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Monday, March 31, 2014

Daily Investor Briefing: Yellen strongly defends easy Fed...

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03/31/2014

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

Yellen strongly defends easy Fed policies, cites U.S. labor slack

CHICAGO (Reuters) - Federal Reserve Chair Janet Yellen gave a strong defense of the central bank's easy-money policies on Monday, saying its "extraordinary" commitment to boosting the economy, especially the still struggling labor market, will be needed for some time to come.

Yellen lifts Wall Street; S&P up for month, quarter

NEW YORK (Reuters) - U.S. stocks rose on Monday, with the S&P 500 ending both March and the first quarter of 2014 with gains, after Federal Reserve Chair Janet Yellen calmed concerns about a rate hike coming earlier than expected.

GM CEO to testify company to expand replacement switch output

WASHINGTON (Reuters) - General Motors Co Chief Executive Mary Barra will testify on Tuesday that the No. 1 U.S. automaker is sorry for the pain caused by the defective ignition switches linked to at least 13 deaths and has asked its supplier to boost production of replacement parts to speed the recall.

JPMorgan fails to end lawsuit over London Whale losses

NEW YORK (Reuters) - JPMorgan Chase & Co must face a lawsuit in which shareholders accused it of concealing risks that surfaced when it lost at least $6.2 billion in 2012 over trades made by Bruno Iksil, the so-called London Whale.

N.Y. judge lets Chevron bring fraud claims against Patton Boggs

NEW YORK (Reuters) - A New York judge has allowed Chevron Corp to sue Patton Boggs over claims that the Washington law and lobbying firm engaged in fraud while trying to enforce a multibillion-dollar environmental judgment for a group of Ecuadorean villagers.

Republican Paul Ryan to unveil U.S. budget plan on Tuesday

WASHINGTON (Reuters) - U.S. Representative Paul Ryan on Tuesday plans to unveil a 10-year balanced budget plan that seeks to bolster Republicans' campaign credentials as the party of fiscal prudence but also leaves them open to fresh attacks over deep cuts to social programs.

N.Y. regulators say MetLife to pay $60 million for violations

NEW YORK (Reuters) - Insurer MetLife will pay $60 million because two subsidiaries solicited insurance business in New York without a license, New York authorities said on Monday.

Macy's chief merchant named president in possible succession move

NEW YORK (Reuters) - Macy's Inc on Monday said it promoted its chief merchandising officer, Jeffrey Gennette, to president of the company, in a move that potentially positions him to become chief executive.

Deutsche puts FX sales director in London on leave: source

(Reuters) - Deutsche Bank AG, the world's largest currency trader, has placed on leave a director of institutional foreign exchange sales as part of an internal investigation into potential exchange rate manipulation, a source familiar with the matter said on Monday.

GM engineer OK'd sub-standard ignition switch: documents

WASHINGTON/DETROIT (Reuters) - A General Motors engineer signed off on a design change for troubled ignition switches even though those changes did not meet company standards, according to documents provided to a U.S. House of Representatives panel.