Business

Standard & Poor's Cuts Credit Ratings for Nine Euro Zone Nations

Sat, 14 Jan 2012 07:10:00 -0500

Standard & Poor's downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area.

Bank of America told Fed it could sell branches in emergency: source

Sat, 14 Jan 2012 07:10:00 -0500

Bank of America Corp (BAC.N) told Federal Reserve officials in June that it could shed branches in some parts of the country if it needed to raise capital in an emergency, a person familiar with the matter said.

Fed’s Evans Says US Jobless Rate May Rise

Sat, 14 Jan 2012 07:10:00 -0500

Federal Reserve Bank of Chicago President Charles Evans said the drop in the unemployment rate to 8.5 percent may be partially reversed in coming months.

NY Fed mulls sale of $7 bln of AIG bonds-Bloomberg

Fri, 13 Jan 2012 06:38:00 -0500

The Federal Reserve Bank of New York may sell a block of the mortgage bonds it assumed from American International Group Inc. (AIG) after being approached by a potential buyer, according to two people familiar with the matter.

Future Publishing sells New York operation for $3m

Fri, 13 Jan 2012 06:11:00 -0500

Future Publishing has sold off its loss-making New York operation – home to magazines including Guitar World, Revolver and Guitar Aficionado – in a deal worth $3m (£1.9m).

U.S. Debt Nears $15.194 Trillion Ceiling

Fri, 13 Jan 2012 02:59:00 -0500

The Treasury Department has begun maneuvers to avoid hitting the debt ceiling, as the Obama administration waits for Congress to return from the holiday break before it can raise the federal borrowing limit.

Delta eyes American Airlines bid

Fri, 13 Jan 2012 02:59:00 -0500

Delta Air Lines is eyeing a bid for bankrupt rival American Airlines, a source close to the matter said on Thursday, despite doubts that the proposed mega-carrier would win regulatory approval.

UK tabloid owner says hacking probe damaging newspapers

Fri, 13 Jan 2012 02:59:00 -0500

Daily Express owner Richard Desmond, one of Britain's most controversial media barons, condemned the official inquiry into media standards on Thursday as "the worst thing" to happen to newspapers.

US seeking to 'close down' Iran central bank

Fri, 13 Jan 2012 02:58:00 -0500

The latest round of American sanctions are aimed at shutting down Iran's central bank, a senior US official said Thursday, spelling out that intention directly for the first time.

Deutsche Boerse's NYSE deal seen heading for the rocks

Wed, 11 Jan 2012 05:26:00 -0500

Deutsche Boerse AG's last-ditch lobbying efforts in support of its proposed takeover of NYSE Euronext look set to fail, leaving the deal heading for the rocks with European antitrust regulators expected to block the deal

Apple CEO Tim Cook could top pay list in 2011

Tue, 10 Jan 2012 04:43:00 -0500

Tim Cook could well end up being the highest paid CEO in America in 2011, after Apple Inc. granted him a million restricted stock units last August for taking the reins shortly before co-founder Steve Jobs died.

Germany's stance on financial transaction tax risks French rift

Tue, 10 Jan 2012 04:43:00 -0500

Angela Merkel has warned that German support for the financial transaction tax (FTT) is not guaranteed, in a move that could open up a rift with France just days before the next European summit.

World's biggest super-jumbos must be GROUNDED, say engineers after cracks are found in the wings of three Airbus A380s

Tue, 10 Jan 2012 04:43:00 -0500

Australian aircraft engineers have called for Airbus A380 - the world's biggest passenger aircraft - to be grounded, after Singapore Airlines and Qantas found cracks in the wings of their super-jumbos.

WJB Capital Group Sued in New York State for Alleged Fraud

Wed, 04 Jan 2012 03:37:00 -0500

WJB Capital Group Inc., the Wall Street firm that said it shut down its brokerage operations, was sued in New York over an alleged fraud.

Starbucks Raises Prices in New York to Recoup Higher Costs

Wed, 04 Jan 2012 02:17:00 -0500

Starbucks Corp., the world’s biggest coffee shop operator, raised prices on certain beverages in the U.S. Northeast, South and Southwest to recoup higher costs.

Kodak May Be Booted Off the New York Stock Exchange

Wed, 04 Jan 2012 02:12:00 -0500

The hits keep on coming for Eastman Kodak, which received a notice of possible delisting from the NYSE because the average closing price of the company’s common stock was less than $1 over a period of 30 straight trading days.

The New York Times increases its price by 50 cents, but not for Sunday editions

Wed, 04 Jan 2012 02:09:00 -0500

The price of The New York Times has gone up by 50 cents. On New York City newsstands, the Times now costs $2.50 for the Monday through Saturday editions. That’s the same price printed on its newspapers sold across the country.

French credit downgrade could come 'within days'

Mon, 19 Dec 2011 05:28:00 -0500

France could be stripped of its triple-A credit rating before Christmas, raising new doubts about the survival of the euro, analysts have predicted.

Most stock funds post losses this year; bonds gain

Mon, 19 Dec 2011 05:28:00 -0500

The average diversified U.S. stock mutual fund has fallen 5.9% this year, vs. a 1.4% loss for the Standard & Poor's 500-stock index, says Lipper, which tracks the funds. Out of 8,036 funds, 7,399, or 92%, are showing a loss — and some are doozies.

Federal Reserve Bank of New York president William Dudley 'can't imagine' US buying European debt

Sat, 17 Dec 2011 01:09:00 -0500

Federal Reserve Bank of New York President William Dudley said he “cannot imagine” the US central bank buying European sovereign debt to combat the crisis, though it has the legal authority to do so.