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Friday, April 13, 2012

Business Today: Wall Street ends worst two weeks since November

Reuters » Business Today

04/13/2012

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 ends worst two weeks since November

NEW YORK (Reuters) - U.S. stocks closed their worst two-week slide since November with a selloff on Friday as disappointing China growth data sparked worries the global recovery was flagging.

JPMorgan gets boost from better economy, trading

(Reuters) - An uptick in trading and dealmaking lifted JPMorgan Chase & Co's first-quarter profits out of the funk of late 2011, but the recovery fell short of the good times the largest U.S. bank enjoyed a year ago.

Inflation outpaces earnings, threatens spending

WASHINGTON (Reuters) - Consumer prices rose modestly in March amid signs a spike in gasoline costs was ebbing, but inflation still outpaced workers' earnings and threatened to undermine spending.

Apple rejects e-book pricing collusion charge

(Reuters) - Apple Inc has rejected the U.S. Justice Department's allegations that it colluded with publishers over electronic book pricing, calling the charges "simply not true."

Murdoch's Times faces email hacking damages claim

LONDON (Reuters) - Rupert Murdoch's Times of London is facing a claim for exemplary damages after admitting hacking into the email of an anonymous police blogger to expose his identity, lawyer Mark Lewis told Reuters on Friday.

Goldman Sachs CEO gets $16.2 million pay package

(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein's compensation increased 14.5 percent to $16.2 million in 2011 despite a sharp decline in profits and share price during the year, leaving the bank open to more attacks on its pay policies.

Analysis: IMF funds drive caught in global power shift

WASHINGTON (Reuters) - Tensions among some of the world's leading economies are on a boil over a plan to raise new resources for the International Monetary Fund to contain the euro zone debt crisis and a quest by emerging economies to win more say in the global lender.

U.S. sees long-term profit on financial rescue

WASHINGTON (Reuters) - The U.S. Treasury Department said on Friday that the many programs that it, the Federal Reserve and banking authorities implemented during the darkest hours of the 2007-2009 financial crisis likely will end up making a profit for taxpayers.

Next wave of Merrill departures seen legacy BofA brokers

NEW YORK (Reuters) - Hundreds of legacy Bank of America brokers may form the next wave of departures from Merrill Lynch after many recently pocketed their retention bonuses, recruiters and former brokers say.

Wells Fargo profit rises, but expense concerns weigh

(Reuters) - A surge in mortgage banking income helped lift Wells Fargo & Co's first-quarter profit by 13 percent, but its shares fell on concerns that the bank is falling behind on its drive to cut expenses.