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Updated: 21 hours 8 min ago

Macy's to have FAO Schwarz boutiques in stores: report

Fri, 2008-05-16 10:26

NEW YORK (Reuters) - Macy's Inc is expected to announce plans on Friday to open specialty U.S. toy retailer FAO Schwarz's toy boutiques in its 685 stores that carry children's clothing, the Wall Street Journal said.

LG Display sinks after Lehman downgrade

Fri, 2008-05-16 07:16

SEOUL (Reuters) - Shares in South Korea's LG Display plunged as much as 6.7 percent after Lehman Brothers downgraded its rating on the company and the whole LCD sector, citing worries of oversupply and weaker profitability.

Icahn's Yahoo fight puts Microsoft in driver's seat

Fri, 2008-05-16 07:00

SEATTLE (Reuters) - Two weeks after Microsoft Corp abandoned its pursuit of Yahoo Inc, a proxy fight launched by activist investor Carl Icahn has put Microsoft in the driver's seat.

Fed sees some healing in scarred credit markets

Fri, 2008-05-16 06:34

CHICAGO (Reuters) - Top Federal Reserve officials on Thursday cited progress in alleviating months of turmoil in financial markets, but said a full return to normalcy was still some time away.

Senators say have accord on housing rescue

Fri, 2008-05-16 06:19

WASHINGTON (Reuters) - Leaders of the U.S. Senate Banking Committee said on Thursday they have agreed to the underpinnings of a housing rescue plan that will create a federal backstop for failing loans.

Lockheed wins potential $3.6 bln US GPS satellite deal

Fri, 2008-05-16 05:26

WASHINGTON (Reuters) - Lockheed Martin Corp won a potential $3.6 billion contract to start building a new generation of global positioning satellites that will boost accuracy for worldwide users, the Air Force said Thursday.

Oil's fall, techs' gain drive stocks higher

Fri, 2008-05-16 04:49

NEW YORK (Reuters) - Stocks rose in light trading on Thursday, pushing the S&P 500 to its highest close since January, as a pullback in oil prices eased concerns about inflation and a battle to control Yahoo Inc helped the tech sector.

Department store sales weak, but beat Street

Fri, 2008-05-16 03:41

LOS ANGELES (Reuters) - The weak economy took its toll on department stores on Thursday, as retailers Nordstrom, Kohl's and J.C. Penney reported lower first-quarter net profits, with all citing challenges stemming from the weakened U.S. economy.

Berkshire holds no Ameriprise shares: SEC filing

Fri, 2008-05-16 02:20

WASHINGTON (Reuters) - Berkshire Hathaway Inc , billionaire Warren Buffett's investment company, no longer held any Ameriprise Financial Inc stock as of March 31, according to a U.S. regulatory filing on Thursday.

CBS to buy web publisher CNET for $1.8 billion

Fri, 2008-05-16 01:24

NEW YORK (Reuters) - CBS Corp said on Thursday it would buy web media company CNET Networks Inc for about $1.8 billion to boost the television broadcaster's reach across the Internet.

Trial set to start in Parmalat case vs Citigroup

Thu, 2008-05-15 10:51

NEW YORK (Reuters) - More than four years after the meltdown of Italy's Parmalat SpA, the food company is set to begin presenting its case to a U.S. jury on Thursday accusing Citigroup Inc of playing a key role in its collapse.

Agricole to sell assets, restructure Calyon

Thu, 2008-05-15 10:47

PARIS (Reuters) - Credit Agricole , France's biggest retail bank, said on Thursday it would sell off assets and restructure its Calyon investment banking arm as it confirmed a 5.9 billion euro ($9.1 billion) rights issue.

Judge rejects Countrywide's arguments: report

Thu, 2008-05-15 07:08

NEW YORK (Reuters) - Directors and officers of mortgage lender Countrywide Financial must answer shareholder accusations of insider trading and failure to monitor lending practices that led to the company's collapse, a federal judge in California has ruled, the New York Times reported.

LG Elec shares jump to record, outlook strong

Thu, 2008-05-15 06:41

SEOUL (Reuters) - Shares in LG Electronics Inc jumped nearly 6 percent early on Thursday, hitting its lifetime high, as a strong earnings outlook coupled with the won's recent weakness boosted demand for the stock.

AIG chairman says board stands by CEO Sullivan

Thu, 2008-05-15 06:17

NEW YORK (Reuters) - American International Group Inc's chairman said on Wednesday the global insurer's board is backing Chief Executive Martin Sullivan despite some anger from investors over two quarters of record losses.

Fed's Yellen says key rate is probably low enough

Thu, 2008-05-15 06:10

TACOMA, Washington (Reuters) - A top Federal Reserve official said on Wednesday that interest rates have "come way down" in recent months, and with inflation looming the central bank's key lending rate has probably been cut enough for now, despite risks to growth.