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Updated: 3 hours 32 min ago

Democrats make final push on financial reform

Wed, 06/30/2010 - 16:03
WASHINGTON (Reuters) - U.S. Senate Democrats on Wednesday postponed until mid-July a final vote on a landmark overhaul of financial regulations as they scrambled for crucial support from a handful of moderate Republicans.


How some textile mills sidestepped Armageddon

Wed, 06/30/2010 - 15:23
Refiles to fix temperature conversion in 4th last paragraph


Private sector sees small job gains in June

Wed, 06/30/2010 - 15:18
NEW YORK (Reuters) - U.S. private sector employment rose by a paltry amount in June, underscoring concerns about a weak labor market two days ahead of a closely watched government jobs report.


Ford pays down $4 billion in debt

Wed, 06/30/2010 - 14:12
DETROIT (Reuters) - Ford Motor Co said it is paying $3.8 billion in cash to settle a debt to a health care trust in a signal of its confidence that it remains on track to deliver "solid profits" this year.


Sony: 535,000 Vaio PCs may have overheating glitch

Wed, 06/30/2010 - 14:05
TOKYO (Reuters) - Japan's Sony Corp said on Wednesday that about 535,000 units of its "Vaio" brand personal computers globally may be in danger of overheating and that it has provided software on its website to eliminate the problem.


Google faces pressure as China to decide on license

Wed, 06/30/2010 - 12:39
SHANGHAI (Reuters) - Google Inc could face further pressure for its other products in China as Beijing is due to decide whether or not to renew a license for the firm's flagship search engine in the world's largest Internet market.


Fed officials see high unemployment for years

Wed, 06/30/2010 - 11:34
CHICAGO (Reuters) - Unemployment is likely to stay high for a long time, two Federal Reserve officials said on Wednesday, suggesting the U.S. central bank is in no rush to raise its ultra-low interest-rate policy.


U.S. claims landmark victory in Airbus subsidy case

Wed, 06/30/2010 - 10:57
WASHINGTON (Reuters) - The United States has won a landmark victory at the World Trade Organization in a dispute against European government subsidies for aircraft manufacturer Airbus , U.S. trade officials said on Wednesday.


Celgene to buy Abraxis BioScience for $2.9 billion

Wed, 06/30/2010 - 08:29
BOSTON (Reuters) - U.S. biotechnology company Celgene Corp has agreed to acquire Abraxis BioScience Inc , which makes an innovative chemotherapy treatment, for $2.9 billion in cash and stock.


Euro banks borrow less than expected from ECB

Wed, 06/30/2010 - 07:04
FRANKFURT (Reuters) - Banks borrowed less than expected from the European Central Bank in a key funding operation on Wednesday, easing fears about how they would cope with repaying close to half a trillion euros in emergency loans on Thursday.


BP shares jump as bid talk helps boost sentiment

Wed, 06/30/2010 - 06:43
LONDON (Reuters) - Shares in BP jumped 8 percent on Wednesday, helped by bid talk and optimism that the worst may be over for the stock as the company comes closer to halting the massive oil leak from its Gulf of Mexico well.


Home refinancing up but buying demand near 13-year low

Wed, 06/30/2010 - 06:36
NEW YORK (Reuters) - Refinancing drove total U.S. mortgage applications to an eight-month peak, as loan rates fell to or near record lows, but demand to buy homes sank toward 13-year lows last week, the Mortgage Bankers Association said on Wednesday.


Asian stocks fall; worst quarter since Lehman

Wed, 06/30/2010 - 01:58
SINGAPORE (Reuters) - Asian stocks fell on Wednesday and ended the second quarter with their worst performance since the collapse of Lehman Brothers as investors got out of shares and high-yielding currencies on concerns over bank funding in Europe.


Carmaker Tesla's stock zooms 40 percent on first day

Tue, 06/29/2010 - 22:34
NEW YORK/SAN FRANCISCO (Reuters) - Electric carmaker Tesla Motors Corp's initial public offering zoomed ahead on Tuesday with shares rallying more than 40 percent as investors bet that electric cars would define the future of transportation.


AIG hires ex-Lehman lawyer as compliance head

Tue, 06/29/2010 - 21:12
NEW YORK (Reuters) - Bailed-out insurer American International Group Inc has hired a former Lehman Brothers Holdings Inc lawyer as deputy general counsel, overseeing global compliance and regulatory strategies.


UBS re-files suit over failed 2007 CDO deal

Tue, 06/29/2010 - 20:54
CHARLOTTE, North Carolina (Reuters) - UBS AG has re-filed a suit against Highland Capital Management LP for $686 million, saying the hedge fund manager provided false financial information to avoid making payments on a transaction, according to court documents.


IMF mulls new crisis-lending instruments

Tue, 06/29/2010 - 18:54
WASHINGTON (Reuters) - The International Monetary Fund is working to develop new lending instruments for economies hit by crises that are not of their own making, IMF Managing Director Dominique Strauss-Kahn said on Tuesday.


Democrats dump bank tax from financial reform bill

Tue, 06/29/2010 - 18:49
WASHINGTON (Reuters) - Democrats on Tuesday stripped out a controversial tax from their landmark financial reform bill in a scramble to win the votes needed to pass it through Congress.


UBS sues Highland for failed 2007 CDO deal

Tue, 06/29/2010 - 18:31
CHARLOTTE, North Carolina (Reuters) - UBS AG sued Highland Capital Management LP for $686 million, saying the hedge fund manager provided false financial information to avoid making payments on a transaction.


BofA reclaims top spot, ICBC leads profit: study

Tue, 06/29/2010 - 18:06
LONDON (Reuters) - Bank of America has leap-frogged U.S. rival JPMorgan to rank as the world's top bank in terms of capital strength while Industrial and Commercial Bank of China (ICBC) tops the profit league, according to a new study.