DETROIT (Reuters) - General Motors Co on Tuesday said Chief Executive Dan Akerson will step down next month and be replaced by Mary Barra, the company's global product development chief, marking the first time a major U.S. automaker has been led by a woman. The company said in a statement that Akerson, who is also the chairman, will leave on January 15, pulling ahead his planned departure by several months. His wife was recently diagnosed with an advanced stage of cancer. ...
By Angela Moon NEW YORK (Reuters) - U.S. stocks edged lower on Tuesday on profit-taking after the S&P 500 index climbed to a record in the prior session and on caution the Federal Reserve may end its stimulus efforts sooner than expected. General Motors Co was in the spotlight after the automaker said its Chief Executive Dan Akerson will step down next month and be replaced by Mary Barra, the company's global product development chief. "The Dow (at) 16,000 and the S&P 500 (at) 1,800 are two key levels immediately below current prices," said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research in Cincinnati, Ohio. "I would keep a close eye on those two round-number levels going forward, as they've been key support and resistance zones over the past few weeks." The Dow Jones industrial average fell 18.55 points or 0.12 percent, to 16,006.98, the S&P 500 lost 1.81 points or 0.1 percent, to 1,806.56 while the Nasdaq Composite dropped 6.417 points or 0.16 percent, to 4,062.334.
By Emily Stephenson and Douwe Miedema WASHINGTON (Reuters) - Wall Street banks will need to prove to regulators their trades are done on behalf of clients or to protect against market risks and are not speculative bets for their own profit, under the final version of the Volcker rule released by U.S. officials on Tuesday. The rule - which five regulatory agencies are expected to adopt later in the day - appears to more sharply crack down on so-called proprietary trading than when it was proposed two years ago, likely disappointing banks hoping for more leeway. Named after former Federal Reserve Chairman Paul Volcker, who championed the reform, the rule prohibits banks from betting on financial markets with their own money and is a crucial part of the efforts to reform Wall Street. The regulators also seek to put an end to so-called portfolio hedging, a practice in which banks entered all kinds of trades that were supposed to hedge risk elsewhere in the business but that could be used as veiled speculation.
Lululemon Athletica Inc named a new chief executive on Tuesday, and said founder Chip Wilson will step down as chairman, as the upscale yogawear retailer tries to go global and put a series of embarrassing quality issues and other gaffes behind it. Lululemon said Laurent Potdevin, most recently president of trendy footwear brand TOMS Shoes, will replace Christine Day as CEO in January, and emphasized his role leading TOMS global expansion. Vancouver-based Lululemon, in the early stages of a push into Europe and Asia, was forced to recall some of its signature black stretchy pants in March because they were see-through. She led Lululemon as it became a major retail player, growing at a blistering pace in the United States, a market few Canadian retailers have cracked.