Financial news on September 22, 2012
Business and Financial news
Floyd Norris Off the Charts column notes that China and the Federal Reserve significantly reduced their position in US Treasury securities during the twelve month period ending in July, actions that were offset by a surge in Japanese buying; contends that widely-held anxiety that such a sell-off would raise borrowing costs seems to have been unfounded. Read more..
Research in Motion reports that an unidentified technical problem cut off BlackBerry e-mail and other services to some of its customers in Europe, the Middle East and Africa for several hours. Read more..
Darden Restaurants reports a better-than-expected first-quarter profit of $111 million, up from $106.6 million in the same period a year earlier. Read more..
Business software maker Tibco Software reports lower-than-expected third-quarter revenue of $26.1 million, up from $23.5 million in the same period a year earlier; forecasts fourth-quarter results below estimates on expected lower revenue from its services segment. Read more..
Joaquin Almunia, European Union's top antitrust regulator, signals that there are limits to how much longer his office would try to negotiate a settlement with Google over whether its Internet search engine favored the company’s own Web offerings to the detriment of competitors; warns that he retains the power to issue formal charges if negotiations do not soon bear fruit. Read more..
Franklin D Raines, who resigned as chief executive of Fannie Mae in late 2004 amid revelations of extensive accounting improprieties at the mortgage finance company, is dismissed from a long-running civil suit brought by Fannie Mae investors hoping to recover damages. Read more..
James B Stewart Common Sense column notes that Samsung has built an impressive lead in global mobile phone sales over Apple, despite that company's many significant advantages, controlling 24.1 percent of the market compared with Apple's 6.4 percent; notes that Samsung has capitalized on reliably functional design and a wholehearted embrace of Google's Android operating system. Read more..
The move to electronic health records may be adding billions of dollars to Medicare costs by enabling hospitals and physicians to bill more for the same services. Read more..
Stocks close flat, even as investors welcome Spain's efforts to seek a bailout and cheer as Apple's stock soars on the first day of iPhone 5 sales. Read more..
Universal Music Group receives regulatory clearance in Europe and the United States for its $1.9 billion takeover of EMI Music, ending months of uncertainty; future remains unclear for several artists who will be cast off when Universal complies with the European Commission's demand that it sell off one third of EMI's assets. Read more..