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| U.S. companies change way they sell stock, bank fees drop Wednesday, Feb 27, 2013 11:27 AM PST (Reuters) - A growing number of U.S. listed public companies are changing the way they issue shares to reduce their underwriting costs and protect themselves from big market shocks. The switch often makes sense for companies, but for Wall Street banks, it stings, further pressuring stock underwriting revenue that has not recovered five years after the financial crisis. ... Full Story | Top |
| Wall Street climbs 1 percent on Bernanke, economic data Wednesday, Feb 27, 2013 11:18 AM PST  NEW YORK (Reuters) - Stocks rose 1 percent on Wednesday, erasing much of the week's losses as Federal Reserve Chairman Ben Bernanke remained steadfast in his support of the Fed's stimulus policy and data pointed to economic improvement. In his second day before a congressional committee, Bernanke repeated testimony in which he defended the Fed's policy of buying bonds to keep interest rates low in order to promote growth and bring down the unemployment rate. ... Full Story | Top |
| The Weinstein Company Settles $50 million Lawsuit Over "Escape From Planet Earth" Wednesday, Feb 27, 2013 11:08 AM PST LOS ANGELES (TheWrap.com) - The Weinstein Company and Protocol Pictures have settled a $50 million lawsuit over the animated film "Escape From Planet Earth," according to a court document filed in New York Supreme Court last week and obtained by TheWrap on Tuesday. According to the stipulation, both parties have discontinued the lawsuit with prejudice. Neither party will assume court costs from the other party. Further details of the settlement were not released. ... Full Story | Top |
| Exclusive: Flowers Foods set to buy Wonder bread - source Wednesday, Feb 27, 2013 10:27 AM PST  (Reuters) - Flowers Foods Inc is set to buy Hostess Brands Inc's bread brands including Wonder bread for $360 million, a source familiar with the matter said on Wednesday, giving the No. 2 U.S. baking company a bigger slice of the fast-consolidating bread business. Pending approval from a U.S. bankruptcy court judge, Wonder Bread, along with Butternut, Home Pride, Merita and Nature's Pride, will go to Flowers after no other bidder stepped up to make a competing offer, a source familiar with the matter said on Wednesday. ... Full Story | Top |
| GM paid $11.1 million to CEO Akerson in 2012: source Wednesday, Feb 27, 2013 10:24 AM PST  DETROIT (Reuters) - General Motors Co gave Chief Executive Dan Akerson an $11.1 million pay package last year, a GM official familiar with the matter said on Wednesday, after the CEO's salary came under scrutiny this week. The figure reflects $2 million in restricted stock units that Akerson received in 2011, but only vested in 2012, according to the GM official, who requested anonymity. Akerson's compensation last year also includes $1.7 million in cash, $7.3 million in stock and other incentives. Several media outlets reported late Monday that GM asked U.S. ... Full Story | Top |
| Man Group's revival hinges on flagship fund Wednesday, Feb 27, 2013 10:22 AM PST  LONDON (Reuters) - Man Group , trying to turn around the fortunes of its flagship fund AHL, will report its first set of results under new CEO Emmanuel Roman on Thursday. Man, with $60 billion in assets, is trying to stem persistent client withdrawals and reverse the poor fund performance that has contributed to a fall in its share price by around two-thirds since the start of 2011. Hopes of a rebound at Man have been triggered by the departure of CEO Peter Clarke and appointment of Roman, who takes over on Thursday. ... Full Story | Top |
| Exclusive: Euro zone mulls help for Portugal, Ireland market return - sources Wednesday, Feb 27, 2013 10:19 AM PST  BERLIN/DUBLIN (Reuters) - Euro zone governments are discussing ways to help Portugal and Ireland return to the capital markets swiftly and have voiced a preference for delaying the repayment of bailout loans by the two states, sources familiar with discussions said on Wednesday. The sources quoted from a 15-page discussion paper from the European Commission and the European Stability Mechanism (ESM) that was debated last week by deputy finance ministers from the euro zone. Finance ministers from the so-called Eurogroup may discuss the matter at their next meeting in Brussels on Monday. ... Full Story | Top |
| ECB's Draghi: bank lending fragmented across euro zone Wednesday, Feb 27, 2013 10:19 AM PST MUNICH (Reuters) - Financial markets in the euro zone are still not functioning well, with firms and consumers having difficulties obtaining bank loans in some countries, European Central Bank President Mario Draghi said on Wednesday. The ECB is experiencing problems transmitting its record-low interest rates right across the currency bloc. Draghi said last week the bank's top priority is to enhance this transmission process as it tries to support the crisis-hit economy. ... Full Story | Top |
| Target cautious after weak holiday quarter, shares fall Wednesday, Feb 27, 2013 10:02 AM PST  (Reuters) - Target Corp on Wednesday offered a cautious outlook for consumer spending in 2013 following a weak holiday quarter and said it was on track with its massive Canadian store opening plans this year. The discount retailer's fourth-quarter profit fell short of Wall Street expectations as the number of purchases dropped 1 percent, the first such decline in 14 quarters. Its shares fell nearly 1 percent at $63.46 after dropping as much as 3.7 percent. "The U.S. economy is growing at a painfully slow rate," Chief Executive Gregg Steinhafel said on a conference call. ... Full Story | Top |
| U.S. business spending plans gauge hits one-year high Wednesday, Feb 27, 2013 10:00 AM PST  WASHINGTON (Reuters) - A gauge of planned U.S. business spending recorded its largest increase in just over a year in January, suggesting businesses may be becoming more confident about expanding, while another report on Wednesday indicated the housing market is continuing to strengthen. Orders for capital goods, excluding defense-related items and aircraft, a closely watched proxy for business spending plans, jumped 6.3 percent, the biggest gain since December 2011. Orders for so-called core capital goods had slipped 0.3 percent in December. ... Full Story | Top |
| Tesco to source more meat in Britain Wednesday, Feb 27, 2013 09:58 AM PST  BIRMINGHAM (Reuters) - Tesco , the world's third-largest retailer, said it would buy more meat from its home market in Britain and shorten supply chains after the discovery of horsemeat in beef products shook consumer confidence in supermarket sourcing. Tesco, Britain's biggest retailer, was one of the first grocers to be hit by the horsemeat scandal, which has prompted European governments to demand tougher rules on the sourcing and labeling of meat products. ... Full Story | Top |
| Goldman hires Citigroup lobbyist Amy Overton Wednesday, Feb 27, 2013 09:41 AM PST  (Reuters) - Citigroup Inc lobbyist Amy Overton is leaving the bank for Wall Street rival Goldman Sachs Group Inc. Overton, 43, will handle a broad range of issues for Goldman, a spokesman for Goldman said. Overton spent less than two years at Citigroup, and previously worked as counsel to Senator Tom Carper, a Democrat of Delaware, during negotiations for the Dodd-Frank Act. "Amy's long experience with financial services issues will make her a great addition to our team," said Michael Paese, head the Washington government relations office for Goldman Sachs. ... Full Story | Top |
| Instant View: January durable goods orders fell 5.2 pct Wednesday, Feb 27, 2013 09:37 AM PST NEW YORK (Reuters) - The Commerce Department said on Wednesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, jumped 6.3 percent, the biggest gain since December 2011, after slipping 0.3 percent in December. Economists had expected this category to only rise 0.2 percent. Durable goods orders excluding transportation increased 1.9 percent, the largest gain since December 2011, after increasing 1 percent in December. That was well above economists' expectations for a 0.2 percent gain. ... Full Story | Top |
| Credit Suisse reduces Sandy side pocket in insurance fund Wednesday, Feb 27, 2013 09:08 AM PST  LONDON (Reuters) - Credit Suisse (CS) has released around 80 percent of funds it set aside to protect investors from potential losses on superstorm Sandy after deciding they would not be impacted by the hurricane. CS created a so-called "side-pocket" in November for investors in its CS Iris Low Volatility Plus Fund. The bank said on Wednesday its dedicated insurance linked securities (ILS) fund was "highly unlikely" to be triggered by Sandy losses based on a recent industry loss estimate. ILS are capital market vehicles that allow a company to shed a risk. ... Full Story | Top |
| TSX rises as U.S. data outweighs weaker gold Wednesday, Feb 27, 2013 08:50 AM PST  TORONTO (Reuters) - Canada's main stock index was firmer on Wednesday as gains in oil and gas shares offset weakness in miners, with investors scanning another round of testimony by U.S. Fed Chairman Ben Bernanke for clues about the central bank's stimulus plans. The market was also supported by more data signaling a healthier U.S. economy: U.S. non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, jumped 6.3 percent in January, the biggest gain in more than a year. ... Full Story | Top |
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