Kohn: Fed to raise rates before spending overheats
Federal Reserve Vice Chairman Donald Kohn said on Wednesday policymakers would raise benchmark interest rates well before consumer spending and business investment overheats, adding that obstacles to borrowing are likely to subdue the economic recovery. Read Full Article here.
U.S. Q2 GDP shrinks less, manufacturing pulls back
The U.S. economy contracted in the second quarter at a slower pace than previously thought, while a surprise slide in manufacturing activity in the country's Midwest region in September pointed to a patchy recovery from recession. Read Full Article here.
U.S. Midwest business slips unexpectedly in Sept
Business activity in the U.S. Midwest failed to return to growth in September as expected, and instead got slammed by a decline in production and new orders, a report showed on Wednesday. Read Full Article here.
Microsoft wins overturn of $388 million patent award
Microsoft did not infringe a patent held by anti-piracy software maker Uniloc Inc, a federal judge ruled on Tuesday, nullifying an earlier $388 million (242 million pound) damages award against Microsoft. Read Full Article here.
Wall St now positive, Cisco leads Nasdaq up
U.S. stocks erased their losses in early afternoon trade on Wednesday, with first the Nasdaq <.IXIC> turning positive. The S&P 500 and the Dow industrials quickly followed suit, advancing into positive territory. Read Full Article here.
Congress to probe Moody's, U.S. SEC transgressions
A congressional panel will expand its examination of credit rating agencies to look at why U.S. securities regulators ignored warnings from former Moody's Corp executives about the company's weak compliance department and ratings process. Read Full Article here.
Chevron taps executive Watson for top job
Chevron Corp , the second-largest U.S. oil company, said on Wednesday that David O'Reilly will retire as chairman and chief executive officer at the end of the year and be replaced by Vice Chairman John S. Watson. Read Full Article here.
BofA to sell asset management unit for $1 billion
Bank of America Corp has struck a deal to sell a long-term asset management business, part of its Columbia Management division, to Ameriprise Financial Inc for about $1 billion. Read Full Article here.