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Wells Fargo names Stumpf CEO; Kovacevich stays chair

Wells Fargo & Co., the fifth-largest U.S. bank, on Wednesday named John Stumpf chief executive, replacing Richard Kovacevich, who will remain chairman.

Gold touches 3-month low as investors cut risk

Gold on Wednesday hit its lowest in more than three months and silver fell to its weakest in more than five months as commodities were hit by the latest wave of risk aversion in global financial markets.

Iberdrola shares hit again after cash call

Spanish utility Iberdrola said on Wednesday it will raise about 3.4 billion euros ($4.6 billion) in a share issue to fund its $4.5 billion cash purchase of U.S. power supply company Energy East.

Bear Stearns taps managers to save hedge fund

Bear Stearns Asset Management CEO Richard Marin is taking a stronger role in managing its two troubled hedge funds and tapped mortgage unit head Thomas Marano to save one of the funds, two sources familiar with the decision said.

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Southwest braces for turbulence as it turns 30

Southwest Airlines Co. (NYSE: LUV) once seemed impervious to the turbulence that buffeted other U.S. airlines, but on the eve of its 30th anniversary as a public company, the first and still the biggest U.S. low-cost carrier looks vulnerable.

Buyout firms face summer of discontent in debt market

With about $62 billion of new junk bonds poised to flood an uneasy market in coming months, debt investors and the corporate buyout firms that borrow from them may be in for a long, hot summer.

Ventana Shares Soar on Rocheâ€™s $3 Billion Hostile Bid

Shares of Ventana Medical Systems, Inc. (NASDAQ: VMSI) soared more than 48 percent on Tuesday after Switzerland's Roche Holding AG initiated a $3 billion hostile bid for the company.

New home sales ease, while confidence falls

U.S. new home sales in May fell more than expected while consumer confidence in June fell to a 10-month low amid anxiousness about jobs and the business climate, adding to signs of sluggish economic growth this year.

Gold steady, higher yen hurts TOCOM

Gold was steady on Tuesday as the resilience of the dollar versus the euro reduced investor appetite for the metal, while a rise in the yen dragged down yen-based gold futures in Tokyo.

Oil eases to around $71, eyes on U.S. stocks, Nigeria

Oil eased to around $71 a barrel on Tuesday as investors weighed ample fuel stocks in top consumer the United States and the potential for higher Nigerian crude exports.

Kroger profit hit by labor charge

Kroger Co., the largest U.S. grocery chain, posted a weaker-than-expected rise in quarterly profit on Tuesday due to labor unrest at a distribution center, sending its shares down in early electronic trade.

Lennar says housing market may worsen

Lennar Corp., the second-largest U.S. home builder, posted a quarterly loss on Tuesday, forecast a loss in the current quarter and warned that the housing market could deteriorate further.

Court Adviser boosts Barclays ABN bid

Dutch Advocate General says ABN can sell its U.S. bank, LaSalle, without a shareholder vote.

Futures edge up, housing data looms

Stock index futures rose on Tuesday before data on new home sales, which is expected to show a decline in May.

Global stocks down, yen up as investors trim risks

European and Asian stocks fell on Tuesday while government bonds and the yen rose as concerns about the U.S. mortgage market and warnings about currency borrowing prompted investors to cut back on risky assets.

Texas Pacific seen bidding for UTAC: sources

U.S. private equity firm Texas Pacific Group is expected to bid for Singapore's microchip-testing firm United Test and Assembly Center as part of a consortium, banking sources said on Tuesday.

Yen rising as investors trim exposure to carry

The yen rose broadly on Tuesday, pulling away from multi-year lows versus the dollar and euro after Japanese, South Korean and New Zealand officials raised concerns about the low-yielding currency's recent weakness.

Help sought in Chinese tire recall after accident

A New Jersey importer has asked the U.S. National Highway Traffic Safety Administration for help in recalling about 450,000 light-truck tires made in China after a fatal car accident, lawyers said.

Iberdrola to fund U.S. buy with cash call, shares dip

Spain's Iberdrola said on Tuesday it will make a share issue to help finance its $4.5 billion cash purchase of U.S. regional gas and electricity supply company Energy East before completing the deal in the second half of 2008.

Roche says hopes hostile Ventana bid turns friendly

Swiss drugmaker Roche Holding said on Tuesday it still hoped its $3 billion hostile bid for Ventana Medical Systems Inc. could turn friendly but declined to say whether it would sweeten the deal.

U.S. launches corruption probe of BAE

The U.S. Department of Justice has launched an investigation of Britain's BAE Systems Plc over the defense company's compliance with anti-corruption laws, including its dealings with Saudi Arabia.

Subprime problems largely contained: Freddie Mac

Turbulence in the housing market remains largely restricted to the subprime sector, Timothy Bitsberger, treasurer and senior vice president at Freddie Mac, said on Tuesday.

IMF economist: World growth stronger, inflation risk

The world economy is powering ahead at a faster pace than expected two months ago, building up global inflationary pressures, the chief economist of the International Monetary Fund said on Tuesday.

S.Korea pension fund eyes Lone Star's KEB stake

South Korea's National Pension Service is interested in buying a majority stake in Korea Exchange Bank (KEB) from Lone Star, but has had no formal talks with the U.S. investment firm, a senior fund executive said.

AMA to seek probe of US retail health clinics

The American Medical Association said on Monday it will ask state and federal authorities to investigate retail health clinics such as those offered in CVS/Caremark stores, Wal-Mart Stores and Walgreen Co. for possible conflicts of interest.

Experian to buy 65 pct stake in Brazil's Seresa

British credit information firm Experian said on Tuesday it was buying a 65 percent stake in Brazilian credit bureau Serasa for $1.2 billion to give it control of three of the top five credit bureaux worldwide.

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