Business News

Analysis: Traders hedge bets as budget talks turn to bluster

Wed Dec 19, 2012 5:27pm EST NEW YORK/CHICAGO (Reuters) - U.S. markets in the last few weeks have conveyed a strong sense of optimism over Washington's budget battle - perhaps a bit too much. The benchmark S&P 500 index .SPX recently capped off its best two-day run in a month and the euro reached an 8-1/2-month peak against the dollar, largely on expectations that an agreement to...

20 Dec 12:57 AM 0 Read More...

Wall Street trades flat after two-day rally, GM jumps

NEW YORK | Wed Dec 19, 2012 2:33pm EST NEW YORK (Reuters) - U.S. stocks extended losses on Wednesday, with the S&P 500 and Dow Industrials briefly at session lows after House Speaker John Boehner said the House of Representatives will pass a budget proposal that President Barack Obama had already threatened to veto. The Dow Jones industrial average .DJI fell 35.89 point...

19 Dec 7:53 PM 0 Read More...

Obama threatens veto of Republican plan, fiscal talks turn sour

By Matt Spetalnick and Mark Felsenthal WASHINGTON | Wed Dec 19, 2012 2:40pm EST WASHINGTON (Reuters) - President Barack Obama on Wednesday threatened to veto a Republican tax plan as talks to avert a fiscal crisis by the end of the year turned sour despite recent progress. The White House rejected the Republicans' proposal, known as "Plan B," because it does not do ...

19 Dec 7:53 PM 0 Read More...

Stock futures point to higher open, Oracle up early

NEW YORK | Wed Dec 19, 2012 9:37am EST NEW YORK (Reuters) - Stocks opened modestly higher on Wednesday as the latest offers in ongoing budget negotiations underlined hopes for a deal, while technology shares jumped after strong results from Oracle (ORCL.O). The Dow Jones industrial average .DJI gained 1.19 points, or 0.01 percent, to 13,352.15. The Standard & Poor's 500...

19 Dec 2:51 PM 0 Read More...

GM to buy stake from Treasury, government plans full exit

By Ben Klayman Wed Dec 19, 2012 9:34am EST (Reuters) - General Motors Co (GM.N) said on Wednesday it will buy back 200 million of its shares from the U.S. Treasury, which intends to sell the rest of its GM stake over the next 15 months, bringing to an end ownership that led to the nickname "Government Motors." Chief Financial Officer Dan Ammann said GM will pay $5.5 billion,...

19 Dec 2:51 PM 0 Read More...

UBS fined $1.5 billion in growing Libor scandal

By Katharina Bart and Tom Miles ZURICH | Wed Dec 19, 2012 9:10am EST ZURICH (Reuters) - Swiss bank UBS admitted fraud and accepted a $1.5 billion fine on Wednesday for its role in manipulating global benchmark interest rates. Dozens of UBS staff rigged the Libor rate, which is used to price trillions of dollars worth of loans, in collusion with brokers and traders a...

19 Dec 2:51 PM 0 Read More...

SAC Capital's top consumer trader draws U.S. scrutiny

By Matthew Goldstein and Emily Flitter and Jennifer Ablan NEW YORK | Wed Dec 19, 2012 9:25am EST NEW YORK (Reuters) - U.S. authorities are examining trading by one of SAC Capital Advisors' most successful portfolio managers, Gabriel Plotkin, as part of a probe into the $14 billion hedge fund firm's investment in Weight Watchers International Inc last year, according...

19 Dec 2:51 PM 0 Read More...

Home building permits near four-and-half year high

By Lucia Mutikani WASHINGTON | Wed Dec 19, 2012 9:19am EST WASHINGTON (Reuters) - Permits for future home construction touched their highest level in nearly 4-1/2 years in November, pointing to underlying strength in the housing market, even though starts dropped after three straight months of strong gains. The Commerce Department said on Wednesday building permits ...

19 Dec 2:51 PM 0 Read More...

U.S. budget optimism send shares, euro up

By Richard Hubbard LONDON | Wed Dec 19, 2012 3:31am EST LONDON (Reuters) - World shares hit 17-month highs and the euro surged on Wednesday on hopes that U.S. politicians will reach a budget deal and that further monetary stimulus will come from Japan. European shares extended their recent rally in early trading with the FTSEurofirst 300 index .FTEU3 near an 18-mont...

19 Dec 9:48 AM 0 Read More...

UBS admits fraud in $1.5 billion Libor rigging deal

By Katharina Bart and Tom Miles ZURICH | Wed Dec 19, 2012 4:16am EST ZURICH (Reuters) - Swiss bank UBS was hit with a $1.5 billion fine on Wednesday, admitting to fraud, paying bribes to brokers and "pervasive" manipulation of global benchmark interest rates by dozens of staff in a deal with international authorities. The penalty agreed with U.S., UK and Swiss regul...

19 Dec 9:48 AM 0 Read More...