Business, Investment and Financial News

J.P. Morgan replaces prime brokerage chief: report

Business News Headlines - Yahoo! News — Sat, 26 May 2012 18:32:37 +0000

CHICAGO (Reuters) – JPMorgan Chase & Co is replacing Lou Lebedin after keeping him for just two months as the New York bank’s sole global prime brokerage chief, Bloomberg News reported, citing unnamed people familiar with the change. Lebedian, a 54-year old former Bear Stearns executive, had been co-head of JPMorgan’s global prime brokerage since 2008, and had run the business solo since March when his London-based co-head was moved to a different role. Lebedin is being replaced by Teresa Heitsenrether, the co-head of JPMorgan’s fixed income brokerage since 2008. …

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Goldman Board Met Daily in Weeks Before Alleged Gupta Tip – San Francisco Chronicle

Business - Google News — Sat, 26 May 2012 17:12:59 +0000

Business Today

Goldman Board Met Daily in Weeks Before Alleged Gupta Tip
San Francisco Chronicle
(Updates with meetings in fourth paragraph.) May 26 (Bloomberg) — At Raj Rajaratnam's insider-trading trial one year ago, Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein told jurors he makes unscheduled calls to the bank's board …
Gupta Lawyer Says David Loeb on Tape Passes Tip to RajaratnamBloomberg
First wiretap played at Gupta insider-trading trialReuters
Galleon Trader Testifies About P&G Stock SalesWall Street Journal
Forbes -BusinessWeek -NASDAQ
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Concerns Grow About Spent Fuel Rods at Damaged Nuclear Plant in Japan – New York Times

Business - Google News — Sat, 26 May 2012 16:49:03 +0000

New York Times

Concerns Grow About Spent Fuel Rods at Damaged Nuclear Plant in Japan
New York Times
TOKYO — What passes for normal at the Fukushima Daiichi plant today would have caused shudders among even the most sanguine of experts before an earthquake and tsunami set off the world's second most serious nuclear crisis after Chernobyl.
Japan minister visits nuke plant amid safety worry The Associated Press
Japan says Fukushima spent-fuel risk containedReuters Africa

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Austrian finance minister: No to eurobonds

Business News Headlines - Yahoo! News — Sat, 26 May 2012 16:40:24 +0000

Austria’s finance minister is rejecting the idea of introducing jointly issued eurobonds any time soon and says that running up new debts to finance growth is “nonsense.”

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Embittered Facebook investors ponder next move

Business News Headlines - Yahoo! News — Sat, 26 May 2012 16:07:29 +0000

To say that Facebook's debut as a public company was bungled is something like saying Facebook is a website you might have heard of.

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India wants detailed study on airwaves auction price

Business News Headlines - Yahoo! News — Sat, 26 May 2012 15:22:52 +0000

NEW DELHI (Reuters) – India’s Telecom Commission will ask the sector regulator to analyse the potential impact of a proposed airwaves auction base price that is seen as too high and has drawn protests from carriers. The Commission however endorsed a separate regulatory proposal to auction by June next year airwaves in another band, Telecoms Secretary R.Chandrashekhar said on Saturday. That band currently used by older operators and will be taken back from them in the so-called airwave refarming. …

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IMF chief has more sympathy for Africa – Sydney Morning Herald

Business - Google News — Sat, 26 May 2012 14:49:34 +0000

Sydney Morning Herald

IMF chief has more sympathy for Africa
Sydney Morning Herald
THE International Monetary Fund managing director, Christine Lagarde, has more sympathy for children deprived of decent schooling in sub-Saharan Africa than for many of those facing poverty in crisis-hit Greece and says Greeks must stop being tax …
IMF head Lagarde: Tax-shy Greeks 'must help themselves'BBC News
IMF's Christine Lagarde: more sympathy for poor African children than …Washington Post
Payback time for tax-shy Greeks: IMF chiefAhram Online

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Spain’s lender Bankia says it won’t need more aid

Business News Headlines - Yahoo! News — Sat, 26 May 2012 13:42:17 +0000

The president of troubled Bankia tried Saturday to calm fears about the future of the bank, saying Spain's second largest mortgage lender will emerge as a solid financial entity after it receives €19 billion ($23.8 billion) in state aid in the country's biggest ever bank bailout.

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Canada’s RIM to cut at least 2000 jobs: report

Business News Headlines - Yahoo! News — Sat, 26 May 2012 13:28:12 +0000

TORONTO (Reuters) – Research In Motion Ltd is preparing for a major restructuring beginning in the next couple of weeks that will see it eliminate at least 2,000 jobs worldwide, the Globe and Mail reported on Saturday, citing unnamed sources. The Canadian newspaper, citing several people close to the company, reported that the next round is layoffs is said to be planned for around June 1 – a day before the BlackBerry smartphone maker's first quarter ends – but some expect the announcement even earlier. …

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ThyssenKrupp CEO sees Steel Americas loss next year

Business News Headlines - Yahoo! News — Sat, 26 May 2012 13:10:49 +0000

FRANKFURT (Reuters) – ThyssenKrupp’s Steel Americas business, which the company may put up for sale, will continue posting operating losses until at least next year, Chief Executive Heinrich Hiesinger told a German newspaper. “It would be unrealistic to expect operating figures in the black in America next year following a likely triple-digit million euro loss for the current year,” weekly Euro am Sonntag quoted Hiesinger as saying. …

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Low Gas Prices May Not Benefit Obama – TheStreet.com

Business - Google News — Sat, 26 May 2012 13:02:17 +0000

Press Herald

Low Gas Prices May Not Benefit Obama
TheStreet.com
By Joe Deaux 05/26/12 – 09:00 AM EDT NEW YORK (TheStreet) — There's a funny thing about the rhetorical attacks surrounding Barack Obama and the economy in 2012: Much of the criticism is laced with contradictions. Higher interest rates will do more …
How to take long holiday from high gas pricesCNN
Gas prices overall are result of manipulationJacksonville Daily News
Argentina's resource-rich province tries to develop gas fieldsWashington Post
Bend Bulletin -wfit -CNN International
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Spain region, Greek exit warnings rattle euro zone

Business News Headlines - Yahoo! News — Sat, 26 May 2012 11:42:18 +0000

(Reuters) – Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country's departure from the currency club should a government intent on ripping up the country's bailout program result. Contrasting findings of opinion polls on Friday showed the outcome is too tight to call. …

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Tax could cost UBS up to 10 pct of Europe assets

Business News Headlines - Yahoo! News — Sat, 26 May 2012 11:31:39 +0000

ZURICH (Reuters) – UBS AG could see up to 10 percent of its European assets of 300 billion Swiss francs ($312.52 billion) moved out due to pressure to clamp down on untaxed accounts, the head of the wealth management business was quoted as saying on Saturday. "We have been losing assets in Europe for many quarters, around 10 billion francs to date," Juerg Zeltner told the Finanz und Wirtschaft newspaper in an interview. "And we expect further asset outflows going forward, in the region of 12 to 30 billion francs. That's a bitter pill to swallow. …

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EU says China, U.S. also have economic work to do

Business News Headlines - Yahoo! News — Sat, 26 May 2012 10:44:35 +0000

BRUSSELS (Reuters) – The United States and Japan need to tackle their tax issues and China must relax restrictions on the yuan as they share responsibility with Europe for restoring global economic health, EU leaders said ahead of a June summit of the G20 economies. In a letter addressed to all 27 European Union nations, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said Europe was doing all it could. …

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IMF chief Lagarde: Little sympathy for Greece

Business News Headlines - Yahoo! News — Sat, 26 May 2012 10:39:05 +0000

The managing director of the International Monetary Fund says she has more sympathy for poor African children than Greeks suffering under the country’s economic problems and austerity measures.

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