More Breaking News
U.S. Stocks Extend Gains After S&P Affirms Greek Credit Rating U.S. stocks extended gains after
Standard & Poor’s affirmed Greece’s credit rating, easing
concern that a default by the nation would threaten the economic
recovery.
Dinallo Gets 15% of Campaign Funds From Insurers (Update1) Eric Dinallo, the former insurance
superintendent running for New York attorney general, has
received more than 15 percent of his campaign donations from the
industry he regulated until July.
S&P Affirms Greece BBB+/A-2 Ratings; Off Watch; Outlook Neg Standard & Poor’s Ratings Services
affirmed its BBB+ long-term and A-2 short-term sovereign credit
ratings on Greece. The outlook is negative.
‘Historic Flooding’ Possible in U.S., NOAA Says (Update1) One-third of the U.S. faces a risk
of “historic floods” in coming weeks, especially the upper
Midwest states of North Dakota, South Dakota, Minnesota and
Iowa, according to forecasters.
Manitoba Borrowing Costs Fall Below Ontario’s: Canada Credit Manitoba’s cost of borrowing fell
to less than Ontario’s for the first time since 2007, indicating
the province’s debt may outperform its peers, as investors
speculate on how quickly the Canadian provinces will emerge from
the economic slowdown.
India Said to Propose Fund to Purchase Energy Assets (Update1) India may create a sovereign fund
to help state companies compete for overseas energy assets with
rivals from China, a government official said.
Housing Starts in U.S. Declined 5.9% in February (Update3) Housing starts in the U.S. fell in
February as record snowfall in parts of the country hampered
construction, while fewer building permits signaled demand is
stagnating.
GE May Resume Increases to Dividend in 2011, Finance Chief Says General Electric Co. may resume
increases to its quarterly dividend next year after reducing it
from 31 cents a share to 10 cents in 2009, Chief Financial
Officer Keith Sherin said today at a conference organized by
Goldman Sachs Group Inc.
Moody’s Muni Bond Ratings Will Move to Global Scale Next Month Municipal debt rankings by Moody’s
Investors Service will shift to a global rating system next
month that will put the 70,000 state and local bonds it assesses
on a scale that is comparable with corporate securities.
Dubai World Plan to Be ‘Fair,’ Sheikh Ahmed Says (Update1) Dubai World, the state holding
company restructuring $26 billion in debt, will present
creditors a “fair” plan to protect long-term relations with
banks and contractors, Dubai’s fiscal committee head said.
Penn West to Raise Alberta Spending After Royalty Cut (Update1) Penn West Energy Trust, Canada’s
largest conventional oil and natural-gas producing trust, will
double spending in Alberta after the government lowered royalty
rates, Chief Executive Officer Bill Andrew said.
Cancer Cost More Than Doubled in 40-Year War as Deaths Fell 16% The U.S. government has spent $100
billion funding cancer research since then-President Richard
Nixon declared the “War on Cancer” in 1971, says an editorial
in the Journal of the American Medical Association.
Obama Aides See Jobless Rate Elevated for ‘Extended Period’ U.S. employers won’t hire enough
workers this year to lower the jobless rate much below the level
of 9.7 percent reached in February, three Obama administration
economic officials said today.
AMR Attendants to Request U.S. Clearance for Strike (Update1) American Airlines’ flight
attendants plan to seek federal clearance today to end contract
talks and move closer to the first strike at a major U.S.
carrier in almost five years.
BA Fights Strike With High-Density Seating, Cold Food (Update1) British Airways Plc will squeeze
passengers into high-density planes with less legroom and no hot
food as it seeks to minimize cancellations during a three-day
strike by 12,000 cabin crew.
Iran Rejects ‘Carrot, Stick’ Strategy on Atomic Issue (Update1) Iranian parliament Speaker Ali
Larijani said the “carrot and stick” strategy used against
Iran by the “great powers” won’t halt its nuclear development.
Ex-Merrill Trader Is Banned for Mismarking Positions (Update2) Alexis Stenfors, a former senior
trader at Bank of America’s Merrill Lynch unit in London, was
banned for at least five years from holding a similar position
after he mismarked positions to cover up losses.
U.S. Stocks Fluctuate Before Federal Reserve Statement on Rates U.S. stocks fluctuated, a day after
the Standard & Poor’s 500 Index closed at a 17-month high, as
investors awaited a statement from the Federal Reserve about the
outlook for the economy and interest rates.
‘Avatar’ Will Be Released on Blu-Ray, DVD April 22 (Update1) “Avatar,” the world’s highest-
grossing film, will be released on Blu-ray and DVD April 22 in
the U.S. and Canada, News Corp. announced.
Google China Fate May Be Decided Amid License Reviews (Update1) Google Inc.’s fate in China may be
decided this month as Internet-service licenses come up for
renewal, amid growing speculation a censorship row with the
government will drive the U.S. company from the country.
Stocks, Commodities Gain, Dollar Weakens Before Fed Statement Stocks and commodities rose amid
dwindling concern U.S. banking regulations will hurt profits and
speculation the Federal Reserve will signal plans to keep
interest rates at a record low for much of the year. The dollar
fell and 10-year Treasury yields were near a one-week low.
Investors Buy Stocks as Rate-Hike Concern Eases, Merrill Says Risk appetite rebounded as concern
eased that interest rates will have to rise later this year to
cool inflation, prompting investors to cut cash holdings and buy
equities, a BofA Merrill Lynch Global Research report showed.
Russia May Introduce Convict Labor on Soviet Model, RG Reports Russia may reintroduce convict
labor based on the Soviet model as an alternative to
incarceration as part of an overhaul of the prison system,
Rossiiskaya Gazeta reported.
EU Finance Ministers Fail to Agree on Hedge-Fund Law (Update2) European Union finance ministers
failed to agree on a draft law to regulate hedge funds and
private equity firms, which the U.K. and U.S. said may hurt
their industries.
Renault, Daimler Said to Stumble on Share-Swap Talks (Update2) Daimler AG and Renault SA have been
unable to resolve differences over valuations as the carmakers
explore a share swap that would bring Daimler into the Renault-
Nissan alliance, two people familiar with the matter said.
EU Paves Way to Aid Greece, Sows Doubts Over Euro Management Europe’s blueprint for a financial
lifeline to Greece amounts to an unprecedented bet by finance
ministers that they can avert a euro crisis by sidestepping the
no-bailout rules intended to sustain the 11-year-old currency.
Citigroup Aids Unit as Volcker Rule Spurs Defectors (Update1) Citigroup Inc., the bank 27 percent
owned by the U.S., is bolstering a unit that trades stocks with
the lender’s own money after a proposed government ban of
proprietary trading helped spur eight of its 22 employees to
defect, people with direct knowledge of the matter said.
U.S. Import Prices Decreased More Than Anticipated (Update2) Prices of goods imported into the
U.S. fell in February more than anticipated, a sign there is
little inflation pressure coming from abroad.
Swedish Match Targets Wall Street Smokers With Snus Tobacco Swedish Match AB plans to broaden
U.S. availability of snus smokeless tobacco and increase
marketing to target Wall Street workers and other smokers forced
to leave the office to light up.
Thai Protesters Dump Blood at Abhisit’s Office, Party (Update1) Thai protesters dumped bottles of
their own blood outside the office and party headquarters of
Prime Minister Abhisit Vejjajiva, whose rule they say is
illegitimate and should end.
Pelosi Says Democrats to Have Votes for Health Bill (Update1) House Speaker Nancy Pelosi, still
shoring up support for legislation to overhaul the U.S. health-
care system, vowed that Democrats will be ready to pass the bill
when the time comes.
Deutsche Bank’s Epley Said to Leave for Nomura Job (Update1) Mark Epley, head of Deutsche Bank
AG’s team that caters to private-equity firms, is leaving to
take a job at Nomura Holdings Inc., said a person with knowledge
of his plans.
Limbaugh Embraces Costa Rica Socialized Medicine (Update1) Talk-radio king Rush Limbaugh’s
model health-care system may be one of Latin America’s longest-
standing state-run programs, where 98 percent of the population
is covered and private insurance is rare.
Shipping Market Is Worst Since World War II, James Fisher Says The world shipping market is mired
in its biggest slump since World War II, said James Fisher &
Sons Plc, a U.K. hauler of oil products.
German Investor Confidence Declines for Sixth Month (Update2) German investor confidence dropped
for a sixth month in March amid signs the economy is struggling
to expand and as Greece’s fiscal crisis shakes financial
markets.
China ‘More Concerned’ About Iran’s Nuclear Policy (Update2) China is growing more concerned
about Iran’s nuclear intentions, Foreign Minister Yang Jiechi
said at a joint press conference with his U.K. counterpart.
Iraqi Alliance Led by Maliki Seeks Talks With Rivals (Update1) Iraqi Prime Minister Nouri al-
Maliki’s political bloc said it would hold talks with rival
parties on forming a government after results showed the
alliance leading in the March 7 parliamentary election.
Deutsche Bank Paid ‘Risk Takers’ 2.2 Billion Euros in Bonuses Deutsche Bank AG, Germany’s biggest
bank, paid 2.2 billion euros ($3 billion) in bonuses last year
to employees who can conduct “high-risk” business.
Merrill Hires Reilly as Head of Asia Equity Trading (Update3) Bank of America Merrill Lynch
appointed Gene Reilly, a former Goldman Sachs Group Inc. partner,
as head of Asia-Pacific equity execution services, at least the
third senior hire from the rival in six months.
EU Lays Groundwork for Greek Lifeline to Bolster Euro (Update3) European finance ministers laid the
groundwork for a financial lifeline to debt-stricken Greece,
breaking a taboo against aid to cash-strapped governments in
order to avert a crisis for the euro.