Business News

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...

Tension for Xstrata board as Glencore deal nears finish line

LONDON | Sun Nov 18, 2012 11:36am EST LONDON (Reuters) - Commodities trader Glencore (GLEN.L) is set to all but clinch its $30 billion takeover of Xstrata this week, despite a potential snub for the miner's board if, as expected, investors scrap a controversial pay plan for its managers. Shareholders in both Glencore and Xstrata (XTA.L), the world's fourth-largest diversifi...

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

China arrests 73 in fake luxury bag bust, shuts 37 illegal sites

BEIJING | Sun Nov 18, 2012 8:14pm EST BEIJING (Reuters) - Chinese police, working with U.S. authorities, have arrested 73 people for manufacturing and exporting fake international brands including Hermes (HRMS.PA), LVMH's (LVMH.PA) Louis Vuitton and Coach Inc (COH.N), state news agency Xinhua said. Police also confiscated more than 20,000 counterfeit bags and closed 37 ille...

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

Australia's Billabong says director weighs LBO, shares jump

By Victoria Thieberger MELBOURNE | Sun Nov 18, 2012 7:29pm EST MELBOURNE (Reuters) - Australian surfwear company Billabong International Ltd (BBG.AX), which had potential buyers withdraw takeover offers last month, said on Monday one of its directors wanted to investigate a possible leveraged buyout of the firm. Billabong shares jumped as much as 17.6 percent to A$0...

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