News Archive
National | Wed, Mar 20, 2013

Nvidia Corp. Chief Executive Officer Jen-Hsun Huang said he’s disappointed with sales of tablets running Microsoft Corp.’s Windows RT software, including those with processors from the graphics-chip maker.

A notable piece of small-business news on Capitol Hill this year isn't about a bill -- it's about a tax proposal that could lift some of the uncertainty owners have been complaining about.

The best nominated film not to win an Oscar this year is “The Invisible War,” a riveting account of sexual assault in the military focusing on the elite Marine barracks in Washington, just blocks from the White House and a bridge away from the Pentagon.

West Texas Intermediate oil rose the most in almost two weeks after the Federal Reserve said it will keep up its pace of bond buying to spur economic growth and U.S. inventories unexpectedly dropped.

Freddie Mac sued Bank of America Corp., UBS AG, JPMorgan Chase & Co. and a dozen other banks over alleged manipulation of the London interbank offered rate (Libor), saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.

The Federal Reserve isn't yet convinced that the U.S. economy's growth can accelerate without the Fed's drive to keep borrowing costs at record lows. It wants to see sustained improvement.

Shares on the Athens Stock exchange rebounded Wednesday from heavy losses suffered over Cyprus' financial crisis, as a political spat erupted in Greece over whether the government is being too compliant with demands by its own rescue lenders.

and pointedly rejected a call to even reopen White House tours that the Obama administration says had to be canceled because of the cuts.

March 20 (Bloomberg) -- Oracle Corp. reported sales and profit that missed analysts’ estimates as corporate customers transitioning to Web-based programs bought less hardware and software. The shares fell in extended trading.

Oracle Corp. on Wednesday reported flat earnings for its fiscal third-quarter, hurt by a drop in sales of hardware systems and new software. Shares tumbled in after-hours trading on the weaker-than-expected results.

Cyprus' government has drawn up a new plan to raise funds needed for the country to secure a crucial international bailout, three top government officials said Wednesday.

New evidence that the slowdown in health care costs over the past five years is happening not only because of a weak economy comes from the Economic Report of the President, released last week by the President’s Council of Economic Advisers. If the slowdown were to continue in the future, the report shows, Medicare spending would basically remain flat as a share of the economy.

Shares of drugmaker Amgen Inc. climbed Wednesday on news that its innovative melanoma drug, which uses a virus as a Trojan horse to infiltrate and destroy tumors, shrank far more tumors than a standard treatment in a late-stage test.

Lennar Corp., the third-largest U.S. homebuilder by revenue, saw its stock rise to the highest in almost six years after reporting a profit and a 34 percent jump in orders in the fiscal first quarter.

Lennar's net income more than tripled in the first quarter as new orders and deliveries continued to rise.

Lennar Corp., the third-largest U.S. homebuilder by revenue, said earnings rose in the fiscal first quarter as prices and sales increased amid a broadening national housing recovery.

Mortgage applications in the United States fell for the fifth week in the last six as borrowing costs climbed.

The European Union’s astonishing fumbling over Cypriot banks has both immediate and longer-term implications. On March 21, when the banks are due to reopen, the question is whether a run will destroy the Cypriot banking system. If that can be avoided, the next question will be what’s left of the EU’s plans to reform its system of bank supervision — and what happens the next time an EU bank gets into trouble.

March 20 (Bloomberg) -- The euro strengthened from a four- month low against the dollar as Cyprus sought alternatives to the European Union plan to help the nation avoid a banking collapse.

Stock futures are rising ahead of a policy statement from the Federal Reserve, which is likely to push forward aggressive measures to ramp up the economy.

March 20 (Bloomberg) -- West Texas Intermediate oil rose after its steepest plunge in a month, while Brent futures rebounded from their lowest level since December, as policy makers weighed bailout options for Cyprus.

March 21 (Bloomberg) -- Hackers temporarily shut down computer networks at South Korean broadcasters and banks yesterday in the biggest cyber attack on the nation in two years, prompting a probe into possible links with North Korea.

FedEx said Wednesday that its third-quarter profit fell 31 percent as customers opted for less-expensive ground shipping, hurting the company's airfreight business.

Portugal has raised 1.5 billion euros ($1.94 billion) in a debt auction that saw the bailed-out country's longer-term interest rate fall, suggesting investor jitters about the financial fate of Cyprus are not contaminating other frail eurozone nations.

March 20 (Bloomberg) -- Brick-and-mortar retailers like Wal-Mart Stores Inc. see an opportunity to claim victory in a lobbying duel against online companies that don’t collect sales tax from their customers.

True Religion Apparel CEO Jeff Lubell is stepping down from his post, a little over two weeks after the clothing company announced that it would not be renewing its founder's contract.

Shares of Model N rose more than 38 percent Wednesday, their first day of trading on the New York Stock Exchange.

JPMorgan Chase is taking steps to protect its customers from fees and other charges that payday lenders may slap on them.

Yahoo has bought Silicon Valley startup Jybe so it can bring back five of its former engineers to help the Internet company build better mobile applications.

March 20 (Bloomberg) -- U.K. homebuilders rose to the highest in almost five years after Chancellor of the Exchequer George Osborne pledged 3.5 billion pounds ($5.3 billion) to buyers of newly built homes.

March 21 (Bloomberg) -- Mention the tiny island-nation of Cyprus, and the first thing that comes to my mind is Paul Newman and “Exodus.” In the 1960 film of Leon Uris’s novel, Newman stars as Zionist leader Ari Ben Canaan, who goes to Cyprus in 1947 to rescue Jewish refugees being held in British internment camps.

March 20 (Bloomberg) -- Anheuser-Busch InBev NV and the U.S. Justice Department obtained an additional postponement of the government’s antitrust lawsuit seeking to block the brewer’s purchase of Grupo Modelo SAB as settlement talks continue.

March 20 (Bloomberg) -- Spain’s zombie developers are finally about to die.

March 20 (Bloomberg) -- JetBlue Airways Corp. will add premium seats on some transcontinental jets, leaving Southwest Airlines Co. as the lone airline among the seven biggest U.S. carriers with coach-only service.

The Supreme Court on Wednesday sided with timber interests in a dispute over the regulation of runoff from logging roads in western forests.

TearLab's fourth-quarter loss widened as operating expenses rose.

March 20 (Bloomberg) -- Teva Pharmaceutical Industries Ltd. plans to control distribution of the anesthetic propofol to prevent the drug from being used in executions of U.S. prisoners, according to a human rights group.

March 20 (Bloomberg) -- Suntech Power Holdings Co. Ltd. said eight Chinese banks are seeking a restructuring of its main solar manufacturing unit under a court insolvency process that would be the biggest renewable energy bankruptcy to date.

March 20 (Bloomberg) -- Denmark rejected a plan by mortgage banks to split troubled loans, forcing the industry back to the drawing board to figure out how to save borrowers who can’t afford to start amortizing interest-only debt this year.

The Federal Reserve sees unemployment remaining high into 2015, suggesting it will keep short-term interest rates near record lows at least until then.

A lawsuit challenging a federal law that animal rights activists say makes them afraid to participate in public protests has been thrown out by a judge who said the activists have not shown that the law chills their First Amendment rights.

Best Buy's stock has nearly doubled since the start of the year, with yet another analyst getting behind its turnaround efforts on Wednesday.

Freddie Mac has sued 15 big international banks, including JPMorgan Chase, Bank of America and Citigroup, accusing them of rigging a key interest rate and causing huge losses for the government-controlled mortgage giant.

Hewlett-Packard Co.'s annual meeting will give shareholders an opportunity to vent their frustration over the personal computer maker's botched acquisitions and other follies that have been plaguing the Silicon Valley pioneer.

Shares of Fresh Market climbed more than 5 percent in Wednesday trading as a Raymond James analyst started coverage of the grocery chain with a “Strong Buy” rating, saying a recent drop in stock price provides a good buying opportunity.

Starbucks is planning a big push behind its loyalty program, with plans to double membership by the end of the year.

March 20 (Bloomberg) -- FedEx Corp. tumbled the most since September 2011 after lowering its 2013 earnings forecast and planning capacity cuts in Asia amid a widening customer shift to its cheaper overseas delivery services.

March 20 (Bloomberg) -- Federal Reserve officials forecast the nation’s unemployment rate will hit the central bank’s threshold for raising interest rates sometime in 2015, while projecting faster improvement in the labor market this year.

March 20 (Bloomberg) -- Yahoo! Inc., the largest U.S. Web portal, said it acquired Jybe Inc., which offers personalized recommendations for users based on data from social networks.

Privacy laws urgently need to be updated to protect the public from information-gathering by the thousands of civilian drones expected to be flying in U.S. skies in the next decade or so, legal experts told a Senate panel Wednesday.

March 20 (Bloomberg) -- Mexico’s peso rose the most in a week as lawmakers prepared to debate a bill to boost competition in telecommunications, indicating progress in President Enrique Pena Nieto’s attempt to enhance growth.

March 20 (Bloomberg) -- Vivendi SA is considering splitting off its biggest unit, telecommunications provider SFR, in a move that would transform the French conglomerate into a company focused on its faster-growing media businesses, according to four people with knowledge of the discussions.

March 20 (Bloomberg) -- General Electric Co. distanced itself from a report that it plans to spin off the finance unit, a move that would eliminate the source of half its profit.

Two popular television series that helped cement Albuquerque's reputation as a film center have ended their runs, but industry officials are optimistic that a so-called “Breaking Bad” bill to sweeten incentives for television productions will help New Mexico regain its competitive edge.

Contract electronics manufacturer Jabil Circuit Inc. said Wednesday that its net income decreased by 9 percent in the fiscal second quarter, partly because costs related to its purchase of Nypro were higher than expected.

March 20 (Bloomberg) -- Peregrine Financial Group Inc.’s Chapter 7 trustee won court approval to create three classes of firm commodity customers, a ruling that he said may lead to full repayment for one class of account holders.

Raytheon Co. on Wednesday raised its cash dividend by 10 percent. It's the defense contractor's ninth annual increase in a row.

Hillenbrand Inc. said Wednesday that President, CEO and Director Kenneth Camp is retiring.

March 20 (Bloomberg) -- Edward Lampert, the billionaire hedge-fund manager who controls Sears Holdings Corp., entered into a new agreement to continue to serve as the retailer’s chief executive officer.

JetBlue Airways Corp. plans to sell premium seats on some cross-country flights beginning next year in an attempt to lure more high-spending travelers.

Rusted pieces of two Apollo-era rocket engines that helped boost astronauts to the moon have been fished out of the murky depths of the Atlantic, CEO Jeff Bezos and NASA said Wednesday.

Researchers at Hewlett-Packard Co. say they've developed a way to put glasses-free 3-D video on mobile devices with a wide enough viewing angle to allow viewers to see objects more fully just by tilting the screen.

March 20 (Bloomberg) -- Gold traded below a three-week high in New York as investors awaited the U.S. central bank’s latest policy statement and amid concern Europe’s debt crisis may worsen.

March 20 (Bloomberg) -- Ireland’s economy probably expanded for a third straight quarter in the final three months of 2012 as consumer spending picked up, economists said before a report tomorrow.

General Motors is recalling nearly 27,000 Buicks and Cadillacs in the U.S. to fix a problem with the automatic transmissions.

American Realty Capital Properties Inc. is offering to buy another real estate investment trust, Cole Credit Property Trust III, in a cash-and-stock deal valued at $5.74 billion.

March 20 (Bloomberg) -- German Chancellor Angela Merkel signaled a willingness to keep Cyprus in the euro after the island parliament’s rejection of a levy on deposits, so long as Cypriot banks contribute to the country’s financial rescue.

March 20 (Bloomberg) -- A benchmark gauge of corporate credit risk increased as banks, hedge funds and other money managers moved trades into a new version of the credit-default swaps index.

Britain is on the verge of slipping back into recession, it has seen its top AAA credit rating cut, and living standards have dropped under the impact of austerity measures.

In this affluent town in Jamaica's cool, mountainous interior, Jasmine Pottinger has realized the dream that kept her going while dealing with racism, culture shock and other challenges during almost four decades of working in drizzly London, a city where she never felt entirely accepted.

Markets took the uncertainty over Cyprus' bailout in their stride on Wednesday ahead of the latest policy statement from the Federal Reserve.

The Food and Drug Administration is warning doctors that a compounding pharmacy is recalling syringes of the Roche drug Avastin after receiving reports of eye infections among patients.

Erickson Air-Crane Inc. is buying Evergreen Helicopters Inc. from Evergreen International Aviation Inc. for $250 million in cash, stock and promissory notes.

The nation's crude oil supplies fell last week, the government said Wednesday.

The future of a planned memorial honoring Dwight D. Eisenhower was thrown into doubt Tuesday as lawmakers questioned the project's design and cost and the 34th president's family called again for the memorial project to be redesigned.

March 21 (Bloomberg) -- Tencent Holdings Ltd, China’s largest Internet company, posted fourth-quarter profit that beat analyst estimates on rising advertising sales.

Suntech, one of the world's biggest solar panel manufacturers, was forced in bankruptcy court Wednesday, becoming the latest casualty of a painful slump in the global solar industry.

particularly in the United States and Europe.

President Barack Obama plunged into the turbulent Middle East Wednesday, assuring Israel of the U.S. commitment to its security while cautioning that the region's “winds of change bring both promise and peril.”

Zimbabwe's President Robert Mugabe says he wants Pope Francis to visit Africa because he is “a man of God who will be praying for all of us, praying for the sinful world to repent.”

Hundreds of residents in a rural community steeped in military history turned out to mourn the loss of seven Marines as investigators arrived at an ammunition depot to try to determine how a mortar shell exploded at the Nevada base and sent shrapnel flying into troops during a training exercise.

President Barack Obama has told the president of Israel that his country will have “no greater friend than the United States.”

Israeli President Shimon Peres (shee-MOHN' PEHR'-ehs) says his nation trusts the U.S. policy to prevent Iran from obtaining a nuclear weapon.

March 6 (Bloomberg) -- Federal Reserve Bank of Dallas President Richard Fisher said Japanese Prime Minister Shinzo Abe has “politicized” the Bank of Japan in a quest to halt more than a decade of falling prices.

Wed, Mar 20, 2013