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BofA CEO Moynihan to get 19 percent raise: report

Bank of America Chief Executive Brian Moynihan will be paid $950,000 a year for his new job, the Wall Street Journal reported on Wednesday.

E*Trade loss narrows sharply as recovery continues

E*Trade Financial Corp posted its 10th straight quarterly loss, but it was a small fraction of the loss in the year-earlier quarter as the online broker made headway on its crippling bad loans.

Zimbabwe diamond industry may face more trouble

Zimbabwe's diamond sector is facing trouble again in the New Year with a coalition of industry-based associations and representatives in the US met the state department and demanded tough action by the Kimberley Process against the erring miners. They urged strict steps in implementing the joint work plan (JWP) designed to bring Zimbabwe into full KP compliance.

E*Trade quarterly loss narrows, shares climb

Online broker E*Trade Financial Corp posted its 10th-straight quarterly loss, but it was a quarter of the size of the loss in the year-earlier quarter as the company made headway on bad loans.

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New York investigates Web retailers on hidden fees

New York Attorney General Andrew Cuomo is investigating 22 retailers for directing online shoppers to fee-based membership programs of discount clubs that often contain hidden charges.

Daily Forecast - 28/1/2010

The Australian Dollar opens near a three-and-a-half week low today at 0.8925.

Stock market recovers after FOMC statement, financials gain

The S&P 500 Index closed higher today, adding 5.33 points or 0.49 percent. It recovered to 1,097.50 from a downward spike minutes after the FOMC statement that took the index to a low of 1,083.11.

Wall Street gains on Fed's view; Apple lifts Nasdaq

Stocks rose on Wednesday after the U.S. Federal Reserve said it will keep interest rates near zero and ahead of President Barack Obama's State of the Union address tonight.

Lawmakers turn up heat on Geithner over AIG

U.S. lawmakers on Wednesday challenged Treasury Secretary Timothy Geithner's credibility after he said he was not involved with AIG's decision to withhold details on $62 billion the bailed-out insurer paid to banks.

Fall in U.S. new home sales fans fears on recovery

Sales of newly built U.S. single-family homes fell unexpectedly in December as the bounce from an initial tax credit fizzled, the latest sign that the government-led housing recovery might be losing some steam.

Wall Street rises on Fed statement; Apple lifts Nasdaq

Stocks rose on Wednesday after the U.S. Federal Reserve said it will keep interest rates near zero and ahead of President Barack Obama's State of the Union address tonight.

Stocks recover as FOMC commits to support the economy

The S&P 500 recovered from a low of 1,083.11, downward spike that occurred minutes after the Federal Open Market Committee statement, to trade at 1,093.54, up 0.12 percent at 3:27 p.m. in New York.

Dow, S&P dip after Fed; Apple lifts Nasdaq

The Dow and the S&P 500 slipped on Wednesday after the U.S. Federal Reserve said it will keep interest rates near zero and investors remained cautious before President Barack Obama's State of the Union address tonight.

Unprecedented shutdown hammers Toyota, partners

Toyota Motor Corp shares dropped more than 8 percent on Wednesday in U.S. trading as concern deepened about the automaker's suspension of sales and production of some of its best-selling vehicles due to problems with faulty accelerators.

Fed keeps rates steady, tone brighter

The Federal Reserve voiced a cautious note of optimism on the U.S. economy on Wednesday as it stuck to its pledge to keep interest rates near zero for a while to ensure a sustainable recovery.

Swiss government confident it can save UBS tax deal

The Swiss government said it was sure it could resolve a legal impasse threatening a deal struck by the U.S. and bank UBS to hand over data on clients the U.S. suspects of dodging taxes.

Toyota suspends U.S. sales of 8 models in recall

Toyota Motor Corp will suspend U.S. sales of eight models subject to a massive safety recall, an unprecedented move that sent its shares tumbling and raised questions about the timing of its earnings recovery.

Basic materials stocks plunge ahead of FOMC, despite upgrades

The S&P 500 Index dropped 4.98 points, or 0.46 percent in afternoon to trade at 1,087.19.

Factory sector expanded less than thought in Dec

U.S. manufacturing expanded slightly less than previously thought in December, according to revised data released by an industry group on Wednesday.

Stocks slip as investors brace for Fed statement

U.S. stocks declined on Wednesday as investors braced for the U.S. Federal Reserve's policy statement, which may provide clues about how long it will keep in place policies that have boosted markets.

Stock market shakes off housing data as some bank stocks recover

The S&P 500 Index paired some its earlier losses to trade down 0.18 percent at 12 p.m. in New York. It briefly dropped to 1085.55, before recovering to trade at 1,090.18. The Nasdaq Composite Index is slightly positive, gaining 0.03 percent.

Stocks edge lower as housing, outlooks weigh

The S&P 500 and the Dow fell on Wednesday after a report showed new home sales dropped unexpectedly in December, while Caterpillar Inc and United Technologies Corp gave guarded outlooks for the months ahead.

Fed to keep rates on hold as Bernanke vote looms

The U.S. Federal Reserve on Wednesday is expected to leave interest rates near zero and restate its vow to keep them low for an extended period.

Stocks off after housing data, Caterpillar drops

U.S. stocks fell on Wednesday after data showed new home sales dropped unexpectedly in December, as investors remained wary ahead of the U.S. president's State of the Union speech and the end of the Federal Reserve policy meeting.

Geithner takes hot seat at AIG hearing

A congressional panel, probing how money from the huge bailout of insurer American International Group Inc was spent, grilled Treasury Secretary Timothy Geithner on Wednesday about his role.

Business warns regulation may crimp recovery

Global business leaders warned Western governments Wednesday that a populist crackdown on the financial industry could crimp a fragile recovery from the worst recession since the 1930s.

Clinton to press China FM on Internet issue

U.S. Secretary of State Hillary Clinton will press China's foreign minister on the issue of Internet freedom, a growing irritant in ties between the two powers, a senior U.S. official said on Wednesday.

Swiss government moves to save UBS tax deal

The Swiss government is to talk to the U.S. authorities in a bid to resolve a legal impasse that has threatened to derail a key tax deal over UBS client data, it said on Wednesday.

Stocks edge down ahead of uncertainty: Geithner, FOMC, Obama

The Dow Jones Industrial Average is down 0.35 percent, the S&P 500 Index has fallen 0.27 percent, and the Nasdaq Composite Index slipped by 0.17 percent at 10:54 a.m. in New York as investors wait for answers from Washington.

Berkshire surges after being chosen for S&P 500

Shares of Berkshire Hathaway Inc surged on Wednesday after Standard & Poor's said it will add the company run by billionaire Warren Buffett to its S&P 500 stock index .

Stocks adds losses after home sales data

The Dow industrials and the S&P 500 added to earlier losses and the Nasdaq turned negative on Wednesday after data showed sales of new homes fell unexpectedly in December, indicating the housing recovery might be losing some steam.

New home sales unexpectedly fall in December

Sales of newly built U.S. single-family homes fell unexpectedly in December, data showed on Wednesday, the latest indication that the government-led housing recovery might be losing some steam.

Goldman denies made Greek bank sales pitch to China

Goldman Sachs denied a media report it had been mooting the sale of equity in National Bank of Greece to Chinese banks as debt-ridden Greece struggles to fix its public finances.

WellPoint profit tops Wall Street estimates

Health insurer WellPoint Inc said quarterly profit, excluding huge gains from a sale, fell on lower enrollment and higher medical costs, but the results topped Wall Street estimates.

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