IBT Staff Reporter

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BP credit ratings cut as oil-spill costs mount

Fitch Ratings downgraded BP , reversing its view that the Gulf of Mexico oil spill would have a limited financial impact on the company, and was joined by Moody's as fears grow over clean-up and legal costs.
Jun 03, 2010

Flash crash a record day at TD Ameritrade: CEO

The jarring flash crash on May 6 yielded a record trading day at TD Ameritrade Holding Corp , though some of its customers were upset with the market breakdown that day, the U.S. online brokerage's chief said on Thursday.
Jun 03, 2010

Growth momentum to top Europe's woes: Geithner

The global recovery had enough momentum before Europe's debt crisis struck to be able to weather it without being derailed, Treasury Secretary Timothy Geithner said on Thursday.
Jun 03, 2010

Wall Street advances as tech soars

Stocks rose on Thursday, led by a late-day surge in technology shares as investors geared up for a strong unemployment report on Friday.
Jun 03, 2010

Jobs data show labor market improving

Private sector employers added jobs in May and the economy's dominant services sector increased payrolls for the first time in more than two years, building evidence that the labor market was picking up steam.
Jun 03, 2010

Wall Street gains as tech soars

Stocks rose on Thursday, led by a late-day surge in technology shares as investors geared up for a strong unemployment report on Friday.
Jun 03, 2010

German minister sees Facebook fined over privacy

Germany's consumer protection minister said on Thursday she would quit Facebook over what she called privacy law violations that she believed would lead to the company being fined by German data protection authorities.
Jun 03, 2010

Microsoft CEO says changing market not a danger

Microsoft Corp Chief Executive Steve Ballmer said the transition from PCs to smartphones and tablets is a time of potential tumult in the technology industry, but said the software maker will continue to prosper in the changing market.
Jun 03, 2010

Fed should raise rates to 1 percent: Fed's Hoenig

A top Federal Reserve Official said on Thursday the U.S. central bank should raise rates to 1 percent by the end of the summer to avoid having to raise borrowing costs abruptly as the economic recovery gains momentum.
Jun 03, 2010

Services growth shows signs of waning momentum

Growth in the euro zone services sector quickened in May, helped by a the recovery in France, but activity slowed in the big emerging economies and was stable in the United States, surveys showed on Thursday.
Jun 03, 2010

S&P 500 flat as materials shares, caution weigh

The S&P 500 was little changed on Thursday, pressured by weak natural resources shares and tepid May sales by U.S. retailers, while caution before Friday's unemployment report pushed investors to the sidelines.
Jun 03, 2010

EU court says countries can ban online gambling

EU countries can ban online gambling if their aim is to combat fraud, Europe's highest court said on Thursday, dealing a blow to the multi-billion euro online betting industry seeking to break domestic monopolies.
Jun 03, 2010

UBS tax deal inches closer to parliament approval

A Swiss-U.S. deal to end a tax dispute that nearly crippled UBS AG and undermined Swiss bank secrecy inched closer to full parliament approval as the upper house gave it its backing on Thursday.
Jun 03, 2010

Bernanke says job scarcity a concern

Lending to small businesses is declining, making it more difficult to counter the persistent problem of high unemployment, Federal Reserve Chairman Ben Bernanke said on Thursday.
Jun 03, 2010

FOREX-Dollar up on payrolls bets; Yen falls

The U.S. dollar rose broadly on Thursday on bets for a strong reading for U.S. payrolls data while the yen fell for a second day versus the dollar due to political uncertainty in Japan. Expectations for a strong payrolls report on Friday whet appetite for riskier assets and pushed the Australian and New Zealand dollars higher, along with some emerging market currencies. Investors tend to sell the low-yielding yen to fund such investments.
Jun 03, 2010

Book asks: Is Internet ruining our minds?

When author Nicholas Carr began researching his book on whether the Internet is ruining our minds, he restricted his online access and e-mail and turned off his Twitter and Facebook accounts.
Jun 03, 2010

Luxury brands warming to the Web

Luxury groups are finally warming to the Internet, lured by surging sales and a wider audience for their brands, though lingering suspicions could limit the level of online penetration compared with the wider retail sector.
Jun 03, 2010

Pakistan central bank governor resigns

Pakistan's central bank governor said on Thursday he has stepped down for personal reasons, increasing concerns about political instability as the country faces IMF pressure to reform its economy. Salim Raza was the second senior policy-maker to quit in Pakistan this year following Finance Minister Shaukat Tarin's resignation in February.
Jun 03, 2010

Wall Street drops on retailers and euro weakness

U.S. stocks fell on Thursday, tracking weakness in the euro, as tepid May sales from U.S. retailers curbed investor optimism ahead of what is expected to be a solid payroll report Friday.
Jun 03, 2010

Oil spill: A blessing in disguise for biofuel stocks

Considering the extent of oil spillage happening from the Gulf of Mexico and the dangers looming large on the environment due to that, has left the investors of these oil and gas exploration companies perplexed on their investment preferences. As and how the gravity of the oil spillage started coming to the knowledge of the investor community, they showed a trend of exit from the traditional oil and gas exploration companies and diverted their funds towards alternate energy companies.
Jun 03, 2010

May retail sales lackluster but discounters strong

May brought lackluster sales results for U.S. retailers, with discount chains turning in the strongest performance, as consumers again showed their cautious side in a seasonally weak period for spending.
Jun 03, 2010

Fed's Bernanke says job scarcity a concern

Lending to small businesses is declining, thus making it more difficult to come to grips with the persistent problem of high unemployment, Federal Reserve Chairman Ben Bernanke said on Thursday.
Jun 03, 2010

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