News Archive
National | Thu, Nov 15, 2012

More Americans than forecast submitted claims for unemployment insurance and factory production declined in the northeastern United States after superstorm Sandy struck the region.

Foreclosure filings surged in New Jersey, New York and Connecticut last month, even before those three states bore the brunt of superstorm Sandy that now has homeowners digging through the debris.

Stock indexes closed lower Thursday, a third straight decline, after U.S. retailers issued weak forecasts for earnings and more people filed claims for unemployment benefits.

The struggling U.S. Postal Service on Thursday reported an annual loss of a record $15.9 billion and forecast more red ink in 2013, capping a tumultuous year in which it was forced to default on billions in payments to avert bankruptcy.

A day of reckoning arrived for BP on Thursday as the oil giant agreed to plead guilty to a raft of criminal charges and pay a record $4.5 billion in a settlement with the government over the deadly 2010 disaster in the Gulf of Mexico. Three BP employees were also charged, two of them with manslaughter.

Wal-Mart Stores Inc. reported a 9 percent increase in net income for the third quarter, but revenue for the world's largest retailer fell below Wall Street forecasts as its low-income shoppers continue to grapple with an uncertain economy.

U.S. mortgage rates declined to record lows, dropping borrowing costs after applications for refinancing rose for the first time in six weeks.

McDonald's Corp. is hoping a leadership shake-up for its U.S. business will help it fight off intensifying competition.

California home prices posted an eighth straight annual increase in October, a research firm said Wednesday -- the latest evidence that the state's housing market recovery is picking up steam amid tight inventories.

The number of people living with diabetes is soaring in the United States, as 18 states had at least a doubling in those with the illness since 1995, a government survey found.

The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region's financial crisis was felt from Amsterdam to Athens.

Nov. 15 (Bloomberg) -- Oil fell for the third time in four days as data showed U.S. economic growth weakened and as crude inventories rose to a three-month high.

Nov. 15 (Bloomberg) -- More Americans than forecast submitted claims for unemployment insurance last week as superstorm Sandy also wreaked havoc on the job market.

Nov. 15 (Bloomberg) -- The cost of living rose in October at the slowest pace in three months, a sign U.S. inflation is in check.

Nov. 15 (Bloomberg) -- Oil traded near the highest level in more than a week after Israel attacked the Gaza Strip, raising concern that Middle East unrest would disrupt supply. A report showed U.S. stockpiles rose to the highest since July.

Nov. 15 (Bloomberg) -- BP Plc, the owner of the Macondo well that in 2010 caused the worst U.S. oil spill, said it’s in talks with the government on resolutions to all criminal claims against the company.

Nov. 15 (Bloomberg) -- Manufacturing in the New York region contracted for a fourth straight month in November as superstorm Sandy knocked out electrical power and limited activity.

Target Corp. on Thursday reported a third-quarter net income that handily beat Wall Street expectations, and the big-box retailer issued a rosy outlook heading into the critical holiday shopping season.

Rising food costs and higher rents offset a drop in gas prices last month, leaving consumer inflation all but flat in October.

U.S. homes are entering the foreclosure process at a slower pace than a year ago, and fewer properties are being repossessed by lenders, new data show.

While the Miami Marlins and Toronto Blue Jays worked on a blockbuster trade with far-reaching implications, major league owners and executives descended on Chicago on Wednesday for the first of two days of meetings.

Thousands of United Airlines passengers around the globe were delayed for hours Thursday after another huge computer outage at the world's largest carrier.

Nov. 15 (Bloomberg) -- Solyndra LLC, the failed solar-panel maker that received a $535 million U.S. Energy Department loan guarantee before going bankrupt, won court approval to sell its Fremont, California, manufacturing plant to a unit of Seagate Technology Plc for $90.3 million.

Nov. 15 (Bloomberg) -- A U.K. politician is on the verge of a settlement with the British Broadcasting Corp. after he was wrongly linked to child sex-abuse allegations and is considering suing people who identified him on Twitter Inc.

Nov. 15 (Bloomberg) -- GameStop Corp. the world’s largest video-game retailer, plans to close 200 stores next year, saying about 2 percent of its U.S. outlets lose money. The shares rose as much as 6 percent.

Amazon has started shipping the larger version of its Kindle Fire HD tablet computer on Thursday, five days ahead of schedule.

Nov. 15 (Bloomberg) -- OSI Systems Inc.’s Rapiscan unit, one of two suppliers of passenger-scanning machines in U.S. airports, may have falsified tests of software intended to stop the machines from recording graphic images of travelers, a U.S. lawmaker said.

Nov. 15 (Bloomberg) -- In 1970, Enrique Coppel Tamayo introduced a credit card that allowed his working-class customers to buy clothing and furniture at a handful of retail stores he owned in Culiacan, Mexico.

Nov. 15 (Bloomberg) -- The rate of seriously delinquent U.S. mortgages, a proxy for the so-called shadow inventory of homes, fell to the lowest since 2008 as employment improved and recovering housing demand made it easier for homeowners to sell.

President Barack Obama got his first look Thursday at the devastation that Superstorm Sandy waged on New York City, with a helicopter tour above flood-ravaged and burned-out sections of Queens and Staten Island.

The government has filed criminal and civil charges against several individuals and companies accused of ripping off unemployed and other vulnerable people with work-at-home and other business scams.

Nov. 15 (Bloomberg) -- Gap Inc., the largest U.S. specialty-apparel retailer, raised its full-year earnings forecast as sales in North America advance.

JetBlue said Thursday that Superstorm Sandy cut its October revenue by about $20 million, as the New York airline canceled 1,700 flights.

Until now, defined contribution health insurance plans have been largely limited to small businesses and retirees. But more employers are considering them as a way to control their rising health care costs. After all, the average annual premium _ or cost for insurance coverage -- for an employer-sponsored family health plan has almost doubled in the past decade to nearly $16,000, according to the nonprofit Kaiser Family Foundation. And companies generally foot at least 70 percent of that bill.

The Spanish-language media company Univision is working with one of its top advertisers to encourage Hispanics to share their stories about establishing new lives in the United States.

Shares of payment services provider MoneyGram International Inc. fell to a three-year low Thursday after a brokerage cited concerns about increased competition and downgraded the Dallas-based company's stock.

Viacom Inc., owner of the Paramount movie studio and cable TV channels such as Nickelodeon and Comedy Central, said Thursday that its net income grew 13 percent in its fourth fiscal quarter even as revenue fell more than Wall Street expected with the lack of a strong theatrical release.

InterOil Corp. shares rose Thursday after the oil company posted a profit for its fiscal third quarter.

Gap Inc. is raising its outlook for the year after its third-quarter net income rose 60 percent from a year ago.

Nov. 15 (Bloomberg) -- United Continental Holdings Inc. risks losing more customers, especially lucrative business travelers, after the year’s third computer malfunction delayed flights for thousands of passengers.

Federal Reserve Chairman Ben Bernanke said Thursday that banks' overly tight lending standards may be holding back the U.S. economy by preventing creditworthy borrowers from buying homes.

Nike Inc. said Thursday that it is boosting its dividend payment and planning a two-for-one stock split.

Monster Beverage Corp.'s stock was buffeted Thursday by the news that the Food and Drug Administration is investigating deaths potentially tied to a competitor's product.

Johnson & Johnson and two other major drugmakers say they are collaborating in a global project aimed at getting patient tests of experimental drugs up and running more quickly and efficiently.

Nov. 15 (Bloomberg) -- A gauge of U.S. corporate credit risk was little changed as the euro-area economy succumbed to a recession for the second time in four years.

Nov. 14 (Bloomberg) -- Troy Stratos, a failed music producer and screenwriter, wasn’t going to let confinement in a California jail stop him from getting in on the Facebook Inc. craze.

Nov. 14 (Bloomberg) -- Bank of America Corp., the second- biggest U.S. lender by assets, was sued by investors over $261.2 million worth of residential mortgage-backed securities.

Nov. 15 (Bloomberg) -- SAIC Motor Corp., the Chinese partner of General Motors Co. and Volkswagen AG, said its vehicle sales growth will outpace the industry in 2013, driven by an improving economy and buyers shunning Japanese brands.

Nov. 15 (Bloomberg) -- Leap Wireless International Inc., the San Diego-based pay-as-you-go wireless carrier, named Jerry Elliott as president and chief operating officer, six months after he joined the company as finance chief.

France's prime minister assured a German audience on Thursday that his country is committed to getting its debt under control, and said that is essential to preserving France's sovereignty.

Nov. 15 (Bloomberg) -- Gold declined after a report showed that global demand slowed in the third quarter, and as the dollar held near the highest level in two months, curbing interest in alternative investments. Platinum slumped the most in a week after a two-month strike in South Africa ended.

Superstorm Sandy drove the number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.

Nov. 15 (Bloomberg) -- Canadian factory sales rose a second month in September on gains in aerospace and primary metals while automobile production declined.

a potential double whammy which could derail the world's biggest economy.

Paul McCartney, Bruce Springsteen & the E Street Band and Kanye West will hit the stage at a Superstorm Sandy benefit concert next month at Madison Square Garden.

A person briefed on the matter says Chrysler plans to add 1,250 jobs at three Detroit-area factories in the near future.

Manufacturing shrank in the Philadelphia and New York regions this month, reflecting damage from Superstorm Sandy that disrupted area factories.

Discount retailer Dollar Tree Inc. said Thursday that its net income increased nearly 49 percent in the third quarter as consumers spent more at its stores that sell goods for $1 or less. It expects sales to increase during the important holiday shopping season.

Love letters from World War II written by a New Jersey woman to her boyfriend washed ashore during Superstorm Sandy.

Russia's space agency says a ruptured communications cable serving its Mission Control just outside Moscow has been fixed.

Citing a string of ethical lapses by senior military officers, Defense Secretary Leon Panetta has asked the Joint Chiefs of Staff to review ethics training and to brainstorm on ways to steer officers away from trouble.

Mayor Dave Bing says a notorious, vacant and crime-ridden housing project that has overshadowed downtown Detroit for decades will be pulled down early next year.

Afghan officials say Pakistan has freed eight Taliban prisoners and has agreed to release many more to help kick start a peace process that could lead to a political resolution of the 11-year-old Afghan war.

Thu, Nov 15, 2012