Exclusive:Citgo auction proceeds even after Venezuelan minister says canceled – sources
NEW YORK (Reuters) – At least three oil companies are still actively bidding for Citgo Petroleum Corp, the U.S. refining arm of Venezuela’s PDVSA, even after the country’s finance minister said that the auction was no longer going ahead, according to t…
S&P 500, Nasdaq slip; falling oil prices weigh on energy
NEW YORK (Reuters) – The S&P 500 and Nasdaq ended lower on Tuesday as another big drop in oil prices dragged down energy shares and Priceline’s earnings forecast disappointed.
SAC’s Martoma wins delay of nine-year insider trading prison term
NEW YORK (Reuters) – Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen’s SAC Capital Advisors LP hedge fund, won an order Tuesday to delay the date he would begin serving a nine-year prison term for insider trading.
Exclusive: U.S. lacked hard proof in tax trial of ex-UBS banker, jurors say
WASHINGTON (Reuters) – U.S. prosecutors did not present enough hard evidence to link a former top UBS AG banker to subordinates’ schemes to help wealthy Americans hide $20 billion in secret accounts from tax authorities, jurors from the trial told Reut…
Pimco Total Return Fund posts a record $27.5 billion in outflows in October
NEW YORK (Reuters) – Pacific Investment Management Co suffered a record $27.5 billion in withdrawals from its flagship Pimco Total Return Fund in October, extending large net outflows following Bill Gross’ surprise resignation from the firm.
Sprint’s CEO faces mounting challenges to turn company around
WASHINGTON (Reuters) – When Marcelo Claure took the top job at Sprint Corp two months ago, he faced an uphill climb in turning around the No. 3 U.S. cellular provider. On Monday, it became clear quite how steep that road to recovery will be.
European Commission cuts forecasts, euro zone recovery delayed
BRUSSELS (Reuters) – The euro zone will need another year to reach even a modest level of economic growth, the European Commission said on Tuesday, calling on Germany to help as Chancellor Angela Merkel again rejected a spending spree.
French, German resolution fund bill to be 15 billion euros per country
PARIS (Reuters) – France and Germany have agreed that the banking sectors in each country should pay 15 billion euros ($19 billion) toward an EU fund designed to limit the fallout from a banking collapse, French Finance Minister Michel Sapin said on Tu…
Toyota recalls 5,850 cars, mostly in U.S., for possible steering issue
DETROIT (Reuters) – Toyota Motor Corp said on Tuesday it is recalling about 5,850 cars, most of them in the United States, for possible loss of steering control.
Office Depot beats estimates but keeps sales warning
(Reuters) – Office Depot Inc’s quarterly profit beat market estimates as it squeezed out higher-than-expected savings from its OfficeMax acquisition, masking an overall deterioration in sales that the office supply retailer expects will continue.
