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Divided U.S. SEC adopts mortgage rule, decries lax lending
By Sarah N. Lynch WASHINGTON (Reuters) - U.S. securities regulators adopted a rule on Wednesday designed to avert another financial crisis, but two officials dissented, saying it did not do enough to discourage banks from lending to borrowers with shaky credit and then passing the mortgage risk to investors. The Securities and Exchange Commission approved the so-called "risk retention" rule by a 3-2 vote, while the U.S. Federal Reserve is expected to approve it later Wednesday. The rule requires banks to keep at least 5 percent of the risk on their books when they securitize loans. ...
U.S. regulators expand number of vehicles affected by Takata recalls
By Ben Klayman DETROIT (Reuters) - U.S. safety regulators on Wednesday expanded the number of vehicles in the United States that may be affected by recalls for potentially defective Takata Corp air bags that could spray shrapnel at occupants. The U.S. National Highway Traffic Safety Administration (NHTSA) said in a statement the number of vehicles from 10 automakers covered by recalls this year and in 2013 is now 7.8 million, up 28 percent from the 6.1 million announced on Tuesday. ...
Earnings lift Wall St. for fifth straight day
By Ryan Vlastelica NEW YORK (Reuters) - U.S. stocks edged higher on Wednesday, with the S&P 500 up for a fifth straight day as technology companies rallied on strong results, though weakness in Boeing weighed on the Dow. With the session's advance, which builds on a jump of about 2 percent on Tuesday, the S&P 500 is up 4.5 percent over the past five sessions, putting it on track for the biggest five-day rally since December 2011. Tech names were among the market's biggest advancers a day after both Yahoo Inc and Broadcom beat revenue expectations. Broadcom shares climbed 7.2 percent to $40. ...
Toyota executive stands by Takata as supplier despite air bag troubles
By Maki Shiraki TOKYO (Reuters) - A top Toyota Motor Corp executive said on Wednesday the Japanese automaker has no plans to abandon Takata Corp despite the supplier's struggles with air bag inflators that could rupture and spray metal shrapnel at vehicle occupants. U.S. safety regulators on Wednesday expanded the number of vehicles in the United States affected by recalls for this problem by 28 percent to 7.8 million vehicles. Toyota has the second largest number of vehicles affected by the U.S. recalls at 877,000, trailing only Honda Motor Co's 5.1 million vehicles, according to the U.S. ...
U.S. consumer prices barely rise as energy costs fall
WASHINGTON (Reuters) - U.S. consumer prices rose marginally in September as energy costs fell broadly, painting a weak inflation picture that should give the Federal Reserve ample room to keep interest rates low for a while. The Labor Department said on Wednesday its Consumer Price Index edged up 0.1 percent last month after declining 0.2 percent in August. Economists polled by Reuters had forecast consumer prices being flat in September. The CPI increased 1.7 percent in the 12 months through September after a similar rise in August. ...
Dow Chemical profit beats as plastics sales rise
(Reuters) - Dow Chemical Co , the No. 1 U.S. chemical maker by sales, reported a better-than-expected quarterly profit for the fourth time in a row, helped by higher sales in its plastics and performance materials business units. The company's shares rose nearly 6 percent before the bell. Dow's performance plastics unit, which makes products for toy manufacturers, builders and car makers, has benefited from access to relatively cheap natural gas, thanks to the shale boom in the United States. ...
Boeing's profit jumps 18 percent; raises 2014 earnings forecast again
(Reuters) - Boeing Co reported an 18 percent increase in quarterly profit and raised its full-year core earnings forecast for the third time, reflecting booming commercial aircraft demand. The company earned $1.36 billion, or $1.86 per share, for the third quarter ended Sept. 30, up from $1.16 billion, or $1.51 per share, a year earlier. Core earnings, which exclude some pension and other costs, rose to $2.14 per share from $1.80. Revenue rose 7 percent to $23.78 billion. Commercial aircraft deliveries rose 9 percent to 186. For 2014, the company said it expects core earnings to be between $8. ...
Big Tech winning battle with 'patent trolls'
By Andrew Chung and Dan Levine (Reuters) - For two decades, companies that buy software patents to sue technology giants have been the scourge of Silicon Valley. Reviled as patent trolls, they have attacked everything from Google's online ads to Apple's iPhone features, sometimes winning hundreds of millions of dollars. But now the trolls are in retreat from the tech titans, interviews and data reviewed by Reuters show. In the wake of several changes in U.S. ...
Futures flat after four-day rally, Yahoo up early
By Ryan Vlastelica NEW YORK (Reuters) - U.S. stock index futures were flat on Wednesday, implying that buyers were taking a pause following the biggest four-day rally for the S&P 500 since January 2013. * Major indexes jumped about 2 percent on Tuesday, lifted by strong corporate results, especially in the tech sector, and a Reuters report that the European Central Bank was considering buying corporate bonds. * The S&P 500 has gained 4.2 percent over the past four sessions, putting it about 3. ...
Total names Pouyanne and Desmarest at top positions
PARIS (Reuters) - French oil major Total said on Wednesday Patrick Pouyanne, head of refining up until now, would take over as chief executive and Thierry Desmarest as chairman. The nominations come a day after the brutal death of Christophe de Margerie in a plane crash in Russia. The appointments were announced in a statement issued after a Total board meeting. The statement said Desmarest would keep his new position until the end of 2015, whereafter the roles of CEO and chairman would be combined again. ...
Xerox revenue falls on lower printer sales
(Reuters) - Xerox Inc reported a 2 percent fall in quarterly revenue, hurt by slowing demand in its printing business. Net income attributable to Xerox fell to $266 million, or 22 cents per share, from $286 million, or 22 cents per share, a year earlier. Revenue fell to $5.12 billion from $5.24 billion a year earlier. (Reporting By Sai Sachin R and Supantha Mukherjee in Bangalore)
Pimco banking chief expects 18 lenders to fail ECB stress test
LONDON (Reuters) - Pimco's head of global banking, Philippe Bodereau, said he expects 18 banks to fail a stress test of regional lenders when results are published by the European Central Bank on Sunday. Bodereau, who runs $4.3 billion in the Pimco GIS Capital Securities Fund, said the failures would likely include some German and Austrian cooperative and public sector banks, as well as weak regional lenders in the periphery. ...
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