Business

Wall Street dips as investors wary before jobs data

By Caroline Valetkevitch NEW YORK Thu Apr 3, 2014 5:15pm EDT (Reuters) – U.S. stocks slipped on Thursday, as investors turned cautious ahead of Friday’s monthly jobs report, while a drop in biotech and momentum shares dragged the Nasdaq down nearly 1 percent. The Dow ended down just a fraction of a point, within about 4 points of its record closing high of 16,576.66 set on December 31. The Dow posted an all-time intraday high […]

Anadarko Petroleum settles U.S.-wide clean-up case for $5.15 billion

By Nick Brown Thu Apr 3, 2014 7:57pm EDT (Reuters) – Energy company Anadarko Petroleum Corp agreed on Thursday to pay more than $5 billion to clean up areas across the United States polluted by nuclear fuel, wood creosote and rocket fuel waste that caused cancer and other health problems. The agreement resolves a long-running lawsuit against the Kerr-McGee energy and chemical company, which Anadarko bought in 2006. The case was brought by a trust […]

Exclusive: U.S. states probing security breach at Experian unit

By Jim Finkle and Karen Freifeld BOSTON/NEW YORK Thu Apr 3, 2014 6:58pm EDT (Reuters) – A number of U.S. states are jointly investigating a data breach involving a subsidiary of Experian Plc that exposed the social security numbers of some 200 million people to potential criminal activity. A Vietnamese man last month confessed in U.S. District Court in New Hampshire to orchestrating the breach, so the focus of the multistate investigation will likely be […]

Lufthansa Cancels Thousands Of Flights As Pilots Strike

(Reuters) — Lufthansa cancelled some 3,800 flights as pilots began a three-day walkout on Wednesday (April 2), in what is one of the biggest strikes ever to hit the German airline. Vereinigung Cockpit, the union representing most of Lufthansa’s 5,400 pilots, last week said it was calling for a three-day strike from April 2 over plans by Germany’s largest airline to scrap an early retirement deal. Although Lufthansa had improved its offer, the pilots said […]

U.S. factory activity picks up, more gains eyed as winter fades By Lucia Mutikani

    (Reuters) – U.S. factory activity accelerated for a second straight month in March and auto sales surged, the latest signs the economy was regaining footing after a brutal winter. Unusually cold and snowy weather chilled activity early in the year and signs of a thaw have raised hopes of a strong bounce back in economic growth in the second quarter. “Winter is over. The economy is looking more positive,” said Chris Rupkey, chief […]

China’s Huawei books quickest profit growth in four years on smartphone demand

(Reuters) – China’s Huawei Technologies Ltd, the world’s No.2 telecommunications equipment maker, reported its fastest profit growth in four years as expansion in enterprise and consumer revenue far exceeded growth in its network building division. The unlisted company has benefited from companies investing heavily in cloud and mobile computing, while it has shipped so many mobile handsets that it became the world’s third-biggest smartphone manufacturer last year. Shenzhen-based Huawei is now looking for revenue from […]

Bank of America to pay $9.3 billion to settle mortgage bond claims

By Margaret Chadbourn and Aruna Viswanatha WASHINGTON Wed Mar 26, 2014 6:42pm EDT (Reuters) – Bank of America agreed to pay $9.3 billion to settle claims that it sold Fannie Mae and Freddie Mac faulty mortgage bonds, helping the bank to end one of the largest legal headaches it still faced from the financial crisis. The settlement, announced on Wednesday, includes $6.3 billion in cash and $3.2 billion in securities that Bank of America will […]

Exclusive: Blackstone close to $5.5 billion-plus Gates takeover – sources

By Soyoung Kim and Greg Roumeliotis NEW YORK Tue Mar 25, 2014 6:02pm EDT (Reuters) – Blackstone Group LP is close to a deal to buy industrial conglomerate Gates Global Inc for more than $5.5 billion, people familiar with the matter said, in what would be one of the largest leveraged buyouts so far this year. The buyout firm is in the final stages of negotiations with Gates’ private equity owners, Onex Corp and the […]

Wall Street rebounds; biotech shares snap losing streak

By Angela Moon NEW YORK Tue Mar 25, 2014 6:51pm EDT (Reuters) – U.S. stocks ended higher on Tuesday, rebounding from a two-day decline as the hard-hit biotechnology sector regained its momentum and a strong read on consumer confidence increased optimism about the economy. Trading was choppy throughout the day with the Nasdaq at one point turning lower, led by a sharp reversal in biotech shares. .So-called momentum stocks were still down for the day […]

Facebook to buy virtual-reality goggles maker for $2 billion

By Alexei Oreskovic and Malathi Nayak SAN FRANCISCO Tue Mar 25, 2014 6:43pm EDT (Reuters) – Facebook Inc will acquire two-year-old Oculus VR Inc, a maker of virtual-reality glasses for gaming, for $2 billion, buying its way into the fast-growing wearable devices arena with its first-ever hardware deal. The acquisition, which comes hot on the heels of its $19 billion deal for messaging service WhatsApp, marks a big bet by Facebook to anticipate the next […]