Reuters: Business News

Yahoo buying Tumblr for $1.1 billion, vows not to screw it up

Mon, 20 May 2013 15:26:25 GMT

(Reuters) - Yahoo Inc said it is buying blogging service Tumblr for $1.1 billion cash, giving the struggling Internet pioneer a much-needed platform in social media to reach a younger generation of users.

Citi names new heads of mortgages, private bank, Citi Holdings

Mon, 20 May 2013 15:14:37 GMT

NEW YORK (Reuters) - Citigroup Inc Chief Executive Michael Corbat named Jane Fraser as the new head of the bank's mortgage business on Monday ,as current CitiMortgage CEO Sanjiv Das plans to leave the bank to pursue other opportunities, according to an internal memo.

Wildcat strike hits Mercedes South African plant

Mon, 20 May 2013 15:10:04 GMT

CAPE TOWN (Reuters) - Car maker Mercedes Benz said on Monday workers at its South African assembly plant had gone on an illegal strike at the end of last week but had agreed to resume operations on Tuesday.

Wall Street little changed, deals provide support

Mon, 20 May 2013 15:08:31 GMT

NEW YORK (Reuters) - Stocks were little changed on Monday as acquisition activity gave support but investors were reluctant to rush into the market with indexes hovering around record levels.

GE Capital plans to pay $6.5 billion in dividends to GE

Mon, 20 May 2013 14:48:09 GMT

(Reuters) - General Electric Co said its financial unit GE Capital Corp would pay $6.5 billion in dividends to the parent in 2013 as part of a plan to reduce the unit's size.

Actavis to buy Warner Chilcott in $5 billion stock deal

Mon, 20 May 2013 14:46:46 GMT

(Reuters) - Generic drugmaker Actavis Inc, itself the subject of takeover speculation, said on Monday it would buy specialty pharmaceutical company Warner Chilcott Plc for $5 billion in stock to expand its branded drug portfolio, lower taxes and increase profits.

U.S. justices rule for PPL Corp in overseas tax case

Mon, 20 May 2013 14:37:01 GMT

WASHINGTON (Reuters) - The Supreme Court on Monday ruled for utility PPL Corp in its dispute with the U.S. Internal Revenue Service over credits the company claimed to offset overseas tax payments.

Ex-Goldman banker Thornton steps down from HSBC board

Mon, 20 May 2013 13:55:24 GMT

LONDON (Reuters) - John Thornton, the former Goldman Sachs president who specializes in Chinese affairs, is stepping down from the board of HSBC to spend more time on his other business interests, Europe's biggest bank said on Monday.

Chesapeake Energy hires Anadarko executive as CEO

Mon, 20 May 2013 13:48:51 GMT

(Reuters) - Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No. 2 U.S. natural gas producer, which has suffered through a governance crisis and liquidity crunch over the last year.

Former GOP Senator Judd Gregg named CEO of lobbying group SIFMA

Mon, 20 May 2013 13:02:58 GMT

NEW YORK (Reuters) - The Securities Industry and Financial Markets Association named former Republican Senator Judd Gregg as its chief executive officer, the lobbying group said Monday.

Unclear whether Fed's bond buying has helped economy: Fisher

Mon, 20 May 2013 12:36:45 GMT

(Reuters) - While the Federal Reserve's accommodative policies have boosted stocks and helped the rich, it is unclear whether they are doing enough for the broader U.S. economy, a top central bank official said on Monday.

Dell says cannot disclose more information to Icahn yet

Mon, 20 May 2013 11:49:42 GMT

(Reuters) - Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's.

EU law key to ending 'too big to fail' banks: BoE's Tucker

Mon, 20 May 2013 11:12:51 GMT

LONDON/STRASBOURG, France (Reuters) - A European Union law up for a vote on Monday will only fully shield taxpayers from bailing out troubled banks if there is a global framework as well, a top UK regulator said on Monday.

Monster machines fan out on U.S. farms facing slow sow

Mon, 20 May 2013 11:05:09 GMT

SHERIDAN, Illinois (Reuters) - With the U.S. spring planting season off to a historically slow start, an increasing number of farmers are counting on powerful tools to catch up: Monster machines that sow 36 rows of corn at once and feature high-tech innovations like computer-guided directional equipment.

Vodafone withdraws from BT mobile partner talks: sources

Mon, 20 May 2013 10:59:58 GMT

LONDON (Reuters) - Britain's Vodafone has withdrawn from the running to provide a mobile service to fixed-line operator BT , two industry sources told Reuters, bringing to an end a nine-year partnership.

Goldman exits China's ICBC, seven years and billions later

Mon, 20 May 2013 10:43:27 GMT

HONG KONG (Reuters) - Goldman Sachs launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China , offering to sell its entire remaining stake in the world's biggest bank by market value.

Gulf wealth funds raising private equity investments: study

Mon, 20 May 2013 10:34:29 GMT

DUBAI (Reuters) - Sovereign wealth funds in the Gulf Arab region are raising their allocations to private equity investments at a faster rate than other types of investment, U.S. fund manager Invesco says in a new study.

Global shares grind higher, yen edges up on Amari comments

Mon, 20 May 2013 07:45:12 GMT

LONDON (Reuters) - Rising optimism about global growth pushed world shares to a near five-year high on Monday, while comments from Japan's economy minister that consumers could suffer if the yen falls further lifted it off a 4-1/2 low.

Analysis: Little sign Abe can shake up Japan's inbound FDI

Mon, 20 May 2013 07:40:04 GMT

TOKYO (Reuters) - Japan risks missing, yet again, an opportunity to use foreign investment to help fuel sustained economic growth that has eluded it for the last two decades.

Elan strikes more deals, agrees second share buyback

Mon, 20 May 2013 06:24:29 GMT

DUBLIN (Reuters) - Irish drug firm Elan agreed on Monday to buy two private drug firms, spin-off its one experimental drug and buy back more shares to give a firmer idea of how the company will be reconfigured as shareholders weigh up a takeover bid.

NY regulator questions investment firms' ties to insurers: WSJ

Mon, 20 May 2013 05:54:06 GMT

(Reuters) - New York's top financial regulator has sent subpoenas to several firms seeking information on investments that guarantee steady payments to hundreds of thousands of retirees and other consumers, the Wall Street Journal said on Monday, citing people familiar with the inquiry.

Analysis: Shrinking deficit reduces pressure for budget deal

Mon, 20 May 2013 05:15:27 GMT

WASHINGTON (Reuters) - The chances of a deal between Democratic and Republican lawmakers that would overhaul the tax system, trim government spending and reform safety net spending programs appear to be fading.

Insight: The road to a greener America is littered with road-kill

Mon, 20 May 2013 05:05:55 GMT

LOS ANGELES (Reuters) - In October 2004, then California Governor Arnold Schwarzenegger rolled up to a pioneering fueling station at Los Angeles International Airport in a hydrogen-powered metallic blue Hummer loaned to him by General Motors Corp.

Insight: The fight for North Dakota's fracking-water market

Mon, 20 May 2013 04:48:39 GMT

WATFORD CITY, North Dakota (Reuters) - In towns across North Dakota, the wellhead of the North American energy boom, the locals have taken to quoting the adage: "Whiskey is for drinking, and water is for fighting."

SAC Capital's Cohen gets subpoena to testify: NY Times

Mon, 20 May 2013 04:42:03 GMT

(Reuters) - Steven A. Cohen has received a subpoena to testify before a grand jury in a U.S. government insider trading investigation into his hedge fund SAC Capital Advisors, the New York Times reported, citing lawyers and executives briefed on the case.