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| Ex-Goldman director Gupta awaits sentence in insider case Tuesday, Oct 23, 2012 09:07 PM PDT  NEW YORK (Reuters) - The sentencing on Wednesday of fallen Wall Street titan Rajat Gupta for insider trading could come down to whether a judge agrees that his lifetime of charity counts against sending him to prison. The former Goldman Sachs Group Inc board member was convicted in June of leaking boardroom secrets to hedge fund manager Raj Rajaratnam, his friend and former business associate, at the height of the financial crisis. Gupta, 63, is to be sentenced by Manhattan U.S. District Judge Jed Rakoff, who oversaw the four-week trial. ... Full Story | Top |
| U.S. consumer agency to supervise debt collectors Tuesday, Oct 23, 2012 09:04 PM PDT (Reuters) - The U.S. consumer agency will begin closely supervising about 175 debt collectors for the first time starting in January, widening the new watchdog's oversight of consumer lending. The Consumer Financial Protection Bureau (CFPB) said on Wednesday it had finalized plans to oversee larger firms in the industry to make sure debt collectors treat Americans fairly. The agency said it will determine whether debt collectors properly disclose the amount owed, maintain accurate data about consumer debt, and address consumer complaints quickly. ... Full Story | Top |
| Analysis: Canada's tough stance on foreign buyers won't cut oil growth Tuesday, Oct 23, 2012 09:03 PM PDT  NEW YORK (Reuters) - In other energy-rich countries, a decision to knock back a major foreign investment would likely provoke cries of resource nationalism and raise questions about prospects for oil and gas production growth. Canada's surprise move last week to block Malaysian state-run oil firm Petronas' $5.2 billion bid for Calgary-based Progress Energy has spooked some investors, and raised concerns that Chinese state firm CNOOC's $15.2 billion bid for Calgary-based Nexen may also be rejected. ... Full Story | Top |
| Encouraging China PMI halts slide in Asian shares Tuesday, Oct 23, 2012 08:46 PM PDT  TOKYO (Reuters) - Data suggesting a gathering economic recovery in China helped trim declines in Asian shares on Wednesday, though investors stayed risk averse due to weak corporate earnings results worldwide and enduring worries over economic slowdown. The China HSBC Flash Manufacturing Purchasing Managers Index (PMI) rose to a three-month high of 49.1 in October, also registering the most robust order books since April, signaling a strengthening recovery. The MSCI index of Asia-Pacific shares outside Japan eased 0.1 percent, slightly trimming an earlier 0.3 percent drop. ... Full Story | Top |
| China making slow, steady economic recovery: survey Tuesday, Oct 23, 2012 08:41 PM PDT BEIJING (Reuters) - China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signaled on Thursday, with new orders and output at their highest in months. The lackluster nature of the rebound revealed by the HSBC Flash Manufacturing Purchasing Managers Index (PMI) though comes in its headline reading of 49.1 points for October - a three month high, but still below the 50-point mark that separates expanding from shrinking business activity. In the world's second biggest economy where industrial output expanded at a 9. ... Full Story | Top |
| Barnes & Noble reports breach of U.S. customer credit card data Tuesday, Oct 23, 2012 08:25 PM PDT  (Reuters) - U.S. retail firm Barnes & Noble said customers who have shopped as recently as last month at any of its 63 stores in the country may have their credit card information stolen, and has informed federal law enforcement authorities about the breach. The company said in a statement it has disconnected all PIN pads from its stores nationwide by close of business Sept 14. upon detecting tampering of those devices. ... Full Story | Top |
| Dow cutting jobs, closing plants as growth slows Tuesday, Oct 23, 2012 08:17 PM PDT  NEW YORK (Reuters) - Dow Chemical Co, the largest chemical maker in the United States, said on Tuesday it plans to cut 5 percent of its workforce and shutter 20 plants as part of a restructuring program aimed at countering a slowing global economy. Dow and other chemical companies face slipping demand for products around the world. Rival DuPont slashed its earnings forecast and announced 1,500 job cuts. "The reality is we are operating in a slow-growth environment in the near-term and, while these actions are difficult, they demonstrate our resolve to tightly manage operations... ... Full Story | Top |
| Facebook's mobile surprise allays growth fears Tuesday, Oct 23, 2012 07:29 PM PDT  SAN FRANCISCO (Reuters) - Facebook Inc grew mobile advertising revenue several times in the third quarter, a faster-than-expected pace that helped drive shares in the world's No. 1 social network nearly 13 percent higher. Facebook said on Tuesday that it now gets 14 percent of its advertising revenue from mobile ads, helping to reassure investors that the social network is beginning to figure out how to earn money off smartphone and tablet users. ... Full Story | Top |
| Apple unwraps mini-iPad to take on Amazon, Google Tuesday, Oct 23, 2012 05:59 PM PDT  SAN JOSE (Reuters) - Apple Inc will begin to sell an 8-inch version of the iPad on Friday to compete with Amazon.com Inc's Kindle and other smaller tablets, but it set a higher-than-expected price tag of $329 that Wall Street fears could curb demand. The 7.9 inch "iPad mini" marks the iPhone-maker's first foray into the smaller-tablet segment. Apple hopes to beat back incursions onto its home turf of consumer electronics hardware, while safeguarding its lead in a larger tablet space - one that even deep-pocketed rivals like Samsung Electronics have found tough to penetrate. ... Full Story | Top |
| Softbank, KDDI to offer Apple's iPad mini in Japan Tuesday, Oct 23, 2012 05:55 PM PDT TOKYO (Reuters) - Both Softbank Corp and KDDI Corp will offer Apple Inc's 7.9-inch version of the iPad in Japan, Apple said on its Japanese website on Wednesday, competing with one another as well as with Google Inc's Nexus 7 and Rakuten Inc's Kobo e-reader here. Softbank is betting on a $20 billion bid to buy control of U.S. telco Sprint Nextel Corp and diversify away from Japan's saturated market dominated by NTT Docomo. (Reporting by Reiji Murai, writing by Mayumi Negishi; Editing by Eric Meijer) Full Story | Top |
| Draghi enters lion's den to sell bond-buying plan Tuesday, Oct 23, 2012 05:03 PM PDT BERLIN (Reuters) - European Central Bank President Mario Draghi faces a two-hour grilling on Wednesday from German lawmakers who fear his bond-buying plan to ease the region's debt crisis could fuel inflation and undermine the ECB's cherished independence. Unveiled in early September, Draghi's Outright Monetary Transactions (OMT) program is designed to prop up wobbling euro states such as Spain by reducing their borrowing costs. ... Full Story | Top |
| Monster Beverage shares down more, analysts weigh views Tuesday, Oct 23, 2012 03:54 PM PDT  (Reuters) - Monster Beverage Corp shares sank more than 10 percent for a second straight day on Tuesday as investors expressed concern over potential legal and regulatory fallout from a lawsuit and investigations into five deaths to see if they are linked to the company's namesake energy drink. The U.S. Food and Drug Administration said on Monday that it was looking into the deaths, and Monster is being sued by the family of a 14-year old Maryland girl with a heart disorder who died after drinking two cans of Monster Energy drink in a 24-hour period. ... Full Story | Top |
| Facebook mobile revenue grows faster than expected Tuesday, Oct 23, 2012 03:43 PM PDT  SAN FRANCISCO (Reuters) - Facebook Inc grew mobile advertising revenue several times in the third quarter, a faster-than expected pace that helped reassure investors that the world's No. 1 social network is beginning to figure out how to earn money off smartphone and tablet users. The company now gets 14 percent of its advertising revenue from mobile ads, translating into more than $150 million -- a surge from an estimated $40 million to $50 million in the second quarter and almost nothing in the first. ... Full Story | Top |
| Sirius XM CEO Mel Karmazin to step down Tuesday, Oct 23, 2012 03:37 PM PDT  (Reuters) - Sirius XM Radio Inc Chief Executive Mel Karmazin will step down in February, a move that comes at a time when media mogul John Malone's Liberty Media Corp is trying to wrest full control of the satellite radio broadcaster. Shares of the company were down 2 percent at $2.81 in trading after the bell on Tuesday. Liberty, Sirius's largest shareholder with a stake of just under 50 percent, has been trying for months to wrest control of Sirius and has filed a petition with U.S. regulators to replace the company's board. ... Full Story | Top |
| Dow accidentally released layoffs news early: source Tuesday, Oct 23, 2012 03:02 PM PDT (Reuters) - Dow Chemical Co was forced to announce a restructuring program on Tuesday after accidentally sending a draft of its press release to a Bloomberg News reporter earlier in the day, a source on Dow's board said. The source, speaking anonymously because the source was not authorized to speak publicly on the matter, said Dow had intended to announce the 2,400 layoffs on Thursday morning along with quarterly earnings. (Reporting by Ernest Scheyder; Writing by Ben Berkowitz; Editing by Phil Berlowitz) Full Story | Top |
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