News Archive
National | Fri, Dec 14, 2012

U.S. stocks had their first weekly decline in a month as budget talks dragged on, overshadowing the Federal Reserve’s plan to expand bond purchases and better-than- estimated economic data.

With the nation teetering on an economic “fiscal cliff,” federal judges may soon force Congress to dedicate possibly millions of dollars to what some of those same judges must consider a worthy cause: their own salaries.

Japanese manufacturers are growing increasingly pessimistic, according to a survey released Friday that added to gloom over the economic outlook ahead of Sunday's parliamentary election.

Southwest Airlines Co., the discount carrier with the advertising slogan “Bags Fly Free,” forecast $100 million a year in revenue from fee changes including new charges for premium boarding positions and no-shows on flights.

The cost of living fell more than forecast in November as energy prices dropped, a sign U.S. inflation remains in check.

The 100 wealthiest people on the planet added $6.1 billion to their collective net worth this week as global markets steadied amid signs of an improving U.S. labor market and hopes that European leaders would spare taxpayers from having to fund a bailout of the region’s troubled banks.

Dec. 14 (Bloomberg) -- Lockheed Martin Corp. received a Pentagon contract guaranteeing a final installment of about $127.7 million for the fifth production lot of F-35 fighters, bringing the total value to about $3.8 billion, according to the Defense Department.

A man opened fire Friday inside two classrooms at the Connecticut elementary school where his mother was a teacher, killing 26 people, including 20 children, as youngsters cowered in corners and closets and trembled helplessly to gunshots reverberating through the building.

Gov. John Hickenlooper and the head of the Colorado's transportation department said Friday more construction projects will start sooner because of a new budgeting plan that's expected to free up $300 million annually over five years.

Exchange-traded funds remain relative upstarts compared with mutual funds. But they're leading the race for investors' assets, on Main Street as well as Wall Street.

Best Buy shares fell on Friday after the struggling electronics retailer said it extended the window for co-founder Richard Schulze to make a buyout bid until after the holiday season.

European Central Bank officials say there is “no room for complacency” even though stresses from the debt crisis have eased on banks and financial markets.

Dec. 14 (Bloomberg) -- Apple Inc. fell to the lowest price in almost ten months after Steven Milunovich, an analyst at UBS AG, cut his price estimate to $700 from $780, citing concern that growth may slow for the iPhone and iPad.

Apple, the most valuable company in the U.S., slumped Friday, helping to drag down the stock market. A lack of progress in federal budget talks also discouraged investors.

Dec. 14 (Bloomberg) -- Best Buy Co., the world’s largest consumer-electronics retailer, fell the most in a year after giving founder Richard Schulze more time to study the company and arrange financing for an offer to take it private.

Dec. 14 (Bloomberg) -- U.S. stocks fell, extending yesterday’s drop, as a slump in Apple Inc. and the federal budget stalemate offset an increase in industrial production and data showing China’s manufacturing may expand at a faster pace.

Dec. 14 (Bloomberg) -- The yen strengthened from an almost nine-month low against the dollar as technical indicators showed the decline was overdone before elections on Dec. 16 where Japan’s opposition leader Shinzo Abe is projected to win.

A delay of Bank of America Corp.’s return to selling mortgage securities shows the housing bust is still limiting the market’s revival.

Dec. 14 (Bloomberg) -- Oil rose for the third time in four days as manufacturing grew in the U.S. and China, the world’s two biggest oil-consuming countries.

Backers of new laws that legalized marijuana in Washington and Colorado were cautiously optimistic after President Barack Obama said Uncle Sam wouldn't pursue pot users in those states.

Unless you follow the ins and outs of politics along the Bayou, you probably missed this week’s resignation of Jim Letten, the longest-serving U.S. attorney in the country.

A steep fall in gas costs pushed down a measure of U.S. consumer prices last month, keeping inflation mild.

Southwest Airlines Co. will start charging a no-show fee for passengers who fail to cancel tickets before their flights.

Apple Inc. shares fell for the third day straight Friday after analysts trimmed their estimates for shipments of the iPhone 5 in the first quarter of the new year, saying that checks with suppliers indicated the company had cut back parts orders.

Federal health officials say they approved a new injectable drug from Human Genome Sciences to treat inhalable anthrax.

Ford said Friday that it's talking to the government about the fuel economy of its hybrid cars after a report suggested they're falling short of targets.

Dec. 14 (Bloomberg) -- Ford Motor Co. is talking to the U.S. Environmental Protection Agency about how it tests fuel economy performance on new vehicles following reports that the automaker’s hybrids are falling short of mileage promises.

Dec. 14 (Bloomberg) -- Adobe Systems Inc. shares climbed the most in one year after the software company reported fiscal fourth-quarter sales and profit that topped analysts’ estimates as customers embraced its flagship Creative Suite.

Regulators say they have closed a bank in Missouri, bringing to 51 the number of U.S. bank failures this year.

It's beginning to look like it's time for Plan B on the “fiscal cliff.”

Southern Co. has had a simple message for the past few years: The effort to build the country's first new nuclear power plant in a generation was on time and on budget. Now, that message is changing.

President Barack Obama is meeting privately with U.N. Ambassador Susan Rice, a day after she withdrew her name from consideration to be the next secretary of state.

The governors of New York, New Jersey and Connecticut on Thursday issued a powerful plea to Congress: Don't leave for the holidays until you decide on aid for states battered by Superstorm Sandy.

The parent company of the Discovery Channel says it's buying 12 TV networks in Norway, Sweden, Denmark and Finland in a deal worth about $1.7 billion.

California's population grew at the same modest pace during the year that ended in July as it did during the previous 12 months, sending the population to 37.8 million, according to a state population estimate released Thursday.

U.S. factories rebounded in November from Superstorm Sandy, boosting production of cars, equipment and appliances. But after factoring out the impact from the storm, the broader trend in manufacturing remained weak.

World markets were cautious on Friday as concerns over ongoing U.S. budget talks offset the impact of survey showing China's manufacturing production rose to a 14-month high.

Dec. 14 (Bloomberg) -- AirWatch LLC, a maker of security and data-management software for mobile devices, is talking to bankers as it considers an initial public offering for early next year.

Software company Compuware Corp. said Friday that it filed for a possible initial public offering of its Covisint Corp. unit and could conduct the IPO in three to six months.

Dec. 14 (Bloomberg) -- News Corp.’s U.K. publishing unit settled 22 more lawsuits over phone hacking by journalists at the now-defunct News of the World tabloid as the company seeks to avoid a group civil trial next year.

Peabody Energy Corp. said Friday that it expects a drop in coal prices and higher costs to result in “trough” earnings for the first-quarter, but said its results should improve as the year progresses.

Dec. 14 (Bloomberg) -- Clearwire Corp. investor Mount Kellett Capital Management LP said Sprint Nextel Corp.’s $2.90- a-share offer to buy out the wireless-network company “grossly” undervalues its assets, including its airwaves.

In its first major regulation since the election, the Obama administration on Friday imposed a new air quality standard that reduces by 20 percent the maximum amount of soot released into the air from smokestacks, diesel trucks and other sources of pollution.

China provided the United Nations with detailed claims to waters in the East China Sea on Friday, apparently padding out its legal argument in an ongoing territorial dispute with Japan.

Russian investigators on Friday accused a prominent opposition leader of fraud and money-laundering, intensifying legal pressure on the anti-Kremlin protest movement as it prepares to hold its next big demonstration this weekend.

Anti-apartheid icon Nelson Mandela has entered the seventh day of a hospital stay for a lung infection as questions grow about where he is receiving treatment.

The U.S. will send two batteries of Patriot missiles and 400 troops to Turkey as part of a NATO force meant to protect Turkish territory from potential Syrian missile attack, the Pentagon said Friday.

One of the world's most unusual commutes is coming to an end.

A senior U.N. official announced progress Friday in long-stalled efforts to resume a probe of suspicions that Iran may have worked to develop nuclear arms, saying the investigation could be restarted by early next year.

The U.S. Geological Survey says a large earthquake has struck in the Pacific Ocean off the coast of Mexico but there are no immediate reports of damage or injuries.

Spain's ailing property market showed little sign of recovery Friday, with the latest figures showing house prices were down some 15 percent in the third quarter.

Dec. 14 (Bloomberg) -- Transparency International’s latest corruption report is sober reading for Asian leaders committed to ending dirty dealings in the world’s fastest-growing region.

If shoppers don't show up in stores soon, more 70 percent off sale signs will.

Fri, Dec 14, 2012