Reuters: Business News

Apple falls, drags Wall Street lower

Wed, 15 Feb 2012 17:55:44 -0500

NEW YORK (Reuters) - Stocks fell on Wednesday for the third session in four, with market direction largely dictated by the swings in shares of Apple, the largest company in the world.

Greece seeks Monday bailout deal, EU questions remain

Wed, 15 Feb 2012 18:18:54 -0500

ATHENS (Reuters) - Greece expressed hope it can secure its second EU/IMF bailout in as many years and a deal on easing its debt burden next week, but its euro zone peers made clear the months of increasingly ill-tempered argument are not quite over yet.

World Bank's Zoellick to step down, U.S. eyes spot

Wed, 15 Feb 2012 19:34:03 -0500

WASHINGTON (Reuters) - World Bank President Robert Zoellick said on Wednesday he will step down in June and Washington pledged to name a replacement candidate within weeks for a job that has always gone to an American.

Moody's may downgrade 17 banks, securities firms

Wed, 15 Feb 2012 19:37:25 -0500

(Reuters) - Moody's Investor Service warned on Thursday it could downgrade the credit ratings of 17 global banks and securities firms due to more fragile funding conditions, increased regulatory burdens and a more difficult operating environment.

Manufacturing, housing data flag underlying strength

Wed, 15 Feb 2012 14:55:03 -0500

WASHINGTON (Reuters) - U.S. manufacturing output rose in January and a gauge of factory activity in New York state hit a 1-1/2-year high in February, showing a solid underpinning for the economic recovery.

Skewered by politics, corporate jets set for rebound

Wed, 15 Feb 2012 16:58:57 -0500

NEW ORLEANS (Reuters) - Vilified from the presidential pulpit, an occupied Wall Street and even the Republican presidential campaign, one of the ultimate symbols of indulgence -- the private jet -- appears poised for a rebound.

Kellogg to buy Pringles for $2.7 billion

Wed, 15 Feb 2012 18:13:22 -0500

(Reuters) - Kellogg Co agreed to buy Pringles potato chips for $2.7 billion in a cash deal that makes the cereal company second only to PepsiCo Inc in the global snack food market.

Walmart wins with a back-to-basics approach

Wed, 15 Feb 2012 18:04:00 -0500

(Reuters) - Wal-Mart Stores Inc's turnaround appears to be gaining traction as simple strategies like undercutting competitors by a penny on a gallon of milk are helping to restore its image as the go-to retailer for budget-conscious Americans.

Appeals court weighs next steps in BofA mortgage deal

Wed, 15 Feb 2012 16:18:19 -0500

NEW YORK (Reuters) - Legal wrangling over the proposed $8.5 billion settlement of some of Bank of America Corp's mortgage-backed securities liability could drag through the courts for years, a top appeals court judge said during arguments in the case.

Citigroup pays $158 million in mortgage fraud pact

Wed, 15 Feb 2012 18:21:23 -0500

(Reuters) - Citigroup Inc has agreed to pay $158.3 million to settle U.S. civil claims that it defrauded the government into insuring thousands of risky home loans made by its CitiMortgage unit.