News Archive
National | Fri, Jan 11, 2013

Jan. 11 (Bloomberg) -- Oil fell in London, erasing a weekly gain, as concern that accelerating inflation in China will impede steps to stimulate growth countered a drop in crude production in Saudi Arabia.

Greece's Parliament approved new tax legislation early Saturday aiming to boost state revenues by (euro) 2.3 billion ($3 billion) this year, under the bailout-dependent country's commitments to its international creditors.

The video game industry, blamed by some for fostering a culture of violence, defended its practices Friday at a White House meeting exploring how to prevent horrific shootings like the recent Connecticut elementary school massacre.

Gift cards are easily forgotten.

Super-low interest rates will eventually rise, and when they do, bond investors could be stuck with losses.

Stocks gained for a second straight week as company earnings reports started to come in, keeping the Standard and Poor's 500 index within a fraction of its highest level in five years.

The government stepped in Friday to assure the public that Boeing's new 787 “Dreamliner” is safe to fly, even as it launched a comprehensive review to find out what caused a fire, a fuel leak and other worrisome incidents this week.

Jan. 11 (Bloomberg) -- Oil dropped as accelerating Chinese inflation bolstered concern that economic stimulus may be curbed. The spread between crude in New York and London narrowed to the least in almost four months.

Wells Fargo, the country's biggest mortgage lender, reported record earnings for the fourth quarter on Friday, beating analysts' expectations for both profit and revenue. The bank made more loans, gained deposits and enjoyed above-average returns from the investments made by its private equity business.

World markets see-sawed Friday between hope and concern for the world economy, as investors weighed a massive spending package meant to reinvigorate Japan's economy against evidence that inflation in China was rising.

Stock futures are mixed in light volume with markets awaiting the next rush of earnings reports

Shares of Best Buy Co. jumped on Friday after the electronics chain showed signs of starting to reverse declining sales during the critical holiday selling season, a better-than-expected result.

Jan. 11 (Bloomberg) -- The trade deficit unexpectedly widened in November as U.S. retailers stocked up on imported goods for the holidays and demand for foreign automobiles rebounded following superstorm Sandy.

Shiites in a southwestern Pakistani city hit by a brutal terror attack refused to bury their dead Friday in protest, demanding that the government do something to protect them from what has become a barrage of bombings and shootings against the minority Muslim sect.

The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports.

Netflix's stock rose nearly 3 percent Friday as the Postal Regulatory Commission said that for now it will maintain the price that the company pays to mail its DVDs to customers.

The company said it added roughly 50 new clients during the quarter. It has won eight business and information technology deals -- four of them in the U.S., three in Europe and one in India. The company also recently completed an acquisition and said it is seeing some stability in pricing.

Jan. 11 (Bloomberg) -- The trade deficit unexpectedly widened in November as U.S. imports jumped almost four times more than exports, gains that signal a rebound in global growth.

Jan. 11 (Bloomberg) -- Google Inc. didn’t lobby the White House in an effort to persuade the U.S. Federal Trade Commission to close its antitrust case, according to a lawyer for the world’s biggest search-engine operator.

Two Rhode Island communities will be allowed to use about $70 million forfeited by Google Inc. to fix their police pension shortfalls, The Associated Press has learned.

Shares of J.C. Penney are falling Friday, after a UBS analyst downgraded the stock to a “Sell' rating, amid a deteriorating earnings outlook.

The “fiscal cliff” has been blamed for hurting a lot of businesses. But it also had a surprising result for one bank -- it helped boost lending.

Hurco Cos. said Friday that fiscal fourth-quarter net income rose 56 percent, helped by high global demand for its industrial equipment.

The so-called “fiscal cliff” agreement that averted steep tax increases apparently helped boost investor confidence: The flow of cash into stock mutual funds during the first week of 2013 was the largest in more than 11 years.

Jan. 11 (Bloomberg) -- Research In Motion Ltd. shares jumped the most in more than two and a half years amid rising confidence the new BlackBerry 10 lineup will boost sales for the struggling smartphone maker.

Jan. 11 (Bloomberg) -- BlackBerry smartphone customers on Vodafone Group Plc’s networks have been hit by connection problems caused by the wireless carrier’s systems which the carrier has said it is working to fix.

Jan. 11 (Bloomberg) -- Best Buy Co.’s sales stabilized in the U.S. during the holiday season after three quarters of declines, bolstering founder Richard Schulze’s bid to take over the consumer-electronics retailer. The shares climbed.

Shares of personal computer makers Hewlett-Packard Co. and Dell Inc. slipped Friday after a research report confirmed fears that sales of laptop and desktop machines continued to fall during the three-month period that included the holiday shopping season.

Jan. 11 (Bloomberg) -- Facebook Inc. rose to a six-month high as predictions for mobile-advertising gains assuaged concerns that dragged down shares of the world’s largest social- networking service last year after its market debut.

Taco Bell is testing a new value menu that could put it in more direct competition with the Dollar Menu at McDonald's.

Jan. 11 (Bloomberg) -- Boeing Co. offered its engineers larger raises in a revised labor contract that attempts to prevent a strike during record production increases for the planemaker’s commercial airliners.

even if it means acting without approval by Congress.

Jan. 11 (Bloomberg) -- The U.S. Supreme Court, taking up a free-speech clash, will decide whether groups that get federal money for overseas anti-HIV and AIDS programs can be required to take a stance against prostitution.

Microsoft may have relinquished its starring role in America's gaudiest gadget show a year too early.

Nearly half the 70 employees at a Ford dealership in Clarksville, Ind., have been out sick at some point in the past month. It didn't have to be that way, the boss says.

The U.S. Department of Homeland Security is advising people to temporarily disable the Java software on their computers to avoid potential hacking attacks.

Hostess said Friday it has a deal to selling most of its bread business, including the Wonder and Nature's Pride, to Flowers Foods Inc. for $390 million.

usually needing recharging every few days. At this week's International CES electronics trade show in Las Vegas, a startup launched a smart watch, the Cookoo, that runs for a year on a standard button cell.

Jan. 11 (Bloomberg) -- The yen reached the weakest level since June 2010 against the dollar after the Japanese government said it will spend 10.3 trillion yen ($116 billion) in new stimulus measures that tend to weaken a currency.

Jan. 11 (Bloomberg) -- Merck & Co. will stop selling the cholesterol drug Tredaptive, marketed outside the U.S., after a the treatment was shown to be ineffective and potentially harmful in a study.

Jan. 11 (Bloomberg) -- Xerox Corp. Chief Financial Officer Luca Maestri is leaving the company after less than two years to take a job as corporate controller at Apple Inc.

The European Union's police coordination agency has opened a new cybercrime unit to combat online offenses from banking fraud to peddling images of child sex abuse.

Jan. 11 (Bloomberg) -- A gauge of U.S. corporate credit risk was little changed after China’s inflation climbed to a seven-month high.

Riding a wave of new tax revenue, California's spending plan for the coming fiscal year will rise by nearly $5 billion, a powerful indication that the state that came to symbolize fiscal mismanagement during the heart of the recession is emerging into brighter days.

The auction for beleaguered coffee company Tully's will likely conclude Friday in federal bankruptcy court, with an ownership group led by actor Patrick Dempsey in position to take over the chain. But Starbucks isn't' out of the running.

The U.S. Department of Agriculture is releasing its final crop report for 2012, providing a glimpse of what last year's drought cost the nation's farmers and others.

Germany's finance minister will meet Greek opposition leader Alexis Tsipras, a vehement opponent of Berlin-backed austerity policies, when he visits the German capital next week.

Strawberry growers covered their crops while San Diego zookeepers turned on heaters for the chimpanzees as Californians braced for a cold snap that was expected to drop temperatures to a six-year low.

a memory of having crawled up walls as the cruise liner rolled onto its side. A 4-year-old boy talks obsessively about the meal he had to leave behind when plates started to fly across the dining room.

Jan. 11 (Bloomberg) -- London’s most expensive homes will outperform the rest of the U.K. residential real estate market this year as wealthy buyers shrug off property-tax increases, Knight Frank LLP said.

Jan. 11 (Bloomberg) -- U.S. stocks were little changed, after the Standard & Poor’s 500 Index rose to a five-year high, as banks slumped amid Wells Fargo & Co.’s results and higher Chinese inflation raised concern officials may curb stimulus.

The big worry a year ago was that Greece would collapse under its debts, upend Europe's markets and set off a global financial crisis. But the world's most dangerous bond market turned out to be one of the world's best bets last year: Greece's government bonds soared 97 percent as the debt crisis eased. Across Europe, many of the region's stock markets outpaced those in the U.S.

Jan. 11 (Bloomberg) -- Research In Motion Ltd. is counting on its relationships with 150 carriers to avoid the fate of another smartphone pioneer that fell on hard times -- Palm Inc.

Flu is more widespread across the nation, but the number of hard-hit states has declined, health officials said Friday.

President Barack Obama is drawing an A-list of performers for his inaugural festivities, including a massive ball expected to draw more than 35,000 revelers.

Concern is growing that the British economy may be headed back into recession after statistics released Friday showed a surprise drop in manufacturing activity.

A plea agreement for a Utah businessman accused of running a $350 million fraud scheme through his company fell apart Friday in U.S. District Court in Salt Lake City.

New Jersey's public transportation system says it has restored rail service into New York City to pre-Superstorm Sandy levels.

Fri, Jan 11, 2013