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Wall St. extends bounce-back; S&P above key levels

Traders work on the floor of the New York Stock ExchangeBy Yasmeen Abutaleb NEW YORK (Reuters) - U.S. stocks rallied on Tuesday, with the S&P 500 on track for a fourth straight session of gains boosted by strong corporate results, including Apple's. The S&P 500 and Dow Jones were up more than 1 percent while the Nasdaq rose more than 2 percent, boosted by better-than-expected results from several major tech companies. The S&P 500 has gained more than 6 percent from its session low last Wednesday, when the benchmark was down nearly 10 percent from its intraday record. ...

Tue, 21 Oct 2014 15:06:36 -0400
Total CEO de Margerie killed in Moscow as jet hits snow plow

Christophe de MargerieBy Vladimir Soldatkin and James Regan MOSCOW/PARIS (Reuters) - Christophe de Margerie, the charismatic and outspoken chief executive of the French oil company Total , was killed when his private jet hit a snow plow as it was taking off from Moscow's Vnukovo airport on Monday night. His death leaves a void at the top of one of the world's biggest listed oil firms at a difficult time for the industry as oil prices fall and state-backed competitors keep them out of some of the best oil exploration territory. ...

Tue, 21 Oct 2014 12:44:54 -0400
New Total boss must overhaul exploration strategy, pursue cost cuts

View of French oil giant Total headquarters in the financial and business district of la Defense in Courbevoie near ParisBy Michel Rose PARIS (Reuters) - The sudden death of Total's top executive may make it even trickier for the French oil major to overhaul its expensive exploration strategy while simultaneously cutting costs to please shareholders as oil prices fall. Total had recently taken the unusual step of naming an outsider to devise a new strategy after a costly three-year drive to increase drilling spending failed to yield significant results - the main blot on Christophe de Margerie's legacy. ...

Tue, 21 Oct 2014 12:44:12 -0400
Coca-Cola announces growth plan as profit falls 14 percent

Coca Cola cans are seen at a concession inside the Dunas arena soccer stadium in NatalBy Anjali Athavaley (Reuters) - Coca-Cola Co on Tuesday announced new cost-cutting measures and a timeline for selling its bottling operations after its quarterly profit slumped 14 percent and the world's largest beverage maker struggles to find growth amid a soft market for soda. The Atlanta-based company said it would hand back, or refranchise, about two-thirds of its North American bottling territories by the end of 2017, and a substantial portion of the remaining territories no later than 2020. ...

Tue, 21 Oct 2014 12:19:09 -0400
U.S. existing home sales at one-year high, prices up

A real estate sign advertising a home for sale is pictured in Vienna, VirginiaBy Lucia Mutikani WASHINGTON (Reuters) - U.S. home resales raced to a one-year high in September, the latest indication the housing market recovery is gradually getting back on track. A separate report on Tuesday showed service sector activity in the nation's mid-Atlantic region picked up speed this month, another signal suggesting underlying strength in the economy. The National Association of Realtors said existing home sales increased 2.4 percent to an annual rate of 5.17 million units, the strongest reading since September of last year. ...

Tue, 21 Oct 2014 13:39:17 -0400
U.S. Fed awards record amount of term deposits

Sun rises to the east of the U.S. Federal Reserve building in WashingtonNEW YORK (Reuters) - The Federal Reserve awarded a record amount of seven-day term deposits to banks at a test auction held on Monday, it said in a statement on Tuesday. The U.S. central bank allotted $171.86 billion of them to 66 banks which will receive an interest rate of 0.26 percent. This compared with the $110.03 billion in deposits awarded a week earlier to 67 banks which received an interest rate of 0.26 percent. ...

Tue, 21 Oct 2014 13:34:57 -0400
Staples says probing possible payment card data breach

A family leaves the Staples store in Broomfield(Reuters) - Staples Inc is investigating a possible breach of payment card data and has contacted law enforcement about the matter, making it the latest U.S. retailer to become a possible victim of a cyberattack. "Staples is in the process of investigating a potential issue involving credit card data and has contacted law enforcement," company spokesman Mark Cautela said in a statement late Monday. The office-supply retailer disclosed the investigation after security reporter Brian Krebs reported on his blog Krebsonsecurity. ...

Tue, 21 Oct 2014 01:27:18 -0400
Two more lawsuits filed against Honda, Takata for air bag defect

A sign board of Japanese auto parts maker Takata Corp's Annual General Meeting is seen on a street near the venue in TokyoBy Ben Klayman DETROIT (Reuters) - The recall crisis involving Takata-made air bags exploding with too much force and spraying occupants with metal shrapnel continues to grow, with two more lawsuits filed concerning accidents in older Honda cars. News of the lawsuits comes a day after Toyota Motor Corp recalled 247,000 vehicles in the United States because of potentially defective air bags made by Takata Corp . Also on Monday, U.S. safety regulators urged consumers affected by similar recalls to have their cars' air bags replaced as soon as possible. ...

Tue, 21 Oct 2014 11:28:58 -0400
EU fines JPMorgan, UBS, Credit Suisse for taking part in cartels

A screen displays JP Morgan Chase & Co. at the post that the stock is traded at on the floor of the New York Stock ExchangeBy Foo Yun Chee BRUSSELS (Reuters) - JPMorgan , UBS and Credit Suisse were fined a total of 94 million euros ($120 million) by the European Commission for taking part in cartels in the financial sector. The Commission handed JPMorgan a 61.7-million-euro fine for rigging the Swiss franc Libor benchmark interest rate between March 2008 and July 2009. It was also fined 10.5 million euros for participating in a cartel on Swiss franc interest rate derivatives. UBS' penalty in the derivatives cartel came to 12.7 million euros and that of Credit Suisse was 9.2 million euros. ...

Tue, 21 Oct 2014 11:31:20 -0400
Tough U.S. rivalries, China food scandal pound McDonald's

a McDonald's restaurant in Beijing(Reuters) - McDonald's Corp's - which has not given investors many reasons to sing the fast-food chain's "I'm lovin' it" jingle - on Tuesday said quarterly profit dropped by nearly one-third and warned that global restaurant sales will fall again in October. Stock in the company, which attracted fewer customers during the third quarter, was off 0.6 percent at $91.05 in early trading. McDonald's net income slid 30 percent to $1.07 billion, or $1.09 per share, for the quarter ended Sept. 30. ...

Tue, 21 Oct 2014 10:39:15 -0400
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