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Wednesday, November 7, 2012

Business Today: Wall Street sinks after election as "fiscal cliff" eyed

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11/7/2012

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 sinks after election as "fiscal cliff" eyed

NEW YORK (Reuters) - The Dow industrials lost more then 300 points in a sell-off on Wednesday that drove all major stock indexes down over 2 percent in the wake of the presidential election as the looming "fiscal cliff" debate and Europe's economic troubles returned to the forefront.

Wall Street left to rebuild Obama ties after backing Romney

(Reuters) - Wall Street firms gambled on Mitt Romney and lost.

Obama, buoyed by election win, faces new battles

WASHINGTON (Reuters) - President Barack Obama had little time to savor victory on Wednesday after voters gave him a second term in the White House where he faces urgent economic challenges, a looming fiscal showdown and a still-divided Congress able to block his every move.

Boeing shakes up defense business, cuts management jobs

WASHINGTON (Reuters) - Boeing Co said Wednesday it will restructure its defense, space and security business and cut 30 percent of management jobs from 2010 levels as part of a cost-cutting drive.

Goldman urges court to require arbitration in gender bias case

NEW YORK (Reuters) - A lawyer for Goldman Sachs urged a U.S. appeals court Wednesday to send a former employee's gender discrimination dispute to arbitration rather than allow her to proceed with a proposed class action.

Nike tells U.S. Supreme Court: Enough, Already

WASHINGTON (Reuters) - Nike Inc urged the U.S. Supreme Court on Wednesday to make a lawsuit by a smaller rival go away with one big swoosh.

U.S. trade panel approves five-year duties on China solar products

WASHINGTON (Reuters) - The United States gave final approval on Wednesday to duties on billions of dollars of solar-energy products from China for the next five years, protecting U.S. producers against lower-priced imports and raising fears of Chinese retaliation.

AT&T to boost annual spending 16 percent to $22 billion

(Reuters) - AT&T Inc will boost capital spending by about 16 percent to $22 billion a year for the next three years to fund upgrades to its wireless and wireline networks, the company said on Wednesday.

UBS takes back some traders on leave amid overhaul: sources

LONDON (Reuters) - UBS AG has brought back several employees who were put on leave when it unveiled a drastic pullback from fixed income last week, and more could follow, sources familiar with the situation said.

Apollo's Black sees private equity tax break in jeopardy

PARIS (Reuters) - Apollo Global Management Chief Executive Leon Black said on Wednesday that a U.S. tax break that benefits private equity and venture capital executives could fall victim to deficit reduction efforts after President Barack Obama's re-election.