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Wednesday, March 20, 2013

Business Today: Futures higher as focus shifts to Fed

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03/20/2013
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
Futures higher as focus shifts to Fed
NEW YORK (Reuters) - Stock index futures rose on Wednesday as the focus shifted from concerns about Cyprus's financial health to the statement from the Federal Reserve's policy committee and news conference by Chairman Ben Bernanke later in the day.
Cyprus seeks Russian rescue, EU threatens cutoff
NICOSIA/MOSCOW (Reuters) - Cyprus pleaded for a new loan from Russia on Wednesday to avert a financial meltdown, after the island's parliament rejected the terms of a bailout from the EU, raising the risk of default and a bank crash.
FedEx cuts forecast as air freight weakness hits profit
(Reuters) - FedEx Corp cut its full-year forecast after a worse-than-expected third-quarter profit as customers shift from air express to slower but cheaper modes of shipping.
Analysis: Small and mid-sized banks face interest-rate struggles
BOSTON (Reuters) - Some banks have been buying longer-term bonds to boost profits in a low-interest rate environment, sparking fears their profits will be squeezed when the Federal Reserve eventually starts to hike rates.
American Realty Capital offers to buy Cole Credit trust
(Reuters) - Real estate investment trust American Realty Capital Properties Inc said it offered to buy unlisted Cole Credit Property Trust III Inc for $5.7 billion in cash and stock to create the largest publicly traded REIT in the net lease sector.
GM recalls about 33,700 vehicles to fix software issue
DETROIT (Reuters) - General Motors Co is recalling about 33,700 model-year 2013 Buick LaCrosse sedans and Cadillac SRX crossover vehicles globally to address a potential software problem that could increase the risk of a crash.
IMF chief's Paris flat searched over Tapie compensation case: lawyer
PARIS (Reuters) - French authorities searched the Paris flat of IMF chief Christine Lagarde on Wednesday as part of an investigation into her handling of a 2008 compensation payment to a businessman supporter of ex-president Nicolas Sarkozy, her lawyer said.
Litigation forces Deutsche Bank to restate profits
FRANKFURT (Reuters) - Deutsche Bank cut its previously reported 2012 pretax profit by 600 million euros ($773 million) on Wednesday, hit by new charges related to mortgage-related lawsuits and other regulatory investigations.
Bank of England split on QE, worried about sterling
LONDON (Reuters) - The Bank of England is no closer to providing more support for Britain's stagnant economy with most members of its policy committee worried by the weakness of the pound, minutes of its March meeting showed on Wednesday.
Fed to stick to stimulus as Cyprus rekindles global risks
WASHINGTON (Reuters) - The Federal Reserve looks set to sustain its $85 billion monthly bond-buying stimulus despite improving economic data as a new flare-up in the euro zone crisis reminds officials of a risky global environment.
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