News Archive
National | Thu, Jan 10, 2013

A McLaren supercar likely to cost some $1.1 million. A $845,000 Porsche. And a really nifty Acura.

Herbalife came out swinging Thursday against claims made by hedge fund manager William Ackman that the business amounts to a pyramid scheme.

The Pentagon has authorized senior managers to freeze civilian hiring, curtail travel and training, dismiss temporary workers, review contracts and cancel some weapons maintenance because of uncertainty over the budget.

Amtrak's fiscal 2012 operating loss was the lowest in nearly 38 years, which is a sign of progress, Joseph Boardman, the railroad's president and CEO, said Thursday.

Federal regulators for the first time are laying out rules aimed at ensuring that mortgage borrowers can afford to repay the loans they take out.

Jan. 10 (Bloomberg) -- The euro strengthened for the first time in three days against the dollar after Spain sold more than the maximum target at its first debt auction of the year, boosting demand for the region’s assets.

Jan. 10 (Bloomberg) -- General Motors Co.’s unprofitable Opel division started production of the Adam small car, named after the 151-year-old brand’s founder, in a bid to win back European customers amid a recession in the region.

Jan. 10 (Bloomberg) -- Oil rose to the highest level in three months as exports from China accelerated and European Central Bank President Mario Draghi said “a gradual recovery should start” in the region this year.

Consumer confidence waned last week and firings unexpectedly climbed, the first sign that higher payroll taxes will slow the economic expansion at the start of this year.

Jan. 10 (Bloomberg) -- Tiffany & Co., the world’s second- largest luxury jewelry retailer, said full-year earnings will be at the low end of its forecast after holiday sales growth slowed in the Americas and Asia. The shares fell.

Jan. 10 (Bloomberg) -- Ford Motor Co., the second-largest U.S. automaker, doubled its quarterly dividend to 10 cents a share, a move that will boost the annual payout to the Ford family to more than $28 million.

A 50-year blueprint for revitalizing Detroit, from leveling parts of nearly vacant neighborhoods for parks to relaxing rules for startup companies, was released Wednesday after two years of research and community input.

Average U.S. rates on fixed mortgages rose this week but remained close to record lows.
Cheap mortgages have made home buying more affordable and helped drive a housing recovery.

More aquifers in the Southern California desert contained high levels of arsenic, boron, fluoride and other naturally occurring elements compared with the rest of the state, a study released Wednesday found.

Jan. 10 (Bloomberg) -- Consumer confidence in the U.S. slumped last week to the lowest level in a month as Americans prepared to lose a portion of their pay to taxes.

Jan. 10 (Bloomberg) -- U.S. Chamber of Commerce President Tom Donohue said the U.S. economy is expanding and isn’t likely to slip back into recession.

A positive start to the U.S. corporate earnings season and a sharp improvement in Chinese trade boosted most world markets Thursday. The euro, meanwhile, jumped on news the European Central Bank decided not to cut interest rates.

The stock market edged higher on Thursday as investors waited for more indications on the health of U.S. companies from earnings reports. Economic reports were mixed.

Jan. 10 (Bloomberg) -- Tiger Woods announced he will make his U.S. PGA Tour debut in two weeks at California’s Torrey Pines golf course, as a European Tour event the same weekend said it wouldn’t pay him a $3 million appearance fee.

Jan. 10 (Bloomberg) -- Oil rose to its highest level in almost three months in London amid signs of growth in China, the world’s second-largest fuel consumer, and as Saudi Arabia, the biggest crude exporter, reduced supplies.

Weekly applications for U.S. unemployment benefits ticked up slightly last week, the latest sign of slow but consistent gains in the job market.

Tens of thousands of chanting supporters of Venezuelan President Hugo Chavez rallied outside his presidential palace Thursday in an exuberant alternative inauguration for a leader too ill to return home for the real thing.

European Central Bank President Mario Draghi says the struggling eurozone economy has shown signs of stabilizing in recent days but remains short of a turning point and will only return to gradual growth later this year.

Jan. 10 (Bloomberg) -- Warren Buffett, the billionaire investor who oversees stakes in some of the largest U.S. banks, said the nation’s lenders have rebuilt capital to the point where they no longer pose a threat to the economy.

Jan. 11 (Bloomberg) -- Apple Inc. Chief Executive Officer Tim Cook met with the chairman of China Mobile Ltd., the wireless operator with 707 million subscribers and no agreement to sell iPhones.

Shares of Molycorp Inc. lost a quarter of their value Thursday after the miner said its 2013 revenue would be lower than expected, citing production delays and weak prices.

Jan. 10 (Bloomberg) -- Nokia Oyj jumped as much as 18 percent in Helsinki trading after a surprise fourth-quarter earnings recovery signaled Chief Executive Officer Stephen Elop’s plan to revive the Finnish handset maker is gaining pace.

Jan. 10 (Bloomberg) -- News Corp. settled more than 100 lawsuits over phone hacking by journalists at the now-defunct News of the World tabloid in Britain as it seeks to avoid a civil trial, according to people familiar with the matter.

Georgia Gov. Nathan Deal says General Motors will open an information technology center in suburban Atlanta.

Jan. 10 (Bloomberg) -- “Never mistake a clear view for a short distance” is my favorite line about technology. It’s especially true at the International Consumer Electronics Show in Las Vegas, the annual techapalooza where the world’s manufacturers gather to pitch their newest wares.

Jan. 10 (Bloomberg) -- Manhattan apartment-rent increases slowed for a third month in December as more tenants pushed back against landlord price hikes by moving out.

Jan. 10 (Bloomberg) -- Denmark’s $500 billion mortgage industry is looking at how to keep struggling homeowners afloat as the nation’s push into interest-only loans a decade ago now threatens a jump in losses amid rising unemployment.

Jan. 10 (Bloomberg) -- Junior Seau, the former National Football League linebacker who committed suicide in May, was suffering from a brain disease caused by repeated head injuries associated with contact sports.

President Barack Obama nominated White House chief of staff Jack Lew to be secretary of the Treasury Thursday, declaring his complete trust in an aide with three decades of Washington experience in economic policy and a penchant for shunning the limelight.

Jan. 10 (Bloomberg) -- Treasury 30-year bonds pared losses after the initial sale this year of $13 billion of the securities received stronger-than-average demand on yields above 3 percent for the first auction in eight months.

NetSuite Inc., which provides business-management software over the Internet, said Thursday that it acquired Retail Anywhere, a provider of retail-management services.

Diners who go to a Burger King in China can now expect to be served Pepsi, rather than the Coke they get at the fast-food chain in the United States.

Defense Secretary Leon Panetta says he is asking his department to begin taking steps to freeze civilian hiring, delay some contract awards and curtail some maintenance to prepare for drastic budget cuts if Congress can't reach an agreement on a final spending plan.

Shares of Ruby Tuesday Inc. fell on the restaurant company's plan to close up to 24 more locations and sell one of its chains as increasing competition dents sales.

Financial markets appear to be shrugging off worries over a bitter election campaign in Italy, with the government paying the lowest rate in three years to raise 12-month money on bond markets.

Jan. 10 (Bloomberg) -- Pfizer Inc., the world’s largest drugmaker, is weighing whether to ask U.S. regulators to expedite their review of a potential $5 billion-a-year treatment to slow a type of incurable breast cancer.

Jan. 10 (Bloomberg) -- American Express Co., the biggest U.S. credit-card issuer by purchases, said it plans to cut about 5,400 jobs.

Jan. 10 (Bloomberg) -- Legg Mason Inc., the money manager searching for a new chief executive officer, rose the most in four months after a report said two buyout firms have shown an interest in taking it private.

Jan. 10 (Bloomberg) -- GT Advanced Technologies Inc., a U.S. supplier of manufacturing equipment for solar and energy- efficient lighting products, plans to sell a factory in St. Louis. The facility is developing high-efficiency solar technology that may not be needed until demand for photovoltaic panels picks up next year.

Jan. 10 (Bloomberg) -- Johnson & Johnson sold a defective vaginal mesh implant after testing it inadequately and failing to warn of risks, a lawyer for a South Dakota woman told a jury in the first of 1,800 such lawsuits to go to trial.

Jan. 10 (Bloomberg) -- Leap Wireless International Inc. gained the most in five months after an analyst said there’s a 70 percent change MetroPCS Communications Inc. and T-Mobile USA will bid for it after completing their merger.

Jan. 10 (Bloomberg) -- Herbalife Ltd. Chief Executive Officer Michael Johnson accused hedge fund manager Bill Ackman of “gross mischaracterizations” about the nutrition company’s direct-selling model as Herbalife executives mounted a point-by- point defense for investors.

Jan. 11 (Bloomberg) -- If the years leading up to the U.S. housing bust were rife with lax underwriting, the opposite problem has occurred in its aftermath: Excessively tight credit is making it impossible for many borrowers to obtain mortgages.

Toys R Us reported a key sales figure declined in November and December, hurt by weak demand for videogames, electronics and toys and shoppers who pulled back because of Superstorm Sandy.

Synnex Corp. reported Thursday that its fourth-quarter profit fell on declining revenue, but the high-tech contractor still managed to beat market expectations. However, it issued a disappointing revenue forecast and its shares fell in after-hours trading.

International credit rating agency Moody's drove Cyprus deeper into junk on Thursday with a three notch downgrade from B3 to Caa3 over concerns that the country may ultimately default on its burgeoning debt level.

American Express Co. said Thursday that it will slash about 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations as more of its customers shift to online portals for booking travel plans and other needs.

Chevron Corp. expects fourth-quarter earnings to be “notably higher” than third-quarter profit.

Jan. 10 (Bloomberg) -- U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index will climb for a second day, as investors awaited a report on jobless claims and China’s exports increased more than expected.

LAS VEGAS (AP) _ From the iPotty for toddlers to the 1,600-pound mechanical spider and the host of glitch-ridden “smart” TVs, the International CES show is a forum for gadget makers to take big _ and bizarre -- chances.

The 2013 Nissan Leaf is now being produced in Tennessee.

The co-chairman of the U.S. deficit commission calls failure to agree on a plan to reduce the national debt is “the most disappointing thing in my life.”

By showing off a phone with a flexible screen, Samsung is hinting at a day when we might fold up our large phone or tablet screens as if they were maps.

Jan. 10 (Bloomberg) -- Copper rose in New York after exports from China increased the most in seven months, supporting the demand outlook in the world’s biggest consumer of the metal. Aluminum gained for a fourth day.

Jan. 10 (Bloomberg) -- More Americans than forecast filed applications for unemployment benefits last week, a sign improvement in the labor market remains uneven.

Jan. 10 (Bloomberg) -- Inventories at U.S. wholesalers rose more than forecast in November as companies tried to keep up with a surge in demand.

U.S. wholesalers boosted their stockpiles in November and their sales rose at the fastest pace since the spring of 2011, encouraging signs for economic growth at the end of last year.

Billionaire Warren Buffett says American banks are stronger than they've been in years, and won't derail the economy.

U.S. employers advertised about the same number of jobs in November as in October, suggesting hiring will stay modest over the next few months.

The Food and Drug Administration is requiring makers of Ambien and similar sleeping pills to lower the dosage of their drugs, based on studies suggesting patients face a higher risk of injury due to morning drowsiness.

The Federal Reserve says it paid the federal government a record $88.9 billion in 2012. The central bank earned the money from the Treasury bonds and mortgage-backed securities it has purchased to drive interest rates lower and boost the economy.

Unemployment in Greece has climbed higher, reaching 26.8 percent in October, according to figures released Thursday, while another lawmaker abandoned the coalition government over a Swiss Bank account scandal.

Liberal groups have launched twin online petitions aimed at pressuring Massachusetts Gov. Deval Patrick to temporarily name former Congressman Barney Frank to Sen. John Kerry's seat if Kerry is confirmed as secretary of state.

The price of oil rose to $94 a barrel Thursday, propelled by a rebound in China's trade growth and an encouraging start to the U.S. corporate earnings season.

The New York City financial services firm that lost the most workers in the Sept. 11 terror attacks announced that it will “adopt” 19 schools in communities hit hard by Superstorm Sandy and give a total of $10 million to families in those schools.

The Syrian Foreign Ministry on Thursday accused the U.N. peace envoy of “flagrant bias,” further complicating diplomatic efforts to bring an end to nearly two years of bloodshed in Syria.

The Russian Navy has hoisted its flag on a new nuclear powered submarine that will form a key part of the country's future nuclear deterrent.

Jan. 10 (Bloomberg) -- Photos of Osama bin Laden’s corpse and burial at sea, ordered to be kept secret by President Barack Obama, should be made public, a self-described conservative watchdog group told a federal appeals court.

From the Rocky Mountains to New England, hospitals are swamped with people with flu symptoms. Some medical centers have limited visitors, and one Pennsylvania hospital set up a tent outside its ER to handle the feverish patients.

Jan. 10 (Bloomberg) -- Defaulting on U.S. debt would be a “mistake” and lawmakers shouldn’t use the borrowing limit as leverage to force needed government spending cuts, said Thomas J. Donohue, president of the U.S. Chamber of Commerce.

Thu, Jan 10, 2013