Business News

Home Depot profit tops estimates despite sales miss

By Dhanya Skariachan Tue Aug 14, 2012 6:16am EDT (Reuters) - Home Depot Inc reported a higher-than-expected quarterly profit on Tuesday as the world's largest home improvement chain kept a tight lid on costs to offset weakness in sales. Net earnings rose to $1.53 billion, or $1.01 a share, in the second quarter ended July 29 from $1.36 billion, or 86 cents a share, a year ea...

14 Aug 10:52 AM 0 Read More...

Analysis: Oil price inflates as speculators bet on stimulus

By Christopher Johnson LONDON | Tue Aug 14, 2012 6:32am EDT LONDON (Reuters) - Oil prices are racing higher as investors bet that central bank cash will soon boost a market afraid of Middle East war and worried about North Sea supplies, but the rally looks increasingly inflated by speculative guesswork. Oil is up almost a third in six weeks at a time when the world ...

14 Aug 10:52 AM 0 Read More...

Standard Chartered CEO takes charge of Iran probe talks

By Matt Scuffham and Karen Freifeld LONDON/NEW YORK | Tue Aug 14, 2012 6:39am EDT LONDON/NEW YORK (Reuters) - Standard Chartered's Chief Executive Peter Sands has flown to New York to take personal control of the bank's attempts to reach a settlement with U.S. regulators over allegations it hid transactions involving Iran. Sands is also ready to attend a hearing set...

14 Aug 10:52 AM 0 Read More...

Carlyle, China PE firms bid $3.5 billion for Focus Media

By Stephen Aldred and Sruthi Ramakrishnan HONG KONG | Tue Aug 14, 2012 12:36am EDT HONG KONG (Reuters) - U.S. buyout fund Carlyle Group (CG.O) and some of China's top private equity funds are targeting the biggest ever delisting of a New York-listed Chinese company, attempting to privatize a firm directly targeted by shortseller Muddy Waters. The offer is the latest...

14 Aug 10:52 AM 0 Read More...

Shares, euro gain ahead of U.S., euro zone data

By Chikako Mogi TOKYO | Mon Aug 13, 2012 11:07pm EDT TOKYO (Reuters) - Asian shares rose on Tuesday as investors hunted for bargains while waiting for more economic figures from Europe and the United States later in the day, after recent data showed the euro zone's debt woes were eroding business activity globally. Deteriorating global growth prospects, on the other...

14 Aug 5:36 AM 0 Read More...

Wall Street slips after six-day run; Japan data weighs

By Angela Moon NEW YORK | Mon Aug 13, 2012 4:36pm EDT NEW YORK (Reuters) - Stocks ended slightly lower on Monday as fatigue set in after a six-day rally and disappointing Japanese growth data provided a fresh reminder of the headwinds facing the global economy. The benchmark S&P 500 index had risen 3 percent over the prior six sessions, its longest rally since D...

14 Aug 12:28 AM 0 Read More...

Peregrine CEO indicted for lying to regulators

By Ann Saphir and Tom Polansek SAN FRANCISCO/CHICAGO | Mon Aug 13, 2012 8:03pm EDT SAN FRANCISCO/CHICAGO (Reuters) - Peregrine Financial Group founder and chief executive Russell Wasendorf Sr was indicted on charges of lying to regulators, a little over a month after he botched a suicide attempt and confessed to bilking customers of his brokerage for years. Wasendor...

14 Aug 12:28 AM 0 Read More...

Ex-Barclays trader Merchant, under Libor scrutiny, exits UBS

By Jennifer Ablan and Matthew Goldstein Mon Aug 13, 2012 7:34pm EDT (Reuters) - Jay V. Merchant, who has come under federal scrutiny in the Libor manipulation scandal related to his tenure at Barclays Plc, left his position as head of swap trading at UBS on Monday, a UBS spokeswoman confirmed. Merchant, who worked for Barclays in New York from 2006 to 2009, is being looked a...

14 Aug 12:28 AM 0 Read More...

U.S. Treasury increases auto bailout cost estimate

WASHINGTON | Mon Aug 13, 2012 4:36pm EDT WASHINGTON (Reuters) - The U.S. Treasury Department has said the auto industry bailout will cost taxpayers $3.4 billion more than previously thought. Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday.That is up from the last quarterly estimate o...

14 Aug 12:28 AM 0 Read More...

Wall Street dips after six-day rally; Japan data weighs

By Angela Moon NEW YORK | Mon Aug 13, 2012 2:34pm EDT NEW YORK (Reuters) - Stocks fell on Monday after six days of gains for the S&P 500 and as Japanese data showed their economy grew much less than expected in the second quarter, a reminder of the headwinds faced by the global economy. The benchmark index had risen 3 percent over the prior six sessions, its lon...

13 Aug 7:17 PM 0 Read More...