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| Nasdaq combines global data and index businesses Tuesday, Jan 29, 2013 11:08 AM PST  (Reuters) - Nasdaq OMX Group Inc said on Tuesday it was combining its global data and index businesses as the trans-Atlantic exchange operator continues to reposition itself to be a bigger player in technology services, a move aimed at boosting non-transaction-based revenues. John Jacobs will head the new global information services unit, which Nasdaq said will enable it to increase sales through a clearer focus on new product development. Jacobs was formerly Nasdaq's head of indexing and chief marketing officer. ... Full Story | Top |
| Apollo, Metropoulos near deal for Hostess Twinkies: sources Tuesday, Jan 29, 2013 11:05 AM PST  NEW YORK (Reuters) - Private equity firms Apollo Global Management LLC and C. Dean Metropoulos & Co are near a deal to buy snack cake brands including Hostess Twinkies and Donettes, two sources familiar with the matter said on Tuesday. A deal for roughly $400 million, part of Hostess Brands Inc's bankruptcy process, could be announced as soon as Tuesday, said one of the sources, who declined to be identified as the discussions are not public. ... Full Story | Top |
| Home prices see best yearly gain since 2006 Tuesday, Jan 29, 2013 10:55 AM PST  NEW YORK (Reuters) - Home prices rose in November, climbing more than five percent from a year ago in the biggest increase since August 2006 when the housing market was starting to collapse. Data on consumer confidence on Tuesday was less encouraging, with moods falling to their lowest level in more than a year as Americans became more pessimistic about the economic outlook and their financial prospects in the wake of higher taxes for many. In a fresh sign the housing sector is on the mend, the S&P/Case Shiller composite index of 20 metropolitan areas gained 0. ... Full Story | Top |
| U.S. judge approves BP agreement for Gulf oil spill Tuesday, Jan 29, 2013 10:49 AM PST  (Reuters) - A U.S. judge has accepted an agreement by BP Plc to plead guilty for its role in the Deepwater Horizon disaster and pay $4.5 billion in penalties for the worst offshore oil spill in U.S. history. The April 2010 explosion on a rig in the Gulf of Mexico killed 11 workers. The mile-deep Macondo oil well then spewed 4.9 million barrels of oil into the Gulf over 87 days, fouling shorelines from Texas to Florida. "The judge has accepted the plea," a court official said on Tuesday. ... Full Story | Top |
| Ford sees $2 billion loss, slumping sales in Europe Tuesday, Jan 29, 2013 10:48 AM PST  DETROIT (Reuters) - Ford Motor Co forecast a $2 billion loss in Europe this year, pointing to a punishing recession that could drive down industry sales in the region to a 20-year low. By contrast, Ford expects to make more money this year in North America, its most profitable region. But the No. 2 U.S. automaker also predicted 10-percent operating margins in North America, smaller than the 10.4 percent reported last year. The weak outlook overshadowed Ford's better-than-expected fourth-quarter results, and sent the company's shares tumbling as much as 6.5 percent. ... Full Story | Top |
| Canada's Metro profits rise, warns of "challenging" market Tuesday, Jan 29, 2013 10:47 AM PST (Reuters) - Shares of Canada's Metro Inc slipped on Tuesday after the supermarket and drugstore chain warned of tough economic conditions and rising competition, despite reporting higher quarterly profits. The chain, which is bracing for the opening of the first Target Corp stores north of the border this spring, posted higher earnings on rising sales and profit margins. It pointed out that the timing of its fiscal first quarter ended December 22 flattered the results. ... Full Story | Top |
| Defensive stocks extend rally as caution sets in Tuesday, Jan 29, 2013 10:32 AM PST  NEW YORK (Reuters) - Stocks rose on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains. The S&P 500 is on track to post its best monthly performance since October 2011 and its best January since 1997 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record. Among rising defensive shares, which are companies relatively immune to economic swings, were drugmaker Pfizer, up 1.2 percent to $27. ... Full Story | Top |
| Analysis: Latin America lays out defenses in currency war Tuesday, Jan 29, 2013 10:22 AM PST MEXICO CITY (Reuters) - Latin American policymakers are manning their defenses ahead of what could be a new battle in the "currency wars" as flows of hot money put unwelcome upward pressure on their currencies. Economists and investors predict that an easing in the euro zone's debt crisis, new economic stimulus measures in Japan and a return of risk appetite will fuel bumper investment flows into Latin America and other emerging markets in 2013. Some policymakers are already at the barricades. Colombia cut interest rates on Monday and said it would ramp up dollar purchases. ... Full Story | Top |
| Boeing's earnings, outlook overshadowed by 787 unknowns Tuesday, Jan 29, 2013 09:53 AM PST  NEW YORK (Reuters) - Just over a month ago, Boeing was flying high. Its airplane factories were humming and speeding up production. Its defense business had just been restructured to deal with dwindling budgets in the United States and Europe. The company was confident enough to increase its dividend and resume buying back shares. Perhaps best of all, Boeing was shortly to reclaim the title of world's biggest plane maker, snatching back an honor that its arch rival Airbus had held for a decade. ... Full Story | Top |
| Pfizer, Lilly beat Street; generics take toll Tuesday, Jan 29, 2013 09:45 AM PST  (Reuters) - Pfizer Inc and Eli Lilly and Co both reported a better-than-expected fourth-quarter profit as they weathered generic competition for once top-selling products through deals, cost cutting and strong sales of newer products. The U.S. drugmakers also issued 2013 forecasts on Tuesday that passed muster with investors, sending shares of both companies up about 3 percent. Excluding special items, Pfizer earned 47 cents per share, topping analysts' average expectations by 3 cents, according to Thomson Reuters I/B/E/S. But global sales for the largest U.S. drugmaker fell 7 percent to $15. ... Full Story | Top |
| Polls show bank scandal hurting Italy's main centre: left party Tuesday, Jan 29, 2013 09:28 AM PST ROME (Reuters) - Support for Italy's election frontrunners, the center-left Democratic Party, has dropped since a scandal erupted at Tuscan bank Monte dei Paschi di Siena , with which it has long-standing links, according to opinion polls. But despite the setback, most polls show the center-left coalition led by the Democratic Party (PD) still well ahead of Silvio Berlusconi's center-right. Monte dei Paschi revealed last week that it had suffered nearly $1 billion of losses in complex derivatives deals entered to massage its accounts because of severe financing problems. ... Full Story | Top |
| No need to put Monte Paschi under administration: Italy econonmy minister Tuesday, Jan 29, 2013 09:26 AM PST  ROME (Reuters) - The Bank of Italy's review of Banca Monte dei Paschi di Siena does not show a need for the troubled lender to be placed under special administration, the Italian economy minister told parliament on Tuesday. "The regulator has given a positive evaluation of the bank, and so it does not need to be put under special administration," Vittorio Grilli told the parliamentary finance committee. Grilli said he had not received any specific warnings about the stability of any banks, and did not see any alarm signals concerning the wider Italian banking system. ... Full Story | Top |
| Cutbacks at Peugeot and Renault meet growing resistance Tuesday, Jan 29, 2013 09:16 AM PST  PARIS (Reuters) - Labour tensions at France's carmakers took a turn for the worse on Tuesday as Renault workers protested over planned cuts and PSA Peugeot Citroen's restructuring plan hit a legal setback. While Renault staff demonstrated at the company's Flins plant west of Paris and Peugeot workers marched on company headquarters, the carmakers pursued union talks on plans to improve productivity and eliminate close to 8,000 jobs each. "As things stand now, the conditions are unacceptable," CFDT union chief Laurent Berger said of Renault's proposals for a new nationwide labour deal. ... Full Story | Top |
| Homeownership rate slips, rental vacancies up Tuesday, Jan 29, 2013 08:55 AM PST  WASHINGTON (Reuters) - The share of privately owned homes edged down in the fourth quarter and rental vacancies rose, government data showed on Tuesday, underscoring the challenges still confronting the housing market recovery. The homeownership rate slipped to 65.4 percent from 65.5 percent in the third quarter, the Commerce Department said. While the housing market recovery appears to be gaining traction, high unemployment and stringent lending standards are keeping many from owning a home. The homeownership rate peaked at 69. ... Full Story | Top |
| TSX rises, gold stocks offset RIM decline Tuesday, Jan 29, 2013 08:48 AM PST  TORONTO (Reuters) - Canada's main stock index edged higher on Tuesday, lifted by a rally in gold shares, which rose with gold's price, as investors speculated on U.S. Federal Reserve actions as it begins a meeting on interest rates. The gains were, however, kept in check by a 7.5 percent decline in Research In Motion Ltd shares, triggered by investor caution ahead of the BlackBerry 10 launch. The market pullback follows a recent rally in the stock in the run-up to the launch. "The stock has been overbought of late. It has pulled back with profit taking. ... Full Story | Top |
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