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Wednesday, March 20, 2013

Business Today: Wall Street gains as Fed leaves stimulus in place

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03/20/2013

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 gains as Fed leaves stimulus in place

NEW YORK (Reuters) - U.S. stocks climbed on Wednesday, with the S&P 500 snapping a three-day losing streak as the Federal Reserve reassured investors that it would keep supporting the economy.

Cyprus seeks Russian rescue, EU threatens cutoff

NICOSIA/MOSCOW (Reuters) - Cyprus extended a bank lockdown to next week and considered nationalizing pension funds on Wednesday, scrambling to avert a financial meltdown after rejecting the terms of a bailout from the European Union and turning to Russia for a lifeline.

SAC Capital up 4 percent this year as probe continues

BOSTON/NEW YORK (Reuters) - Hedge fund titan Steven A. Cohen's SAC Capital Advisors has gained about 4 percent this year, beating the industry average at a time the $15 billion fund is still very much in federal investigators' crosshairs.

Starbucks shareholders reject political giving ban

(Reuters) - Starbucks Corp investors on Wednesday rejected a shareholder proposal to prohibit the world's biggest coffee chain from making political contributions or forming a political action committee.

Insight: Desperate for bailout, Cyprus plays risky geopolitical game

LONDON (Reuters) - As it tries to play Russia off against Europe to salvage its economy, Cyprus has embarked on a high-stakes poker game that could see almost everyone lose.

Exclusive: German union chief to VW Tennessee workers - Join UAW

DETROIT (Reuters) - The United Auto Workers has won the backing of the head of an influential German union in its effort to represent the hourly workers at Volkswagen AG's Chattanooga, Tennessee, assembly plant.

Treasury wants banks to peer behind shell companies

WASHINGTON (Reuters) - The Treasury Department is trying to strike a balance between the need for information from banks to help it nab hidden account owners and administrative demands that a rule toward that end might create for the banks.

Justice Department probing banks' role in fraud by customers

WASHINGTON (Reuters) - The Justice Department is examining the role financial institutions play in fraud schemes perpetrated by bank customers offering deceptive products, a department official said on Wednesday.

Rosneft deal to put China top of Russia's oil customers

MOSCOW (Reuters) - Russia will sharply boost oil supply to China, making Beijing its top customer, in a package of deals to be signed this week, industry sources said on Wednesday.

PIMCO sees opportunity in European commercial property

NEW YORK (Reuters) - The head of PIMCO's mortgage credit portfolio management team said the firm is targeting direct commercial real estate investments and non-securitized loans, which carry greater risk but higher return potential.