Business News

• China consumers less willing to spend in first quarter: Nielsen May 17, 2012
  BEIJING (Reuters) - China's consumers are cooling towards discretionary spending, preferring to salt money into savings or education for their children, according to a Nielsen survey of Chinese consumer confidence published on Thursday. […]
• RBC, Credit Suisse eyes BofA's non-U.S. wealth arm: sources May 17, 2012
  SINGAPORE/HONG KONG (Reuters) - Royal Bank of Canada and Credit Suisse are among the suitors seeking to bid for the non-U.S. wealth management businesses of Bank of America Merrill Lynch , sources told Reuters, in a deal that could be worth around $2 billion. […]
• AIG, Allstate, others on ResCap creditor committee May 17, 2012
  (Reuters) - Nine creditors of Residential Capital LLC, including the insurers American International Group Inc and Allstate Corp, were selected to join the unsecured creditors committee for the mortgage lender's bankruptcy. […]
• Oxfam sues over oil, mining payments to governments May 17, 2012
  NEW YORK (Reuters) - Oxfam America sued the U.S. Securities and Exchange Commission on Wednesday to try to get the SEC to force oil, gas and mining companies to disclose how much they pay to foreign governments. […]
• Europe drags down Wall Street a fourth day May 17, 2012
  NEW YORK (Reuters) - Stocks closed lower in a choppy session on Wednesday, with the S&P 500 logging its fourth straight decline as investors worried about Greece's future as a member of the euro zone. […]
• Ad execs say jury still out on Facebook as medium May 17, 2012
  NEW YORK/LONDON (Reuters) - General Motors Inc's decision to stop advertising on Facebook may be a wake-up call for the No. 1 social network, but Top advertising executives say it's far too early to know if the site will take off as an advertising platform. […]
• Automakers rev up new model rollout in U.S.: study May 17, 2012
  DETROIT (Reuters) - Major automakers will launch new models through 2016 in the United States at a faster pace than in the last two decades, according to a Bank of America Merrill Lynch report. […]
• J.C. Penney stock has worst fall ever May 17, 2012
  (Reuters) - J.C. Penney Co Inc shares plunged nearly 20 percent on Wednesday, their worst decline ever, wiping away $1.43 billion in market value a day after the retailer shocked Wall Street with a much worse-than-expected drop in sales and by scrapping its dividend. […]
• Gupta insider trading jury to hear Rajaratnam tapes May 16, 2012
  NEW YORK (Reuters) - Convicted hedge fund founder Raj Rajaratnam is in prison, but the jurors of a separate insider trading trial of former Goldman Sachs Group Inc and Procter & Gamble Co board member Rajat Gupta will hear his voice in court on FBI wiretaps. […]
• Shareholders sue JPMorgan Chase over trading loss May 16, 2012
  NEW YORK (Reuters) - JPMorgan Chase & Co was the target of two separate lawsuits by shareholders on Wednesday, accusing the bank and its management of excessive risk that led to trading losses of at least $2 billion. […]