Wall St. drops after Bernanke hints at slowing stimulus
NEW YORK (Reuters) – Stocks fell more than 1 percent on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank would start to reduce its stimulus measures later this year if the economy is strong enough.
US Airways chief warns lawmakers of potential service cuts
WASHINGTON (Reuters) – Forcing a combined American Airlines and US Airways Group to surrender slots at Reagan National Airport would risk fewer flights to small and medium-sized cities, US Airways CEO Doug Parker told lawmakers on Wednesday.
Italian designers Dolce and Gabbana convicted of tax evasion
MILAN (Reuters) – Fashion designers Domenico Dolce and Stefano Gabbana were handed a 20-month suspended prison sentence and a heavy fine on Wednesday for hiding hundreds of millions of euros from the Italian tax authorities.
Microsoft talked with Nokia about buying devices unit: report
SEATTLE (Reuters) – Microsoft Corp recently talked with Nokia about buying the Finnish phone maker’s devices unit, but the discussions faltered and are not likely to be revived, the Wall Street Journal reported Wednesday in its online edition.
U.S. aerospace companies seek to reassure public on drones
PARIS (Reuters) – U.S. aerospace companies, keen to benefit from billions of dollars in possible future orders for civilian drones, are mobilizing to assuage public concerns about privacy and safety.
SandRidge CEO Tom Ward ousted, Bennett takes job
(Reuters) – The board of directors of SandRidge Energy Inc on Wednesday said it removed Tom Ward as chief executive, and named its president, James Bennett, to replace him, citing a need for new leadership at the U.S. oil and gas company, which has und…
Cliffs could halt Bloom Lake expansion if iron price falls
NEW YORK (Reuters) – Cliffs Natural Resources Inc said on Wednesday that if iron ore prices fell further, it could scrap a key expansion at its Bloom Lake mine in Canada’s iron-rich Labrador Trough region.
Exclusive: Forest mulls bid for Irish drugmaker Elan – sources
NEW YORK (Reuters) – Forest Laboratories Inc, the specialty drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish drugmaker Elan Corp Plc, two people familiar with the situatio…
Britain to start sale of Lloyds soon, review RBS split
LONDON (Reuters) – Britain is ready to start selling its shares in Lloyds Banking Group and will examine whether to break up Royal Bank of Scotland , Finance Minister George Osborne said, admitting the re-privatization of RBS remains a long way off.
Harvard hires Xia from Morgan Stanley as chief risk officer
BOSTON (Reuters) – Harvard University said on Wednesday that it had hired Wall Street veteran Jake Xia as its chief risk officer to analyze and monitor investment exposure in its $30.7 billion endowment.
