Business News

Washington's positive tone cheers Wall Street for a day

By Leah Schnurr NEW YORK | Fri Nov 16, 2012 5:02pm EST NEW YORK (Reuters) - Hope that politicians would find common ground to steer clear of the "fiscal cliff" boosted stocks on Friday, though the gains were not enough to offset the week's losses. Stocks recovered from early declines after leaders of the Senate and House emerged from a meeting at the White House and...

16 Nov 10:53 PM 0 Read More...

Wal-Mart files U.S. labor charge against union

By Jessica Wohl Fri Nov 16, 2012 5:30pm EST (Reuters) - Wal-Mart Stores Inc is taking its first legal step to stop months of protests and rallies outside Walmart stores, targeting the union that it says is behind such actions. Wal-Mart filed an unfair labor practice charge against the United Food and Commercial Workers International Union, or UFCW, asking the National Labor ...

16 Nov 10:53 PM 0 Read More...

JPMorgan, Credit Suisse settle with SEC for $417 million

By Aruna Viswanatha and Jonathan Stempel WASHINGTON/NEW YORK | Fri Nov 16, 2012 4:54pm EST WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) and Credit Suisse Group AG (CSGN.VX) will pay a combined $416.9 million to settle U.S. civil charges that they misled investors in the sale of risky mortgage bonds prior to the 2008 financial crisis, regulators sa...

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eBay sued over will-not-recruit agreement with Intuit

By David Ingram WASHINGTON | Fri Nov 16, 2012 5:41pm EST WASHINGTON (Reuters) - The U.S. Justice Department and the state of California sued online retailer eBay Inc on Friday over what they called an illegal agreement with Intuit Inc not to recruit Intuit's employees. The agreement eliminated competition f...

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High-flying Apple falls to earth as investors fret over taxes

By Leah Schnurr and Chuck Mikolajczak NEW YORK | Fri Nov 16, 2012 4:54pm EST NEW YORK (Reuters) - Gravity has taken hold of Apple, and a lot of investors have been smacked on the head. Apple Inc, the largest U.S. stock by market value, was headed toward its eighth straight week of declines on Friday, as the rush to secure profits before a potential hike in capital g...

16 Nov 10:53 PM 0 Read More...

Wall Street cuts losses after constructive talk on fiscal cliff

NEW YORK | Fri Nov 16, 2012 11:56am EST NEW YORK (Reuters) - Stocks pared losses on Friday, with the Dow and the S&P 500 turning positive, after congressional leaders said their meeting with President Obama about the "fiscal cliff" was constructive. The Dow Jones industrial average .DJI was up 15.59 points, or 0.12 percent, at 12,557.97. The Standard & Poor's 500 In...

16 Nov 5:48 PM 0 Read More...

Storm Sandy knocks industrial output in October

By Lucia Mutikani WASHINGTON | Fri Nov 16, 2012 10:38am EST WASHINGTON (Reuters) - Industrial output unexpectedly fell in October as superstorm Sandy disrupted production, but the underlying tone remained consistent with slowing manufacturing activity. Industrial production contracted 0.4 percent last month after a 0.2 percent increase in September, the Federal Rese...

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Global stocks off on "fiscal cliff," oil up on Mideast

By Herbert Lash NEW YORK | Fri Nov 16, 2012 12:33pm EST NEW YORK (Reuters) - U.S. stock markets turned higher at midsession on Friday after legislators suggested tentative progress had been made in talks at the White House on avoiding tax hikes and spending cuts that would hurt the economy in 2013. U.S. stocks recovered from losses after Senate and House leaders fro...

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Banks may shrink for good as layoffs near 160,000

By Sarah White LONDON | Fri Nov 16, 2012 7:42am EST LONDON (Reuters) - Major banks have announced some 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one. A Reuters analysis of job cuts announced by 29 major banks show...

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Senators turn up pressure on Obama to approve Keystone pipeline

WASHINGTON | Fri Nov 16, 2012 11:44am EST WASHINGTON (Reuters) - A high-profile group of senators - nine Democrats and nine Republicans - has urged President Barack Obama to quickly issue a permit for the northern leg of the Keystone XL pipeline, a project that environmental groups have vowed to fight. The senators asked Obama to approve the pipeline because it will reduce ...

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