Business News

Wall Street bounces on budget talk optimism, housing data

By Leah Schnurr NEW YORK | Mon Nov 19, 2012 11:32am EST NEW YORK (Reuters) - Wall Street bounced on Monday as investors were heartened by signs of progress in talks to resolve the fiscal crunch and data that showed the recovery in the housing sector was gaining strength. The major indexes climbed more than 1 percent after tumbling in recent weeks on nervousness over...

19 Nov 5:04 PM 0 Read More...

Home resales climb, housing recovery gains traction

By Jason Lange WASHINGTON | Mon Nov 19, 2012 11:53am EST WASHINGTON (Reuters) - U.S. home resales rose in October and a gauge of homebuilder sentiment climbed to a six-year high in November, a sign slow improvements in the labor market are helping the housing sector recovery gain traction. The National Association of Realtors said on Monday that existing home sales ...

19 Nov 5:04 PM 0 Read More...

Intel CEO to retire as chipmaker struggles with mobile

By Noel Randewich and Liana B. Baker SAN FRANCISCO/NEW YORK | Mon Nov 19, 2012 11:43am EST SAN FRANCISCO/NEW YORK (Reuters) - Intel Corp said on Monday that Chief Executive Officer Paul Ottelini will retire in May as the world's leading chipmaker grapples with weak PC demand and an industry shift toward mobile computing. Intel's board said it would consider internal...

19 Nov 5:04 PM 0 Read More...

Wal-Mart moves up dividend to avoid "fiscal cliff"

By Jessica Wohl Mon Nov 19, 2012 11:29am EST (Reuters) - Wal-Mart Stores Inc moved its planned dividend into late December from early January as it tries to help its investors avoid a looming jump in the tax rate on shareholder payouts that is part of the so-called fiscal cliff. "There are complex fiscal and federal tax rate issues that may not be resolved in the next few we...

19 Nov 5:04 PM 0 Read More...

Big banks give $22 billion in mortgage relief under deal

By Rick Rothacker Mon Nov 19, 2012 9:45am EST (Reuters) - Five U.S. banks have provided about $22 billion in mortgage relief to customers under a deal to settle borrowers' accusations over foreclosures, a report by the settlement's monitor said on Monday. The report said that Bank of America Corp (BAC.N), which owes the most, improved in providing first-lien mortgage modific...

19 Nov 5:04 PM 0 Read More...

Asian shares rise on US fiscal hopes

By Chikako Mogi TOKYO | Mon Nov 19, 2012 1:33am EST TOKYO (Reuters) - Asian shares rose on Monday, supported by hopes U.S. politicians can overcome an imminent fiscal crunch while the yen fell to a near seven-month low against the dollar on expectations a new government chosen in next month's election could pump large amounts of stimulus cash into the economy. A 0.2...

19 Nov 6:51 AM 0 Read More...

News Corp set to take 49 percent stake in Yankee channel: source

By Ronald Grover Mon Nov 19, 2012 12:15am EST (Reuters) - Rupert Murdoch's News Corp (NWSA.O) is expected to announce this week that it will acquire a 49 stake in the YES Network from the New York Yankees baseball team and its partners, in a deal that would value the sports channel at $3 billion, a person with knowledge of the talks told Reuters. The deal is structured to al...

19 Nov 6:51 AM 0 Read More...

Citi to pay $360 million to end $1 billion Lehman collateral dispute

Sun Nov 18, 2012 10:41pm EST (Reuters) - Citigroup Inc (C.N) has agreed to pay $360 million to the brokerage estate of Lehman Brothers to resolve a dispute over $1 billion in collateral that the investment bank was forced to post in the days leading up to its bankruptcy in 2008. According to a settlement reached on Friday with the trustee liquidating Lehman Brothers's U.S. brokerage...

19 Nov 6:51 AM 0 Read More...

Asian shares rise on positive U.S. tone, yen slips

By Chikako Mogi TOKYO | Sun Nov 18, 2012 7:26pm EST TOKYO (Reuters) - Asian shares rose on Monday, boosted by a positive tone in U.S. equities last week, while the yen fell to a near seven-month low against the dollar on expectations a new government after next month's election in Japan may deliver more stimulus. MSCI's broadest index of Asia-Pacific shares outside ...

19 Nov 1:47 AM 0 Read More...

Daimler to put extra board member in charge of China: report

FRANKFURT | Sun Nov 18, 2012 12:09pm EST FRANKFURT (Reuters) - German luxury carmaker Daimler (DAIGn.DE) will enlarge its management board to put a top executive in charge of its troublesome Chinese car business, a German magazine reported on Sunday. The additional eighth executive board seat will be created at the group's upcoming supervisory board meeting, weekly Der Spie...

19 Nov 1:47 AM 0 Read More...