Reuters: Business News

Asia stocks head for 5th week of gains

Fri, 12 Mar 2010 00:40:07 -0500

SINGAPORE (Reuters) - Asian stocks edged up on Friday, heading for a fifth straight week of rises, with energy stocks firm as oil held above $82 a barrel and financials ticking higher after U.S. talks to force broad banking reform collapsed.

Obama to tap Yellen for Fed vice chair: source

Fri, 12 Mar 2010 00:20:53 -0500

WASHINGTON (Reuters) - U.S. President Barack Obama plans to nominate San Francisco Federal Reserve Bank President Janet Yellen, a respected policy dove, to be vice chairman of the central bank, a source familiar with the process said on Thursday.

Examiner sees accounting gimmicks in Lehman demise

Thu, 11 Mar 2010 22:11:33 -0500

NEW YORK (Reuters) - Lehman Brothers Holdings Inc used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, but there was not extensive wrongdoing, a court-appointed examiner has found.

Bank reform talks fail, Dodd to go solo

Thu, 11 Mar 2010 17:51:28 -0500

WASHINGTON (Reuters) - Chances of a broad overhaul of U.S. financial regulation dimmed on Thursday after bipartisan Senate talks collapsed, jeopardizing a top Obama administration priority and boosting bank share prices.

Toyota discounts boost sales

Thu, 11 Mar 2010 23:18:18 -0500

DETROIT/WASHINGTON (Reuters) - Unprecedented discounts after a series of damaging recalls boosted Toyota Motor Corp's U.S. sales in early March, as U.S. regulators weighed new auto safety measures.

U.S. "very close" to job growth: Summers

Thu, 11 Mar 2010 21:37:32 -0500

HOUSTON (Reuters) - White House economic adviser Larry Summers said on Thursday that the United States is "very close" to the point where job growth can begin. (Reporting by Chris Baltimore; editing by Carol Bishopric)

Citigroup sees return to sustained profitability

Thu, 11 Mar 2010 16:37:59 -0500

NEW YORK (Reuters) - Citigroup Inc Chief Executive Vikram Pandit told investors on Thursday the bank is on track to return to sustained profitability and losses from some of its worst assets should be manageable if the economy does not deteriorate.

Fed seen keeping "extended period" low rate vow

Thu, 11 Mar 2010 14:20:51 -0500

WASHINGTON (Reuters) - Lingering U.S. labor market weakness and nagging doubts about the solidity of the economic recovery are expected to keep the Federal Reserve committed to holding borrowing costs very low for a long time at a monetary policy meeting next week.

Movie "Avatar" has few fans among mining execs

Thu, 11 Mar 2010 16:36:04 -0500

NEW YORK (Reuters) - It's enough to make a mining executive grit his teeth or his kids to give him the silent treatment.

S&P 500 hits 17-month high as banks lift Wall Street

Thu, 11 Mar 2010 22:32:21 -0500

NEW YORK (Reuters) - The S&P 500 hit a 17-month closing high as rising bank shares led a late rally that lifted stocks on Thursday, more than offsetting worries China may move to cool its overheating economy.