Financial News

Chevron says Q2 hit by U.S. refining, weak dollar (Reuters)

admin — Thu, 09 Jul 2009 23:11:05 +0000

SAN FRANCISCO (Reuters) – Chevron Corp (CVX.N) warned that second-quarter earnings would be hit by a sharp decline in U.S. refining margins and that any benefits from higher oil prices were largely offset by a weaker dollar, sending its shares down 1.8 percent. The outlook from the second-largest U.S. oil company only contributed to the gloom surrounding the country's refiners in the face of toughening regulation and a depressed fuel market. Chevron...

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Kohn warns Congress on meddling in Fed’s affairs (Reuters)

admin — Thu, 09 Jul 2009 22:43:26 +0000

WASHINGTON (Reuters) – The Federal Reserve on Thursday launched a robust defense of its independence and warned that efforts in Congress to put monetary policy under political sway would hurt the economy. Fed Vice Chairman Donald Kohn said opening up some of the U.S. central bank's most sensitive decisions to political scrutiny could result in higher long-term interest rates and hurt the United States' credit rating. Testifying before a congressional...

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Wall Street ekes out gain on banks, materials (Reuters)

admin — Thu, 09 Jul 2009 20:45:14 +0000

NEW YORK (Reuters) – Stocks edged higher on Thursday as investors bought beaten-down technology and commodity shares, while a positive broker comment on Goldman Sachs boosted the financial sector. Trading was choppy in light volumes for most of the day as investors remained cautious ahead of more corporate earnings reports in the coming weeks. Alcoa Inc (AA.N) set a positive tone when it kicked off the earnings season with a smaller-than-expected loss after the bell on...

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Weak retail sales in June raise worries (AP)

admin — Thu, 09 Jul 2009 20:01:16 +0000

NEW YORK – After yet another weak month, retailers are preparing to fight for their share of crucial back-to-school shopping. But they may have to keep discounting to keep consumers coming in, given escalating job uncertainty. Particularly worrisome in Thursday's same-store sales reports: Mall-based teen stalwarts like Abercrombie & Fitch were among those hit hardest as families looked for bargains. Wal-Mart Stores Inc., the world's largest retailer,...

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Citigroup shakes up top management (Reuters)

admin — Thu, 09 Jul 2009 19:20:50 +0000

NEW YORK (Reuters) – Citigroup (C.N) announced on Thursday its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake. The revolving door that Citigroup's upper management has become spun again amid intense pressure on Chief Executive Vikram Pandit to improve performance, add consumer banking experience in the senior ranks, and...

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U.S. District court denies request to delay GM deal (Reuters)

admin — Thu, 09 Jul 2009 18:36:28 +0000

NEW YORK/DETROIT (Reuters) – A U.S. District Court judge on Thursday denied a request by a committee of asbestos personal injury claimants to delay the sale of General Motors Corp (GMGMQ.PK) pending its appeal. Judge Lewis Kaplan said in court documents that the stay of the sale would likely lead to the liquidation of GM, which is trying to sell its best assets into a "New GM" funded by the government ahead of a July 10 financing deadline. The...

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Casino stocks up, as Nevada decline moderating (Reuters)

admin — Thu, 09 Jul 2009 17:34:20 +0000

ATLANTA (Reuters) – Shares of casino stocks rose on Thursday after the Nevada Gaming Control Board released gaming revenues for May that showed a moderating decline. In a report posted to its Website, the state entity said Nevada gaming revenues were down 8.34 percent in May and off 13.71 percent for the year to date. Revenue on the Las Vegas Strip was down 6.36 percent for the month and down 15.31 percent for the year to date. The May result compared...

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Jobless claims drop, data skewed by auto jobs (Reuters)

admin — Thu, 09 Jul 2009 16:21:52 +0000

WASHINGTON (Reuters) – The number of U.S. workers filing new claims for jobless benefits fell to the lowest level since January, but the seasonally adjusted data was distorted by an unusual pattern of layoffs in the automotive industry. Economists watch the labor market closely for signs that the impact of the most severe recession in decades is fading, and worry that failure to curb unemployment that has spiked to 9.5 percent will thwart official efforts to stimulate...

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June rains, penny-pinching dampen retail sales (Reuters)

admin — Thu, 09 Jul 2009 15:06:30 +0000

NEW YORK (Reuters) – June sales fell for most U.S. retailers as the plunging job market and cool, rainy weather dampened interest in summer shopping for consumers, triggering concern about the back-to-school season. But some retailers stuck to their forecasts, or even raised their outlooks after spending months trimming inventories and cutting costs. This helped support some stocks. The Standard & Poor's Retailing Index (.RLX) was up 0.3 percent on...

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Warren Buffett says second stimulus might be needed (Reuters)

admin — Thu, 09 Jul 2009 14:14:22 +0000

WASHINGTON (Reuters) – Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 percent and a second stimulus package might be needed as the economy struggles to recover from recession. Buffett, the billionaire founder of Berkshire Hathaway (BRKa.N), said Americans suffered "a shock to the system" from the economic difficulties in the final quarter of last year but had started to rebound. "We're not in a...

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