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| Procter & Gamble brings back former CEO to fix company Thursday, May 23, 2013 06:00 PM PDT  By Jessica Wohl (Reuters) - Procter & Gamble Co on Thursday brought back A.G. Lafley to run the world's largest household products maker, replacing Bob McDonald immediately in the midst of a major restructuring. Lafley is taking on the roles of chairman, president and chief executive officer, effective immediately, while McDonald is set to retire on June 30 after 33 years at P&G. The move comes as some investors have pushed for faster improvements from the maker of Tide detergent and Gillette razors. P&G unveiled a $10 billion restructuring program in February 2012. ... Full Story | Top |
| CA-BUSINESS Summary Thursday, May 23, 2013 05:54 PM PDT TSX dips on stimulus fears, sluggish data TORONTO (Reuters) - Canada's main stock index dipped on Thursday as fears the U.S. Federal Reserve will dial back its bond-buying program and pessimism following sluggish economic data from China and Europe fueled declines in all major sectors. Weakness in Toronto-Dominion Bank further weighed on the market after the country's No. 2 lender reported earnings slightly below expectations. Google faces new federal antitrust probe: source WASHINGTON (Reuters) - U.S. ... Full Story | Top |
| Google faces new federal antitrust probe: source Thursday, May 23, 2013 05:54 PM PDT  WASHINGTON (Reuters) - U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, the top player in Web display advertising, breaks antitrust law in how it handles some advertising sales, a source told Reuters on Thursday. The source said that it was unlikely that the Federal Trade Commission had sent out civil investigative demands in relation to the probe, which would be the sign of a formal and more serious investigation. ... Full Story | Top |
| US-INDUSTRY Summary Thursday, May 23, 2013 05:44 PM PDT Obama in heated exchanges with Code Pink anti-war protester WASHINGTON (Reuters) - The woman who interrupted President Barack Obama's speech on counterterrorism policy on Thursday is well-known around Washington as a perennial protester on national security issues. Medea Benjamin, a founder of anti-war women's group Code Pink, began demonstrating years ago on Capitol Hill, becoming an almost routine presence at hearings where high-ranking officials of the Bush administration appeared to talk about the Iraq war. ... Full Story | Top |
| Obama in heated exchanges with Code Pink anti-war protester Thursday, May 23, 2013 05:43 PM PDT  WASHINGTON (Reuters) - The woman who interrupted President Barack Obama's speech on counterterrorism policy on Thursday is well-known around Washington as a perennial protester on national security issues. Medea Benjamin, a founder of anti-war women's group Code Pink, began demonstrating years ago on Capitol Hill, becoming an almost routine presence at hearings where high-ranking officials of the Bush administration appeared to talk about the Iraq war. ... Full Story | Top |
| Salesforce.com's quarterly results disappoint Wall Street Thursday, May 23, 2013 05:30 PM PDT  By Noel Randewich (Reuters) - Salesforce.com Inc's quarterly earnings and outlook disappointed investors as costs rise following a spree of acquisitions, sending its shares lower. Under Marc Benioff, Salesforce's CEO and founder, the company's fast revenue growth has made it a favorite with investors eager to own part of the growing trend among businesses to outsource their information technology needs - from servers to software, a phenomenon known as cloud computing. But Salesforce has struggled to earn consistent profits. ... Full Story | Top |
| U.S. options clearer moves to end trade type dominated by Nasdaq Thursday, May 23, 2013 05:03 PM PDT  By Ann Saphir SAN FRANCISCO (Reuters) - The clearinghouse for all stock options said Thursday it will adopt a policy aimed at abolishing a dividend-linked trading strategy that critics say could destabilize markets if left unchecked. The change at Chicago-based OCC is likely to hurt market share at Nasdaq OMX Group Inc's biggest options venue, where nearly all of U.S. dividend-linked options trading takes place. "The new policy will likely result in a significant reduction in dividend plays," OCC said in a statement. ... Full Story | Top |
| Royal Mail chief set for 500,000 sterling bonus - Sky News Thursday, May 23, 2013 04:58 PM PDT  (Reuters) - The chief executive of Royal Mail, Moya Greene, who is responsible for leading a turnaround of the business, is set to receive an annual bonus worth nearly 500,000 pounds, as the company readies itself for a stock market listing this year, Sky News reported. Royal Mail's remuneration committee has yet to sign off on the pay proposals for the 2012-13 financial year, but is expected to do so ahead of the release of the company's annual report, which will be published by the end of July, Sky News said on its website. ... Full Story | Top |
| Analysis: Markets face rough summer ride as Fed pullback feared Thursday, May 23, 2013 04:37 PM PDT  By Rodrigo Campos NEW YORK (Reuters) - For the past few months, the Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming months. The Fed's evolving stance was made apparent by Federal Reserve chairman Ben Bernanke's remarks to Congress Wednesday, where he laid out the conditions that might cause the Fed to reduce its $85 billion a month buying of Treasuries and mortgage-backed bonds. ... Full Story | Top |
| Sears losses mount, weighs sale of unit to shore up liquidity Thursday, May 23, 2013 04:31 PM PDT  By Siddharth Cavale (Reuters) - U.S. retailer Sears Holdings cast bigger doubts on the progress of its turnaround after reporting a bigger-than-expected quarterly loss, hurt by cooler spring weather. Shares of the company, which also said it was considering selling its service contracts business, fell 12 percent to $51.41 in heavy trading after the bell. The disappointing results came just months after Chairman and controlling shareholder Eddie Lampert took over as chief executive from Louis D'Ambrosio, who stepped down due to a family member's health issue. ... Full Story | Top |
| Goldman unveils checks on conflicts in bid to fix image Thursday, May 23, 2013 04:19 PM PDT  By Lauren Tara LaCapra SALT LAKE City (Reuters) - After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc's Lloyd Blankfein claimed success in putting the bank and his legacy as CEO back on track. At Goldman's annual meeting on Thursday, Blankfein unveiled details of a three-year review and overhaul of the bank's practices in dealing with clients, following high-profile missteps that tarnished its reputation in the aftermath of the financial crisis. ... Full Story | Top |
| Former Goldman banker settles SEC 'pay-to-play' charges Thursday, May 23, 2013 04:10 PM PDT By Lisa Lambert and Jonathan Stempel WASHINGTON/CHICAGO (Reuters) - A former Goldman Sachs Group Inc. investment banker has agreed to a five-year securities industry ban and a record fine to settle Securities and Exchange Commission charges that he broke rules against influence peddling to win bond underwriting business in Massachusetts. Without admitting or denying wrongdoing, Neil Morrison, 38, accepted what the SEC said was the first industry ban for violating "pay-to-play" rules governing the $3.7 trillion municipal bond market. ... Full Story | Top |
| Proxy advisory firm settles SEC charges over data breach Thursday, May 23, 2013 04:08 PM PDT  By Sarah N. Lynch WASHINGTON (Reuters) - Institutional Shareholder Services has settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert tickets. The Securities and Exchange Commission said on Thursday that ISS, a unit of MSCI Inc, will pay a $300,000 penalty and hire an independent compliance consultant. In settling, ISS neither admitted nor denied the SEC allegations that it violated financial adviser rules designed to prevent misuse of material non-public customer information. ... Full Story | Top |
| Hulu video site auction attracts four bidders: sources Thursday, May 23, 2013 04:01 PM PDT  By Ronald Grover LOS ANGELES (Reuters) - Former News Corp president Peter Chernin and private equity fund Guggenheim Digital Media have placed bids for Hulu, two people with knowledge of the matter told Reuters, triggering a tug-of-war for the online video service. Satellite operator DirecTV and cable operator Time Warner Cable Inc also put in bids, one of the people told Reuters. ... Full Story | Top |
| EU oil pricing probe spurs lawsuit against BP, others Thursday, May 23, 2013 04:00 PM PDT  By Bernard Vaughan and Tom Polansek NEW YORK/CHICAGO (Reuters) - A Chicago-based commodities trading firm has filed suit against three of the world's largest oil companies, accusing them of colluding to fix oil prices after European authorities opened an investigation last week. ... Full Story | Top |
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