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Wednesday, October 17, 2012

Business Today: Stock futures climb after housing starts surge

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10/17/2012
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Stock futures climb after housing starts surge
NEW YORK (Reuters) - Stock index futures added to gains after data showed groundbreaking on new U.S. homes surged in September to its fastest pace since July 2008.
Citi rushes to replace Corbat in EMEA top job
LONDON (Reuters) - Citigroup's new boss Mike Corbat is rushing to plug the gap he left at the helm of the U.S. bank's European business, a major hub for investment banking income but which still lags other regions by revenue.
Housing starts surge to fastest pace since 2008
WASHINGTON (Reuters) - Groundbreaking on new U.S. homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction.
BofA posts slim profit despite settlement, charges
(Reuters) - Bank of America Corp eked out a third-quarter profit even after taking $1.6 billion of litigation charges, as the second-largest U.S. bank set aside less money to cover bad loans.
PepsiCo profit beats expectations, affirms 2012 outlook
(Reuters) - PepsiCo Inc reported higher-than-expected quarterly earnings on Wednesday, despite weaker revenue caused in part by the stronger U.S. dollar and the exit of certain businesses.
American Airlines parent AMR posts wider loss
(Reuters) - American Airlines parent AMR Corp reported a wider quarterly net loss on Wednesday, as it took charges tied to worker severance costs and its Chapter 11 bankruptcy reorganization.
IMF urges aid for Italy, Spain but Rome baulking
MILAN/MADRID (Reuters) - The International Monetary Fund called on the eve of a European Union summit for both Spain and Italy to seek euro zone assistance to draw a line under the bloc's debt crisis, but Rome has rebuffed the idea and Madrid seems likely to apply alone.
Halliburton profit falls, but in line with market estimates
(Reuters) - Halliburton Co's third-quarter profit fell in line with analysts' estimates due to the high cost of a key drilling material and a slowdown in North American drilling activity because of low natural gas prices.
BNY Mellon profit rises on money management fees
(Reuters) - BNY Mellon Corp reported an 11 percent rise in third-quarter earnings on Wednesday, beating analysts' expectations, as money management and performance fees increased.
Foxconn says underage workers used in China plant
TAIPEI (Reuters) - Foxconn Technology Group, the world's largest contract electronics maker, has acknowledged hiring teenagers as young as 14 in a Chinese factory, in breach of national law, in a case that raises further questions over its student intern program.
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