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Fannie to change down payment policy: report

Fri, 16 May 2008 09:59:00 GMT

NEW YORK (Reuters) - Fannie Mae is expected to announce on Friday that it is getting rid of a policy that requires higher down payments on home mortgages in areas where home prices are dipping, the Wall Street Journal reported.

Wal-Mart to serve food in small-format stores: report

Fri, 16 May 2008 09:41:04 GMT

NEW YORK (Reuters) - Wal-Mart Stores Inc intends to prepare and serve food in its planned small-format stores, the Financial Times said on Friday, as it competes with British retailer Tesco's Fresh & Easy markets.

WTO tells U.S. to cut trade barriers, improve exports

Fri, 16 May 2008 09:38:02 GMT

GENEVA (Reuters) - The United States should cut barriers to its markets to help it tackle economic turmoil, and boost exports to deal with its current account deficit, the World Trade Organisation (WTO) said.

SMFG posts big rebound, forecasts modest growth

Fri, 16 May 2008 08:56:01 GMT

TOKYO (Reuters) - Sumitomo Mitsui Financial Group <8316.T>reported a threefold increase in fourth-quarter profit, rebounding from massive losses at its consumer finance unit a year earlier, and it forecast modest growth ahead.

SMFG posts rise in profit, forecasts modest growth

Fri, 16 May 2008 08:29:04 GMT

TOKYO (Reuters) - Sumitomo Mitsui Financial Group reported a 5 percent rise in annual profit as bond sales helped offset subprime losses, and it forecast modest growth this year.

LG Display shares slide on Lehman downgrade

Fri, 16 May 2008 07:53:03 GMT

SEOUL (Reuters) - Shares in South Korea's LG Display <034220.KS> fell more than 8 percent after Lehman Brothers downgraded its rating on the liquid crystal display maker and several rivals, heightening worries about oversupply and slowing profits.

Yahoo, WPP form multiyear ad-trading partnership

Fri, 16 May 2008 07:22:01 GMT

SAN FRANCISCO (Reuters) - Embattled Yahoo Inc has struck an advertising partnership deal with WPP Group that will let WPP buy ads on Yahoo's online ad exchange, the companies said late on Thursday.

Buffett pulls out of RBS insurance sale: report

Fri, 16 May 2008 06:07:06 GMT

LONDON (Reuters) - Warren Buffett's Berkshire Hathaway Inc has pulled out of the bidding in Royal Bank of Scotland's 7 billion pound ($13.62 billion) auction of its UK insurance business, the Financial Times reported on Friday.

FAA studying American's lightning checks procedure: report

Fri, 16 May 2008 05:58:01 GMT

NEW YORK (Reuters) - Federal aviation officials are examining why AMR Corp's American Airlines asked mechanics to start skipping some safety checks to detect damage to planes from suspected lightning strikes, the Wall Street Journal said on Friday, citing internal company and agency documents.

Macy's to have FAO Schwarz boutiques in stores: report

Fri, 16 May 2008 05:27:00 GMT

NEW YORK (Reuters) - Macy's Inc is expected to announce plans on Friday to open specialty U.S. toy retailer FAO Schwarz's toy boutiques in its 685 stores that carry children's clothing, the Wall Street Journal said.

LG Display sinks after Lehman downgrade

Fri, 16 May 2008 02:17:01 GMT

SEOUL (Reuters) - Shares in South Korea's LG Display <034220.KS> plunged as much as 6.7 percent after Lehman Brothers downgraded its rating on the company and the whole LCD sector, citing worries of oversupply and weaker profitability.

Senators say have accord on housing rescue

Fri, 16 May 2008 01:19:01 GMT

WASHINGTON (Reuters) - Leaders of the Senate Banking Committee said on Thursday they have agreed to the underpinnings of a housing rescue plan that will create a federal backstop for failing loans.

Icahn's Yahoo fight puts Microsoft in driver's seat

Fri, 16 May 2008 01:06:04 GMT

SEATTLE (Reuters) - Two weeks after Microsoft Corp abandoned its pursuit of Yahoo Inc , a proxy fight launched by activist investor Carl Icahn has put Microsoft in the driver's seat.

LG Display shares plunge on LCD outlook

Fri, 16 May 2008 00:59:02 GMT

SEOUL (Reuters) - Shares in South Korean flat panel maker LG Display <034220.KS> plunged as much as 6.62 percent after Lehman Brothers downgraded its rating on the LCD maker on worries of sector oversupply and a slowdown in shipments.

Lockheed wins potential $3.6 bln US GPS satellite deal

Fri, 16 May 2008 00:27:02 GMT

WASHINGTON (Reuters) - Lockheed Martin Corp won a potential $3.6 billion contract to start building a new generation of global positioning satellites that will boost accuracy for worldwide users, the Air Force said Thursday.

Icahn launches Yahoo proxy fight to spur Microsoft deal - Summary

Fri, 16 May 2008 00:26:04 GMT

San Francisco - Billionaire investor Carl Icahn officially launched a proxy fight Thursday to oust the Yahoo board in a bid to revive Microsoft's spurned deal for the internet powerhouse. It is quite obvious that Microsoft's bid of 33 dollars per sh...

Department store sales weak, but beat Street

Thu, 15 May 2008 22:43:09 GMT

LOS ANGELES (Reuters) - The weak economy took its toll on department stores on Thursday, as retailers Nordstrom, Kohl's and J.C. Penney reported lower first-quarter net profits, with all citing challenges stemming from the weakened U.S. economy.

United in alliance talks with Continental: sources

Thu, 15 May 2008 22:28:00 GMT

NEW YORK (Reuters) - United Airlines has begun talks with Continental Airlines Inc on a possible alliance, even as its merger talks with US Airways Inc continue, sources briefed on the matter said.

Fed sees some healing in scarred credit markets

Thu, 15 May 2008 22:25:05 GMT

CHICAGO (Reuters) - Top Federal Reserve officials on Thursday cited progress in alleviating months of turmoil in financial markets, but said a full return to normalcy was still some time away.

Lockheed wins $1.5 bln GPS satellite deal

Thu, 15 May 2008 22:08:06 GMT

WASHINGTON (Reuters) - Lockheed Martin Corp said on Thursday it had won a U.S. Air Force contract to start building a new generation of global positioning satellites, a deal valued by one source at up to $1.5 billion.