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One trillion euro tax evasion to be tackled says Barroso

Tue, 21 May 2013 16:12:09 -0400

BRUSSELS - Voicing concern about tax evasion that is estimated at one trillion euros, European Commission President Jose-Manuel Barroso said Tuesday that EU leaders will meet at a one-day summit on Wednesday to negotiate solution. The European Union can't afford to let tax evasion go on the way it is. Such large amounts of money, currently sitting in tax havens, would be greatly beneficial ...

Overall economy likely to pick up in Q2 says German central bank

Tue, 21 May 2013 16:04:27 -0400

FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...

Pfizer discontinues NHL cancer drug development

Tue, 21 May 2013 16:06:43 -0400

NEW YORK - Pharma major Pfizer has discontinued the development of cancer candidate inotuzumab ozogamicin, which is part of a class of therapies called antibody-drug conjugates (ADCs), in the haematological cancer non-Hodgkin lymphoma after it failed to show benefit in overall survival during phase III trials. Pfizer has notified the study investigators and appropriate regulatory authorities ...

GrubHub and Seamless to merge

Tue, 21 May 2013 17:27:51 -0400

WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry diners ...

Housing market picking up in UK

Tue, 21 May 2013 16:23:44 -0400

LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...

Work starts on creation of new Dubai island

Mon, 20 May 2013 04:26:18 -0400

Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...

Microsoft Unveils New Xbox One Game Console

Tue, 21 May 2013 18:15:05 -0400

REDMOND, WASHINGTON Microsoft Corp gave the world the first look at its new game console on Tuesday, hoping the Xbox One will attract existing video game fans while also becoming a hub for living room entertainment. The third-generation Microsoft console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus ...

Actavis buying Warner Chilcott in $8.5bn deal

Mon, 20 May 2013 17:31:34 -0400

WASHINGTON/ DUBLIN - Actavis Inc, the largest US generic drug maker by market value, is acquiring Dublin-based Warner Chilcott in a deal worth $8.5billion (5.6billion pounds) including $3billion net debt, to create the third-biggest specialty pharmaceutical company in the country. Under the deal, Actavis, which itself has been the subject of bid speculation, would be offering $5billion in ...

Morgan Stanley to sell Indian private banking arm to StanChart

Mon, 20 May 2013 16:51:43 -0400

MUMBAI - The UK based Standard Chartered (StanChart) Monday announced plans to acquire the Indian private wealth management business of US multinational financial services firm Morgan Stanley for an undisclosed amount as part of plans to expand operations. The acquisition is subject to regulatory approvals. "Standard Chartered India has agreed to acquire Morgan Stanley's onshore private ...

Bank of Japan may seek to ease bond market jitters policy seen on hold

Tue, 21 May 2013 18:23:13 -0400

Reuters © Bank of Japan Governor Haruhiko Kuroda arrives at the G7 Finance Ministers meeting in Aylesbury, southern England May 10, 2013. REUTERS/Alastair ...

Stock to watch Hewlett-Packard a bargain despite recent price run-up

Tue, 21 May 2013 18:22:28 -0400

: After enduring a roller-coaster ride, shares of the Palo Alto, Calif.-based personal computer giant are basically flat over the past year. Its stock, however, has been roiled in recent years by a revolving door of chief executive officers as its personal computer and printing businesses continued to face competition from smartphones and tablets. Meg Whitman, who took over as CEO in late 2011 ...

Alexander What TV system for a digital age

Tue, 21 May 2013 18:21:02 -0400

Q: If you were to start from scratch with a TV system in your home, how would you do it? We subscribe to Comcast's very basic programming level but are considering alternatives, including smart TVs that can display programs available online through our Mac Pro laptop. We want the capability of receiving live network news broadcasts as well as a few select programs such as PBS series and ...

IMF urges Treasury to speed up sale of Lloyds and RBS

Tue, 21 May 2013 18:13:55 -0400

Lloyds Banking Group was escalating on Tuesday night amid reports that the International Monetary Fund is urging the Treasury to accelerate its disposal of the 65bn stakes in the two bailed-out banks.As part of its annual health check on the UK economy, the Washington-based fund is said to be telling the government that disposal of the share stakes should be a priority.Hopes of a sell-off of the ...

First Round Of Xbox One Vs. PS4 Goes To Microsoft

Tue, 21 May 2013 18:13:10 -0400

and Microsoft have had a chance to give us a first look at their new consoles, and I'm handing this first round to Microsoft. First, the obvious point. Sony did not show us a console, Microsoft did. Point Microsoft -- we know what we're talking about now. The rest of the set up a bold new vision -- broad strokes all around, but impressive partnerships and a much more thorough look at ...

Going to SF Super Bowl L

Tue, 21 May 2013 18:11:10 -0400

The Super Bowl 50, in 2016, will be in the San Francisco Bay Area, and the NFL championship will go to Houston the following year, the league announced Tuesday. Team owners voted for the 49ers' new stadium as host of the big game. The facility, in Santa Clara, Calif., is scheduled to open for the 2014 season. San Francisco beat out South Florida, which was stymied in its bid to stage an 11th ...

Bernanke Expected to Deliver Dovish Message

Tue, 21 May 2013 18:11:10 -0400

Ben Bernanke is expected to maintain his dovish tone when he speaks to Congress Wednesday, and he is likely to dispel any notion that the Fed is ready to cut back on its easing policy. The markets have been speculating the Fed could start to gradually cut back on its $85 billion monthly bond buying program, and that view has been furthered by some hawkish Fed officials who would like to see ...

ESPN Cutting 300-Plus Jobs Source

Tue, 21 May 2013 18:11:09 -0400

Walt Disney 's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts said. The job cuts, comprising 4 to 6 percent of ESPN's staff of 7,000, include open positions that will not be filled, said the source, who asked not to be named because the information is not public.But ESPN will continue hiring for ...

Xbox One moves Microsoft closer to living room hub

Tue, 21 May 2013 18:00:56 -0400

The next-generation gaming console from the software giant is about much more than gaming. It should help Microsoft realize its vision of being at the center of consumer ...

Saks shares rise on report it hired Goldman for strategic options

Tue, 21 May 2013 17:57:43 -0400

They closed up 11.3 percent at $13.67 in regular trade, giving Saks a market value of more than $2 billion. Before the report, shares rose as high as $13.55, their highest level in five years after the retailer reported better than expected sales in the first ...

Is Sony un-Japanese enough to entertain change

Tue, 21 May 2013 17:57:37 -0400

TOKYO (Reuters) - Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, business partners and workers rather than shareholders seeking ...

Fed officials dampen talk of imminent bond buying cutback

Tue, 21 May 2013 17:57:37 -0400

NEW YORK/FRANKFURT (Reuters) - Two senior Federal Reserve officials on Tuesday played down the chances that the U.S. central bank would signal a readiness to reduce its bond buying at its meeting next month, dampening speculation the Fed's ultra-easy monetary policy might end ...

Disney-owned ESPN cutting hundreds of jobs source

Tue, 21 May 2013 17:57:36 -0400

(Reuters) - ESPN, the sports channel that is Walt Disney Co's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts ...

Lorillard Adds $500 Million to Share-Repurchase Program

Tue, 21 May 2013 17:54:32 -0400

Lorillard Inc. (LO) has authorized an additional $500 million in share repurchases under the tobacco maker's buyback program, a move that doubles the amount of stock the company can buy.Buybacks are one of the greatest drivers behind the tobacco industry's profitability gains, as cigarette volumes have declined for years as fewer consumers smoke. Along with price increases and increased ...

ADR Shares End Mostly Unchanged Ahead of Bernanke Testimony

Tue, 21 May 2013 17:54:31 -0400

International companies trading in New York closed mostly unchanged Tuesday ahead of testimony from Federal Reserve Chairman Ben Bernanke.The Bank of New York index of ADRs was little changed at 142.66.On Wednesday, Mr. Bernanke is scheduled to testify before Congress, and the minutes of the most recent meeting of the Fed's monetary-policy committee are to be released.On Tuesday, speeches by ...

Ecuador Report on Mining Reform Debate Due Next Week

Tue, 21 May 2013 17:54:31 -0400

QUITO, Ecuador – The economic committee of Ecuador's National Assembly expects to release a report next week on the first debate of a bill to reform the country's mining law.Approval of the bill is expected to pave the way for several large-scale mining contracts in Ecuador."We expect to have the report for the first debate on Thursday [May 30]," Oswaldo Larriva, ...

MARKET SNAPSHOT U.S. Stocks Rise After Fed Officials QE Signal

Tue, 21 May 2013 17:54:29 -0400

NEW YORK – U.S. stocks rose on Tuesday, with the Dow industrials and S&P 500 finishing at record highs, after comments from two Federal Reserve officials suggested that the central bank is not close to tapering its bond-buying program.The Dow Jones Industrial Average (DJI) gained 52.30 points, or 0.3%, to end at 15,387.58, notching its 19th consecutive Tuesday rise.The S&P 500 index ...

Is the SP 500 Cheap

Tue, 21 May 2013 17:54:27 -0400

Factset wrote:"The forward 12-month P/E ratio for the S&P 500 now stands at 14.4, based on yesterday's closing price (1650.47) and forward 12-month EPS estimate ($114.94). This is the highest forward 12-month P/E ratio logged by the S&P 500 in more than three years (April 2010). Given the high values driving the P in the P/E ratio, how does this 14.4 P/E ratio compare to ...

Xbox One Specifications Revealed at Microsoft Event

Tue, 21 May 2013 17:53:04 -0400

The company not only announced the hardware, but also confirmed the name of the system that was previously rumored to be called the Xbox 720 or Durango.The console features 8GB of RAM, an 8-Core CPU, 500GB hard drive, a Blu-ray drive, HDMI in and out ports, USB 3.0, 802.11n wireless, and a built-in Kinect sensor. Microsoft described the Xbox One as an "all in one system" that is made ...

Best Buy Canada and Winners parent TJX see first-quarter slide

Tue, 21 May 2013 17:53:01 -0400

Under pressure from stiff competition, Best Buy Co.'s Canadian same-store sales fell in the first quarter but executives are hopeful a new cost reductions strategy will take hold in the wake of a broad restructuring of its international operations last year. "We are in early innings," chief financial officer Sharon McCollam told investors on a conference call to discuss financial ...

Unions flag safety concerns at CP Rail as railway ramps up efficiency efforts

Tue, 21 May 2013 17:53:00 -0400

Concerns are being raised that efforts to improve efficiency at Canadian Pacific Railway Ltd. are contributing to a series of accidents at the railroad in recent months, including two more this week. The country's second-largest railway is in the midst of a massive restructuring under its new chief executive, Hunter Harrison, aimed at righting the railway's chronic underperformance. ...

OPB Finance Trust is latest pension fund to issue debt

Tue, 21 May 2013 17:53:00 -0400

Less than a dozen years back, pension funds weren't in the habit of raising long-term capital by issuing bonds on a private placement basis. But that changed in late 2001, when Ontrea Inc., a wholly owned real estate subsidiary of The Ontario Teachers’ Pension Plan Board, raised $600-million of 10-year debt at 5.70%. That AAA-rated issue was a hot commodity, so hot that a road show ...

Stocks turn higher after reassuring words from Fed official Home Depot gains after earnings

Tue, 21 May 2013 17:51:48 -0400

NEW YORK, N.Y. - Stocks are closing higher on Wall Street as investors bank on continued support from the Federal Reserve. The Dow Jones industrial average rose 52 points to close at 15,387 Tuesday, an increase of 0.3 per cent. The Standard & Poor's 500 index rose three points to 1,669, or 0.2 per cent. The Nasdaq composite rise five to 3,502, or 0.2 per cent. Stock indexes wobbled ...

Video Microsoft announces Xbox One

Tue, 21 May 2013 17:51:41 -0400

NASA's GOES-13 satellite captured images of the storm system that sparked tornadoes in the middle of the country. The video includes images of the twister left dozens of people dead in Moore, ...

Watch Apple CEO We Pay All the Taxes We Owe

Tue, 21 May 2013 17:49:00 -0400

I am not an unfair person. That's not who we yours accompany Apple's chief executive Timothy Cook this morning. Defending the global technology powerhouse from accusations -- -- tens of billions of dollars from US tax collectors. Apple CEO was adamant it's the tax code that needs fixing and not what he called. Apple sensible corporate behavior we pay all the taxes we -- Every ...

Nutella Crisis Averted as Maker Caves

Tue, 21 May 2013 17:48:59 -0400

Fans of Nutella can once again breathe easy--at least the ones not allergic to nuts. Great had been their disbelief in recent days, following the announcement by Sara Rosso, founder of World Nutella Day and foremost amateur champion of the peanut butter-like hazlenut spread, that she would be cancelling her annual February 5 event and taking down her nut-worshiping website. These steps, she ...

JPMorgans CEO Keeps Dual Role

Tue, 21 May 2013 17:48:59 -0400

Jamie Dimon, chairman and CEO of JPMorgan Chase, left, and an unidentified man leave the company's annual shareholders meeting in Tampa, Fla., May 21, ...

IMF to urge Britain to dump shares in Lloyds and RBS

Tue, 21 May 2013 17:48:41 -0400

International Monetary Fund (IMF) is set to tell the British government to dump its stakes in Royal Bank of Scotland and Lloyds following their bail-out during the financial crisis, The Times reported on Tuesday. An IMF report on the state of the ...

Carlos Slim to sell stake in Philip Morris Mexico

Tue, 21 May 2013 17:48:40 -0400

Grupo Carso company is selling its stake in Philip Morris's Mexico unit to the US tobacco giant for $700 million, the firms said Tuesday. Grupo Carso holds a 20 percent stake in Philip Morris Mexico (PMM) and the companies expect to complete the transaction by September 30, ending a three-decade partnership between Slim and the maker of Marlboro cigarettes. Philip Morris holds almost ...

US stocks rise ahead of Bernanke testimony

Tue, 21 May 2013 17:31:17 -0400

US stocks have closed higher after a strong earnings report from Home Depot and as the market anticipates Wednesday's testimony in Congress by Federal Reserve Chairman Ben Bernanke. The Dow Jones Industrial Average finished up 52.30 (0.34 per cent) at 15,387.58 on Tuesday. The broad-based S&P 500 added 2.87 (0.17 per cent) at 1,669.16, while the tech-rich Nasdaq Composite Index increased 5.69 ...

You don’t need an Xbox to appreciate Microsoft

Tue, 21 May 2013 17:11:49 -0400

tweaking its Windows 8 operating system in response to a poor reception following its launch in October, you could almost hear the collective one-word response from investors who have avoided Microsoft shares: typical.But while the technology company continues to stumble with many of its new products, its share price has been dazzling this year. It has risen more than 30 per cent in 2013, to its ...

How the Dow Jones industrial average and other major indexes fared Tuesday

Tue, 21 May 2013 17:09:46 -0400

Stocks indexes hit new highs on Wall Street as investors bank on continued support from the Federal Reserve. Indexes wobbled between gains and losses in early trading, then took a turn higher after James Bullard, head of the Fed's St. Louis branch, said the Fed should keep buying bonds to support the economic recovery. The Dow Jones industrial average rose 52.30 points, or 0.3 percent, to ...

Mothers drive family tech boom

Tue, 21 May 2013 17:09:45 -0400

By Heather Somerville o San Jose Mercury News At the place where motherhood meets entrepreneur and play dates collide with iPads, a new market for parent- and kid-friendly technology is exploding. Family tech -- Web services and applications for parents and kids -- is a new market driven largely by mothers creating technology to solve problems that have plagued parents for decades, such as how ...

Expect Microsoft’s Xbox One This Holiday Season

Tue, 21 May 2013 17:08:27 -0400

Microsoft is going out on top. After eight years, the Xbox 360 - which is currently the top selling video game system for the 28th consecutive month according to retail tracking firm NPD Group -is ...

Teenagers flocking to Twitter because too many adults on Facebook study

Tue, 21 May 2013 17:06:54 -0400

WASHINGTON - Twitter is booming as a social media destination for teenagers who complain about too many adults and too much drama on Facebook, according to a new study published Tuesday about online behavior. It said teens are sharing more personal information about themselves even as they try to protect their online reputations.Teens told researchers there were too many adults on Facebook and ...

Saks picks Sachs for possible sale

Tue, 21 May 2013 17:06:54 -0400

EXCLUSIVE Saks Inc., the owner of Saks Fifth Avenue, has hired Goldman Sachs to explore strategic alternatives including a possible sale of the company, The Post has learned.The New York luxury chain - whose Fifth Avenue flagship in Manhattan alone is believed to be worth more than $1 billion - tapped Goldman in recent weeks, according to a source briefed on the situation.Likely bidders include ...

After Hours Saks shares jump on report of possible sale

Tue, 21 May 2013 17:05:10 -0400

SAN FRANCISCO (MarketWatch) -- Saks Inc. shares jumped in heavy volume late Tuesday following a report that the upscale luxury retailer has hired advisers for a possible ...

Earnings Watch Updates advisories and surprises

Tue, 21 May 2013 17:05:09 -0400

-1.51% said Tuesday afternoon that it plans to lay off about 900 of its workers in a cost-cutting move. The announcement was made, which saw earnings slip on a slight increase in revenues. NetApp shares were up 2.1% in after-hours trades on Tuesday following the report. The company also projected a revenue range of $1.48 billion to $1.58 billion for the current quarter, slightly below Wall ...

Microsofts New Xbox One Offers More

Tue, 21 May 2013 17:01:55 -0400

With Microsoft's new Xbox, the next time you yell at your TV it will actually be able to respond. The Xbox One, which the software giant unveiled Tuesday, is a next-generation console that aspires to be more than just a plaything. Not only will Xbox One let users to watch live TV, rent a movie, listen to music and play games, viewers can use their voice and gestures to control the ...

Xbox One Home Entertainment System Unveiled by Microsoft

Tue, 21 May 2013 17:01:53 -0400

Microsoft Corp. unveiled its new Xbox One, an all-in-one gaming and home entertainment system at its headquarters in Redmond, Wash. Tuesday morning Turning on the device with the phrase "Xbox on," executives said they emphasized simplicity in the new device that puts ...

Fiat Industrial seeks UK tax move

Tue, 21 May 2013 17:00:56 -0400

Fiat Industrial paid EUR536m in Italian corporate taxes plus EUR28m in regional taxes in 2012, leaving it with a net profit of EUR921m. Photograph: ...

Bankers bonuses European watchdog says many more staff will face curbs

Tue, 21 May 2013 17:00:54 -0400

Proposals to clamp down on bankers' pay by limiting bonuses to 100% of salary will capture many more staff than are covered by current pay codes, a top banking regulator has said as it publishes proposals on how to implement the European Union's bonus ...

Microsoft Reveals The Xbox One

Tue, 21 May 2013 16:59:57 -0400

Microsoft promises the Xbox One will be more than just a game console, but a "living room" with a TV tuner and cable box. Users will be able to switch between watching TV and gaming instantly through the Kinect ...

Britvic Prepares To Call Time At Barr

Tue, 21 May 2013 16:49:41 -0400

Britvic, the soft drinks producer behind Robinson's squashes, will on Wednesday outline plans for tens of millions of pounds in annual cost savings amid growing doubts about its proposed merger with rival AG Barr. People close to Britvic said its new chief executive, Simon Litherland, would present a revised strategy for the company that was not predicated on the £1.4bn tie-up with ...

Windows role at the core of Microsofts Xbox One

Tue, 21 May 2013 16:47:54 -0400

(Credit: Credit: James Martin/CNET) Microsoft's Xbox One home-entertainment console has three operating systems at its core, company officials said during the Tuesday unveiling of the device. Why three? Marc Whitten, Microsoft's chief production officer of its Interactive Entertainment Business, explained during the hour-long reveal event in Redmond, that there'd be ...

The new consoles from Microsoft Nintendo and Sony

Tue, 21 May 2013 16:46:57 -0400

NEW YORK (AP) -- Microsoft is the last of the three big video game console makers to unveil its latest gaming system. Tuesday's unveiling comes nearly eight years after the Xbox 360 went on sale. It follows last fall's debut of Nintendo's Wii U and a preview in February of the upcoming PlayStation 4 from ...

Gap willing to sign Bangladesh safety accord if tweaked

Tue, 21 May 2013 16:45:12 -0400

GPS.N ) chairman and CEO said on Tuesday the U.S. retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh's garment industry, provided there were some "very minor ...

Wall Street watchdog to review broker bonus disclosure plan in July

Tue, 21 May 2013 16:45:11 -0400

WASHINGTON (Reuters) - Wall Street's watchdog will present a plan to its board in July that would require brokers to tell certain clients about compensation they receive when they switch firms, the regulator's chief said on ...

Sony to assess spin-off proposal for entertainment business Nikkei

Tue, 21 May 2013 16:45:11 -0400

(Reuters) - Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei ...

NetApp earnings slip but in line with estimates

Tue, 21 May 2013 16:43:22 -0400

SAN FRANCISCO (MarketWatch) -- NetApp Inc. reported a decline in net income for its fourth fiscal quarter on Tuesday afternoon, coming largely in line with Wall Street's expectations. For the period ended April 26, ...

Enron no lesson to traders as EU probes oil-price manipulation

Tue, 21 May 2013 16:41:12 -0400

Royal Dutch Shell Plc Chief Executive Officer Peter Voser said it's too early to speculate about the European oil-price fixing probe and the company is committed to the "highest standard of corporate behavior." "Since the investigation has just commenced it would be inappropriate to speculate about the outcome," Voser told shareholders at the company's annual ...

US STOCKS-Dow SP end at records on Fed officials reassurance

Tue, 21 May 2013 16:38:00 -0400

Tue May 21, 2013 4:38pm EDT * Fed's Dudley ties bond buying to impact of U.S. fiscal policy * Home Depot raises outlook, shares hit record intraday high * Goldman Sachs sees S&P 500 at 1,750 by year-end * Dow up 0.3 pct, S&P 500 up 0.2 pct, Nasdaq up 0.2 pct By Angela Moon NEW YORK, May 21 (Reuters) - U.S. stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as ...

Our sky-high gas prices expected to last until June

Tue, 21 May 2013 15:58:00 -0400

Heading into the Memorial Day weekend, Minnesota motorists are paying the highest prices ever for gasoline. The rapid run-up in prices in the past week - to a statewide average of $4.28 per gallon Monday - tops the 2008 record of just under $4 per gallon, according to AAA data. Minnesota now has the highest-priced gasoline in the lower 48 states, followed by North Dakota. The Upper ...

Foreclosures defaults up in April

Tue, 21 May 2013 15:57:20 -0400

San Diego foreclosures and mortgage defaults rose in April, but those numbers remain lower than normal in light of an improving economy and rising home prices, suggests a report from real estate tracker DataQuick on ...

Brown Deer Village Board approves Wal-Mart financials

Tue, 21 May 2013 15:51:28 -0400

May 21, 2013 2:41 p.m. | Brown Deer - Trustees on Monday approved the financial dealings underlying the sale of the vacant Lowe's building on Brown Deer Road to Wal-Mart, but not before altering the agreements to grant themselves more power to regulate the retailer. Trustee Andrea Weddle-Henning was the lone Village Board member to vote against the financial deals that allow Lowe's to ...

Wall St gains on Fed stimulus talk

Tue, 21 May 2013 15:49:33 -0400

Wall Street gained, touching records, after Federal Reserve Bank of St. Louis President James Bullard said the central bank should maintain its current bond-buying program to help bolster growth. In a speech in Frankfurt, Germany, Bullard recommended the Fed "continue with the present quantitative easing program, adjusting the rate of purchases appropriately in view of incoming ...

Microsoft Stumbles Through Xbox One Announcement

Tue, 21 May 2013 15:48:04 -0400

my live coverage of the Xbox One reveal, an event that was half as long as most thought it would be, and one hour longer than it should have been. Meaning, this shouldn't have been an event in the first place. The Xbox One announcement was an hour long, though really only 45 minutes if you don't count the 25% of the presentation devoted solely to being a singular ad for the (non-Xbox ...

Microsoft unveils new generation XBox

Tue, 21 May 2013 15:46:15 -0400

ATTEMPTING to replace all your living room devices with a single unit, Microsoft has launched its new gaming console, the Xbox One, at Microsoft HQ in Seattle. The successor to the hugely successful Xbox 360, the Xbox One was unveiled to an audience of a few hundred journalists by Microsoft's president of interactive business Don Mattrick, who outlined the company's plans to take over ...

Americans Turn Against Web Providers

Tue, 21 May 2013 15:45:54 -0400

Americans are not big fans of their cable TV service or their cell phone service. But they really hate their internet service provider, according to a survey released on Tuesday. The new American Customer Service Index (ACSI) report on the information sector should be a wake-up call for the nation's ISP industry. It scored only 65 out of 100 in the annual survey, the lowest score for any of ...

Microsoft Unveils Latest Xbox

Tue, 21 May 2013 15:45:54 -0400

Microsoft unveiled its long-anticipated next generation Xbox, called the "Xbox One," a device that allows users to switch more easily between entertainment options. The company also said Tuesday it is partnering with game makers to produce 15 exclusive games on the console. At the tech giant's Redmond, Wash., headquarters, interactive entertainment business president Don Mattrick ...

What to Expect from Retail Earnings

Tue, 21 May 2013 15:45:53 -0400

Even though more than 90 percent of the S&P 500 have already reported earnings, this week remains a key week for retail with 24 retailers, 12 of which are S&P 500 ...

Best Buy CEO Turnaround Within His Control

Tue, 21 May 2013 15:45:52 -0400

This year will be a transition year as the electronics retailer begins to execute its "renew blue" initiatives. While its first-quarter results are not entirely positive, as the nearly 5 percent decline in its stock price suggests, there are early positive signs that the moves are beginning to resonate with consumers. Online comparable sales in the U.S. are up 16.3 percent for the ...

Microsoft debuts Xbox One

Tue, 21 May 2013 15:43:51 -0400

The Xbox 360 has been around since 2005 and, despite retaining its popularity, the console grows long in the tooth. That changestoday, as Microsoftannounces a new generation of its stealth living room takeover device. Speculation around what was coming has been growing for sometime and reached a crescendo when the company ...

Wall Street stocks gain

Tue, 21 May 2013 15:42:03 -0400

Source: Reuters US stocks have gained today, after Home Depot raised its profit outlook and JPMorgan's chief executive won a vote of confidence from shareholders. Shares of the two companies helped lift the blue-chip Dow as the broader market picked up steam in the early afternoon, sending indexes to fresh intraday records. Comments from a top Federal Reserve official also boosted the ...

10 killer new features of Microsofts Xbox One

Tue, 21 May 2013 15:38:55 -0400

Xbox game console Tuesday, touting a device it claims will revolutionize the experience of using your television. Eight years after the launch of the Xbox 360, which is currently the best-selling games machine in the U.S., Microsoft finds itself the last of the three big game-makers to show off new hardware. The device is due out later this year. No price was announced. Here's a closer ...

Microsoft unveils Xbox One

Tue, 21 May 2013 15:38:54 -0400

From a hardware standpoint, while everything is more powerful, little is radically different from the Xbox 360. Similar to Sony's PlayStation 4, the Xbox One has a custom-built 8-core CPU, with 8 gigabytes of RAM, a 500 gigabyte hard drive, USB 3.0, 802.11n Wi-Fi, and a Blu-ray ...

Apples Tim Cook is Wall Street hero for a day

Tue, 21 May 2013 15:38:50 -0400

AAPL ) for its creative tax policies, investors were cheering on CEO Tim Cook as he defended the company and pushed Congress to overhaul the tax code. The general consensus among traders on StockTwits was that Cook looked like a capable leader compared with the elected officials doing the ...

The ultimate all-in-one home entertainment system Microsoft finally unveils its Xbox ONE console

Tue, 21 May 2013 15:35:40 -0400

Don Mattrick, the software giant's president of Interactive Entertainment, told an audience of gaming journalists at Microsoft HQ in Redmond, Washington, that the new Xbox ONE was not simply a games console, but "The ultimate all-in-one home entertainment ...

Exclusive EU says Chinese FTA possible but wants market opening

Tue, 21 May 2013 15:32:01 -0400

BRUSSELS (Reuters) - The European Union is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters on Tuesday ...

Analysis U.S. food labels seen heating up North America meat war

Tue, 21 May 2013 15:32:00 -0400

Clayton Colliou, a meat cutter at Bon Ton Meat Market, cuts choice cuts of Alberta beef in Calgary, Alberta in this October 3, 2012 file ...

U.S. court studies wiretaps in ex-Goldman directors insider case

Tue, 21 May 2013 15:32:00 -0400

Defense lawyer Seth Waxman told the 2nd U.S. Circuit Court of Appeals in New York that wiretaps played for the jury were inadmissible because they amounted to hearsay ...

Microsoft reveals Xbox One game console

Tue, 21 May 2013 15:30:11 -0400

SAN FRANCISCO (MarketWatch) -- Microsoft Corp. unveiled a new videogame console called the Xbox One on Tuesday, though the company took great pains to tout the device as an "ultimate, all-in-one home entertainment ...

Wal-Mart Costco And Other Merchants Push Back Against Swipe-Fee Settlement

Tue, 21 May 2013 15:29:07 -0400

A group of 19 large retailers including Wal-Mart Stores Inc. (WMT), Costco Wholesale Corp. (COST) and Starbucks Corp. (SBUX) are opting out of a pending class-action settlement with Visa Inc. (V) and MasterCard Inc. (MA), potentially setting the stage for more battles over transaction-processing fees.The merchants say the pending deal, reached last summer, won't stop so-called swipe fees ...

Citigroup Ordered to Pay Investors $1 Million Related to Auction Rate Securities

Tue, 21 May 2013 15:29:06 -0400

An arbitration panel has ordered Citigroup Global Markets Inc. to pay more than $1 million to two Texas corporations that claimed the brokerage kept them in auction rate securities when it knew the market was in trouble.Texas PGI and Paragon Reserve accused the subsidiary of Citigroup Inc. of breach of fiduciary duty, among other charges, in their claim made through the Financial Industry ...

Apples Cook says company doesnt use tax gimmicks

Tue, 21 May 2013 15:26:36 -0400

AAPL ) CEO Tim Cook, the Senate's bark was far worse than its bite. Cook, testifying on Capitol Hill a day after a congressional panel released a scathing ...

ESPN thinning workforce to cut costs

Tue, 21 May 2013 15:26:35 -0400

DIS ) division to reduce staff. "We are implementing changes across the company to enhance our continued growth while smartly managing costs," the sports media giant said in a statement Tuesday. "While difficult, we are confident that it will make us more competitive, innovative and productive." The company would not say how many jobs are being eliminated, but they include ...

Analysts like Best Buys focus but shares down after earnings

Tue, 21 May 2013 15:21:09 -0400

The soap opera is over, but the reconstruction continues at Best Buy. The Richfield-based electronics chain is still in the midst of reinventing itself, which was clear from every element of its first-quarter results released Tuesday, May 21. It lost money, mostly because of restructuring costs. Revenue was down, mostly because of divisions being closed or sold, especially in Europe. It ...

EU leaders look to end Apple-style tax avoidance schemes

Tue, 21 May 2013 14:46:23 -0400

Reuters © Men are silhouetted against a video screen with an Apple logo as they pose with an Apple iPhone 4 smartphone in this photo illustration taken in the central Bosnian town of Zenica, May 17, 2013. REUTERS/Dado ...

Microsoft touts Xbox One as all-in-1 entertainment

Tue, 21 May 2013 14:43:53 -0400

Microsoft Corp.'s Don Mattrick unveils the next-generation Xbox entertainment and gaming console system, Tuesday, May 21, 2013, at an event in Redmond, Wash.I t's been eight years since the launch of the Xbox 360. The original Xbox debuted in 2001, and its high-definition successor premiered in 2005. (AP Photo/Ted S. ...

Horsman joins Torrey Pines Bank

Tue, 21 May 2013 14:43:51 -0400

A long-time San Diego banker, Horsman was previously Chief Executive of San Diego National Bank. In 2009, San Diego National was taken over by federal regulators and sold to U.S. ...

San Diegos Cubic to train foreign military

Tue, 21 May 2013 14:43:50 -0400

Cubic Simulation Systems division, based in Orlando, Fla., uses digital video projectors, high-definition screens and game-based computer graphics for marksmanship and other ...

2 guilty in SDSU mini-dorm case

Tue, 21 May 2013 14:43:47 -0400

A real estate broker and a property owner have been sentenced for violating a city of San Diego ordinance that cracks down on mini-dorms, privately owned homes that are rented out to college students. The recent case sheds light again on a long-standing issue around the San Diego State University ...

Shell suffers embarrassing shareholder rebellion over executive pay

Tue, 21 May 2013 14:34:50 -0400

Peter Voser, chief executive of Shell, was awarded a 2.8m bonus after a year in which the company lost 1.05bn. Photograph: Ben Stansall/AFP/Getty ...

Just because Royal Mail is in a fit state to be sold doesnt mean it should be | Nils Pratley

Tue, 21 May 2013 14:34:31 -0400

Royal Mail 's full-year profit numbers were intended to be read as the first draft of a flotation prospectus. Chief executive Moya Greene was in full warm-up mode. "Our strategy is delivering," she declared, as operating profits rose from 152m to 403m.In business terms, her claim is fair. Royal Mail is quite clearly in a fit state to be sold, if the government really is committed ...

Bumper SSE results expected to provoke consumer outrage

Tue, 21 May 2013 14:34:30 -0400

Accusations that the big energy firms are profiteering at the expense of UK households will be centre stage again on Wednesday if Scottish & Southern Energy, as expected, reveals bumper profits for a second year running.Analysts are predicting the Perth-based company, which supplies 9.6m households with gas and electricity, could announce profits as high as 1.4bn for the last 12 months - a 5% ...

Jamie Dimon Crushes Critics

Tue, 21 May 2013 14:31:12 -0400

JPMorgan Chase Chairman and CEO Jamie Dimon on Tuesday won a crucial shareholder vote rejecting a proposal to strip him of his chairman title, a big victory for the brash leader of the country's largest ...

Feds Dudley Tapering Tied to Economy

Tue, 21 May 2013 14:31:11 -0400

bond buying program , New York Fed President William Dudley said he cannot be sure whether policymakers will next lower or increase the amount of purchases, because of the "uncertain" economic outlook. "But at some point, I expect to see sufficient evidence to make me more confident about the prospect for substantial improvement in the labor market outlook," Dudley said in ...

Families Need $58000 to Get By Poll

Tue, 21 May 2013 14:31:10 -0400

Americans think that a family of four would need to bring in a minimum of $58,000 a year, on average, just to get by in their community, a new Gallup survey finds. That's more than double the 2012 poverty threshold for a family of four, which was around $24,000 a year, according to the latest data from the U.S. Census Bureau. The results are not far off from what Americans told Gallup when ...

Home Depot earnings beat expectations

Tue, 21 May 2013 14:26:03 -0400

Annual revenue expected to be $76.98 billion ATLANTA (AP) -- Even though the weather was poor, Home Depot posted an 18% increase in its net income for the first quarter thanks to the ongoing housing recovery.Its quarterly results topped Wall Street's view and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday.Shares were up more than ...

UPDATE 3-Microsoft unveils Xbox One with Spielberg Activision tie-up

Tue, 21 May 2013 14:23:48 -0400

Tue May 21, 2013 3:21pm EDT By Bill Rigby and Malathi Nayak REDMOND, Wash. May 21 (Reuters) - Microsoft Corp gave the world a first look at its new Xbox One on Tuesday, announcing that its first gaming console in eight years will come with exclusive video and software content, including a "Halo" series produced by Steven Spielberg. The Xbox One, which will be available later this year at ...

Buckley Shortlisted For Top Smiths Job

Tue, 21 May 2013 14:22:54 -0400

Sir George Buckley, one of Britain's most seasoned industrialists, has been shortlisted for the top boardroom job at Smiths Group, the FTSE-100 engineering and technology group. I understand that Sir George, who stepped down last year from the helm of 3M, the conglomerate behind Post-It notes, is in talks about taking on the job later this year. He is understood to be one of several ...

Microsoft adds Skype live TV to Xbox One

Tue, 21 May 2013 14:20:31 -0400

Xbox One. The company is positioning the new Xbox as an all-in-one entertainment system for the home. Along with gaming, which Microsoft has only briefly addressed, the system also will allow users to watch live TV, make group video calls on the TV via Skype, and search the Web. "This is the beginning of truly intelligent TV," Yusuf Mehdi, corporate vice president of marketing, ...

Microsoft Xbox launch event live blog

Tue, 21 May 2013 14:18:48 -0400

Microsoft offers a glimpse Tuesday at a new-generation Xbox as videogame consoles evolve into home entertainment centres and adapt to competition from smartphones and tablets.A tented stage has been set up at the technology giant's headquarters in the city of Redmond in Washington State for an "Xbox Reveal" event to play out just weeks before a major annual E3 videogame conference ...

Microsoft Google Refused to Work With Us on Our YouTube App

Tue, 21 May 2013 14:18:30 -0400

is a crowd-sourced digital magazine made in just 48 hours, chronicling how our conversations with our things are thoroughly changing our world. Learn more ...

Herbalife hires PwC as new auditor shares up

Tue, 21 May 2013 14:17:31 -0400

They had risen 10.7 percent on Monday. S&P Capital IQ analyst Tom Graves had said on Monday that the stock was likely moving due to hopes that Herbalife was close to naming a new auditor and possible purchases by short-sellers buying back shares to cover their negative bets. Graves stood by his "hold" rating on the stock on ...

Exclusive Chinese supplier VL Automotive bid for Fisker - sources

Tue, 21 May 2013 14:17:26 -0400

The logo of an extended rage electric vehicle Fisker Karma is pictured at the start of an electric car rally from Tallinn to Monte-Carlo in Tallinn June 1, ...

Senate panel peels back Apples offshore taxes

Tue, 21 May 2013 14:17:26 -0400

1 of 7. Apple CEO Tim Cook (C), CFO Peter Oppenheimer (L) and Apple Head of tax operations Philip Bullock appear before a Senate homeland security and governmental affairs investigations subcommittee hearing on offshore profit shifting and the U.S. tax code, on Capitol Hill in Washington, May 21, ...

Welcome to the new Wall Street where back-office work trumps backslapping

Tue, 21 May 2013 14:17:07 -0400

$17 billion bond, it eschewed Wall Street's traditional tactics. Instead of flying well-groomed bankers to Cupertino, Calif., to charm Apple's top executives with PowerPoint presentations, Deutsche relied on iTunes. The German bank has handled the back-office work for Apple's online store in recent years, according to people familiar with the ...

Walt Disney Co.s ESPN says it is cutting staff

Tue, 21 May 2013 14:15:04 -0400

Walt Disney Co. Earlier this year, Disney trimmed jobs in its movie and consumer products divisions. It also made cuts in its video game unit and shut down LucasArts. Cuts at ESPN are rare. The sports cable empire is known for having deep pockets and continues to spend heavily for sports rights. Just last week ESPN struck a deal with the United States Tennis Assn. for all the rights to ...

Pre-earnings bullish bets on Saks pay off as retailer rallies

Tue, 21 May 2013 14:14:56 -0400

SKS - Saks, Inc. - High-end retailer, Saks, Inc., popped up on our 'hot by options volume' market scanner this morning on heavier than usual trading traffic in upside calls. Shares in Saks are up 10% on Tuesday morning at a new 52-week high of $13.54 after the company posted first-quarter earnings in line with analyst expectations on higher-than-expected quarterly revenue. Shares in ...

Resolution to Split Chairman CEO at J.P. Morgan Fails

Tue, 21 May 2013 14:14:31 -0400

J.P. Morgan Chase & Co. (JPM) boss James Dimon strengthened his grip over the nation's largest bank as shareholders voted overwhelmingly against a proposal to split the chairman and chief executive roles that he's held since 2006.Roughly 68% of votes cast rejected the nonbinding recommendation that Mr. Dimon's jobs be separated, up from the 60% a similar resolution garnered ...

Loonie overvalued by as much as 10 warns BMO chief economist

Tue, 21 May 2013 14:13:09 -0400

What's in store for the loonie with Poloz steering central bank ship? There is also no urgency for the Bank of Canada to raise interest rates, Porter said, adding there is a case for the country's central bank to drop its tightening bias because the housing market has cooled. The highest inflation-adjusted yields on Canadian government bonds in almost three months suggest that ...

Jaime Dimon retains chairman and CEO roles

Tue, 21 May 2013 14:11:54 -0400

JPM ) shareholders Tuesday defeated a campaign to split the bank's CEO and chairman roles, a division of labor that Jaime Dimon, its chief, had voiced objections to. The rejection of the proposal amounted to a vote of confidence for the executive, whose dual roles had come under scrutiny after the bank's huge "London whale" trading loss. In early afternoon trading, JP Morgan ...

Nostalgic Coca-Cola mural uncovered in Durham

Tue, 21 May 2013 14:10:49 -0400

Durham has a not-exactly-new addition - a recently uncovered Coca-Cola mural on East Main Street. A team of workers, armed with fingernail files, have been delicately chipping away plaster for years, and their work is almost complete. The owner of the three-story building initially discovered the mural while stripping plaster off of the walls during the building's renovation. The image is ...

EA Microsoft ink “strategic partnership” for Xbox One

Tue, 21 May 2013 14:09:30 -0400

Microsoft and EA unveiled a "new, broad, strategic partnership," at the Xbox One announcement today. EA Executive Vice President Andrew Wilson was on hand to show four ...

European stocks close higher London beats 13-year peak

Tue, 21 May 2013 14:08:43 -0400

LONDON (AFP) - Europe's main stock markets closed on an upbeat note on Tuesday as London recorded a new 13-year high amid stimulus policies from top world central banks and a barrage of company results, dealers said.Eyes were also on Fed chairman Ben Bernanke's testimony to Congress on Wednesday on the US economic outlook."Global equity markets have held their levels this morning, ...

US STOCKS-Wall Street advances as Home Depot JPMorgan buoy Dow

Tue, 21 May 2013 14:07:18 -0400

Tue May 21, 2013 2:07pm EDT * Home Depot raises outlook, shares hit record intraday high * Goldman Sachs sees S&P 500 at 1,750 by year-end * JPMorgan shares hit highest since February 2001 * Dow up 0.4 pct, S&P 500 up 0.3 pct, Nasdaq up 0.3 pct By Leah Schnurr NEW YORK, May 21 (Reuters) - U.S. stocks gained on Tuesday after Home Depot raised its profit outlook, while JPMorgan rose after its chief ...

JPMorgans Dimon survives shareholder referendum

Tue, 21 May 2013 13:27:04 -0400

Shareholders at JPMorgan Chase will let Jamie Dimon, the chairman and CEO, keep both his jobs.At the bank's annual meeting, 32 percent of shareholders voted for a measure that would have required the bank to split the roles. Had the measure succeeded, Dimon would have had to relinquish the role of chairman.Shareholder groups lobbying for the split gained momentum from last year's ...

Price of oil eases ahead of release of Fed minutes Bernanke testimony

Tue, 21 May 2013 13:26:18 -0400

NEW YORK - The price of oil fell Tuesday as investors waited for the Federal Reserve's latest views on the U.S. economy. Benchmark crude for June delivery was down 47 cents to $96.24 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, Fed chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy ...

Apple avoiding billions in taxes senators

Tue, 21 May 2013 13:23:34 -0400

Apple CEO Tim Cook (C), CFO Peter Oppenheimer (L) and Apple Head of tax operations Philip Bullock are sworn in to testify at a Senate investigations subcommittee on offshore profit shifting and the U.S. tax ...

Energy Stocks Energy stocks stretch winning streak to second day

Tue, 21 May 2013 13:21:19 -0400

SAN FRANCISCO (MarketWatch) -- Energy stocks edged higher on Tuesday, extending a wining streak to a second day as the broader U.S. equity market was more ...

Wall Street drifts near record

Tue, 21 May 2013 13:18:25 -0400

New York - US stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on ...

Interflora wins trademark case against Marks Spencer

Tue, 21 May 2013 13:16:18 -0400

Interflora ruling could lead to more cases brought by businesses where rivals' adverts appear above their links on Google. Photograph David Levene for the ...

Vodafone delays 4G superfast mobile internet launch until September

Tue, 21 May 2013 13:16:17 -0400

Apple's iPhone 5 works on EE's 4G network - but does not run on the frequencies Vodafone and O2 are planning to use. Photograph: Peter Macdiarmid/Getty ...

FTSE 100 closes within 130 points of record high but Carnival misses out on rally

Tue, 21 May 2013 13:16:16 -0400

Leading shares came within 130 points of their all time peak, following a revival in mining shares and a number of positive company updates, but cruise ...

Video Live Stream Microsoft Xbox Event

Tue, 21 May 2013 13:15:05 -0400

Microsoft launches its next-generation video game console on May 21st a special event on their corporate campus in Redmond, Washington called "Xbox: A New Generation Revealed." The new console -currently codenamed "Durango," but perhaps they'll call it the Xbox 720?- will help usher in the next generation of video game hardware, and ramp up the war for gamer dollars ...

Real-Time Analysis Of Microsofts Xbox One Press Conference

Tue, 21 May 2013 13:15:02 -0400

a few months ago . I'll be writing about the event live which you can follow along with below once the event itself is underway. You can watch a livestream of the Xbox announcement ...

Microsoft reveals Xbox 720

Tue, 21 May 2013 13:13:14 -0400

You’d never guess that the video game business has slowed from the Microsoft campus, where the companyis unveiling itsnew Xbox in a high-voltageevent designed to build anticipation for theconsole’s release this fall. Unlike previous versions of the console that initially targeted game enthusiasts, the new version is designed from the start to be botha game and entertainment system ...

Mayer Tumblr Will Stay Independent

Tue, 21 May 2013 13:12:56 -0400

This is part of enhancing our growth story, said Marissa Mayer, CEO of Yahoo! on why her company acquired blogger website Tumblr for $1.1 billion. And, David Karp, CEO of Tumblr, explains how this "mission" provides an opportunity to serve "an incredibly creative ...

ECB Should Follow US Feds Bullard

Tue, 21 May 2013 13:12:56 -0400

St. Louis Federal Reserve Bank President James Bullard, a voting member of the Fed's policy-setting committee, also said the U.S. central bank should keep buying bonds, while adjusting the pace of purchases up or down based on incoming economic data. ...

Fannie Mae Zombie Stock Turns Cash Cow

Tue, 21 May 2013 13:12:56 -0400

When a company reports a quarterly profit of over $50 billion, it makes sense that investors would rush in to buy that company's stock. That is just what happened when mortgage giant Fannie Mae reported a record net income of just over $58 billion for the first quarter. The company's stock ...

Economists Twitter Bet Over UK Inflation

Tue, 21 May 2013 13:12:55 -0400

It's a debate that has played out countless times on CNBC. An inflation hawk argues that central bank money printing will end badly with hyperinflation; the dove pours cold water on the thesis, pointing out that there is still plenty of slack in developed world economies.Now two economists have decided to put their money where their mouth is. Andrew Lilico, an economist with Europe ...

Its Back Shadow Banking Back in Vogue

Tue, 21 May 2013 13:12:55 -0400

What Warren Buffett once called "financial weapons of mass destruction" are firing again, with securitization and shadow banking at post-financial crisis highs. The twin powers of bank funding that helped propel the nation into turmoil have regained ground swiftly, and analysts say it's both a challenge for regulators and a sign that the economy is recovering. Securitization, or ...

Tesla Set to Repay DOE Loans

Tue, 21 May 2013 13:12:54 -0400

Tesla Motors CEO expects to use the potentially $1 billion windfall from a new stock offering to both pay off the maker's $465 million in Department of Energy loans--and to help fund additional products needed to help the California battery-car maker ...

Killer Tornado Scenes From Oklahoma

Tue, 21 May 2013 13:12:54 -0400

Monster. That's what they're calling the tornado that barreled through the Oklahoma City area on a spring afternoon Monday, flinging houses and cars into the air, demolishing a school and flattening neighborhoods during a 40-minute romp on the ground. Scores were killed and injured, and rescuers searched desperately for survivors, including children at the devastated Plaza Towers ...

Baucus Vows Crackdown on IRS Targeting

Tue, 21 May 2013 13:12:53 -0400

A leading Senate Democrat says the Internal Revenue Service's targeting of conservative groups was intolerable, and he is promising to get to the bottom of how it happened. Senate Finance Committee Chairman Max Baucus made his remark Tuesday as his panel began Congress' second hearing on the extra scrutiny the IRS gave tea party and other conservative groups seeking tax-exempt status. ...

Sprint Sweetens Clearwire Buyout Offer

Tue, 21 May 2013 13:12:53 -0400

Sprint Nextel raised its buyout offer for wireless service provider Clearwire to $3.40 per share, though some investors and analysts said the new bid was still not enough to overcome staunch ...

Watch Microsofts next-gen Xbox announcement live HERE

Tue, 21 May 2013 13:11:08 -0400

Microsoft is set to take the wraps off the next generation of its Xbox games, TV and entertainment console at a special event held at the Microsoft Xbox campus. But don't worry, you won't need to rush there and bribe your way in (you left it too late anyway, the fun starts at 10AM Pacific Time) as we'll be streaming it live right here. It will be interesting to see what Microsoft ...

Microsoft baits PhoneGap developers with Surface Pro and Windows Phone 8 devices

Tue, 21 May 2013 13:11:07 -0400

Despite what some folks would lead you to believe, sheer numbers are actually meaningless when it comes to app stores. That's just a marketing ploy. It's the quality that matters and not the quantity. After all, if you can't get the software that you need, does it really matter if there are 100,000 more apps out there? I'm inclined to believe that the answer is a resounding ...

Wall Street Journal Supports Ridiculous Idea For Keeping Obama’s Judges Off The Bench

Tue, 21 May 2013 13:10:19 -0400

ridiculous idea of reducing the number of judges in the D.C. Circuit. Sen. Grassley is the ranking Republican on the Senate Judiciary Committee and introduced legislation proposing this move. While it would add one seat each to the ...

Microsoft unveiling new Xbox

Tue, 21 May 2013 13:04:58 -0400

Microsoft is set to reveal the next generation of its Xbox entertainment console during a presentation today at its headquarters in Redmond, Washington at 10 a.m. PT. Tuesday's event will give Microsoft the opportunity to address several questions about the rumored hardware, including what it will cost, whether it can play used games or Blu-ray discs and if it will require a constant ...

Apple Boss Tim Cook Grilled Over Tax

Tue, 21 May 2013 13:03:50 -0400

Apple boss Tim Cook is giving testimony to a US senate committee over claims the company has used Irish subsidiaries to avoid billions in taxes. He said Apple complied with both the spirit and the letter of the law and did not use tax "gimmicks". Mr Cook said he recommended a "dramatic simplification" of corporate tax to encourage companies to bring more of their money ...

Inmarsat gains on hopes Dish-LightSquared deal will boost revenue

Tue, 21 May 2013 12:58:36 -0400

A spokesman for Inmarsat said: "Inmarsat is a supplier to LightSquared and is not party to these discussions, and we await the outcome with ...

Exclusive Intel CEO shakes up units creates new devices group - source

Tue, 21 May 2013 12:58:32 -0400

Intel Chief Operating Officer Brian Krzanich is seen during an interview with Reuters at Intel headquarters in Santa Clara, California March 13, ...

Exclusive Glencores top aluminum exec to leave first exit since takeover-sources

Tue, 21 May 2013 12:58:31 -0400

GLEN.L ) head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this ...

Two Denso Corp executives to plead guilty to price fixing U.S.

Tue, 21 May 2013 12:58:30 -0400

6902.T ) have agreed to plead guilty to conspiring to fix prices and have agreed to cooperate with an ongoing criminal investigation, the U.S. Justice Department said on ...

SACs Martoma says U.S. impedes defense in fraud case

Tue, 21 May 2013 12:58:30 -0400

Former SAC Capital employee Mathew Martoma exits Manhattan Federal court following an appearance on insider trading charges in New York November 26, ...

Embraer books milestone SkyWest deal worth up to $8.3 billion

Tue, 21 May 2013 12:58:30 -0400

A worker rides a bicycle around the hangars next to a private jet at the Embraer headquarters in Sao Jose dos Campos, 100 km (62 miles) from Sao Paulo May 14, ...

Best Buy earnings slump on turnaround costs Super Bowl shift

Tue, 21 May 2013 12:56:03 -0400

Best Buy CEO Hubert Joly celebrates the opening of the Samsung Experience Shop at a Best Buy in New York on April 24. The electronics retailer reported slumping first-quarter profit and sales on ...

Trading Executive Shane Swanson Rejoins Citigroup

Tue, 21 May 2013 12:55:36 -0400

Shane Swanson, an executive who helped build Citigroup Inc.'s (C) equity-trading business before starting a high-frequency trading firm, has rejoined the bank.Mr. Swanson returned to Citigroup April 29 as president of its Automated Trading Desk unit, which trades shares with online brokerages, according to an internal bank memo reviewed by Dow Jones.Mr. Swanson, along with his brother Steve ...

LONDON MARKETS U.K. Stocks Extend Gains To 13-year High

Tue, 21 May 2013 12:55:34 -0400

LONDON – U.K.'s benchmark stock index closed at a more than 13-year high on Tuesday, with mining firms recouping parts of the prior day's losses and Burberry Group PLC rallying after a well-received earnings report.The FTSE 100 index rose 0.7% to 6,803.87, marking the highest closing level since December 1999, according to data from FactSet.Luxury retailer Burberry Group PLC ...

MARKET COMMENT Zurich Stocks Close Slightly Higher

Tue, 21 May 2013 12:55:33 -0400

SMI ends 0.5% higher at 8318.42. Transocean is one of the day's biggest losers, dropping 2.6% after shareholders reject a proposed $4/share dividend in favor of a smaller distribution at Friday's annual general meeting. Banks slide - Julius Baer down 2.8%, Credit Suisse off 1.5% - after Switzerland's finance minister says the country is nearing a deal with US authorities over ...

Refinery Status Compressor at Citgo Lemont -2-

Tue, 21 May 2013 12:55:30 -0400

The following table lists planned and unplanned production outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and does not purport to be a comprehensive list.Citgo Petroleum Corp. said May 20 that a compressor at its Lemont, Ill. refinery has been shut for planned repairs.Phillips 66 (PSX) said May 20 that ...

Embraer Lands Another Major Order As U.S. Air Travel Improves

Tue, 21 May 2013 12:55:28 -0400

Brazilian aircraft manufacturer Embraer SA (ERJ, EMBR3.BR) on Tuesday unveiled its third major contract this year to sell jets to a U.S.-based aircraft operator, providing the world's fourth-largest aircraft manufacturer with breathing room for the coming years.SkyWest Inc. (SKYW) has agreed to buy as many as 200 jets, worth as much as $8.3 billion in coming years if all the orders are ...

Mexicos Antitrust Authority Endorses Financial Reform Proposal

Tue, 21 May 2013 12:55:24 -0400

Mexico's antitrust authority recommended Tuesday that Congress approve the government's proposed financial reform in an "expedited manner," as it sees the proposal benefiting consumers.The measure, drafted by a multiparty effort known as the Pact for Mexico and presented this month by President Enrique Pena Nieto, offers greater protection for consumers of financial service ...

Senate panel hammers Apple over offshore tax strategies

Tue, 21 May 2013 12:54:37 -0400

Fitch Releases J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C10 New Issue Report

Tue, 21 May 2013 12:54:17 -0400

Accounting Rules May Encourage Short-Term Leases The latest lease-accounting proposals from international and U.S. standard-setters, designed to aid transparency and consistency, may encourage companies to shift to short-term leases or structure agreements as service contracts, Fitch Ratings says. This could mean that fewer leases than originally anticipated will be brought onto the balance ...

‘Canada is working’ Carney praises economy but warns against relying on consumer debt to stoke growth

Tue, 21 May 2013 12:54:00 -0400

Europe could look to Canada as a model as the continent tries to avoid a "decade of stagnation," Bank of Canada Governor Mark Carney said in his last scheduled public speech before taking over the Bank of England. "Relative to our peers, Canada is working," Carney, 48, said in the text of a speech he's giving today in Montreal, which will be followed by a press ...

Enbridge lobbying public for new pipelines to correct ‘huge disconnect’ in oil prices

Tue, 21 May 2013 12:53:59 -0400

Enbridge Inc., Canada's largest oil pipeline operator, is spending more time seeking public support for new conduits than regulatory approval as opponents of fossil fuel development try to block new routes to market, Chief Executive Officer Al Monaco ...

Keystone XL lobby targets undecided Democrats as decision looms

Tue, 21 May 2013 12:53:58 -0400

Canadian energy producers lobbying for U.S. approval of the Keystone XL pipeline are targeting undecided Democratic lawmakers in Washington in advance of a decision on the US$5.3-billion ...

bBMO taps U.S. ambassador to Canada for vice chairman role

Tue, 21 May 2013 12:53:57 -0400

Bank of Montreal has snagged David Jacobson, the U.S. ambassador to Canada, as its next vice chair. In his new role that begins in October, Mr. Jacobson will be responsible for building key customer relationships and business development. Based in Chicago, he will report to BMO chief executive Bill Downe. Mr. Jacobson’s ';deep knowledge of both [the U.S. and Canada] – their ...