News Archive
National | Mon, Dec 10, 2012

A bipartisan group of House members says any budget deal to avert the so-called “fiscal cliff” of automatic tax hikes and spending cuts should include “substantial defense savings.”

Congress and the White House can significantly soften the initial impact of the “fiscal cliff” even if they fail to reach a compromise by Dec. 31. One thing they cannot control, however, is the financial markets' reaction, which possibly could be a panicky sell-off that triggers economic reversals worldwide.

The government is investigating whether software companies that make cellphone apps violated the privacy rights of children by quietly collecting personal information from mobile devices and sharing it with advertisers and data brokers, the Federal Trade Commission said Monday. Such apps can capture a child's physical location, phone numbers of their friends and more.

Arris Group Inc. and Pace Plc have made the most compelling bids for Google Inc.’s Motorola Home Business, which sells set-top boxes and equipment to cable- television providers, a person familiar with the situation said.

Texas Instruments Inc., the largest maker of analog chips, gave an updated fourth-quarter sales forecast that was in line with analysts’ estimates as customers seek to keep inventory low amid lackluster demand.

Biotech pioneer Amgen Inc., in a bid for a big edge in using people's genetic information to find better ways to attack diseases, is buying human genetics research and analytics leader deCODE Genetics for $415 million.

McDonald's Corp. said Monday that a key sales figure rebounded in November, as U.S. customers snapped up the world's biggest hamburger chain's breakfast offerings and limited-time Cheddar Bacon Onion sandwiches.

The fears that big money would corrupt the political process in 2012 weren’t realized, the conventional wisdom says. The fat cats, unshackled by U.S. Supreme Court and lower court decisions, weren’t able to buy the presidency or the Senate.

Construction is taking a back seat to lending for some U.S. homebuilders, turning the uneven housing recovery into an earnings boom.

The wealthy look set to enjoy a windfall in the closing weeks of the year as companies push money out the door to beat the higher tax rates advocated by President Barack Obama.

Athletic footwear and apparel giant Nike Inc. plans to expand its operations in Oregon and hire hundreds of workers but wants the government to promise that tax rules won't change, prompting a special session of the Legislature.

Phone company Verizon Communications Inc. on Monday said it has transferred $7.5 billion in pension obligations to Prudential Insurance after a retiree association failed to convince a court to stop the move.

Stocks edged higher Monday on Wall Street after a strong sales report from McDonald's offset concerns about the surprise resignation of Italy's prime minister. Investors also waited for developments in crucial U.S. budget talks.

Dec. 10 (Bloomberg) -- Oil declined for a fifth day in New York on concern a leadership change in Italy will disrupt efforts to curb Europe’s debt crisis.

They're the places where generations of families savored fast-melting ice cream cones and chowed down on garlicky slices of pizza, where teens scoped out potential dates, where a tipsy Snooki tottered unsteadily and under which the Drifters sang about falling in love.

President Barack Obama is pressing for public support Monday to raise taxes on the wealthiest Americans, a day after he and House Speaker John Boehner met one-on-one for the first time to discuss ways to avert the “fiscal cliff.”

Until last weekend, Europe seemed headed for a quiet Christmas and New Year's. Then Italy's Prime Minister Mario Monti unexpectedly announced he would resign, pulling the plug on a government that had boosted confidence in the country's ability to manage its debts.

Oil prices rose slightly Monday on a surprise expansion of German exports and signs of increased oil consumption in China.

U.S. futures are lower after the surprise resignation of Italy's prime minister sent a jolt through European markets.

Dec. 10 (Bloomberg) -- Oil advanced from the lowest close in three weeks in New York after German exports unexpectedly rose in October and China processed a record volume of crude last month. OPEC meets this week to discuss its output quota.

Two-thirds of the world's population will live in cities by 2030. Most people will be middle class, connected by technology, protected by advanced health care and linked by countries that work together, perhaps with the United States and China cooperating to lead the way.

The EU received the Nobel Peace Prize on Monday for promoting peace and human rights in Europe following the devastation of World War II, and the bloc was urged to use that unity in its battle with an economic crisis that is causing suffering for many of its citizens.

Dec. 10 (Bloomberg) -- Egyptian President Mohamed Mursi passed a law temporarily granting the armed forces police powers including the authority to arrest civilians, state-run Middle East News Agency said, citing a presidential decree.

Dec. 11 (Bloomberg) -- Singapore topped Hong Kong as the most desired place in Asia for so-called mobile millionaires to reside, with quality of life cited as the main attraction, a RBC Wealth Management survey showed.

Dec. 10 (Bloomberg) -- A gauge of U.S. corporate credit risk fell to the lowest level in more than a month as optimism over the fiscal cliff and Chinese data offset concern about Europe’s political turmoil.

A University of Nevada, Las Vegas researcher says the gambling industry will bounce back more slowly than the rest of the U.S. economy.

Dec. 10 (Bloomberg) -- Christie Hefner, former chief executive officer of Playboy Enterprises Inc., said she was shocked as her husband of 15 years, William Marovitz, confessed to her that he was being investigated for suspicious trading in Playboy shares. They were in their apartment atop a 42-story Lincoln Park tower overlooking the glittering Chicago skyline and Lake Michigan on a March evening in 2010.

Standard Chartered Bank has agreed to pay $327 million to settle federal and New York charges it laundered money on behalf of four countries that were subject to U.S. economic sanctions from 2001 through 2007.

Heelys said Monday it agreed to be acquired by Sequential Brands Group for $63.2 million, a move that could preserve the wheeled shoe maker.

Citigroup plans to buy more outstanding notes in its tender offers than previously announced. The bank said that it will now purchase up to $1.2 billion of the notes.

Apple and Google, bitter rivals in smartphone technology, have joined up to make a combined bid for a bundle of patents offered by photography pioneer Kodak, according to a published report.

Health insurer Cigna Corp. said Monday it plans to reaffirm its 2012 and 2013 financial guidance in discussions with investors and analysts this week.

John Wiley & Sons' net income dropped 15 percent in its fiscal second quarter, with revenue falling partly due to tough market conditions for higher education textbooks and tight library budgets. The publisher lowered its full-year adjusted earnings and revenue forecasts.

Dec. 10 (Bloomberg) -- Budget deal or not, taxes are going up -- at least for high earners.

Honeywell International Inc. on Monday issued weaker-than-expected 2013 guidance, predicting that the overall global economy will continue to grow slowly next year.

The Supreme Court won't reinstate an award against a racy magazine in a dispute over nude pictures of a model published after she was killed by her professional wrestler husband.

The CEO of Italian luxury carmaker Maserati is confident that parent company Fiat's (euro) 1.2 billion ($1.5 billion) investment to boost production in Italy will bring results despite political instability that once again was endangering the country's financial health.

Former International Monetary Fund leader Dominique Strauss-Kahn and a New York City hotel maid have signed a settlement of her sexual-assault lawsuit.

Irene Gonzalez is desperately waiting to hear if she'll benefit from an emergency government decree that protects Spaniards such as her from being evicted for failing to make their mortgage payments.

President Barack Obama's plan to increase taxes on top earners would have only a small impact on the nation's economy, according to congressional budget experts. But don't tell that to small business owners facing a tax hike.

Turkish Airlines has finalized an order for 15 Boeing airplanes that will help it fly to more destinations globally.

Stocks are closing with modest gains after a strong sales report from McDonald's offset concerns about the surprise resignation of Italy's prime minister.

The euro is recovering against the dollar following the surprise resignation of Italy's prime minister.

Dec. 10 (Bloomberg) -- T. Rowe Price Group Inc., the asset manager that sat out the dot-com boom and bust more than a decade ago, has been betting the latest slew of Internet companies to go public would fare better. It hasn’t always worked out that way.

Teavana Holdings Inc., which is being acquired by Starbucks, posted a third-quarter loss as one-time costs for recent business deals outweighed stronger sales.

Dec. 10 (Bloomberg) -- Amgen Inc., the world’s largest biotechnology company, agreed to buy the genetic-research company DeCode Genetics Inc. for $415 million to help it develop new medicines that target defective DNA.

Shares of Acura Pharmaceuticals Inc. jumped Monday after the company said it is now selling a new version of the decongestant pseudoephedrine that is more difficult to make into methamphetamine.

Gov. Rick Snyder says one reason he supports right-to-work legislation in Michigan is the economic boost a similar law has given Indiana, although officials have provided no conclusive evidence that the policy by itself has drawn new businesses to the state next door.

Stillwater Mining Co. will replace JDA Software Group Inc. in the S&P SmallCap 600 index, Standard & Poor's said Monday.

Dec. 10 (Bloomberg) -- Gold gained for a third day in New York after a recent slide to a one-month low and speculation of more U.S. stimulus boosted demand.

European shares slumped on Monday as Italian Prime Minister Mario Monti's announcement that he will resign by year's end surprised investors and raised worries that political turmoil could derail Europe's effort to end its financial crisis.

Italy's stock market fell sharply and its borrowing costs jumped Monday as investors and European leaders worried over the country's political and financial future following Prime Minister Mario Monti's surprise decision to resign.

Dec. 10 (Bloomberg) -- The success of American drillers in coaxing fossil fuels from shale rock has the potential to boost production so much that it may deny OPEC the power to set global oil and gasoline prices, an intelligence advisory panel concluded.

Keith Bacon and Corianton Hale wore dress shirts as they recited their vows at Seattle City Hall, as the city hosted more than 100 weddings on the first day same-sex couples could marry in Washington state.

In an attempt to generate stronger participation in its key government bond buyback program, Greece on Monday extended the deadline for banks, funds and investors who own its debt to declare whether they will sell their holdings back at a heavy discount.

A conservative Iranian news website says the number of manufacturing companies in the country facing financial crisis has increased four-fold over the past four years to nearly 1,600.

General Motors Co.'s Opel unit said Monday that it plans to end car production at one plant in Germany in 2016, but a slimmed-down factory may continue to make components.

Dec. 10 (Bloomberg) -- A measure of job prospects fell in November for the second time in the past three months, indicating the U.S. job market will cool.

all 2.4 million square feet of it.

A six-story office building that collapsed and killed 115 people in New Zealand's devastating earthquake last year was poorly designed by an inexperienced engineer, inadequately constructed and should never have been issued a building permit, a government report said Monday.

Eugenio Velazquez is not a typical courier busted for smuggling drugs on the U.S.-Mexico border.

Dec. 10 (Bloomberg) -- Here’s a puzzle to entertain your friends this holiday season. Why would a senior governor of the Federal Reserve System publicly ask a question to which he plainly knows the answer?

Dec. 10 (Bloomberg) -- You can’t control what you don’t measure.

North Korea on Monday extended the launch period for a controversial long-range rocket by another week until Dec. 29, citing technical problems.

Europe's political view of the Mideast has changed profoundly because of Israel's plans to build 3,000 new settler homes in the West Bank and east Jerusalem, Swedish Foreign Minister Carl Bildt said Monday.

Talks over possible new U.N. regulations for the Internet were deeply divided Monday, with Russia and others advocating for more government sway while a U.S.-led bloc warned against rules that could restrict freedoms in cyberspace.

The former boss of a Marine Corps brig in Quantico, Va., testified Monday that she was shocked when the base commander asked for advance notice of any orders she planned to give regarding the confinement of Pfc. Bradley Manning, the soldier charged with sending classified information to the anti-secrecy website WikiLeaks.

Attorneys for the Colorado movie theater shooting suspect plan to subpoena a Fox News journalist who was the first to report that James Holmes sent his psychiatrist a notebook full of violent descriptions.

U.S. Supreme Court Justice Antonin Scalia (AN'-toh-nihn skuh-LEE'-uh) is defending arguments in his opinions that some people find offensive or anti-gay.

Mon, Dec 10, 2012