Twitter, social media are fertile ground for stock hoaxes
NEW YORK (Reuters) – Prominent short-seller David Einhorn raised eyebrows last month when he popped up on Twitter to disavow that he had tweeted about Herbalife Ltd. “Apparently I have a twitter impersonator,” said the hedge fund manager, adding that he had no plans “to tweet about stocks.” What set off Einhorn, founder of Greenlight [...]
Bank compensation up in 2012 despite cutback efforts
LONDON (Reuters) – Compensation at the world’s biggest banks rose last year, with 35 of them spending a combined 10 billion euros ($13.1 billion) more on staff than in 2011, figures compiled by Reuters show. Bankers’ remuneration has rarely been out of the spotlight over the last five years, as the industry’s powerhouses were rescued [...]
Canada January trade deficit dwindles as exports rise
OTTAWA (Reuters) – Canada’s trade deficit in January dwindled to just C$237 million ($230 million) as exports grew at a faster rate than imports, Statistics Canada said on Thursday. The deficit – less than the C$600 million predicted by market operators – represented the best performance since the C$21 million surplus recorded in March 2012. [...]
After mediation fails, court fight over Nortel begins
WILMINGTON, Del (Reuters) – Bankrupt telecoms equipment giant Nortel Networks once boasted of a global operation, but now its former world-wide units are squaring off over its last remaining asset: $9 billion in cash. Two judges, one in Wilmington, Delaware, and the other in Toronto, will jointly hear arguments on Thursday that will ultimately decide [...]
The Dow: Old, but hardly irrelevant in march to record
NEW YORK (Reuters) – Market professionals sometimes deride it as a relic, deeply flawed in its structure, useful mostly as the man-on-the-street’s window on the stock market. But the old man of Wall Street, the Dow Jones industrial average , has had enough kick left in its 117-year-old legs to vault to an all-time high [...]
Dow surges to record on optimism about economy
NEW YORK (Reuters) – The Dow Jones Industrial Average surged to a record on Tuesday, breaking through levels last seen in 2007 as investors poured money into blue-chip stocks in expectation of more gains amid signs of a strengthening U.S. economy. The oldest U.S. stock market gauge has gained more than 8 percent so far [...]
Berkshire on hunt for more Heinz-like deals: Buffett
(Reuters) – Berkshire Hathaway Inc is on the hunt for more deals similar to its planned purchase of H.J. Heinz Co , Warren Buffett, the conglomerate’s chief executive, said on Monday. “If we get a chance to buy another Heinz, we will do that,” Buffett said on CNBC-TV. Berkshire likes the ketchup maker’s business, the [...]
TransCanada shares rise on Keystone environment report
CALGARY, Alberta (Reuters) – Shares in TransCanada Corp rose early on Monday in the first trading following a positive U.S. government report on the company’s controversial Keystone XL project. Shares in the company opened up 0.3 percent to C$47.95 on the Toronto Stock Exchange. Late on Friday, the U.S. State Department issued its draft supplemental [...]
Hecla to buy Aurizon Mines for C$796 million
(Reuters) – Hecla Mining Co , the No.2 U.S. silver miner by output, said it will buy Canadian gold miner Aurizon Mines Ltd for about C$796 million ($774.36 million), nearly a month after the Canadian company rejected an unsolicited offer from Alamos Gold Inc . The offer price of C$4.75 per share represents a premium [...]
Canadian manufacturing PMI expands modestly in February
TORONTO (Reuters) – The pace of Canadian manufacturing activity picked up modestly in February, notching the strongest expansion in five months, according to data released on Friday, though growth was still slower than the historical norm. The RBC Canadian Manufacturing Purchasing Managers’ Index was at 51.7 last month after adjusting for seasonal variation, rising from [...]