Business
Staples profit beats estimates on cost cuts (Reuters)
NEW YORK (Reuters) –
Top office-products retailer Staples Inc (SPLS.O) reported a higher-than-expected quarterly profit on Tuesday as cost cuts offset weak sales.
Net earnings rose to $269.4 million, or 37 cents a share, in the third quarter that ended on October31, from $156.7 million, or 22 cents a share, a year earlier.
Excluding items, it earned 39 [...]
1Dec2009 | it-y | 0 comments | Continued
Dubai ruler plays up strength as Gulf markets fall (Reuters)
DUBAI (Reuters) –
Gulf markets dropped again on Tuesday, taking little comfort from Dubai World's plan to restructure about $26 billion of debt, while the rulers of Abu Dhabi and Dubai talked up their economic strength.
Dubai stocks fell a further 3.6 percent and the Abu Dhabi bourse lost 5.6 percent on their second trading day since [...]
1Dec2009 | it-y | 0 comments | Continued
Gov't increases pressure on mortgage industry (AP)
WASHINGTON – Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren’t doing enough to help borrowers at risk of losing their homes.
Treasury Department officials said Monday they will step up pressure on the 71 companies participating in the government’s $75 billion [...]
SEC watchdog eyes insider trading probe (Reuters)
WASHINGTON (Reuters) –
The internal watchdog for the U.S. Securities and Exchange Commission is probing whether enforcement staff "committed acts of negligence" in conducting an insider trading investigation.
Inspector General David Kotz's office said it is looking at a complaint that SEC staff had access to specific evidence that insider trading had occurred prior to staff closing [...]
1Dec2009 | it-y | 0 comments | Continued
Black Friday sales barely up, online surges (Reuters)
CHICAGO (Reuters) –
In a worrisome sign for retailers, data released on Saturday showed that sales rose a scant 0.5 percent on the traditional kickoff to the holiday shopping season despite early signs of a strong showing.
A focus on bargains pulled shoppers into stores and onto websites over the Thanksgiving holiday weekend, but many said they [...]
29Nov2009 | it-y | 0 comments | Continued