News Archive
National | Wed, Jan 2, 2013

In 2013, small-business owners will contend with many of the same issues that made it hard to run their companies over the last 12 months.

So many myths and misunderstandings about gun control, from all sides of the debate, and so little time! Here goes:

Defense contractors led by Lockheed Martin Corp., General Dynamics Corp. and Raytheon Co. gained a reprieve from U.S. spending cuts that may prove short-lived.

Writing about the "fiscal cliff" is futile, especially now that we’re over it. Who wants to spend time with a group of people who voluntarily set up a drop-dead event to force them to act and then decided that, actually, they’d rather drop dead — and take the country with them?

Microsoft began the new year harping on a favorite theme: The software maker is arguing that government regulators need to crack down on Google to preserve fair competition in the Internet and smartphone markets.

NEW YORK — Avis is leaping into the car-sharing service business by buying Zipcar, which offers its service in San Diego, for $491.2 million, aiming to capture a new type of customer and technology that will vastly expand its car rental options.

Stocks rallied, giving the Standard & Poor’s 500 Index its biggest gain in more than a year, as lawmakers passed a bill averting spending cuts and tax increases threatening a recovery in the world’s biggest economy.

Manufacturing picked up in December, reflecting growth in orders, employment and exports that indicate the U.S. expansion will be sustained in 2013 following the budget deal.

A doctor who accused Amgen Inc. of illegally marketing drugs failed to persuade a federal judge to hold a hearing in which he could challenge the company’s $612 million civil settlement of misbranding claims.

Goldman Sachs Group Inc. accelerated delivery of $65 million in stock awards to 10 executives, including CEO Lloyd C. Blankfein, helping them avoid higher tax rates that take effect this year.

When his drought-stricken Nebraska farm was blanketed with several inches of snow, Tom Schwarz welcomed the moisture. But it wasn't nearly enough.

The “fiscal cliff” compromise, even with all its chaos, controversy and unresolved questions, was enough to ignite the stock market on Wednesday, the first trading day of the new year.

U.S. manufacturing grew slightly last month and factory hiring increased. The modest gain suggests the economy entered the new year with some momentum.

Glendale, Ariz.’s bet on becoming the Phoenix area’s sports and entertainment hub is resulting in higher taxes, fired workers and rising penalties on its debt.

Project financing has closed on a Carlsbad desalination plant to construct the largest U.S. facility to make drinking water from the sea, capable of producing about 50 million gallons of potable water a day.

MidAmerican Energy is buying two solar power projects under construction in Southern California from SunPower Corp. (Nasdaq: SPWR) that will generate 579 megawatts of electricity.

Republicans and Democrats from New York and New Jersey lashed out at House Speaker John Boehner on Wednesday for pulling legislation on Hurricane Sandy aid, demanding that he reverse course and allow a vote as their constituents continue to struggle with the aftermath of the devastating storm. President Barack Obama called for an immediate House vote, and governors of the two states called House inaction a “dereliction of duty.”

Spending on U.S. construction projects fell in November from October, because a steep drop in volatile federal projects offset another gain in homebuilding.

Jan. 2 (Bloomberg) -- Treasuries fell, with 10-year yields rising the most in more than two months, as demand for the safest securities was curtailed by speculation a budget approved by U.S. lawmakers will sustain the economic expansion.

Jan. 2 (Bloomberg) -- Oil rose to the highest level in three months after U.S. lawmakers passed a bill to undo automatic tax increases and spending cuts that had threatened growth in the world’s biggest oil-consuming country.

Markets breathed a huge sigh of relief Wednesday after U.S. lawmakers reached a budget agreement that will stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession.

Jan. 2 (Bloomberg) -- U.S. stock futures rose, after the largest year-end rally for the Standard & Poor’s 500 Index since 1974, as lawmakers passed a bill averting spending cuts and tax increases threatening a recovery in the world’s biggest economy.

Congress' excruciating, extraordinary New Year's Day approval of a compromise averting a prolonged tumble off the fiscal cliff hands President Barack Obama most of the tax boosts on the rich that he campaigned on. It also prevents House Republicans from facing blame for blocking tax cuts for most American households, though most GOP lawmakers parted ways with Speaker John Boehner and opposed the measure.

Cyprus' president says he would refuse any request by international lenders to sell off state-owned companies as part of a finalized agreement to bail out the crisis-hit country.

Jan. 2 (Bloomberg) -- Otis Elevator Co.’s quest to carry people up skyscrapers twice as tall as the Empire State Building hearkens back to a pivotal innovation by its founder: ensuring that riders won’t plummet back to earth if something goes awry.

Jan. 2 (Bloomberg) -- Bulk wine prices in France are climbing across the board and buyers are looking to Chile, South Africa and eastern Europe for supplies, according to wine broker Ciatti Co.

A UBS analyst said Wednesday that Hovnanian shares may not rise much farther.

Jan. 2 (Bloomberg) -- The world’s biggest bond managers are betting housing debt that rallied as much as 41 percent last year will again beat other fixed-income investments in 2013 as the U.S. real estate recovery strengthens.

Google's executive chairman is preparing to travel to one of the last frontiers of cyberspace: North Korea.

While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

Jan. 2 (Bloomberg) -- New Jersey Governor Chris Christie, calling his fellow Republicans in Congress “know-nothings,” joined a chorus of criticism from Northeastern lawmakers after the House failed to vote on $60 billion in Hurricane Sandy aid.

Jan. 2 (Bloomberg) -- Gold futures rose to a two-week high as commodities gained after U.S. lawmakers passed a budget accord. Palladium advanced to the costliest in 10 months, and silver jumped the most in eight weeks.

Shares of Facebook Inc. added about 5 percent on Wednesday after a JPMorgan analyst said he's “incrementally positive” on the social networking company's stock in the new year and boosted his target price.

Jan. 2 (Bloomberg) -- Avis Budget Group Inc., once a skeptic about car sharing services, agreed to buy short-term rental pioneer Zipcar Inc. for $491 million, signaling a shift in the industry to embracing drivers who don’t want to own cars.

The Hartford Financial Services Group Inc. said Wednesday that it wrapped up the sale of three businesses.

Jan. 2 (Bloomberg) -- Abbott Laboratories and its drug- company spinoff AbbVie Inc. both gained as their shares traded on the open market for the first time as separate businesses.

Shares of Bank of America Corp. rose Wednesday after they were highlighted by an investment firm.

Hormel Foods Corp. said Wednesday that it is adjusting the cut-off date for shareholders to receive its quarterly dividend payment.

Stock futures are moving sharply higher after a Congress ended a budget stalemate and averted the so-called fiscal cliff.

LG Electronics Inc. started taking pre-orders on Wednesday for the world's first big TVs that use an advanced display technology promising startlingly clear images on wafer-thin screens.

Spain's three main automobile associations say new car sales in the recession-strapped country plunged 13.4 percent in 2012 from the year before.

Jan. 2 (Bloomberg) -- Treasuries declined, with 10-year yields rising the most since October, on speculation a budget approved by U.S. lawmakers will sustain the economic expansion, curtailing demand for the safest securities.

Jan. 2 (Bloomberg) -- Boeing Co. won an order for 60 of its upgraded single-aisle 737s, with a catalog value of $6 billion, from Aviation Capital Group LLC.

Jan. 2 (Bloomberg) -- Lawmakers from the U.S. Northeast of both parties attacked the House Republican leadership for scrapping a vote on a relief package for Superstorm Sandy.

Jan. 2 (Bloomberg) -- A gauge of U.S. corporate credit risk dropped the most in more than a year as lawmakers passed a budget deal averting tax increases for most wage earners in the world’s biggest economy.

The Navy has added $1.4 billion to a Bell-Boeing contract to build 22 V-22 Ospreys in Texas.

A last-minute deal will keep the U.S. from driving off the so-called “fiscal cliff,” but higher taxes and continued political fighting in Washington threaten to shake the fragile economy well into 2013.

The price of oil jumped on Wednesday, as traders cheered a deal in Washington to avert the “fiscal cliff,” the series of tax increases and spending cuts that could have pushed the world's biggest economy into recession.

As the city grapples with rebuilding after Superstorm Sandy, developers are pressing ahead with plans for an ambitious addition to the shoreline of storm-torn Staten Island: the world's largest Ferris wheel.

Jan. 2 (Bloomberg) -- Even in traffic-clogged Southern California, too few drivers want to spend as much as $6.25 to travel 12 miles on toll roads. Their reluctance is leading one highway agency to extend $2.4 billion in debt payments by as much as 12 years as investors demand more to hold its securities.

Jan. 2 (Bloomberg) -- The availabilty of top-quality office space in Manhattan rose to the highest level in almost two decades as a new skyscraper at the World Trade Center site neared completion, according to brokerage Studley Inc.

Jan. 2 (Bloomberg) -- The United Arab Emirates’ plan to curtail mortgage lending may ease concern that Dubai is poised to repeat one of the world’s worst property market crashes.

Jan. 2 (Bloomberg) -- Vestas Wind Systems A/S, the biggest wind-turbine maker, led gains among European peers as the U.S. Congress approved a law extending a tax credit for the industry.

Jan. 2 (Bloomberg) -- Spending on U.S. construction projects unexpectedly dropped in November, restrained by declines in non-residential building and public works.

President Barack Obama is back in Hawaii for vacation after a tense, end-of-the-new-year standoff with Congress over the fiscal cliff.

The United Nations estimated Wednesday that more than 60,000 people have been killed in Syria's 21-month-old uprising against authoritarian rule, a toll one-third higher than what anti-regime activists had counted. The U.N. human rights chief called the toll “truly shocking.”

Venezuela's opposition demanded that the government reveal specifics of President Hugo Chavez's condition on Wednesday, criticizing secrecy surrounding the ailing leader's health more than three weeks after his cancer surgery in Cuba.

Wed, Jan 2, 2013