News Archive
National | Wed, Nov 28, 2012

TiVo Inc., the developer of digital-video recorders, posted a third-quarter profit after settling patent litigation, signing more subscribers and boosting pay-television revenue.

SAN FRANCISCO — Microsoft is trying to skewer Google as a lousy holiday shopping guide in its latest attempt to divert more traffic to its Bing search engine.

The federal government’s role as the backer of most U.S. home loans is becoming entrenched as fiscal issues distract Congress and the White House from a housing finance overhaul that would shift more risk to private capital, according to lawmakers and analysts.

U.S. stocks rose Wednesday, erasing an earlier loss for the Standard & Poor’s 500 Index, after comments by Speaker of the House John Boehner and President Barack Obama fueled optimism an agreement can be reached in budget talks.

The Dollar Index fell for the first time in three days as comments from lawmakers fueled optimism the so-called fiscal cliff will be avoided.

Stocks gained on signs that lawmakers are edging toward a deal that would help the U.S. avoid the “fiscal cliff.”

Nov. 28 (Bloomberg) -- Hewlett-Packard Co. had its credit ratings cut by Moody’s Investors Service, which cited concern about the computer maker’s ability to contend with competition and “execution challenges.”

Preventing surgery-linked infections is a major concern for hospitals and it turns out some simple measures can make a big difference.

Nov. 28 (Bloomberg) -- The heads of defense contractors Northrop Grumman Corp. and Exelis Inc. said they’re not optimistic the federal government will reach a deal by the end of the year to avoid the so-called fiscal cliff.

U.K. mortgage approvals rose in October, as the Bank of England’s new credit-easing plan buoyed the market for home loans.

Builders in the United States sold fewer new homes in October and purchases were revised down for the prior month, highlighting the hurdles facing a rebound in the industry at the heart of the financial crisis.

Nov. 28 (Bloomberg) -- Oil dropped to the lowest level in more than a week as concern mounted that negotiations to address the U.S. budget deficit will fail.

Nov. 28 (Bloomberg) -- Treasuries advanced for a third day on speculation talks to avert the U.S. fiscal cliff of tax increases and spending reductions are making little headway, underpinning demand for the safest assets.

Nov. 28 (Bloomberg) -- Oil traded near the lowest price in a week in New York amid signs of rising supplies in the U.S. and concern that lawmakers are struggling to reach agreement on how to address the nation’s deficit.

Nov. 28 (Bloomberg) -- Spanish banks getting European aid will shrink their balance sheets more than 60 percent, the European Commission said, as BFA-Bankia, the biggest rescued lender, expects to lose 19 billion euros ($25 billion) this year.

Nov. 28 (Bloomberg) -- Sugar fell in New York on signs supplies from Brazil, the world’s biggest producer, will suffice to meet demand. Coffee dropped.

Greece's plan to buy back some of its bonds from private investors “must succeed” as it is a vital part of efforts to reduce the country's excessive debt, Finance Minister Yannis Stournaras said Wednesday.

President Barack Obama will host his former political rival Mitt Romney for a private lunch at the White House Thursday, their first meeting since the election.

U.S. sales of new homes fell slightly in October and September sales were slower than initially thought. The October sales pace was dragged lower by steep declines on the East Coast, partly related to Superstorm Sandy.

Lack of progress in negotiations for a deal to avoid a U.S. budget crisis before a January deadline sent world stock markets lower on Wednesday.

President Barack Obama said Wednesday he believes that members of both parties can reach a “framework” on a debt-cutting deal before Christmas, making his case with a mix of optimism and pressure on congressional Republicans to keep tax rates from rising on the middle class.

Unemployment rates declined last month in more than half of the 372 largest U.S. cities, further evidence of steady improvement in the job market.

The Obama administration put a temporary stop to new federal contracts with British oil company BP on Wednesday, citing the company's “lack of business integrity” and criminal proceedings stemming from the Deepwater Horizon disaster in 2010.

Nov. 28 (Bloomberg) -- Two weeks ago, Chu Jixue, an investigator with the Propaganda Department at Beijing’s Municipal Communist Party Committee, received a panicked call from a cousin in his rural hometown. The local government, Chu was told, had demanded that the family relocate the ancestral burial plot, and all of its earthly remains, or the plot would be razed.

The Allstate Corp. said Wednesday it had an estimated $1.08 billion in catastrophe losses in October, mostly the result of damage to homes and autos from Superstorm Sandy.

The first cracks are developing among Republicans over whether to accept a quick deal with President Barack Obama on allowing the top two income tax rates to expire, even as an administration official said the White House was stepping up behind-the-scenes negotiations.

The Obama administration's top immigration official says his agency is working to attract and keep more foreign-born high-tech entrepreneurs who are seeking to start a company in the U.S.

A pickup in consumer spending and steady home sales helped lift economic growth from October through early November in most parts of the United States, according to a Federal Reserve survey released Wednesday. The one exception was the Northeast, which was slowed by Superstorm Sandy.

But the FR-S _ for Front-engine, Rear-wheel drive Sport -- grabs attention from onlookers no matter who is behind the wheel and even if the car is being driven leisurely. This new model puts some verve into a commute or a trip to the relatives' house, too.

Nov. 28 (Bloomberg) -- Ford Motor Co., the second-largest U.S. automaker, is making contingency plans should the nation’s economy falter if President Barack Obama and Congress go over the fiscal cliff.

The Fresh Market Inc.'s shares plunged Wednesday after the grocery chain's fiscal third-quarter net income rose 19 percent but still missed Wall Street's expectations.

Ann Inc. said Wednesday its net income climbed 26 percent in the fiscal third quarter on better sales at both Ann Taylor and Loft stores.

Shares of J.C. Penney Co. rose Wednesday after PVH Corp. said Izod mini-shops inside Penney stores are doing good business.

Motivational speaker Zig Ziglar, who wrote more than 30 books on living a balanced life, has died in Texas. He was 86.

Nov. 29 (Bloomberg) -- At long last, the phrase “tablet worth buying” isn’t automatically synonymous with “iPad.”

Nov. 28 (Bloomberg) -- Green Mountain Coffee Roasters Inc. surged the most in more than 20 months after the maker of Keurig brewers and single-serve pods said fiscal fourth-quarter profit rose because of higher K-Cup sales.

Nov. 28 (Bloomberg) -- Starbucks Corp. has started selling a specialty coffee that costs $7 for a 16-ounce “grande” cup, making it the company’s priciest brew, as customers demand more premium products.

Moody's Investors Service is lowering its long-term credit rating for Hewlett-Packard, saying the technology giant will have trouble increasing sales of many of its products.

Nov. 28 (Bloomberg) -- Walt Disney Co., the world’s largest entertainment company, boosted its annual dividend by 25 percent to 75 cents a share.

Nov. 28 (Bloomberg) -- Toyota Motor Corp., headed for its best U.S. sales in four years, wants to boost deliveries next year of its RAV4 by 18 percent as it pits a restyled version of the crossover against rivals Honda Motor Co. and Ford Motor Co.

Nov. 28 (Bloomberg) -- Donald Yacktman, whose $19 billion mutual-fund firm has outperformed peers by picking undervalued stocks, is leading a rush of investors betting Research In Motion Ltd. and its BlackBerry smartphone can recover.

Nov. 28 (Bloomberg) -- Gap Inc.’s Banana Republic is giving away Ghirardelli chocolates and six Fiat 500s in the first 12 days of December as U.S. retailers fight the holiday shopping lull that typically follows the Black Friday weekend.

Nov. 28 (Bloomberg) -- Costco Wholesale Corp., the largest U.S. warehouse-club chain, gained the most in more than three years after announcing a special dividend of $7 a share totaling about $3 billion as it returns cash to investors.

Nov. 28 (Bloomberg) -- United Parcel Service Inc. may offer to transport goods for rivals to salvage a 5.16 billion-euro ($6.67 billion) purchase of TNT Express NV amid European Union antitrust concerns, three people familiar with the plans said.

A state board has postponed a hearing on two water rights permits sought by a proposed uranium mine in southwestern South Dakota.

Nov. 28 (Bloomberg) -- Co-Op City, a 35-building housing development in New York’s Bronx borough, received a $621.5 million loan to refinance mortgage debt.

La-Z-Boy Inc. reported Wednesday that its fiscal second-quarter net income fell as investments in its business took a toll on its bottom line.

A Utah truck driver alleges FedEx fired him because of his Russian accent, even though he offered to appear before corporate higher-ups to demonstrate his English-speaking abilities.

Nov. 28 (Bloomberg) -- Stephan Leithner, Deutsche Bank AG’s head of compliance, says set aside reserves for possible financial damages over banks’ alleged manipulation of London Interbank Offered Rate. * Leithner was speaking at a hearing on Libor at the Finance Committee of the German parliament in Berlin today * Reserves relate to Libor probes by regulators, he says * Deutsche Bank does not expect to pay damages for U.S. claims, he says

Nov. 28 (Bloomberg) -- U.K. stocks declined amid concern that U.S. lawmakers have made little progress in talks to halt the automatic tax increases and spending reductions that will begin in January.

Nov. 28 (Bloomberg) -- South African white-corn futures rose after the rand weakened against the dollar, making grain imports more expensive. Yellow corn and wheat also increased.

Nov. 28 (Bloomberg) -- European stocks declined, following yesterday’s late selloff in U.S. equities, amid concern budget talks to avoid the fiscal cliff in America are making little progress. U.S. index futures and Asian shares retreated.

Nov. 28 (Bloomberg) -- OAO Lukoil’s Litasco unit bought barges of European gasoline within yesterday’s traded price range. Gasoil dropped for a third day on the ICE Futures Europe exchange in London.

Shares in MegaFon made a disappointing debut in a $1.7 billion initial public offering in Moscow and London Wednesday when Russia's second-largest mobile phone operator was forced to price its stock at the bottom end of its target.

Nov. 28 (Bloomberg) -- The Bovespa index dropped for a third straight day as paper maker Klabin SA led declines by raw- material producers as commodities fell amid concern little progress is being made in U.S. budget negotiations.

Nov. 28 (Bloomberg) -- Egypt’s opposition resolved to stand firm against President Mohamed Mursi and the Muslim Brotherhood, in a showdown over his self-decreed powers that dragged the nation’s top court into the political struggle.

Nov. 28 (Bloomberg) -- Copper fell in New York on concern politicians in the U.S., the world’s second-biggest consumer of the metal, are making little progress in talks to avoid the so- called fiscal cliff of higher taxes and spending cuts.

Nov. 28 (Bloomberg) -- Egypt’s benchmark stock index dropped to a four-month low amid concern unrest may escalate after President Mohamed Mursi rejected demands to reverse decrees that gave him sweeping powers.

Deep divisions among Senate Democrats over whether cuts to popular benefit programs like Medicare and Medicaid should be part of a plan to slow the government's mushrooming debt pose a big obstacle to a deal for avoiding a potentially economy-crushing “fiscal cliff,” even if Republicans agree to raise taxes.

Labor Department officials say San Francisco-based First Republic Bank has paid a little more than $1 million in back wages to settle an overtime case involving hundreds of workers in five states.

Iran will step up its uranium enrichment program by sharply increasing the number of centrifuges used to make nuclear fuel, a senior official said Wednesday, in direct defiance of Western demands.

Pfizer Inc. said Wednesday it completed its acquisition of NextWave Pharmaceuticals Inc., which makes a liquid attention deficit hyperactivity disorder drug that will hit the market in January.

Navy officials and an energy business have reached a deal for as many as 100 wind turbines to be built near two South Texas military installations.

Billionaire Warren Buffett said Wednesday he's confident that Congress will eventually pass a plan to address the so-called fiscal cliff, even if it doesn't happen until early next year.

Jill Kelley wants the world to know that she didn't do anything wrong when she befriended top military brass.

The U.S. Embassy in Hanoi has deactivated its account on a popular Vietnamese website that's full of suspected pirated music and Hollywood movies, the State Department said Wednesday

Shoppers bought online at the heaviest rate ever on the Monday after Thanksgiving, known as Cyber Monday, according to research firm comScore Inc.

Another tiny pest capable of carrying and spreading a disease deadly to citrus trees has been found in California's citrus belt.

A northeast Ohio man accused of making fun of a young girl with cerebral palsy has been sentenced to a month in jail.

A NATO team assessing possible sites for Patriot missiles to protect Turkey's border with Syria inspected military installations Wednesday in southeast Turkey, the state-run news agency reported.

Egypt's highest appeal courts suspended their work Wednesday to protest presidential decrees that gave the country's Islamist leader Mohammed Morsi nearly absolute powers, state television reported, deepening the turmoil roiling the country since the decrees were announced last week.

Dubai is suddenly rediscovering its old habits.

An area of Arctic sea ice bigger than the United States melted this year, according the U.N. weather agency, which said the dramatic decline illustrates that climate change is happening “before our eyes.”

Wed, Nov 28, 2012