Bill Gross, manager of the world’s biggest bond fund, said the Federal Reserve may be unable to calm volatility it triggered in global financial markets after it signaled an eventual cut in its monetary stimulus.
A damaged Florida nuclear plant that spurred a boardroom coup at Duke Energy Corp. in July risks getting scrapped unless the power company can justify spending more than $1.3 billion on the costliest-ever U.S. atomic repair.
Asian stock futures slid, indicating shares in the region may extend the global market retreat, on prospects the Federal Reserve will start paring back stimulus later this year and concern over China’s cash crunch. Gold futures sank and crude slipped for a third day.
The growing failure of European monetary union can’t be measured by superficial yardsticks such as the number of tiny euro-area economies at risk of meltdown or of monthly turbulence in currency markets. The main development has been the dashing of hopes for monetary stability.
Asian stocks fell for the first time in three days, the dollar and yen strengthened, and commodities extended yesterday’s declines amid concern European policy makers will struggle to stem the region’s debt crisis.
AT&T Inc. Chief Executive Officer Randall Stephenson is to testify at a May 11 congressional hearing into the company’s proposed purchase of T-Mobile USA Inc., according to a news release from the U.S. Senate.