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Friday, August 9, 2013

Business Today: Wall Street ends down, posts worst week since June

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08/9/2013

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 ends down, posts worst week since June

NEW YORK (Reuters) - Stocks fell on Friday and posted their biggest weekly decline since June as investors speculated on when the Federal Reserve would begin to scale back its stimulus.

At Samsung hearing, Apple seeks precedent in patent cases

WASHINGTON (Reuters) - A U.S. appeals court wrestled on Friday with a request by Apple Inc for a permanent injunction on sales of some phones made by its archrival, Samsung Electronics Co Ltd, in a case that could have a deep impact on patent litigation.

America Movil makes $9.6 billion bid for rest of KPN

MEXICO CITY/LONDON (Reuters) - Mexican billionaire Carlos Slim's America Movil took a swipe at arch-rival Telefonica with a 7.2 billion euro ($9.6 billion) bid for the 70 percent of Dutch telecoms group KPN that it does not already own.

U.S. Postal Service loss narrows in third quarter

WASHINGTON (Reuters) - The U.S. Postal Service lost $740 million in its third quarter that ended June 30, as aggressive cost-cutting measures helped it narrow its losses, the agency said on Friday.

Ackman pushes for new chairman at J.C. Penney

(Reuters) - J.C. Penney Co Inc's largest shareholder, Bill Ackman, on Friday urged the company's board to replace its chairman, Thomas Engibous, sharpening a public dispute with fellow directors and drawing a sharp rebuke from the company.

U.S. wholesale inventories fall for second straight month

WASHINGTON (Reuters) - U.S. wholesale inventories unexpectedly fell for a second straight month in June, prompting economists to trim their second-quarter economic growth estimates.

After nine years, Tesco gives up on cracking China alone

HONG KONG/LONDON (Reuters) - After nine years in China, British supermarket firm Tesco is to fold its unprofitable operation into a state-run company as a minority partner, becoming the latest foreign retailer to give up on trying to crack China on its own.

Perry Capital to ask J.C. Penney board to replace Ullman: CNBC

NEW YORK (Reuters) - Perry Capital LLC will ask the board of J.C. Penney to replace its interim chief executive, Mike Ullman, CNBC reported on Friday, citing sources familiar with the matter.

Exclusive: PetroChina to join Exxon at giant Iraqi oilfield

BEIJING/MOSCOW (Reuters) - China's biggest energy firm PetroChina will join Exxon Mobil in developing Iraq's giant West Qurna oilfield and is in talks with Russia's Lukoil to buy into a second project at the field, industry sources said.

U.S. appeals court sides with railroads in class action ruling

WASHINGTON (Reuters) - A U.S. appeals court on Friday vacated a trial court's decision to certify a class action against railroad companies, a procedural win for the companies in a case about whether they illegally colluded to fix the price of fuel surcharges.