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Thursday, September 27, 2012

Business Today: Wall Street jumps as Spain moves toward reforms

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09/27/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street jumps as Spain moves toward reforms

NEW YORK (Reuters) - The S&P 500 snapped a five-day string of declines in a broad-based rally on Thursday, as Spain's plans for economic reform eased some worries about one of the euro zone's most troubled countries.

Weak orders point to sharp slowdown in manufacturing

WASHINGTON (Reuters) - Orders for long-lasting U.S. manufactured goods fell sharply in August, suggesting the main engine of the economic recovery was stalling even as a report showing a drop in new claims for jobless aid offered a hopeful sign on the labor market.

RIM reports quarterly loss but cash pile grows

TORONTO (Reuters) - Research In Motion Ltd reported a smaller-than-expected quarterly loss on Thursday and the struggling BlackBerry maker managed to increase its cash pile in the run-up to the launch of its make-or-break line of next generation devices.

Spain's new budget aims at spending cuts not tax rises

MADRID (Reuters) - Spain announced a detailed timetable for economic reforms and a tough 2013 budget based mostly on spending cuts on Thursday in what many see as an effort to pre-empt the likely conditions of an international bailout.

Deadline latest weapon in EADS-BAE merger talks

PARIS (Reuters) - Negotiators working on a $45 billion merger of Airbus parent EADS and BAE Systems faced mounting calls on Thursday to extend their talks, but any extension to an imminent deadline next month is in doubt.

Nike quarterly profit falls

(Reuters) - Nike Inc first-quarter earnings were lower than last year, as the world's largest sportswear maker sees demand in markets like China slowing, and higher costs of materials used in its shoes and T-shirts continue to hurt margins.

Builders put home buyers into credit boot camp

(Reuters) - In the post-housing crash world, Kelly and Jeff Clark are the kind of people who are not supposed to be able to buy a house.

Geithner urges U.S. risk council to act on money fund reforms

WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner is calling on the new financial risk council to consider reforms for money market funds, despite stiff opposition from the $2.6 trillion industry and from some regulators.

Goldman to pay $12 million to settle "pay-to-play" probe

WASHINGTON (Reuters) - Goldman Sachs Group Inc will pay about $12 million to settle charges it violated "pay-to-play" rules, in a case involving campaign contributions to ex-Massachusetts state treasurer, Timothy Cahill, who was a candidate for governor in the state, U.S. securities regulators said on Thursday.

EU seeks $12 billion trade sanctions on U.S. in Boeing row

GENEVA (Reuters) - The European Union on Thursday asked the World Trade Organization for the right to impose trade sanctions worth up to $12 billion annually on the United States in retaliation for illegal U.S. subsidies to planemaker Boeing .