"Wallstreet" Reader

"Wallstreet" Reader

Treasury Sells Big Chunk of AIG Stock

Posted: 10 Sep 2012 07:44 PM PDT

The Treasury Department sold a massive chunk of American International Group Inc. stock on Monday, ending the government's majority ownership of a company that in 2008 nearly toppled the financial system.

Asian Shares Fall Before FOMC, German Court Ruling

Posted: 10 Sep 2012 07:24 PM PDT

Asian stock markets fell Tuesday as investors were cautious before a critical German Constitutional Court ruling on the legality of the ESM and the FOMC's two-day policy meeting. The Nikkei fell 0.9%.

FedEx, UPS Gain Ground in China

Posted: 10 Sep 2012 06:56 PM PDT

China gave UPS and FedEx limited approval to provide express-package services within the country without using joint ventures.

Big Gulf Oil Deal Is Struck

Posted: 10 Sep 2012 04:39 PM PDT

Plains Exploration plunged into oil drilling in the deep waters of the Gulf of Mexico on Monday, committing to a $6 billion purchase of holdings from two energy giants, in a move that sent its shares tumbling nearly 11%.

Copper Surplus Presents Puzzle

Posted: 10 Sep 2012 06:51 PM PDT

China's copper surplus appears to be growing, which presents a vexing problem for analysts trying to predict the price of the metal—and the condition of the global economy.

Forex Suits Hitting Hurdles

Posted: 10 Sep 2012 05:06 PM PDT

State and local pension funds are hitting a legal roadblock in efforts to recover damages from Bank of New York Mellon for allegedly overcharging clients on currency trades.

Transocean to Sell 38 Rigs

Posted: 10 Sep 2012 03:34 PM PDT

Transocean is selling 38 of its shallow-water rigs in a deal valued at more than $1 billion. It also disclosed talks with the Justice Department to resolve civil and criminal claims relating to the Deepwater Horizon disaster.

Shell Interrupts Drilling in Alaska Arctic to Avoid Ice

Posted: 10 Sep 2012 03:00 PM PDT

One day after starting to drill the first well in Alaska's offshore Arctic in more than two decades, Royal Dutch Shell said Monday it needed to move its rig as a precaution against sea ice that could move into the area.


Rig-Fleet Makeovers Fuel New Boom

Posted: 10 Sep 2012 02:45 PM PDT

Energy companies are retooling their fleets of aging drilling rigs for the first time in decades, boosting the profits of companies that make the equipment used in the booming business of deep-sea drilling.


Lawyers Say IRS Has Ruled on UBS Whistleblower Case

Posted: 10 Sep 2012 02:53 PM PDT

Lawyers for Bradley Birkenfeld plan to reveal the agency's ruling on Tuesday.

Regulator Vows Rules to Fix Mortgage Markets

Posted: 10 Sep 2012 03:41 PM PDT

Fannie Mae and Freddie Mac said Monday the mortgage giants would address a big controversy of the housing bust: who gets stuck with bad loans.

Zynga Loses Another Top Executive

Posted: 10 Sep 2012 08:04 PM PDT

Zynga's chief marketing and revenue officer, Jeff Karp, has resigned, marking another prominent departure from the social-gaming firm as it struggles with a flagging market value.

Medifast Settles FTC Charges

Posted: 10 Sep 2012 04:42 PM PDT

A Medifast unit agreed to pay $3.7 million to settle charges that its ads for meal-replacement products made unsupported claims about weight loss, the FTC said.

Bad Loans Weigh Down Vietnam

Posted: 10 Sep 2012 08:00 PM PDT

Vietnam faces an urgent task: fix a beleaguered banking system or watch its economy continue to slip behind faster-growing neighbors.

Surge in Spanish, Italian Bond Deals Raises €7.3 Billion

Posted: 10 Sep 2012 07:06 PM PDT

A wave of deals hit the European bond market, with Spanish and Italian banks and high profile companies raising €7.3 billion on the busiest day for European issuances since the beginning of 2009.

Islands Spat Hits Japan Car Makers

Posted: 10 Sep 2012 09:45 AM PDT

Some Japanese auto makers bucked an otherwise positive August for auto sales in China, and an industry group executive cited the potential ripple effects from a territorial dispute over islands in the East China Sea.

U.S. to Slash AIG Stake

Posted: 10 Sep 2012 02:00 PM PDT

The Treasury will sell $18 billion of AIG stock in a public offering, slashing its stake by more than half and making the government a minority shareholder.

J&J Settles Lawsuit Over Antipsychotic

Posted: 10 Sep 2012 01:29 PM PDT

J&J agreed to a last-minute settlement of a lawsuit claiming that a boy's use of its antipsychotic drug Risperdal caused abnormal breast growth.

EBRD President Urges Action for Eastern Europe

Posted: 10 Sep 2012 10:31 AM PDT

The new president of the European Bank for Reconstruction and Development said there is a need for an "action plan" to help countries in central and southeastern Europe.

IMF Says Ireland Making Progress, Risks Remain

Posted: 10 Sep 2012 09:31 AM PDT

The International Monetary Fund said Ireland has made good progress toward securing permanent access to market funding, but low growth and the wider euro-zone debt crisis could still yet dash its hopes of emerging from its bailout program.