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Spain beset by bank crisis, downgrades, bond pressure

admin — Thu, 17 May 2012 22:30:07 +0000

MADRID (Reuters) – Spain’s borrowing costs shot up at a bond auction on Thursday and its troubled banks suffered a double blow, with shares in part-nationalized Bankia diving and 16 lenders – including the euro zone’s biggest – having their credit ratings cut.

Strong Wal-Mart profit trumps bribery probe concerns

admin — Thu, 17 May 2012 22:30:00 +0000

(Reuters) – Wal-Mart Stores Inc’s profit and sales surpassed expectations as more people shopped at its established U.S. stores and spent more, pushing shares up more than 4 percent despite ongoing internal and government probes into possible bribery.

U.S. sets new tariffs on Chinese solar imports

admin — Thu, 17 May 2012 22:29:53 +0000

(Reuters) – The United States hit Chinese solar companies with punitive import tariffs of 30 percent or more on Thursday, ruling they had dumped cut-price solar panels into the U.S. market.

Insight: Who got Facebook shares? Fairness may not come into it

admin — Thu, 17 May 2012 22:29:46 +0000

NEW YORK (Reuters) – A lot of loyal Facebook fans and occasional investors are discovering a hard truth this week: Money and connections talk, especially when it comes to a deal handled by Wall Street.

Postal Service to close, consolidate 140 mail sites

admin — Thu, 17 May 2012 22:29:39 +0000

WASHINGTON (Reuters) – The Postal Service will proceed with a plan this summer to shut mail-processing facilities as part of its cost-cutting effort but will spread out the closings to maintain overnight delivery of local mail.

U.S. suspends sanctions on investment in Myanmar

admin — Thu, 17 May 2012 22:29:32 +0000

WASHINGTON (Reuters) – The United States on Thursday suspended sanctions barring U.S. investment in Myanmar in response to political reforms in the poor southeast Asian state, drawing praise from some U.S. lawmakers but criticism from human rights advocates.

JPMorgan’s Dimon says will testify before Congress

admin — Thu, 17 May 2012 22:29:25 +0000

WASHINGTON (Reuters) – JPMorgan Chase & Co Chief Executive Jamie Dimon has agreed to testify before Congress over the bank’s recent trading losses, which have ignited a political debate over whether large U.S. banks need to be reined in by regulators or new laws.

HP mulls cutting at least 25,000 jobs: sources

admin — Thu, 17 May 2012 22:29:18 +0000

(Reuters) – Hewlett-Packard Co is considering cutting its workforce by 8 to 10 percent, or a minimum of 25,000 jobs, sources familiar with the matter told Reuters, as newly installed CEO Meg Whitman strives to return the storied Silicon Valley institution to growth.

Facebook prices at top of range in landmark IPO

admin — Thu, 17 May 2012 22:29:11 +0000

NEW YORK/SAN FRANCISCO (Reuters) – Facebook Inc priced its initial public offering at the top of its target range to raise more than $16 billion, as strong demand, particularly from retail investors, fuels anticipation of a big pop in the stock when it begins trading Friday on the Nasdaq.

Poll shows Greece electing pro-bailout government

admin — Thu, 17 May 2012 22:29:04 +0000

ATHENS (Reuters) – Greek voters are returning to the establishment parties that negotiated its bailout, a poll showed on Thursday, offering potential salvation for European leaders who say a snap Greek election next month will decide whether it must quit the euro.