China Appears to be Shifting Reserves to Euros from Dollars - Report
China is cutting the share of its reserves denominated in U.S. dollars and may be buying far more European government debt than in the past, according to data compiled by Dow Jones Newswires.
Jobless Claims Held at 4-Year Low of 351,000 for 3rd Week
Claims for jobless benefits came in at 351,000 for the third consecutive week and the four-week moving average continued to decline. However, economists point out that the economy needs to show more strength for the drop in the still-high jobless rate to be sustainable.
China’s Parliament Likely to Push Growth Agenda: HSBC Economist
China's 11th National People's Congress (NPC), the Chinese Parliament and top legislative body, will convene its fifth annual meeting Monday to set such key 2012 economic objectives as a lower target for economic growth, while keeping inflation steady.
James Murdoch Steps Down as News Corp U.K. Unit Head
James Murdoch, the younger of 80-year-old media baron Rupert Murdoch's two sons, will relinquish his position as executive chairman of U.K.-based newspaper publisher News International, following a phone-hacking scandal that shut down the News of the World newspaper.
Nasdaq Tops 3,000 for First Time Since 2000
The Nasdaq Composite Index briefly crossed the 3,000 mark Wednesday for the first time in 12 years, boosted by the European Central Bank's action to increase liquidity in the euro zone financial system and a better-than-expected revision to the U.S. quarterly economic growth.
Factory Activity in Midwest Climbs after Falling for 2 Months
Factory activity in the Midwest accelerated in February after falling for two consecutive months, fostering hopes that the world's largest economy has gained momentum.
Goldman Sachs, Wells Fargo, JPMorgan May Face SEC Charges
Goldman Sachs Group Inc., Wells Fargo & Co. and JPMorgan Chase & Co. have been warned by the Securities and Exchange Commission that they might face inquiries tied to mortgage-backed securities offered to investors several years ago.
Dow Closes above 13,000 for First Time Since May 2008: Daily Markets Wrap
Markets closed higher Tuesday through a choppy session, as indicators gave conflicting signals on the U.S. economy, while Ireland announced it would hold a referendum on Europe's new fiscal treaty. All eyes are now turned to European Central Bank's second liquidity injection set to take place Wednesday.
Bank Earnings Hit 5-Year High in 2011; Revenue Falls -- FDIC
U.S. banks reported a 23 percent earnings surge at the end of last year, which made 2011 the most profitable period for the banking industry in five years. However, the growth in profits was marred by the lenders’ falling revenue.
Santander, KBC to Merge Polish Units
Spain's Banco Santander, the biggest lender in the euro zone by market capitalization, said Tuesday that it will take over Poland’s Kredyt Bank from Belgium’s KBC Group in an all-share deal that values the combined entity at $6.69 billion.
Green Mountain Coffee Roasters Inc.: Brewing a Growth Story
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), the maker of Keurig single-serve brewers and capsules, claimed the No. 45 spot on the IBTimes 1000 list by catering to consumers' needs while operating on a high-margin business model.
Dallas Fed Manufacturing Strengthens in February
Business conditions in Texas-area manufacturing continued to expand at a solid pace in February, according to a report released Monday by the Federal Reserve Bank of Dallas.
This Week’s Economic Tape: Reams of Data and Bernanke Hits Capitol Hill
Next week will be packed with important data releases. The key policy event will be Chairman Bernanke's semi-annual policy testimony before Congress.
S&P 500 Hits Highest Level Since '08 on Economic Data; Dow Touches 13,000
Buoyed by another round of better-than-expected economic data, the Standard & Poor's 500 advanced above its highest close since June 2008. Optimism on the economy also lifted the Dow Jones Industrial Average back above 13,000.
Citigroup Exits India’s HDFC, Pockets $1.9 Billion
Citigroup Inc. (NYSE: C) raised $1.9 billion, a much-needed piece of capital, from the sale of its entire stake in Indian's giant mortgage lender Housing Development Finance Corp.
American International Group Posts Huge 4Q Profit on Tax Benefit
Bailed-out insurance giant American International Group Inc. (NYSE:AIG), boosted by a one-time accounting gain, reported fourth-quarter profit of $19.8 billion. Favorable stock market conditions also helped offset large losses stemming from Thailand floods.
Apple iPad Gets Green Light in China
A Shanghai court Thursday rejected a struggling Chinese company's request to bar Apple Inc. from selling its popular iPad computer tablet in China over a trademark dispute.
Jobless Claims Hold at 4-Year Low of 351,000
Claims for jobless benefits held at 351,000 after falling for three straight weeks and the four-week moving average continued to decline. Economists expect the Federal Reserve to raise interest rates sooner if jobless claims stay near 350,000 per week or fall substantially.
Weak Eurozone Data, Greece Downgrade Hit Stocks: Daily Markets Wrap
It didn't take long for the initial relief following Tuesday's long-awaited Greek bailout deal to die down. Global stocks ended Wednesday lower as investors took a cautious stance on the Eurozone economic outlook following disappointing business activity data and Fitch's announcement to cut Greece's credit rating further into junk status.
American International Group Earnings Preview: Q4 Swings to Profit on Tax Gain
Bailed-out insurance giant American International Group Inc. (NYSE:AIG), boosted by a one-time accounting gain, is expected to return to profitability when it reports its fourth-quarter earnings after markets close Thursday. Favorable stock market conditions and less reserve charges may also helped offset large losses stemmed from Thailand floods.
China Manufacturing Continues to Slow; New Export Orders Slump
China's manufacturing activity may shrink for a fourth consecutive month in February, despite edging up to the highest point in four months, according to a preliminary report released Wednesday.
Fitch Downgrades Greece: 'Default is Highly Likely in the Near Term'
Fitch Ratings downgraded Greece's credit rating further into junk status, a move widely anticipated after the country said it will force bondholders who do not voluntarily sign up to a debt swap plan to take a loss on their holdings.
Hecla Mining Swings to Profit in Q4 on Higher Metals Prices
Hecla Mining Company (NYES:HL) turns to profit in the fourth-quarter supported by lower costs and higher metals prices. Hecla's shares jumped 7 percent in early Tuesday morning trading before trending down slightly.
Long-Term Unemployment on the Rise: Why We Should Be Worried
From peak to trough, the United States lost almost nine million jobs in the most recent economic downturn. What was completely unprecedented about the most recent recession, however, was the explosion in long-term unemployment.
Goldman Sachs, Advent to Buy TransUnion for Over $3 Billion
TransUnion Corp., the third largest provider of credit information to banks and consumers, said Advent International Corp. and Goldman Sachs Group Inc.'s private equity arm agreed to buy the company from Chicago's billionaire Pritzker family and local private equity firm Madison Dearborn Partners LLC for over $3 billion.
China to Cut Bank Reserve Ratio Two More Times in Coming Months: HSBC Report
China's central bank is expected to make more cuts to banks' reserve requirements to fuel lending and sustain economic growth.
Leading Economic Indicators Rise for Fourth Straight Month
The index of U.S. leading economic indicators rose 0.4 percent in January, extending its upward trend for a fourth month. Friday's data points to continued growth in the U.S. economy, supported by an increase in the average workweek and improving financial indicators.
U.S. Consumer Price Index Rose 0.2% in January, Less than Expected
The U.S. consumer price index rose less than forecast in January as prices for household energy and used automobiles cooled, supporting the Federal Reserve's view that inflation will remain in check.
Jobless Claims Unexpectedly Fell to 348,000 - Lowest Level Since March 2008
Claims for jobless benefits fell for a third straight week to the lowest level since March 2008, when the U.S. was in the early stages of a recession. This could signal the labor market is gaining momentum.
Roche Warns of Fake Avastin Cancer Drug in U.S.
Roche Holding AG, the Swiss drugmaker, warned that a counterfeit version of the widely used anti-cancer drug Avastin may have been purchased and used in a number of medical facilities in the U.S, potentially putting patients at risk.
