News Archive
National | Mon, Nov 26, 2012

Nokia Siemens Networks, trying to sustain nascent sales growth in the cut-throat phone-equipment industry, is targeting the U.S. market where Chinese rivals face political hurdles and rising data use entices carriers to spend.

Online retailers are poised for a record $43.4 billion holiday sales season as shoppers increasingly rely on social networks and mobile devices to find and buy merchandise.

Nerds are no longer the only ones benefiting from the innovation boom.

Saudi Arabia’s plan to build 500,000 homes as part of infrastructure investments exceeding $500 billion is spurring the fastest pace of construction industry lending in at least four years.

Susilo Bambang Yudhoyono is taking a well-deserved victory lap for restoring order to Indonesia.

The leadership of the Securities and Exchange Commission will change next month. Its approach to regulation probably won't.

Oil dropped as euro-area finance ministers met to negotiate a bailout payment for Greece and as American leaders prepared to wrestle with a budget agreement.

Yahoo's shares touched $19 Monday, the first time they have traded that high in more than two and half years.

The latest gains extend a rally that has been gaining momentum in recent weeks as Yahoo Inc. (Nasdaq: YHOO) buys back its own stock and more investors bet on CEO Marissa Mayer's ability to turn around the long-struggling company.

Mayer, a former top executive at Internet search leader Google Inc. (Nasdaq: GOOG), became Yahoo's fifth CEO in less than a year when the company hired her in July. Since her arrival, Mayer has vowed to make Sunnyvale, Calif., company a better place to work, refine its online services and roll out more products tailored for smartphones and tablet computers.

Yahoo has also been trying to boost its stock price by spending most of money that it received from a recent deal to buy back its own shares.

After taxes, the company pocketed $4.3 billion by selling half its stake in Chinese Internet company Alibaba Group Ltd. Mayer has pledged to spend $3.6 billion buying back Yahoo's stock, including $600 million that had gone toward share repurchases before the Alibaba deal closed in mid-September.

Yahoo had spent $212 million buying back 13 million shares from Oct. 1 through Nov. 8, according to a recent regulatory filing, with $928 million spent so far this year.

Since Mayer made the buyback commitment, Yahoo's stock has climbed by nearly 20 percent. The shares hit $19 in Monday's early trading for the first time since April 2010.

Goldman Sachs analyst Heath Terry believes Yahoo's stock will climb even higher, as more investor enthusiasm builds for Mayer's turnaround strategy and the value of the company's remaining holdings in Asian Internet companies becomes clearer. Besides retaining a 24 percent stake in Alibaba, Yahoo also owns 35 percent of Yahoo Japan. He also thinks Yahoo's stock will get a boost from future buybacks planned by Yahoo.

In a Monday research report, Terry raised his price target for Yahoo's shares to $24 from $22. The price targets of 15 other analysts surveyed by FactSet range from $16.50 to $22.

After climbing to $19 in Monday's early trading, Yahoo shares closed at $18.75, up 18 cents

Americans clicked away on their computers and smartphones for deals on Cyber Monday, which is expected to be the biggest online shopping day in history.

Finance ministers from the 17 European Union countries that use the euro were trying to hammer out a deal late Monday on the next installment of bailout money for struggling Greece.

Investors reacting to the Hong Kong government’s campaign to curb home buying in the world’s most expensive market are shifting money into parking spaces, pushing up prices that in high-end neighborhoods can match the cost of two U.S. homes.

Home equity lines of credit that fueled a spending spree during the U.S. property boom are back.

A once-thriving downtown Cincinnati mall stands out for the wrong reasons: it's big, largely empty and has been left out of six years of major revitalization in the area.

A former space shuttle commander whose twin brother is married to former Rep. Gabrielle Giffords will attempt the longest spaceflight ever by an American.

Before scheduling any budget negotiations at the White House, on Capitol Hill or at Camp David, President Barack Obama and congressional leaders should go see Steven Spielberg’s classic new film, “Lincoln.”

Concerns that European finance ministers will again fail to reach an agreement on handing over more bailout cash to Greece weighed on markets Monday.

Stock futures are heading lower after a warning from White House economists dampened what had been a huge weekend for retailers.

Nov. 26 (Bloomberg) -- Oil declined from a three-session high in New York amid concern that Spain may postpone a request for a bailout while European finance chiefs meet today to discuss additional funds for Greece.

Nov. 26 (Bloomberg) -- Egypt’s pound weakened the most in a year and the government canceled a treasury-bond auction amid concern that planned rallies by pro- and anti-President Mohamed Mursi protesters may turn violent. Dollar bonds fell.

Nov. 26 (Bloomberg) -- U.S. Republican lawmakers advocated raising federal tax revenue by limiting deductions rather than by raising rates to avert the so-called fiscal cliff, as Democrats pushed for higher rates on upper-income earners.

Nov. 26 (Bloomberg) -- Soybeans rose in Chicago, extending the biggest weekly gain in three months, on concern dryness in Brazil and rain in Argentina will threaten supply as demand strengthens in leading global consumer China.

Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government's regulatory response to the 2008 financial crisis.

Nov. 26 (Bloomberg) -- Perhaps we should no longer be surprised by the arrogance of Wall Street executives. Still, the level of hubris and bullying displayed by Jon Corzine during his 19-month tenure as chairman and chief executive officer of MF Global Holdings Ltd. -- as described in a recent congressional report about the company’s 2011 collapse -- stands out for sheer offensiveness.

Google has bought an operator of Wi-Fi hotspots in high-traffic locations such as airports, hotels and fast-food restaurants.

Nov. 26 (Bloomberg) -- Nokia Oyj, the second-biggest maker of mobile phones in the world, unveiled two models to meet growing demand from consumers in Asia who want features common on more expensive smartphones.

The Supreme Court has revived a Christian college's challenge to President Barack Obama's healthcare overhaul, with the acquiescence of the Obama administration.

Nov. 26 (Bloomberg) -- The sale of an apartment in the iconic Dakota building overlooking New York’s Central Park isn’t going down well 3,400 miles across the Atlantic in Lisbon.

Ethan Allen is moving up the record and payment date of its quarterly dividend, a measure that many companies are undertaking as the White House and GOP congressional leaders square off over the fiscal cliff.

Federal law enforcement authorities have announced the seizure of 132 domain names in several countries to stop them from selling counterfeit merchandise online.

WASHINGTON (AP) _ A big coalition of business groups says there must be give-and-take in the negotiations to avoid the “fiscal cliff” of massive tax increases and spending cuts. But raising tax rates _ a White House priority -- is out of the question, the group adds.

Traders came back to work after the Thanksgiving weekend to the same old worries about the fiscal cliff and the European debt crisis.

Nov. 26 (Bloomberg) -- EBay Inc. rose more than 5 percent, approaching the highest intraday price in almost eight years, on optimism that it will benefit from a surge in online shopping ahead of the year-end holidays.

GE Lighting is buying LED fixture maker Albeo Technologies Inc. in order to meet the demand for energy-efficient high-bay LED lighting products.

Engineering company Curtiss-Wright Corp. said on Monday that it is buying equipment maker Cimarron for $135.1 million in cash in an attempt to expand its offerings for oil and gas production, particularly in North America.

Nov. 26 (Bloomberg) -- Inc., the world’s largest online retailer, is planning to issue $3 billion of debt to help finance the purchase of its Seattle headquarters in its first bond offering in more than a decade.

Citigroup reinstated coverage of Apple Inc. shares on Monday with a “Buy” rating, saying the shares are poised to recover after their big correction.

Nov. 26 (Bloomberg) -- Canada’s dollar declined from almost a two-week high versus its U.S. peer as risk appetite waned amid concern that Europe is struggling with its debt crisis and a budget deadlock could push the U.S. into recession.

Nov. 26 (Bloomberg) -- Cox Communications Inc., the third- largest cable provider in the U.S., is planning to sell a $1.5 billion, two-part offering in its first debt sale since 2009.

Sportsmen might soon have more access to federal lands and be able to bring home as trophies 41 polar bears killed in Canada before the government started protecting the animals as a threatened species.

Nov. 27 (Bloomberg) -- Dubai, the desert sheikdom where home prices have plunged 65 percent since 2008, risks re- inflating its property bubble with the help of mortgage lenders offering easy terms and the lowest rates ever.

Online real estate company Zillow Inc. said Monday it is buying real estate rental and search site HotPads for $16 million.

Nintendo says it has sold more than 400,000 of its new video game console, the Wii U, in its first week on sale in the U.S.

Nov. 26 (Bloomberg) -- Facebook Inc. rose to the highest price in four months after an analyst at Sanford C. Bernstein & Co. said that investors have been underestimating sales growth potential for the world’s largest social network.

Nov. 26 (Bloomberg) -- Hedge funds and other money managers raised bullish bets on gasoil, according to data from ICE Futures Europe.

Nov. 27 (Bloomberg) -- Australian government debt’s biggest quarterly slump in two years is prompting BlackRock Inc. and BT Investment to forecast a reversal as the Reserve Bank cuts interest rates to a record.

Nov. 26 (Bloomberg) -- Gold was little changed near a five- week high in New York after the dollar strengthened as European leaders gather for a third meeting this month to try to reach agreement on aid for Greece.

Nov. 26 (Bloomberg) -- Copper rose in New York, extending the biggest weekly gain in 10, on speculation European officials will clear aid to Greece and keep the country solvent amid the regional debt crisis threatening demand.

Nov. 26 (Bloomberg) -- European stocks declined, trimming the benchmark index’s biggest weekly rally this year, as euro- area finance ministers met for a third time this month on Greece’s finances. U.S. index futures also fell, while Asian shares rose.

Nov. 26 (Bloomberg) -- Natural gas tumbled the most in five weeks on a forecast that December will start much warmer than usual across the U.S.

Nov. 23 (Bloomberg) -- Gold futures topped $1,750 an ounce and silver climbed to a six-week high as the dollar’s drop spurred demand for the metals as alternative investments.

Nov. 26 (Bloomberg) -- U.K. stocks retreated, following their biggest weekly gain this year, amid concern Spanish Prime Minister Mariano Rajoy’s government will have to manage increased calls for an independence referendum in Catalonia.

Nov. 26 (Bloomberg) -- Arabica coffee fell to the lowest level in more than two years on rising inventories just as Central American harvests add to supplies from Brazil, the world’s largest producer. Cocoa slid and sugar advanced.

Nov. 26 (Bloomberg) -- Chile’s peso fell for a second day as global stocks dropped on U.S. debt wrangling and Greece’s debt turmoil, sapping demand for emerging-market assets.

A United Nations rights investigator said Monday that Japan hasn't done enough to protect the health of residents and workers affected by the Fukushima nuclear accident.

Billionaire Warren Buffett is again calling for higher taxes on the “ultra-rich” and he's urging Congress to compromise on spending cuts and tax increases.

Like a lot of newlyweds, Karen Golinski was eager to enjoy the financial fruits of marriage. Within weeks of her wedding, she applied to add her spouse to her employer-sponsored health care plan, a move that would save the couple thousands of dollars a year.

White House economists warned Monday that the uncertainty of a potential hike in taxes next year for middle class taxpayers under the looming fiscal cliff could hurt consumer confidence during the crucial holiday shopping season.

Reinsurance company Swiss Re estimates that claims stemming from the destruction caused by Superstorm Sandy will cost the company about $900 million.

Shares of Abercrombie & Fitch gained in Monday trading after an analyst declared that the retailer was one of the winners on Black Friday.

Spanish authorities have raided a company suspected of exporting machinery to Iran that could be used in Tehran's nuclear program.

Riot police in Bahrain have fired tear gas and stun grenades to disperse thousands of marchers trying to reach a heavily guarded square that was once the hub of their anti-government uprising.

Iran is planning to build new oil storage facilities so it can store more of the fuel it is having a hard time selling due to Western sanctions over its disputed nuclear program.

The British government has chosen the head of Canada's central bank to become governor of the Bank of England effective July 1.

China's government gave hero's praise Monday to a senior engineer on its aircraft carrier program who died of a heart attack after witnessing the first landing of a plane on the ship, underscoring the project's huge national prestige.

New Jersey Gov. Chris Christie has announced he will seek re-election to a second term.

Mon, Nov 26, 2012