News Archive
National | Mon, Jan 28, 2013

Gold traded little changed in New York after reaching a two-week low as investors weighed signs the global economy is improving against bullion purchases by central banks. Palladium reached the highest price since 2011.

Ford is joining with Daimler and Renault-Nissan to speed development of cars that run on hydrogen, with hopes of bringing a vehicle to market in as little as four years.

Research In Motion Ltd. Chief Executive Officer Thorsten Heins, whose comeback plan has gained investor support in the past year, now faces the bigger test of winning over smartphone buyers.

Orders for durable goodsrose in December for an unprecedented fourth consecutive month, indicating manufacturing will keep improving in 2013.

Apple has released a software update for iPhones and iPads that speeds up data downloads on some major overseas telecom networks and a handful of small U.S. carriers.

For anyone whose financial memory dates back to a time when the overnight interbank rate was in double digits, the Federal Reserve’s announcement last month that zero was here to stay was nothing short of stunning.

The maker of the BlackBerry smartphone is promising a speedier device, a superb typing experience and the ability to keep work and personal identities separate on the same phone. It's the fruit of a crucial, long-overdue makeover for the Canadian company.

Jan. 28 (Bloomberg) -- Yahoo! Inc. Chief Executive Officer Marissa Mayer, projected to report the first annual sales gain in four years today, is being urged by investors to explain how she’ll build on that growth by luring users and advertisers.

Jan. 28 (Bloomberg) -- Oil advanced to a four-month high in New York as orders for durable goods in the U.S. jumped, adding to economic optimism, and gasoline gained on the announcement that a New Jersey refinery will close.

J.C. Penney is bringing back sales.

The price of oil rose Monday after a strong durable goods report in the U.S.

Pending U.S. home sales declined in December for the first time since August, showing uneven progress in the housing market.

U.S. demand for long-lasting manufactured goods rose sharply in December on strong gains in volatile aircraft orders. But companies slowed their orders of goods that signal investment plans, indicating manufacturing could stay choppy in 2013.

A measure of Americans who signed contracts to buy homes fell last month after reaching a 2 {-year high in November. Sales were held back by a limited supply of available homes.

Caterpillar's fourth-quarter profit was cut in half by a deal in China that went bad and by slower growth around most of the world. It said results for this year depend on how the global economy behaves in the second half.

A bipartisan group of leading senators has reached agreement on the principles for a sweeping overhaul of the nation's immigration laws, including a path to citizenship for the 11 million illegal immigrants already in this country.

Hess Corp. said Monday that it plans to sell its U.S. terminal network and shutter its New Jersey refinery, completing its exit from the refining business and continuing its shift in focus toward exploration and production.

Jan. 28 (Bloomberg) -- The Los Angeles Dodgers and Time Warner Cable Inc. will create a new network to televise the baseball team’s games, a deal designed to help the pay-TV company absorb rising costs for sports programming.

Moderating sales growth and increasing competition are pressuring Bed Bath & Beyond, a Goldman Sachs analyst said Monday as he cut its rating and price target.

Lawn and garden products maker Scotts Miracle-Gro Co. said Monday that Chief Financial Officer Dave Evans has resigned to take a similar position with nonprofit research and development company Battelle.

China said it successfully tested a heavy air force freighter that could be a mostly home-grown substitute for the older Russian planes it now uses while substantially boosting the Chinese military's global reach.

Roper Industries Inc., a medical and industrial equipment maker, said Monday that its fourth-quarter net income rose 18 percent, but issued mixed guidance for the current quarter and full year.

Jan. 29 (Bloomberg) -- Australian lenders seeking to cut costs selling mortgage bonds look set to benefit from a rule letting them tailor offerings to better suit yield-hungry European and U.S. investors.

The U.S. economy is a study in contrasts.

Kevin Tsujihara (TSOO'-jee-HAH'-rah) was named the next chief executive of the Warner Bros. movie studio. He'll take over from Barry Meyer on March 1.

A report Monday criticized the U.S. Treasury Department for approving excessive salaries and raises at firms that received taxpayer-funded bailouts during the financial crisis.

Jan. 28 (Bloomberg) -- VMware Inc., the biggest maker of software that enables computers to run multiple operating systems, forecast sales that missed estimates amid cutbacks from corporate customers.

Jan. 28 (Bloomberg) -- Yahoo! Inc., the biggest U.S. Web portal, reported profit and revenue that topped analysts’ estimates as Chief Executive Officer Marissa Mayer benefited from gains in Web search and prices charged for advertisements.

Jan. 28 (Bloomberg) -- Research In Motion Ltd., slated to introduce its new BlackBerry 10 product lineup later this week, fell 7.8 percent on concern that the phones won’t reverse the company’s decline in smartphone sales.

Jan. 29 (Bloomberg) -- Caterpillar Inc., the largest maker of construction and mining equipment, said it’s considering “all options” to recover losses from false accounting at a Chinese business that led to a $580 million writedown.

Yahoo's fourth-quarter earnings topped analyst estimates as an upturn in its international investments helped end a three-year slump in revenue.

Jan. 28 (Bloomberg) -- When Ford Motor Co. posts fourth- quarter results tomorrow, the numbers probably won’t look great, likely the lowest operating profit of the year. Those figures mask the optimism coming from an unlikely place: Europe.

Jan. 28 (Bloomberg) -- Wells Fargo & Co., the largest U.S. home lender, changed its compensation for some mortgage salespeople to include a reward for submitting complete loan applications to processors and underwriters within five days.

Jan. 28 (Bloomberg) -- Hostess Brands Inc. said McKee Foods Corp., maker of Little Debbie snacks, agreed to pay $27.5 million for its Drake’s brand and United States Bakery Inc. offered to buy certain bread brands for $28.9 million.

VMware Inc. said Monday that it is cutting 900 jobs, or nearly 7 percent of its workforce, and expects revenue to fall short of Wall Street's expectations for the current quarter.

Three months after Superstorm Sandy ravaged coastal areas in much of the Northeast, Congress on Monday sent a $50.5 billion emergency relief measure for storm victims to President Barack Obama for his signature.

Mall operator General Growth Properties Inc. said Monday that it has bought $633 million in warrants for its shares from two of the major investors that helped pull the company out of bankruptcy in 2010.

Anticipating a boost from stimulus spending and a weakening yen, Japan's government on Monday raised its growth forecast, predicting the economy will emerge from recession and expand 2.5 percent in the coming fiscal year.

Jan. 28 (Bloomberg) -- Treasuries were little changed, with 10-year yields about two basis points from the highest in nine months, before Federal Reserve officials start a meeting tomorrow as investors await new signals on monetary policy.

Biogen Idec's fourth-quarter earnings slipped nearly 3 percent after it fixed a tax error and saw expenses climb.

Jan. 28 (Bloomberg) -- U.K. farmers may plant 50 percent more spring bean crops this year than in 2012 following wet weather that prevented seeding last autumn, said Frontier Agriculture Ltd.

The joint U.S. and Japanese investigation into the Boeing 787's battery problems has shifted from the battery-maker to the manufacturer of a monitoring system.

Jan. 28 (Bloomberg) -- Oil traded close to the highest level in four months in New York after posting the longest run of weekly gains since April 2009, lifted by speculation that a global economic recovery will boost fuel demand.

Striking bus drivers in Athens have defied a court order to return to their jobs, extending last week's protests by subway employees over government-imposed salary cuts for public sector workers.

Jan. 28 (Bloomberg) -- Germany may impose a levy for the first time on owners of existing wind farms and solar panels and delay subsidies due to new installations as Chancellor Angela Merkel’s government seeks to clamp down on rising power prices in an election year.

Jan. 28 (Bloomberg) -- Royal Dutch Shell Plc, El Paso Pipeline Partners LP and Kinder Morgan Inc. agreed to develop a plant to export natural gas at Elba Island, Georgia.

Shares of Jos. A. Bank Clothiers Inc. dropped more than 15 percent before the market open Monday as the men's clothing company announced its fiscal 2012 net income will be about 20 percent lower than the previous year.

Jan. 28 (Bloomberg) -- Copper rose in New York, rebounding from three sessions of declines, as higher profits for Chinese industrial companies added to signs of an economic revival in the world’s largest consumer of the metal.

Jan. 28 (Bloomberg) -- The Canadian dollar fell for a fourth day versus its U.S. counterpart, the longest streak since October, as signs of slower economic growth weighed on demand.

Jan. 28 (Bloomberg) -- A gauge of U.S. corporate credit risk held before a report that may show orders for durable goods increased last month.

Barnes & Noble reportedly plans to continue to shrink its store base.

French drugmaker Sanofi said Monday that the Food and Drug Administration will review its experimental multiple sclerosis treatment Lemtrada.

A European court on Monday cleared Iceland of wrongdoing over its refusal to repay depositors' money lost in the country's 2008 banking collapse.

Markets began the week sluggishly after a buoyant start to the year had pushed many of the world's major stock indexes to multiyear highs.

A labor union says American Airlines ground workers would get immediate 4.3 percent raises if the carrier merges with US Airways.

LodgeNet Interactive Corp. says it is filing for Chapter 11 bankruptcy protection as part of a plan to sell itself to investment firm Colony Capital for $60 million.

Iran said Monday it has successfully sent a monkey into space, describing the launch as another step toward Tehran's goal of a manned space flight.

Two Sept. 11 defendants delayed the start of their hearing Monday at Guantanamo when they refused to respond to questions from their judge in the case.

Jan. 28 (Bloomberg) -- In 2012, India had 925 million mobile phone subscribers. The phones have helped organize protests by middle-class Indians, most recently against the savage rape and slaying of a young woman in Delhi.

A former managing director has been indicted on charges he defrauded investment funds the Department of Treasury established in 2009 as part of the federal government's response to the financial crisis.

Virgin Galactic has agreed to start paying New Mexico rent on the nearly quarter-billion dollar spaceport the state built for British businessman Richard Branson's space tourism business, but it says it is doing so under protest and without waiving its right to walk away from the project, according to documents obtained by The Associated Press.

Mon, Jan 28, 2013