Tuesday, October 16, 2012

Top Stories: Business and Finance


The following are today's top stories from Business and Finance:

1.  Citigroup Shares Rise as Earnings Beat Estimates on Trading
2.  Stocks Rise as Retail Sales Beat Estimates; Commodities Decline
3.  Retail Sales Beating Forecasts Support U.S. Growth: Economy
4.  RBS Said to Suspend European Rates Trading Head in Libor Probe
5.  Glickenhaus to Close, Transfer Assets to Neuberger Berman
6.  Softbank Agrees to Buy Sprint Stake in $20.1 Billion Deal
7.  Global Economy Distress 3.0 Looms as Emerging Markets Falter
8.  Goldman Sachs Names Ex-Credit Suisse Banker Ogunlesi to Board
9.  ICE Switches More Than 900 Swaps to Futures on Dodd-Frank
10. Options Show Dollar May Defy History, Denying QE3 Debasement
11. New Oriental Jumps as Rising Exports Fuel Rally: China Overnight
12. Corn Belt Shifting North With Climate as Kansas Crop Withers

1)  Citigroup Shares Rise as Earnings Beat Estimates on Trading
    (Bloomberg) -- Citigroup Inc. advanced the most among the largest U.S. banks, reaching a six-month high after reporting a surprise third-quarter profit and a surge in bond- trading revenue that beat analysts' estimates. Citigroup rose 4.3 percent to $36.25 at 2:51 p.m., the biggest gain in the 81-company Standard & Poor's 500 Financials Index, after the New York-based company said net income excluding ...
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2)  Stocks Rise as Retail Sales Beat Estimates; Commodities Decline
    (Bloomberg) -- U.S. stocks rose, sending the Standard & Poor's 500 Index to its biggest gain in two weeks, and the yen weakened after American retail sales topped estimates. Commodities fell as manufacturing in the New York region shrank for a third month. The S&P 500 climbed 0.8 percent to 1,440.12 as of 4 p.m. in New York. The Stoxx Europe 600 Index climbed 0.5 percent. The S&P GSCI gauge of raw materials lost 0.3 percent, led by natural gas and ...
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3)  Retail Sales Beating Forecasts Support U.S. Growth: Economy
    (Bloomberg) -- Americans snapped up goods from cars to iPhones in September at a faster pace than forecast by economists, showing consumer demand was heading into the year- end holidays on a high note. The 1.1 percent advance followed a revised 1.2 percent increase in August, the best back-to-back showing since late 2010, Commerce Department figures showed today in Washington. The median forecast of 77 ...
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4)  RBS Said to Suspend European Rates Trading Head in Libor Probe
    (Bloomberg) -- Royal Bank of Scotland Group Plc suspended its head of rates trading for Europe and the Asia- Pacific region, the first senior manager to be put on leave as part of the lender's probe into allegations of Libor-rigging, two people with knowledge of the move said. Jezri Mohideen was suspended on Oct. 12 after Bloomberg News reported he instructed colleagues to lower the British lender's submission to the London interbank offered rate in ...
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5)  Glickenhaus to Close, Transfer Assets to Neuberger Berman
    (Bloomberg) -- Seth Glickenhaus, who began his career on Wall Street as a messenger before the 1929 crash, is closing his business. Glickenhaus & Co., his New York-based firm that traces its roots to 1938, is transferring portfolio-management responsibilities for its $900 million in assets to Straus Group, a unit of Neuberger Berman led by senior partner Marvin Schwartz, the companies said today in a ...
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6)  Softbank Agrees to Buy Sprint Stake in $20.1 Billion Deal
    (Bloomberg) -- Softbank Corp. agreed to buy a stake of about 70 percent in Sprint Nextel Corp. for $20.1 billion as Japan's third-biggest mobile-phone operator seeks growth overseas amid a declining local market. Softbank will pay $12.1 billion to Sprint shareholders and the deal includes $8 billion of new capital, according to a statement today. The deal would be the biggest publicly announced outbound ...
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7)  Global Economy Distress 3.0 Looms as Emerging Markets Falter
    (Bloomberg) -- The global economy is facing its third major brake on expansion in five years as emerging markets slow from China to Brazil, provoking debate about how much policy makers should respond. Three years after industrializing nations led the world out of the U.S. mortgage meltdown-induced recession, the reliability of the power source is waning as Europe's debt crisis ...
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8)  Goldman Sachs Names Ex-Credit Suisse Banker Ogunlesi to Board
    (Bloomberg) -- Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, expanded its board to 11 members by adding former Credit Suisse Group AG executive Adebayo "Bayo" Ogunlesi. Ogunlesi, 58, is managing partner and chairman of Global Infrastructure Partners, a venture formed between Credit Suisse and General Electric Co. in 2006, Goldman Sachs said today in a statement. The New York-based firm said it expects to appoint an additional independent ...
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9)  ICE Switches More Than 900 Swaps to Futures on Dodd-Frank
    (Bloomberg) -- Intercontinental Exchange Inc., the second-largest U.S. futures market, has converted more than 900 over-the-counter energy contracts to regulated futures in response to rules meant to prevent another financial crisis. The Commodity Futures Trading Commission guidelines that went into effect Oct. 12 require firms holding $8 billion of bilateral derivatives to ...
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10) Options Show Dollar May Defy History, Denying QE3 Debasement
    (Bloomberg) -- Options traders are lining up behind the most-accurate foreign-exchange strategists and betting the dollar will break with history, emerging unscathed from the Federal Reserve's latest cash-printing stimulus efforts. Investors are paying a premium for options that profit if the dollar gains versus major U.S. trading partners, the reverse of what happened during the first two ...
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11) New Oriental Jumps as Rising Exports Fuel Rally: China Overnight
    (Bloomberg) -- Chinese stocks in New York rose to a five-month high, as the fastest growth in money supply since June last year and better-than-estimated export data boosted prospects the economy is rebounding. The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. gained 1.1 percent to 94.76 yesterday, the highest level since May 15. New Oriental Education & Technology Group Inc. jumped after Oppenheimer & Co. upgraded the shares and ...
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12) Corn Belt Shifting North With Climate as Kansas Crop Withers
    (Bloomberg) -- Joe Waldman is saying goodbye to corn after yet another hot and dry summer convinced the Kansas farmer that rainfall won't be there when he needs it anymore. "I finally just said uncle," said Waldman, 52, surveying his stunted crop about 100 miles north of Dodge City. Instead, he will expand sorghum, which requires less rain, let some fields remain fallow and restrict corn ...
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