News Archive
National | Wed, Jan 16, 2013

Jan. 16 (Bloomberg) -- Oil rose to the highest level in almost four months on an unexpected drop in U.S. inventories as imports declined and petroleum consumption increased.

Lower gas costs offset more expensive food and higher rents to keep a measure of U.S. consumer prices flat last month.

The World Bank cut its global growth forecast for this year as austerity measures, high unemployment and low business confidence weigh on economies in developed nations.

U.S. regulators temporarily grounded Boeing Co.’s 787 Dreamliner Wednesday after an emergency landing by one of the planes in Japan that followed a fire and other incidents last week.

Most U.S. stocks fell, following Tuesday’s gain, as a cut in the World Bank’s growth forecasts offset a rally in Apple Inc. as investors watched earnings.

Boeing Co.’s 787, already the focus of a special U.S. safety review, faces fresh scrutiny after Japanese airlines grounded almost half the world’s Dreamliner fleet for at least two days following an emergency landing.

JPMorgan Chase & Co. CEO Jamie Dimon had his pay cut in half after the lender concluded reviews of an investment unit’s trading losses by finding he bears responsibility for the blunders.

Peter Grosso of Long Island, N.Y., paid about $90,000 for 29 Detroit homes at an auction for tax-delinquent properties last October.

EBay's fourth-quarter earnings beat Wall Street's expectations as bargain-hunting holiday shoppers flocked to its Internet shopping mall and digital payment service.

Mortgage applications in the United States increased for a second straight week as purchasing and refinancing advanced.

Confidence among U.S. homebuilders held steady in January at the highest level in nearly seven years, but builders are feeling slightly less optimistic about their prospects for sales over the next six months.

America's best-known banker is getting a big pay cut.

Jan. 16 (Bloomberg) -- Research In Motion Ltd., which is preparing to unveil its BlackBerry 10 phones later this month, said more than 1,600 North American businesses have registered for a training program for the new handsets and software.

More problems for Boeing's 787 sent the aircraft maker's stock down sharply Wednesday, dragging the Dow Jones industrial average lower.

Dunkin' Donuts is going to bring its munchkins, coffee and doughnuts to Southern California.

Fifteen years ago, China was ecstatic to regain control of Hong Kong and all it represented: freshly minted billionaires, a culture in which corporate chieftains outshine movie stars, and splashy initial public offerings that rival New York and London.

The United States began the year with an awkwardly arranged deal that raised taxes. I hope it doesn’t end the year without a deal to limit spending.

Japanese shares led markets lower Wednesday after a minister warned over an excessive fall in the value of the yen. Elsewhere, markets were subdued amid ongoing U.S. budget concerns and despite forecast-busting earnings from Goldman Sachs.

Jan. 15 (Bloomberg) -- Congratulations! The cost of your health insurance is increasing.

Jan. 14 (Bloomberg) -- The nomination of former Senator Chuck Hagel to be defense secretary could generate an important debate over national security. That will only happen if critics skip sideshows such as ridiculous accusations that he is anti- Semitic or pro-terrorist and avoid cherry picking his votes.

Jan. 16 (Bloomberg) -- Oil traded near the lowest level in almost a week in New York after U.S. crude stockpiles increased and the World Bank cut its economic growth forecasts.

Goldman Sachs went some way to restoring its reputation as a Wall Street powerhouse after its earnings almost tripled in the fourth quarter, handily beating analysts' estimates, as investment banking revenues surged.

Interior Secretary Ken Salazar, who oversaw a moratorium on offshore drilling after the BP oil spill and promoted alternative energy sources throughout the nation, will step down in March.

An analyst at Pacific Crest Securities has downgraded shares of Apple Inc., joining a minor chorus of Wall Street voices that are skeptical that the company can keep riding the success of the iPhone to greater profits.

American Airlines made a profit in the fourth quarter, a big turnaround from a year ago, as it slashed labor costs and reaped other benefits from its trip to bankruptcy court.

Jan. 16 (Bloomberg) -- Confidence among U.S. homebuilders held in January at the highest level in more than six years, offering the latest evidence that residential real estate will help spur economic growth.

Jan. 16 (Bloomberg) -- JPMorgan Chase & Co., the largest U.S. bank by assets, said fourth-quarter profit rose 53 percent, beating analysts’ estimates as mortgage revenue more than doubled and the lender set aside less for future losses.

Last year was Honda's comeback year.

Adtran Inc. said Wednesday its fourth-quarter net income tumbled 87 percent, hurt by a steep drop in sales.

M&T Bank said Wednesday its fourth-quarter net income more than doubled, boosted by growth at its mortgage banking business.

Auto parts supplier BorgWarner on Wednesday provided a 2013 earnings forecast in line with Wall Street's expectations.

Jan. 16 (Bloomberg) -- Blockbuster Entertainment Ltd., a British DVD rental chain, became the third major U.K. retailer to enter administration this year after it appointed Deloitte LLP to seek a buyer.

American Airlines is attempting a financial makeover in bankruptcy court and it's likely to roll out a new look for its airplanes as well this month.

Northern Trust Corp. said Wednesday that its fourth-quarter net income rose 29 percent as it collected higher fees from clients for managing their money. But income from the company's currency trading unit fell sharply and its results missed Wall Street expectations.

The Vestas wind energy company plans to hire more than 100 workers to build towers while the industry recovers from a slump that has forced the layoff of hundreds of workers in Colorado.

Britain's media watchdog has fined Playboy 100,000 pounds ($160,000) for failing to protect children from accessing two of its U.K.-based pornographic websites.

PacWest Bancorp said Wednesday that its fourth-quarter net income climbed 43 percent, helped by lower costs and a gain on the sale of leases and securities.

Jan. 16 (Bloomberg) -- Genworth Financial Inc. posted the biggest gain in the Standard & Poor’s 500 Index on Chief Executive Officer Tom McInerney’s plan to distance the mortgage- guaranty unit from the rest of the company.

This rating is better than previous mileage standouts in the category -- the Honda Pilot and Ford Explorer which, like the Pathfinder, have three rows of seats.

The U.S. government is hiring JPMorgan Securities and Citigroup Global Markets to handle the sale of its remaining stake in General Motors.

Jan. 16 (Bloomberg) -- Goldman Sachs Group Inc. climbed the most in 10 months after quarterly profit beat estimates and full-year revenue grew for the first time since 2009.

Williams-Sonoma Inc. said Wednesday that its revenue increased 4.8 percent to $1.01 billion for the nine-week holiday period that ended Dec. 30.

Advance Publications Inc. said Wednesday that it is laying off 60 employees at newspapers it owns in New Jersey and Pennsylvania, including 34 at New Jersey's largest newspaper, the Star-Ledger of Newark.

Jan. 16 (Bloomberg) -- Facebook Inc. unveiled a tool for searching information posted to its social network of more than 1 billion users, creating an alternative to services now available on Google Inc., LinkedIn Corp. and Yelp Inc.

Jan. 16 (Bloomberg) -- CBS Corp., the media company that owns the most-watched U.S. television network, plans to turn its billboard-advertising business in the Americas into a real estate investment trust, alleviating its tax burden.

Maybe it was the brand new, bright red Chevrolet Corvette gleaming in one corner, or the elegant BMW coupe in the other. Maybe it was just the free-flowing espresso at nearly every stand. But car companies were positively giddy this week as the North American International Auto Show opened in Detroit.

Jan. 16 (Bloomberg) -- A gauge of U.S. corporate credit risk rose after the World Bank reduced its global growth forecast yesterday.

European regulators approved the use of an imaging agent from Eli Lilly, which can help doctors diagnose Alzheimer's disease.

Japan's two biggest airlines grounded all their Boeing 787 aircraft for safety checks Wednesday after one was forced to make an emergency landing in the latest blow for the new jet.

Jan. 16 (Bloomberg) -- Wheat rose to a three-week high in Chicago on speculation persistent dry weather and low temperatures will erode winter crops in the U.S., the world’s biggest exporter. Corn extended its longest rally in a year.

Promoting measures to get the world economy out of its crisis mode will be the focal point of next week's annual gathering of world leaders and power brokers in the Swiss ski resort of Davos, organizers said Wednesday.

The German government on Wednesday more than halved its economic growth forecast for this year to just 0.4 percent, evidence that the financial crisis that has dragged down some of Europe's weaker economies is now also weighing on its largest.

Jan. 16 (Bloomberg) -- Tesco Plc’s efforts to win back U.K. shoppers were dealt a blow after the discovery of horse DNA in some beef products caused the U.K.’s largest grocer to remove them from stores and prompted a barrage of negative publicity.

President Barack Obama's broad effort to reduce gun violence will include proposed bans on military-style assault weapons and high-capacity ammunition magazines as well as more than a dozen executive orders aimed at circumventing congressional opposition to stricter gun control.

Wendy's fiscal fourth-quarter earnings topped Wall Street's view, even as a key indicator of sales at North American restaurants dipped slightly. The hamburger chain also maintained its fiscal 2013 adjusted earnings forecast above analysts' estimates, and its stock rose more than 4 percent in premarket trading Wednesday.

Iran's president says the country must move away from dependence on oil revenue to overcome Western sanctions that have slowed the economy and disrupted foreign trade.

The number of tourists visiting recession-stricken Spain rose by one million people, or 3 percent, in 2012.

Jan. 16 (Bloomberg) -- The cost of living was little changed in December, capping the third-smallest annual gain in the past decade, indicating U.S. inflation remains at bay.

Goldman Sachs and Morgan Stanley will pay a combined $557 million to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

at least not for another year.

While the U.S. was smashing heat marks last year, the world as a whole barely slipped into the top 10 hottest years on record, two American science agencies said Tuesday.

a move that will put nearly 4,200 jobs at risk.

U.S. factory production rose in December for the second straight month, buoyed by more output of autos, electronics and business equipment.

The nation's crude oil supplies decreased last week, the government said Wednesday.

Russia has removed Cyprus from a so-called black list of countries which Moscow discourages investment in, the Cypriot finance ministry said Wednesday, in a development it hopes will help in bailout negotiations with international creditors.

U.S. Defense Secretary Leon Panetta, the leader of the world's largest military, met Pope Benedict XVI, the world's best known advocate for peace, at the Vatican on Wednesday.

Somalia's al-Qaida-linked rebels said Wednesday that they will kill the French intelligence agent they hold hostage.

Suicide bombers driving vehicles packed with explosives blew themselves up near security targets in northern Syria on Wednesday, killing at least 22 people, state-run media and activists said.

Senior U.N. investigators opened a new round of talks Wednesday with Iranian officials in Tehran in the hopes of restarting a probe into allegations that the Islamic Republic carried out atomic bomb trigger tests and other suspected weapons-related studies.

A review of Prime Minister Benjamin Netanyahu's settlement policies shows a clear intent to prevent the creation of a viable Palestinian state by stepping up construction in strategic areas, an Israeli anti-settlement group said Wednesday.

Dozens of apartment towers sprouting up illicitly in an Arab neighborhood of Jerusalem are creating a fraught new dynamic in the struggle for control of the sacred city at the core of the Israeli-Palestinian conflict.

In a story Jan. 14 about illegal construction near a pharaonic temple and pyramids in Egypt, The Associated Press erroneously reported the name of the head of antiquities at Dahshour. His name is Mohammed Youssef, not Mohammed Younes.

An eight-story apartment building collapsed Wednesday in the Egyptian city of Alexandria, killing at least 25 people in the second deadly accident to hit the country in as many days, according to police and health officials.

Workers at the rising 1 World Trade Center on Tuesday installed the first piece of the spire that will make the 104-floor skyscraper the tallest in the Western Hemisphere.

Wed, Jan 16, 2013