News Archive
National | Fri, Nov 16, 2012

Nov. 16 (Bloomberg) -- Sanofi won the backing of a European Union advisory panel for its diabetes treatment Lyxumia, allowing the French drugmaker to expand its product offering for the disease.

Hedge-fund manager Kyle Bass, who made $500 million shorting subprime mortgages during the 2007 crash, said he’s now betting half his firm’s money on a rebound in those assets.

U.S. stocks rose, erasing earlier losses, as House Speaker John Boehner said he had constructive talks with President Barack Obama on the budget and would accept government revenue increases coupled with spending cuts.

Twinkies may not last forever after all.

DETROIT — Two years after a wounded General Motors returned to the stock market, the symbol of American industrial might is thriving again.

Nov. 16 (Bloomberg) -- Dell Inc. tumbled to the lowest price in more than three years after forecasting a fourth straight quarter of declining sales, a sign that a slump in demand for personal computers will persist.

Optimism that President Barack Obama and Congressional leaders will reach a deal on the budget deficit and avoid the “fiscal cliff” helped stocks notch their first advance in four days.

The Federal Housing Administration (FHA), which ended fiscal-year 2012 with a $16.3 billion insurance-fund deficit, will raise premiums and sell delinquent loans to avoid taking aid from taxpayers for the first time in its 78-year history, agency officials said Friday.

Nov. 16 (Bloomberg) -- Tribune Co. got the final approval it needs to emerge from almost four years of bankruptcy today as the Federal Communications Commission granted the transfer of broadcast licenses to new owners.

Nov. 16 (Bloomberg) -- Oil rose on concern that the clash between Israel and Hamas will escalate into a wider conflict that would endanger Middle East crude shipments.

The Federal Housing Administration (FHA) will raise annual premiums by 10 basis points, sell 10,000 delinquent loans per quarter and boost relief for borrowers as part of a plan to improve the agency’s finances, said Shaun Donovan, U.S. Housing and Urban Development Secretary, on Friday.

Black Friday deals are starting early this year, and that means more pressure to spend spend spend.

What if one of your key sources of income were taxed at three times the rate you pay now?

Nov. 16 (Bloomberg) -- Oil headed for the fourth weekly decline in five in New York as signs of a slowing economy in the U.S., the world’s biggest crude user, countered concern that tension in the Middle East will disrupt supplies.

Nov. 16 (Bloomberg) -- U.S. stock futures rose, with the Standard & Poor’s 500 Index poised for a second weekly drop, as President Barack Obama prepared to meet Republican lawmakers for talks to prevent tax increases and spending cuts from automatically coming into force next year.

Nov. 16 (Bloomberg) -- Treasuries headed for a fourth weekly gain before a central-bank report that economists said will show growth in industrial production slowed last month.

Nike is selling its Cole Haan brand to private equity firm Apax Partners for $570 million.

Nov. 16 (Bloomberg) -- Spain, responding to street protests and reports of suicides linked to foreclosures, introduced rules to help protect families from eviction, increasing the risk of creditor losses and weakening an already fragile banking system.

A vacant Detroit housing project that was home to the Supremes before the talented trio struck gold with Motown is coming down.

A federal agency that insures mortgages for millions of low- and middle-income borrowers is facing losses of $16.3 billion and may require taxpayer support, according to an independent audit released Friday.

Nov. 16 (Bloomberg) -- A federal judge said she may approve Google Inc.’s $22.5 million agreement with the U.S. Federal Trade Commission over claims the company improperly planted cookies on Apple Inc.’s Safari Internet browser.

Nov. 16 (Bloomberg) -- Apple Inc. and Google Inc.’s Motorola Mobility unit are talking about a way to resolve part of their dispute over patents related to critical smartphone technology, according to a court filing.

Nov. 16 (Bloomberg) -- Best Buy Co. founder Richard Schulze is still exploring a buyout offer for the retailer and is likely to seek a 30-day extension to conduct due diligence, according to two people with knowledge of the matter.

UPS says it is increasing rates in 2013.

Despite the many urban legends about the indestructability of Twinkies _ Did you know they are made with the same chemical used in embalming? Or that they last 5, no 15, no 50 years? -- and the many sadly true stories about the atrocious ingredients used to create them today, these treats once upon a time were the real deal.

Nov. 16 (Bloomberg) -- Ruckus Wireless Inc., a maker of wireless-networking equipment, fell 18 percent in its trading debut amid a decline in telecommunications gear stocks, after raising $126 million in its initial public offering.

Nov. 16 (Bloomberg) -- Hostess Brands Inc., the bankrupt maker of Wonder bread and Twinkies, said it will fire more than 18,000 workers and liquidate after a nationwide strike by bakery workers crippled operations.

Nov. 16 (Bloomberg) -- Netflix Inc., the world’s largest video-streaming service, said it expects activist investor Carl Icahn to start a proxy battle after acquiring an almost 10 percent stake in the company.

If Washington allows tax cuts to expire at the end of the year, taxes on dividends will nearly triple for the highest-paid Americans. That's led some experts to warn of a looming collapse for popular dividend-paying stocks. When Uncle Sam charges a higher tax on something, they reason, it drives people away.

As the number of nights without power stretched on for thousands left in the dark after Superstorm Sandy, patience understandably turned to anger and outrage.

Nov. 18 (Bloomberg) -- The lowest mortgage rates on record probably helped keep sales of previously owned U.S. homes close to a two-year high in October, and underpinned construction of new residences, economists said before two reports this week.

Nov. 16 (Bloomberg) -- EBay Inc., the world’s largest online marketplace, was accused by the U.S. of violating antitrust laws by agreeing not to hire people working for Intuit Inc.

Nov. 17 (Bloomberg) -- Two of China’s top solar manufacturers are seeking to boost the value of their American depositary receipts after they slipped below listing requirements.

Nov. 16 (Bloomberg) -- Sanofi and Regeneron Pharmaceuticals Inc. won backing from European Union regulators for their experimental medicine Zaltrap as a second-line treatment for colorectal cancer.

Nov. 16 (Bloomberg) -- Gold declined for a second day in New York and headed for a weekly drop as a stronger dollar curbed demand for the metal as an alternative investment.

Nov. 16 (Bloomberg) -- A gauge of U.S. corporate credit risk decreased as President Barack Obama prepared to hold talks with congressional leaders on the so-called fiscal cliff.

Shares of Hertz gained in premarket trading Friday after the car rental agency got clearance from the government to gobble up rival Dollar Thrifty.

Nov. 16 (Bloomberg) -- The U.S. East Coast will close out November with seasonal or slightly cooler than normal weather while the southwestern states warm up.

Nov. 16 (Bloomberg) -- Ireland has made more progress in fixing its economy than other nations in the euro area periphery, and country-specific considerations were behind an upward revision in its outlook this week, Fitch Ratings said.

Shares of Ruckus Wireless Inc. are falling in their first hours of trading after raising $126 million in an initial public offering of stock.

President Barack Obama urged the leaders of Washington's divided government on Friday to join him in “tough compromises” to keep the economy from plummeting and taxes from rising for millions of Americans in the new year.

Foreign demand for U.S. Treasury securities rose to a record level in September for the ninth straight month. The increase suggests overseas investors are confident in U.S. debt despite a potential budget crisis.

U.S. factory production of machinery and equipment fell sharply last month, held back by temporary disruptions caused by Superstorm Sandy and companies' fears that a federal budget crisis could trigger a recession next year.

Markets remained under pressure Friday as budget discussions between President Barack Obama and congressional leaders got underway and as investors fretted over a military escalation in Gaza.

Nov. 16 (Bloomberg) -- Industrial production in the U.S. unexpectedly declined in October as superstorm Sandy knocked out power in the Northeast.

Nov. 16 (Bloomberg) -- T-Mobile USA, the fourth-largest U.S. mobile-phone company, is prepared to look at more deals to catch up with rivals once it completes a merger with MetroPCS Communications Inc.

Nov. 16 (Bloomberg) -- Facebook Inc. shares’s rose after it expanded the roster of retailers that let users buy and send items to their friends on its website, as the owner of the world’s biggest social network pushes into e-commerce.

Nov. 16 (Bloomberg) -- The Federal Reserve changed its annual set of tests for the 30 largest U.S. banks to incorporate the risk of a deeper slump in Asia, where Citigroup Inc. has a bigger presence than competitors.

Nov. 16 (Bloomberg) -- For Honda Motor Co. it was a rude moment when Hyundai Motor Co. unfurled a banner at the 2010 Detroit auto show touting the Korean brand as America’s most fuel-efficient. Honda’s U.S. sales chief vowed that Hyundai’s apparent victory would “motivate us even further.”

Foot Locker Inc. said Friday that its third-quarter net income rose 61 percent, boosted by higher sales at its existing stores and contributions from new ones.

Pfizer says that a long-lasting version of its anti-seizure drug Lyrica failed to significantly decrease epilepsy symptoms when compared with placebo.

BERLIN (AP) _ The head of Germany's central bank says Greece will eventually need another debt write-off -- but it can't be offered one now and must first work though a long list of reforms.

Nov. 16 (Bloomberg) -- A British man whose Facebook comments against same-sex marriage led to a demotion and 40 percent pay cut won a breach-of-contract lawsuit against his employer.

Japanese Prime Minister Yoshihiko Noda dissolved the lower house of parliament Friday, paving the way for elections in which his ruling party will likely give way to a weak coalition government divided over how to solve the nation's myriad problems.

Louisiana's Bobby Jindal is urging the Republican Party to rethink its pitch to voters. Bob McDonnell of Virginia says Republicans should look to outsiders to fix partisan gridlock in Washington. Their fellow governor, Wisconsin's Scott Walker, says the next GOP leader must do a better job explaining why the party's policies will help ordinary Americans.

Egypt's prime minister rushed to the aid of the Gaza Strip's Hamas rulers Friday in the midst of an Israeli offensive there, calling for an end to the operation, as Palestinian rocket squads aimed at Tel Aviv for a second straight day.

In the mini-game collection “Nintendo Land,” you can shoot arrows or fling throwing stars by swiping on the touch screen. One of the games in the collection, “Mario Chase,” uses the GamePad to provide a bird's-eye view of a maze through which you can guide the hero. His pursuers _ up to four players using Wiimotes -- see the maze from a first-person perspective on the TV screen.

Fri, Nov 16, 2012