News Archive
National | Thu, Dec 27, 2012

Wow, the Ford Explorer sure has changed. No longer a truck-based sport utility vehicle, the Explorer rides comfortably and is generously sized, with noticeable roominess.

Toyota Motor Corp. rose in the United States and Japan after Asia’s largest automaker said it’s taking a $1.1 billion charge to settle claims that recalls for unintended acceleration hurt the value of U.S. customers’ vehicles.

The CEO of the company that owns the Orange County Register says he may want to buy Tribune Co.'s newspapers after the media conglomerate emerges from bankruptcy.

Dec. 27 (Bloomberg) -- The U.S. Justice Department opened an investigation relating to Autonomy Corp. after Hewlett- Packard Co. accused the software company of misrepresenting its performance before being bought last year.

Treasury Secretary Timothy F. Geithner said he will take “extraordinary measures” to postpone a U.S. default into early 2013 while President Barack Obama and Congress work out a deficit-reduction deal.

Like fashion and food, auto trends fade and re-emerge. Sometimes the new becomes rote, and innovations later seem staid.

A deadline looming, President Barack Obama will meet with congressional leaders at the White House on Friday in search of a compromise to avoid a year-end “fiscal cliff” of across-the-board tax increases and deep spending cuts.

Sales of new houses rose in November to the highest level in more than two years, the latest sign that the real-estate market is helping lift the U.S. economy.

Wood-panel makers Norbord Inc. and Ainsworth Lumber Co., among the best-performing Canadian stocks this year, will probably cool in 2013 as the accelerating U.S. housing recovery entices producers to restart idled mills.

Looks like Shamu may soon be making a splash in the stock market.

The labor market and housing strengthened, signaling the U.S. expansion may withstand the fiscal impasse.

China has opened the world's longest high-speed rail line, which more than halves the time required to travel from the country's capital in the north to Guangzhou, an economic hub in southern China.

McLEAN, Va. -- Mortgage rates were little changed, keeping borrowing costs near record lows after home prices gained the most in more than two years.

China started its 2,298-kilometer (1,428-mile) high-speed train line, the longest in the world, as the nation boosts investment in rail networks, intensifying competition for airlines.

Dec. 27 (Bloomberg) -- Apple Inc. Chief Executive Officer Tim Cook received compensation for 2012 valued at $4.17 million after receiving one of the biggest payout packages on record last year.

Porsche Automobil Holding SE won an appeals court ruling dismissing a lawsuit by hedge funds that accused the German carmaker of concealing a plan to corner the market in Volkswagen AG shares.

The National Bureau of Economic Research declared that the U.S. recession ended in June 2009, yet 2012 didn’t look like much of a resurgence.

Samantha Grossman wasn't always thrilled with the impression that emerged when people Googled her name.

Scott Harrison knows his charity has funded nearly 7,000 clean water projects in some of the poorest areas of the world in the past six years. How many of those wells are still flowing with drinking water months or years later, though? That's a tough question to answer.

Sales of U.S.-backed mortgage bonds soared to a three-year high, as steps by the Federal Reserve and Obama administration to make home ownership more affordable propelled a 34 percent jump in refinancing.

China's new communist leaders are increasing already tight controls on Internet use and electronic publishing following a spate of embarrassing online reports about official abuses.

U.S. consumers peering over the “fiscal cliff” don't like what they see.

Dec. 27 (Bloomberg) -- Marvell Technology Group Ltd. said it will seek to overturn a $1.17 billion jury verdict, one of the biggest awards on record, for infringing integrated-circuit patents held by Carnegie Mellon University.

Former President George H.W. Bush's family sought privacy and provided no new details Thursday about his medical condition, a day after his spokesman said he's in intensive care after being hospitalized for treatment of a bronchitis-related cough.

Dec. 27 (Bloomberg) -- Crude fell from the highest price in more than two months as Senate Majority Leader Harry Reid said lawmakers and President Barack Obama are unlikely to reach a deal to avert a fiscal crisis.

It's not so easy to spot the homeless in the Hamptons in the summer, when celebrity A-listers fly in by helicopter and Wall Street whizzes drive out in their Jaguars and Lexuses.

New taxes are coming Jan. 1 to help finance President Barack Obama's health care overhaul. Most people may not notice. But they will pay attention if Congress decides to start taxing employer-sponsored health insurance, one option in play if lawmakers can ever agree on a budget deal to reduce federal deficits.

Two decades ago, then-South Carolina Gov. Carroll Campbell stood at the Greenville-Spartanburg airport and announced that a BMW plant being built just up the road would be a benchmark in the history of the state.

Ever since the invention of the wheel in Mesopotamia around 3500 B.C., technological innovation has been improving our lives. Because new devices and processes help us produce more (output) with less (labor input), prices fall, real wages rise and we are all better off. If there is a free lunch in this world, it’s productivity growth.

European stocks edged up on Thursday as traders returned from the Christmas break anticipating progress in budget talks in Washington.

Stocks fell Thursday, pushed down by unwelcome signs that the economy is still far from repaired and that “fiscal cliff” negotiations are far from sealed.

Dec. 27 (Bloomberg) -- Fewer Americans than forecast filed claims for unemployment insurance last week as state offices rushed to tally the data in a holiday-shortened period.

Dec. 27 (Bloomberg) -- Brent crude traded near the highest level in one month as U.S. lawmakers prepared to resume budget talks and the United Arab Emirates said it arrested members of a terror cell that was planning attacks on oil-exporting nations.

Dec. 27 (Bloomberg) -- U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index may gain for the first time in four days, as lawmakers return to Washington to resume budget talks and data showed jobless claims decreased.

Dec. 27 (Bloomberg) -- SeaWorld Entertainment Inc., the operator of aquatic amusement parks owned by buyout firm Blackstone Group LP, filed for an initial public offering today.

Dec. 26 (Bloomberg) -- Toyota Motor Corp. said it will take a $1.1 billion write-down to settle claims that its vehicles lost value because of the carmaker’s recalls for unintended acceleration-related issues.

Americans bought new homes last month at the fastest pace in more than two and a half years, further evidence of a sustained housing recovery.

Toyota expects to sell a record 9.7 million vehicles this year, bouncing back by 22 percent from a disaster-struck 2011. It has set an even higher target of 9.91 million vehicles for 2013.

Methamphetamine lab seizures are on the rise in the nation's cities and suburbs, raising new concerns about a lethal drug that has long been the scourge of rural America.

With no agreement in sight on looming tax hikes, investors continued to pull cash from their stock mutual funds last week.

Invacare Corp. said Thursday it is eliminating 143 jobs because of limits on manufacturing at one of its Ohio facilities.

Dec. 27 (Bloomberg) -- Concern President Barack Obama and Congress will fail to reach a budget compromise is pushing options prices to the biggest increase in 18 months.

Dec. 27 (Bloomberg) -- The U.S. Chamber of Commerce is seeking to appeal a judge’s decision to uphold a rule by the Commodity Futures Trading Commission requiring mutual funds with commodities investments to register with the agency.

The stock market erased most of an early loss in late trading after Republicans said they would reconvene the House of Representatives Sunday in hopes of piecing together a last-minute budget deal.

Dec. 27 (Bloomberg) -- Deckers Outdoor Corp. climbed after a research report about high consumer interest in the company’s Ugg brand prompted investors to cover short positions.

A hedge fund founder serving the longest prison term ever given for insider trading also will be writing the government another big check.

Dec. 28 (Bloomberg) -- The Bank of Japan will outpace the U.S. Federal Reserve in printing money next year, putting the yen on track to weaken to about 90 per dollar, according to Bank of America Merrill Lynch.

The House Ethics Committee says it found no violations by House members whose mortgage loans went through the VIP section of the former Countrywide Financial Corp.

Germany's finance minister says the worst of euro area's debt crisis appears to be over after three years of worries over Greece and other members of the group of 17 European Union countries that use the single currency.

Industrial real estate company Prologis Inc. said Thursday that the company's co-CEO Walter Rakowich will retire on Dec. 31. He will also retire from his position on the company's board of directors.

Mobile services company Synchronoss Technologies Inc. said Thursday that it bought NewBay from Research In Motion Ltd. for $55.5 million to expand its cloud-based services.

Dec. 28 (Bloomberg) -- Pentagon officials must make across- the-board reductions in weapons and research funds instead of slices that could spare some programs under the automatic federal budget cuts scheduled to take effect next week, according to the White House Office of Management and Budget.

Dec. 28 (Bloomberg) -- Gold is poised to snap a four-week losing run as an impasse in U.S. budget negotiations ahead of a year-end deadline and expectations for more stimulus in Japan increased demand for bullion as a protection of wealth.

Ford is spending about $773 million to expand six Michigan manufacturing plants while adding 2,350 factory jobs in the state, part of a broader investment plan announced last year.

Dec. 27 (Bloomberg) -- Gold fell in New York on selling by mining companies seeking to hedge against the possibility of lower prices next year. Silver also declined.

Dec. 27 (Bloomberg) -- A gauge of U.S. corporate credit risk fell as lawmakers returned to Washington to resume talks on a budget to avoid the so-called fiscal cliff.

ZaZa Energy completed the sale of its French assets to a unit of Vermilion Energy for about $85.8 million.

Dec. 27 (Bloomberg) -- Treasuries fell, trimming their smallest annual gain since 2009, as economists said reports today and tomorrow will show housing is driving the U.S. expansion, backing forecasts for yields to rise next year.

Monks in a small Northern California town are rebuilding a centuries-old Spanish monastery with help from what may seem an unlikely source: beer.

The tastes of the reading public are turning digital.

Apple CEO Tim Cook got a relatively modest $4.2 million in pay for the latest fiscal year, after the company's board set him up with stock now worth $510 million for taking the reins in 2011.

Dec. 27 (Bloomberg) -- Washington and Hurricane Sandy weren’t able to ruin everything for retailers this year.

Dec. 14 (Bloomberg) -- Wal-Mart Stores Inc. and Kroger Co. are among the bidders for assets being sold by Hostess Brands Inc., the bankrupt maker of Wonder bread and Twinkies, said a person familiar with the matter.

Dec. 27 (Bloomberg) -- Toyota Motor Corp., poised to regain its title as the world’s biggest carmaker this year, said its vehicle sales may rise 2 percent next year to a record, led by demand from overseas markets.

A New York City hospital that had to evacuate hundreds of patients during Superstorm Sandy after it lost power is set to reopen.

Stock futures are heading higher before the government releases what is expected to be the latest positive news for the housing industry.

The 24-year-old son of former Pakistani Prime Minister Benazir Bhutto has launched his political career with a fiery speech on the fifth anniversary of his mother's assassination.

An Egyptian official says the country's top prosecutor has ordered an investigation into accusations against opposition leaders of incitement to overthrow the regime.

Russian President Vladimir Putin said Thursday he will sign a controversial bill banning Americans from adopting Russian children.

Italy's borrowing costs rose slightly Thursday in an auction of six-month bonds held in the wake of Premier Mario Monti's resignation and uncertainty about his participation in the campaign for February's elections.

The snowstorm that pummeled the upper Midwest last week is helping ease dry conditions in Iowa but hasn't done much to relax the overall grip of the worst U.S. drought in decades.

Russia and the U.N called Thursday for the resuscitation of a peace initiative for Syria that never got off the ground when it was proposed months ago because both parties to the conflict rejected it.

Looks like Shamu may soon be making a splash in the stock market.

Dec. 27 (Bloomberg) -- The dollar fell to an almost eight- month low against the euro as the Republican-controlled House of Representatives planned a Dec. 30 session as part of efforts to avert the so-called fiscal cliff.

The children at the Sandy Hook Elementary school won't be returning to classes for another week, but officials from the town, school district and local agencies are doing their best in the meantime to keep them occupied following a massacre at their school two weeks ago.

The price of crude fell slightly Thursday following a reported drop in consumer confidence and growing pessimism that political leaders in Washington can reach a budget deal.


Thu, Dec 27, 2012
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