The Other Side of Life 24/7: Daily Investor Briefing: Wall St. ends lower in broad-based...

Wednesday, December 11, 2013

Daily Investor Briefing: Wall St. ends lower in broad-based...

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12/11/2013

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 St. ends lower in broad-based selloff

NEW YORK (Reuters) - Stocks fell on Wednesday in broad-based selling as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Federal Reserve to continue its current pace of economic stimulus.

Exclusive: Morgan Stanley launches sale of U.S. oil terminal business

NEW YORK (Reuters) - Morgan Stanley has launched a formal effort to sell its controlling stake in U.S. oil terminal and transport business TransMontaigne, three sources said on Wednesday, following other Wall Street powerhouses in yielding to intense regulatory pressure to get out of commodity investments.

Israel's Fischer picked to be next Fed vice chair: source

JERUSALEM (Reuters) - Stanley Fischer, who led the Bank of Israel for eight years until he stepped down in June, has been asked to be the Federal Reserve's next vice chair once Janet Yellen takes over as chief of the U.S. central bank, a source familiar with the issue said on Wednesday.

Analysis: With heavy lifting done, GM's focus turns to cars, fixing Europe

DETROIT (Reuters) - With General Motors Co in recent days setting in motion big changes around the globe, the focus for new Chief Executive Mary Barra and her team will be making cars and trucks that prove popular enough to help end losses in Europe, analysts said.

JPMorgan's Dimon upbeat about budget deal, economy

(Reuters) - JPMorgan Chase & Co CEO Jamie Dimon said on Wednesday he was thankful congressional leaders had reached a budget deal and was "less worried" about the impact of an eventual scaling back of the Federal Reserve's market-friendly stimulus measures.

RBS to pay $100 million in U.S. sanctions probe

WASHINGTON (Reuters) - Royal Bank of Scotland Group Plc will pay $100 million to resolve U.S. probes into the bank's dealings with Sudan, Iran, and other sanctioned countries, U.S. authorities said on Wednesday.

Key witness against SAC's Steinberg finishes testimony

NEW YORK (Reuters) - The government's star witness in its insider trading case against SAC Capital Advisors' Michael Steinberg faced a final day of questioning on Wednesday, as lawyers sparred over whether he was a credible cooperator or a liar.

Exclusive: Peugeot board approves outline Dongfeng deal - source

LONDON (Reuters) - PSA Peugeot Citroen's board has approved a plan for an alliance with Dongfeng in which the Chinese carmaker and the French state would buy large minority stakes at a 40 percent discount to Peugeot's current share price, a source familiar with the matter said.

GM doesn't owe $450 million in retiree benefits: U.S. judge

(Reuters) - A federal judge said General Motors Co is not required to pay $450 million to cover medical benefits for retirees, in a defeat for the United Auto Workers union.

Boeing, machinists begin second meeting on 777X, union says

NEW YORK (Reuters) - Boeing Co and machinists union leaders met on Wednesday, their second consecutive day of meetings in an effort to bring Boeing's new jetliner program, the 777X, to Washington state, according to the union.