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Friday Morning Business Brief

July 11, 2014, 5:56 AM

Friday Morning Business Brief

Traders on Wall Street are hoping to end the week on a positive note after yesterday's rough ride. Anxiety about another European debt crisis centered on a holding company that is the largest shareholder in a group of firms including the parent of Portugal's largest bank. This uneasiness yesterday prompted investors to sell off stocks. They focused instead on less risky assets like gold and government bonds.

  • European stock markets are rebounding after yesterday's slump brought on by worries about soundness of a bank in Portugal. Senior Portuguese officials are offering assurances today that Banco Espirito Santo could be at risk from potential defaults on loans it made to ailing companies in its financial and industrial group. The bank says it has a cash cushion big enough to cover its exposure and keep it within regulatory requirements. Asian markets were slightly lower.
  • The Federal Reserve's new No. 2 official says regulators must continue to work to end the need for the government to bail out big banks in a crisis. Stanley Fischer says stricter capital requirements, rather than breaking up the biggest banks, is the better remedy.
  • Verizon says it signed up more than 1.4 million long-term wireless subscribers in the second quarter, with strong gains in both smartphones and tablets. Verizon Communications Inc. CEO Lowell McAdam said the company's wireless profit margins remain consistent with the past several quarters. Verizon is the nation's largest wireless carrier.
  • Aereo, the television-over-the-Internet service that suspended operations after the Supreme Court ruled against it, is refusing to disband for good. The company is now using the Supreme Court's own language to force broadcasters to treat it just like a cable TV company. In Aereo's view, that means broadcasters must license their signals to Aereo under a 1976 copyright law.

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