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Board approves News Corp split into two entities

Fri, 24 May 2013 16:56:04 -0400

WASHINGTON - Rupert Murdoch's News Corporation Friday announced the planned separation of the $76-billion conglomerate into two distinct publicly traded companies, with one to be renamed 21st Century Fox and the publishing firm to retain the News Corp brand. The split has been formally approved by the Board of Directors. The Company announced appointments to the Boards of Directors of both ...

China to allow US auditors access to records of Chinese firms

Fri, 24 May 2013 16:37:07 -0400

BEIJING - Chinese regulators Friday announced that they have signed a memorandum of understanding with their US counterparts giving American authorities increased access to documents from Chinese audit firms. The signing of the MOU between China Securities Regulatory Commission (CSRC), the Ministry of Finance (MOF) and the US Public Company Accounting Oversight Board (PCAOB) is a significant ...

Croatia looking to oil exploration in Adriatic Sea to revive economy

Fri, 24 May 2013 16:42:23 -0400

ZAGREB/LONDON - Croatia, soon to become the 28th member of the European Union,- is looking to undiscovered oil and gas fields in the Adriatic Sea to revive its ailing economy, according to the country's president. Ivo Josipovic told CNN that Croatia is searching for partners in the energy sector to help reveal oil and gas "green fields" in the waters that separate the Balkan nations and ...

Amazon ventures into fan fiction promotion

Fri, 24 May 2013 16:39:36 -0400

WASHINGTON - Amazon, the largest online retailer of books, movies, music and games, Friday offered its Kindle e-book platform to fan fiction authors to sell some of their work. Fan fiction is literature inspired by popular books, shows, movies, comics, music, and games. Publication outside of blogs and online fanzines is often difficult because of copyright issues. Amazon Publishing has ...

China central bank report promises financial sector reforms

Fri, 24 May 2013 16:37:38 -0400

BEIJING - China is planning to steadily push forward market-oriented reform in its interest rates and exchange rates mechanisms this year as part of the financial sector reforms to better serve the real economy, a central bank report said on Friday. The "China Financial Stability Report (2013) released by the People's Bank of China stressed that it would be steadily promoting the interest ...

New US meat labeling rules upsets Canada

Thu, 23 May 2013 16:33:00 -0400

OTTAWA - Canada has threatened "retaliatory measures" against the United States move changing the so-called country of origin labeling that would track beef and hogs through the meat processing and distribution systems, stating that it is discriminatory, a view shared by the World Trade Organisation. On Thursday, the United States Department of Agriculture issued a final modification to its ...

Twitter beefs up security with two-step login

Thu, 23 May 2013 17:11:08 -0400

NEW YORK - Aiming to tackle recent high-profile breaches, popular micro-blogging site Twitter is introducing an optional two-step login for users to beef up security. The new system would try to ensure "it's really you" when a user signs in to Twitter, which transmits some 400 million messages a day. The move follows recent attacks into the twitter accounts of news organisations' such as ...

Royalty Pharma takeover bid fails to find Elan ecceptance

Thu, 23 May 2013 17:52:46 -0400

DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a ...

Wockhardt shares plunge 20 pc on USFDA import alert

Thu, 23 May 2013 16:26:11 -0400

MUMBAI - Shares of Wockhardt, one of the leading Indian pharmaceutical and biotechnology companies, witnessed a sharp fall of 20% to Rs. 1,315 ($23.61) on the Bombay Stock Exchange(BSE) on Thursday after the US FDA published an import alert on one of its three manufacturing facilities near Aurangabad. The import alert, 'detention without physical examination of drugs from firms which have ...

2 Ford units to be shut in Australia in Oct 2016

Thu, 23 May 2013 16:26:07 -0400

MELBOURNE - Ford Motor Company Wednesday announced plans of closing its local manufacturing operations in Broadmeadows and Geelong in October 2016 thereby forcing 1,200 people out of work. Spelling the end of the iconic Ford Falcon in the country, Ford Australia president Bob Graziano announced that the carmaker would shut its Victorian facilities in October 2016, bringing an end to nearly ...

UK urged by IMF to bring forward high value spending

Wed, 22 May 2013 15:53:31 -0400

LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...

US stocks flat as bulls get cautious

Fri, 24 May 2013 16:46:43 -0400

NEW YORK (AFP) - US stocks closed flat Friday, reeling in early losses but showing caution following Japan's Thursday plunge and ahead of the three-day US Memorial Day holiday weekend.At the closing bell, the Dow Jones Industrial Average added 9.06 points (0.06 percent) at 15,303.56.The broad-based S&P 500 was down 0.88 (0.05 percent) at 1,649.63, while the tech-rich Nasdaq Composite ...

The close TSX slightly higher Wall Street mixed

Fri, 24 May 2013 16:46:38 -0400

The Toronto Stock Exchange closed slightly higher, pulled down by declines in most sectors, particularly gold, but boosted by a 13 per cent spike in shares of Valeant Pharmaceuticals International.The S&P/TSX composite index finished up 9.13 points at 12,667.22. The Canadian dollar was down 0.25 of a cent to 96.89 cents ...

Stocks fade on Wall Street post their first weekly loss in a month

Fri, 24 May 2013 16:44:42 -0400

NEW YORK - Stocks prices are closing mostly lower on Wall Street, giving the market its first weekly loss in a month. The Dow Jones industrial average edged up eight points to 15,303 Friday, a gain of 0.1 percent. The Dow was supported by a big gain in Procter & Gamble. The Standard & Poor's 500 fell a point to 1,649, or 0.1 percent. The market had its first weekly loss in five ...

Oil finishes week down 2 percent on concerns about global demand Feds next move

Fri, 24 May 2013 16:44:41 -0400

NEW YORK - The price of oil fell 2 percent this week, as oil traders worried about global demand and shared the stock market's concerns about possible changes to the Federal Reserve economic stimulus program. The loss Friday was just 10 cents, to $94.15 a barrel. But four straight losses resulted in a weekly decline of $1.87 a barrel for the benchmark oil contract. The global economic ...

Why arent more homeowners selling

Fri, 24 May 2013 16:44:16 -0400

The share of San Diego County borrowers who are underwater on their mortgages continues to fall due to home-price gains, says a recent analysis from real estate website Zillow. So why aren't more homeowners freed from negative equity listing their homes in this supply-constrained ...

Sears CEO Lampert terse on $279M in red ink

Fri, 24 May 2013 16:41:49 -0400

Eddie Lampert is finally breaking his silence, but he still seems to have trouble saying, "Ship Your Pants."The notoriously tight-lipped hedge-fund tycoon, who took over as CEO of Sears Holdings in February, made a rare conference-call appearance yesterday after the retailer reported a wider-than-expected loss.The Yale-educated billionaire was notably stiff during the call, with a ...

Some Hulu bigs flee as sale proceeds

Fri, 24 May 2013 16:41:48 -0400

The No. 1 thing being streamed by Hulu these days just may be anxiety.As first-round bids for the big premium online video destination were due yesterday, recent changes to the 6-year-old venture’s business model have left many employees of the firm jittery - and some heading for the exits, The Post has learned."Everyone is looking for jobs," one West Coast source told The Post ...

Microsoft Cleared of Xbox Patent Violation

Fri, 24 May 2013 16:38:14 -0400

Motorola Mobility, which is owned by Google, had asked the US International Trade Commission in 2010 to halt the import of the device due to the alleged patent violation. The case was part of a broader patent war between the companies. Microsoft claims that phones running Google's Android software violate its patents, while Google says ...

Watching Risk-Reward Ratios Economic Data Still Positive - But Rate is Slowing

Fri, 24 May 2013 16:36:44 -0400

Risk-reward ratios are on our radar screen these days as we review the most recent economic data against the backdrop of recent market movement. This is not to say that we are in any way suggesting a top, a bear market, or even that a correction is on the horizon, even taking into account this past week's movement and volatility--although each of these scenarios remains a possibility. At ...

A First Per-Student Spending Down at Schools

Fri, 24 May 2013 16:34:48 -0400

The amount of money spent per public school student fell in 2011 for the first time since the Census Bureau began keeping records more than three decades earlier, as economic woes finally caught up with educational realities. "This is clearly the fallout from the Great Recession," said Michael Petrilli, executive vice president of the Thomas B. Fordham Institute, a conservative ...

Banks Violated Mortgage Pact NY AG

Fri, 24 May 2013 16:34:47 -0400

Wells Fargo and other banks violated the terms of a settlement designed to end mortgage servicing abuses. Schneiderman, who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal, said other states had found similar problems. "Several other states have identified similar recurring deficiencies by the participating servicers," ...

Falcones Helicopter Heads to Hamptons

Fri, 24 May 2013 16:34:46 -0400

One of the incoming flights we noticed today is a helicopter that belongs, in part, to former hedge fund titan Philip Falcone. It's not a Harbinger Capital asset, by the way. Falcone personally is listed as one of the owners. ...

Wall Street is writing its own regulation bill

Fri, 24 May 2013 16:30:31 -0400

USA Bank lobbyists have a direct influence on financial legislation drafted in Congress, and are in some cases even writing the measures themselves. Citigroup this month drafted a regulation bill that has already passed through a House committee. To soften financial regulations, bank lobbyists frequently 'assist' lawmakers in writingdraft legislation that serves to benefit them at ...

Xbox One uncertainty earnings drag down GameStop

Fri, 24 May 2013 16:25:19 -0400

Xbox 360 games won't work with the Xbox One Neither of those factors are pleasing investors, who had sent shares soaring more than 100 percent over the past 12 months through last Friday. GameStop's shares tumbled 11 percent Friday to $32.10, putting the week's drop at 19 percent. Particularly worrisome is what GameStop's business will look like if it becomes more ...

Exclusive Mall owner General Growth eyes NYs Madison Ave - sources

Fri, 24 May 2013 16:22:37 -0400

Attendees pass by the General Growth Properties booth during the International Council of Shopping Centers convention in Las Vegas, May 18, ...

MARKET SNAPSHOT U.S. Blue-chip Stocks Catch Updraft On PG

Fri, 24 May 2013 16:19:47 -0400

NEW YORK – Blue-chip stocks flirted with gains late in Friday's session, led by a rally in Procter & Gamble Co. shares. Broader indexes traded off their lows, as investors avoided big bets ahead of the long holiday weekend and after a volatile week linked to Japan and the Federal Reserve.The Dow Jones Industrial Average (DJI) was off 2 points to 15,292 after several attempts at ...

Canada International Reserves Down $68 Million in Week Ended May 23

Fri, 24 May 2013 16:19:46 -0400

Canada's official international reserves fell $68 million in the week ended May 23, the Bank of Canada reported on its website.At May 23, the official international reserves totaled $70.703 billion, compared with $70.771 billion at May 15.The reserves included:-U.S. dollars, $38.878 billion;-other foreign currencies, $18.848 billion;-gold, $141 million;-special drawing rights, $8.458 ...

PRECIOUS METALS HIGHLIGHTS Top Stories of the Day

Fri, 24 May 2013 16:19:43 -0400

TOP STORIES South Africa Mines Minister Says National Union of Mineworkers 'Under Siege'JOHANNESBURG--South Africa's mining minister seemed to take sides Friday in a contentious labor union battle, even as labor tensions remain high between rival unions at the country's mines.STORIES OF INTEREST 2nd UPDATE: Barrick's Pascua-Lama Mine Halted by Chilean ...

A larger issue at much lower rates Empire Life cleans up

Fri, 24 May 2013 16:18:22 -0400

Four years after tapping the debt markets, The Empire Life Insurance Co. has returned with a similar structure but this time out will it enjoy the benefits of both lower interest rates and a lower spread relative to the benchmark, the yield on five-year bonds issued by the government of Canada. In May 2009, the Kingston-based insurer that’s part of the E-L Financial Group, raised ...

Wall Street on track for first losing week since mid-April

Fri, 24 May 2013 16:15:04 -0400

US stocks mostly declined for a third day, putting indexes on track, on lingering concern that the US central bank may scale back its stimulus ...

US STOCKS SNAPSHOT-Wall St wanes on Fed uncertainty SP dips for 3rd day

Fri, 24 May 2013 16:10:46 -0400

NEW YORK | Fri May 24, 2013 4:10pm EDT NEW YORK May 24 (Reuters) - The S&P 500 declined for a third day on Friday with the three major U.S. stock indexes posting their first negative week since mid-April on lingering concern that the U.S. central bank may scale back its stimulus measures to support the economy. The Dow Jones industrial average edged up 8.60 points, or 0.06 percent, to ...

Americans plan summer vacations but with incomes stagnant some families keep trips modest

Fri, 24 May 2013 15:33:39 -0400

NEW YORK - This summer, high rollers are flying to lavish hot spots for their vacations. The rest of us are driving to less luxurious places like nearby campgrounds. The good news: At some U.S. campgrounds these days you get live bands, air guitar contests and chocolate pudding slip `n slides. Americans' plans for summer travel mirror the current state of the economy. Rising home prices ...

Yahoo among bidders for Hulu sources

Fri, 24 May 2013 15:30:44 -0400

Yahoo! jumped into the bidding today for Web video destination Hulu, The Post has learned. Sources close to the process say the bids from Yahoo! and half a dozen other suitors value Hulu north of a billion dollars. If Yahoo is successful, it could be CEO Marissa Mayer’s second $1 billion deal inside a month. The company just acquired micro-blogging service Tumblr for $1.1 billion.Yahoo said ...

Weird weather a boon for BrandAlley

Fri, 24 May 2013 15:26:10 -0400

Model Amy Hannam has some last minute adjustments made at the BrandAlley garden at the Chelsea flower show in London. Photograph: Andrew ...

Rupert Murdoch plans to poison News Corp takeover bids

Fri, 24 May 2013 15:26:09 -0400

The plan will act as a powerful disincentive to anyone seeking to challenge Rupert Murdoch's control of the two companies. Photograph: Facundo ...

Vince Cable The traditional high street banks have forgotten how to lend

Fri, 24 May 2013 15:26:07 -0400

When Jonathan Eddy wanted finance for his Basingstoke-based business, one of the traditional high street banks offered him a competitively priced loan - but then threw in fees that made it too expensive for him to proceed. Eddy, managing director of Asset Advantage, has a clear view why. "The traditional high street banks have forgotten how to lend," he ...

Energy suppliers held back gas during UK shortage

Fri, 24 May 2013 15:26:06 -0400

gas in storage tanks at a time when the market ran into an acute shortage two months ago, triggering a doubling of wholesale prices.The revelations came after claims the UK was within six hours of running out of gas completely on 22 March and will feed rising public and political anger over soaring power bills and previous allegations of market manipulation.The National Grid, which keeps data on ...

METALS OUTLOOK Gold Market To Watch Economic Data Options Expiration

Fri, 24 May 2013 15:25:41 -0400

Ben Bernanke on Wednesday regarding the fate of the Fed's bond-buying program. Worries that the Fed will taper off its asset purchases to stimulate the U.S. economy have hit gold and other markets, and the results of economic data releases will color traders' perceptions of what the Fed might do with the program. Market participants said they'll also watch to see how the Comex ...

Motherhood and Trading Are Doable

Fri, 24 May 2013 15:23:32 -0400

If a man will never share it, how can Jones know what it does to a woman's psyche? Paul Tudor Jones is a macro trader of obvious skill and intellect, but I wonder if he has even considered the possibility that his statement might not hold water over time. One could have said something similar years ago about doctors. Today there are just as many women graduating medical school as men. ...

Cut the Hassles of Summer Travel

Fri, 24 May 2013 15:23:32 -0400

There's a lot that can go wrong on a summer vacation. You can pay too much for a plane ticket, get stuck in a lousy hotel or get sick in a foreign country. The best way to reduce your odds of having a vacation nightmare is to plan ahead and know how to work the system. If you're looking for a travel deal, like to cruise and aren't worried about a rash of recent problems at ...

Beware Postcards Promising Free Trips

Fri, 24 May 2013 15:23:31 -0400

Baited mousetraps are landing in mailboxes around the country in the form of postcards and letters promising two round-trip airline tickets plus a hotel room or a free cruise if you call a toll-free number right away. These "award notices" often include the names of major airlines and well-known hotels. But the real companies have nothing to do with the notices. "These are ...

Fixing Bridges Corporate Taxes Op-Ed

Fri, 24 May 2013 15:23:31 -0400

one estimate , there are more than 68,000 "structurally deficient" bridges in America. Another report suggest we need to spend more than $20 billion annually just to work through our bridge backlog by ...

European stock markets steadier after sharp drop

Fri, 24 May 2013 15:23:29 -0400

LONDON/HONG KONG--European stock markets rebounded modestly on Friday, following sharp losses suffered the previous day, failing to record bigger gains despite positive German economic ...

Oil market slips ahead of US economic data

Fri, 24 May 2013 15:23:28 -0400

Brent North Sea crude for delivery in July dipped nine cents to US$102.35 a barrel, one day after striking a three-week low at US$100.64 on the back of poor Chinese economic data. New York's main contract, light sweet crude for July, slipped 35 cents to US$93.90 a barrel. Dealers meanwhile set aside news of bright news on eurozone powerhouse economy Germany. German business confidence rose ...

State Department posts feedback on Keystone pipeline

Fri, 24 May 2013 15:10:21 -0400

WASHINGTON (Reuters) - The State Department says it is taking the unusual step of releasing publicly the feedback it has received about a controversial pipeline project after an "unprecedented" response to its draft environmental ...

Exclusive DBRS to rate all euro zone sovereigns by year-end

Fri, 24 May 2013 15:10:21 -0400

An illuminated euro sign is seen in front of the headquarters of the European Central Bank (ECB) in the late evening in Frankfurt January 8, ...

DOJ subpoenas documents on Forest Labs inhalation drug

Fri, 24 May 2013 15:10:20 -0400

FRX.N ) received a subpoena earlier this month from U.S. prosecutors requesting documents relating to its small-selling lung disorder product, the Tudorza Pressair inhaler, the company said in a ...

Chiles BCI Bank Acquires Bankias City National For $882.8 Million

Fri, 24 May 2013 15:07:25 -0400

SANTIAGO, Chile – Banco de Credito e Inversiones SA (BCI.SN), Chile's third largest private bank in terms of loans, said in a filing with the local banking overseer it agreed to purchase Spanish Bankia SA's (BKIA.MC) City National Bank of Florida for $882.8 million.The purchase, which it said will close in the first quarter of next year, represents 12.6% of the bank's market ...

Citibank Asks U.S. Court for Argentina Bond-Payment Assurances

Fri, 24 May 2013 15:07:25 -0400

Citibank has asked a U.S. district court to confirm that its Argentine banking unit isn't bound by a ruling that bars the Argentine government from making payments on bonds it issued under New York law.Despite a previous ruling to that effect, Citibank is once more seeking assurances that payments made on Argentine law bonds held in custody at Citibank Argentina are beyond the reach of any ...

Dont Buy Talk of Dollars Demise

Fri, 24 May 2013 15:07:23 -0400

The demise of the U.S. dollar as the world's go-to currency appears to have been greatly exaggerated. Pointing to the scary 2008 financial crisis and America's bloated budget deficit, greenback haters have predicted the eventual move away the dollar for years, suggesting potential alternatives like the euro, gold and China's currency. But the dollar's status as the ...

Loblaw files preliminary prospectus for $7-billion REIT

Fri, 24 May 2013 15:06:00 -0400

Loblaw Cos. Ltd. filed a preliminary prospectus Friday for a planned $7-billion real estate investment trust for its sizable land portfolio under the name Choice Properties Real Estate. The units of the REIT will be priced at $10, comprised of 425 properties and 35.3-million square feet of leasable space. It includes 415 retail properties, an office complex and nine warehouse properties. The ...

Search on for Poloz’s replacement at Export Development Canada

Fri, 24 May 2013 15:05:59 -0400

OTTAWA -- With the appointment of Stephen Poloz as governor of the Bank of Canada, the search is on for his replacement at Export Development Canada. Mr. Poloz, currently president and CEO of the export credit agency, was chosen May 2 to replace bank governor Mark Carney, who is leaving June 1 to head the Bank of England. Mr. Poloz begins his new job on June 3. The quick turn-around means ...

Toronto Mayor Ford’s alleged crack use hasn’t hurt Moody’s ratings

Fri, 24 May 2013 15:05:59 -0400

Toronto Mayor Rob Ford's alleged cocaine use, which has become material for U.S. late-night comedy sketches and prompted calls for his resignation, hasn't impaired the city's ...

Microsoft Explains the Xbox Ones Cloud-Enhanced Graphics

Fri, 24 May 2013 15:05:39 -0400

IDG News Service - While Microsoft's next-generation Xbox One will have plenty of power on its own, sometimes it might opt for a little help from the ...

Obamacares union support waning

Fri, 24 May 2013 15:04:41 -0400

WASHINGTON Some labor unions that enthusiastically backed President Barack Obama's health care overhaul are now frustrated and angry, fearful that it will jeopardize benefits for millions of their members. Union leaders warn that unless the problem is fixed, there could be consequences for Democrats facing re-election next year. "It makes an untruth out of what the president said -- ...

What we think we know about what Microsoft isn’t saying about the Xbox One

Fri, 24 May 2013 15:02:25 -0400

For all of the things Microsoft has revealed about the Xbox One this week, the company has evaded and dismissed just as many important questions and concerns about the console. In an effort to clear the air, we've pieced together the best available information on three of these important issues while we wait for Microsoft to offer more ...

Yahoo joins growing list of bidders for Hulu -sources

Fri, 24 May 2013 14:55:31 -0400

By Ronald Grover LOS ANGELES | Fri May 24, 2013 2:55pm EDT LOS ANGELES May 24 (Reuters) - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $1.1 billion acquisition of blogging service Tumblr. ...

Its a mixed shopping bag for three big retailers earnings

Fri, 24 May 2013 14:45:27 -0400

Foot Locker opened 25 new stores during the quarter and closed 39, for a current total of 3,321 stores in 23 countries, plus 45 franchised stores in the Middle East and South Korea. Retailers Foot Locker Inc. and New York and Co. reported better-than-expected first-quarter earnings but Aeropostale Inc. swung to a loss and said it expects a further loss in its second quarter. Athletic footwear and ...

US STOCKS SNAPSHOT-PG lifts Dow into positive territory

Fri, 24 May 2013 14:25:48 -0400

NEW YORK | Fri May 24, 2013 2:25pm EDT NEW YORK May 24 (Reuters) - U.S. stock indexes pared most of their earlier declines on Friday and the Dow pushed into positive territory, helped by a strong gain in shares of Procter and Gamble. The Dow Jones industrial average edged up 4.42 points, or 0.03 percent, at 15,298.92. The Standard and Poor's 500 Index were off 1.69 points, or 0.10 ...

At midday TSX Wall Street lower ahead of long U.S. weekend

Fri, 24 May 2013 14:23:14 -0400

Trader Christopher Morie works on his handheld device on the floor of the New York Stock Exchange Monday, April 29, 2013. World stock markets were muted Tuesday May 7, 2013 as cheer over the better-than-expected U.S. jobs report faded. (Richard ...

Delta strengthens its hand in battle for NY travel market with $1.4 billion JFK terminal

Fri, 24 May 2013 14:21:51 -0400

Delta Air Lines is opening a $1.4 billion terminal at John F. Kennedy International Airport, strengthening its hand in the battle for the lucrative New York travel market. The expanded concourse offers sweeping views of the airport, upscale food and shopping options and increased seating. It replaces a decrepit terminal built by Pan Am in 1960 that was an embarrassing way to welcome millions of ...

Futures Movers Oil cuts loss stays on track for weekly decline

Fri, 24 May 2013 14:17:29 -0400

SAN FRANCISCO (MarketWatch) -- Oil futures on Friday were on track to log a decline for a fourth session in a row, with concerns about lackluster energy demand following weak Chinese data helping to set prices up for a loss on the ...

Federal Reserve risks boom and bust as QE dilemma presses

Fri, 24 May 2013 14:14:02 -0400

quantitative easing programme at the "next few meetings" if the economic data warranted such a move.The former remark was good for a 1% gain on the US stock market. The latter comment sent prices into reverse and contributed to the 7% slump in the Nikkei 225 index on Thursday. The fallout continued on Friday as the Japanese stock market fell sharply before recovering.So which is it? Is ...

HSBC under fire from all sides at AGM

Fri, 24 May 2013 14:14:00 -0400

HSBC on Friday bombarded the group's board with barrage of accusations ranging from financing Mexican drug cartels to supporting tax havens, slashing jobs and mis-selling products.At the banking firm's first annual general meeting since paying a record $1.9bn (1.2bn) in penalties to settle US money laundering claims, they also rounded on the directors with charges of hunting down ...

Men Help Recharge US Luxury Buying

Fri, 24 May 2013 14:11:24 -0400

Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly commonplace. Ephraim is the kind of man who gives luxury goods makers high hopes that the U.S. market can fuel future growth, as China runs out of steam and demand in Europe sags. "There is a cultural shift," Ephraim says ...

Farm Workers Get Paid A Little Bit More

Fri, 24 May 2013 14:11:22 -0400

Farm operators paid their hired workers an average wage of $11.91 per hour during the April 2013 reference week, up 4 percent from a year earlier. Field workers received an average of $10.92 per hour, up 4 percent from a year earlier. Livestock workers earned $11.46, up 51 cents. The field and livestock worker combined wage rate, at $11.10 per hour, was up 48 cents from a year earlier. Hired ...

Jeff Gordon may make his Coca-Cola 600 anniversary a winner

Fri, 24 May 2013 14:04:59 -0400

Dannie Walls/Icon SMI/Icon SMI He is no longer Wonder Boy, that derisive nickname the late Dale Earnhardt tagged Jeff Gordon with in 1995 when the fresh-faced Gordon was 23 and seemingly winning every other week on his way to his first Cup championship. Eighteen years later, Gordon now has stripes of gray on the sides of his hair, the paint scheme of a driver in winter, and he's ...

Did Microsoft stretch the truth in tablet ads

Fri, 24 May 2013 14:04:58 -0400

light-hearted TV ads that -- unlike those awful 2008 Jerry Seinfeld spots -- aren't cringeworthy. But in the Windows tablet ads that debuted this week, Microsoft used Siri to badmouth the iPad, and some Apple ...

BAT Smokes Out E-Cigarette Rivals

Fri, 24 May 2013 14:03:28 -0400

British American Tobacco (BAT) is preparing to launch its biggest assault to date on the electronic cigarette market as it attempts to bolster sales of tobacco substitute products. Sky News understands that the world's second-biggest tobacco company by sales is to launch Vype, a new e-cigarette brand, in the UK, France and Germany in the coming months. The launch, which will be backed ...

UBS France could face criminal investigation source

Fri, 24 May 2013 13:58:57 -0400

UBSN.VX ) French unit could be placed under formal investigation in the coming days as part of a broader probe into the Swiss bank's business practices, a person familiar with the matter said on ...

Ford to retain 1000 jobs at French plant after deal

Fri, 24 May 2013 13:58:57 -0400

F.N ) will retain 1,000 jobs at a plant in southwest France after striking a deal on Friday with local authorities to share the burden of new investments needed to keep the factory ...

Exclusive NY attorney general says more evidence banks violated mortgage pact

Fri, 24 May 2013 13:58:56 -0400

NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing ...

Monte Paschi might not be an isolated bank case in Italy Chairman

Fri, 24 May 2013 13:58:56 -0400

"There could be other cases similar (to the one of Monte dei Paschi)," Profumo said at a conference in Bagnaia, close to Siena, where Monte Paschi is ...

Deutsche Bundesbank VP Fed Proposals on Foreign Banks Not Helpful for Supervision

Fri, 24 May 2013 13:56:10 -0400

Germany's top banking supervisor urged the U.S. to abandon its insistence on forcing big foreign banks to operate through separately capitalized subsidiaries, warning it could trigger a chain reaction in Europe and other jurisdictions that could fragment world financial markets."If one starts with renationalization, others will follow. The danger will increase that everybody makes their ...

Fitch Places Ally Financial on Stable Ratings Outlook Following ResCap Settlement

Fri, 24 May 2013 13:56:10 -0400

Fitch Ratings removed Ally Financial Inc. from a negative ratings watch after the government-owned auto lender reached a deal with its Residential Capital mortgage subsidiary and the unit's creditors that will help the company avoid litigation.The ratings firm on Friday also said it affirmed Ally's long-term rating of BB- and said the company's outlook is stable.Ally said Thursday ...

Chile Environmental Overseer Halts All Operations at Barricks Pascua Project

Fri, 24 May 2013 13:56:10 -0400

The Chilean government's recently created Environmental Superintendency halted all construction operations at Barrick Gold Corp.'s (ABX, ABX.T) Pascua-Lama project that reaches across the Andes Mountains into Argentina, and fined the company $15.8 million for not meeting norms stipulated in the environmental approval it received in 2006.The Environmental Superintendency, which became ...

AMR Seeks to Buy Back Bonds Ahead of US Airways Merger

Fri, 24 May 2013 13:56:08 -0400

AMR Corp. (AAMRQ) is seeking court approval to buy back more than $1.2 billion in debt from noteholders, as the American Airlines parent continues to march toward finalizing its merger with US Airways Group Inc. (LCC).In a Thursday filing with U.S. Bankruptcy Court in Manhattan, AMR said it wants to buy back three sets of notes secured by its aircraft, issued before the company entered Chapter 11 ...

Spain to Grant Residency to Buyers of High-End Homes

Fri, 24 May 2013 13:56:04 -0400

Spain's government approved a plan to grant residency permits to foreigners who buy high-end homes, a step meant to breathe life into the country's moribund housing market.The measure, one of several announced Friday to encourage entrepreneurship, will award residency cards to those who spend at least EUR500,000 ($646,700) for real estate or invest at least EUR2 million in Spanish ...

BP Reliance NIKO Make Significant Gas Condensate Find In India

Fri, 24 May 2013 13:56:01 -0400

BP PLC (BP.LN) and partners Reliance Industries Ltd. (500325.BY) and NIKO said Friday they had made a significant gas and condensate discovery in the KG D6 block in the Krishna-Godavari field off the eastern coast of India where the partners are trying to boost declining gas output.The government of the energy-hungry nation is seeking to reduce dependence on oil and gas imports and is currently ...

See How Citigroup Wrote a Bill So It Could Get a Bailout

Fri, 24 May 2013 13:55:15 -0400

Citigroup lobbyists drafted a bill to allow more risky dealings by taxpayer-backed banks and--what do you know?--the House financial services committee passed nearly identical ...

RBC issues supplier code of conduct in wake of outsourcing backlash

Fri, 24 May 2013 13:54:47 -0400

TORONTO -- The Royal Bank is making a formal commitment that it won't send work offshore just to save on salaries. The bank faced fierce backlash earlier this year over an outsourcing arrangement with a supplier that used temporary foreign workers. The Royal Bank says it will only offshore work to suppliers when their scale, technology or knowledge provides capabilities the bank cannot ...

Endowment investing is not for everyone

Fri, 24 May 2013 13:53:40 -0400

(MoneyWatch) The success of the Yale Endowment has led many endowments, foundations and even individuals to focus on alternative investments and try to capture the liquidity premium available in illiquid investments. However, adopting such a model may be impractical. First, there is the question of liquidity. In addition to heavy exposure to private equity, the strategy often includes investments ...

Movers Shakers Friday’s movers Abercrombie Sears not in fashion

Fri, 24 May 2013 13:04:08 -0400

Bootstrapping for start-ups When start-up financing is scarce, entrepreneurs should look to bootstrapping. Angel Investor Dale Murray explains what it is and how to attract ...

Bond Report Treasurys move higher as investors buy cheap

Fri, 24 May 2013 13:04:07 -0400

NEW YORK (MarketWatch) -- Investors bought back into Treasurys Friday after a substantial selloff this week, helping the safe-haven debt hold onto gains after a manufacturing report on orders for long-lasting big-ticket items came in better than ...

Metals Stocks Gold futures retreat pare gains for the week

Fri, 24 May 2013 13:04:06 -0400

SAN FRANCISCO (MarketWatch) -- Gold futures posted modest losses on Friday, paring their gains for the week after a nearly 2% climb a day prior, as investors grew wary ahead of a long U.S. holiday ...

Wall Street drops on uncertainty

Fri, 24 May 2013 13:02:03 -0400

"We've had some volatility this week that we really haven't experienced in a month or so, so it's got a little bit of uncertainty here," said Joe Bell, a senior equity analyst at Schaeffer's Investment Research in ...

Microsoft To Windows 8 Haters Try This Mouse

Fri, 24 May 2013 13:01:40 -0400

Windows 8 users have little use for Modern UI apps , and that desktop and laptop users are particularly unengaged. The findings were, to a degree, unsurprising; to many users, the Win8's Live Tile-dominated Start screen hasn't been, ...

FTSE 100 ends volatile week with a near 1 fall

Fri, 24 May 2013 13:00:37 -0400

Leading shares ended a volatile week - even by stock market standards - on a negative note ahead of the long Bank Holiday weekend.In the space of five trading days, the FTSE 100 soared to within 90 points of its all time high of 6930, achieved on 30 December 1999 at the peak of the dotcom boom, and then promptly recorded its worst daily performance for a year.Markets have been driven higher in ...

Gold price collapse hits pawnbroker profits

Fri, 24 May 2013 13:00:36 -0400

Shares in largest British high street gold buyer H&T slide as it warns that every 10% fall in the price of gold would wipe about 2m off its ...

G4S contract to run sexual assault referral centres damned

Fri, 24 May 2013 13:00:34 -0400

G4S , the controversial private security company, is to run services providing medical examinations and counselling for victims of rape and sexual assault in the West Midlands.The company has been awarded a three-year contract to take over two sexual assault referral centres (Sarcs) in Birmingham and Walsall. The national network of 33 centres across England which have developed over the past ...

How Motorsports Improves What We Drive

Fri, 24 May 2013 12:58:05 -0400

General Motors racing program, from the way its 450-horsepower V-8 works to the carbon fiber panels used to reduce the sports car's weight and lower its center of gravity. "Motorsports play a key role for us in improving our street cars and power-trains," explained Jim Campbell, head of the Detroit maker's well-funded motorsports program. And GM isn't alone. Most auto ...

Soccer Tickets Shocker Two for $21000

Fri, 24 May 2013 12:58:04 -0400

German soccer fans desperate to snap up tickets to Wembley's Champions League final on Saturday are being charged up to 14,000 ($21,166) for a pair of tickets on the black market, the Daily Mail reported on Friday. German rivals Borussia Dortmund and Bayern Munich will battle it out for the coveted UEFA Champions League final this weekend, and up to 150,000 German football fans are expected ...

Meet The People Who Are Subverting Wall Street Reform

Fri, 24 May 2013 12:54:18 -0400

Commodity Futures Trading Commissioner Mark Wetjen Three years after Congress passed sweeping reforms of Wall Street, the industry has successfully widened a variety of cracks in the Dodd-Frank law. But credit for the industry's success at watering down the landmark legislation doesn't just go to well-heeled lobbyists - regulators and lawmakers are helping. ...

Senator urges extreme caution on Softbank-Sprint deal

Fri, 24 May 2013 12:45:41 -0400

WASHINGTON (Reuters) - An influential senator on Friday expressed strong concerns about Japanese company Softbank Corp's plan to buy 70 percent of Sprint Nextel, the No. 3 mobile service provider, warning it could expose the United States to more Chinese cyber ...

Spains Bankia Close to Selling Florida Bank to Chiles BCI - Sources

Fri, 24 May 2013 12:42:52 -0400

Spain's Bankia SA (BKIA.MC) is close to selling City National Bank of Florida to Chilean bank Banco de Credito e Inversiones SA (BCI.SN) for close to $900 million, according to people familiar with the situation.The transaction is expected to be approved by Bankia's directors later Friday, these people said.The sale forms part of Bankia's plan to shed assets to boost capital ratios ...

Commerzbank CEO to Buy Shares Worth EUR170000

Fri, 24 May 2013 12:42:51 -0400

Commerzbank AG (CBK.XE) Chief Executive Martin Blessing, who will fully participate in the bank's capital increase that is under way, will buy new shares worth about EUR170,000, according to a Dow Jones Newswires calculation."I will fully exercise my subscription rights," Mr. Blessing said Friday.Currently, Mr. Blessing holds almost 40,000 shares in Commerzbank.If fully exercising ...

EUROPE MARKETS Europe Stocks End Choppy Week 1.7 Lower

Fri, 24 May 2013 12:42:51 -0400

LONDON – European stock markets added to the prior day's sharp losses Friday, tracking stocks lower in the U.S., with better-than-expected economic data failing to offset concerns about a possible end to the U.S. stimulus program.The Stoxx Europe 600 index lost 0.2% to 303.35, closing out the week 1.7% lower and breaking a four-week winning streak.Earlier in the week, most of ...

Luxury Brands New Cash Cow Men

Fri, 24 May 2013 12:42:50 -0400

PARIS/NEW YORK – Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly commonplace. Ephraim is the kind of man who gives luxury goods makers high hopes that the U.S. market can fuel future growth, as China runs out of steam and demand in Europe sags. "There is a cultural ...

Chile blocks Pascua-Lama mine fines Barrick Gold $16 million for serious environmental violation

Fri, 24 May 2013 12:41:22 -0400

VALLENAR, Chile -- Chile's environmental regulator has stopped construction and imposed sanctions on Barrick Gold Corp.'s $8.5 billion Pascua-Lama project, citing "serious violations" of its environmental permit. The $16-million fine is the maximum allowable under Chilean law. It was applied Friday because the world's largest gold mining company acknowledged that it ...

‘We are in economic terms all Japanese’ Paul Krugman

Fri, 24 May 2013 12:41:22 -0400

A generation ago, Japan was widely admired – and feared – as an economic paragon. Business best-sellers put samurai warriors on their covers, promising to teach you the secrets of Japanese management; thrillers by the likes of Michael Crichton portrayed Japanese corporations as unstoppable juggernauts rapidly consolidating their domination of world ...

Billionaire Says Babies Destroy A Womans Focus In Wall Street Jobs

Fri, 24 May 2013 12:41:21 -0400

Speaking at a symposium at the University of Virginia last month, hedge fund billionaire Paul Tudor Jones suggested that having babies kills a woman's focus, rendering her unable to succeed in the trading industry. According to ...

When it comes to vacations the U.S. stinks

Fri, 24 May 2013 12:40:05 -0400

(MoneyWatch) The U.S. has a unique tradition when it comes to celebrating holidays: It doesn't. "The United States is the only advanced economy that does not guarantee its workers any paid vacation time and is one of only a few rich countries that does not require employers to offer at least some paid holidays," concludes ...

Photos Builder Makes Worlds Largest Lego Model

Fri, 24 May 2013 12:37:34 -0400

Thousands gather in New York City's Times Square on May 23, 2013 to watch the unveiling of the world's largest LEGO Model, a 1:1 replica of the LEGO Star Wars X-wing Starfighter that took 32 model builders, 5.3 million LEGO bricks and over 17,000 hours to complete. The original toy with retracting wings is made of 560 bricks and costs ...

Wall Street Lower on Fed Worries

Fri, 24 May 2013 12:30:35 -0400

United States stocks fell for a third day on Friday, putting indexes on track for their first negative week since mid-April, on lingering concern the Federal Reserve may scale back its support to the economy. In afternoon trading, the Standard & ...

RPT-UPDATE 2-News Corps publishing business to initiate stock buyback

Fri, 24 May 2013 12:29:08 -0400

By Jennifer Saba May 24 (Reuters) - News Corp set the distribution ratios for the spinoff of its publishing business, which may start buying back stock right away. The board of the publishing business, which will retain the News Corp ...

Stocks head lower market on track for weekly loss

Fri, 24 May 2013 11:54:29 -0400

FILE - In this Thursday, May 23, 2013, file photo, Trader Donato Cuttone works on the floor of the New York Stock Exchange near the close of trading. Asian shares traded erratically Friday May 24, 2013 but European markets found their footing, a day after global stocks were routed by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary ...

Breast cancer trigger found by Salk researchers

Fri, 24 May 2013 11:53:02 -0400

Called transforming growth factor beta, or TGF-?, the protein interacts with p53, a well-known tumor suppressor gene disabled in many cancers. In cells which have just begun to transform into cancer, the TGF-? protein inhibits apoptosis, or programmed cell death, which the p53 protein helps regulate. Free of the control of p53, the precancerous cells continue down the road to becoming ...

Makers Quarter Next It place

Fri, 24 May 2013 11:53:02 -0400

Makers Quarter, south of City College, might include this 400-foot-high-residential tower, mid- and low-rise offices and retail and cultural space surrounding the planned East Village Green ...

San Diego Gymnastics opens in Otay Ranch Town Center

Fri, 24 May 2013 11:53:00 -0400

The new addition is just one of the many creative ways Otay Ranch Town Center has come up with to keep traffic coming to the mall during a difficult time for the retail ...

Popular bayfront shuttle returns

Fri, 24 May 2013 11:53:00 -0400

San Diego's downtown-bayfront shuttle, which debuted last year, is returning for the summer season, beginning on Friday, in time for the Memorial Day ...

What if mortgage rates shoot up

Fri, 24 May 2013 11:53:00 -0400

Peter McNamara and his 5-year-old daughter Keira look at a model home at a Pardee Homes' Watermark community near Carmel Valley on a recent Sunday. Record-low mortgage rates are helping drive up homebuyer ...

Asian Stocks End Mixed Nikkei Rises After Turbulent Trading

Fri, 24 May 2013 11:52:15 -0400

Asian stocks traded mixed on Friday, with extreme volatility in Japanese shares keeping investors nervous. Japan's Nikkei index swung over 1,000 points for a second day in a row before ending notably higher on optimism over earnings growth and ...

Pain but no gain SEC fines ISS but whistleblower still waiting for his reward

Fri, 24 May 2013 11:50:10 -0400

Blowing the whistle doesn’t pay.Carl Clark, who was fired from his job at Georgeson Inc. after exposing a scheme to sell confidential corporate voting data, stands to receive little or no reward for helping regulators crack the case. Yesterday, Institutional Shareholder Services, the largest shareholder advisory firm, agreed to pay $300,000 to the Securities and Exchange Commission to ...

Market Snapshot U.S. stocks slump weekly streak in jeopardy

Fri, 24 May 2013 11:48:38 -0400

NEW YORK (MarketWatch) -- U.S. stocks traded firmly in the red Friday after another volatile session for Asian markets, with upbeat durable-goods data failing to overcome negative sentiment. Concerns about a potential tapering in the Federal Reserve's bond-buying program ...

Currencies Yen continues advance against dollar

Fri, 24 May 2013 11:48:37 -0400

NEW YORK (MarketWatch) -- The Japanese yen gained against the U.S. dollar Friday, extending an advance that was spurred in part by a selloff in Japanese ...

Tech Stocks Salesforce.com Google hit tech stocks

Fri, 24 May 2013 11:48:36 -0400

SAN FRANCISCO (MarketWatch) -- A sharp drop at Salesforce.com sparked a slump across the stocks of other corporate software vendors and led the broader tech sector into the red on Friday ...

NatWest RBS and Ulster Bank apps hit by glitches

Fri, 24 May 2013 11:44:39 -0400

apps for several hours on Friday in the latest in a series of glitches to hit the group's IT systems.Problems were experienced by customers trying to use all three brands' apps across a range of platforms, who reported error messages when they tried to log in to check balances or arrange payments ahead of the bank holiday weekend. Some said they were being told that the app needed an ...

Oil Could Make Dollar a Hot Commodity

Fri, 24 May 2013 11:41:51 -0400

The world's largest consumer of energy is in the midst of a resurgence in energy production, one that could realign one of the market's most reliable barometers: The negative link between the U.S. dollar and oil. With the U.S. suddenly awash in oil and gas, it has raised the question of whether the greenback can join the ranks of the dollars of Canada and Australia as a "commodity ...

Keeping Watch for a Too-Strong Economy

Fri, 24 May 2013 11:41:51 -0400

Fed's Bullard Wants Faster Inflation Before Tapering QE ) "We're at the home stretch and that's why this vacuum between now and the nonfarm payrolls is going to be a dripless market for bonds and equities," said George Goncalves, Treasury strategist at Nomura Americas. "The assumption is things are going to get better. What if it's a weak number? Can we actually ...

McDonalds CEO McGrilled by 9-Year-Old

Fri, 24 May 2013 11:41:51 -0400

McDonald's needs kids more than today's kids need McDonald's. Perhaps no one knows that better than CEO Don Thompson, who was seriously put on the hot seat by a 9-year-old girl at Thursday's annual shareholder's meeting in Oak Brook, Ill. For a few moments, Hannah Robertson--whose mother, Kia, is a kid's nutritional activist and creator of an interactive ...

Hot Trend in Cars Not Owning One

Fri, 24 May 2013 11:41:50 -0400

Whether by choice or through financial reality, the percentage of American households without a car has doubled over the past two decades--and is now approaching 1 in 10. The impact of this trend could be significant, especially when it comes to alternatives to driving, such as car-sharing and mass transit, according to research ...

Fortune Brainstorm Podcast Caterpillar CEO Doug Oberhelman

Fri, 24 May 2013 11:35:31 -0400

Each Fortune conference -- from Brainstorm Green, Brainstorm Tech, to the Most Powerful Women Summit, and the Global Forum -- yields fascinating conversations with the best and brightest minds in ...

The Sky News Business Round-Up And Look Ahead

Fri, 24 May 2013 11:34:16 -0400

We no longer check to see whether Sky News displays properly in Internet Explorer version 6 or earlier. To see our content at its best we recommend upgrading if you wish to continue using Internet Explorer or using another browser such ...

AirAsia may order 50 more Airbus jets CEO

Fri, 24 May 2013 11:29:50 -0400

AIRA.KL ), may order an additional 50 Airbus A320 jets on top of its existing record order for 475 of the Airbus model, Chief Executive Tony Fernandes said on ...

Henrik Fisker joins Hong Kong tycoon to salvage Fisker sources

Fri, 24 May 2013 11:29:49 -0400

DETROIT/BEIJING (Reuters) - Henrik Fisker is working with an investor group to salvage Fisker Automotive, the "green" car company he co-founded nearly six years ago that is now struggling to stave off bankruptcy, people familiar with the matter said this ...

Wall Street lobbyists frequently help draft financial legislation

Fri, 24 May 2013 11:29:19 -0400

Kenneth E. Bentsen Jr., left, a Wall Street lobbyist, at a House financial services panel meeting. WASHINGTON -- Bank lobbyists are not leaving it to lawmakers to draft legislation that ...

Abercrombie Fitch earnings stumble stock slumps

Fri, 24 May 2013 11:27:30 -0400

Teen retailer Abercrombie & Fitch Co. stumbled hard in its first quarter, with same-store sales diving 15% and profit missing Wall Street’s ...

IFC Seeks to Invest $2 Billion in Brazil in Next Fiscal Year

Fri, 24 May 2013 11:26:56 -0400

International Finance Corp., a World Bank affiliate, is planning to invest around $2 billion in Brazilian companies in order to support the Latin American country's private-sector development, according to Loy Pires, IFC's senior manager for Brazil.The investment plan will take place in the next fiscal year starting July. By comparison, in the July 2012-June 2013 fiscal year, IFC's ...

SURVEY Agriculture To Underpin Modest Brazil 1st Quarter GDP Recovery

Fri, 24 May 2013 11:26:54 -0400

Latin America's biggest country will show a modest recovery in gross domestic product when first-quarter figures are released next week, but economists say it is too soon to celebrate a full-fledged 2013 recovery.A survey of 14 economists by Dow Jones Newswires resulted in a median forecast of 2.38% for year-on-year first-quarter economic expansion. Actual fourth-quarter growth was 1.4%. The ...

LONDON MARKETS U.K. Stocks Slides As Miners Banks Decline

Fri, 24 May 2013 11:26:54 -0400

LONDON – U.K.'s FTSE 100 index dropped on Friday, with mining firms adding pressure as metals prices turned south and with banks extending the prior day's losses.The FTSE 100 index lost 0.8% to 6,645.67, on track for a 1.2% weekly loss.BT Group PLC dropped 1.9%, after J.P. Morgan Cazenove cut the telecoms firm to neutral from overweight, citing regulation, pension and BT Sport as ...

Dow Chemical to Use Kuwait Award to Pay Down Up to $2 Billion in Debt

Fri, 24 May 2013 11:26:53 -0400

Dow Chemical Co. (DOW) said it will use part of a recent arbitration payment from the Petrochemical Industries Company of Kuwait to pay down up to $2 billion in debt this year.The company recently received $2.2 billion for damages in cash from its Kuwaiti partner--one of the largest ever from a corporate arbitration--after the state-owned firm pulled out at the last minute from a $17.4 billion ...

Video ATT adding new fee to wireless contracts

Fri, 24 May 2013 11:24:31 -0400

Stocks opened lower despite better than expected news on durable goods orders, AT&T has reportedly added a new 61 cent monthly fee for all wireless contracts, and new federal rules require more detailed labels on meat packages. Ashley Morrison ...

McDonalds CEO Scolded By 9-Year-Old

Fri, 24 May 2013 11:22:07 -0400

Don Thompson, CEO of McDonald's Corp., found himself on the grill after a 9-year-old girl accused the fast food giant of trying to "trick kids into eating food that isn't good for them." Hannah Robertson, 9, flew in with her mom from Kelowna, British Columbia, to attend McDonald's annual shareholder meeting Thursday in Oak Brook, Ill., the company's headquarters. ...

US stocks fall amid global caution

Fri, 24 May 2013 11:16:18 -0400

US stocks have fallen in early trade with caution reigning a day after a shock sell-off in Asia and Europe and ahead of the three-day US Memorial Day holiday weekend. Thirty minutes into Friday trade, the Dow Jones Industrial Average was down 55.16 points (0.36 per cent) to 15,239.34. The broad-based S&P 500 lost 9.40 (0.57 per cent) to 1,641.11, while the tech-rich Nasdaq Composite fell 20.36 ...

Google and Facebook in bidding war over Waze travel app company

Fri, 24 May 2013 10:51:11 -0400

The travel app company Waze is believed to be the subject of a billion-dollar bidding war between Google and Facebook, in a move apparently aimed at tying its social functions more closely into the rival firms' networks.A fortnight ago reports suggested that Facebook had bid $1bn for the business, in order to wrap the "social travel" element into its billion-strong social network. ...

Microsoft And Game Publishers Will Reportedly Take A Cut Of Xbox One Used Game Sales

Fri, 24 May 2013 10:50:47 -0400

Microsoft (MSFT) has taken aim at used game sales in a somewhat surprising way. For Xbox One games, used game sales will be allowed but any retailer who chooses to sell them will need to use Microsoft's Azure-based cloud system to do ...

Walt Disney Imagineers Drive Innovation Through Video Game Technology

Fri, 24 May 2013 10:50:46 -0400

Walt Disney World's Magic Kingdom, Disneyland and Disney California Adventure theme parks are open for a full 24 hours today to celebrate Memorial Day weekend and the official start of the summer tourist seasons. As visitors enter these parks, they'll find a lot of new rides and attractions. Many of the innovations behind today's high-tech experiences come from inspiration from the ...

Will Lafleys PG Return Work

Fri, 24 May 2013 10:48:34 -0400

Squawk Box " interview. "[But] the downside of course: What did [he] contribute to the current mess?" The appointment of Lafley as chairman and CEO of P&G, the company he ran from 2000 to 2009, was announced Thursday and is effectively immediately. He succeeded embattled chief executive Bob McDonald--who had taken the reigns when Lafley retired. ...

UK Police Arrest Two Men on Pakistan Flight

Fri, 24 May 2013 10:48:34 -0400

Pakistan International Airlines flight on Friday on suspicion of "endangerment of an aircraft", after it was escorted to a different airport by fighter jets. The plane had been flying from Lahore in Pakistan to Manchester, before it was diverted to Stansted, in Essex, southern England. Flight PK709 from Lahore in Pakistan had been due to land at Manchester in northern England with 297 ...

World stock markets to grind higher

Fri, 24 May 2013 10:42:31 -0400

"This is a classic holiday market reversal," said Neil Shah, a director at London's Edison Investment. When investors and traders return to their desks after the long weekend in the U.S. and the U.K., stocks would continue moving higher, he said. Japan, where the ...

China solar companies shun home market in pursuit of margins

Fri, 24 May 2013 10:36:22 -0400

(Reuters) - Chinese solar panel makers are shunning their overcrowded home market in favor of lucrative exports, a switch that has helped to arrest a two-year slump in margins and push shares to 12-month ...

Insight Luxury brands position for U.S. boom

Fri, 24 May 2013 10:36:21 -0400

PARIS/NEW YORK (Reuters) - Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly ...

Metals Stocks Gold backs off one-week high

Fri, 24 May 2013 10:34:17 -0400

MADRID (MarketWatch) -- Gold prices posted mild losses on Friday, backing away from a week-high settlement a day prior, and seeing little benefit from dollar weakness as investors readied for the long U.S. holiday ...

Microsoft Xbox One a let down says Steven Butts of IGN

Fri, 24 May 2013 10:33:19 -0400

One thing's for sure: It's one big gamble for Microsoft. After eight years on the market, Microsoft's Xbox 360 is being replaced. The ...

ECB Constancio Linking National Resolution Funds Isnt Enough

Fri, 24 May 2013 10:33:16 -0400

Europe must create a single resolution mechanism backed by a common pool of money to help wind down struggling banks, European Central Bank Vice President Vitor Constancio said Friday."An approach based solely on coordination between national authorities without a single resolution authority and without a common backstop would clearly not be sufficient," Mr. Constancio said at a hearing ...

A New Hedge Against Rising Rates

Fri, 24 May 2013 10:33:16 -0400

ProShares launched a high-yield corporate debt exchange-traded fund that will take a short position in U.S. Treasurys, offsetting exposure to junk bonds. The ProShares High Yield-Interest Rate Hedged ETF is the third of its kind, and the least expensive, with an annual expense ratio of 0.50%. The fund will trade under the symbol HYHG and track the performance ...

Keystone makes TransCanada more cautious about future U.S. forays executive

Fri, 24 May 2013 10:31:59 -0400

CALGARY -- A senior TransCanada Corp. executive says the resistance to the approval of the proposed Keystone XL oilsands pipeline has made the company more cautious about future cross-border endeavours. Alex Pourbaix, president of energy and oil pipelines at the Calgary-based pipeline and utility company, said the long delays getting Keystone approved in the U.S. has been an ...

Enbridge to meet re-elected B.C. Liberals on Northern Gateway

Fri, 24 May 2013 10:31:59 -0400

Enbridge Inc. is moving ahead with plans to meet five conditions for the British Columbia government to support its proposed Northern Gateway oil pipeline, after a Liberal re-election made clear terms needed to satisfy officials in the Pacific Coast province. Enbridge, the largest transporter of Canadian crude, plans to sit down with Premier Christy Clark's government to discuss her ...

Experts urge buyers to take precautions when buying used cars and trucks

Fri, 24 May 2013 10:31:57 -0400

July Ono had been buying used cars online for years without problems. So she was stunned when she got a panicked phone call three years ago from a friend saying the Jeep Ms. Ono bought a month earlier was being towed away by a bailiff. In hindsight, Ms. Ono says she had been suspicious of the tall, charming stranger who had posted his car for sale on Craigslist. "I was sitting there ...

Durable goods orders jump 3.3 percent in April

Fri, 24 May 2013 10:30:59 -0400

Orders for transportation goods gained 8.1 percent, reflecting a 16.1 percent jump in demand for commercial aircraft and a 53.3 percent increase in orders for military ...

US STOCKS-Wall Street slips on angst over longevity of Fed stimulus

Fri, 24 May 2013 10:20:26 -0400

Fri May 24, 2013 10:20am EDT * Durable goods orders rise more than expected * P&G shares climb after CEO replacement * Some retailers weak after results * Indexes off: Dow 0.5 pct, S&P 0.7 pct, Nasdaq 0.7 pct By Rodrigo Campos NEW YORK, May 24 (Reuters) - U.S. stocks fell for a third day on Friday amid lingering concern the U.S. central bank may scale back its support to the economy. Trading has ...

Steelworkers union hands Caterpillar new South Milwaukee contract proposal

Fri, 24 May 2013 10:15:47 -0400

Caterpillar and union officials met for several hours on Thursday and will meet again next week. United Steelworkers Local 1343 presented Caterpillar Inc. with a new labor contract proposal in a meeting Thursday, and the two sides will meet again May 30 to continue negotiations, a local union official said. Thursdays meeting was the first since May 8. That meeting was the first after 803 union ...

Borrowers Becoming Accidental Landlords

Fri, 24 May 2013 09:53:56 -0400

Maria Wells said she never intended to be a landlord. She sells real estate; she doesn't invest in it. Now the Florida resident owns two properties. One was her son's, but he had to move to take a new job. The other was hers, but she got married and moved in with her husband. She can't sell either because she is underwater on both mortgages, so she rents them. Maria is one of a ...

Courting Silicon Valley of the Dollars

Fri, 24 May 2013 09:53:55 -0400

Werba Rubin Wealth Management , a San Jose, Calif.-based firm managing about $250 million in assets for 225 clients. "Everyone is trying to move upstream in the market." That's not surprising, as wealth managers always go where the money is. Silicon Valley is once again ground zero for the ber-rich, where scores of newly minted entrepreneurs have reaped the benefits of social media ...

Paul Tudor Jones and Wall Streets Todd Akin moment

Fri, 24 May 2013 09:48:19 -0400

Hedge fund billionaire Paul Tudor Jones made controversial comments regarding women on Wall Street, saying babies are a "killer" to a woman's focus. Cosmopolitan's Joanna Coles, Alexandra Lebenthal and New York Magazine's Lisa Miller join Morning Joe to ...

Dean Brody Serena Ryder Sam Roberts Band among big names set for Stampede’s Coca-Cola Stage

Fri, 24 May 2013 09:46:28 -0400

The Stampede's free Coca-Cola Stage will once again be stacked with an eclectic array of national talent this year -- including some, as usual, that's homegrown. Organizers announced the lineup Thursday night during the Covert Concert event at Flames Central, which featured surprise performances from Dean Brody and Down With Webster.Taking the stage this year are artists that run the ...

Co-op Bank To Stop Issuing New Business Loans

Fri, 24 May 2013 09:45:33 -0400

The Co-operative Bank says it will stop lending to new corporate customers as it seeks to repair a major hole in its finances. The move comes after credit ratings agency Moody's downgraded the bank to junk ...

As Global Markets Stabilize Wall St. Slips

Fri, 24 May 2013 09:41:59 -0400

Wall Street opened lower and world stocks stabilized on Friday, and a positive report on United States durable goods orders set aside worries over the global economy. In early trading the Standard & ...

PG CEO switch will not lead to big strategy change-CFO

Fri, 24 May 2013 09:40:56 -0400

Shares of P&G rose to $81.90 in premarket trading after closing at $78.70 on Thursday, before the decision was announced. P&G, the maker of Tide detergent and Gillette razors, did not give a specific reason for McDonald's departure other than to say that he is retiring. McDonald is 59 and Lafley is ...

Bond Report Treasurys hold gains after durable goods

Fri, 24 May 2013 09:38:55 -0400

NEW YORK (MarketWatch) -- Treasurys held onto price gains Friday after a report on orders for long-lasting big-ticket items came in better than ...

Stocks to Watch Sears PG are Friday’s stocks to watch

Fri, 24 May 2013 09:38:52 -0400

NEW YORK (MarketWatch) -- Shares of Sears Holdings Corp. remained in play Friday after the retailer announced deep first-quarter losses, and P&G shares attracted attention in the wake of its executive shake ...

Indications Stock futures remain lower after durables data

Fri, 24 May 2013 09:38:51 -0400

NEW YORK (MarketWatch) -- U.S. stock index futures pointed to a lower start for Wall Street after briefly paring losses in the wake of data that showed orders for big-ticket items rose more than expected in ...

Wal-Mart plasters stores with green dots in struggle to keep shelves stocked

Fri, 24 May 2013 09:36:42 -0400

Wal-Mart Stores Inc. is turning up the pressure to keep its shelves adequately stocked by proposing to tie executive compensation to the issue -- and has asked an outside auditor to alert workers which items to focus on by plastering U.S. stores with neon green dots. Earlier this year, Bloomberg News reported that Wal-Mart had trouble keeping its stores stocked as it cut back on workers per ...

KXL letters First batch shows green groups lobbyists dominating public comment process

Fri, 24 May 2013 09:36:42 -0400

The U.S. State Department says it received 1.2 million letters during its 45-day public comment period after releasing the draft of Supplemental Environmental Impact Statement (SEIS) on the Keystone XL pipeline. But a sample of the letters released by the Department reveal the same actors from both side of the divide dominating the proceedings, rather than a chance for the wider public to air ...

U.S. durable goods orders beat forecasts signalling strength in factory sector

Fri, 24 May 2013 09:36:41 -0400

WASHINGTON -- Orders for long-lasting U.S. manufactured goods rose more than expected in April, a sign of resilience in the factory sector despite belt-tightening in Washington and weakness in overseas markets. Durable goods orders, which range from toasters to aircraft, increased 3.3% last month, the Commerce Department said on Friday. The department also revised prior readings for orders to ...

My company is ending OT pay but not OT work

Fri, 24 May 2013 09:35:46 -0400

(MoneyWatch) Dear Evil HR Lady,Our company just hit us with the news that we are being outsourced as of the end of this month. With that we received an offer letter from our new potential employer, and boy, oh, boy is it not attractive. I was told that if I do not take the offer from the new company that it will be considered my resignation. Interesting, as I did not think I could be forced to ...

Jersey Shore Open for Business

Fri, 24 May 2013 08:59:14 -0400

Despite Overseas Weakness US Durable Goods Rise

Fri, 24 May 2013 08:59:14 -0400

Orders for long-lasting U.S. manufactured goods rose more than expected in April, a sign of resilience in the factory sector despite belt-tightening in Washington and weakness in overseas markets. Durable goods orders, which range from toasters to aircraft, increased 3.3 percent last month, the Commerce Department said on Friday. The department also revised prior readings for orders to show a ...

Finally Clarity From the Fed Or Not

Fri, 24 May 2013 08:59:14 -0400

Quantitative Easing ). The Fed also released the minutes of its last meeting--just hours after his testimony Wednesday. So the message should be crystal clear, right? The Fed MAY be willing to reduce, ...

Summer Travel Better but No Blowout

Fri, 24 May 2013 08:59:12 -0400

The forecast for summer travel, 2013: Partly sunny. Airlines, hotels and campgrounds are commanding higher rates and seeing more customers than a few summers ago, and luxury hotels are selling out. Local businessmen and state officials are optimistic. But for a travel industry still stinging from the Great Recession, the best it can likely hope for is another summer of steady, but slow, recovery. ...

Wall Street futures rise after chaotic day in Japan

Fri, 24 May 2013 08:54:09 -0400

U.S. stock futures rise Stock futures on Wall Street were falling ahead of the start to regular trading on Friday as markets in Japan saw heightened volatility.Dow Jones industrial average index stock futures fell 0.2%, Standard & Poor's 500 index stock futures lost 0.4% and Nasdaq 100 index stock futures were also down 0.4%.On Thursday, the Dow and Nasdaq index closed the session down ...

Another downer day on Wall Street

Fri, 24 May 2013 08:53:04 -0400

Nikkei , which plunged 7% Thursday, finished a rocky trading day with a 0.9% gain. "In Tokyo we've seen an attempt at a recovery," said Nick Beecroft, senior market analyst at Saxo Capital Markets. "That's a pretty normal profile for market action in a correction such as ...

Microsoft reportedly to take cut on used Xbox One game sales

Fri, 24 May 2013 08:49:51 -0400

(Credit: James Martin/CNET) Microsoft's policy concerning used Xbox One games has proven a bit confusing, but a new report may have spilled more concrete details. Citing information from "retail sources," gaming news MCV claims ...

Futures fall Wall Street set for weekly decline

Fri, 24 May 2013 08:47:09 -0400

NEW YORK (Reuters) - Stock index futures trimmed declines on Friday after data showed orders for durable goods rose more than expected last month, providing an encouraging sign for the factory ...