Financial News

AIG chief threatened to leave over pay constraints: report (Reuters)

admin — Wed, 11 Nov 2009 11:03:07 +0000

(Reuters) – Unhappy over constraints imposed by U.S. government overseers, American International Group Inc (AIG.N) Chief Executive Robert Benmosche told the company's board last week that he is considering stepping down, the Wall Street Journal said, citing people familiar with the matter. The giant insurer's chief executive is particularly unhappy over a recent compensation review by Kenneth Feinberg, the Treasury bailout program's special master for compensation, the...

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Kraft’s hostile bid for Cadbury notified to the EU (Reuters)

admin — Wed, 11 Nov 2009 10:38:15 +0000

BRUSSELS (Reuters) – Kraft Foods Inc's (KFT.N) $16 billion hostile bid for British candy maker Cadbury Plc (CBRY.L) has been notified to EU regulatory authorities, the European Commission said on Wednesday. The Commission, the competition watchdog of the 27-nation European Union, has set a deadline for December 14 to make its decision, it said. It gave no further details. (Reporting by Bate Felix, editing by Timothy Heritage) ...

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China’s output, retail sales gather pace in October (AFP)

admin — Wed, 11 Nov 2009 10:23:22 +0000

BEIJING (AFP) – China said Wednesday that massive government spending was paying off as a new wave of data showed the world's third-largest economy continued to strengthen, following the worst global crisis in decades. Industrial production and retail sales picked up pace in October, while demand for Chinese exports improved, official data showed, putting the government's growth target of eight percent well within reach for 2009. "Based on the October...

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China to guide yuan with eye on major currencies (Reuters)

admin — Wed, 11 Nov 2009 10:11:18 +0000

BEIJING (Reuters) – China said on Wednesday it will consider major currencies in guiding the yuan, suggesting a departure from an effective dollar peg that has been in place since the middle of last year. The reference to a new set of benchmarks for determining the value of the yuan holds out the possibility of a departure from recent practice, which has seen the currency held steady since mid-2008 around 6.83 per dollar. "Following the principles of...

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Stock index futures point to early gains on Wall Street (Reuters)

admin — Wed, 11 Nov 2009 10:06:51 +0000

(Reuters) – Stock index futures pointed to a higher opening on Wall Street on Wednesday, with futures for the S&P 500 up 0.9 percent, Dow Jones futures up 0.8 percent and Nasdaq 100 futures up 0.8 percent at 4:54 a.m. EST. On the macro front, data showed on Wednesday Chinese factory output growth surged to a 19-month high in October, signaling that the world's third-biggest economy has firmly put the worst of the global economic crisis behind it. ...

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Gold rallies to record high as dollar slips (Reuters)

admin — Wed, 11 Nov 2009 08:49:57 +0000

LONDON (Reuters) – Gold shot to a record high on Wednesday as the dollar slipped to its lowest in more than a year and analysts predict further gains for the precious metal on the U.S. unit's persistent weakness. Spot gold rallied to $1,115.85 an ounce and was at $1,114.65 an ounce by 0835 GMT (3:35 a.m. EST) versus $1,105.30 an ounce last quoted late in New York on Tuesday. U.S. gold futures for December delivery rose 1.2 percent to...

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Asian stocks rise with China recovery on track (Reuters)

admin — Wed, 11 Nov 2009 07:19:44 +0000

LONDON (Reuters) – The dollar hit a fresh 15-month low and world stocks held near a three-week high on Wednesday after remarks from Federal Reserve officials reinforced the view that U.S. interest rates will remain near zero for some time. Strong Chinese data on factory output and retail sales, along with forecast-beating results from Italy's biggest bank Unicredit (CRDI.MI) following upbeat reports from other banks, encouraged investors to buy risky assets. ...

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Dodd seeks more muscle in U.S. financial reforms (Reuters)

admin — Wed, 11 Nov 2009 06:42:29 +0000

WASHINGTON (Reuters) – Pushing for tougher changes in U.S. financial regulations, the Senate's top banking legislator on Tuesday proposed a new super-cop to police banks, a systemic risk agency and strong consumer protections. Senator Christopher Dodd, who is fighting for his political life back home in Connecticut, unveiled a 1,136-page bill that leaps ahead of previous, more moderate financial reform proposals. The long-awaited Dodd bill raises the...

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Fed officials see choppy recovery for U.S. economy (Reuters)

admin — Wed, 11 Nov 2009 02:50:05 +0000

AUSTIN/ATLANTA (Reuters) – High unemployment and reluctant consumers will likely make an incipient U.S. economic recovery weak and erratic, top Federal Reserve officials said in a string of speeches across the country on Tuesday. That means interest rates, currently at historic lows close to zero, should remain near that floor for the foreseeable future, the policymakers said. "The strength and durability of the expansion is in question," said Janet...

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U.S. should not coddle big banks: Fed’s Fisher (Reuters)

admin — Wed, 11 Nov 2009 01:27:49 +0000

AUSTIN (Reuters) – The United States should not coddle large financial institutions considered "too big to fail", Federal Reserve Bank of Dallas President Richard Fisher said on Tuesday. Fisher made the comments in a question and answer session following a speech to the Austin Headliners Club. Asked about the U.S. government budget deficit, Fisher said the Fed would not monetize the fiscal shortfall. (Reporting by Pedro Nicolaci da...

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