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TransUnion: Late-payment rate on US credit cards fell in 1Q as borrowers tackled holiday debt

The Canadian PressMay 21, 2013 00:45
LOS ANGELES, Calif. - Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt. The rate of credit card payments at least 90 days overdue fell to 0.69 per cent in the first quarter from 0.85 per cent a year earlier — drop of nearly 19 per cent, credit reporting agency TransUnion said Tuesday.

Small company stocks take limelight as Russell 2000 index climbs above 1,000 for first time

The Canadian PressMay 20, 2013 23:00
NEW YORK, N.Y. - Small-company stocks were a bright spot in a slow and choppy start to the week for Wall Street. The Russell 2000, an index of small-company stocks, climbed above 1,000 points for the first time and ended higher Monday, even as the Dow Jones industrial average, the Standard Small stocks are doing well because they are more focused on the U.S., which is recovering, and are less exposed to recession-plagued Europe than the large international companies that make up the Dow and the S

Broker-dealer LPL overhauling compliance practices after fines

May 20, 2013 19:31
By Jed Horowitz, Ashley Lau and Suzanne Barlyn NEW YORK (Reuters) - LPL Financial Holdings Inc, a fast-growing broker-dealer that offers services to more than 13,000 independent stockbrokers, is overhauling its compliance procedures following a flurry of regulatory complaints about sales abuses.

Trade group SIFMA names ex-Senator Gregg as CEO

May 20, 2013 19:30
By Jed Horowitz NEW YORK (Reuters) - SIFMA, the securities industry's largest trade group, named former Senator Judd Gregg as chief executive officer, in a move that may signal a desire to mend fences with ordinary Americans and Congress. The Securities Industry and Financial Markets Association had been expected to give the post to interim chief executive and president Kenneth Bentsen, a veteran lobbyist, said a person close to the group.

Rockwood pigments businesses attract private equity bids: sources

May 20, 2013 18:45
By Michael Erman and Greg Roumeliotis NEW YORK (Reuters) - Specialty chemicals producer Rockwood Holdings Inc's <ROC.N> pigments businesses have attracted offers from buyout firms including Blackstone Group LP <BX.N> and Advent International Corp, several people familiar with the matter said.

Apple offshore loopholes averted taxes

Agence France-PresseMay 20, 2013 18:45
Apple avoided paying taxes on tens of billions of dollars in profits through a complex network of subsidiaries, many with "no declared tax jurisdiction," a US Senate panel has concluded. The Senate investigation, set to be discussed at a hearing Tuesday, stopped short of accusing the US tech giant of anything illegal but two lawmakers on the panel said the tax strategies call for new scrutiny.

Apple uses companies outside US to avoid paying billions in US taxes, Senate inquiry finds

The Canadian PressMay 20, 2013 18:00
WASHINGTON - Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found. The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued Monday by the Senate Permanent Subcommittee on Investigations.

Morgan Stanley sued in 'pay-to-play' retirement plan case

May 20, 2013 15:30
(Reuters) - Morgan Stanley <MS.N> has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc <VOYA.N> and others in exchange for extra fees in an illegal "pay-to-play" scheme. Skin Pathology Associates Inc. filed suit in federal court in Manhattan on May 16, accusing Morgan Stanley of violating federal laws governing retirement plans through its dealings with co-defendant ING Life Insurance and Annuity Co and other 401(k) service providers.

Blackstone, company leaders bid to take Chinese tech company Pactera private in $680M deal

The Canadian PressMay 20, 2013 14:01
Private equity firm Blackstone Group LP, along with Pactera's CEO and other managers, have offered to take Pactera private in a deal that values the Chinese technology consulting and outsourcing firm at $680.4 million. Shares rose 31 per cent Monday. Through Friday's close, before news of the offer, Pactera's stock had lost about two-thirds of its value over the past year.

Young entrepreneurs pitch ideas to investor Warren Buffett, win prizes for their businesses

The Canadian PressMay 20, 2013 13:00
OMAHA, Neb. - Meeting Warren Buffett is exciting, but 10-year-old Matthew Meyer says winning $5,000 and 10 shares of stock in Buffett's company made Monday the best day of his life. Matthew says winning the grand prize in a contest tied to "The Secret Millionaire's Club" cartoon makes him "rich-ish." The Cincinnati boy won the individual competition with a writing aid he designed. The cartoon, featuring an animated Buffett teaching financial lessons, airs on the Hub cable network and online at www.smckids.com .
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