Sun Life sells U.S. annuity business, shares drop

TORONTO (Reuters) - Sun Life Financial Inc will sell its U.S. annuity business for $1.35 billion to a firm connected to Guggenheim Partners in a deal that should reduce the exposure of the insurer's earnings to market swings and boost its cash levels.While the deal could bring long-term benefits to Sun Life, whose earnings have been derailed by wild market swings during recent years, investors pulled...

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FactSet forecasts second-quarter results largely below estimates, shares fall

(Reuters) - FactSet Research Systems Inc reported lower-than-expected first-quarter revenue, and the financial information provider forecast current-quarter results largely below estimates as banks and brokerages cut costs.FactSet shares fell 5 percent before the bell on Tuesday.The company, which provides data to portfolio managers, research analysts and investment bankers, forecast second-quarter...

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News Corp files with U.S. regulators to split company

(Reuters) - Rupert Murdoch's News Corp formally applied to the U.S. Securities and Exchange Commission to separate its publishing and entertainment assets into two independent, publicly traded companies.The new News Corp will comprise a range of newspaper brands, information and integrated marketing services, digital real estate services, book publishing, digital education, and sports programming...

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GE to buy aviation unit of Italy's Avio for $4.3B

FAIRFIELD, Conn. (AP) — Industrial conglomerate General Electric plans to buy the aviation business of Italian manufacturer Avio for $4.3 billion to grow its jet propulsion business and strengthen its supply chain.The Fairfield, Conn., company said Friday that it wants to build its supply chain as it ramps up engine production. The deal also gives GE a chance to offer Avio products outside the aviation...

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Pinnacle to buy Ameristar Casinos for about $869M

LAS VEGAS (AP) — Pinnacle Entertainment is buying Ameristar Casinos for about $869 million, plus taking on its $1.9 billion in debt.If approved by shareholders and regulators, the deal would more than double Pinnacle's casino and resort holdings to 17 in the United States.Pinnacle will pay $26.50 for each share of Ameristar Casinos Inc. That's a 20 percent premium over the company's Thursday closing...

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Futures tumble on stalemate in Washington

NEW YORK (AP) — U.S. stock futures are moving sharply lower after GOP leaders unexpectedly postponed a vote on legislation that would raise taxes on wealthier Americans, bringing the country closer to the so-called fiscal cliff.Dow Jones industrial futures are down 163 points to 13,104. The broader S&P futures have given up 19 points to 1,421.60. Nasdaq futures are down 34.50 points to 2,665.50.House...

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Obama vows to press ahead on fiscal cliff solution

WASHINGTON (AP) — President Barack Obama says he'll press ahead with Congress in hopes of preventing across-the-board tax increases set to strike taxpayers Jan. 1 after House GOP leaders unexpectedly put off a vote on legislation calling for higher rates on million-dollar earners Thursday evening.The measure "did not have sufficient support from our members to pass," House Speaker John Boehner, R-Ohio,...

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Italian court overturns Google convictions

MILAN (AP) — An Italian appeals court has overturned the convictions of three Google executives who had been charged for a video on a Google site that showed a disabled teen being bullied.Google called Friday's ruling "a total victory."A lower court in 2010 held the executives criminally responsible for the posting of the video.The verdict raised concerns that Internet platforms could be forced to...

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Nokia, RIM settle old disputes in new patent pact

HELSINKI (AP) — Nokia Corp. and Canadian smartphone rival Research In Motion have agreed on a new patent licensing pact which will end all existing litigation between the two struggling companies, the Finnish firm said Friday.The agreement includes a "one-time payment and on-going payments, all from RIM to Nokia," Nokia said, but did not disclose "confidential" terms.Last month, Nokia sued the Blackberry...

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Steve Jobs' yacht caught up in payment spat

AMSTERDAM (AP) — The sleek, white superyacht Apple founder Steve Jobs commissioned before his death cannot leave the Netherlands just yet due to a payment disputeJobs collaborated on designing the 78.2-meter (256-foot) all-aluminum "Venus," which has a minimalist aesthetic, with French product designer Philippe Starck. Dutch newspaper Het Financieele Dagblad reported Friday that Starck hired a debt...

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Making money: Renting in retirement, and more

R enting in retirementOlder homeowners are often urged to sell their big family house and buy a smaller one. But for some, it might make more sense to rent, said Jeff Brown at The Street. "Clearly, this goes against the grain." But renting requires less cash up front than a purchase, which is appealing if you have "a special need" for extra cash or a "juicy investment opportunity." Renting...

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ArcelorMittal takes $4.3 billion write-down on weak Europe

BRUSSELS (Reuters) - ArcelorMittal , the world's biggest steelmaker, is to write down the value of its European business by $4.3 billion, underscoring gloom about prospects for the region's recession-hit manufacturers.The group, formed in 2006 when India-born Lakshmi Mittal's steel business bought European peer Arcelor for $33 billion, said on Friday demand had fallen about 8 percent in Europe this...

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