- 31Oct
(Reuters) - Barclays' new boss Antony Jenkins must decide in the coming months whether to pick up business left open by a retreat from investment banking by UBS and other rivals, or push even harder with cuts to the British bank's own operation. Jenkins, who became chief executive three months ago after Bob Diamond left Barclays over an interest rate rigging scandal, is in the middle of a review aimed at cutting pay, shaking up the bank's culture and reshaping its strategy.
- 31Oct
(Reuters) - Perfume-makers are urging the European Commission to back down from possible legislation they fear could kill top fragrances by restricting natural ingredients linked to allergies, industry sources say. Luxury brands fear the EU could force them to change formulas across the $24.3 billion premium fragrance industry, altering some of the world's most iconic scents, such as Chanel No. 5, created in 1921.
- 29Oct
(Reuters) - Stock market executives, regulators and brokers have agreed to close the U.S. stock markets on Tuesday because of Hurricane Sandy, with an official announcement coming shortly, said people who were on an industry-wide call on the matter on Monday. Every effort is being made to reopen markets on Wednesday, but a final decision has not been made yet, one of the people said.
- 29Oct
(Reuters) - World shares and commodities fell on Monday as a recent run of downbeat corporate reports cast a shadow over the economic growth outlook and markets awaited the impact of a huge U.S. hurricane. All U.S. stock markets were shut in the first weather-related closure for 27 years, and they may close again on Tuesday as forecasters say the storm could be the largest to hit the mainland in American history.
- 29Oct
(Reuters) - Consumer spending rose solidly in September, putting the economy on a firmer footing heading into the fourth quarter even though households had to pull back on saving to fund purchases. The Commerce Department said on Monday that consumer spending rose 0.8 percent, the largest increase since February, after an unrevised 0.5 percent gain in August.
- 29Oct
(Reuters) - Equity markets are unlikely to open on Tuesday as Hurricane Sandy bears down on the New York area, a senior exchange official at one of the major exchanges told Reuters on Monday. A decision has not been made yet, but with the hurricane closing in and metro-area transit systems closed, it is highly likely that U.S. equity trading on the New York Stock Exchange and Nasdaq Stock Markets will remain closed.
- 29Oct
(Reuters) - PayPal is cutting about 325 jobs as part of a major reorganization by its new president, David Marcus, designed to regain an innovative edge and head off rising competition. PayPal, the online payment pioneer owned by eBay Inc, said on Monday the full-time jobs would be eliminated as it combines nine product-development groups into one. The company is also cutting about 120 contractors.
- 29Oct
(Reuters) - Spanish Prime Minister Mariano Rajoy kept financial markets guessing on Monday over whether he will seek a credit line from the euro zone's rescue fund but said he would do so "when I think it is in the interests of Spain". At a joint news conference after talks in Madrid, Italian Prime Minister Mario Monti said it was vital that the European Central Bank's bond-buying program to support troubled states be activated, a strong hint that Spain should take the plunge, since he also said Italy did not need a bailout. "It is of paramount importance that the instrument is put to work, that it does not remain theoretical," Monti said.
- 26Oct
(Reuters) - Stocks fell on Friday, as investors fretted about Apple's weaker-than-expected results - the latest in a string of lackluster earnings - and signs that economic growth is still not strong enough to make a significant reduction in unemployment. Apple (AAPL.O), the world's largest publicly traded company, surprised analysts with its weak margin outlook, as well as with its quarterly earnings and iPad sales that fell short of expectations. The results were released after Thursday's close. Apple's stock lost 2.6 percent to $593.50, near its session low.
- 26Oct
(Reuters) - U.S. economic growth picked up in the third quarter as a late burst in consumer spending and a surprise turnaround in government outlays offset the first cutback in business investment in more than a year. The stronger pace of expansion, however, fell short of what is needed to make much of a dent in unemployment, and offers little cheer for the White House ahead of the closely contested November 6 presidential election.
