Business News

Wall Street ends lower on angst about Cyprus bailout plan

By Caroline Valetkevitch NEW YORK | Mon Mar 18, 2013 5:23pm EDT NEW YORK (Reuters) - Stocks fell on Monday after a plan to tax bank accounts in Cyprus to help pay for the country's bailout stoked worries that it could threaten the stability of financial institutions in the euro zone. The move pushed the S&P 500 farther from its 2007 record closing high of 1,565....

18 Mar 10:11 PM 0 Read More...

Euro zone urges Cyprus to spare smaller savers from bank levy

By Michele Kambas and Harry Papachristou NICOSIA/ATHENS | Mon Mar 18, 2013 5:22pm EDT NICOSIA/ATHENS (Reuters) - Euro zone ministers urged Cyprus to let smaller savers escape a levy on bank deposits, before a parliamentary vote on Tuesday that will either secure the island's financial rescue or threaten default. A weekend announcement that Cyprus would impose a levy...

18 Mar 10:11 PM 0 Read More...

Electronic Arts CEO steps down, takes blame for missed targets

By Malathi Nayak SAN FRANCISCO | Mon Mar 18, 2013 5:12pm EDT SAN FRANCISCO (Reuters) - Electronic Arts' Chief Executive Officer John Riccitiello has resigned, saying he was "accountable" for the company missing its operational targets. The company warned investors that earnings in the current quarter will be at the low end of or slightly below its previously issued ...

18 Mar 10:11 PM 0 Read More...

Insight: How Europe stumbled into scheme to punish Cyprus savers

By Annika Breidthardt and John O'Donnell BERLIN/BRUSSELS | Mon Mar 18, 2013 4:11pm EDT BERLIN/BRUSSELS (Reuters) - Just three weeks after being elected president of Cyprus, Nicos Anastasiades traveled to Brussels for his European debut last Thursday. His fellow leaders were all friendly enough. Hours before he was due to attend his first European summit, he met Germ...

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Former Calpers CEO indicted for fraud scheme

SAN FRANCISCO | Mon Mar 18, 2013 5:44pm EDT SAN FRANCISCO (Reuters) - A former chief executive of Calpers, the largest U.S. public pension fund, was indicted on federal conspiracy charges in connection with a scheme to commit fraud, the U.S. Department of Justice said on Monday. Former Calpers CEO Federico Buenrostro was indicted by a San Francisco grand jury, as was Alfred...

18 Mar 10:11 PM 0 Read More...

Bank shares lead market pullback, Cyprus vote eyed

By Rodrigo Campos NEW YORK | Mon Mar 18, 2013 12:44pm EDT NEW YORK (Reuters) - Stocks fell on Monday after a Cypriot plan to tax bank accounts as part of a larger scheme to avoid a bankruptcy triggered a selloff in European financial shares, and rekindled fears about an escalation in the euro-zone crisis. The weekend announcement out of Cyprus came after the S&P...

18 Mar 5:10 PM 0 Read More...

Cyprus reworks divisive bank tax, delays vote

By Michele Kambas and Karolina Tagaris NICOSIA | Mon Mar 18, 2013 12:45pm EDT NICOSIA (Reuters) - Cypriot ministers scrambled to revise a plan to seize money from bank deposits before a parliamentary vote on Tuesday that will either secure the island's financial rescue or threaten its default. The weekend announcement that Cyprus would impose a tax on bank accounts ...

18 Mar 5:10 PM 0 Read More...

Airbus sells 234 planes to Lion Air in $24 billion deal

PARIS | Mon Mar 18, 2013 8:08am EDT PARIS (Reuters) - Airbus (EAD.PA) has signed a 18.4-billion-euro deal ($24 billion) with low-cost Indonesian carrier Lion Air for 234 single-aisle passenger planes, poaching one of archrival Boeing's fastest growing customers. French President Francois Hollande's office on Monday called the deal with Lion Air, traditionally a client of Bo...

18 Mar 5:10 PM 0 Read More...

Avenue hedge fund names CIO as Lasry seen getting ambassadorship

By Katya Wachtel NEW YORK | Mon Mar 18, 2013 11:28am EDT NEW YORK (Reuters) - As speculation mounts that Avenue Capital hedge fund co-founder Marc Lasry will be nominated as the next U.S. ambassador to France, his $12 billion firm has told investors it is naming its first chief investment officer, according to a memo reviewed by Reuters. Lasry, who co-founded the di...

18 Mar 5:10 PM 0 Read More...

Goldman mortgage appeal rejected by Supreme Court

By Lawrence Hurley and Jonathan Stempel WASHINGTON | Mon Mar 18, 2013 11:34am EDT WASHINGTON (Reuters) - Goldman Sachs Group Inc suffered a defeat on Monday as the U.S. Supreme Court let stand a decision forcing it to defend against claims it misled investors about mortgage securities that lost value during the 2008 financial crisis. Without comment, the court refus...

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