News Archive
National | Wed, Nov 14, 2012

It’s clear the Obama administration needs to answer for failing to secure the U.S. Consulate in Benghazi, Libya, where four Americans died in a September terrorist attack. Yet the accountability debate is getting in the way of the more important discussion the Benghazi attack should provoke.

Mortgage applications in the United States rose last week, as record-low borrowing costs spurred purchases and refinancing.

The David Petraeus affair has to be a dream you wake up from. It can’t be true.

Retail sales fell in October as American consumers pulled back after a three-month shopping spree and superstorm Sandy slammed into the East Coast, shutting malls and auto showrooms.

Investors buying foreclosed U.S. homes might have less than two years to accumulate properties as competition and rising prices shrink the pool of cheap assets, according to Blackstone Group LP, the largest buyer.

Best Buy Co. Chief Executive Officer Hubert Joly is considering buying consumer electronics brands as a way of locking up exclusive merchandise as he seeks to turn around the world’s largest gadgets retailer.

Investors drew little hope Wednesday for a quick compromise in U.S. budget talks after President Barack Obama insisted that higher taxes on wealthy Americans would have to be part of any deal.

Chipmaker Texas Instruments Inc. said Wednesday that it will eliminate about 1,700 jobs as it trims spending in its wireless business.

Starbucks wants to make the tea shop as ubiquitous as its namesake cafes.

Nov. 14 (Bloomberg) -- Oil advanced after Israel carried out a series of airstrikes in the Gaza Strip that killed the leader of Hamas’s militant wing, bolstering concern that unrest in the Middle East will intensify and affect supplies.

A California lawyer is suing Microsoft Corp., claiming the Surface tablet he bought doesn't have all the storage space the company advertised.

Attorneys for thousands of Gulf Coast property owners urged a federal judge Tuesday to give his final approval to a proposed class-action settlement that calls for a Chinese drywall manufacturer to pay hundreds of millions of dollars to repair homes damaged by its product.

President Barack Obama challenged congressional Republicans Wednesday to let taxes rise on the wealthiest Americans on both economic and political grounds, noting he campaigned successfully for re-election on the point and contending it would instantly ease the threat of the “fiscal cliff” plunging the nation back into recession.

KKR & Co., the buyout firm that started a real estate unit last year, plans to develop a housing community in Williston, N.D., to meet demand from an influx of workers in the state’s booming oil industry.

BlackBerry users will be able to make free voice calls over a Wi-Fi network using the popular BBM messaging service.

Hundreds of thousands of Europe's beleaguered citizens went on strike or snarled the streets of several capitals Wednesday, at times clashing with riot police, as they demanded that governments stop cutting benefits and create more jobs.

This week China’s ruling elite appoints new leaders for the next decade. The incoming president, Xi Jinping, and his colleagues face such fearsome challenges that, in their moment of victory, one almost sympathizes. Understanding their difficulties and calibrating U.S. policy accordingly will be among the biggest tests for the new Obama administration. For everybody’s sake, Beijing and Washington both need to do some rethinking.

Abercrombie & Fitch Co. delivered a pleasant pre-Christmas surprise to investors: the teen retailer raised its full-year earnings guidance on a strong third-quarter performance, sending shares surging.

Warren Buffett's company is planning to close a small Virginia newspaper that it bought from Media General earlier this year.

Nov. 14 (Bloomberg) -- Retail sales in the U.S. fell in October for the first time in four months, influenced by the effects of superstorm Sandy, which hurt receipts for some and helped for others.

Wholesale inflation fell in October as a big drop in gasoline and other energy prices offset a rise in the cost of food.

Nov. 14 (Bloomberg) -- Crude rose for the first time in three days on speculation that Japan may pursue more aggressive monetary easing, potentially adding to fuel demand.

Nov. 14 (Bloomberg) -- Gold swung between gains and losses in New York on speculation investors will seek a protection of wealth as the U.S. faces a so-called fiscal cliff.

Nov. 14 (Bloomberg) -- Advanced Micro Devices Inc., the second-largest maker of personal-computer processors, said it isn’t actively pursuing a sale of the company or a significant sale of assets.

Nov. 14 (Bloomberg) -- Bank of America Corp. salespeople assigned to the world’s biggest stock portfolio managers were given new orders by their boss in September: attend at least 30 meetings a month with clients, or else.

Nov. 14 (Bloomberg) -- The Black Keys reached settlements with Home Depot Inc., Pizza Hut Inc. and two advertising firms over allegations that the companies used the rock band’s songs in commercials without permission.

Nov. 14 (Bloomberg) -- Options investors are expecting shares of video-game retailer GameStop Corp. to post their biggest swing in more than three years after the most-shorted stock in America reports results tomorrow.

Lamborghini CEO Stephan Winkelmann says the automaker will decide in coming months whether to join other luxury brands and expand into all-terrain sports utility vehicles.

Facebook's stock is up more than 7 percent despite expectations that it would fall because more than 850 million additional shares in the company are being freed up for sale.

Nov. 14 (Bloomberg) -- Lamborghini SpA, the Italian sports- car maker owned by Volkswagen AG, will wait “a few months” before making a final decision on the production of its first sport-utility vehicle in almost two decades as the auto group grapples with the slowing European economy.

Nov. 14 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc., which has purchased more than 60 newspapers in the past year, said it was closing the Manassas News & Messenger amid a review of operations acquired this year from Media General Inc.

Nov. 14 (Bloomberg) -- Less than a week after MBIA Inc. gained the advantage in its three-year legal fight with Bank of America Corp. over toxic mortgage debt, the tables have turned on the bond insurer.

A proposed shareholder resolution filed on behalf of a group of Benedictine nuns and a union pension fund asks Citigroup's board to consider separating one or more of the bank's business units from the parent company.

Nov. 14 (Bloomberg) -- Facebook Inc. is expanding job search tools, creating an application that connects candidates with job openings and recruiters.

Pinterest is separating business accounts from personal ones, a move that could be an early step toward making money.

The Federal Reserve will likely announce a new bond buying program in December to try to spur job growth.

NEW YORK (AP) _ Small business owners who are worried about the so-called fiscal cliff are concerned beyond their own finances -- they're also uneasy about higher taxes on consumers, according to a survey released Wednesday.

Groupon Inc. said Wednesday that it promoted Kal Raman to chief operating officer, a post that has been empty since before the online deals company went public late last year.

Staples reported that it lost $596.3 million in its third quarter, pulled down by restructuring and impairment charges and lower revenue. But the office products company's adjusted results beat analysts' expectations.

Nov. 14 (Bloomberg) -- Regal Entertainment Group, the largest U.S. cinema owner, fell the most since July after Caris & Co. downgraded the stock to average from above average.

Teen retailer Hot Topic Inc. said Wednesday its third-quarter net income jumped 38 percent, as improved merchandising and a new selection of fashions drew in more customers.

Lawyers turned over recordings Wednesday of Waffle House CEO Joe Rogers Jr. engaged in sexual acts that were made by a woman who alleges the executive forced her to engage in such acts to keep her job.

A Long Island couple is suing Cablevision, saying the cable company should be offering automatic credits to customers in areas that lost service due to Superstorm Sandy rather than waiting for them to call.

Software company founder John McAfee denies he killed a neighbor in Belize but says he won't turn himself in for questioning because he fears a police anti-gang unit wants to kill him.

Nov. 14 (Bloomberg) -- Royal Dutch Plc, Europe’s largest oil company, see opportunities to invest more than $20 billion in natural gas projects between 2012 and 2015.

A small Illinois town stunned by accusations that its longtime bookkeeper embezzled more than $50 million to live lavishly and breed horses will hear her admit it in person Wednesday, according to federal prosecutors.

President Hu Jintao stepped aside as ruling party leader Wednesday to clear the way for Vice President Xi Jinping to take China's helm as part of only the second orderly transfer of power in 63 years of Communist rule.

Nov. 14 (Bloomberg) -- A gauge of U.S. corporate credit risk fell ahead of President Barack Obama’s meeting with executives today as lawmakers seek to negotiate a compromise to avert the so-called fiscal cliff.

Nov. 14 (Bloomberg) -- Treasuries fell for the first time in five days on speculation U.S. lawmakers will agree to a compromise to avert the so-called fiscal cliff of spending cuts and higher taxes.

Nov. 14 (Bloomberg) -- Greece’s economy contracted for a 17th straight quarter and Portugal completed its second year of recession as the countries’ slumps deepen amid austerity measures tied to their international bailouts.

Wal-Mart Stores Inc. on Wednesday will officially launch a mail subscription service, called Goodies, that lets shoppers discover new foods from the comfort of their homes.

World stock markets were mixed Wednesday, with European indexes down on worsening economic prospects and labor union strikes, while U.S. shares followed Asia's lead higher.

Greece needs more lenient targets to reduce its budget deficit, not a debt write-off by official creditors, which wouldn't be politically feasible, the head of a global banking lobby said Wednesday.

Trying to prevent a raid on health care programs in upcoming budget talks, a think tank close to the White House on Wednesday released a plan for significant savings, mostly from Medicare.

Americans cut back on spending at retail businesses in October, an indication that some remain cautious about the economic outlook. Superstorm Sandy also depressed car sales and slowed business in the Northeast at the end of the month.

and critics say it's so vague that the government can now brand anyone who dissents as a traitor.

A senior EU official says Spain is on track to meet its deficit reduction targets for 2012 and 2013, but risks not making the target for 2014.

Nov. 14 (Bloomberg) -- As the U.S. has been consumed by its own political transition (or, more precisely, lack thereof), it has paid scant attention to the one occurring in China.

More than 100 outdoor-recreation companies riled Utah's Republican establishment Tuesday by formally petitioning President Barack Obama to designate a national monument surrounding Canyonlands National Park near Moab, a major tourist hub for everything from mountain biking to navigating the area's famous slot canyons.

California coastal regulators were set to weigh in Wednesday on a utility's contentious plan to map offshore earthquake faults near a nuclear power plant by blasting loud air cannons.

The U.S. Air Force announced Wednesday that it is changing how it selects officers and instructors who train new recruits after a sex scandal at its training headquarters in which dozens of female recruits said they were improperly approached, sexually harassed or raped by male instructors.

Long a subject of fascination for passers-by, the futuristic Eli and Edythe Broad Art Museum at Michigan State University is itself a contemporary work of art.

Wed, Nov 14, 2012