News Archive
National | Mon, Nov 19, 2012

Will 2013 be 1937? This is the question many analysts are posing as the stock market has dropped after the U.S. election. On Nov. 16, they noted that industrial production, a crucial figure, dropped as well.

Touring the luxurious campus of the American University of Sharjah last week, I was yet again struck by what money, especially petrodollars, can buy. Sharjah is an emirate of the United Arab Emirates, located adjacent to Abu Dhabi. Designed by the ruler of Sharjah, Sultan Bin Mohammad Al Qassimi, one of the more enlightened of the region’s many autocrats, the university’s grand buildings self-consciously invoke the glory days of Islamic architecture.

U.S. resales of previously occupied homes rose solidly in October, helped by improvement in the job market and record-low mortgage rates.

Nov. 19 (Bloomberg) -- Hostess Brands Inc., the bankrupt baker of Twinkies and Wonder bread, is seeking permission to pay bonuses to key managers while closing operations that will leave most of its 18,500 workers unemployed as it begins a liquidation that may attract bids from private-equity firms and rivals.

Intel CEO Paul Otellini dropped a bombshell on the company's board of directors last week, telling them in private that he plans to retire from the world's largest maker of microprocessors in May. Otellini's move comes at a time when Intel faces a shaky economy and a mobile gadget craze that is eating away at demand for its PC chips _and it gives the company just six months to find a new leader.

Nov. 19 (Bloomberg) -- The judge overseeing Hostess Brands Inc. declined to approve the company’s liquidation today and asked management and the bakers’ union to enter mediation tomorrow to resolve the strike that the maker of Twinkies and Wonder bread said forced it to shut.

Toys R Us said Monday that it will launch an e-commerce site in China, part its plan to increase operations and physical stores in Asia.

Cisco Systems Inc., the world's largest maker of computer networking gear, said Sunday it is buying Meraki for $1.2 billion to expand its ability to let customers compute in the cloud.

Oil rose to a one-month high amid concern that Middle East unrest will disrupt supply and on growing confidence that a deal can be reached to avoid automatic spending cuts and tax increases.

Mammoth Lakes, the California mountain resort town, won dismissal of its bankruptcy case after settling the $43 million development lawsuit that forced a company to seek court protection from its creditors.

From purchases and prices to builder sentiment and construction, the U.S. housing market is making consistent gains.

Lowe's Cos.' said Monday that its third-quarter net income surged 76 percent, helped by lower costs and higher revenue, as the company's efforts to revamp its merchandise and prices appeared to be gaining traction.

Confidence among U.S. homebuilders rose this month to its highest level in six and a half years, driven by strong demand for newly built homes and growing optimism that the housing recovery will strengthen next year.

Nov. 19 (Bloomberg) -- Williams-Sonoma Inc., the purveyor of gourmet kitchenware and home goods through its Pottery Barn, West Elm and namesake chains, rose the most in three months on a rating upgrade and forecast that new brands will boost growth.

Nov. 19 (Bloomberg) -- Intel Corp. Chief Executive Officer Paul Otellini will retire in May, in a surprise move three years before mandatory retirement, after failing to equip the world’s largest semiconductor maker for a shift toward mobile devices and away from the personal computers it long dominated.

The Walt Disney Co. is shutting down its Web movie service, Disney Movies Online, saying the site wasn't keeping up with user demands.

Nov. 19 (Bloomberg) -- Boeing Co. is poised for its largest dividend increase since the financial crisis, returning cash to investors as it tries to bolster a stock price hurt by delays to its 787 Dreamliner jets.

A federal judge on Monday denied a Christian group's bid for a preliminary injunction to force suburban Santa Monica to reopen spaces in a city park to private, unattended displays, including Christmas Nativity scenes.

Wall Street has increasingly taken up its old habit of blaming junior bankers and traders for what goes wrong.

The Republican handwringers and recriminators are taking to Washington salons and opinion columns to lament the party’s failure to appeal to Hispanics in the 2012 election. Instead, they ought to go to Grundy Center or Hampton, Iowa.

Shares of Apple jumped nearly 6 percent Monday, with one analyst calling a two-month sell-off in shares of the most valuable company on earth “insanely insane.”

Israeli aircraft struck crowded areas in the Gaza Strip on Monday, driving up the Palestinian death toll to 94 and devastating several homes belonging to one clan as Israel broadened its targets in the 6-day-old offensive meant to quell Hamas rocket fire on Israel.

Nov. 19 (Bloomberg) -- A gauge of U.S. corporate credit risk fell as President Barack Obama expressed confidence he will reach a budget agreement with Congress.

Nov. 19 (Bloomberg) -- The Cypriot government seeks to wrap up a bailout deal after the central bank reached an agreement in principle with the so-called troika on the east Mediterranean island’s financial sector.

Nov. 19 (Bloomberg) -- Honda Motor Co.’s U.S. rebound will continue through 2012’s final months, helping the carmaker boost deliveries about 25 percent this year even after Hurricane Sandy reduced October gains, said U.S. sales chief John Mendel.

Tyson Foods net income jumped 91 percent in its fiscal fourth quarter, benefiting from higher chicken prices.

Nov. 19 (Bloomberg) -- Hostess Brands Inc. Chief Executive Officer Gregory Rayburn said Grupo Bimbo SAB won’t be a potential buyer for the bankrupt baker of Twinkies and Wonder Bread.

Organizers of a parade in West Texas in which four U.S. military veterans were killed when a train plowed into a truck had been using the same route for three years, investigators said Sunday.

Nov. 19 (Bloomberg) -- The five largest U.S. mortgage servicers have provided about $26.1 billion for borrowers so far under a $25 billion settlement over abusive foreclosure practices, according to a court-appointed monitor.

Nov. 19 (Bloomberg) -- NYSE Euronext hired Michael Chertoff, the former U.S. Secretary of Homeland Security, after a report by Securities and Exchange Commission examiners found staffers may have violated rules for safeguarding computers at a division that oversees exchanges.

Nov. 19 (Bloomberg) -- U.S. stock futures advanced, indicating that the Standard & Poor’s 500 Index will gain for a second straight day, as President Barack Obama expressed confidence that he will reach a budget agreement with Congress.

Both tubes of the Hugh L. Carey Tunnel, formerly known as the Brooklyn-Battery Tunnel, are now open to traffic in both directions.

Two pharmaceutical company executives are among six people charged in what federal authorities in New Jersey are calling a five-year insider trading scheme.

When Maggie Hassan won the New Hampshire governor's race this month, it wasn't just a victory for fellow Democrats.

Nov. 19 (Bloomberg) -- MetroPCS Communications Inc. jumped as much as 5.9 percent after saying it held deal talks with at least eight companies before agreeing to a merger with T-Mobile USA, raising the possibility that a counteroffer may surface.

Nov. 19 (Bloomberg) -- A deal between President Barack Obama and Congress to avoid the fiscal cliff is critical to the U.S. economy’s health and to Ford Motor Co., the company’s executive chairman said today.

Nov. 19 (Bloomberg) -- Apple Inc. advanced the most in almost seven months as analysts said a two-month stock slide is unjustified given brisk demand for the iPhone and iPad.

Nov. 19 (Bloomberg) -- Leap Wireless International Inc., the San Diego-based pay-as-you-go wireless carrier, rose as much as 11 percent on a report that it held talks with MetroPCS Communications Inc. about a three-way deal with T-Mobile USA.

Nov. 19 (Bloomberg) -- Lowe’s Cos. surged the most in more than three years after fiscal third-quarter profit topped analysts’ estimates, helped by better merchandising decisions and the recovering U.S. housing market.

Nov. 20 (Bloomberg) -- U.S. President Barack Obama meets with leaders from China and Japan today as Asian nations struggle to resolve territorial disputes that threaten to disrupt trade flows.

Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $6.3 billion, part of a total $26.1 billion in home loan relief provided under a landmark settlement over foreclosure abuses.

Southwest Airlines Co. is going to Wichita, Kan., replacing the service currently operated by AirTran Airways.

Plexus Corp. said Monday that John Nussbaum, co-founder of the manufacturing company and its non-executive chairman, will retire from its board in February.

Shares of Advanced Micro Devices Inc. got a boost Monday after an analyst said that the chip-maker's stock could rebound next year after a big selloff this fall.

Nov. 19 (Bloomberg) -- A deal between President Barack Obama and Congress to avoid the fiscal cliff is critical to the U.S. economy’s health and to Ford Motor Co., the company’s executive chairman said today.

Nov. 19 (Bloomberg) -- A KBR Inc. unit and a Kuwaiti company were sued by the U.S. government for allegedly inflating the delivery cost of sleeping trailers for servicemen in Iraq.

The state Court of Appeals has temporarily stayed a local court decision that ordered The Indianapolis Star to disclose the identity of a person who made anonymous comments on its website that a former chief executive of Junior Achievement of Central Indiana contends were defamatory.

A bankruptcy judge sided Monday with a group of current Hawker Beechcraft customers who balked at a move by the Kansas plane maker to immediately sell off its inventory of discontinued Hawker 4000 jet aircraft at substantial discounts as part of the company's bankruptcy proceedings.

U.S. stocks had their best day since the election. Market-watchers are citing optimism about a deal to avoid the so-called fiscal cliff of tax increases and government spending cuts.

Nov. 19 (Bloomberg) -- Carbon allowances for the start of California’s program to curb greenhouse-gas emissions, the largest U.S. system of the kind, sold last week for $10.09 a metric ton, lower than the range analysts forecast.

Marianne Lake is the new chief financial officer of JPMorgan Chase, the nation's largest bank.

Nov. 19 (Bloomberg) -- Two former accounting executives were convicted of helping Texas financier R. Allen Stanford hide a Ponzi scheme that bilked investors of $7 billion.

Drugmaker Pfizer Inc. said Monday that a late-stage patient study found an extended-release version of its pain drug Lyrica relieved pain better than a dummy pill in some patients, but the improvement didn't last much longer.

A concerted effort of millions of attempts to cripple Israeli websites during the Gaza conflict has failed, Israel's finance minister said Monday, claiming that the only site that was successfully hacked was back up within minutes.

Shares of Groupon are up in after-hours trading after a hedge fund disclosed it bought a 9.9 stake in the online deals company.

A trustee for investors owed more than $1.1 billion for notes secured by aircraft is suing American Airlines over the carrier's plan to refinance the debt at lower rates.

Nov. 19 (Bloomberg) -- Archstone Inc., the U.S. apartment landlord that’s owned by the estate of Lehman Brothers Holdings Inc., is seeking as much as $3.45 billion in its initial public offering.

California sold out of the first pollution permits issued as part of a landmark offensive against greenhouse gases at an inaugural auction that regulators said Monday went smoothly.

Nov. 19 (Bloomberg) -- Spain is considering granting temporary residency to foreigners who buy homes valued at 160,000 euros ($204,000) or more, the deputy trade minister said today.

Nov. 19 (Bloomberg) -- Copper rose in New York on speculation politicians in the U.S., the world’s second-biggest consumer of the metal, will avoid the combination of tax increases and spending cuts known as the fiscal cliff.

The head of Germany's central bank says a future Europe-wide banking supervision system can't solve the region's financial crisis, and is expressing concern that struggling countries might delay efforts to shore up their banks.

Nov. 19 (Bloomberg) -- Mota-Engil SGPS SA Chairman Antonio Mota said he’s “optimistic” about 2012 earnings as Portugal’s biggest construction company has orders exceeding 3 billion euros ($3.8 billion), helped by expansion abroad.

Nov. 19 (Bloomberg) -- Gold gained for a second day in New York as a weaker dollar and concern about unrest in the Middle East spurred demand for the metal as an alternative investment.

A day before it hopes to secure release of a vital rescue loan payment, the Greek government has presented emergency legislation to tidy up the last loose ends in its austerity commitments to bailout creditors.

Shares of Bank of America outpaced other financial stocks Monday, climbing 4 percent after an analyst raised the bank's rating, sayings its earnings-per-share growth over the next two years will likely be better than the other large banks, as declining operating expenses offset slow revenue growth.

Nov. 19 (Bloomberg) -- European stocks climbed the most in more than two months as U.S. President Barack Obama expressed confidence that he will strike a deal with Congress on a new budget to avoid the so-called fiscal cliff.

A federal judge has dismissed a $25 billion lawsuit arising from the government rescue of the insurance company American International Group during the 2008 financial crisis.

Nov. 19 (Bloomberg) -- The U.S. trustee in the bankruptcy of Hostess Brands Inc. asked a federal judge to take control of its liquidation away from the company, according to a filing today in federal court. The trustee, part of the Justice Department, filed its objection ahead of a bankruptcy court hearing today in White Plains, New York.

Nov. 19 (Bloomberg) -- Morgan Stanley is close to buying and expanding a Moscow shopping mall in a deal valued at more than $1 billion, according to three people with knowledge of the talks. The deal would be the second retail property purchase in Russia this year by funds it manages.

Industrial machinery and parts maker Gardner Denver on Monday named its interim CEO to lead the company on a permanent basis.

Nov. 19 (Bloomberg) -- Sales of previously owned U.S. homes climbed in October, indicating gains in the real estate market are being sustained by cheap borrowing costs.

The Marine Corps is forming the first squadron of pilots to fly the next-generation strike fighter jet, months after lawmakers raised concern that there was a rush to end the testing of an aircraft hit with technical problems.

Lance Gilman is a thriving businessman with dozens of employees. That those workers include a good many prostitutes didn't faze the people of a rural Nevada county who recently elected him as a Storey County commissioner by a wide margin.

President Barack Obama's speech at the University of Yangon was the first time he has spoken directly to the people of long-closed Myanmar. He told them about freedom and the importance of finding strength in diversity, but, for some, the more significant message came from what he did, not what he said.

Nov. 19 (Bloomberg) -- Barack Obama hailed Myanmar’s shift to democracy and urged more steps to increase freedom after a meeting with democracy advocate Aung San Suu Kyi, during the first visit to the former military-ruled country by a U.S. president.

A senior Lebanese security official says military experts have dismantled two Katyusha rockets aimed at Israel. They were found in south Lebanon.

Newly declassified documents show the FBI kept close tabs on Soviet dictator Josef Stalin's only daughter after her high profile defection to the United States in 1967.

On a history-making trip, President Barack Obama on Monday paid the first visit by an American leader to Myanmar and Cambodia, two Asian countries with troubled histories, one on the mend and the other still a cause of concern.

Twinkies won't die that easily after all.

Mon, Nov 19, 2012