News Archive
National | Tue, Feb 26, 2013

Purchases of new U.S. homes jumped in January to the highest level since July 2008, showing the industry will keep adding to growth in the economy.

Anheuser-Busch InBev NV, the world’s biggest brewer, was sued by two consumers for allegedly overstating the alcohol content in its Budweiser beer.

Home prices in 20 U.S. cities rose in the 12 months to December by the most in more than six years, a sign the housing-market recovery is strengthening.

Confidence among consumers jumped more than forecast in February as American’s adjusted to a higher payroll tax and signs of a recovering housing market spurred faith in the future.

Lawyers and civil rights activists can’t challenge a federal law that allows government surveillance of international phone calls and email, the U.S. Supreme Court ruled in a victory for the Obama administration.

A jump in home sales and strong earnings from Home Depot helped the Dow claw back more than half of its losses from Monday. Improving consumer confidence also brought back buyers to the market.

Moody’s Investors Service said it won’t assign its top ratings to certain residential mortgage-bond deals with issuer-friendly terms, signaling a potentially tougher stance than competitors as the market revives.

Environmental groups say they'll launch a boycott drive against a Jersey shore town that refuses to back off its plan to use tropical rainforest wood to rebuild a boardwalk destroyed by Superstorm Sandy.

Feb. 26 (Bloomberg) -- Tenet Healthcare Corp., the third- largest U.S. hospital company, reported fourth-quarter income helped by higher admissions and reiterated its 2013 forecast.

The price of oil was lower Tuesday as investors weighed the implications of political uncertainty in Italy, the latest assessment of the economy from the head of the Federal Reserve and prospects for growing US crude supplies.

No progress to report in efforts to stave off looming government-wide spending cuts, President Barack Obama on Tuesday singled out for praise the few Republicans who say they're open to aspects of his approach, seeking to turn up the heat on GOP leaders ahead of Friday's deadline.

Feb. 26 (Bloomberg) -- As Apple Inc. Chief Executive Officer Tim Cook takes the stage at this year’s shareholder meeting, he may not get the reception he received in 2012, when investors lauded the company’s performance and rising shares.

Microsoft Chairman Bill Gates, Facebook CEO Mark Zuckerberg and Twitter creator Jack Dorsey are among the tech luminaries appearing in a new video promoting the teaching and learning of computer coding in schools.

Feb. 26 (Bloomberg) -- Oil fell to an eight-week low amid estimates that U.S. inventories rose and as an Italian political stalemate spurred concern that Europe’s debt crisis may worsen.

Profits at U.S. banks jumped almost 37 percent for the October-December period, reaching the highest level for a fourth quarter in six years as banks continued to step up lending.

The Federal Reserve's low interest-rate policies are giving key support to an economy still burdened by high unemployment, Chairman Ben Bernanke told Congress on Tuesday. Bernanke signaled that the Fed's efforts to keep borrowing costs low will continue.

Futures are rising as Chairman Ben Bernanke heads to Capitol Hill to explain what the Federal Reserve will do to accelerate the economic recovery only days before a series of mandatory budget cuts kick in.

Feb. 26 (Bloomberg) -- U.S. oil inventories probably rose to the highest level in seven months as production climbed to the most in more than 20 years, a Bloomberg survey showed, signaling prices may extend this month’s 4.5 percent retreat.

Macy's reported a fourth-quarter profit that beat Wall Street expectations as its strategy of tailoring merchandise to local markets paid off during the holiday season.

The International Herald Tribune, one of the most enduring brands in journalism history, is getting a new name: The International New York Times.

U.S. new-home sales jumped in January from the previous month to the highest level since July 2008, a sign that the housing recovery is accelerating.

When word spread about the potential natural gas riches of the Marcellus Shale, Kimberly More saw it as the hope for saving her horse farm.

In the nearly 18 months since a tropical storm and freak October nor'easter wreaked havoc on Connecticut's electrical system, the state's biggest utility has been strengthening its ties to town emergency crews and rolling out more technology in hopes of avoiding prolonged outages in the future.

Feb. 26 (Bloomberg) -- Low-income Spanish homeowners who were promised the greatest help from the government are running into resistance refinancing their mortgages when the loans were packaged into bonds and no longer controlled by their banks.

A judge says she is inclined to allow a lawsuit by Michael Jackson's mother against a concert promoter she claims is responsible for her son's death to go to trial on a single claim.

A lawsuit brought by a lesbian Army veteran and her wife over the denial of disability benefits can move forward over the objections of the Department of Justice, a federal judge in California ruled Monday.

Feb. 26 (Bloomberg) -- Mary R. Cowell Ross, a former president of the New York Women’s Bar Association who got her break in law because of the shortage of men in the civilian workforce during World War II, has died. She was 102.

Apple has agreed to give more than $100 million in iTunes store credits to settle a lawsuit alleging that the iPhone and iPad maker improperly charged kids for playing games on their mobile devices.

Feb. 26 (Bloomberg) -- Rogers Communications Inc., Canada’s largest wireless carrier, expects to get at least 5 percent of sales by 2015 from machines using its network to talk to each other, a fresh revenue source as smartphone growth slows.

Feb. 26 (Bloomberg) -- Best Buy Co., the world’s biggest consumer electronics retailer, cut 400 jobs at its headquarters as Chief Executive Officer Hubert Joly works to reduce costs.

Feb. 26 (Bloomberg) -- Alcatel-Lucent SA’s decade-old ties with carriers such as AT&T Inc. and Verizon Communications Inc. should help the unprofitable French network-equipment vendor fend off European rivals’ attacks looking to steal U.S. market share, according to its global sales chief.

A New Jersey judge is asking that state's highest court to have a sense of humor.

Feb. 26 (Bloomberg) -- AMC Networks Inc., the cable-network company that airs “Mad Men,” “Breaking Bad” and “The Walking Dead,” plunged as much as 14 percent after fourth- quarter earnings missed analysts’ estimates.

Ecolab's net income more than doubled in the fourth quarter, bolstered by strong sales from its global energy segment and Latin American growth.

The E.W. Scripps Co. reported sharply higher earnings and revenue for the fourth quarter on Tuesday, helped by higher political advertising revenue ahead of the elections last November. The results were also aided by contributions from TV stations the company bought in 2011.

Feb. 26 (Bloomberg) -- General Motors Co., the largest U.S. automaker, denied today that it is seeking increased compensation for Chief Executive Officer Dan Akerson a day after reports that the company proposed an $11.1 million package.

Shares of Titan International Inc. skidded Tuesday after the wheel and tire supplier's fourth-quarter results disappointed Wall Street.

More than a decade after online file swapping tipped the music industry into turmoil, record executives may finally be getting a sliver of good news.

At the Fellowship Community's adult home, workers are paid not according to what they do, but what they need; aging residents are encouraged to lend a hand at the farm, the candle shop or the pottery studio; and boisterous children are welcome around the old folks.

Feb. 26 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke defended the central bank’s unprecedented asset purchases, saying they are supporting the expansion with little risk of inflation or asset-price bubbles.

Feb. 26 (Bloomberg) -- Grupo Televisa SAB, the world’s largest Spanish-language broadcaster, reversed earlier gains in Mexico City trading after forecasting slower growth in its programming unit.

Feb. 26 (Bloomberg) -- Live Nation Entertainment Inc., the world’s biggest concert promoter and ticket retailer, posted a wider annual loss on a $68.2 million charge related to the exit of its former chairman and the artist-management unit he ran.

Beer lovers across the U.S. have filed $5 million class-action lawsuits accusing Anheuser-Busch of watering down its Budweiser, Michelob and other brands.

Feb. 26 (Bloomberg) -- Dish Network Corp. said U.S. regulators should get more information on Softbank Corp.’s $20 billion purchase of Sprint Nextel Corp., which is vying with Dish for control of Clearwire Corp.

Feb. 26 (Bloomberg) -- Inc., the biggest online travel agency by market value, reported fourth-quarter profit that exceeded analysts’ estimates as the company gained hotel customers in Europe and Asia.

Independent oil and natural gas driller Cobalt International Energy Inc. said Tuesday its fourth-quarter loss widened on higher operating and interest costs.

Feb. 26 (Bloomberg) -- Yahoo! Inc. Chief Executive Officer Marissa Mayer, by ordering staff to report to offices, has reinvigorated debate over the merits of giving employees more flexible working arrangements.

Feb. 26 (Bloomberg) -- Macy’s Inc., the second-largest U.S. department-store chain, rose after forecasting annual profit that was higher than analysts’ estimates amid a surge in online sales.

Feb. 26 (Bloomberg) -- Tribune Co., the publisher that emerged from bankruptcy at the end of last year, said it hired JPMorgan Chase & Co. and Evercore Partners Inc. as financial advisers after receiving unsolicited interest in its newspapers.

Electronics chain Best Buy Co. says it is cutting 400 jobs at its headquarters as part of a larger $725 million cost-cutting plan.

AMC Networks Inc. said Tuesday its fourth-quarter net income fell by nearly half, as debt-related costs more than offset higher advertising revenue from its national networks.

Struggling electronics chain RadioShack Corp. on Tuesday reported a $63 million loss in the last quarter of 2012, its fourth consecutive quarterly loss, pressured by weaker mobile sales.

Federal health regulators have halted Amgen's studies of its thyroid drug Sensipar after the death of a 14-year-old patient in a company trial.

Robert Bork says President Richard Nixon promised him the next Supreme Court vacancy after Bork complied with Nixon's order to fire Watergate special prosecutor Archibald Cox in 1973.

AutoZone Inc. said Tuesday that its fiscal second-quarter net income rose 6 percent, as lower acquisition costs helped boost profitability.

Cracker Barrel's second-quarter net income rose 38 percent despite inclement weather that kept traffic down in some locations, with stores able to raise their menu prices.

Poland should focus on meeting financial criteria to join the euro bloc by 2015 and only then decide whether to adopt the single currency, national leaders said Tuesday.

President Enrique Pena Nieto signed Mexico's most sweeping education reform in seven decades into law Monday, seeking to change a system in which teaching positions could be sold or inherited, and no official census of schools, teachers and students was ever carried out.

A Staten Island neighborhood where three people died during Superstorm Sandy will be the first to get state-sponsored home buyouts.

President Barack Obama will meet with two top Republican lawmakers Tuesday to discuss overhauling the nation's immigration laws.

The Senate Finance Committee on Tuesday approved President Barack Obama's choice of Jacob Lew to be Treasury secretary and sent the nomination to the full Senate.

House Speaker John Boehner is using salty language to prod the Senate to act on legislation to replace automatic spending cuts known as the sequester.

Ariadne Partlow dreamed of graduating Spelman College and moving on to medical school, but instead of studying biology this semester, she worked at a fast-food Chinese restaurant.

Shares of Vivus Inc. declined Tuesday after the biopharmaceutical company reported disappointing sales of its weight loss drug Qsymia.

New York's state comptroller says Wall Street cash bonuses for 2012 are expected to rise 8 percent to $20 billion, partly driven by deferred payments from prior years.

more so than any hesitance by Americans to spend freely.

JPMorgan is trimming about 4,000 jobs, or about 1.5 percent of its work force, becoming the latest big bank to shrink its staff.

U.S. home prices rose at a healthy pace in December compared with a year ago, driven higher by rising sales and a smaller supply of available homes.

Michelle Obama says five media companies and a social media website are working together to make it easier to find nutritious recipes.

BP failed to implement a new safety plan on the ill-fated Deepwater Horizon drilling rig even though the company realized a blowout in the Gulf of Mexico was its greatest danger, an expert witness for people and businesses suing the company testified Tuesday.

Feb. 26 (Bloomberg) -- The U.S. Supreme Court considered overturning as many as 29 state and federal laws that allow the collection of DNA samples when a person is arrested, debating whether privacy interests should require officials to wait for a conviction.

Feb. 26 (Bloomberg) -- President Barack Obama may be poised to show new support for gay marriage as a deadline approaches for his administration to take a stand in the U.S. Supreme Court on a California ban on same-sex nuptials.

As Republicans nationwide reconsider the party's direction, nowhere is their challenge more daunting than in California.

An Army private accused of sending classified material to the anti-secrecy website WikiLeaks has not been denied a speedy trial despite his lengthy pretrial confinement, and the charges against him will stand, a military judge ruled Thursday.

Tue, Feb 26, 2013