc...

02 Apr 5:42 AM 0 Read More...

Goldman's senior metals trader Evans leaves bank: sources

By Josephine Mason NEW YORK | Mon Apr 1, 2013 11:15pm EDT NEW YORK (Reuters) - Goldman Sachs' (GS.N) senior physical metals trader Scott Evans has left the U.S. investment bank in New York, becoming the second high-profile member of the physical base metals team to depart since mid-March, sources told Reuters. His exit comes almost three years after he was hired to ...

02 Apr 5:42 AM 0 Read More...

Asian shares, U.S. dollar capped as more data looms

By Chikako Mogi TOKYO | Mon Apr 1, 2013 11:00pm EDT TOKYO (Reuters) - Asian shares inched higher and the dollar was pressured with investors growing cautious ahead of new indicators that could flag slowing U.S. economic momentum. Overnight, the Institute for Supply Management said its index of national factory activity fell to 51.3 from 54.2 in February, with new or...

02 Apr 5:42 AM 0 Read More...

Judge questions fairness of Citigroup $590 million settlement

By Jonathan Stempel Mon Apr 1, 2013 7:28pm EDT (Reuters) - A Manhattan federal judge on Monday signaled he will not rubber-stamp Citigroup Inc's proposed $590 million settlement of a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets. U.S. District Judge Sidney Stein asked lawyers for the bank and its shareholders to address severa...

02 Apr 12:37 AM 0 Read More...

BP spill claims administrator urges dismissal of lawsuit

By Jonathan Stempel Mon Apr 1, 2013 7:23pm EDT (Reuters) - The administrator of BP Plc's settlement with thousands of people and businesses who sued over the 2010 Gulf of Mexico oil spill urged a federal judge on Monday to end the company's lawsuit over how he determines damages claims. BP had last month urged U.S. District Judge Carl Barbier in New Orleans to issue an emerg...

02 Apr 12:37 AM 0 Read More...

Wall Street falls after factory data, last week's records

By Caroline Valetkevitch NEW YORK | Mon Apr 1, 2013 7:03pm EDT NEW YORK (Reuters) - Stocks fell on Monday in one of the lightest volume days of the year, pulling back after the S&P 500's record closing high last week and after weaker-than-expected manufacturing data. Apple (AAPL.O) was the biggest drag on both the S&P 500 and Nasdaq 100 .NDX, falling 3.1 per...

02 Apr 12:37 AM 0 Read More...

Supreme Court sends back lawsuit on washing machines

By Lawrence Hurley WASHINGTON | Mon Apr 1, 2013 3:01pm EDT WASHINGTON (Reuters) - The Supreme Court on Monday wiped out an appeals court ruling in favor of consumers who bought front-loading washing machines made by Whirlpool Corp (WHR.N). The court said the Cincinnati-based 6th U.S. Circuit Court of Appeals decision endorsing a group lawsuit, known as class action ...

01 Apr 7:37 PM 0 Read More...

S&P 500 pulls back from record high after manufacturing data

By Caroline Valetkevitch NEW YORK | Mon Apr 1, 2013 2:40pm EDT NEW YORK (Reuters) - Stocks fell on Monday, with the S&P 500 pulling back from its record closing high last week, as weaker-than-expected manufacturing data gave investors reason to book profits. The Institute for Supply Management's March manufacturing reading of 51.3 continued to show expansion, bu...

01 Apr 7:37 PM 0 Read More...

Cooling factory activity hints at slowing economy

By Lucia Mutikani WASHINGTON | Mon Apr 1, 2013 2:19pm EDT WASHINGTON (Reuters) - Factory activity grew at the slowest rate in three months in March, suggesting the economy lost some momentum at the end of the first quarter as the effects of tighter fiscal policy started kicking in. Data so far had shown little sign that higher taxes and the $85 billion in across-the...

01 Apr 7:37 PM 0 Read More...