Business News

Rosneft to boost oil flows to China in $270 billion deal

By Denis Pinchuk ST PETERSBURG | Fri Jun 21, 2013 7:00am EDT ST PETERSBURG (Reuters) - Russia's Rosneft (ROSN.MM) agreed to double oil supplies China, in a deal it valued at $270 billion on Friday, as the Kremlin energy champion shifts its focus to Asia from saturated and crisis-hit European markets. Rosnef...

21 Jun 11:19 AM 0 Read More...

Fed's Bullard says Bernanke bond announcement was poorly timed

WASHINGTON | Fri Jun 21, 2013 6:51am EDT WASHINGTON (Reuters) - St. Louis Federal Reserve Bank President James Bullard is worried that the Fed's decision on Wednesday to announce a plan to reduce bond buying was poorly timed, the regional Fed bank said in a statement on Friday explaining his dissent. "President Bullard ... felt that the committee's decision to authorize the...

21 Jun 11:19 AM 0 Read More...

Global shares, bonds steady after Fed-driven selloff

By Richard Hubbard LONDON | Fri Jun 21, 2013 6:39am EDT LONDON (Reuters) - World shares, bonds and commodities recovered some lost ground on Friday, after a sharp sell-off triggered by the U.S. Federal Reserve's plan to roll back the asset-buying program which sustained markets through the financial crisis. Easing fears about an immediate banking crunch in China als...

21 Jun 11:19 AM 0 Read More...

Analysis: China cash squeeze exposes risks from short-term funding

By Gabriel Wildau SHANGHAI | Fri Jun 21, 2013 6:32am EDT SHANGHAI (Reuters) - The mirror that China's central bank is holding up in front of the country's banks is providing uncomfortable viewing. Too many banks are reliant on short-term funding markets to survive, and a shake up in the sector is needed. The central bank has engineered the current cash crunch as a w...

21 Jun 11:19 AM 0 Read More...

Analysis: Creeping mistrust stops euro zone banks lending to peers across bloc

By John O'Donnell and Sakari Suoninen BRUSSELS/FRANKFURT | Fri Jun 21, 2013 6:27am EDT BRUSSELS/FRANKFURT (Reuters) - Euro zone banks are refusing to lend to peers in other countries in the common currency bloc, signaling a worrying fall in confidence that appears to have worsened since the Cyprus bailout earlier this year, data analyzed by Reuters showed. In a tren...

21 Jun 11:19 AM 0 Read More...

Insight: Losses loom for investors enmeshed in mortgage chaos

By Michelle Conlin Fri Jun 21, 2013 1:25am EDT (Reuters) - Since the financial crash, banks have been accused of wrongfully foreclosing on homeowners because they failed to create and maintain proper mortgage paperwork. Now, there are signs that chaotic document management is harming investors in mortgage bonds, too. A review of loan documents, property records and the month...

21 Jun 6:09 AM 0 Read More...

Exclusive: FINRA beefs up policing of arbitrators

By Suzanne Barlyn Fri Jun 21, 2013 1:01am EDT (Reuters) - Wall Street's industry-funded watchdog said it is beefing up oversight of its 6,500 securities arbitrators, after one of them was criminally indicted and suspended from the practice of law but failed to properly disclose those legal run-ins. The Financial Industry Regulatory Authority's policy change comes after Reute...

21 Jun 6:09 AM 0 Read More...

Wall St. plunges, S&P posts biggest drop since Nov 2011

By Ryan Vlastelica NEW YORK | Thu Jun 20, 2013 7:38pm EDT NEW YORK (Reuters) - Stocks fell more than 2 percent on Thursday, extending the previous day's sharp decline as investors fretted over the Federal Reserve's plan to begin reducing its stimulus later this year if the economy strengthens. The S&P 500 recorded its biggest daily decline since November 11, 201...

21 Jun 1:04 AM 0 Read More...

Second United Dreamliner diverted with oil-related problem

SEATTLE | Thu Jun 20, 2013 7:27pm EDT SEATTLE (Reuters) - United Airlines (UAL.N) said on Thursday one of its Boeing Co (BA.N) 787 Dreamliners was diverted from its trans-Atlantic flight plan because of a low oil indication, making it the second 787 flight in three days to be cut short due to an oil-related problem. United flight 125 from London's Heathrow airport to Housto...

21 Jun 1:04 AM 0 Read More...

Exclusive: Rockwood pulls asset sale on low offers -sources

NEW YORK | Thu Jun 20, 2013 7:04pm EDT NEW YORK (Reuters) - Rockwood Holdings Inc (ROC.N) has canceled a combined auction of its titanium dioxide and performance additives units after failing to attract the offers it was hoping for, four people familiar with the matter said on Thursday. The Princeton, New Jersey-based ch...

21 Jun 1:04 AM 0 Read More...