The Other Side of Life 24/7: 07/16/14

Wednesday, July 16, 2014

Daily Investor Briefing: Murdoch seen likely to pursue Time...

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07/16/2014

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

Murdoch seen likely to pursue Time Warner despite rebuff

NEW YORK (Reuters) - Rupert Murdoch's 21st Century Fox Inc said on Wednesday that Time Warner Inc had rebuffed its offer to buy the company, but people familiar with his thinking say he is determined to bring the U.S. media conglomerate into his empire.

Litigation costs hit Bank of America's quarterly profit

(Reuters) - Bank of America Corp said second-quarter profit fell 43 percent, a bigger decline than analysts had expected, after the bank posted $4 billion of litigation expenses linked to mortgage disputes following the financial crisis.

EBay's second-quarter revenue climbs 13 percent

SAN FRANCISCO (Reuters) - EBay Inc posted a 13 percent rise in quarterly revenue on Wednesday, as it fends off increasing competition from arch-foe Amazon.com Inc and a growing number of smaller niche retail websites.

Yum's China restaurant sales jump as KFC bounces back

(Reuters) - KFC parent Yum Brands Inc on Wednesday said second-quarter sales at established restaurants in China, its No. 1 market, jumped 15 percent as it recovers from an avian flu outbreak and a food safety scare that slashed demand for chicken last year.

Wall St. ends higher; Dow at record close

NEW YORK (Reuters) - U.S. stocks rose on Wednesday, with the Dow Jones industrial average closing at a record high, boosted by the latest merger news and some strong corporate earnings.

U.S. factory output surges in second quarter, housing improving

WASHINGTON (Reuters) - U.S. manufacturing output rose at its fastest pace in more than two years in the second quarter, suggesting the economy was regaining enough momentum to lift growth throughout the year.

F-35 engine mishap, UK 'no show' rich in lessons learned

FARNBOROUGH England (Reuters) - The engine failure that grounded Lockheed Martin's F-35 fighter jets and the warplane's now-canceled appearance at two UK air shows provided key "lessons learned" for the companies that build the jets, and the military forces that use them.

Yellen defends Fed independence, faces House Republican criticism

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen defended the central bank's independence on Wednesday at a U.S. congressional hearing, handling tough questions from Republican lawmakers who want to rein in the Fed's authority.

BMW to recall 1.6 million cars on concerns over Takata air bags

DETROIT (Reuters) - German automaker BMW said on Wednesday it is recalling about 1.6 million cars worldwide to replace passenger-side front air bags made by Takata Corp because the inflators could break apart during deployment and injure passengers.

Airbus, Boeing climb close to $100 billion in air show deals

FARNBOROUGH England (Reuters) - Airbus and Boeing climbed close to the $100 billion mark for plane deals at the Farnborough Airshow on Wednesday, demonstrating demand for new passenger jets despite concerns raised by their already record full order books.