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Updated: 37 min 8 sec ago

BA and union talks adjourned without deal

Fri, 05/28/2010 - 12:06
LONDON (Reuters) - Talks between British Airways and the union Unite which represents striking cabin crew were adjourned without the parties reaching an agreement, the mediator Acas said on Friday.


Fed to test new tool for withdrawing stimulus

Fri, 05/28/2010 - 11:33
WASHINGTON (Reuters) - The Federal Reserve on Friday announced plans to test a new facility it could use to withdraw some of the extraordinary stimulus it pumped into the economy during the recession, but stressed it was not embarking on a tightening of monetary policy yet.


Shell pays $4.7 billion for strategic natgas play

Fri, 05/28/2010 - 03:26
AMSTERDAM (Reuters) - Royal Dutch Shell said it would pay $4.7 billion in cash to buy privately held East Resources Inc, giving it substantially more exposure to crucial shale gas plays in North America.


Pru confirms talks to renegotiate AIA deal

Fri, 05/28/2010 - 02:53
HONG KONG/LONDON (Reuters) - Prudential said it was trying to negotiate a cut in the $35.5 billion it has agreed to pay for AIG's Asian unit, AIA, amid fears its shareholders might block the deal as too expensive.


BP's spill costs hit $930 million

Fri, 05/28/2010 - 01:43
LONDON (Reuters) - BP Plc still does not know whether its "top kill" operation designed to plug the biggest oil spill in United States history will be successful and puts the cost of tackling the disaster so far at $930 million.


CVS overcharged some prescription care customers: report

Thu, 05/27/2010 - 22:14
NEW YORK (Reuters) - CVS Caremark Corp has been charging some customers of its SilverScript Medicare prescription-drug programs higher prices than they were promised when they signed up for the plans in late 2009, the Wall Street Journal reported.


Ford weighs plan to drop Mercury brand: source

Thu, 05/27/2010 - 21:12
DETROIT (Reuters) - Ford Motor Co is considering a plan to drop Mercury, a brand developed in the 1930s that has seen sales and investment plunge in recent years, a person familiar with the discussions said.


Accused adviser to wealthy hid from U.S.

Thu, 05/27/2010 - 21:00
NEW YORK (Reuters) - Kenneth Starr, an investment adviser to celebrities and other wealthy New Yorkers, was coaxed from a darkened suit closet by U.S. agents at his apartment on Thursday to face charges of running a fraud of at least $30 million, prosecutors said.


Storm over J&J's child drug recall only grows

Thu, 05/27/2010 - 15:56
WASHINGTON (Reuters) - Johnson & Johnson <JNJ.N was blasted by lawmakers on Thursday for its massive recall of children's medicines, as regulators said a string of recent manufacturing lapses could lead to civil or criminal charges.


1st-quarter growth lowered, jobless claims fall

Thu, 05/27/2010 - 15:54
WASHINGTON (Reuters) - The U.S. economy grew at a slightly slower pace than previously estimated in the first quarter but the recovery still appeared solid, suggesting the economy could withstand fallout from the European debt crisis.


Wall Street flies on China comment, Microsoft upgrade

Thu, 05/27/2010 - 15:28
NEW YORK (Reuters) - Stocks rallied on Thursday as investor worry was eased after China refuted a report that it was reviewing its euro-zone bond holdings due to the region's debt crisis.


AT&T: 40 percent of iPhone sales are to business users

Thu, 05/27/2010 - 14:59
NEW YORK (Reuters) - AT&T Inc said on Thursday that 40 percent of its iPhone sales since the beginning of the year have been to business customers, suggesting that the phone is encroaching on an area dominated by Research in Motion's BlackBerry.


Morgan Stanley hires advisers from UBS, Barclays

Thu, 05/27/2010 - 14:52
NEW YORK (Reuters) - Morgan Stanley Smith Barney hired a pair of top financial advisers from UBS, and also added advisers from Barclays Wealth to focus on Latin American markets.


Cost concerns threaten jobs bill in Congress

Thu, 05/27/2010 - 14:45
WASHINGTON (Reuters) - Congressional Democrats on Thursday scrambled to shore up support for a package of tax breaks and safety-net spending amid concerns about its $84 billion cost and doubts about a tax hike on fund managers.


Treasury vows fight for strong financial reforms

Thu, 05/27/2010 - 14:30
BALTIMORE (Reuters) - The Treasury's number two official vowed on Thursday to fight efforts to weaken the U.S. financial reform bill and said it should include the so-called "Volcker rule" which would separate banking from proprietary trading.


Money manager to stars ran fraud: prosecutors

Thu, 05/27/2010 - 13:50
NEW YORK (Reuters) - Kenneth Starr, a New York investment adviser to celebrities such as movie director Martin Scorsese and actor Uma Thurman, was arrested by U.S. agents on Thursday on charges of running an alleged investment fraud of as much as $30 million, prosecutors said.


Costco, Big Lots profits up as shoppers move past basics

Thu, 05/27/2010 - 10:49
CHICAGO (Reuters) - Warehouse club operator Costco Wholesale Corp and close-out retailer Big Lots Inc both posted higher-than-expected quarterly profits as consumers were willing to spend on more than just essentials.


Senate Democrats try to soften fund manager tax

Thu, 05/27/2010 - 10:32
WASHINGTON (Reuters) - Democrats in the Senate concerned about the impact of a proposed tax hike on investment fund managers have drafted new options that would tax a smaller slice of their income at ordinary tax rates, a Democratic aide familiar with the discussions said.


Special Report: For some people, CDOs aren't a four-letter word

Thu, 05/27/2010 - 10:17
NEWARK, Delaware (Reuters) - Collateralized debt obligations are as hard to love as they are to fathom. The scourge of the financial world, these complex subprime mortgage-linked securities caused hundreds of billions of dollars in losses for banks, hedge funds and insurers.


China boosts euro, Spain wins austerity vote

Thu, 05/27/2010 - 10:11
BEIJING/BERLIN (Reuters) - The euro rebounded on Thursday after China reaffirmed its long-term strategy of diversifying currency holdings away from the dollar and denied it was reviewing its holdings of euro sovereign bonds.