2013-05-23: WASHINGTON (AP) — Sales of new homes rose in April to the second highest level since the summer of 2008 while the median price for a new home hit a record high, further signs that housing is recovering.

2013-05-23: (Reuters) - Forest Laboratories Inc said Howard Solomon, its chief executive of more than 35 years, will retire at the end of this year, capping a tenure that saw the company morph from a small generic and vitamins maker to a $10 billion corporation. Solomon will continue in the chairman role until the annual shareholder meeting in 2014, the company said. Forest Labs, which was in a bitter proxy battle with activist investor Carl Icahn last year, said it has been evaluating internal and external candidates for the top job. ...

2013-05-23: By Andy Bruce and Steven C. Johnson LONDON/NEW YORK (Reuters) - Chinese factory activity declined in May for the first time in seven months and U.S. manufacturing grew at its slowest clip since October, suggesting it may take a while before the global economy starts to pick up steam. Thursday's downbeat business surveys from the world's top two economies, however, may not assuage some of the market fears stoked this week by Federal Reserve Chairman Ben Bernanke, who hinted that the U.S. central bank could soon scale back monthly bond purchases provided the economy maintained recent momentum. ...

2013-05-23: By Deepa Seetharaman DETROIT (Reuters) - Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske to invest in technology startups. The fund, IncWell LP, will provide initial investments ranging from $50,000 and $250,000. IncWell has 'strong interests' in the areas of clean energy, medical, healthcare, transportation and information applications. LaSorda, who was also a key manufacturing executive at General Motors Co, left Chrysler in 2009 just after the automaker filed for bankruptcy. ...

2013-05-23: By Tom Hals (Reuters) - Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets. The deal will allow Ally to put behind it problems tied to mortgage lending so it can focus on its U.S. auto financing business and its online bank. The settlement also paves the way for ResCap to repay its creditors. Under the deal, detailed in a court filing on Thursday, Ally will pay $1.95 billion in cash and expects $150 million more to come from its insurers. ...

2013-05-23: DETROIT (Reuters) - Auto sales in May are expected to rise about 8 percent and the annual sales pace should rebound back above 15 million vehicles after a disappointing result in the prior month, two research reports said on Thursday. Sales of new cars and trucks in May are expected to top 1.43 million vehicles, while the annual sales pace is forecast to hit 15.2 million vehicles, according to a report by J.D. Power and Associates and LMC Automotive, as well as one by TrueCar.com. ...

2013-05-23: By Chuck Mikolajczak NEW YORK (Reuters) - Stocks dropped on Thursday, with the S&P 500 on pace for its first back-to-back daily drop in a month amid investor concerns the U.S. Federal Reserve's stimulus may be scaled back sooner than hoped and after weak data in China. The S&P 500 had posted its biggest decline in three weeks on Wednesday after minutes from the latest U.S. Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. ...

2013-05-23: Tata Steel, one of the world's biggest steelmakers, blames weakness in Europe for a net loss in the fourth quarter and says 'severely depressed' conditions are likely to persist.

2013-05-23: Like a cicada swarm, the pronunciation debate over the word GIF roared back this week after a long period of incubation when Steve Wilhite, the format’s inventor, declared it should be pronounced “jif,” like the peanut butter.    

2013-05-23: Stocks dropped in New York after investors were rattled by signs of a slowdown in Chinese manufacturing and a potential easing of central bank support for the economy.    

2013-05-23: NEW YORK (AP) — A global stock market slump is continuing on Wall Street as traders worry about how committed the Federal Reserve remains to keeping up its bond-buying program.

2013-05-23: (Reuters) - Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors. Under the deal, which was detailed in a court filing on Thursday, Ally will contribute $1.95 billion in cash and Ally anticipates $150 million will come from its insurers. Ally said in a statement it expects to record a charge of $1.55 billion in the second quarter of 2013 related to the deal. ...

2013-05-23: (Reuters) - Private equity firm Apax Partners will acquire teen-apparel retailer rue21 Inc in a deal valued at about $1.1 billion, adding to a retail portfolio that includes Cole Haan and Takko Fashion. Rue21 said Apax, which already owns a 30 percent stake in the company, will pay $42.00 per share in cash, representing a premium of 23 percent to its Wednesday close. Shares of the company were up 23.2 percent before the bell, indicating that investors may be expecting a higher bid. ...

2013-05-23: BEIJING (Reuters) - China's civil aviation regulator on Thursday formally approved Boeing Co's 787 Dreamliner for use in the country, clearing the way for Chinese airlines to start operating the aircraft, which has been plagued with problems. The regulator made the announcement in a short statement on its website (www.caac.gov.cn), without giving further details. China Southern Airlines Co Ltd and smaller rival Hainan Airlines are among the global carriers which have ordered the aircraft. ...

2013-05-23: By Marc Jones LONDON (Reuters) - A senior central banker sought to give reassurance on Thursday that the Fed is in no hurry to start winding down its economic stimulus after comments by chairman Ben Bernanke sent stock markets tumbling. James Bullard, president of the Federal Reserve Bank of St. Louis, said on Thursday he did not think the Fed was "that close" to starting the process of winding down its support although it was the likely next step if the economy continued to improve and inflation picks up. ...

2013-05-23: NEW YORK (Reuters) - Stocks fell at the open on Thursday, putting the S&P 500 on track for its first back-to-back daily drop in a month, on concerns the U.S. Federal Reserve's stimulus measures may be scaled back sooner than hoped and over weak data in China. The Dow Jones industrial average fell 75.55 points, or 0.49 percent, to 15,231.62. The Standard & Poor's 500 Index dropped 16.39 points, or 0.99 percent, to 1,638.96. The Nasdaq Composite Index lost 28.80 points, or 0.83 percent, to 3,434.50. (Reporting by Leah Schnurr; Editing by Bernadette Baum)

2013-05-23: The firm which acted as administrators for the former Rangers Football Club is cleared of any conflict of interest over its appointment.

2013-05-23: JP Morgan's international bank division has been fined £3m by the Financial Conduct Authority for failures in client advice and record-keeping.

2013-05-23: From Luxembourg to the British Virgin Islands, the authorities are scrambling to figure out how to change their secretive ways in banking without driving away lucrative foreign clients.    

2013-05-23: Ford cited a strong currency and high costs for the decision to close its engine plant in Geelong and its vehicle assembly plant in Broadmeadows.    

2013-05-23: The U.S. automaker's Australian unit will close its engine plant in Geelong and its vehicle assembly plant in Broadmeadows, with the loss of 1,200 jobs.    

2013-05-23: A stock retreat spread around the world, with European markets down around 2 percent. Wall Street was also down in early trading.    

2013-05-23: Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 340,000, pushing back below the 350,000 mark that economists associate with a firming job market.    

2013-05-23: BRUSSELS (Reuters) - EU antitrust regulators accepted on Thursday concessions from Lufthansa , United Airlines , Air Canada and Continental to ease competition concerns about their transatlantic revenue-sharing pact. The European Commission said the airlines would give up airport slots in Frankfurt and New York, and also allow rivals to sell tickets on this route, confirming a Reuters story in February. ...

2013-05-23: By Edward Taylor FRANKFURT (Reuters) - Deutsche Bank's bosses tried to convince skeptical shareholders at a lively annual meeting on Thursday that the bank was on the right track again after facing a host of legal problems. Co-chief Executives Anshu Jain and Juergen Fitschen, who took charge nearly a year ago, are trying to steer Germany's largest bank through a major restructuring and resolve its many legal issues. They are also trying to reshape the bank in the wake of the financial crisis for an industry with lower profit margins and higher regulatory costs. ...

2013-05-23: LONDON (Reuters) - Britain's Financial Conduct Authority (FCA) said it has fined a wealth management unit of U.S. bank JPMorgan Chase 3.08 million pounds ($4.6 million) for being unable to show it was giving clients the right advice. The FCA said on Thursday the failings were not corrected until the watchdog brought them to the bank's attention in the course of its wider review of wealth management firms in Britain. ...

2013-05-23: (Reuters) - U.S. industrial conglomerate Dover Corp said it will spin off some of its communication technologies businesses into a publicly traded company named Knowles Corp. The businesses make microphones, speakers, receivers and transducers, among other communication products. 'Given the evolution of their unique business model, these businesses can now pursue a more aggressive growth strategy together as a standalone company,' Chief Executive Robert A. Livingston said in a statement. Dover's other products include industrial pumps, oil and mining drilling tools and food packaging ...

2013-05-23: By Chuck Mikolajczak NEW YORK (Reuters) - Stock index futures fell on Thursday, putting the S&P 500 on track for its first daily back-to-back declines in a month, amid investor concerns the U.S. Federal Reserve may begin to taper its stimulus measures and over weak data in China. The S&P 500 posted its biggest decline in three weeks on Wednesday, after minutes from the latest U.S. Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. ...

2013-05-23: By Andy Bruce LONDON (Reuters) - Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the euro zone's downturn tempered slightly in May, business surveys showed on Thursday. World stock markets tumbled after the Chinese data and also in response to U.S. Federal Reserve Chairman Ben Bernanke, who hinted on Wednesday the Fed could soon pare back its bond-buying with new money if the economy maintains momentum. China's flash HSBC Purchasing Managers' Index (PMI) entrenched fears recovery in the world's No. ...

2013-05-23: Is the stock market boom coming to an end?