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Murdoch to address News Corps investors during earnings report

NEW YORK (Reuters) – News Corp is taking a risk in putting boss Rupert Murdoch, famous for his off-script comments, on the media conglomerate’s quarterly earnings call on Wednesday with succession questions sure to be asked. Murdoch, 80, will be speaking to Wall Street for the first time since the…

Tensions are high after second day of Verizon strikes

NEW YORK (Reuters) – The second day of a strike by Verizon workers turned ugly after union representatives accused managers of injuring three workers while driving past picket lines, and the phone giant complained of a spike in network sabotage cases. About 45,000 workers in Verizon Communications’ Northeast wireline unit,…

HSBC to sell credit card business

HSBC said Tuesday it is in talks to sell its United States credit card and retail services business as the global banking giant shifts focus to fast-growing markets, particularly in Asia. The lender has unveiled massive cost-cutting measures in recent months, including plans to save up to $3.5 billion by 2013…

Wall Street plunges after S&P’s U.S. debt downgrade

NEW YORK (Reuters) – U.S. stocks plummeted for the second straight session, driving the S&P 500 and the Nasdaq down 6 percent on Monday in the first session since Standard & Poor’s cut the nation’s perfect AAA credit rating. The downgrade — the first in the country’s history — reflected investors’ rising fear…

Downgrade batters U.S. stock markets

US stocks dropped sharply on Monday, while Treasury bond prices actually rose in the wake of Standard & Poor’s unprecedented downgrade of the United States’s credit rating. The Dow Jones Industrial Average plummeted 334.68 points (2.9 percent) to 11,109.93 at 1630 GMT. The broader S&P 500 dropped 45.64 points (3.8…

S&P downgrades mortgage giants Fannie, Freddie

Standard & Poor’s downgraded mortgage giants Fannie Mae and Freddie Mac from triple-A to AA+ Monday, citing their direct reliance on the US government, which it downgraded last Friday. S&P also downgraded 10 out of 12 Federal Home Loan Banks and the senior debt issued by the Federal Farm Credit…

AIG sues BofA for $10 billion alleging ‘massive fraud’

NEW YORK (Reuters) – The insurer AIG is suing Bank of America Corp to recover more than $10 billion of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank. American International Group Inc, still largely owned by taxpayers after $182.3 billion…

Moody’s says U.S. needs to find more deficit cuts

NEW YORK (Reuters) – Ratings agency Moody’s repeated a warning on Monday it could downgrade the United States before 2013 if the fiscal or economic outlook weakens significantly, but said it saw the potential for a new debt agreement in Washington to cut the budget deficit before then. With U.S.…

World stocks mixed as gold hits record high

Global stocks were mixed on Monday with European markets firming after the ECB signalled strong support for eurozone debt and on G7 pledges to bolster the economy, but Asian shares fell and gold surged. Concerns about weakening growth saw ‘safe haven’ investment gold shoot to a record high point above…

Asian stocks slide after U.S. debt downgrade

Asian stocks tumbled on Monday after last week’s historic downgrade of the United States’ credit rating, which compounded concerns over the world’s biggest economy as well as the global outlook. The falls were echoed by big losses in oil while gold surged to a new record above $1,700 as investors…

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