Hewlett-Packard Co. and Xerox Corp. are vying for an estimated $500 million contract to replace New York’s Medicaid management system, the biggest in the U.S., according to two people familiar with the bids.
The New York Stock Exchange stopped trading in 216 securities yesterday and canceled their closing auctions because of an outage in a computer that matches buy and sell orders and process transactions.
Stocks and commodities rose as Europe’s leaders reached a budget agreement, China’s trade expanded more than estimated and companies posted better-than- forecast earnings. Spanish bonds gained and the yen rallied.
As market officials told the public last week they planned to open after Hurricane Irene, the New York Stock Exchange worked on contingency plans that would have moved its trading to an electronic venue.
A false report of explosions at the White House that wiped out $136 billion from the Standard & Poor’s 500 Index in about two minutes highlighted the risks of the computerized trading that dominates the $18 trillion market.
Swiss banks must lure affluent clients from emerging markets or face a “slow death” as the pursuit of tax dodgers by U.S. and European authorities results in outflows of assets, industry officials and investors said.
U.S. regulators should publish a schedule for when all Dodd-Frank Act rules will take effect to smooth a “haphazard implementation process” that is hurting the economy by perpetuating uncertainty, Representative Scott Garrett said in a letter.