News Archive
National | Fri, Feb 22, 2013

Feb. 21 (Bloomberg) -- Edison International, owner of California’s second-largest electric utility, may have failed to fully inform investors about problems at its shuttered San Onofre nuclear power plant, Rep. Edward Markey said.

The Standard & Poor’s 500 Index capped its first weekly decline of the year, after reaching the highest level since October 2007, amid increasing concern the Federal Reserve will curtail its stimulus program.

Banks that agreed to help troubled borrowers as part of a settlement with regulators over foreclosure misdeeds are spending most of the promised aid on sales that displace homeowners and forgiveness that erases home equity loans from their books.

Hong Kong doubled the sales tax on property costing more than HK$2 million ($258,000) and targeted commercial real estate for the first time, as bubble risks spread from apartments to parking spaces, shops and hotels.

New York's comptroller has dropped his lawsuit against Qualcomm Inc. after the wireless technology company agreed to disclose more information about its political spending.

Realogy Holdings Corp., the real estate brokerage that faced a nine in 10 chance of default a year ago, is poised to cut interest costs by almost half in 2013 as it rides the recovery in housing.

A settlement of a dispute over the public offering of a real estate investment trust that would include the Empire State Building received preliminary approval by a New York judge.

Record mortgage profits that drove earnings at Wells Fargo & Co. and JPMorgan Chase & Co. are fading as increased competition keeps the rates banks are offering on new loans near all-time lows.

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The head of the U.S. Small Business Administration says she doesn't expect operations at the agency to be dramatically affected by automatic federal budget cuts scheduled to begin March 1.

The price of oil was little changed Friday after a 5 percent fall over the last two days. The drop in crude showed signs of slowing the upward spiral of gas pump prices as well, at least temporarily.

U.S. stock futures are rebounding after a two-day decline.

Feb. 22 (Bloomberg) -- West Texas Intermediate oil fluctuated in New York as German business confidence climbed to a 10-month high and U.S. crude inventories rose to the highest level since July.

Feb. 22 (Bloomberg) -- The euro touched the lowest level against the dollar in more than a month after the European Central Bank said financial institutions will repay less of its three-year loans next week than economists forecast.

The European Union predicted Friday that the economy of the 17 member countries that use the euro will see its fortunes improve as the year goes by even though it expects the recession to last longer than it previously thought.

President Barack Obama, intensifying pressure on congressional Republicans, said Friday that lawmakers still have “the opportunity to do the right thing” and avert a series of mandatory budget cuts by March 1.

Feb. 22 (Bloomberg) -- The Pentagon said it has suspended all flights of Lockheed Martin Corp.’s F-35 Joint Strike Fighter after a routine engine inspection revealed a crack on a turbine blade in a test aircraft at Edwards Air Force Base in California.

Boeing attempted a major step Friday toward getting its 787 Dreamliners flying again, proposing a fix for the plane's troubled batteries that could allow the flights to resume as early as April, congressional officials said.

The federal prosecution of five former employees of the private security firm Blackwater has crumbled after the defendants said they were acting at the behest of the CIA by providing five guns as gifts to King Abdullah II of Jordan.

Feb. 22 (Bloomberg) -- A federal judge froze a Swiss account that the U.S. Securities and Exchange Commission says was used to carry out suspicious trades in H.J. Heinz Co. shares shortly before the takeover of the ketchup maker was announced.

Republicans and other fiscal conservatives keep insisting on more federal austerity and a smaller government. Without much fanfare or acknowledgement, they've already gotten much of both.

Cyberonics Inc. said Friday that its net income climbed 39 percent in the fiscal third quarter as it sold more of its nerve stimulation devices, and it raised its outlook for the year.

Feb. 22 (Bloomberg) -- The number of requests by health insurers for double-digit rate increases fell about 41 percentage points since the end of 2009, according to a U.S. report that cited the success of the health-care overhaul.

Under Armour Inc. wants to protect its “I Will” catchphrase.

Feb. 22 (Bloomberg) -- Greenlight Capital Inc. won an order blocking Apple Inc. from moving forward with a shareholder vote on provisions that include a measure limiting the company’s ability to issue preferred stock.

Home Depot Inc., the nation's largest home-improvement retailer, reports fourth-quarter results before the market opens on Tuesday, and analysts will be watching for any indication that sales are improving as the housing industry continues to recover.

Feb. 22 (Bloomberg) -- Leap Wireless International Inc., the pay-as-you-go wireless carrier, is seeking a $1.43 billion term loan to refinance bonds, according to a person with knowledge of the transaction.

Feb. 22 (Bloomberg) -- Texas Instruments Inc., the largest maker of analog chips, increased its quarterly dividend by 33 percent and said it added $5 billion to its stock repurchase program. The shares rose the most in more than eight months.

Feb. 22 (Bloomberg) -- Hewlett-Packard Co., the largest personal-computer maker, forecast fiscal second-quarter profit that exceeded analysts’ estimates, helped by cost-cutting measures and a smaller-than-projected drop in service sales.

Feb. 22 (Bloomberg) -- Roche Holding AG and ImmunoGen Inc. won U.S. approval for a breast cancer therapy that’s designed to narrowly target the disease.

Feb. 22 (Bloomberg) -- Boeing Co. officials presented their plan to fix the 787 Dreamliner’s batteries to the U.S. Federal Aviation Administration today as they work to get the company’s most advanced plane back in service.

part of a string of more than 30 product recalls by the health care giant in the last 3 1/2 years.

A panel of advisers to the European Union's health agency has again rejected Vivus Inc.'s weight-loss drug for sale in Europe.

Feb. 22 (Bloomberg) -- U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will rebound from yesterday’s drop, as German business confidence jumped to a 10-month high and investors awaited the outcome of elections in Italy.

Feb. 22 (Bloomberg) -- The Pentagon envisioned the F-35 Joint Strike Fighter as an affordable, state-of-the-art stealth jet serving three military branches and U.S. allies.

A Food and Drug Administration veteran who helped spearhead efforts to regulate the tobacco industry in the 1990s is taking over the agency's Center for Tobacco Products.

Feb. 22 (Bloomberg) -- American International Group Inc. will focus on lowering its obligations on bonds before returning capital to shareholders, Chief Executive Officer Robert Benmosche said today.

Feb. 22 (Bloomberg) -- German stocks advanced, rebounding from the biggest drop in two weeks, as business confidence in Europe’s largest economy rose more than forecast to a 10-month high in February.

Feb. 22 (Bloomberg) -- Wrestlers say their sport is one of the world’s oldest. Olympic officials who last week voted to drop it from the games are finding that it’s got some of the most vocal and passionate supporters too.

Feb. 21 (Bloomberg) -- Banks that agreed to help troubled borrowers as part of a $25 billion settlement over mishandled foreclosures accelerated efforts as the most generous terms of the deal head toward expiration.

Centennial Bank and Omaha State Bank officials say the banks will merge.

Congressional officials say Boeing is proposing a long-term fix for the 787 Dreamliner's troubled batteries that won't have the planes back in the air until April at the earliest.

Stocks rebounded Friday after two days of losses though investors remained wary ahead of elections in Italy that could dominate the market mood at the start of next week.

Feb. 22 (Bloomberg) -- U.S. stocks rose, paring a weekly decline in the Standard & Poor’s 500 Index, as German business confidence jumped to a 10-month high amid better-than- anticipated corporate earnings.

President Barack Obama is promising a “big push” for his proposal to provide pre-K for all 4-year-olds.

Darden Restaurants, struggling to draw more customers into its Olive Garden and Red Lobster restaurants, predicted a third-quarter profit Friday that was below Wall Street's expectations and cut its outlook for the year.

The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

Dead mice laced with painkillers are about to rain down on Guam's jungle canopy. They are scientists' prescription for a headache that has caused the tiny U.S. territory misery for more than 60 years: the brown tree snake.

At the height of Superstorm Sandy, city residents watching seawater pour into the subway system couldn't help but wonder: What will become of all the rats?

A German official said Friday that Defense Secretary Leon Panetta has told NATO allies that the U.S. will leave between 8,000 and 12,000 American troops in Afghanistan after 2014, when combat ends.

A major snowstorm that shuttered airports in Missouri, stranded truckers in Illinois and buried parts of Kansas in knee-deep powder was promising a messy and possibly dangerous commute Friday morning as it crawled northeast.

Torrential rainfall caused extensive flooding in Greece's capital Friday, inundating basements and forcing authorities to close major roads and a central subway station in Athens.

The pope on Friday transferred a top official from the Vatican's secretariat of state to Colombia amid swirling media speculation about the contents of a confidential report into the Vatican's leaks scandal.

A landlord who rented office space to a Zumba instructor accused of being a prostitute testified he became suspicious when tenants heard “groaning and moaning.” A pizza shop manager told a jury that the woman disrobed in front of him during a delivery.

In an agonizingly slow announcement, a magistrate allowed Oscar Pistorius to go free on bail Friday, nine days after the Paralympian was arrested in the Valentine's Day killing of his girlfriend.

Feb. 22 (Bloomberg) -- Radical central banking is being debated as never before as policy makers throw everything they have, and then some, at safeguarding growth.

Fri, Feb 22, 2013