News Archive
National | Mon, Jan 14, 2013

Herbalife Ltd. rose to the highest price since before hedge-fund manager Bill Ackman called the nutrition company a pyramid scheme and announced he had taken a short position in the shares.

Dell Inc., the personal-computer maker that lost almost a third of its value last year, is in buyout talks with private-equity firms, two people with knowledge of the matter said. The shares surged.

Small companies will probably remain a missing element of the current U.S. expansion as their role in driving growth continues to wane, according to economists at Citigroup Inc.

Apple's stock slipped below $500 for the first time in 11 months on Monday as investors reacted to reports signaling the company's latest iPhone is falling further behind a slew of sleek alternatives running Google's Android software.

The European Union is a remarkable achievement that now faces its most threatening crisis. The reason for both is the same: its insistence through the years on combining ambition and ambiguity.

Dell's stock soared 13 percent Monday on a report that the struggling personal computer maker is in talks to take the company private.

The Toyota Corolla is getting a facelift. But the jury is still out on how extreme its makeover should be.

Jan. 14 (Bloomberg) -- JPMorgan Chase & Co. was ordered by U.S. regulators to strengthen risk and auditing controls after the company lost more than $6.2 billion on botched derivatives trades last year. The firm also promised to bolster systems to prevent money laundering.

Conservatives and watchdog groups are mounting a “not-so-fast” campaign against a $50.7 billion Superstorm Sandy aid package that Northeastern governors and lawmakers hope to push through the House this coming week.

As an unusual cold gripped the West Coast for the fifth day, some California citrus growers began to see damage on Monday while strong winds added to the misery of bundled-up city residents.

Coca-Cola became one of the world's most powerful brands by equating its soft drinks with happiness. Now it's taking to the airwaves for the first time to address a growing cloud over the industry: obesity.

Apple held down the Standard & Poor's 500, pushing it further below the five-year high it reached last week, after the technology giant's stock sank following a report that demand for the iPhone 5 may be weaker than expected. The Dow Jones industrial average edged higher.

Jan. 14 (Bloomberg) -- Krispy Kreme fans know a batch of glazed doughnuts is fresh off the production line when their local store turns on the neon “Hot Now” sign. It’s an apt metaphor for a brand that seemed to have gone stale.

Jan. 14 (Bloomberg) -- Oil fell for a second day in New York as equities declined and the dollar reversed losses against the euro.

Jan. 14 (Bloomberg) -- What’s old is new again on Wall Street as banks tap into soaring demand for commercial real estate debt by selling collateralized debt obligations, securities not seen since the last boom.

Jan. 14 (Bloomberg) -- U.S. stock futures fell, after the Standard & Poor’s 500 Index climbed for two weeks to trade near the highest level in five years, as Apple Inc. tumbled amid reports it cut orders for iPhone components.

Jan. 14 (Bloomberg) -- Oil traded near a four-month high in New York, narrowing its discount to Brent crude to the least since September, after the expansion of a pipeline that may reduce a glut in the U.S. Midwest.

Jan. 14 (Bloomberg) -- Treasuries advanced for a second day as investors sought the safest assets on speculation a disagreement among U.S. political leaders over the nation’s debt ceiling will derail the economy.

Lear Corp. expects its 2012 and 2013 revenue will beat Wall Street's forecasts.

Jan. 14 (Bloomberg) -- Elections make for responsive and accountable governments, or so goes the truism. But can they also achieve the opposite -- that is, encourage complacency, even callousness, among elected representatives?

Dartmouth College scientists studying the aftermath of Tropical Storm Irene in Vermont hope their work will help communities both predict and plan for future hazards.

President Barack Obama demanded on Monday that lawmakers raise the nation's $16.4 trillion federal debt limit quickly, warning that “Social Security benefits and veterans' checks will be delayed” if they don't and cautioning Republicans not to insist on concessions in exchange.

Samsung Electronics Co. said Monday that global sales of its Galaxy S smartphones surpassed 100 million units since the first model in the series was released less than three years ago.

Jan. 14 (Bloomberg) -- The Bank of England’s Financial Policy Committee proposed powers to alter the amount of capital banks hold against real-estate assets as well as derivatives and bonds as it seeks to strengthen the financial system.

Jan. 14 (Bloomberg) -- Redwood Trust Inc. sold bonds tied to $398 million of U.S. home loans without government backing and is working on a second deal this month as the real-estate investment trust leads a revival in sales of the securities.

Jan. 14 (Bloomberg) -- After posting their worst returns since 1999, government-backed mortgage bonds are starting 2013 with losses on speculation the end of Federal Reserve purchases is in sight and as homeowner refinancing roils the market.

Jan. 14 (Bloomberg) -- Mortgage delinquencies have jumped about about four times the U.S. average in areas of New York, New Jersey and Connecticut that were damaged by Hurricane Sandy, according to Lender Processing Services Inc.

Jan. 15 (Bloomberg) -- Hong Kong Chief Executive Leung Chun-ying may address the city’s housing crunch when he gives his first policy address tomorrow, as he seeks to boost record- low popularity and move on from an opposition impeachment bid.

Jan. 14 (Bloomberg) -- Buyers reserved three-quarters of the apartments and townhouses to be built at the Battersea Power Station site in London in the five days since they were put on the market, according to the developer.

An estate planning lawyer who pleaded guilty mid-trial to using the identities of terminally ill patients to illegally obtain millions of dollars wants to withdraw his plea, saying he wants to fight the “false and misguided accusations” against him.

Jan. 14 (Bloomberg) -- Ford Motor Co. is considering modifying Lincoln models before they go on sale in China next year to meet the tastes of consumers there who often expect to be chauffeur-driven in their luxury cars.

The former chief executive of bankrupt Nortel Networks and two former senior executives were found not guilty Monday of falsifying financial reports in what prosecutors said was a scheme to report profits and gain bonuses.

Jan. 14 (Bloomberg) -- Taylor Wimpey Plc, the U.K.’s second-largest homebuilder by volume, said its 2012 operating profit rose by more than 40 percent, at the upper end of the company’s expectations, as margins widened.

Jan. 14 (Bloomberg) -- ThromboGenics NV, the Belgian drugmaker that will start selling its first product today, expects to have more than $20 million costs in the U.S. this year, Chief Executive Officer Patrik De Haes said.

Jan. 14 (Bloomberg) -- President Barack Obama is considering two women for senior economic positions, weighing Ruth Porat, chief financial officer at Morgan Stanley, for deputy Treasury secretary and Wal-Mart Foundation President Sylvia Mathews Burwell for budget director, according to people familiar with the matter.

Jan. 14 (Bloomberg) -- Bayerische Motoren Werke AG, the biggest maker of luxury cars, is targeting another year of record sales in 2013 as the U.S. and China offset slumping demand in Europe.

Jan. 15 (Bloomberg) -- Bayerische Motoren Werke AG’s Rolls- Royce plans to unveil a new car in the next couple of weeks to help extend record sales, the ultra-luxury automobile brand’s chief executive officer said.

Jan. 14 (Bloomberg) -- Research In Motion Ltd., the maker of the BlackBerry smartphone, is trading at its highest level in almost a year amid signs that demand for Apple Inc.’s market- leading iPhone is ebbing.

Canadian gold producer Alamos Gold Inc. said Monday it now owns a 16 percent stake in competitor Aurizon Mines Ltd. and wants to buy the rest of the company for about $792 million.

A measure of U.S. home prices rose in 2012 by the most in six years, buoyed by stronger demand, a lower inventory of unsold homes and fewer sales of bank-owned properties.

Jan. 15 (Bloomberg) -- Amlak Finance PJSC, the Islamic mortgage company part-owned by Emaar Properties PJSC, is in talks with creditors to restructure about $2 billion of bank and government debt, two bankers familiar with the matter said.

Jan. 14 (Bloomberg) -- U.S. Treasury Secretary Timothy F. Geithner said so-called extraordinary measures the Obama administration is taking to avoid breaching the federal debt ceiling would work only until mid-February to early March and warned that a failure by Congress to raise the limit could “impose severe economic hardship” on the country.

Adult stem cell developer Neuralstem Inc. said Monday the Food and Drug Administration approved the company's plan for a small, early-stage study of its treatment for spinal cord injury.

The prospect of chilly temperatures in the Northeast gave the price of oil a boost Monday.

Jan. 14 (Bloomberg) -- Apple Inc. declined to the lowest price in 11 months after the Nikkei newswire reported that production of the iPhone was cut on weak demand.

Jan. 15 (Bloomberg) -- Hewlett Packard Co. probably sacrificed profit margin to win market share in the fourth quarter, when it retook its spot as the top personal-computer maker from Lenovo Group Ltd., Gartner Inc. said.

Jan. 14 (Bloomberg) -- Starz, a rival to HBO and Showtime in the premium-cable channel market, rose 9.8 percent on its first day of trading after being broken off from Liberty Media Corp. in a spinoff.

Jan. 14 (Bloomberg) -- Sears Holdings Corp. climbed the most in more than four months after Chairman Edward Lampert disclosed that he increased his stake in the retailer last week after being named chief executive officer.

Hhgregg Inc.'s shares sank Monday after the electronics and appliance retailer provided disappointing forecasts for its fiscal third quarter and the full year.

A transportation agency on Monday filed a lawsuit alleging that United Airlines is falsely claiming to buy huge amounts of jet fuel out of a small, rural Illinois office that doesn't even have a computer to avoid paying tens of millions of dollars in taxes in Chicago, where the purchases are allegedly being made.

Past met present at the auto show in Detroit when a holographic image of Thomas Edison was used to promote vehicles from electric truck and van maker VIA Motors.

The company that sends you blue envelopes stuffed with coupons also wants you to save money while you're driving.

Jan. 14 (Bloomberg) -- Brocade Communications Systems Inc. named Lloyd Carney as chief executive officer, replacing Michael Klayko, whose departure was announced last year.

Research In Motion jumped more than 10 percent and traded above $14 for the first time since April as the BlackBerry maker gets closer to releasing much-delayed new smartphones.

Jan. 14 (Bloomberg) -- Toyota Motor Corp.’s small sedan revealed today in Detroit is the most important model the company will never sell. Called Furia, it gives a hint of what Akio Toyoda wants from a company not known for its style.

JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.

Jan. 14 (Bloomberg) -- The California Public Employees’ Retirement System, the largest U.S. pension, earned about 13 percent on invested assets last year, led by increases in stocks and private equity.

Jan. 14 (Bloomberg) -- The U.K.’s finance regulator opened an investigation into whether JPMorgan Chase & Co. traders in London broke any rules in relation to wrong-way bets on credit derivatives that lost their unit $6.2 billion.

Shares of Xyratex Ltd. rose Monday after the Xyratex's largest shareholder said the data storage and technology company needs to change its business strategy and change its board of directors.

Jan. 14 (Bloomberg) -- C.R. Bard Inc., a maker of catheters, moved closer to collecting hundreds of millions of dollars as the U.S. Supreme Court refused to hear an appeal by W.L. Gore & Associates Inc. in a patent lawsuit over vascular grafts.

Standard & Poor's Ratings Services said Monday it may upgrade Supervalu Inc.'s credit rating based on the supermarket operator's decision to sell off five of its grocery chains.

Shares in package delivery company TNT Express NV were knocked as much as 50 percent lower Monday on news that United Parcel Service Inc. has ditched its (euro) 5.2 billion ($6.9 billion) takeover of the struggling Dutch company, citing objections from European regulators.

Wall Street stock futures are subdued ahead of a speech on monetary policy from Federal Reserve Chairman Ben Bernanke.

Jan. 14 (Bloomberg) -- The yen fell to the weakest level versus the dollar since June 2010 on bets Japanese Prime Minister Shinzo Abe will select a central bank chief who will expand monetary easing, accelerating the currency’s decline.

Jan. 14 (Bloomberg) -- Sugar fell in New York as Goldman Sachs Group Inc. cut the sweetener’s price forecast for the next three, six and 12 months on ample global supply. Coffee rose.

Tata Consultancy Services says its profit rose 15 percent in dollar terms to $652 million in the October to December quarter as global clients continued to cut costs by sending work offshore.

Jan. 14 (Bloomberg) -- Rupert Murdoch’s News Corp. increased its stake in German pay-TV company Sky Deutschland AG to a majority, 18 months after giving up a bid to fully acquire British Sky Broadcasting Group Plc.

Jan. 14 (Bloomberg) -- Gold rose in New York, extending its first weekly advance since November, as speculation U.S. stimulus will continue increased demand for a protection of wealth. Platinum climbed.

Jan. 14 (Bloomberg) -- U.K. stocks were little changed, near a 4 1/2 year high, as a U.S. central banker recommended continued stimulus to support the country’s economy, offsetting declining British business confidence in December.

Apple shares fell in premarket trading Monday after The Wall Street Journal reported that the company has cut its orders for iPhone 5 components due to weaker-than-expected demand.

Federal regulators are examining a nuclear plant in northeastern Pennsylvania following three unexpected shutdowns.

Shares of Websense Inc. rose Monday after the data security company named a new CEO and announced better-than-expected fourth-quarter billings.

The number of violent crimes and property crimes reported to police rose in the first half of last year compared with the same period in 2011, with violent crime rising 1.9 percent and property crime up 1.5 percent.

The head of Chrysler LLC's Jeep brand says the company is in talks to build some of its vehicles in China for that market.

PayPal says it is expanding its payment service to more brick-and-mortar retailers, including RadioShack and Dollar General stores.

The new year rally in global markets showed few signs of abating Monday though investors reined in last week's enthusiasm ahead of comments from Federal Reserve chairman Ben Bernanke.

The Moroccan woman at the center of former Premier Silvio Berlusconi's sex-for-hire trial was in court Monday to testify as a witness for the first time while defense lawyers sought to shut down the trial because of Italy's election campaign.

There's a lot of political currency these days in being labeled a “problem-solver,” a title that has become highly sought-after following a polarizing election and protracted fight in Congress over raising taxes and curbing spending.

The Cadillac ATS and Ram 1500 pickup are the North American Car and Truck of the Year winners.

The French embassy in Bamako sent an email ordering the immediate evacuation of all French nationals living in the Malian town of Segou.

Former President George H.W. Bush may be going home this week after nearly two months in a Houston hospital for treatment of a bronchitis-related cough and other health issues, a family spokesman said Monday.

Industrial output across the 17 European Union countries that use the euro fell in November for the third straight month, official figures showed Monday, raising fears that the recession in the region has continued into the last three months of 2012.

The Supreme Court on Monday said it won't stop the federal government from claiming a Rhode Island inmate who will face the possibility of execution if convicted of murder, despite arguments that it violates the rights of a state without the death penalty.

In this more than 4,500-year-old pharaonic necropolis, Egypt's modern rituals of the dead are starting to encroach on its ancient ones. Steamrollers flatten the desert sand, and trucks haul in loads of bricks as villagers furiously build row after row of tombs in a new cemetery nearly up to the feet of Egypt's first pyramids and one of its oldest temples.

Senate Majority Leader Harry Reid's office said Monday he was never involved in a deal to have a Utah businessman pay the senator to make a federal investigation disappear.

Mon, Jan 14, 2013