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Hiring slows, spells trouble for economy, Obama
WASHINGTON (Reuters) – Employers cut back on hiring in April and more people stopped looking for work, troubling signs for President Barack Obama whose re-election prospects could hinge on his handling of the economy. Employers added 115,000 workers to payrolls … Read more from the original source: Hiring slows, spells trouble for economy, Obama Read More →
Chevron seeks bank records in Ecuador environmental suit
MIAMI (Reuters) – Chevron Corp went to federal court in Miami on Friday seeking to force an Ecuadorean bank to release records of alleged bribes the company says were paid to an independent expert in a multi-billion dollar environmental lawsuit against the oil company. The company is seeking records of eight bank accounts at the Banco Pichincha, an Ecuadorean bank with a The rest is here: Chevron... [Read more]
April turns weak for retailers; apparel bucks trend
(Reuters) – Several large U.S. retailers, including Target Corp , Macy’s Inc and Gap Inc , missed sales estimates for April, as cooler weather chilled some of the enthusiasm consumers showed earlier this year. An earlier Easter also hurt April sales by shifting demand into March. But several retailers, including Gap and Aeropostale Inc , estimated quarterly earnings above analysts’... [Read more]
Euro zone needs growth and fiscal discipline, Draghi says
BARCELONA, Spain (Reuters) – European Central Bank President Mario Draghi, reflecting growing anxiety among Europeans about their economic plight, said on Thursday growth should be at the heart of euro zone policy but it needed to go hand in hand with fiscal austerity. At a news conference in Spain, one Read the rest here: Euro zone needs growth and fiscal discipline, Draghi says Read More →
Sun Hung Kai brother denies involvement in probe: report
(Reuters) – Walter Kwok, the eldest brother of the family that runs Asia’s biggest property developer Sun Hung Kai Properties, has denied that he is involved in a bribery probe that led to the arrest of his two billionaire brothers and a former top public servant, the South China Morning Post reported. Hong Kong’s anti-graft… Go here to see the original: Sun Hung Kai brother... [Read more]
Chesapeake to replace McClendon as chairman
HOUSTON (Reuters) – Natural gas producer Chesapeake Energy Corp will split the jobs of chairman and chief executive, and bring an early end to a program that granted CEO Aubrey McClendon stakes in company wells, an arrangement that sparked investor anger and potentially created serious conflicts of interest. McClendon, a co-founder of the company, will be replaced as chairman by an independent,... [Read more]
Energy Transfer Partners to buy Sunoco for $5.3 billion
(Reuters) – Pipeline operator Energy Transfer Partners LP said it will buy Sunoco Inc for $5.3 billion in stock and cash to get into the more lucrative crude oil transportation business as natural gas prices stay weak. Oil and gas production from shale formations in the United States has surged over the past two years, creating a scramble to build infrastructure to get supplies to refining hubs.... [Read more]
Exclusive: Chesapeake board member lent money to CEO McClendon
(Reuters) – As Chesapeake Energy Corp.’s board of directors moves to distance itself from loans taken by CEO Aubrey McClendon, documents reviewed by Reuters show that at least one former board member had undisclosed personal financial ties to him in the past. Now-retired board member Frederick Whittemore lent money to McClendon in the late 1990s, the documents show, even as Whittemore... [Read more]
In battle of the S&P, can bulls gain the edge?
NEW YORK (Reuters) – It will be another battleground for S&P 500 index next week. Will the bears finally give up and let the bulls have their way? The S&P 500, the market’s broadest measure, managed to close out the week above the psychologically important 1,400 mark for the first time since early April. But the index is still down 0.4 percent for the month so far even after... [Read more]
China’s Big Four banks hit by slowdown, costs
HONG KONG (Reuters) – China’s Big Four banks’ reported weaker-than-expected first-quarter earnings on Friday, with the sector facing growing pressure from a slowing economy and rising funding costs. Regulators have also closed in on the banks’ freewheeling practice of charging fees and commissions, after the volume of complaints from customers View original post here: China’s... [Read more]