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Wall Street closes lower after rally as oil prices drop
NEW YORK (Reuters) - Stocks fell on Monday in light trading after a rally that drove the S&P 500 last week to its highest level in nearly five years and as falling oil prices hit energy shares. The decline broke a four-day streak of gains for the S&P 500. On Friday, both the Dow and the S&P 500 ended at highs not seen since December 2007. The rally came a day after the Federal Reserve unveiled new stimulus measures that could keep equities buoyed for months. The Fed's action followed a decision by the European Central Bank to support debt-ridden euro-zone nations by purchasing their debt. ...
From http://news.yahoo.com/wall-street-closes-lower-rally-oil-prices-drop-013419923--sector.html - 9/18/2012 9:34:19 AM
Apple sells 2 million new phones, shares touch $700
(Reuters) - Apple Inc booked orders for over two million iPhone 5 models in the first 24 hours, reflecting a higher-than-expected demand for the consumer device giant's new smartphone and setting it up for a strong holiday quarter. Apple shares rose in extended after-market trading to touch $700 per share for the first time. They have gained nearly 22 percent in the past 3-1/2 months in the build-up to the launch of the iPhone 5. Apple said on Monday that pre-orders outstripped initial supply but it would deliver most phones as planned by Friday, the first day of delivery. ...
From http://news.yahoo.com/apple-sells-2-million-phones-shares-touch-700-003959948--finance.html - 9/18/2012 8:39:59 AM
Dole Food sells two businesses to Itochu for $1.7 billion
TOKYO (Reuters) - Dole Food Company Inc will sell two businesses to Itochu Corp for $1.7 billion in cash - a deal that will help the world's largest fruit and vegetable producer pay down debt and expand Itochu's food presence in new markets. Dole, founded in 1851, has struggled with volatile demand and low prices for bananas, its biggest-selling product. In contrast, thanks to a strong yen and flush reserves of cash, Japanese trading houses have been active in overseas acquisitions, particularly non-resources firms, as they look to diversify their profit streams. ...
From http://news.yahoo.com/japans-itochu-buy-dole-food-businesses-1-7-003506027--sector.html - 9/18/2012 9:47:20 AM
Exclusive: Morgan Stanley infrastructure fund hit by Volcker rule
(Reuters) - A U.S. regulation that limits how much of its own capital a bank can put at risk is causing headaches for Morgan Stanley as it prepares to raise a new multi-billion-dollar global infrastructure fund, people familiar with the situation said. The regulation, called the Volcker rule, puts a cap on the amount of capital that Morgan Stanley can pledge to the new fund. That means senior executives at Morgan Stanley Infrastructure Partners will have to make do with a smaller share of the fund's profits, the sources said. ...
From http://news.yahoo.com/exclusive-morgan-stanley-infrastructure-fund-hit-volcker-rule-040529805--sector.html - 9/18/2012 12:05:29 PM
Fannie Mae paid BofA premium to transfer soured loans: regulator
(Reuters) - Fannie Mae agreed to pay Bank of America Corp about 20 percent more than it was contractually obligated to last year in order to transfer the servicing of troubled loans to another firm, a report by a watchdog found. In a report to be issued on Tuesday, the inspector general for the Federal Housing Finance Agency urges the regulator to ensure Fannie Mae applies more scrutiny to the pricing of such transactions and possibly revise its contracts with mortgage servicers. ...
From http://news.yahoo.com/fannie-mae-paid-bofa-premium-transfer-soured-loans-040153436--sector.html - 9/18/2012 12:01:53 PM
Elpida's bondholders open new front in fight over Micron deal
(Reuters) - U.S. bondholders who have been battling Elpida Memory Inc's planned sale to Micron Technology Inc revealed on Monday the bankrupt Japanese chipmaker had carried out "unauthorized" dealings involving its U.S. assets. The bondholders made the disclosure just prior to a key court hearing at which they were scheduled to ask a U.S. bankruptcy court for greater oversight of Elpida's U.S. assets. The hearing in Delaware's bankruptcy court in Wilmington was canceled in favor of talks with the bondholders, Elpida's attorney, Mark Collins, told reporters. ...
From http://news.yahoo.com/elpidas-bondholders-open-front-fight-over-micron-deal-004420788--sector.html - 9/18/2012 8:46:55 AM
Hershey CEO weighing next steps in China
HERSHEY, Pennsylvania (Reuters) - Hershey Co , which just agreed to buy out its joint venture partner in India, is weighing its next step in China. The U.S. candy maker owns a factory in China with South Korea's Lotte Shopping Co Ltd . Current demand for the two companies' products uses 90 percent of the factory's capacity and Hershey Chief Executive John Bilbrey sees it exceeding that very soon. "We're looking now at what do we do next. ...
From http://news.yahoo.com/hershey-ceo-weighing-next-steps-china-040256727--finance.html - 9/18/2012 12:02:56 PM
Fortescue wins $4.5 billion respite, talks to potential partners
MELBOURNE (Reuters) - Fortescue Metals Group , one-third owned by billionaire founder Andrew "Twiggy" Forrest, has lined up $4.5 billion in debt and is in talks to sell stakes in some of its assets, as the world's No.4 iron ore miner moves swiftly to shore up funding to cope with a slump in prices. Fortescue shares, halted last week after reports that the company was seeking waivers on its debt covenants, jumped more than 18 percent on Tuesday on relief that the Perth-based miner won't have to sell new shares or hold a fire sale of assets to raise cash. ...
From http://news.yahoo.com/fortescue-wins-4-5-bln-respite-talking-potential-000858498--sector.html - 9/18/2012 11:42:08 AM
Peregrine CEO pleads guilty to fraud; to stay in jail
(Reuters) - Peregrine Financial Group's former Chief Executive Russell Wasendorf Sr. pleaded guilty on Monday to embezzling more than $100 million from customers of his futures brokerage, lying to regulators to cover his tracks, and mail fraud. Previously expected to be set free from jail pending his sentencing, Wasendorf was told he will remain behind bars while a judge determines whether he is a flight risk. Wasendorf, 64, agreed earlier this month to plead guilty after confessing in July to stealing from his customers for nearly 20 years. ...
From http://news.yahoo.com/peregrine-ceo-remain-jail-government-balks-release-175716296--finance.html - 9/18/2012 7:18:12 AM
Modifying cancelled Northrop drone for export too costly: U.S. Air Force
WASHINGTON (Reuters) - The U.S. Air Force said on Monday it was too costly to modify for export a fleet of 18 unmanned Northrop Grumman Corp Global Hawk surveillance planes that the Pentagon wants to retire under a plan that U.S. lawmakers have criticized. The Air Force will continue using the Block 30 version of the high-altitude spy planes until Congress agrees to take them out of service, Air Force Lieutenant General Larry James, deputy chief of staff of the Air Force for intelligence, surveillance and reconnaissance, told reporters on Monday. ...
From http://news.yahoo.com/modifying-cancelled-northrop-drone-export-too-costly-u-022540590--finance.html - 9/18/2012 10:25:40 AM
Apple: iPhone 5 orders topped 2M in 24 hours
Orders for the iPhone 5 topped 2 million in their first 24 hours, more than double the amount of its predecessor over the same period.
From http://news.yahoo.com/apple-iphone-5-orders-topped-2m-24-hours-145552913--finance.html - 9/18/2012 6:09:43 AM
China files trade case against Washington
China filed a World Trade Organization case Monday challenging U.S. anti-dumping measures on billions of dollars of kitchen appliances, paper and other goods, adding to worsening trade strains as global demand weakens.
From http://news.yahoo.com/china-files-trade-case-against-washington-111202296.html - 9/18/2012 2:11:08 AM
Fortescue secures $4.5 billion credit facility
Shares in Fortescue Metals Group soared Tuesday after Australia's third largest iron ore miner secured a new $4.5 billion credit facility which it will use to refinance its looming bank debts.
From http://news.yahoo.com/fortescue-secures-4-5-billion-credit-facility-022220897--finance.html - 9/18/2012 11:39:03 AM
US stocks slip; Apple hits new high
After surging over four days to near pre-recession highs, stocks slipped further from that goal Monday following a new sign of a slowdown in the U.S. economy and worries over Europe's struggle to keep its currency union intact.
From http://news.yahoo.com/us-stocks-slip-apple-hits-high-203908396--business.html - 9/18/2012 4:39:02 AM
Canada auto union extends GM, Chrysler contracts
The Canadian Auto Workers union decided late Monday to keep working past a midnight strike deadline after reaching a deal with Ford and extending its contracts with General Motors and Chrysler.
From http://news.yahoo.com/canada-auto-union-extends-gm-chrysler-contracts-010821785--finance.html - 9/18/2012 10:26:25 AM
Obama and Romney use China as a campaign argument
In an election that may be decided on the strength of the American economy, President Barack Obama and Republican challenger Mitt Romney are looking to China to score political points as they compete for political support from working-class voters.
From http://news.yahoo.com/obama-romney-china-campaign-argument-213858491--election.html - 9/18/2012 5:44:16 AM
Shell's Arctic offshore drilling suffers setback
Shell is limiting Arctic drilling off Alaska to just preparation work this year after suffering several setbacks, but the company says it remains optimistic about the project's prospects.
From http://news.yahoo.com/shells-arctic-offshore-drilling-suffers-setback-000008477--finance.html - 9/18/2012 10:17:00 AM
Peregrine CEO pleads guilty to cheating investors
Peregrine Financial Group CEO Russ Wasendorf Sr. pleaded guilty Monday to carrying out a 20-year fraud that duped investors and transformed his image from a highly-regarded businessman to one of Iowa's most notorious corporate criminals.
From http://news.yahoo.com/peregrine-ceo-pleads-guilty-cheating-investors-202215062--finance.html - 9/18/2012 4:42:11 AM
Waste Connections buying R360 for about $1.3B
Solid waste services company Waste Connections is buying R360 Environmental Solutions Inc. for about $1.3 billion in cash.
From http://news.yahoo.com/waste-connections-buying-r360-1-3b-121000359--finance.html - 9/17/2012 8:47:52 PM
Shell: Won't hit oil in Alaska this year
Royal Dutch Shell PLC said Monday it will no longer seek oil off the coast of Alaska this year after suffering several setbacks.
From http://news.yahoo.com/shell-wont-hit-oil-alaska-073216746.html - 9/17/2012 5:56:49 PM
Exclusive: Morgan Stanley infrastructure fund hit by Volcker rule
(Reuters) - A U.S. regulation that limits how much of its own capital a bank can put at risk is causing headaches for Morgan Stanley as it prepares to raise a new multi-billion-dollar global infrastructure fund, people familiar with the situation said. The regulation, called the Volcker rule, puts a cap on the amount of capital that Morgan Stanley can pledge to the new fund. That means senior executives at Morgan Stanley Infrastructure Partners will have to make do with a smaller share of the fund's profits, the sources said. ...
From http://news.yahoo.com/exclusive-morgan-stanley-infrastructure-fund-hit-volcker-rule-040529805--sector.html - 9/18/2012 12:05:29 PM
Hershey CEO weighing next steps in China
HERSHEY, Pennsylvania (Reuters) - Hershey Co , which just agreed to buy out its joint venture partner in India, is weighing its next step in China. The U.S. candy maker owns a factory in China with South Korea's Lotte Shopping Co Ltd . Current demand for the two companies' products uses 90 percent of the factory's capacity and Hershey Chief Executive John Bilbrey sees it exceeding that very soon. "We're looking now at what do we do next. ...
From http://news.yahoo.com/hershey-ceo-weighing-next-steps-china-040256727--finance.html - 9/18/2012 12:02:56 PM
Fannie Mae paid BofA premium to transfer soured loans: regulator
(Reuters) - Fannie Mae agreed to pay Bank of America Corp about 20 percent more than it was contractually obligated to last year in order to transfer the servicing of troubled loans to another firm, a report by a watchdog found. In a report to be issued on Tuesday, the inspector general for the Federal Housing Finance Agency urges the regulator to ensure Fannie Mae applies more scrutiny to the pricing of such transactions and possibly revise its contracts with mortgage servicers. ...
From http://news.yahoo.com/fannie-mae-paid-bofa-premium-transfer-soured-loans-040153436--sector.html - 9/18/2012 12:01:53 PM
Asia stocks down on slow euro bank union progress
Asian stock markets mostly fell Tuesday as signs that Europe will take longer than expected to set up a new authority to supervise European banks kept investors on the sidelines.
From http://news.yahoo.com/asia-stocks-down-slow-euro-bank-union-progress-034920994--finance.html - 9/18/2012 11:50:53 AM
Australia's Fortescue sees iron ore prices improving near term
MELBOURNE (Reuters) - Fortescue Metals Group , the world's No.4 iron ore miner, said it expects iron ore prices to continue to edge up in the near term to around $120 a metric ton (1.1023 tons). "We do expect the iron ore price to recover to more sustainable levels," Chief Executive Nev Power told reporters after the company lined $4.5 billion in debt to refinance all existing debt facilities. (Reporting by Sonali Paul; editing by Miral Fahmy)
From http://news.yahoo.com/australias-fortescue-sees-iron-ore-prices-improving-near-001804419--finance.html - 9/18/2012 11:42:08 AM
Fortescue wins $4.5 billion respite, talks to potential partners
MELBOURNE (Reuters) - Fortescue Metals Group , one-third owned by billionaire founder Andrew "Twiggy" Forrest, has lined up $4.5 billion in debt and is in talks to sell stakes in some of its assets, as the world's No.4 iron ore miner moves swiftly to shore up funding to cope with a slump in prices. Fortescue shares, halted last week after reports that the company was seeking waivers on its debt covenants, jumped more than 18 percent on Tuesday on relief that the Perth-based miner won't have to sell new shares or hold a fire sale of assets to raise cash. ...
From http://news.yahoo.com/fortescue-wins-4-5-bln-respite-talking-potential-000858498--sector.html - 9/18/2012 11:42:08 AM
Fortescue secures $4.5 billion credit facility
Shares in Fortescue Metals Group soared Tuesday after Australia's third largest iron ore miner secured a new $4.5 billion credit facility which it will use to refinance its looming bank debts.
From http://news.yahoo.com/fortescue-secures-4-5-billion-credit-facility-022220897--finance.html - 9/18/2012 11:39:03 AM
Brent crude rises to above $114 after Monday's plunge
SINGAPORE (Reuters) - Brent crude rose to near $114 a barrel on Tuesday, after steep losses in the previous session, but gains were limited as investors weighed the impact of the Federal Reserve's stimulus push on oil demand and eyed China's next step to boost its economy. Brent crude fell more than $5 a barrel late on Monday in a wave of late, high-volume selling that many traders said appeared to have stemmed from an automated computer trading program. The U.S. ...
From http://news.yahoo.com/rapid-plunge-oil-futures-leaves-traders-guessing-001012093--finance.html - 9/18/2012 11:12:09 AM
Canada auto union extends GM, Chrysler contracts
The Canadian Auto Workers union decided late Monday to keep working past a midnight strike deadline after reaching a deal with Ford and extending its contracts with General Motors and Chrysler.
From http://news.yahoo.com/canada-auto-union-extends-gm-chrysler-contracts-010821785--finance.html - 9/18/2012 10:26:25 AM
Modifying cancelled Northrop drone for export too costly: U.S. Air Force
WASHINGTON (Reuters) - The U.S. Air Force said on Monday it was too costly to modify for export a fleet of 18 unmanned Northrop Grumman Corp Global Hawk surveillance planes that the Pentagon wants to retire under a plan that U.S. lawmakers have criticized. The Air Force will continue using the Block 30 version of the high-altitude spy planes until Congress agrees to take them out of service, Air Force Lieutenant General Larry James, deputy chief of staff of the Air Force for intelligence, surveillance and reconnaissance, told reporters on Monday. ...
From http://news.yahoo.com/modifying-cancelled-northrop-drone-export-too-costly-u-022540590--finance.html - 9/18/2012 10:25:40 AM
Shell's Arctic offshore drilling suffers setback
Shell is limiting Arctic drilling off Alaska to just preparation work this year after suffering several setbacks, but the company says it remains optimistic about the project's prospects.
From http://news.yahoo.com/shells-arctic-offshore-drilling-suffers-setback-000008477--finance.html - 9/18/2012 10:17:00 AM
Dole Food sells two businesses to Itochu for $1.7 billion
TOKYO (Reuters) - Dole Food Company Inc will sell two businesses to Itochu Corp for $1.7 billion in cash - a deal that will help the world's largest fruit and vegetable producer pay down debt and expand Itochu's food presence in new markets. Dole, founded in 1851, has struggled with volatile demand and low prices for bananas, its biggest-selling product. In contrast, thanks to a strong yen and flush reserves of cash, Japanese trading houses have been active in overseas acquisitions, particularly non-resources firms, as they look to diversify their profit streams. ...
From http://news.yahoo.com/japans-itochu-buy-dole-food-businesses-1-7-003506027--sector.html - 9/18/2012 9:47:20 AM
Wall Street closes lower after rally as oil prices drop
NEW YORK (Reuters) - Stocks fell on Monday in light trading after a rally that drove the S&P 500 last week to its highest level in nearly five years and as falling oil prices hit energy shares. The decline broke a four-day streak of gains for the S&P 500. On Friday, both the Dow and the S&P 500 ended at highs not seen since December 2007. The rally came a day after the Federal Reserve unveiled new stimulus measures that could keep equities buoyed for months. The Fed's action followed a decision by the European Central Bank to support debt-ridden euro-zone nations by purchasing their debt. ...
From http://news.yahoo.com/wall-street-closes-lower-rally-oil-prices-drop-013419923--sector.html - 9/18/2012 9:34:19 AM
More than 180 Occupy Wall Street arrests in NYC
Occupy Wall Street protesters celebrated the movement's anniversary on Monday by clogging intersections in the city's financial district, marching to the beat of drums that were a familiar refrain last year.
From http://news.yahoo.com/more-180-occupy-wall-street-arrests-nyc-231530497.html - 9/18/2012 9:28:03 AM
For S. Korean men, makeup a foundation for success
Cho Won-hyuk stands in front of his bedroom mirror and spreads dollops of yellow-brown makeup over his forehead, nose, chin and cheeks until his skin is flawless. Then he goes to work with a black pencil, highlighting his eyebrows until they're thicker, bolder.
From http://news.yahoo.com/korean-men-makeup-foundation-success-051134289.html - 9/18/2012 9:10:28 AM
Elpida's bondholders open new front in fight over Micron deal
(Reuters) - U.S. bondholders who have been battling Elpida Memory Inc's planned sale to Micron Technology Inc revealed on Monday the bankrupt Japanese chipmaker had carried out "unauthorized" dealings involving its U.S. assets. The bondholders made the disclosure just prior to a key court hearing at which they were scheduled to ask a U.S. bankruptcy court for greater oversight of Elpida's U.S. assets. The hearing in Delaware's bankruptcy court in Wilmington was canceled in favor of talks with the bondholders, Elpida's attorney, Mark Collins, told reporters. ...
From http://news.yahoo.com/elpidas-bondholders-open-front-fight-over-micron-deal-004420788--sector.html - 9/18/2012 8:46:55 AM
Apple sells 2 million new phones, shares touch $700
(Reuters) - Apple Inc booked orders for over two million iPhone 5 models in the first 24 hours, reflecting a higher-than-expected demand for the consumer device giant's new smartphone and setting it up for a strong holiday quarter. Apple shares rose in extended after-market trading to touch $700 per share for the first time. They have gained nearly 22 percent in the past 3-1/2 months in the build-up to the launch of the iPhone 5. Apple said on Monday that pre-orders outstripped initial supply but it would deliver most phones as planned by Friday, the first day of delivery. ...
From http://news.yahoo.com/apple-sells-2-million-phones-shares-touch-700-003959948--finance.html - 9/18/2012 8:39:59 AM
Canada auto union reaches deal with Ford
With a midnight strike deadline approaching, the Canadian Auto Workers union set its sights on Chrysler and General Motors Monday after reaching a tentative contract deal with Ford.
From http://news.yahoo.com/canada-auto-union-reaches-deal-ford-202123144--finance.html - 9/18/2012 8:29:08 AM
Pentagon tells Lockheed to shape up on F-35 fighter
WASHINGTON (Reuters) - Pentagon officials slammed Lockheed Martin Corp's performance on the $396 billion F-35 fighter jet program and said they would not bail out the program again if problems with the plane's cutting-edge pilot helmet and software were not resolved. Deputy F-35 program manager Air Force Major General Christopher Bogdan said on Monday the government's relationship with Lockheed was the "worst I've ever seen" in many years of working on complex acquisition programs. ...
From http://news.yahoo.com/pentagon-tells-lockheed-shape-f-35-fighter-001630956--finance.html - 9/18/2012 8:16:30 AM
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