July 31- Asset manager Legg Mason Inc's quarterly profit rose 51 percent, driven by increased assets under management and lower operating expenses. Net income attributable to the company rose to $72.2 million, or 61 cents per share, in the first quarter ended June 30, from $47.8 million, or 38 cents per share, a year earlier.» Read More
*Gold drops further after Fed says to revamp rate guidance. NEW YORK/ LONDON, March 19- Gold fell 1.8 percent on Wednesday as the dollar rallied after the Federal Reserve dropped a set of guideposts it had been using to help the public anticipate when it would finally start bumping overnight borrowing costs up from zero.
PONTIAC, Mich., March 19- General Motors Co on Wednesday announced a new generation of efficient small engines that it says will power 27 models in 64 countries by the 2017 model year. Among the first models with the new engines, to begin production by summer, will be the Chevrolet Cruze designed specifically for the Chinese market and the Opel Adam in Europe.
PARIS, March 19- France's highest appeal court upheld a three-year jail term for former Societe Generale trader Jerome Kerviel on Wednesday but quashed the giant fine he faced for making the risky bets that cost the bank billions to unwind in 2008..
BOSTON, March 19- Fidelity Investments did not improperly use money earned in overnight accounts while overseeing a retirement plan for a U.S.-based unit of Swiss manufacturer ABB Ltd., according to a U.S. appeals court decision released on Wednesday.
Without signaling what the SEC might do, White, speaking to an audience at the U.S. Chamber of Commerce, said that she was "particularly" interested during the roundtable in hearing the discussions about improving disclosure of possible conflicts and about how much investment advisers rely upon proxy advisory firms and what this means for their fiduciary obligations.
*Wall Street turns lower following Fed statement. Wall Street reacted with a modest selloff with major indexes falling to session lows shortly after the statement from the Fed's latest policy meeting.
*Gold drops further after Fed says to revamp guidance. NEW YORK/ LONDON, March 19- Gold fell 1.8 percent on Wednesday after the Federal Reserve dropped the U.S. unemployment rate as its definitive yardstick for gauging economic strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates.
WASHINGTON, March 19- The following are highlights of Federal Reserve Chair Janet Yellen's press conference on Wednesday following the end of the U.S. central bank's March 18-19 meeting on monetary policy. YELLEN ON IMPACT OF WEATHER ON ECONOMY.
*KB Homes, other homebuilders shares rise. March 19- KB Home, the No. 5 U.S. homebuilder, reported a first-quarter profit for the first time since 2007 as it sold homes at higher prices in California, its largest market, and indicated towards a strong spring selling season.
*EU will tell Kiev it can supply Ukraine with gas. Russia's seizure of Ukraine's Crimea region has revived doubts about whether the European Union should continue to rely on Russia for nearly a third of its gas, providing Gazprom with an average of $5 billion per month in revenue.
Icahn in January called for eBay to hive off its fast growing PayPal business, arguing the unit is undervalued as part of eBay. Selling off only part of PayPal would retain the benefits of a stand-alone PayPal while maintaining the efficiencies of having eBay and PayPal together, Icahn wrote in an open letter to fellow eBay shareholders.
*First Solar jumps after outlook. NEW YORK, March 19- U.S. stocks edged lower on Wednesday as after the release of the Federal Reserve's policy statement and looked ahead to comments from Federal Reserve Chair Janet Yellen.
That blast knocked out the telegraph system across the United States, according to University of California, Berkeley research physicist Janet Luhmann. A 2013 study estimated that a solar storm like the Carrington Event could take a $2.6 trillion bite out of the current global economy.
WASHINGTON, March 19- The Federal Reserve on Wednesday said it could keep interest rates unusually low even after the U.S. job market returns to full strength and inflation rises to the central bank's target. Yellen, who took the helm of the central bank on Feb. 1, is set to hold a news conference at 2:30 p.m..
*Investors nervous about more company default in China. LONDON, March 19- London Metal Exchange copper rose sharply on Wednesday after the market's drop to its lowest level in more than 3-1/ 2 years prompted buying from speculators and consumers. "I can't see any fundamental news that would have done that," BNP Paribas analyst Stephen Briggs said.
March 19- WASHINGTON, March 19- The Federal Reserve on Wednesday dropped the U.S. unemployment rate as its definitive yardstick for gauging the economy's strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates.
March 19- Tarena International Inc, a provider of IT education in China, said it expects to price its initial public offering of 15.3 million class A American Depositary Shares at $8- $10 per share. Tarena International, which counts Goldman Sachs as one of its stockholders, posted a 63 percent jump in revenue to $92.8 million for the year ended Dec. 31.
NEW YORK, March 19- U.S. stocks fell on Wednesday after the Federal Reserve dropped the U.S. unemployment rate as its definitive yardstick for gauging the economy's strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates.
NEW YORK, March 19- Chevron Corp is seeking $32.3 million in legal fees from Steven Donziger and others who this month who were found by a judge to have used fraud to obtain a multibillion-dollar pollution judgment against Chevron in Ecuador.
NEW YORK, March 19- The Federal Reserve on Wednesday dropped the U.S. unemployment rate as its definitive yardstick for gauging the economy's strength, and made clear it would rely on a wide range of measures in deciding when to raise interest rates. Treasuries and mortgage-backed securities to $55 billion from $65 billion.