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Wednesday, March 14, 2012

Business Today: Wall Street retreats after rally, but Apple up again

Reuters » Business Today
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03/14/2012
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 retreats after rally, but Apple up again
NEW YORK (Reuters) - The S&P 500 broke a five-day streak of gains on Wednesday as investors found little reason to extend a rally that took the benchmark index to four-year highs.
Bernanke says Fed to make bank rules clearer
WASHINGTON (Reuters) - The Federal Reserve will try to make it clearer whether new banking rules apply to small lenders, Federal Reserve Chairman Ben Bernanke said in remarks on Wednesday.
A little extra inflation would backfire: Volcker
WASHINGTON (Reuters) - The U.S. economy is recovering "pretty well" and trying to juice it up by allowing a little extra inflation would be disastrous, Paul Volcker, the former Federal Reserve chairman known for successfully reining in double-digit inflation, said on Wednesday.
Crude stocks rise, oil products fall: EIA
NEW YORK (Reuters) - Crude inventories rose last week, with stocks at the trading hub in Cushing, Oklahoma increasing to an nine-month high, while oil products fell, data from the U.S. Energy Information Administration showed on Wednesday.
Developed economies to pick up steam in 2012: Reuters poll
LONDON (Reuters) - Developed economies will pick up steam this year thanks to an array of ultra-loose monetary policies from major central banks and amid new signs of progress in the euro zone's debt crisis, Reuters polls found.
Departing Goldman banker slams 'rip-off' culture
LONDON/NEW YORK (Reuters) - Goldman Sachs faced an unprecedented assault from one of its own after a banker published a withering resignation letter in the New York Times, calling the Wall Street titan a "toxic" place where managing directors referred to their own clients as "muppets."
Petrochina-Ineos to let Morgan Stanley deal expire
BEIJING/LONDON (Reuters) - PetroChina Co Ltd will ramp up oil trading in Europe via a joint venture with Ineos in April, letting a five year supply and marketing contract with Morgan Stanley expire at end-March, a source with the venture said on Wednesday.
James Murdoch pleads innocence ahead of UK report
LONDON (Reuters) - James Murdoch made a last ditch appeal to a parliamentary committee investigating phone-hacking at his company, ahead of a report expected from the committee in coming weeks that could determine whether he has a future in Britain.
New York City to be paid $500 million in SAIC fraud case
NEW YORK (Reuters) - New York City will be paid more than $500 million by computer contractor SAIC in a fraud case related to the company's work for the city, officials said on Wednesday.
Greek cabinet formally approves bailout deal
ATHENS (Reuters) - Greece's cabinet unanimously approved the terms of its international bailout on Wednesday, hours after euro zone countries formally approved the 130 billion euro ($169 billion) financial package that Athens needs to stay afloat.
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