The Other Side of Life 24/7: Daily Investor Briefing: Wall St. falls as World Bank cuts...

Wednesday, June 11, 2014

Daily Investor Briefing: Wall St. falls as World Bank cuts...

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06/11/2014

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. falls as World Bank cuts growth view

NEW YORK (Reuters) - U.S. stocks fell on Wednesday, with the Dow and S&P 500 pulling back from recent record highs following the World Bank's reduction of its global growth forecast.

Ex-Goldman director Gupta loses bid to stay out of prison

(Reuters) - Former Goldman Sachs Group Inc director Rajat Gupta has failed to persuade the U.S. Supreme Court to delay the June 17 start of his two-year prison term while he pursues an appeal of his insider trading conviction.

U.S. healthcare data points to much weaker first-quarter GDP

WASHINGTON (Reuters) - The U.S. economy likely contracted at a much sharper pace in the first quarter than previously estimated with data on Wednesday showing weaker healthcare spending.

Exclusive: U.S. using JPMorgan penalty to speed cases against other banks

WASHINGTON/NEW YORK (Reuters) - The U.S. Justice Department is spending some of the $13 billion JPMorgan Chase & Co agreed to pay to settle claims stemming from mortgage misdeeds to speed up similar punishments against other lenders, possibly including Bank of America Corp and Citigroup, according to people familiar with the matter.

GM CEO to testify on recall next week at U.S. congressional hearing

WASHINGTON (Reuters) - General Motors Co Chief Executive Mary Barra will testify on June 18 at a U.S. House of Representatives subcommittee hearing on the automaker's defective ignition switch that has been linked to at least 13 deaths, the subcommittee said on Wednesday.

Pfizer says Astra quest failed due to price

(Reuters) - Pfizer Inc's chief financial officer on Wednesday said his company failed in its attempted $118 billion takeover of AstraZeneca Plc because they could not agree on the value of the British drugmaker.

Cantor exit raises Wall Street fears of renewed debt fight

NEW YORK (Reuters) - House Majority Leader Eric Cantor's shocking defeat isn't likely to have much effect on U.S. financial markets -- unless his departure emboldens Tea Party Republicans to again threaten a government shut-down over the debt ceiling next year, investment strategists said.

EU investigates tax rulings on Apple, Starbucks, Fiat

BRUSSELS/LONDON (Reuters) - The European Commission raised pressure on Ireland, the Netherlands and Luxembourg over their corporate tax practices, saying it was investigating deals the countries have cut with Apple, Starbucks and Fiat.

Lululemon founder turns on board, votes against new chairman

(Reuters) - Lululemon Athletica Inc's founder and biggest shareholder, Chip Wilson, lashed out at the yogawear retailer's board on Wednesday, saying he had voted against keeping the company's new chairman and another director in their jobs because they are too focused on short-term growth.

Dove-hawk tradeoff could mean earlier rate rise

SAN FRANCISCO/NEW YORK (Reuters) - A possible tradeoff between opposing camps at the U.S. Federal Reserve could bring about an earlier-than-expected interest rate rise while keeping the U.S. central bank's balance sheet larger for longer.