News Archive
National | Thu, Dec 6, 2012

Consumer confidence held close to a seven-month high last week as the holiday shopping season put more Americans in the mood to spend, and claims for unemployment benefits declined.

Apple and other technology companies led the stock market up for the second day in a row Thursday.

The Defense Department has begun planning for the roughly $500 billion in personnel and program cuts over a decade that will be needed if Congress and the White House fail to reach a deal that would avoid the double hit of tax hikes and automatic spending reductions dubbed the “fiscal cliff.”

Equity Residential’s partial purchase of Archstone Inc. completes the company’s evolution from a garden-apartment landlord into an owner of high-rises in markets where development is difficult, Chairman Sam Zell said Thursday.

Homeowners and banks are accelerating sales of properties for less than the amount owed as a U.S. law that gives them a tax break expires at the year's end .

U.S. mortgage rates rose, increasing borrowing costs as the housing revival strengthens.

Dec. 6 (Bloomberg) -- Oil dropped to a one-week low in New York after the European Central Bank cut its euro-area growth forecasts and as U.S. lawmakers struggled to reach agreement on a budget plan.

From Athens to Rome to Providence, R.I., the painful truth about pensions is the same: Unfunded liabilities need to be reformed, and unions don’t like it.

The European Central Bank warned of another gloomy year for the 17 European Union countries that use the euro, cutting its forecast for economic growth in 2013 from plus 0.5 percent to minus 0.3 percent.

Online games company Zynga said it has asked Nevada gambling regulators for a decision that could pave the way for it to enter the U.S. gambling market.

Dec. 6 (Bloomberg) -- Treasury 10-year note yields approached a two-week low amid speculation the U.S. employment market is floundering as politicians debate the so-called fiscal cliff, sustaining demand for safer assets.

Dec. 6 (Bloomberg) -- U.S. stock futures remained little changed after government data showed fewer Americans than forecast filed claims for jobless benefits last week as disruptions caused by superstorm Sandy waned.

The number of people seeking U.S. unemployment aid fell sharply last week as a temporary spike caused by Superstorm Sandy has faded. Weekly applications have fallen back to a level consistent with modest hiring.

Apple CEO Tim Cook says the company will produce one of its existing lines of Mac computers in the United States next year.

The Bank of England left its base interest rate unchanged Thursday and did not authorize any additional stimulus measures, a decision which was widely expected by the market.

A survey of small business owners shows they remained cautious during the summer about borrowing money.

Sales of U.S. homes facing foreclosure are on the rise and outpacing sales of bank-owned homes, a reflection of stepped up efforts this year by lenders to avoid foreclosing on homes with mortgages gone unpaid.

An online contest is again offering a few young entrepreneurs the chance to present their business ideas to billionaire Warren Buffett.

Dec. 6 (Bloomberg) -- HTC Corp. will make royalty payments to Apple Inc. on a quarterly basis and pledges not to make “cloned” copies of Apple products as part of the settlement of their global patents battle, according to an agreement filed in a U.S. court.

Staffing company Korn/Ferry International said Thursday that its fiscal second-quarter net income slid, pulled down by restructuring charges. But its adjusted earnings and its forecast for third-quarter earnings topped Wall Street's expectations.

Dec. 6 (Bloomberg) -- Chinese developers are starting to venture overseas, chasing wealthy locals who are buying apartments from New York to Sydney as the government restrains the property market at home.

Dec. 6 (Bloomberg) -- Apple Inc. shares extended their decline after China Mobile Ltd. Chief Executive Officer Li Yue said he wouldn’t add the iPhone to the world’s largest wireless network without a deal that favorable for his company.

Dec. 7 (Bloomberg) -- Prada SpA, an Italian maker of $3,290 leather handbags, said it’s confident of “positive” full-year results after reporting an estimate-beating 57 percent rise in third-quarter profit as Asian tourists fuelled gains in Europe.

Shares of Hi-Tech Pharmacal Co. rose Friday after the generic drug maker's second-quarter results surpassed Wall Street forecasts.

Smithfield Foods Inc. said Thursday that its second-quarter net income fell on charges for early debt payoff, but its adjusted earnings beat Wall Street expectations as the world's biggest pork producer saw gains in its packaged meats and international business.

Johnson & Johnson's Janssen Biotech said Thursday that it asked regulators in the U.S. and the European Union to approve its drug Stelara as a treatment for psoriatic arthritis.

Healthpoint Ltd. and DFB Pharmaceuticals will pay up to $48 million to settle allegations that Healthpoint marketed a prescription skin ointment without approval from federal regulators.

Dec. 7 (Bloomberg) -- Bank of America Corp. is close to agreeing to lease almost 150,000 square feet of prime office space in Hong Kong billionaire Li Ka-shing’s Cheung Kong Center, as competition among landlords in the city’s Central business district increases with rising vacancy rates.

Dec. 6 (Bloomberg) -- Cadillac has just released a brand- new sports sedan called the ATS, and executives say that it’s a true-blue driver’s car. A sedan for joyful drives.

Starbucks Corp. shares rose Thursday after the world's biggest coffee company announced a venti-sized expansion program that will add at least 1,500 new cafes in the U.S. over the next five years.

Dec. 6 (Bloomberg) -- If I were to learn on Dec. 31 that my taxes are going up next year, I would do ... absolutely nothing.

A team of former NASA executives is launching a private venture to send people to the moon.

Dec. 6 (Bloomberg) -- Boeing Co. is poised to retake the global lead in jetliner deliveries for the first time in a decade, after delivering almost two dozen more jets through November than Airbus SAS, its larger rival.

The administration is taking a tough line on the “fiscal cliff” at the same time President Barack Obama resumes contact with House Speaker John Boehner over ways to avert across-the-board spending cuts and tax increases at the turn of the year.

T-Mobile will likely start carrying the iPhone next year after its parent company, Deutsche Telekom, said it has reached a new deal with Apple.

Dec. 6 (Bloomberg) -- Apple Inc. plans to spend more than $100 million next year on building Mac computers in the U.S., shifting a small portion of manufacturing away from China, the country that has handled assembly of its products for years.

The political fight that took the nation to the verge of defaulting on its debts last year is back, overshadowed by “fiscal cliff” disputes but with consequences far graver than looming tax hikes and steep spending cuts.

Dec. 6 (Bloomberg) -- The euro traded within 0.5 percent of a seven-week high against the dollar after the European Central Bank kept its benchmark interest rate at a record low to encourage growth.

A delegate from typhoon-hit Philippines demanded Thursday that ministers at the United Nations climate talks put aside their political differences and take bold steps to combat global warming.

Dec. 6 (Bloomberg) -- Lockheed Martin Corp. is close to winning Pentagon backing to build all 29 F-35 fighters planned for the coming fiscal year after three years of cutbacks in orders for the nation’s costliest weapon, U.S. officials said.

Lawmakers belonging to Silvio Berlusconi's center-right party have abstained in a confidence vote in the government of Premier Mario Monti, raising questions over its future.

South Carolina could have two people overseeing agencies' cybersecurity as part of an effort to centralize responsibility, the head of the state's information technology division told senators Wednesday.

Boeing will sell 12 of its new 737 version to Icelandair, the company said Thursday.

Amazon is launching a subscription service for children's games, videos and books aimed at getting more kids to use its Kindle Fire tablet devices.

First there was the $7 cup of coffee. Now Starbucks is offering a $450 gift card made of stainless steel.

Dec. 6 (Bloomberg) -- Fewer Americans than projected filed applications for unemployment benefits last week as disruptions caused by superstorm Sandy waned.

President Barack Obama plans to ask Congress for about $50 billion in additional emergency aid for states hit by Superstorm Sandy, Democrats on Capitol Hill said Wednesday.

Covering nearly 300 football fields in a remote patch of desert, the Shams 1 solar project carries off plenty of symbolic significance for the United Arab Emirates.

Dec. 6 (Bloomberg) -- Consumer confidence held last week near a seven-month high as the holiday-shopping season put more Americans in the mood to spend.

Dec. 6 (Bloomberg) -- When it comes to the U.S. economy, the glass may not be half empty after all.

Uncertainty over the progress of a U.S. budget deal capped the advance in most stock markets Thursday as did a downbeat economic assessment from the European Central Bank and renewed political uncertainty in Italy.

Starbucks bowed to mounting pressure over its tax affairs in Britain and revealed Thursday that it would pay about 10 million pounds ($16 million) in each of the next two years.

Nobel Prize laureate Mo Yan, who has been criticized for his cozy relationship with China's Communist Party, has compared censorship to security checks at airports, suggesting it is unpleasant but necessary.

U.S. Secretary of State Hillary Rodham Clinton warned Thursday about a new effort by oppressive governments to “re-Sovietize” much of Eastern Europe and Central Asia, taking particular aim at Russia for its crackdown on democracy and human rights groups just hours ahead of critical talks with that country's foreign minister.

The king is dead, but the molecatcher lives on.

Brazil on Thursday mourned the death of Oscar Niemeyer, the groundbreaking architect who designed Brazil's futuristic capital and much of the United Nations complex.

Dec. 6 (Bloomberg) -- The biggest NFL story of the week may not have been Jovan Belcher’s horrific murder-suicide in Kansas City, Missouri, but the release of a small study in the scientific journal Brain. And we may yet learn that the two are intertwined.

Secretary of State Hillary Rodham Clinton is defending U.S. Ambassador to the United Nations Susan Rice as a “stalwart colleague.”

Former Florida Gov. Jeb Bush is taking on a job once held by his father at the National Constitution Center.

Ray Emory could not accept that more than one quarter of the 2,400 Americans who died at Pearl Harbor were buried, unidentified, in a volcanic crater.

Thu, Dec 6, 2012