Business News

Obama, buoyed by election win, faces new battles

By Matt Spetalnick and Steve Holland WASHINGTON | Wed Nov 7, 2012 3:27pm EST WASHINGTON (Reuters) - President Barack Obama had little time to savor victory on Wednesday after voters gave him a second term in the White House where he faces urgent economic challenges, a looming fiscal showdown and a still-divided Congress able to block his every move. Despite a decisi...

07 Nov 9:11 PM 0 Read More...

Boeing shakes up defense business, cuts management jobs

By Andrea Shalal-Esa WASHINGTON | Wed Nov 7, 2012 3:44pm EST WASHINGTON (Reuters) - Boeing Co said Wednesday it will restructure its defense, space and security business and cut 30 percent of management jobs from 2010 levels as part of a cost-cutting drive. Boeing, the Pentagon's second-largest supplier, said it also will close some facilities in California and cons...

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Goldman urges court to require arbitration in gender bias case

By Nate Raymond NEW YORK | Wed Nov 7, 2012 1:49pm EST NEW YORK (Reuters) - A lawyer for Goldman Sachs urged a U.S. appeals court Wednesday to send a former employee's gender discrimination dispute to arbitration rather than allow her to proceed with a proposed class action. The case is being watched closely because it could help other employers avoid discrimination ...

07 Nov 9:11 PM 0 Read More...

Wall Street drops after U.S. election, Draghi gloom on economy

By Chuck Mikolajczak NEW YORK | Wed Nov 7, 2012 10:27am EST NEW YORK (Reuters) - Stocks dropped on Wednesday as investors renewed their focus on a looming fiscal showdown in Congress after the re-election of President Barack Obama, and comments by European Central Bank President Mario Draghi fed concern about Europe's debt crisis. The S&P energy index dropped .G...

07 Nov 4:07 PM 0 Read More...

Obama has little time to savor election triumph

By Steve Holland and Matt Spetalnick WASHINGTON | Wed Nov 7, 2012 10:03am EST WASHINGTON (Reuters) - Fresh from a decisive re-election win, President Barack Obama returns from the campaign trail on Wednesday with little time to savor victory, facing urgent economic challenges, a looming fiscal showdown and a still-divided Congress able to block his every move. Obama...

07 Nov 4:07 PM 0 Read More...

AT&T to boost spending to $22 billion per year for next 3 years

Wed Nov 7, 2012 9:59am EST (Reuters) - AT&T Inc (T.N) said on Wednesday it would increase its capital spending to $22 billion a year for the next three years from its 2012 budget of $19 billion to $20 billion to fund upgrades to its wireless and wireline networks. The company said it decided to upgrade its wireline network over other options it considered including separating wi...

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Kraft affirms outlook, shares rise

Wed Nov 7, 2012 9:26am EST (Reuters) - Kraft Foods Group Inc (KRFT.O) reported higher third-quarter profit on Wednesday and stood by its full-year outlook despite little improvement in the economy, and its shares rose 1.5 percent in premarket trading. Kraft said that because of the weak economy it must drive sales volume with more advertising and a greater range of products and pric...

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Macy's reports higher profit, raises forecast

By Phil Wahba Wed Nov 7, 2012 10:52am EST (Reuters) - Macy's Inc (M.N) on Wednesday forecast profit for the key fourth quarter that missed Wall Street projections as the department store operator said Superstorm Sandy was pinching many of its shoppers. That forecast for the quarter, which includes the Christmas shopping season, came as the company reported a much higher quar...

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Stock index futures steady after Obama victory

By Toni Vorobyova LONDON | Wed Nov 7, 2012 4:56am EST LONDON (Reuters) - Stock index futures pointed to a solid start on Wall Street on Wednesday after Barack Obama's presidential election victory removed uncertainty and paved the way for continued economic stimulus. S&P 500 futures were up 0.8 points by 0938 GMT, having reversed earlier losses after challenger ...

07 Nov 11:06 AM 0 Read More...

Americans hand Obama a second term, challenges await

By Steve Holland and John Whitesides WASHINGTON | Wed Nov 7, 2012 5:08am EST WASHINGTON (Reuters) - President Barack Obama won a second term in the White House on Tuesday, overcoming deep doubts among voters about his handling of the U.S. economy to score a clear victory over Republican challenger Mitt Romney. Americans chose to stick with a divided government in Wa...

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