Nov 9, 2012
Wall Street rises, but still down for the week
NEW YORK (Reuters) - Stocks advanced on Friday, but failed to make up for what turned out to be the worst week for markets since June, as investors turned their attention from the presidential election to the coming negotiations over avoiding the "fiscal cliff."
Consumer sentiment at five-year high; inventories jump
NEW YORK (Reuters) - An increasingly upbeat view of the economy and jobs market drove U.S. consumer sentiment to a more than five-year high in early November, while a jump in wholesale inventories suggested the economy grew more than initially estimated last quarter.
JC Penney sales plunge overwhelms progress at new shops
NEW YORK (Reuters) - J.C. Penney Co Inc on Friday reported its
worst drop yet in same-store sales since Chief Executive Ron Johnson began his radical transformation of the department store chain, overshadowing signs of progress at the new boutiques that are the centerpiece of the project.
Retail credit card fee settlement gets initial approval
(Reuters) - A U.S. judge on Friday granted preliminary approval to a proposed $7.2 billion settlement between merchants and Visa Inc and Mastercard Inc over credit card fees, despite objections from hundreds of retailers, including Wal-Mart Stores Inc..
Kodak did not mislead investors before bankruptcy: court
NEW YORK (Reuters) - Eastman Kodak Co executives did not mislead investors about the photography pioneer's deteriorating financial health in the year prior to its bankruptcy, a Manhattan federal judge ruled.
Supreme Court to review Amex arbitration case
(Reuters) - The U.S. Supreme Court on Friday agreed to consider whether American Express Co may invoke an arbitration clause to prevent its merchant customers from banding together in an antitrust lawsuit against the company.
Ex-Goldman trader accused of $118 million loss denies fraud
NEW YORK (Reuters) - A lawyer for a former Goldman Sachs Group Inc trader denied on Friday U.S. civil accusations that his client had defrauded the Wall Street bank of $118 million.
EU 2013 budget talks end in failure
BRUSSELS (Reuters) - Talks on the European Union's 2013 budget collapsed in acrimony on Friday, denting hopes of a swift deal later this month on the bigger issue of the bloc's long-term spending for 2014-2020.
Exclusive: Schulze's Best Buy bid seen in December, below range
NEW YORK (Reuters) - An eventual bid for Best Buy Co Inc by founder Richard Schulze could come in under his initially proposed $8 billion range and will likely not occur before December, sources familiar with the matter said, in a new twist to the months-long saga at the struggling electronics retailer.
MoneyGram to forfeit $100 million to settle U.S. fraud case
(Reuters) - Payment transfer company MoneyGram International Inc agreed to forfeit $100 million and admitted it aided in wire fraud and failed to maintain an effective anti-money laundering program, according to court documents filed on Friday.
Friday, November 9, 2012
Week in Verse Mitt Romney told Parade that he enjoys The Killers. Now he can listen to them perform "Mr. Brightside."
HSBC May Face Charges in a Laundering Inquiry The British bank HSBC has set aside an additional $800 million connected to a money laundering investigation in the United States and says it may face criminal charges in the United States.Jury Is Told Ex-UBS Trader Was Made a Scapegoat for Bank's Woes A lawyer for Kweku M. Adoboli, a former UBS trader in London, said that the allegations against his client represented a "character assassination" that failed to highlight the role of UBS's management in condoning his trading activity.Ex-UBS Trader Accused of 'Playing God' With Bank's Money During closing arguments in the eight-week court case, the prosecution said that Kweku M. Adoboli, a former UBS trader in London, had "arrogantly" side-stepped the firm's rules and carried out risky trading activity from 2008 to 2011.For Obama, Housing Policy Presents Second-Term Headaches President Obama's economic team has said it wants the housing market to work without significant government support. But it has taken few steps to advance that idea.On Wall Street, Time to Mend Fences With Obama With the presidential election over, Wall Street titans who supported Mitt Romney now face the prospect of having to mend fences with the Obama administration.Wall Street Offers a Second Career for Former Politicians The winner of the presidential election will claim the White House, but the loser could find a lucrative job in high finance by providing advice on deals or arranging speaking engagements.The Election Won't Solve All Puzzles "Uncertainty" has become the watchword over the last several years as an explanation - or perhaps an excuse - for the economy's slow growth, for the lack of hiring by business and for the volatility in the stock market.France and Belgium Provide Dexia Bailout The French and Belgian governments said on Thursday that they would inject an additional $7 billion into the troubled bank Dexia.
The Economis | New Selected Articles -November 9, 2012-: Democracy in America: A matter of perception