News Archive
National | Thu, Nov 29, 2012

Nov. 29 (Bloomberg) -- To Megan Hildebrandt, President Barack Obama’s Affordable Care Act means she can no longer be denied health insurance because of her lymphatic cancer.

A friend approached me for car-buying advice. He wants a Porsche.

Consumer spending grew less than forecast in the third quarter, underscoring why Federal Reserve policy makers are zeroing in on fighting unemployment to spur the world’s largest economy.

Advanced Micro Devices Inc.'s battered stock rallied Thursday on news that the troubled chip maker is looking to sell a Texas office complex to raise cash for a comeback attempt.

Shares of TiVo Inc. rose Thursday after the company posted a surprise third-quarter profit and analysts cheered the growth of its subscriber base.

Research In Motion rose Thursday after Goldman Sachs upgraded the phone maker's shares, saying there's a “30 percent chance” RIM's much-delayed BlackBerry 10 smartphones will be a success.

The future of Twinkies is virtually assured.

Optimism that a budget deal will be reached in Washington sent stocks modestly higher Thursday. A pair of economic reports also brightened the mood.

For the first time since the Nov. 6 election, partisan bickering trumped bargaining Thursday as Democrats and Republicans vied for the political high ground in talks to avoid year-end tax increases and spending cuts that threaten harm to millions of middle class pocketbooks.

Black Friday was no match for Superstorm Sandy.

Nov. 29 (Bloomberg) -- Oil rose for the first time in four days as the U.S. economy expanded more than previously estimated last quarter and on optimism that President Barack Obama will reach an agreement with Congress over a new budget.

The price of oil rose Thursday on an improved reading on U.S economic growth while lawmakers continued their tussle over the “fiscal cliff.”

McLEAN, VA -- Mortgage rates were little changed, keeping borrowing costs near record lows as home prices extend a recovery from a six-year slump.

WASHINGTON-- Americans signed more contracts in October to purchase previously owned homes, another sign the recovery in the housing market is being sustained.

The nation's diabetes problem is getting worse, and the biggest jump over 15 years was in Oklahoma, according to a new federal report issued Thursday.

The number of Americans seeking unemployment benefits fell 23,000 to a seasonally adjusted 393,000 last week. It was the second straight drop after Superstorm Sandy had driven applications much higher earlier this month.

Nov. 29 (Bloomberg) -- The economy in the U.S. expanded more than previously estimated in the third quarter as a narrower trade deficit and gains in inventory overshadowed a smaller gain in consumer spending.

Nov. 29 (Bloomberg) -- Oil rose for the first time in four days in New York after U.S. stockpiles declined unexpectedly and political leaders in the world’s biggest crude consumer expressed optimism about agreeing on a federal budget.

Nov. 29 (Bloomberg) -- U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will extend a three- week high, amid optimism President Barack Obama will reach an agreement with Congress over a new budget.

A research firm says sales of personal computers in the U.S. didn't get any boost from the launch of Windows 8, confounding the hopes of Microsoft and PC makers.

An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.

Italy has easily raised nearly (euro) 6 billion ($7.7 billion) in a pair of bond sales that saw interest rates drop to their lowest levels since late 2010.

The U.S. economy grew at a 2.7 percent annual rate from July through September, much faster than first thought. The strength is expected to fade in the final months of the year because of the impact of Superstorm Sandy and uncertainty about looming tax increases and government spending cuts.

Hopes that U.S. political leaders may be inching towards a budget deal that will avoid automatic spending cuts and tax increases gave markets a big boost Thursday.

Nov. 29 (Bloomberg) -- Norway’s plan to curb the supply of covered bonds is pushing yields lower as investors benefit from regulatory efforts to cap growth in the nation’s housing debt.

Nov. 29 (Bloomberg) -- TCW Group Inc. and Bank of New York Mellon Corp.’s Standish unit say it’s time to stop betting against the Federal Reserve.

Tiffany & Co.'s third-quarter net income fell 30 percent, stung by a higher-than-expected tax rate, ongoing economic weakness and high precious metal and diamond costs.

Nov. 29 (Bloomberg) -- TiVo Inc., the developer of digital- video recorders, posted a third-quarter profit after settling patent litigation with Verizon Communications Inc., signing more subscribers and boosting pay-TV revenue.

Nov. 29 (Bloomberg) -- Continental Airlines Inc. won a bid to overturn its manslaughter conviction for the deaths of 113 people in the crash of Air France’s Concorde supersonic jet almost 12 years ago.

Nov. 29 (Bloomberg) -- Authorities would have to get a search warrant to obtain older e-mails that can now be obtained without a judge’s permission if a measure approved by the Senate Judiciary Committee becomes law.

Kroger Co. is raising its earnings outlook for the year after the nation's largest traditional supermarket chain reported a third-quarter profit that topped Wall Street expectations.

Shares of Liquidity Services Inc. tumbled more than 17 percent in Thursday morning trading, after the online auction operator posted a 77 percent jump in fiscal fourth-quarter net income, but warned that global economic conditions remain tough. It issued a lower-than-expected profit prediction for the current period.

Barnes & Noble's shares fell on Thursday after it reported a second-quarter profit but its digital content growth slowed as it faces increased competition from rivals like Amazon and Google.

Stein Mart, the discount retailer, said Thursday that sales at stores open at least a year jumped 7.1 percent in November on higher sales for linens and certain clothing lines.

The Federal Reserve Bank of New York says the New York-New Jersey regional economy will bounce back fairly quickly from Superstorm Sandy.

Nov. 29 (Bloomberg) -- The worst level of drought in the contiguous 48 U.S. states reached its highest point in a year as the dryness that crippled crops, narrowed shipping channels and thinned livestock herds hangs on.

Nov. 29 (Bloomberg) -- The U.S. birth rate last year fell to its lowest level since at least 1920, led by a decline in the number of babies born to immigrant women, who have been driving the growth in the nation’s population for two decades.

In a major test of presidential power, federal appeals courts are starting to hear legal challenges to President Barack Obama's decision to bypass the Senate in appointing three members to the National Labor Relations Board.

Nov. 28 (Bloomberg) -- An antibody discovered by Amgen Inc. researchers reduces weight and increases glucose tolerance in monkeys, according to a study, potentially opening up a new approach for treating obesity and diabetes in humans.

The White House is threatening that President Barack Obama would veto the defense bill unless Congress makes changes.

Bluefly Inc., the online clothing and accessories retailer, said Thursday that it hired James Gallagher as the company's new chief financial officer.

Nov. 29 (Bloomberg) -- Landlords and property brokers in lower Manhattan and other low-lying sections of the region worry that damage from Hurricane Sandy may prompt tenants to look elsewhere for space, the Federal Reserve Bank of New York said.

Online deals company LivingSocial is cutting 400 jobs worldwide, or about 9 percent of its work force, as the deals market continues to face challenges.

Microsoft's Surface tablet running a full version of Windows 8 Pro will start selling in January for $899 and up, the company said Thursday. But you'll have to pay more if you want a keyboard cover and the popular Office suite of software.

Nov. 29 (Bloomberg) -- The U.S. Department of Veterans Affairs doesn’t have to give former service members’ small businesses preference for all contracts, a federal judge said, rejecting the position of a government watchdog agency.

Nov. 29 (Bloomberg) -- American International Group Inc. and Allstate Corp. are among insurers to be evaluated by New York regulators for their response to superstorm Sandy, Governor Andrew M. Cuomo said.

Nov. 29 (Bloomberg) -- Hostess Brands Inc., the maker of Twinkies and Wonder Bread, won final court approval to sell its assets and eliminate about 18,000 jobs in a liquidation that an adviser said has drawn “fast and furious” interest from potential buyers.

Nov. 29 (Bloomberg) -- The dollar fell toward the weakest level this month against the euro as optimism U.S. lawmakers will reach agreement on efforts to avoid the so-called fiscal cliff damped demand for safer assets.

Wet Seal Inc. said Thursday that its revenue at stores open at least a year dropped 5.1 percent, but managed to beat Wall Street predictions.

Nov. 29 (Bloomberg) -- A gauge of U.S. corporate credit risk declined on optimism President Barack Obama and Congress will reach an agreement to avert the so-called fiscal cliff.

Two ticket holders will share the highest Powerball jackpot ever, and the second-largest top prize in U.S. lottery history. The question is: Who are the winners waking up to new lives as multimillionaires?

Nov. 29 (Bloomberg) -- Tiffany & Co., the world’s second- largest luxury jewelry retailer, cut its annual profit forecast for the third time this year after higher diamond costs ate into margins and customers curbed spending in weak economies.

Target says a key revenue figure fell 1 percent in November, hurt by weak sales in the first two weeks of the month.

Nov. 29 (Bloomberg) -- Treasuries were little changed after reports showed the U.S. economy expanded more than previously estimated in the third quarter and fewer Americans filed first- time claims for unemployment insurance payments last week.

Standing along a South Dakota waterfront shored up with boulders, Kevin Jens peered at the placid lake and reminisced about a road that led to a popular place to fish and picnic nearby but now lies underwater after being swallowed up by rising waters.

Voracious demand for wood to feed factories for exports and satisfy wealthier consumers at home has turned China into a magnet for the illegal timber trade, causing other countries to strip their forests as Beijing does little to discourage the practices, an environmental group said in a report released Thursday.

Superstorm Sandy may have one more nasty surprise still to come: higher taxes.

Drugmaker Merck & Co. is withdrawing its application for European approval of the potential cancer treatment ridaforolimus, which was rejected earlier this year by U.S. regulators.

Average U.S. rates on fixed mortgages stayed close to record lows this week, a trend that has made home buying more affordable and helped the housing market recover.

Genetic analysis instrument company Illumina Inc. said Thursday it elected Robert Epstein to its board of directors.

An effort to build the Western Hemisphere's largest seawater desalination plant faces a key test as San Diego's regional water agency decides whether to buy all its output despite criticism that cheaper alternatives may be overlooked.

The head of the U.N. nuclear agency says he cannot provide a “credible assurance” for Tehran's claims that all of its atomic activities are peaceful.

An Islamist-dominated panel tasked to write a new constitution for Egypt began voting on Thursday on the document's final draft, a move likely to stoke a widening political crisis over decrees giving the nation's Islamist president near absolute powers.

Former President George H.W. Bush has been hospitalized in Houston for treatment of a lingering cough.

A NASA spacecraft has confirmed there's ice at Mercury's north pole.

An autopsy has found that a Guantanamo Bay prisoner who died in September committed suicide, a U.S. military official said Thursday.

When he came to power six years ago, President Felipe Calderon set goals to alleviate poverty, create jobs and increase public safety.

Thu, Nov 29, 2012