Business News

Fed’s credibility tested as inflation drifts below target

By Pedro Nicolaci da Costa WASHINGTON |Wed May 8, 2013 1:25am EDT WASHINGTON (Reuters) – With the inflation rate about half of the Federal Reserve’s 2.0 percent target, the central bank is facing a major test and some experts wonder whether it will eventually need to ramp up its already aggressive bond buying program. The Fed cut official interest rates effectively to zero in late 2008 duri...

08 May 9:28 AM 0 Read More...

Fed's credibility tested as inflation drifts below target

By Pedro Nicolaci da Costa WASHINGTON | Wed May 8, 2013 1:25am EDT WASHINGTON (Reuters) - With the inflation rate about half of the Federal Reserve's 2.0 percent target, the central bank is facing a major test and some experts wonder whether it will eventually need to ramp up its already aggressive bond buying program. The Fed cut official interest rates effectively...

08 May 5:56 AM 0 Read More...

Analysis: Hedge funds in search of distress take a look at Detroit

By Tom Hals Wed May 8, 2013 1:07am EDT (Reuters) - In the past two decades, a group of specialized hedge funds have transformed corporate bankruptcies, injecting much-needed capital while at the same time drawing fire as "vultures." Now these same funds may be poised to descend on another landscape: struggling cities and counties - and no place beckons more than Detroit.This...

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Standard chartered sees first-quarter profit decline on increased costs

HONG KONG | Wed May 8, 2013 12:40am EDT HONG KONG (Reuters) - Standard Chartered (STAN.L) said on Wednesday its first quarter operating profit was likely to be slightly lower than a year ago as an increase in hiring, and wages, pushed up costs. London-based Standard Chartered (2888.HK), which earns about four-fifths of its income from Asia, said group expenses were up by a ...

08 May 5:56 AM 0 Read More...

Target tests if Facebook-driven deals bring shoppers into stores

Wed May 8, 2013 12:37am EDT (Reuters) - Target Corp is rolling out Cartwheel, a service that combines social networking and discounts, the latest attempt by a U.S. retailer to lure shoppers into its physical stores rather that seeing them buy from online rivals. Target said its new program relies on shoppers using their Facebook accoun...

08 May 5:56 AM 0 Read More...

Alibaba Group’s fourth-quarter net profit up 171 percent: Yahoo

08 May, 2013 Engage Newswire is dedicated to publishing the most up-to-date most relevant Press Releases, Business News and Technology News on the web. If you are interested in Press Release exposure contact PR@EngageNewswire.com SHANGHAI |Tue May 7, 2013 10:58pm EDT SHANGHAI (Reuters) – China’s Alibaba Group Holding Ltd posted a 171.1 percent...

08 May 4:28 AM 0 Read More...

Hedge fund chief Paulson loses big on gold

By Katya Wachtel NEW YORK | Tue May 7, 2013 8:08pm EDT NEW YORK (Reuters) - Hedge fund billionaire John Paulson is emerging as one of the biggest losers in this year's gold rout, further tarnishing his once legendary status in the $2 trillion hedge fund industry. Paulson's $700 million gold fund lost a whopping 27 percent in April, when the price of the metal plunge...

08 May 12:53 AM 0 Read More...

Electronic Arts expects stronger 2014 slate

By Malathi Nayak SAN FRANCISCO | Tue May 7, 2013 7:59pm EDT SAN FRANCISCO (Reuters) - Electronic Arts Inc forecast fiscal 2014 earnings above Wall Street's expectations as cost cuts take hold and higher-margin digital sales accelerate, lifting the video game publisher's stock 8 percent. Electronic Arts, which like the rest of the industry is struggling as players mi...

08 May 12:53 AM 0 Read More...

Whole Foods store sales accelerate, shares rise

Tue May 7, 2013 7:42pm EDT (Reuters) - Whole Foods Market Inc (WFM.O) said on Tuesday store sales have rebounded as it expands efforts to lower prices and reach beyond its core of upscale shoppers by adding more locations, and its shares rose more than 8 percent after hours. The news from the largest U.S. natural and organic grocery chain dispelled concerns that its store sales were...

08 May 12:53 AM 0 Read More...

Disney's profit rises on parks, 'Oz' movie

By Lisa Richwine LOS ANGELES | Tue May 7, 2013 7:40pm EDT LOS ANGELES (Reuters) - Media giant Walt Disney Co reported a 32 percent increase in profit that beat Wall Street expectations, boosted by higher spending and attendance at U.S. theme parks, and the movie box office success of "Oz the Great and Powerful." Revenue for the company that operates cable networks, ...

08 May 12:53 AM 0 Read More...