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  • M&T-Hudson City Deal Delayed by Fed's Money-Laundering Review

    April 12, 2013 1:44 PM 114

    M&T Bank's (MTB) purchase of Hudson City Bancorp (HCBK) faces a lengthy delay after regulators raised concerns about M&T's compliance with anti-money-laundering rules. The Federal Reserve Board also expressed concerns about M&T's compliance with the Bank Secrecy Act, the companies said in press release Friday. As the result, the companies moved the termination

  • Italy's Wind to invest $1.3 billion in network with Huawei

    April 12, 2013 1:31 PM 118

    MILAN (Reuters) - Italian mobile phone operator Wind is to spend $1.3 billion on building a fourth-generation (4G) mobile broadband network to step up competition to rivals Telecom Italia (TLIT.MI) and Vodafone (VOD.L). The investment will use technology from Italy's Sirti and Huawei Technologies HWT.UL, the firms said in a statement on Friday, giving

  • Judge denies $20M severance deal for AMR CEO Tom Horton

    April 12, 2013 12:31 PM 114

    DALLAS A federal bankruptcy judge has denied a proposed $20 million severance payment for the CEO of American Airlines as part of the company's merger with US Airways. The judge ruled Thursday that the proposed payment to CEO Tom Horton exceeded limits that Congress set for bankruptcy cases in 2005. The U.S. trustee's office, part of the Department of Justice

  • Retail sales take a big tumble in March

    April 12, 2013 12:30 PM 183

    Retail sales fell in March from February, taking the biggest drop in nine months, the Commcerce Department said Friday. Retail sales declined a seasonally adjusted 0.4% last month, Commerce said. That followed a 1% gain in February. Both February and January's figures were revised lower. Consumers cut back across a wide range of categories. Sales at auto dealers

  • Futures dip with focus on bank earnings, economy

    April 12, 2013 11:40 AM 109

    U.S. Day Ahead: JPMorgan still in the shadow of the whale NEW YORK (Reuters) - Stock index futures fell on Friday, a day after Wall Street scaled new heights, as investors awaited a round of economic data and quarterly results from major banks. The Dow and benchmark S&P 500 closed at fresh highs on Thursday, extending this year's rally to a 13.4 percent

  • BlackBerry denies abnormally high return rate for Z10 phone

    April 12, 2013 10:30 AM 104

    The company says reports that returns exceeded the sales rate in the U.S. are "absolutely false." BlackBerry shares took a hit today after a few analysts criticized the tepid launch of the Z10 phone in the U.S., with one analyst claiming that the return rate was higher than the sales rate. Another said sales have dropped significantly at carrier stores

  • Nasdaq Cuts Chief’s Bonus Over Facebook I.P.O.

    April 12, 2013 4:41 AM 155

    The board of the market operator Nasdaq OMX Group has cut the 2012 bonus of the company’s chief executive, Robert Greifeld, by 62 percent, as a result of the botched Facebook initial public offering last May. Over all, Mr. Greifeld earned $8.9 million last year, including salary, stock awards and a “non-equity incentive plan compensation” of $1.35 million

  • Consultants’ role in foreclosure deal under fire

    April 12, 2013 3:18 AM 118

    The ‘Dirty Dozen’ tax scams the IRS wants you to avoid The foreclosure agreement was one of the largest to come out of the housing crisis. In 2011, more than a dozen mortgage servicers, including Bank of America and Wells Fargo, agreed to compensate homeowners after regulators identified fraudulent and flawed foreclosure practices. The servicers hired

  • The Post Office’s Biggest Problem Isn’t Saturday Delivery — It’s Congress

    April 12, 2013 3:15 AM 199

    It may seem like the United States Postal Service is unwilling to adapt to a world of declining mail volume and increased digital communication. But the real obstacle in the way of true reform aren’t the folks running the postal service itself. It’s their bosses in the U.S. Congress. Postmaster General Patrick Donahoe is like a man waiting for a package

  • Retail sales rise slightly in March

    April 11, 2013 11:18 PM 117

    Shoppers were held back by cold weather, economic strains and an earlier Easter, analysts say. Consumers shopping during a chilly March gave retail sales for the month a half-hearted push, with spending weighed down by the bitter weather, ongoing economic strains and an earlier Easter that shaved off a full selling day. "The deck was stacked against