WSJ.com: US Business

U.S. Loses Bear Fraud Case

Tue, 10 Nov 2009 21:35:44 EST

Two ex-Bear Stearns hedge-fund managers were acquitted of fraud in the first major criminal trial over the U.S. financial crisis.

Chairman Tightens Grip as GM Rebuilds

Tue, 10 Nov 2009 20:53:39 EST

GM's chairman said the board isn't comfortable with management's 2010 forecasts, and indicated the CEO's timetable for a stock offering may be too optimistic.

Banks Quick to Adopt New Loan Rules

Tue, 10 Nov 2009 19:33:21 EST

Banks are moving quickly to restructure commercial mortgages under new guidelines that are more forgiving of battered property values.

Dodd Unveils Financial Overhaul

Tue, 10 Nov 2009 20:25:54 EST

Sen. Dodd introduced a financial-regulatory-overhaul measure seeking more ambitious changes in some areas than the regime envisioned by the White House.

U.S. Indicts Hackers in ATM Heist

Tue, 10 Nov 2009 21:18:29 EST

The Justice Department indicted eight Russian and Eastern European computer hackers, alleging they were part of a crime ring that broke into ATMs in hundreds of cities world-wide and stole $9 million.

Souring Loans Hit Barclays, HSBC

Tue, 10 Nov 2009 18:45:17 EST

The U.K.'s healthiest big banks both reported lower third-quarter results, weighed down by souring loans even as the pace of deterioration began to slow.

With More Stock, Less Cash on Street

Tue, 10 Nov 2009 19:41:19 EST

The push by Wall Street firms to move more employee compensation to stock from cash will likely cause a drag on rebounding profits.

USDA Raises Crop-Price Outlook

Tue, 10 Nov 2009 19:49:38 EST

The USDA trimmed its production forecast and raised its price outlook for crops after the slowest harvest season in decades across the Midwest and South.

Sanofi Expands Regeneron Development Partnership

Tue, 10 Nov 2009 19:56:24 EST

Sanofi-Aventis is expanding its drug development partnership with Regeneron and will pay the biotechnology company more than $1 billion over the next eight years.

GM's Reilly to Head Opel, Vauxhall

Tue, 10 Nov 2009 16:59:27 EST

General Motors said international chief Nick Reilly is set to take over responsibility for the company's European Opel and Vauxhall operations.

Guilty Plea Made in UBS Insider Case

Tue, 10 Nov 2009 20:58:55 EST

A Brooklyn, N.Y., man pleaded guilty to criminal charges in an insider-trading case where he allegedly received tips from an investment banker at UBS.

Adobe to Cut 680 Jobs to Reduce Costs

Tue, 10 Nov 2009 18:45:01 EST

Adobe said it will cut about 680 full-time positions world-wide, or about 9% of its total work force, as the company moves to align costs with 2010 projections.

SAC Finds No Suspicious Trading

Tue, 10 Nov 2009 19:39:45 EST

SAC told investors it has found no suspicious trading in stocks that were named in a high-profile insider-trading case, but the hedge fund doesn't appear to have performed a formal internal inquiry.

Qatar Sells VW Preferred Shares

Tue, 10 Nov 2009 20:33:54 EST

Qatar's sovereign wealth fund sold 25 million preferred shares in Volkswagen, raising up to $2.37 billion, but said it still plans to increase its voting stake in the company.

JAL May Remove CEO

Tue, 10 Nov 2009 20:01:23 EST

Japanese government officials are considering the removal of JAL's chief executive, even as Tokyo offered to extend more aid to the airline.

EU Opens Thomson Reuters Probe

Tue, 10 Nov 2009 20:37:21 EST

Thomson Reuters faces a European antitrust probe over the way it locks in customers of its market-data services.

BlackRock's Fink: Forget 'Bubble' Talk

Tue, 10 Nov 2009 19:34:32 EST

BlackRock's chairman and CEO said there is all too much talk of a bubble being created in the stock market, and that the economy is in a period of stability.

SingTel Profit Climbs 10.1%

Tue, 10 Nov 2009 19:25:35 EST

Singapore Telecommunications said its fiscal second-quarter net profit rose 10.1% on year due to stronger operating revenue and contributions from its regional mobile associates.

Merriman Case Settled

Tue, 10 Nov 2009 21:24:04 EST

Merriman's co-founder and its former general counsel agreed to settle charges they failed to oversee an employee who played a role in a multimillion-dollar fraud.

Steiff Fires Executive's Accuser

Tue, 10 Nov 2009 20:11:49 EST

Steiff, famed for its high-end teddy bears, has fired a marketing executive who accused the head of the German company's toy unit of sexual harassment and rape.

Toll Brothers' Home Orders Rise Sharply

Tue, 10 Nov 2009 18:10:03 EST

Toll Brothers reported sharply improved results for its fiscal fourth quarter, with the luxury-home builder's orders above the levels of two years earlier and a cancellation rate in line with pre-downturn averages.

EU Stance in Oracle Deal May Reopen Rift

Tue, 10 Nov 2009 19:25:52 EST

The EU's objection to the Oracle-Sun deal opens up new legal questions and strains the bloc's regulatory relationship with the U.S.

Unions Push Issues in State Capitals

Tue, 10 Nov 2009 20:50:07 EST

Unions are pushing state lawmakers to pass legislation that would make organizing workers easier, as efforts to rewrite federal organizing laws remain stalled in Congress.

Bourke Gets One Year in Bribery Case

Tue, 10 Nov 2009 19:08:07 EST

Frederic Bourke Jr., co-founder of the Dooney & Bourke handbag company, was sentenced Tuesday to one year and one day in prison following his July conviction on criminal charges in an alleged scheme to bribe Azerbaijan government officials.

FedEx Predicts 8% Rise in 'Busiest Day' Deliveries

Tue, 10 Nov 2009 20:07:04 EST

FedEx forecast that it would ship over 13 million packages on what it expects to be 2009's busiest day, up 8% from last year's busiest day.

Lewis: Merrill Integration Ahead of Schedule

Tue, 10 Nov 2009 17:05:53 EST

Bank of America CEO Ken Lewis said that the bank's integration of Merrill Lynch is ahead of schedule and will generate more expense savings in 2009 than originally forecast.

Logitech to Buy LifeSize for $405 Million

Tue, 10 Nov 2009 18:50:14 EST

Webcam maker Logitech said it would spend $405 million to buy LifeSize Communications, a closely held maker of video-conferencing equipment.

Investa Abandons Australian Office Trust IPO

Tue, 10 Nov 2009 20:24:21 EST

Investa abandoned plans for an IPO, in a sign that investors will be selective in supporting an expected wave of IPOs as the market recovers.

Philadelphia Newspapers' Lenders Dealt Setback

Tue, 10 Nov 2009 20:52:15 EST

A federal judge has reversed a ruling that would have allowed Philadelphia Newspapers' lenders to bid the more than $300 million they are owed at a coming auction.

Kraft Pays Fees for Cadbury Loan

Tue, 10 Nov 2009 12:04:45 EST

Kraft Foods has paid half of the agreed upfront fee to its lenders, amounting to about $69.1 million, to secure the financing backing its £9.8 billion bid for Cadbury.