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China's October official PMI edges down to 50.8
BEIJING (Reuters) - China's factory sector grew in October but at a pace that was slightly slower than expected, underlining the challenges facing the sector as manufacturers fight rising costs and softening demand in a cooling economy. The official Purchasing Managers' Index (PMI) eased to 50.8 in October from September's 51.1, but above the 50-point level that separates growth from contraction on a monthly basis. Analysts polled by Reuters had forecast a reading of 51.2. ...
J.P. Morgan found hackers through breach of corporate event website: WSJ
(Reuters) - J.P. Morgan Chase & Co learned about hackers who stole the bank's contact information for 76 million households and 7 million small businesses through a corporate event that it sponsors, the Wall Street Journal reported, citing people familiar with the matter. According to the report, the bank discovered that the intruders had used some of the same offshore servers to hack both the bank and the website of the J.P. Morgan Corporate Challenge. It was not clear when the bank might have discovered the problem had the hackers not used the same I.P. ...
Unknown election outcome is stocks' big fear
By Ryan Vlastelica NEW YORK (Reuters) - A handful of toss-up U.S. Senate races next week could hold the key to whether the stock market glides through the year-end in a typical post-midterm election rally or gets hit with a fresh bout of volatility. U.S. investors appear less concerned with whether Republicans take control of the Senate, as expected, or Democrats hang on to their majority by a slim margin. They just want to know - come Wednesday morning - the actual outcome. ...
Exclusive: U.S. probing Standard Chartered over Dubai banking - sources
By Karen Freifeld NEW YORK (Reuters) - U.S. authorities are investigating London-based Standard Chartered Plc for potential U.S. sanctions violations connected to its banking for Iranian-controlled entities in Dubai, according to people familiar with the probe. The latest investigation involving the bank is based, in part, from evidence that emerged during a separate probe of BNP Paribas, the French bank that pleaded guilty this summer to charges related to sanctions-busting and agreed to pay $8.9 billion in penalties, the people said. During the course of the BNP case, U.S. ...
Canada willing to take action against U.S. over meat labeling
By Alastair Sharp TORONTO (Reuters) - Canada will pursue "any and all remedies" to pressure the United States to drop regulations on meat labeling that Canada considers discriminatory, the country's trade minister said on Friday. Ed Fast, Canada's international trade minister, declined to elaborate on any deadlines for further action. "We have made it very clear that this is a blatant violation of WTO rules, and that we will certainly pursue any and all remedies that we have available to us," Fast told Reuters after talks with U.S. and Mexican counterparts in Toronto on Friday. ...
Top U.S. oil companies see more pressure to clamp down on spending
By Anna Driver HOUSTON (Reuters) - Top U.S. oil producers, which already were reining in spending before crude prices started to slip in June, are now looking to trim more fat from their budgets while reminding investors they must spend to grow. Exxon Mobil Corp on Friday it would keep its current spending plan intact, though it is about 15 percent less than 2013. ConocoPhillips said it will spend less money next year, and Chevron Corp said it is looking for budget "flexibility." Crude oil prices have slumped 25 percent since June as global supplies grow and demand weakens. ...
U.S. Fed awards most reverse repos in over four weeks
NEW YORK (Reuters) - The U.S. Federal Reserve awarded $186.28 billion in fixed-rate reverse repurchase agreements on Friday, the highest amount in more than four weeks, due to strong investor demand for ultra short-dated, risk-free assets at month-end. The central bank has been testing them as a tool to drain cash from the financial system to achieve their interest rate target when it decides to tighten monetary policy. At Friday's operation, the Fed paid 72 bidders including Wall Street firms, money market funds and mortgage finance agencies an interest rate of 0. ...
Dollar General extends tender offer for Family Dollar shares again
(Reuters) - Dollar General Corp extended its tender offer for shares of Family Dollar Stores Inc to Dec. 31, until after a shareholder vote that will decide the fate of a rival bid by Dollar Tree Inc . Dollar General had received offers for only about 4 million Family Dollar shares of a total 114 million outstanding shares as of Oct. 30, a day before the offer was to expire. Dollar General's perseverance to close a deal highlights its struggles in a weak economy where penny-pinching customers look for more discounts and deals. ...
AbbVie says strong results lessen need for big deal
By Ransdell Pierson (Reuters) - AbbVie, which this month abandoned its planned $55 billion purchase of Dublin drugmaker Shire , reported impressive quarterly earnings on demand for its Humira arthritis drug and said it could deliver strong long-term growth without rushing into another big merger attempt. "The underlying growth prospects of AbbVie don't require us to do a deal of that size," AbbVie Chief Executive Richard Gonzalez said in conference call, but added the company was keen on smaller acquisitions, particularly of treatments involving rare diseases, cancer and hepatology. ...
Samsung says Microsoft deal invites 'charges of collusion': filing
By Dan Levine (Reuters) - Samsung said its collaboration with Microsoft on Windows phones raised antitrust problems once Microsoft completed its acquisition of Nokia's handset business, according to a court filing. The filing late on Thursday stems from Microsoft Corp's lawsuit accusing Samsung Electronics Co Ltd of breaching a business collaboration agreement. The lawsuit, filed earlier this year in a New York federal court, says South Korean smartphone company Samsung still owes $6.9 million in interest on more than $1 billion in patent royalties it delayed paying. ...
Without a plan, junk status looms for Britain's Tesco: Moody's
By Kate Holton LONDON (Reuters) - Tesco could see its debt downgraded to "junk" status unless it outlines plans to cut borrowing and improve trading, rating agency Moody's said, raising the prospect of higher financing costs for Britain's biggest grocer. Tesco, already facing a severe slowdown in sales in its stores, said last month it had uncovered what has become a 263 million pound ($420 million) accounting hole, resulting in the suspension of eight senior members of staff and a Serious Fraud Office investigation. ...
U.S. consumer sentiment at highest since July 2007
NEW YORK (Reuters) - U.S. consumer sentiment rose in October to its highest level since in more than seven years on growing optimism about the economy and more favorable personal financial expectations, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final October reading on the overall index on consumer sentiment finished at 86.9, the highest level since July 2007, up from 84.6 at the end of September. The late October reading was up slightly from its initial figure of 86.4, which was also the expected reading of economists polled by Reuters. ...
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