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Bank of America names CEO Moynihan chairman of board

Breaking Business News - 1 hour 8 min ago
(Reuters) - Bank of America Corp said it named Chief Executive Brian Moynihan as chairman of its board, effective immediately.

Pimco Total Return Fund posts record $23.5 billion net outflow in September

Breaking Business News - 1 hour 22 min ago
(Reuters) - Pacific Investment Management Co suffered a record $23.5 billion of withdrawals from its flagship Pimco Total Return Fund in September, with its largest daily outflow occurring on the day of Bill Gross's surprise resignation from the firm.

PayPal spawn have advanced where PayPal stood still

Breaking Business News - 1 hour 30 min ago
SAN FRANCISCO (Reuters) - PayPal's biggest threat as it prepares to split from eBay next year may come from former employees who back a crop of new businesses serving shoppers who increasingly prefer to pay with mobile phones rather than personal computers.

Hyundai Motor's South Korean workers narrowly approve wage deal

Breaking Business News - 1 hour 47 min ago
SEOUL (Reuters) - Hyundai Motor Co's unionized workers in South Korea voted in favor of a wage deal by a slim margin, averting more strikes in the automaker's biggest manufacturing base.

ECB to flesh out asset-purchase plan it hopes will buoy euro zone

Breaking Business News - 1 hour 55 min ago
FRANKFURT (Reuters) - The European Central Bank will present details on Thursday of a new asset-buying plan with which it hopes to revive the flagging euro zone economy and see off the specter of deflation.

Fannie, Freddie shares slump after investor lawsuits dismissed

Breaking Business News - 2 hours 46 min ago
(Reuters) - Shares of government-controlled Fannie Mae and Freddie Mac plummeted on Wednesday, the day after a judge upheld the U.S. Treasury's right to seize the mortgage finance companies' profits.

Philips Electronics loses $467 million patent verdict to Masimo

Breaking Business News - 2 hours 51 min ago
(Reuters) - A federal jury on Wednesday said Philips Electronics NA should pay $466.8 million to Masimo Corp for having infringed two patents for technology used to help measure blood oxygen and track pulse rates.

Torrid U.S. car sales pace slowed in September

Breaking Business News - 2 hours 59 min ago
DETROIT (Reuters) - U.S. auto sales in the third quarter were the best in eight years, but mixed September results from leading automakers on Wednesday indicated the industry's torrid summer pace is slowing.

Samsung Electronics profit seen bottoming in third quarter ahead of slow recovery

Breaking Business News - 3 hours 11 min ago
SEOUL (Reuters) - Samsung Electronics Co Ltd's profit is seen weakening further in the third-quarter, underscoring the downturn in its market-leading smartphone business and piling pressure on the firm to deliver a revamped product lineup.

WiLan says loses LTE patent case against Apple

Breaking Business News - 3 hours 15 min ago
TORONTO (Reuters) - Canadian patent licensing company WiLan Inc on Wednesday said a U.S. judge had ruled in favor of Apple Inc in a litigation case against it.

Coca-Cola, bowing to pressure, amends employee equity plan

Breaking Business News - 3 hours 21 min ago
(Reuters) - Coca-Cola Co, facing criticism from Warren Buffett and other investors for its outsized employee share rewards, said it had adopted new guidelines that would limit its stock compensation plan and improve transparency.

Wall Street tumbles on Ebola fears; small caps drop

Breaking Business News - 3 hours 24 min ago
NEW YORK (Reuters) - U.S. stocks dropped more than 1 percent on Wednesday as the first diagnosis of Ebola in a patient in the United States spooked investors, economic data pointed to uneven growth, and the Russell 2000 index entered correction territory.

New York Times to cut jobs as new products disappoint

Breaking Business News - 4 hours 42 min ago
(Reuters) - The New York Times Co said it would cut jobs, including about 7.5 percent of its newsroom positions, as advertising revenue dwindles and new digital products fail to live up to expectations.

Ford loses bid to recoup $450 million interest on overpaid taxes

Breaking Business News - 5 hours 27 min ago
(Reuters) - A federal appeals court rejected Ford Motor Co's bid to recoup about $450 million of interest from the U.S. government on taxes overpaid by the automaker.

MarketWatch.com editor bans photos of traders on stock market floor

Talking Biz News - 5 hours 32 min ago
Jeremy Olshan, the editor of Marketwatch.com, has banned photos of traders on the stock market floor from the financial news website, noting that they’re no longer a true reflection of how the market works....

CitiMortgage, Wells lose bid to end lawsuit over credit reports

Breaking Business News - 5 hours 51 min ago
NEW YORK (Reuters) - Wells Fargo Bank and Citigroup's mortgage unit must face claims that they violated federal law by falsely notifying credit reporting agencies that thousands of homeowners went through bankruptcies or foreclosures, a federal judge has ruled.

U.S. factories lose steam but private sector steps up hiring

Breaking Business News - 6 hours 2 min ago
WASHINGTON (Reuters) - Growth in U.S. factory activity slowed more than expected in September even as hiring in the private sector accelerated, signs of an uneven expansion in the U.S. economy.

Exclusive: BATS eyes Concannon, Marques for exchange president

Breaking Business News - 6 hours 13 min ago
NEW YORK (Reuters) - BATS Global Markets has narrowed its search for a new president to two industry executives with close ties to the No. 2 U.S. stock market operator, three sources familiar with the situation said on Wednesday.

Establishing connections between business, politics, finance and economics

Talking Biz News - 6 hours 44 min ago
Edmund Lee of Re/code interviewed Financial Times editor in chief Lionel Barber about the paper’s plans in the United States and its growth. Here is an excerpt: Despite the fact that newspapers are declining,...

WaPo financial desk adds editor

Talking Biz News - 8 hours 37 min ago
Washington Post financial editor Greg Schneider and deputy financial editor David Cho made the following announcement on Wednesday: We’re delighted to announce that Zach Goldfarb is joining us on the Financial editing desk for...