The Other Side of Life 24/7: Business Today: Futures drop after GE results, but gain on week

Friday, July 20, 2012

Business Today: Futures drop after GE results, but gain on week

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07/20/2012

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

Futures drop after GE results, but gain on week

NEW YORK (Reuters) - Stock index futures fell on Friday as investors took profit after three days of gains, and as GE's results spotlighted the impact of slowing European growth on multinational companies.

GE second-quarter profit tops forecasts despite volatile economy

(Reuters) - General Electric Co reported second-quarter profit slightly above expectations on Friday, offsetting weaker-than-forecast revenue growth, and said it was finding ways to grow despite a hazy economic outlook.

Global oilfield growth lifts Schlumberger, Baker Hughes

(Reuters) - Schlumberger Ltd and Baker Hughes Inc , the world's No. 1 and No. 3 oilfield services companies, posted higher-than-expected quarterly profit on Friday as revenue piled up outside North America.

Eurogroup approves Spanish banking sector bailout

BRUSSELS (Reuters) - Euro zone finance ministers approved an agreement on Friday to lend up to 100 billion euros ($123 billion) to Spain so it can recapitalize its banks, but the exact size of the loan will probably only be determined in September.

Xerox cuts full year earnings target

(Reuters) - Xerox Corp , best known for its office copiers and printers, cut its full-year profit target on Friday after it reported lower second-quarter earnings and revenue, bracing for continued tough economic conditions in Europe.

Exclusive: Banks in Libor probe consider group settlement-sources

ZURICH/WASHINGTON (Reuters) - A group of banks being investigated in an interest-rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone, people familiar with the banks' thinking said.

Private firms tout Iran oil cheap to beat sanctions

LONDON (Reuters) - Obscure private firms are offering Iranian crude oil at steep discounts to European oil traders as Tehran seeks ways to restore oil export flows hit by Western sanctions.

Oil majors to gain most from East Africa gas boom

LONDON (Reuters) - Large western energy companies stand to gain most from a boom in East African natural gas exports as their technical know-how and capital power gives them an advantage over smaller competitors or Asian national firms, consultants Bain and Company said.

Bank of England called for BBA to speed up Libor change in 2008

LONDON (Reuters) - The Bank of England urged the body responsible for the contested Libor rate for "greater energy" in overhauling the lending benchmark, newly published emails showed, as it sought to defend its role in a global interest rate rigging scandal.

Analysis: Favoring the French, a lesson in perception from bonds

LONDON (Reuters) - One indebted country has pushed through unprecedented austerity measures and persuaded Europe to shore up its banks. The other has done very little and is about to roll back even some of that.