Business News

MetLife second quarter result falls on derivative losses

Wed Jul 31, 2013 5:25pm EDT (Reuters) - MetLife Inc's (MET.N) second-quarter profit plunged 80 percent due to derivative losses but still managed to beat analysts' estimates as operating earnings increased in the company's retail insurance business. The largest life insurer in the United States, like its peers, is heavily exposed to persistently low interest rates. But it has long h...

31 Jul 9:36 PM 0 Read More...

Fed stays on track with bond buying, for now

By Pedro da Costa and Alister Bull WASHINGTON | Wed Jul 31, 2013 4:50pm EDT WASHINGTON (Reuters) - The Federal Reserve on Wednesday said the economy continues to recover but is still in need of support, offering no indication that it is planning to reduce its bond-buying stimulus at its next meeting in September. Wrapping up a two-day gathering, the central bank sai...

31 Jul 9:36 PM 0 Read More...

Siemens names CFO to lead turnaround after dumping CEO

By Maria Sheahan FRANKFURT | Wed Jul 31, 2013 12:22pm EDT FRANKFURT (Reuters) - German engineering giant Siemens (SIEGn.DE) named finance chief Joe Kaeser, a 33-year company veteran, as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a series of ...

31 Jul 4:33 PM 0 Read More...

Ackman's Pershing Square unveils stake in Air Products

By Svea Herbst-Bayliss, Swetha Gopinath and Ernest Scheyder BOSTON/NEW YORK | Wed Jul 31, 2013 11:48am EDT BOSTON/NEW YORK (Reuters) - Hedge fund manager William Ackman unveiled his biggest bet ever on Wednesday, announcing a $2.2 billion play on Air Products & Chemicals Inc., (APD.N) but shed no light ...

31 Jul 4:33 PM 0 Read More...

Wall Street advances on data as Fed statement looms

By Alison Griswold NEW YORK | Wed Jul 31, 2013 11:46am EDT NEW YORK (Reuters) - U.S. stocks rose on Wednesday after stronger-than-expected data on jobs and the economy, but investors remained focused on a Federal Reserve statement that could spell out the U.S. central bank's stimulus plans for the coming mo...

31 Jul 4:33 PM 0 Read More...

U.S. economy finds momentum in second quarter, further gains seen

By Lucia Mutikani WASHINGTON | Wed Jul 31, 2013 11:32am EDT WASHINGTON (Reuters) - U.S. economic growth unexpectedly accelerated in the second quarter, laying a firmer foundation for the rest of the year that could bring the Federal Reserve a step closer to cutting back its monetary stimulus. Gross domestic...

31 Jul 4:32 PM 0 Read More...

NBC Universal's fortune reversal lifts Comcast results

By Liana B. Baker Wed Jul 31, 2013 11:26am EDT (Reuters) - Comcast Corp posted a higher quarterly profit on Wednesday, as it added more Internet customers than expected on the cable side and saw a more than 20 percent increase in operating cash flow at its NBC Universal unit. Its shares rose more than 6 percent in morning trading to $45.30 on the better-than-expected results...

31 Jul 4:32 PM 0 Read More...

Burger King Worldwide profit jumps 30 percent

Wed Jul 31, 2013 7:15am EDT (Reuters) - Burger King Worldwide Inc (BKW.N) reported a 30 percent increase in quarterly profit and a better-than-expected rise in global same-restaurant sales. The third-biggest U.S. hamburger chain said second-quarter net income rose to $62.9 million, or 18 cents per share, from $48.2 million, or 14 cents...

31 Jul 11:26 AM 0 Read More...

Humana profit rises on growth in retail, employer units

Wed Jul 31, 2013 7:13am EDT (Reuters) - Health insurer Humana Inc (HUM.N) said on Wednesday that its second-quarter profit rose 18 percent, helped by growth in both its direct-to-customer division and the unit that markets plans to employers. The company, which specializes in private Medicare plans for the elderly, reported net income of $420 million, or $2.63 per share, up from $35...

31 Jul 11:26 AM 0 Read More...

Investors on edge as central bank decisions, data loom

By Richard Hubbard LONDON | Wed Jul 31, 2013 7:10am EDT LONDON (Reuters) - Caution before potentially game-changing central bank policy decisions and data undermined stock and oil prices on Wednesday, overshadowing figures that offered hope Europe's economy might pick up soon. A U.S. Federal Reserve statement on Wednesday will be scoured for clues on when it will cu...

31 Jul 11:26 AM 0 Read More...