May 23rd, 2012 at 10:56am
Under business
(Reuters) - Two top U.S. financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange. Facebook shares closed 8.9 percent lower at $31, following an 11 percent plunge on Monday. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week. …
By Moris
May 23rd, 2012 at 10:56am
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WASHINGTON (Reuters) - Wanted for the Treasury Department: a new boss who can fix trillion-dollar-plus budget deficits, overhaul the tax system and spur a reluctant Europe into fixing its debt crisis. It's a tall order, especially when the new Treasury chief also must deal with a fractious Congress - and all for a salary lower than that paid to many junior Wall Street bankers. …
By Moris
May 23rd, 2012 at 10:56am
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WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission was dealt a setback in its cases tied to the financial collapse when a federal judge dismissed large parts of its case against former executives at failed mortgage lender IndyMac Bancorp. In a verbal order entered on Monday and released as a transcript on Tuesday, U.S. District Judge Manuel Real gave an extensive explanation for siding with the defendants and rejecting many of the SEC's allegations in the case. …
By Moris
May 23rd, 2012 at 10:56am
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NEW DELHI (Reuters) - Jet Airways is expected to order more than 100 narrow-body aircraft for up to $3.75 billion in 2012/13 as the largest Indian carrier grabs market share from its troubled rivals, a leading consultancy said. The airline is understood to be actively evaluating Airbus's narrow-body A320 aircraft, and is likely to lease up to 10 A330s to support expansion of its European network, the Centre for Asia Pacific Aviation (CAPA) said in a report. "In my estimate, at the current price and without taking into account the list price, the actual price for the order could be $3. …
By Moris
May 23rd, 2012 at 10:56am
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TOKYO (Reuters) - The Bank of Japan kept monetary policy steady on Wednesday, saving ammunition for later in case Europe's deepening debt crisis warrants further supportive action to shield the fragile economy. But it warned of risks to Japan's recovery prospects, such as strong uncertainty over the global economy and market strains over Europe's sovereign debt crisis, in a sign it stands ready to act again soon should markets destabilize and trigger a renewed spike in the yen. …
By Moris
May 23rd, 2012 at 10:56am
Under business
BEIJING (Reuters) - The World Bank cut its economic growth forecast for China this year to 8.2 percent on Wednesday and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity. In a biannual East Asia and Pacific economic update, the World Bank said a slowing China will drag growth in emerging East Asia to two-year lows this year, but warned Europe's seething debt crisis could inflict even bigger damage if it worsens. Sluggish U.S. …
By Moris
May 23rd, 2012 at 10:56am
Under business
(Reuters) - MetLife Inc , the largest U.S. life insurer, said it plans to refocus its U.S. business and will seek to grow in emerging markets as part of a strategic plan that is set to be unveiled later on Wednesday. By 2016, MetLife said it expects to increase its return on equity to between 12 percent and 14 percent, and will aim for emerging markets to account for 20 percent or more of total operating earnings. …
By Moris
May 23rd, 2012 at 10:56am
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NEW YORK (Reuters) - If any other European countries were to follow Greece into a debt default, Athens can recommend a lawyer. Lee Buchheit crafted the restructuring deal that cut Greek debt by 100 billion euros and inflicted huge losses on bondholders in March. Over the last 30 years, presidents and finance ministers have turned to Buchheit, 61, more than any other lawyer to help call off creditors when their governments run out of money. His clients love him because he can help wipe away billions of dollars of debt. …
By Moris
May 23rd, 2012 at 10:56am
Under business
DETROIT (Reuters) - Ford Motor Co received its second "investment grade" credit rating on Tuesday, allowing the second-largest U.S. automaker to reclaim its Blue Oval insignia and other assets it mortgaged in 2006 to fund its turnaround plan. Moody's Investors Service's upgrade of Ford to Baa3 from Ba2 reflected its confidence that Ford can weather future downturns. Moody's also affirmed its Ba1 rating on General Motors and said the largest U.S. automaker is on track to regain an investment-grade credit rating within the next year. …
By Moris
May 23rd, 2012 at 10:56am
Under business
HONG KONG (Reuters) - Lenovo Group Ltd , the world's No.2 PC maker by sales, reported a 59 percent rise in fourth-quarter net profit, meeting analyst expectations as strong demand in emerging markets such as China offset weakness in Europe. Lenovo, which ranks just behind Hewlett Packard Co in PC sales, posted a net profit of $472.99 million for the fiscal year ended March, it said on Wednesday, versus a consensus forecast of $472.2 million from a poll of 29 analysts by Thomson Reuters I/B/E/S. The PC maker recorded a net profit of $273. …
By Moris
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