The Other Side of Life 24/7: Daily Investor Briefing: Tech leads Wall Street lower as...

Tuesday, October 9, 2012

Daily Investor Briefing: Tech leads Wall Street lower as...

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10/9/2012

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

Tech leads Wall Street lower as earnings season starts

NEW YORK (Reuters) - U.S. stocks fell on Tuesday, led by losses in technology after brokerage downgrades of Intel and other major companies as worries increased about third-quarter U.S. earnings.

BofA moves veteran to senior European client job

LONDON (Reuters) - Bank of America Merrill Lynch named a long-standing capital markets specialist, Rupert Hume-Kendall, as chairman of its corporate and investment banking business in Europe, after a revamp of the division's management.

U.S. to allow smaller banks more time for stress tests

(Reuters) - U.S. regulators on Tuesday approved a plan that would give smaller banks an extra year before they must begin conducting annual stress tests to determine if they can withstand a financial shock.

Alcoa beats Street view, shares rise slightly

(Reuters) - Aluminum producer Alcoa Inc's third-quarter results beat Wall Street estimates as its downstream businesses offset weak aluminum prices and demand for the metal.

Alcoa paying $85 million cash to settle with Bahrain's Alba

DUBAI (Reuters) - Alcoa Inc will pay $85 million in cash and enter long-term raw material supply contracts with Aluminum Bahrain (Alba) to settle the Bahraini firm's racketeering and fraud lawsuit against Alcoa, the companies said on Tuesday.

Italy moves to centralize budgets, avert sales tax hike

ROME (Reuters) - Italy plans to reduce tax breaks for companies and cut spending on health care, a minister was quoted as saying, thereby avoiding a politically damaging increase in sales tax next year.

Eleven euro states back financial transaction tax

LUXEMBOURG/ATHENS (Reuters) - Eleven euro zone countries agreed on Tuesday to press ahead with a disputed tax on financial transactions aimed at making traders share the cost of fixing a crisis that has rocked the single currency area.

UK, France closer on EADS-BAE merger as deadline nears

PARIS/LONDON (Reuters) - An Anglo-French breakthrough over state shares in a $45 billion arms merger between EADS and BAE Systems made an extension of a negotiating deadline more likely, but put the two nations on a potential collision course with Germany.

UBS trader masked risk exposure of $12 billion, court told

LONDON (Reuters) - Alleged rogue trader Kweku Adoboli exposed Swiss bank UBS to billions of dollars of hidden market risk for weeks on end, peaking at nearly $12 billion on August 8 last year, a London court heard on Tuesday.

IMF warns global economic slowdown deepens, prods U.S., Europe

TOKYO (Reuters) - The IMF said the global economic slowdown is worsening as it cut its growth forecasts for the second time since April and warned U.S. and European policymakers that failure to fix their economic ills would prolong the slump.