News Archive
National | Tue, Nov 20, 2012

Federal Reserve Chairman Ben Bernanke said an agreement on ways to reduce long-term federal budget deficits could remove an impediment to growth, while failure to avoid the so-called fiscal cliff would pose a “substantial threat” to the recovery.

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. 20 (Bloomberg) -- Google Inc. may skirt the most serious antitrust allegations under investigation by the U.S. as regulators waver on whether they can prove consumers are hurt by the way the company ranks its search results, three people familiar with the matter said.

The United States and Mexico agreed Tuesday to rewrite rules on sharing water from the Colorado River, capping a five-year effort to create a united front against future droughts.

The average New Jersey beach is 30 to 40 feet narrower after Superstorm Sandy, according to a survey that is sure to intensify a long-running debate on whether federal dollars should be used to replenish stretches of sand that only a fraction of U.S. taxpayers use.

As property prices show signs of plateauing, Blackstone Group LP is planning the largest commercial mortgage-backed securities (CMBS) sale since 2007, cashing out and refinancing with relative yields at close to a four-year low.

Nov. 20 (Bloomberg) -- Housing starts in October unexpectedly climbed to a four-year high, indicating further improvement in U.S. residential construction.

Keri Trimble, a 33-year-old employee at a utility call center, was shopping for an online college so she could take classes at night and on weekends.

Payrolls increased in 35 states in October, while the unemployment rate dropped in 37, showing much of the labor market is gaining traction.

A Kansas appeals court attorney was fired Monday after using foul language about the state's former attorney general in comments she posted to Twitter last week.

Samsung Electronics Co. will get another chance to persuade a U.S. trade agency that Apple Inc.’s iPhone and iPad infringe its patents.

Hewlett-Packard Co. said on Tuesday that it's the victim of a multi-billion dollar fraud at the hands of a British company it bought last year that lied about its finances.

Main Street in this old mill town looks about the same as it did the day after tornadoes killed about 250 people across Alabama a year and a half ago: Battered red bricks and broken glass litter the pavement, and the buildings still standing are rickety and roofless.

New-home construction climbed to a four-year high in October, more evidence of a revival in the industry that’s helping propel the U.S. economy.

The price of oil fell sharply Tuesday on signs that Israel and Hamas are close to putting a halt to fighting that has lasted nearly a week.

Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year.

Twinkies will live to see another day.

A warning from the Federal Reserve chairman about the “fiscal cliff” helped push stocks lower Tuesday.

Campbell Soup's net income dipped 8 percent in the first quarter, as the world's biggest soup maker booked charges related to closing its oldest U.S. plant and a push into the faster-growing premium juice market.

Green Mountain Coffee Roasters Inc. has picked a new CEO, Coca-Cola executive Brian Kelley, as the coffee company deals with slowing sales growth.

U.S. builders started construction last month on the most homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.

Egypt and the International Monetary Fund have reached an initial agreement for a $4.8 billion loan to revive the country's ailing economy.

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.”

Nov. 20 (Bloomberg) -- Oil slid from the highest level in a month in New York on signs that yesterday’s gains were excessive, given speculation stockpiles rose for a third week in the U.S., the world’s largest consumer of crude.

Syrian rebels have taken over a large military base in the country's north, carting off tanks, armored vehicles and truck-loads of munitions their leaders say will give them a boost in their fight to topple President Bashar Assad.

Best Buy Co. reported another dismal quarter on Tuesday, recording a loss in the third quarter, hurt by a continued sales slump and charges related to restructuring.

Nov. 20 (Bloomberg) -- Bayer AG decided not to raise its takeover offer for Schiff Nutrition International Inc., yielding to Reckitt Benckiser Group Plc’s $1.3 billion counterbid for the U.S. vitamin maker.

Nov. 20 (Bloomberg) -- Treasuries fell as a U.S. report showed housing starts unexpectedly rose to a four-year high last month amid speculation the country’s politicians will avoid the so-called fiscal cliff.

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.

Nov. 20 (Bloomberg) -- Oil fell from a one-month high in New York after Egyptian President Mohamed Mursi said that efforts to end a week of fighting between Israel and Palestinian groups in the Gaza Strip will succeed within hours.

Nov. 20 (Bloomberg) -- Best Buy Co., the consumer- electronics retailer being evaluated for a takeover by its founder, posted a $10 million fiscal third-quarter net loss as sales at established stores fell more than expected.

Nov. 20 (Bloomberg) -- Los Angeles shoppers looking for just the right satin blindfold or Whip Me stockings at Agent Provocateur’s lingerie boutique on Melrose Avenue may soon pay as much tax as customers at the company’s Gold Coast store in Chicago, and more than at the one on Madison Avenue.

News Corporation is acquiring a 49 percent stake in the Yes Network, the New York Yankees' regional cable sports channel.

An increase in hiring helped lower unemployment rates in 37 U.S. states last month, the latest indication that the job market is slowly healing.

just like it was last year. But if you resisted the urge in 2011, now is the time to give in. This season's tablets are better all around. Intense competition has kept prices very low, making tablets incredible values compared to smartphones and PCs.

This year's drought is consistent with predictions that global climate change would bring about weather extremes including more frequent droughts, said a report released Monday.

A Dora the Explorer guitar, dragster cars with small wheels and finger-fidget desktop magnets are among the toys that consumer advocates are warning about as the holiday buying season begins.

Thanksgiving travelers who have yet to rent a car in the Northeast are out of luck: Superstorm Sandy has created a shortage.

A tiny pest capable of carrying and spreading a disease deadly to citrus trees has been found in the heart of California's citrus belt, agriculture officials said Monday.

The dollar is mixed in early trading against major world currencies.

Nov. 20 (Bloomberg) -- Aviva Plc, the U.K.’s second-biggest insurer by market value, named Mark Wilson chief executive officer, six months after Andrew Moss stepped down.

Nov. 20 (Bloomberg) -- New Look Group Ltd., a closely held fashion retailer with stores in 16 countries, is cutting prices to compete with Swedish chain Hennes & Mauritz AB as it targets the first annual profit in three years.

Nov. 20 (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 yesterday.

Shares of Daktronics Inc. soared Tuesday, after the company announced better-than-expected fiscal second-quarter results.

New York's highest court says a Lebanese bank's use of a New York account for multimillion-dollar wire transfers establishes the basis for the lawsuit here by Israeli victims of 2006 Hezbollah rocket attacks.

American Woodmark returned to a profit in its fiscal second quarter, buoyed by the continuing recovery of the housing market. The cabinet maker's performance topped analysts' estimates, and its stock climbed to its highest level in nearly two years.

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) -- Best Buy Co., the world’s largest consumer-electronics retailer, reported a $10 million loss for its fiscal third quarter after weaker-than-expected sales by established stores.

Nov. 20 (Bloomberg) -- Campbell Soup Co., the world’s largest soup maker, reported first-quarter profit that topped analysts’ estimates, helped by higher prices in its Simple Meals business.

Nov. 20 (Bloomberg) -- Denmark, home to the world’s highest household debt burden, is exploring the option of requiring home buyers to cough up bigger down-payments in an effort to wean the recession-stricken economy off leverage.

Nov. 20 (Bloomberg) -- Niu Dianqing stopped his motorbike at a construction site in China’s Inner Mongolia one morning last month. The front door was locked.

Nov. 20 (Bloomberg) -- Chinese solar manufacturers Trina Solar Ltd. and JinkoSolar Holding Co. reported lower third- quarter revenue as panel prices continued to drop, an “irrational” pattern that Trina is taking steps to curtail.

Nov. 20 (Bloomberg) -- Chinese wind-turbine makers have broken into the South American market, the world’s fastest- growing, by offering government-backed loans at interest rates as much as 50 percent lower than local offerings.

Striking municipal workers rallied in Athens and occupied local government buildings around the country Tuesday as they protested against another round of austerity that will see big cuts in jobs and funding.

Nov. 20 (Bloomberg) -- Hewlett-Packard Co. accused Autonomy Corp., the software maker it bought last year, of a broad range of financial falsehoods resulting in an $8.8 billion writedown, adding to the challenges facing Chief Executive Officer Meg Whitman in the midst of a multiyear turnaround. Shares plunged.

Shares of tea maker Teavana, which Starbucks is in the process of acquiring, fell on Tuesday after a short-seller of its stock, Glaucus Research Group, said it found pesticide in its teas. Teavana responded that its teas are safe, and Glaucus stands to benefit by making claims that would hurt Teavana stock.

Brown Shoe's third-quarter net income dropped 28 percent from year-ago results that included a hefty gain related to the sale of basketball footwear and clothing company And1.

Kirkland's lost money in its fiscal third quarter as sales weakened a bit. The home decor company also said Tuesday that President and CEO Robert Alderson is taking a temporary medical leave of absence.

Nov. 20 (Bloomberg) -- The U.S. Federal Communications Commission is proposing to eliminate rules that bar ownership of newspapers and radio stations in the same markets, FCC Chairman Julius Genachowski said today.

Shares of gun maker Smith & Wesson fell Tuesday after the gun maker didn't boost its outlook for the year, despite a strong fall quarter, increasing worries about slowing demand in the coming months.

Nov. 20 (Bloomberg) -- HeartWare International Inc. won U.S. regulatory approval for its implantable pump for heart- transplant candidates, providing a smaller device than the only so-called mechanical heart approved for patients in the country.

Moody's Investors Service is cutting its long-term ratings for J.C. Penney Co. one step lower into non-investment of junk grade status.

Investors sold shares of Intel Corp. Tuesday after the chip-maker's surprise announcement that its CEO would retire.

The Supreme Court is taking up an appeal from California raisin producers who object to a government program that aims to stabilize prices by regulating the raisin market.

A significantly lower tax rate helped push net income at Heinz up 22 percent in the second quarter, in addition to gains in emerging markets.

Nov. 20 (Bloomberg) -- Nestle SA’s acquisition of Pfizer Inc.’s infant-nutrition unit in Mexico was blocked by the nation’s antitrust agency, which said the deal would hurt consumers.

Conrad Hotels & Resorts, Hilton's newer luxury brand, has launched an application for smartphones and iPads that lets its well-heeled customers order room service, book a spa day or set a wakeup call before they step foot in the hotel.

Nov. 20 (Bloomberg) -- Lululemon Athletica Inc., the Canadian yoga-wear retailer, settled a lawsuit accusing Calvin Klein Inc. of infringing patents for pant designs.

Media giant Time Warner Inc. said Tuesday that it has extended the term of CEO Jeff Bewkes for another five years through 2017.

European regulators have approved a crucial new anticlotting drug, Eliquis, for preventing strokes and dangerous clots in the circulatory system, the drug's makers said Tuesday.

Jewelry retailer Zale Corp. reported a bigger-than-expected fiscal first-quarter loss on Tuesday, but said it is on track to turn a profit again.

Nov. 20 (Bloomberg) -- Boeing Co.’s engineers face an “increasingly likely” request for strike authorization from the union after a wage plan offered by the planemaker today fell short of expectations, a labor leader said.

Tablets are at the top of many wish lists this holiday season. But what to get? The choice used to be pretty limited, with the iPad dominating the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft are diving in with their own tablets, providing more choice.

Hewlett-Packard Co. said that a British company it bought for $10 billion last year lied about its finances, resulting in a massive write-down of the value of the business.

Nov. 20 (Bloomberg) -- Investors in Treasuries cut bullish bets this week after increasing them to the most in almost four months the week after President Barack Obama won re-election, according to a survey by JPMorgan Chase & Co.

an agreement that eluded them last week.

Nov. 20 (Bloomberg) -- U.S. stock futures were little changed, following the biggest rally for the Standard & Poor’s 500 Index in two months, as Hewlett-Packard Co. slumped and investors awaited a report that may show housing starts slipped.

Alon USA priced its initial public offering of 10 million common units at $16 per common unit for proceeds of $160 million.

GE is buying 2,000 plug-in hybrid cars from Ford for its corporate fleet.

Goodbye Britain?

A rogue trader who lost $2.2 billion in bad deals at Swiss bank UBS was sentenced to 7 years in prison Tuesday after being convicted in what prosecutors called the biggest fraud case in U.K. banking history.

Nov. 19 (Bloomberg) -- Wal-Mart Stores Inc. workers demanding better pay and benefits vow to mount 1,000 protests online and outside stores up to and including Black Friday. The strategy risks showing the company’s strength not vulnerability.

Concerns about Europe's debt crisis, including a downgrade of France's credit rating, weighed on world stock markets Tuesday.

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 out last week at $10.09 a metric ton, lower than the range analysts forecast.

France's government has shrugged off the latest downgrade of its credit rating, saying Tuesday that it just needs time for reforms to the sluggish economy to take root.

Tea party firebrand Rep. Allen West conceded his re-election fight Tuesday, two weeks after the election gave way to court appearances, two partial recounts and unending accusations by his camp that the vote count wasn't fair.

President Barack Obama dispatched Secretary of State Hillary Rodham Clinton to the Middle East on Tuesday as the U.S. urgently seeks to contain the bloody conflict between Israel and Hamas.

Stock futures are sliding after the best day on major indexes in months after Hewlett-Packard revealed that it was the victim of a massive fraud related to an acquisition and took a huge hit to its latest quarterly earnings.

About 3,000 acres of scenic backcountry in the Sierra Nevada north of Truckee will be permanently protected under a deal announced by two conservation groups.

President Barack Obama's attendance at an annual summit of Southeast Asian leaders on Tuesday thrust him right in the eye of the region's most stormy dispute: the long-raging rivalry between China and five neighbors for control of strategic and resource-rich waters in the South China Sea.

The U.N. Security Council is silent on Israel's offensive in the Gaza Strip. A draft press statement circulated to the 15 members' capitals overnight seems to have failed to win the unanimous approval that would have led to its adoption.

A diplomatic push to end Israel's nearly weeklong offensive in the Gaza Strip gained momentum Tuesday, with Egypt's president predicting that airstrikes would end within hours and Israel's prime minister saying his country would be a “willing partner” to a cease-fire with the Islamic militant group Hamas.

Tue, Nov 20, 2012