NewsDaily: Business Headlines

Citadel sues former employees who set up Teza Tech (Reuters)

Svea Herbst-Bayliss — Thu, 09 Jul 2009 18:13:24 EDT

BOSTON, July 9, 2009 (Reuters) -- Citadel Investment Group, one of the world's most successful hedge fund firms, sued a former top executive in its highly successful quantitative trading unit and two others for setting up their own firm. ... > read full story

Kohn warns Congress on meddling in Fed's affairs (Reuters)

Alister Bull — Thu, 09 Jul 2009 18:11:49 EDT

WASHINGTON, July 9, 2009 (Reuters) -- The Federal Reserve on Thursday launched a robust defense of its independence and warned that efforts in Congress to put monetary policy under political sway would hurt the economy. ... > read full story

Chevron says Q2 downstream hit by U.S. refining (Reuters)

Thu, 09 Jul 2009 17:26:05 EDT

SAN FRANCISCO, July 9, 2009 (Reuters) -- Chevron Corp <CVX.N> said on Thursday it expected second-quarter earnings to be hit by a sharp decline in U.S. refining margins, while better prices on the production side would be largely offset by foreign currency effects. ... > read full story

Murdoch says mood of media execs "very bearish" (Reuters)

Thu, 09 Jul 2009 15:42:34 EDT

SAN FRANCISCO, July 9, 2009 (Reuters) -- Media executives at the exclusive Sun Valley conference in Idaho see the depressed economy taking years to turn around, News Corp <NWSA.O> Chief Executive Rupert Murdoch said on Thursday. ... > read full story

U.S. District court denies request to delay GM deal (Reuters)

Thu, 09 Jul 2009 14:36:28 EDT

NEW YORK/DETROIT, July 9, 2009 (Reuters) -- A U.S. District Court judge on Thursday denied a request by a committee of asbestos personal injury claimants to delay the sale of General Motors Corp <GMGMQ.PK> pending its appeal. ... > read full story

Ericsson to manage Sprint network in $4.5-$5 billion deal (Reuters)

Thu, 09 Jul 2009 14:00:07 EDT

NEW YORK, July 9, 2009 (Reuters) -- Sprint Nextel Corp <S.N> said on Thursday that Ericsson <ERICb.ST> would manage its network as part of a seven-year deal worth $4.5 billion to $5 billion under which 6,000 Sprint workers would move to Ericsson. ... > read full story

Casino stocks up, as Nevada decline moderating (Reuters)

Thu, 09 Jul 2009 13:34:20 EDT

ATLANTA, July 9, 2009 (Reuters) -- Shares of casino stocks rose on Thursday after the Nevada Gaming Control Board released gaming revenues for May that showed a moderating decline. ... > read full story

AOL reviewing assets, but will likely keep Bebo (Reuters)

Thu, 09 Jul 2009 13:08:53 EDT

SUN VALLEY, Idaho, July 9, 2009 (Reuters) -- AOL, which is in the process of being spun off from Time Warner Inc, is reviewing assets it could sell or divest, but will likely keep its social networking site Bebo, CEO Tim Armstrong said. ... > read full story

Jobless claims drop, data skewed by auto jobs (Reuters)

Alister Bull — Thu, 09 Jul 2009 12:21:52 EDT

WASHINGTON, July 9, 2009 (Reuters) -- The number of U.S. workers filing new claims for jobless benefits fell to the lowest level since January, but the seasonally adjusted data was distorted by an unusual pattern of layoffs in the automotive industry. ... > read full story

Broadcom drops Emulex takeover bid (Reuters)

Thu, 09 Jul 2009 12:20:35 EDT

NEW YORK, July 9, 2009 (Reuters) -- Chipmaker Broadcom Corp <BRCM.O> withdrew its recently sweetened $912-million bid for Emulex Corp <ELX.N> on Thursday after the storage technology company rejected the bid as too low. ... > read full story

Citigroup shakes up top management, replaces CFO (Reuters)

Thu, 09 Jul 2009 10:24:11 EDT

NEW YORK, July 9, 2009 (Reuters) -- Citigroup Inc <C.N> on Thursday announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake. ... > read full story

Warren Buffett says second stimulus might be needed (Reuters)

Thu, 09 Jul 2009 10:14:22 EDT

WASHINGTON, July 9, 2009 (Reuters) -- Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 percent and a second stimulus package might be needed as the economy struggles to recover from recession. ... > read full story

Potentially no value in AIG equity: Citigroup (Reuters)

Thu, 09 Jul 2009 09:46:59 EDT

, July 9, 2009 (Reuters) -- Citigroup said there is a high probability that American International Group Inc's <AIG.N> equity value is zero, given the risk of more credit default swap (CDS) losses and the management's eagerness to dispose of key businesses at low valuations. ... > read full story

U.S. jobless claims drop steeply (Reuters)

Thu, 09 Jul 2009 08:32:38 EDT

WASHINGTON, July 9, 2009 (Reuters) -- The number of U.S. workers filing new claims for jobless benefits fell sharply last week but the decline was amplified by seasonal adjustments mainly connected with fewer-than-expected layoffs in the automotive sector, the Labor Department said on Thursday. ... > read full story

June rains, penny pinching dampen U.S. retail sales (Reuters)

Aarthi Sivaraman — Thu, 09 Jul 2009 08:20:06 EDT

NEW YORK, July 9, 2009 (Reuters) -- Sales fell at many U.S. apparel retailers and warehouse club stores in June as the weak economy and cool, rainy weather dashed interest in summer shopping for consumers across the country. ... > read full story

BoE leaves rates steady, maintains QE total (Reuters)

Thu, 09 Jul 2009 07:02:12 EDT

LONDON, July 9, 2009 (Reuters) -- The Bank of England surprised markets by announcing no expansion of its quantitative easing scheme on Thursday as it left interest rates unchanged at a record low of 0.5 percent for a fourth month running. ... > read full story

Investors bet on quick deal in UBS tax row (Reuters)

Lisa Jucca — Thu, 09 Jul 2009 05:01:36 EDT

ZURICH, July 9, 2009 (Reuters) -- Investors bet on Thursday the United States would not go as far seizing UBS assets in a dispute over tax, instead expecting the Swiss bank to be hit by a hefty fine as part of a swift out-of-court settlement. ... > read full story

Man Group investors pull out $1.4 billion (Reuters)

Laurence Fletcher — Thu, 09 Jul 2009 04:14:49 EDT

LONDON, July 9, 2009 (Reuters) -- Man Group <EMG.L>, the world's biggest listed hedge fund firm, said investors have continued to withdraw their money although private investor sales have picked up, as flows in the battered industry slowly improve. ... > read full story

Costco same-store sales fall 6 percent (Reuters)

Thu, 09 Jul 2009 03:47:38 EDT

, July 9, 2009 (Reuters) -- Costco Wholesale Corp <COST.O> on Thursday reported a 6 percent fall in sales at stores open at least a year in June, in line with market expectation. ... > read full story

China confirms Rio Tinto staff arrests (Reuters)

Rob Taylor and Benjamin Kang Lim — Thu, 09 Jul 2009 02:00:31 EDT

SYDNEY/BEIJING, July 9, 2009 (Reuters) -- China confirmed on Thursday the arrest of an Australian mining executive and three others on spying allegations, in a case that has rattled currency markets and raised questions about China-Australia relations. ... > read full story