News Archive
National | Tue, Jan 8, 2013

Jan. 8 (Bloomberg) -- Johnson & Johnson’s experimental diabetes drug canagliflozin may have heart risks, U.S. regulators said.

A federal judge in Sacramento has temporarily blocked the planned expansion of a 50-year-old ski resort on Lake Tahoe's west shore, ruling that regional planners did not adequately consider a smaller and, therefore, less environmentally intrusive overhaul of Homewood Mountain Resort before they approved the project.

The U.S. Supreme Court weighed new constraints on class-action lawsuits, reviewing a case from an Arkansas county that companies say is rife with abusive litigation tactics and plaintiff-friendly local judges.

Consumer credit increased more than forecast in November, led by borrowing for student loans and automobiles.

Nevada's state attorney general and the head of a Las Vegas nonprofit consumer counseling agency unveiled a program and an advertising campaign Monday aimed at giving distressed homeowners facing foreclosure a free one-stop place to seek counseling, referrals and legal support.

Oil prices ended a little lower on Tuesday, as traders took their cue from U.S. stock markets and investors awaited the start of the earnings season.

Bank of America Corp. Monday struck deals to settle lending complaints, sell rights to service $300 billion of mortgages and repair relations with regulators.

Financial troubles at the Federal Housing Administration (FHA) are stirring political momentum for changes to the U.S. government role in mortgage finance, even as Fannie Mae, Freddie Mac and the housing market are recovering.

The Supreme Court seemed skeptical Tuesday about government claims that it should be allowed more time to sue some fund executives for securities fraud.

Stock futures are heading lower as the U.S. kicks off the first earnings season of 2013.

Small business owners were slightly more optimistic at the end of 2012 even as they awaited the outcome of negotiations in Congress over the “fiscal cliff.”

Jan. 8 (Bloomberg) -- Oil rose, trading near the highest level in almost four months in New York on estimates that U.S. refiners boosted crude use and amid signs of an economic recovery in Europe.

Jan. 8 (Bloomberg) -- A gauge of U.S. corporate credit risk was little changed after a measure of economic confidence in the euro area advanced and as investors awaited the start of the corporate-earnings season.

Eli Lilly and Co. failed to test a drug's effect on fetuses before promoting it as a way to prevent miscarriages, a lawyer charged Tuesday in opening statements in a trial over whether four sisters' breast cancer was caused by medication their mother took during pregnancy.

One of two Chinese nationals charged in an international software piracy scheme has pleaded guilty to conspiracy.

Jan. 8 (Bloomberg) -- The U.S. Supreme Court signaled it may tighten the time limits that apply when the Securities and Exchange Commission and other government agencies seek to impose fines on people and companies accused of fraud.

The Supreme Court on Monday questioned efforts by consumers' lawyers to limit the amount of money sought in class-action lawsuits so they are heard in state courts rather than more business-friendly federal court.

Jan. 7 (Bloomberg) -- The U.S. Supreme Court let federal funding continue for human embryonic stem-cell research, turning away an appeal that accused the Obama administration of skirting federal law.

The Justice Department and one of the largest hospitality companies in the world have settled allegations that the firm discriminated in employment by requiring non-U.S. citizens to produce specific documents issued by the Department of Homeland Security.

Google has teamed up with a New York City neighborhood business group to provide the company's first urban Wi-Fi network.

The pilot of the empty oil tanker that grazed the San Francisco-Oakland Bay Bridge had three minor shipping mishaps previously.

Jan. 8 (Bloomberg) -- Lehman Brothers Holdings Inc., which is selling assets to pay creditors another $32 billion by 2016, asked a judge to sign an order barring governments from taking taxes on any deals it strikes with buyers.

A Virginia lawmaker is sponsoring legislation prompted by a Fauquier County farmer's property-rights skirmish with her local government over selling handmade items like goat milk soap and sheep yarn, as well as hosting a birthday party for her friend's daughter without obtaining proper permits.

U.S. consumers borrowed more in November to buy cars and attend school, but stayed cautious with their credit cards.

Unemployment rates fell below 7 percent in a majority of U.S. cities in November, suggesting steady job gains are benefiting most parts of the country.

Jan. 8 (Bloomberg) -- One of Herbalife Ltd.’s biggest independent distributors has left the company to sell energy drinks and he’s exhorting his 16,000 distributors to join him.

Jan. 8 (Bloomberg) -- Zipcar Inc. was sued by an investor who claims that Avis Budget Group Inc.’s takeover offer for the short-term car rental company is inadequate.

Directors of American Airlines' parent company likely won't make a decision when they meet Wednesday to consider a possible merger with US Airways, even as momentum for a deal is building.

Alcoa Inc. said Tuesday that fourth-quarter earnings met Wall Street's expectations, and it sees slightly higher demand for aluminum this year.

Jan. 8 (Bloomberg) -- Federal Reserve Bank of Richmond President Jeffrey Lacker said the central bank’s record easing risks fueling a surge in inflation after this year.

Jan. 8 (Bloomberg) -- Apollo Group Inc., owner of the University of Phoenix and the biggest U.S. for-profit college, said first-quarter earnings fell 11 percent as new enrollment declined for a third straight quarter.

Super Bowl ads have sold for more than $4 million for some 30-second spots for this year's game.

Jan. 8 (Bloomberg) -- A former dancer withdrew her suit against Johnson & Johnson over defective hip implants on the eve of the first trial of more than 10,000 lawsuits claiming the devices left patients immobilized.

Jan. 8 (Bloomberg) -- Zipcar Inc. was sued by an investor who claims that Avis Budget Group Inc.’s takeover offer for the short-term car rental company is inadequate.

Shares of Sears Holdings Corp. fell Tuesday, a day after the retailer announced that chairman and hedge fund billionaire Edward Lampert will take over the role of CEO.

Jan. 8 (Bloomberg) -- Monsanto Co., the world’s biggest seed company, boosted its full-year forecast as it posted fiscal first-quarter earnings that surpassed analysts’ estimates on higher sales of corn seed and Roundup herbicide.

President Francois Hollande says his previously-announced plan to put France's bloated government on a diet includes cutting state aid to companies.

Jan. 8 (Bloomberg) -- Amgen Inc., the world’s biggest biotechnology company, will spend as much as $180.5 million for the right to develop cancer drugs using nanotechnology from closely held Bind Biosciences.

Jan. 8 (Bloomberg) -- General Motors Co. likely will maintain its position in the U.S. after its market share plunged to the lowest since Alfred P. Sloan’s first full year running the company.

Shares of molecular diagnostics company Cepheid rose Tuesday after the company said that demand for several of its GeneXpert tests were stronger than expected.

Federal safety investigators intensified their scrutiny of a Monday fire aboard a Boeing 787 as concerned investors sold shares in the aircraft maker for a second day.

In the not-so-distant future, couch potatoes will be waving, pointing, swiping and tapping to make their TVs react, kind of like what Tom Cruise did in the 2002 movie “Minority Report.” That's the vision of TV manufacturers as they show off “smart TVs” at the International CES in Las Vegas.

Jan. 8 (Bloomberg) -- Norwegian Cruise Line Holdings Ltd., owned by Genting Hong Kong Ltd., Apollo Global Management LLC and TPG Capital, has filed for an initial public offering in the U.S. that may raise as much as $424 million.

Jan. 8 (Bloomberg) -- U.S. stock futures were little changed, following the Standard & Poor’s 500 Index’s decline yesterday, before Alcoa Inc. publishes its quarterly results, kicking off the corporate-earnings season.

Monsanto says its net income nearly tripled in the agricultural products company's first quarter as sales of its biotech corn seeds expanded in Latin American countries.

Jan. 8 (Bloomberg) -- Gold gained for the first time in four days in New York as prices near a four-month low spurred buying and on speculation of increased demand from China.

Greece's prime minister stressed his country was determined to win back credibility in Europe, and was delivering on the reforms and austerity needed to achieve that goal, as he met Tuesday with German Chancellor Angela Merkel.

Shares of Genworth Financial Inc. fell after a Credit Suisse analyst on Tuesday downgraded the stock, saying a recent rally ignores the risks that Genworth faces in its life insurance businesses, particularly in long-term care insurance.

Shares of GameStop Corp. tumbled Tuesday after the world's largest video game retailer reported lower holiday sales and said its fourth-quarter earnings would be at the low end of its guidance.

Qatar says it will increase its financial aid to Egypt by $2.5 billion, bringing its total assistance to $5 billion., the world's biggest online retailer, announced Tuesday it has picked a site just outside Trenton for a planned distribution center that's expected to create hundreds of jobs.

Record unemployment and fraying social welfare systems in southern Europe risk creating a new divide in the continent, the EU warned Tuesday, when figures showed joblessness across the 17 EU countries that use the euro hit a new high.

Jan. 8 (Bloomberg) -- Oil fell for the first time in three days in New York on expectations that U.S. stockpiles rose from a three-month low last week.

Stocks were being traded cautiously across global markets Tuesday as investors prepared for the start of the U.S. corporate earnings season and digested a mixed batch of European economic indicators.

Normandy Beach, the community they call home.

Luxury homebuilder Toll Brothers Inc. on Tuesday promoted Richard T. Hartman, giving the company's chief operating officer the additional title of president.

More than 300 directors of some 140 health centers in Madrid resigned from their posts Tuesday to protest plans to partly privatize the region's public health service.

The holidays may be over, but a Louisiana woman wants to keep a light display on her roof extending a middle finger to her neighbors.

Tue, Jan 8, 2013