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Monday, January 7, 2013

Daily Investor Briefing: Wall Street edges off five-year high,...

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01/7/2013
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
Wall Street edges off five-year high, awaits earnings
NEW YORK (Reuters) - Stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.
U.S. banks to pay $8.5 billion to end foreclosure reviews
WASHINGTON (Reuters) - A group of 10 mortgage servicers agreed on Monday to pay a total of $8.5 billion to end a U.S. government-mandated case-by-case review of housing crisis foreclosures in an acknowledgement the program had proven too cumbersome and expensive.
Analysis: "Fiscal cliff" deal sours tax reform outlook
WASHINGTON (Reuters) - Prospects for a 2013 overhaul of the U.S. tax code have faded after last week's "fiscal cliff" fight, with Democrats still pushing to raise more government revenue by closing tax breaks and Republicans arguing that the tax debate is over.
BofA, other banks move closer to ending mortgage mess
CHARLOTTE/WASHINGTON (Reuters) - Bank of America Corp announced more than $14 billion of legal settlements over bad mortgages it sold to investors and flaws in its foreclosure process, taking the bank a step closer to ending the home loan problems that have dogged it for years.
Analysis: Apple bid for Samsung sales ban faces skeptical court
SAN FRANCISCO (Reuters) - Apple Inc faces long odds in its attempt to overturn a U.S. appeals court ruling that threatens to undermine its smartphone patent war against Samsung Electronics Co Ltd.
Citigroup CEO names new executive team
NEW YORK (Reuters) - The new chief executive of Citigroup Inc named two company veterans to lead its institutional and consumer businesses on Monday and set lines of command to give him more direct responsibility for executives than his predecessor.
Aircraft financing costs set to rise, PwC says
PARIS (Reuters) - Global airlines face a hike in the cost of financing aircraft deliveries as an international pact on export credits squeezes already-scarce funding, according to consultants PwC.
Exclusive: Disney looks for cost savings, ponders layoffs - sources
LOS ANGELES (Reuters) - Walt Disney Co , which reported record earnings in November, started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.
Hawaiian Air looks to buy Airbus jets for up to $2.8 billion
NEW YORK (Reuters) - Hawaiian Airlines said on Monday it plans to buy Airbus A321neo planes in an order valued at up to $2.8 billion, a move that puts Airbus ahead of Boeing as the airline's main supplier of jets that fly between Hawaii and the U.S. West Coast.
Veteran broker departures shift $133 billion client assets in 2012
NEW YORK (Reuters) - Brokerages saw top advisers depart in droves last year and shift $132.5 billion in client assets with them, a Reuters tally shows, creating headaches for some Wall Street banks at a time when wealth management is becoming an increasingly important part of business.
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