News Archive
National | Tue, Feb 5, 2013

Feb. 5 (Bloomberg) -- H&R Real Estate Investment Trust and KingSett Capital Inc. combined to make a takeover bid for Primaris Retail Real Estate Investment Trust, topping an offer made last week for the company.

Feb. 5 (Bloomberg) -- Moody’s Investors Service upgraded $2.2 billion of San Francisco debt, citing a rebound in the municipal tax base after the longest recession since the 1930s.

Feb. 5 (Bloomberg) -- BlackBerry’s Z10 smartphone has attracted record orders at Canadian wireless carrier BCE Inc., and analysts say sales are off to a strong start in the U.K., sparking a 23 percent stock rally over the past two days.

Higher prices and better sales of Panera's more profitable menu items lifted the soup and sandwich chain's profit 34 percent in the October-December quarter.

Dell Inc.’s $24.4 billion leveraged buyout probably will draw criticism from some shareholders over a potential conflict of interest for founder and chief executive officer Michael S. Dell.

A modern BlackBerry with a physical keyboard might not arrive in the U.S. until May or June, a month or two behind other parts of the world, the chief executive of the smartphone maker suggested in an interview.

Feb. 5 (Bloomberg) -- Ally Financial Inc., the biggest U.S. auto lender, swung to a fourth-quarter profit as more consumers went shopping for cars and trucks.

Service industries expanded in January at about the same pace as the prior month, driving demand for more workers and helping cushion the economy in the face of the Washington budget battle.

Feb. 5 (Bloomberg) -- Oil rebounded after the biggest loss in two months as U.S. service industries expanded at a better- than-expected pace in January, signaling growth in 90 percent of the U.S. economy and stronger demand for crude.

The stock market bounced back Tuesday following a surge in U.S. home prices and signs of recovery in Europe's economy. Strong earnings reports also helped power the gains.

Feb. 5 (Bloomberg) -- Dell Inc., the third-biggest maker of personal computers, is going private in a deal valued at $24.4 billion, undertaking the biggest leveraged buyout since the financial crisis after failing to keep up with competition.

A U.S. Justice Department lawsuit against McGraw-Hill Cos. and its Standard & Poor’s unit seeks to punish conduct central to the worst financial crisis since the Great Depression, Attorney General Eric Holder said.

The U.S. government says Standard & Poor's knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis.

The U.S. housing market, entering its busiest season, is tipped so far in favor of sellers that almost a third of listings in areas from Washington, D.C., to Denver and Seattle are under contract in two weeks or less.

There are two ways to look at the news that Antony Jenkins, the chief executive officer of Barclays Plc, will turn down his $1.6 million bonus this year.

U.S. home prices jumped by the most in 6.5 years in December, spurred by a low supply of available homes and rising demand.

KFC parent company Yum Brands expects a controversy over its chicken suppliers in China to hammer its first-quarter earnings per share by 25 percent but says it plans to forge ahead with its expansion in the country.

Feb. 5 (Bloomberg) -- West Texas Intermediate rose from its lowest closing level in a week in New York. Crude inventories probably increased for a third week, a Bloomberg survey showed.

Stock futures are heading higher after the biggest sell-off this year, with strong economic data coming out of Europe and the U.S. service industry expected to show further expansion, though at a slower pace.

Winning the 2012 U.S. election? It was a cakewalk, Vice President Joe Biden joked Tuesday.

Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers.

British intelligence agencies are planning to install an unspecified number of spy devices along Britain's telecommunications network so they can monitor Britons' interactions with overseas services such as Facebook and Twitter, according to lawmakers.

Feb. 5 (Bloomberg) -- Billionaire Steve Wynn and other directors of Wynn Resorts Ltd. won dismissal of a shareholder lawsuit alleging a $135 million donation to the University of Macau breached fiduciary duties and wasted company assets.

Feb. 5 (Bloomberg) -- BG Group Plc, the U.K.’s third- largest oil and gas company, surged in London as the new Chief Executive Officer Chris Finlayson gave his first investor presentation.

Alliant Techsystems Inc. said Tuesday that fiscal third-quarter net income rose 27 percent, helped by easy comparisons to a prior-year quarter weighed down by hefty charges and a jump in consumer demand for ammunition.

Feb. 4 (Bloomberg) -- BioClinica Inc., which provides clinical trial management services, was sued by an investor who claims the stock is undervalued in a $123 million buyout offer from New York private-equity firm JLL Partners Inc.

A radio ad designed to convince California companies to move to Texas has sparked a throw-down between the governors of the two states.

Feb. 5 (Bloomberg) -- Yum! Brands Inc., owner of the KFC and Pizza Hut dining chains, will introduce a new advertising campaign to lure consumers in China after a probe into its chicken suppliers hurt sales in the Asian nation.

Costs related to its upcoming takeover and debt refinancing pushed net income at exchange operator NYSE Euronext down 75 percent in the fourth quarter of last year compared with a year earlier.

Feb. 5 (Bloomberg) -- The future of American equities may be riding on whether the Baltimore Ravens lineage as a successor to the Cleveland Browns makes them an original member of the National Football League.

Delphi Automotive saw its fourth-quarter net income cut in half as the auto parts retailer booked restructuring and acquisition costs.

The Florida Supreme Court is being asked to decide whether a judge can preside over a criminal case if he and the prosecutor are Facebook friends.

Church & Dwight's fourth-quarter net income jumped 27 percent, driven by strong sales of Arm & Hammer and other consumer products in the U.S. offset weaker demand overseas.

Lennox International Inc. said Tuesday that fourth-quarter net income jumped 31 percent, helped by higher demand in its consumer business.

Emerson Electric's first-quarter net income rose 22 percent, benefiting from stronger sales in the U.S. and Asia.

Feb. 5 (Bloomberg) -- Consumer Reports said its tests of turbocharged cars from Ford Motor Co. and General Motors Co. didn’t support the companies’ claims about fuel economy and performance provided by the powertrain technology.

Feb. 5 (Bloomberg) -- Diminishing returns in the Mexican government bond market are prompting the nation’s pension funds to shift some of the $152 billion they manage into real estate.

A publisher says a former top Navy SEAL sniper and best-selling author who was fatally shot at the weekend had a second book in the works.

The Environmental Protection Agency says heat-trapping gases from U.S. power plants fell 4.6 percent in 2011 from the previous year as plants burned less coal, the biggest source of greenhouse gas pollution.

The federal budget deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office, a new report said Tuesday.

Feb. 5 (Bloomberg) -- Federal Reserve policy makers including Chairman Ben S. Bernanke voiced alarm in August 2007 over a loss of investor confidence in ratings companies, warning that the declining credibility could worsen market turmoil.

Gas supplier Praxair says it will buy soda carbonation company NuCO2 Inc. for $1.1 billion in cash, helping it expand into the restaurant business.

The Silicon Valley is leading the rest of the country out of the recession with increased jobs, income and initial public offerings last year, according to a new regional report.

Feb. 5 (Bloomberg) -- Walt Disney Co., the world’s largest entertainment company, posted first-quarter earnings that beat analysts’ estimates as the interactive division registered its first profit.

Feb. 5 (Bloomberg) -- Microsoft Corp. is using a $2 billion loan to help finance Dell Inc.’s $24.4 billion buyout to bolster one of the largest makers of computers using Windows software and fend off competition from Google Inc. and Apple Inc.

Feb. 5 (Bloomberg) -- J.C. Penney Co., facing a potential threat to its turnaround plans, has come out swinging after debt holders claimed it technically defaulted on a bond.

Feb. 5 (Bloomberg) -- Power Integrations Inc., a maker of analog-integrated power conversion circuits used in mobile phones and personal computers, gained the most in two years after reporting fourth-quarter earnings and sales forecasts yesterday that exceeded analyst estimates.

Feb. 5 (Bloomberg) -- The U.S. should intensify efforts to prevent governments from exerting control over the Internet after a United Nations conference increased countries’ ability to regulate Web traffic, a regulator said.

Feb. 5 (Bloomberg) -- 3M Co. authorized a stock buyback program of as much as $7.5 billion and increased the quarterly dividend by 7.6 percent.

Feb. 5 (Bloomberg) -- The U.S. is seeking as much as $5 billion in penalties from McGraw-Hill Cos. and its Standard & Poor’s unit as punishment for inflated credit ratings that Attorney General Eric Holder said were central to the worst financial crisis since the Great Depression.

The euro rose against the dollar Tuesday on signs that the economies of the 17 countries that use the euro are recovering.

Feb. 5 (Bloomberg) -- Inc., the world’s largest online retailer, plans to introduce virtual currency that can be used for purchases on the Kindle Fire tablet to entice more developers to create programs for the device.

Online travel agency Expedia says revenue rose in the fourth quarter on strong hotel bookings but profit dropped 90 percent because of money set aside for a tax dispute in Hawaii.

Feb. 5 (Bloomberg) -- Take-Two Interactive Software Inc., publisher of the “Grand Theft Auto” video games, reported third-quarter results that beat analysts’ estimates on sales of its latest basketball title. The shares rose.

Online game maker Zynga is reporting a smaller net loss and nearly unchanged revenue for the fourth quarter of 2012, a year in which its stock price shrank 75 percent.

Disney says its latest quarterly earnings fell 6 percent as its ESPN network absorbed higher programming costs and the performance of its movie studio sagged.

Feb. 5 (Bloomberg) -- The U.S. Treasury Department said it had priced an offering of Citigroup Inc. subordinated notes and expects to receive $894 million in proceeds.

HanesBrands Inc. reported that fourth-quarter net income nearly doubled as the underwear maker benefited from subsiding cotton prices and its moves to exit from unprofitable businesses.

Feb. 5 (Bloomberg) -- Lumber futures rose, capping the biggest four-session rally since 2010, on mounting speculation that construction in China is boosting demand for imported wood.

Feb. 6 (Bloomberg) -- John Malone’s Liberty Global Inc. agreed to buy U.K. cable-television provider Virgin Media Inc. for $23.3 billion in cash and stock to challenge Rupert Murdoch in Europe’s biggest pay-TV market.

A U.N. special investigator is urging the world body to open an inquiry into North Korea for possible crimes against humanity.

Feb. 5 (Bloomberg) -- The euro rose toward the strongest level in more than 2 1/2 years versus the yen as a purchasing managers’ index showed services output in the region shrank less than initially estimated, boosting demand for the currency.

Japan's central bank governor says he is resigning three weeks before his five-year term expires on April 8 so his departure will coincide with those of his top deputies.

Toyota Motor Corp. raised its fiscal year profit forecast Tuesday to triple what it eked out for the disaster-struck previous year, as the world's top automaker continued on a comeback roll as sales surged, especially in the U.S.

Feb. 5 (Bloomberg) -- A gauge of U.S. corporate credit risk fell before data that may show the service industry in the U.S. grew in January and a day after the measure rose the most in five weeks.

MasterCard is doubling its quarterly dividend to 60 cents per share and says its board approved the repurchase of up to $2 billion of its common stock.

Federal regulators say they are evaluating a Boeing request to conduct test flights of its 787 Dreamliners, which were grounded nearly three weeks ago after a battery fire in one plane and smoke in another.

Feb. 5 (Bloomberg) -- Federal Reserve Governor Elizabeth Duke said U.S. community banks are poised to benefit from stronger loan demand and an eventual rise in interest rates as the U.S. expansion gains strength.

Further evidence emerged Tuesday that the economy of the 17 European Union countries that use the euro has started 2013 in better shape than many had expected.

Growth at U.S. service companies slowed slightly in January behind weaker new orders and business activity. But hiring improved, a bright sign for the economy.

Stock markets pushed higher on Tuesday after new indicators suggested the economy of the 17-country eurozone is past the worst of its recession and the U.S. recovery remains on track.

The U.S. government has filed civil charges against Standard & Poor's Ratings Services for improperly giving high ratings to toxic mortgage bonds before the financial crisis.

For motorists unaccustomed to the ways of New Jersey, the experience can be confounding. Need to make a left turn? Go right.

President Barack Obama will ask Congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue to put off the automatic across the board cuts that are scheduled to kick in March 1.

Lawyers for the Guantanamo Bay prisoner accused of orchestrating the deadly attack on the USS Cole will present expert testimony Tuesday at a pretrial hearing on how to conduct a mental examination of a torture victim.

Feb. 5 (Bloomberg) -- Federal Reserve Governor Elizabeth Duke said she’s upbeat about the outlook for the U.S. economy in part because of a rebound in housing, even after growth stalled during the fourth quarter.

Feb. 5 (Bloomberg) -- President Barack Obama will urge Congress to postpone automatic spending reductions scheduled to begin March 1 as Senate Democrats debate options for replacing part of the $1.2 trillion in across-the-board cuts.

Feb. 5 (Bloomberg) -- The House Judiciary Committee’s Republican chairman urged a methodical study of potential changes to immigration law with a focus on improving U.S. economic competitiveness.

A new report says about 61 percent of Facebook users have taken a break from the site for at least a few weeks for reasons that range from being busy to getting bombarded with “too much drama.”

Feb. 4 (Bloomberg) -- Johnson & Johnson’s DePuy unit pulled its all-metal artificial hips off the market in 2010 because of safety concerns about the devices, one of their designers told a California jury.

The owners of the former presidential yacht Sequoia are asking a Delaware judge to prevent a lender from seizing it.

Opponents of New York City's plan to crack down on supersized, sugary drinks have asked a judge to keep it from taking effect next month.

Feb. 5 (Bloomberg) -- Conservatives often point out that laws, no matter how benign they may appear, have unintended consequences. They can reverberate in ways that not many people foresaw and nobody wanted: Raising the minimum wage can increase unemployment; prohibition can create black markets.

Tue, Feb 5, 2013