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Yahoo buys blogging platform Tumblr for $1.1 bn cash

Mon, 20 May 2013 17:40:57 -0400

NEW YORK - Yahoo promised "not to screw it up" as it formally announced its acquisition of the popular Tumblr blogging platform for $1.1bn in cash, giving the company a much-needed base in social media to reach a younger generation of users. The relaxed wording of the memo for one of the internet giant's biggest acquisitions was echoed in the memo sent by David Karp, Tumblr's 26-year-old ...

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 ...

New business jet Challenger 350 launched by Bombardier

Mon, 20 May 2013 17:11:21 -0400

GENEVA - Canadian aeroplane maker Bombardier has expanded its leading Challenger family of business jets with the launch of the new Challenger 350 aircraft in collaboration with global leader in private aviation, US firm NetJets. The launch on Monday was held at a special event here at the European Business Aviation Conference and Exhibition (EBACE). Bombardier said deliveries of the ...

South African regulator gives nod for Eskom wind power project

Mon, 20 May 2013 17:01:11 -0400

JOHANNESBURG - The National Energy Regulator of South Africa (Nersa) has granted power producer Eskom a licence for its Sere wind farm in the Western Cape, paving the way for the company to start construction of its $254.3 million (R2.4-billion) project. Sere is the Nama word for "cool breeze". The wind farm project is scheduled to become fully commercially operational by the end of ...

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 ...

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 ...

Best Buy sees investments squeezing near-term earnings

Tue, 21 May 2013 08:49:54 -0400

Best Buy Co. Inc. reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term.The news overshadowed its better-than-expected first-quarter profit and sent shares of the world's largest consumer electronics chain down 4 per cent in premarket ...

Caterpillar union to resume talks on Thursday

Tue, 21 May 2013 08:42:31 -0400

Contract talks between Caterpillar Inc. and the United Steelworkers union at Caterpillar's plant in South Milwaukee will resume Thursday. Earlier this month Steelworkers Local ...

Bank of Ireland reverses mortgage rate increase for 1200 borrowers

Tue, 21 May 2013 08:39:48 -0400

In February, Bank of Ireland told 13,500 customers on tracker mortgages it planned to increase the margin on their loans. Photograph: Luke ...

UK inflation since 1948

Tue, 21 May 2013 08:39:47 -0400

Inflation in the UK has fallen for the first time since autumn 2012, hitting 2.4% in April. Get the full data over time, see how it compares with pay - and understand the new ...

Why Nick Buckles ran out of chances at G4S

Tue, 21 May 2013 08:39:46 -0400

a group-wide profits warning , delivered a fortnight ago, was far more serious in the eyes of investors. Buckles had run out of chances.His problem was that he had promised one thing (a 7% margin) but warned two months later that he would produce something different this year (6.5%). When your turnover is 7.5bn, half a percentage point matters. Of course, there was a long list of explanations: ...

At XBox Reveal Microsoft Hides A Priceless Asset

Tue, 21 May 2013 08:38:49 -0400

Xbox Live executive Marc Whitten introduces SmartGlass technology at the Microsoft Xbox E3 2012 (Image credit: AFP/Getty Images via @daylife) ...

Markets Greencore reports 6 rise in half-year profits Glanbias chief to retire

Tue, 21 May 2013 08:38:49 -0400

announced that John Moloney, group managing director, has notified the board that he wishes to retire by the end of 2013, having been due to retire in 2014. Siobhn Talbot, group finance Director, has been appointed as John Moloney's successor. She will become group managing director designate from June 1, 2013 to ensure a smooth transition of the leadership of the ...

JPMorgan on Edge Over Jamie Dimon Vote

Tue, 21 May 2013 08:36:45 -0400

JPMorgan Chase Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote. JPMorgan's annual meeting on Tuesday will bring to head a months-long and bitter shareholder campaign demanding more oversight ...

Best Buy Misses Sales Forecast

Tue, 21 May 2013 08:36:44 -0400

Best Buy reported weaker-than-expected revenue on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term. The news overshadowed a better-than-expected profit from the world's largest consumer electronics chain in the first quarter and sent its shares down in pre-market ...

Jamie Dimon Vote Should Be 75-25 Bove

Tue, 21 May 2013 08:36:44 -0400

CNBC's Kayla Tausche reports the latest details on the fate of Jamie Dimon's dual titles at JPMorgan. And, Donald Powell, former Bank of America board member; and Dick Bove, Rafferty Capital, share their thoughts on whether the role of chairman and CEO should be ...

Microsofts Xbox revamp Is the sun setting on game consoles

Tue, 21 May 2013 08:29:10 -0400

With the rise of mobile and social games, the revival of PC gaming and a general proliferation of options for both developers and players, it's understandable why some are wondering whether consoles matter anymore. ...

Best Buy beats again on earnings but sales are short of mark

Tue, 21 May 2013 08:29:08 -0400

An employee attaches price tags to displays at a Best Buy Co. store in Emeryville, California, U.S., on Tuesday, March 27, 2012. Best Buy Co., the electronics, appliance and entertainment retailer, is expected to release quarterly earnings on March 29. Photographer: Three months ago, Best Buy Co. Inc. cheered up investors with a better-than-expected show of revenue and earnings, and investors ...

Easing Inflation Likely To Be Temporary

Tue, 21 May 2013 08:28:19 -0400

Plunging fuel and air fare costs helped inflation ease for the first time in six months in April but economists warned the squeeze on earnings is set to intensify again. The Office for National Statistics (ONS) measured the annual rate of CPI inflation at 2.4% last month - dropping from 2.8% in March. It was a bigger-than-expected easing in the core measure as overall transport costs were ...

Best Buy Profit Beats Estimates Sales Miss

Tue, 21 May 2013 08:20:17 -0400

Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term. The news overshadowed a better-than-expected profit from the world's largest consumer electronics chain in the first quarter and sent its shares down 4 percent in premarket trading. Net earnings from continuing operations ...

China Central Bank Denies Report on Capital Account Liberalization Proposal

Tue, 21 May 2013 08:20:16 -0400

The People's Bank of China Tuesday denied a local news report that the central bank governor and prominent economists have advised Chinese leaders on a plan to fully liberalize the country's capital account by the end of 2015.A bank official told the Wall Street Journal that the report was inaccurate.The 21st Century Business Herald, citing unnamed sources, said Tuesday that the ...

Italy Banks Lobby ABI 2012 Profit Falls by 80

Tue, 21 May 2013 08:20:16 -0400

Italian banks' profitability declined by 80% to 1 billion euros ($1.3 billion) in 2012 as the recession affecting the country continued to weigh on banks' bottom line, the country's association of banking, ABI, said Tuesday.ABI said that if one-off write downs, carried out by banks during last year, were taken into account, the aggregate results for the sector become a EUR1.8 ...

AutoZone profit rises as costs fall

Tue, 21 May 2013 08:20:16 -0400

AutoZone Inc , the largest U.S. auto parts retailer, reported a 7 percent rise in quarterly profit as costs fell. Net income rose to $265.6 million, or $7.27 per share, in the third quarter, from $248.6 million, or $6.28 per share, a year earlier. Revenue rose 4.5 percent to $2.21 billion. (Reporting by Bijoy Koyitty in ...

Economy Could Put European Rally in Jeopardy

Tue, 21 May 2013 08:20:15 -0400

Central bank cash may not be enough to keep European stocks rising beyond the end of the year in the face of the region's weak company and economic performance. The euro zone's longest recession and a weak earnings season have yet to erode double-digit stock gains, but investors' willingness to overlook the grim data is being tested. A breakdown in the link between stocks and a ...

LONDON MARKETS U.K. Stocks Extend Gains To 12-year High

Tue, 21 May 2013 08:20:15 -0400

LONDON – U.K.'s benchmark stock index flirted with a more than 12-year high on Tuesday, with mining firms recouping parts of the prior day's losses and Capita PLC rallying after contract news.The FTSE 100 index rose 0.2% to 6,765.09, building on gains from Monday, when the index closed at the highest level since September 2000.Shares of Capita jumped 7.1%, after the process ...

Housing recovery boosts Home Depot results outlook raised

Tue, 21 May 2013 08:20:15 -0400

Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. The news on Tuesday boosted Home Depot shares by 3.9 percent to $79.75 in premarket trading. A bubble in the U.S. housing market was at the core of the 2007-2009 ...

Bank Indonesia Allows DBS to Buy 40 of Danamon

Tue, 21 May 2013 08:20:14 -0400

Bank Indonesia Tuesday approved the sale of 40% of PT Bank Danamon to DBS Group, but Governor Darmin Nasution said DBS would be allowed to acquire additional stake only if Indonesian banks get the green light to open full-fledged branches in Singapore.Mr. Nasution told a parliamentary committee that Bank Indonesia has permitted DBS to buy up to 40% in Indonesia's sixth-largest lender by ...

Best Buy profit tops estimates sales miss

Tue, 21 May 2013 08:19:31 -0400

(Reuters) - Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near ...

Eight years later Microsoft prepares to unveil new Xbox that’s more than just a gaming console

Tue, 21 May 2013 08:18:58 -0400

SAN FRANCISCO/SEATTLE -- Microsoft Corp is set to make a splash Tuesday with the eagerly awaited unveiling of its new Xbox game console, eight years after the last version, as it seeks a larger share of the US$65-billion a year global computer gaming industry. But the small device faces some big competition from the PlayStation 4 by Sony Corp and the Wii U by Nintendo Co Ltd in a shifting ...

In complex world investing should be simple

Tue, 21 May 2013 08:17:49 -0400

Conventional Investing in a Complex World " (Journal of Investing, Spring 2013), cautions investors who are thinking about abandoning traditional investment plans. He advocates "policies that are simple, transparent, and focused rather than the increasingly popular alternative tactics, such as illiquid instruments and vehicles, leverage, and complex, opaque investment ...

Crucial resume advice for new college grads

Tue, 21 May 2013 08:17:49 -0400

(MoneyWatch) My daughter is graduating from college in just a few weeks, and she has been peppering me with questions about how to find her first real job as a college graduate. (She completed her associates degree while still in high school, and thus is graduating two years early. OK, enough bragging.) The first job search with a degree in hand but little or no experience can be daunting, and ...

Top five 529 college plans

Tue, 21 May 2013 08:17:48 -0400

(MoneyWatch) For those of us saving for our children's college expenses, finding the best 529 plan available is a top priority. Since my son's college money is in the Utah 529 plan, and I can have those funds moved once a year, I do an annual assessment of the best 529 college plans around to ensure his money is parked at the right place. Here's my assessment for this year. My ...

Report Kentucky at bottom of muni bond market Indiana 17th

Tue, 21 May 2013 08:03:20 -0400

Kentucky and Rhode Island are the two lowest-ranked states in the municipal bond market. According to The Wall Street Journal, those are the findings of a recent report done by asset manager Conning. North Dakota and South Dakota top the list. Indiana comes in at No. 17. The report shows that the economic recovery is stronger in some places than others, the Journal ...

US STOCKS-Futures little changed as market drifts near record high

Tue, 21 May 2013 07:52:53 -0400

Tue May 21, 2013 7:52am EDT * Home Depot raises outlook, shares jump * Carnival guides lower once more, shares tumble * JPMorgan shareholders to decide on Dimon's chairmanship * Futures: Dow up 4 pts, S&P off 2 pts, Nasdaq off 3 pts NEW YORK, May 21 (Reuters) - U.S. stock index futures slipped on Tuesday after the S&P 500 hit yet another intraday record in the previous session, with markets ...

Best Buy reports 1Q loss on restructuring costs

Tue, 21 May 2013 07:39:20 -0400

Best Buy Co. is reporting a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. The electronics retailer says net loss for the three months ended May 4 after paying preferred dividends totaled $81 million, or 24 cents per share. That compares with net income of $158 million, or 46 cents per ...

Assault on Wall Street - A Review

Tue, 21 May 2013 07:37:04 -0400

Assault on Wall Street glorifies the revenge killing of Wall Street big wigs by a seemingly decent man who lost everything, including his wife, due to the manipulation and fraud of those he gunned down. Combat veteran and armored car driver, Jim Baxford reaches a hefty body for this sort of thing. He's got nothing on the last three presidents of the United States who bear ...

Corrections U.K. stocks extend gains to 12-year high

Tue, 21 May 2013 07:34:50 -0400

A previous headline for this story stated that the FTSE 100 was heading for a 12-month high, although the index is on track for a 12-year high. The story has been ...

Why falling inflation matters

Tue, 21 May 2013 07:30:50 -0400

Inflation falls in April 2013. There is still a gap between what individuals are earning and the price of goods and services they are purchasing; it is just that this gap is getting smaller. Photograph: Dominic ...

Mortgage lending up 4 – the highest level for four years

Tue, 21 May 2013 07:30:49 -0400

Mortgage lending increased by 4% in April to the highest level in more than four years, but the Council of Mortgage Lenders said the average value of new home loans was "still barely half" what it was before the financial crisis.The CML's gross lending figures, which reveal the value of loans advanced during the month without taking into account repayments, showed 12.1bn worth ...

Homeserve jumps 12 after it unveils lower than expected mis-selling provision

Tue, 21 May 2013 07:30:49 -0400

, the insurance and household repairs business, has set aside 6m to cover the costs of an investigation into past mis-selling, including any potential fines.The company said an investigation by ...

Transforming finance What would a democratic financial system look like - video

Tue, 21 May 2013 07:30:47 -0400

Speakers from the Transforming Finance conference - including James Featherby of the Church of England Ethical Investment Advisory Group and Louis Brookes of the Move Your Money campaign offer a variety of perspectives on what it means to 'democratise finance' and how we might go about ...

Home Depot Beats Helped by Housing

Tue, 21 May 2013 07:27:38 -0400

Home Depot reported higher-than-expected quarterly results and boosted its sales and profit outlook for the year, as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. Shares of the company rose 4.1 percent to $79.90 in trading before the market opened. Despite cooler-than-usual weather in many parts of the United States at the start of ...

US Economy Is on the Move—And So Are We

Tue, 21 May 2013 07:27:37 -0400

Map: Tracking the US Real Estate Recovery ) "In the single family construction market, they're out there building those houses for a reason. They think people are going to buy them and move into them," said John Bisney, a spokesman for the American Moving and Storage Association. If you are planning to join the thundering herds of relocating Americans, you can take a variety of ...

IBMs Watson The Consumer Answer

Tue, 21 May 2013 07:27:37 -0400

IBM computing system that won Jeopardy!, Big Blue is aiming to help businesses not just to answer customers' questions, but to maintain a conversation with the Watson Engagement ...

Carnival lowers earnings forecast after Triumph disaster

Tue, 21 May 2013 07:25:26 -0400

Carnival Corp. has lowered earnings forecasts in a turbulent year for the cruise line. Carnival Corp. has lowered its earnings forecast for 2013 in what continues to be a rough year for the cruise company. Miami-based Carnival cited a need to lower its ticket prices in order to entice customers to take cruises amid a string of negative news events, The Miami Herald reported. The company has ...

Home Depot quarterly profit sales rise

Tue, 21 May 2013 07:14:55 -0400

HD.N ) report higher quarterly sales and earnings on Tuesday, prompting the world's largest home improvement chain to boost its sales outlook for the ...

Therese Polettis Tech Tales H-P investors ignore dour view on Wall Street

Tue, 21 May 2013 07:12:48 -0400

Hewlett-Packard CEO Meg Whitman faces a downbeat mood on Wall Street, but investors have still sent the tech giant's shares up more than 80% over the last six ...

CIMB Group 1Q Net MYR1.39 Billion Vs MYR1.01 Billion

Tue, 21 May 2013 07:11:48 -0400

CIMB Group Holdings Bhd (1023.KU), Malaysia's second-largest bank by assets, said Tuesday that net profit in the first three months of the year surged 38%, boosted by a one-time gain from its sale of a stake in a joint venture.Net profit for the quarter ended March was 1.39 billion ringgit ($461.6 million) compared with MYR1.01 billion a year earlier, CIMB Group said in a statement to the ...

VTB SPO Will Make Banks Capital Sufficient For Next 3 Years - Report

Tue, 21 May 2013 07:11:48 -0400

Russia's second-largest bank (VTBR.RS) will have sufficient capital for the next three years after it conducts a secondary public offering, the lender's first deputy president said Tuesday, Interfax news agency reported.VTB is planning to issue 2.5 trillion new ordinary shares worth 102.5 billion rubles ($3.23 billion) this year to meet capital adequacy targets and provide funding for ...

Lanxess S Africa Mine Security Disperse Striking Employees With Rubber Bullets

Tue, 21 May 2013 07:11:46 -0400

Security officials used rubber bullets to help disperse a crowd of striking miners at the South African Lanxess chrome Mine Tuesday, where employees have been on strike since last week.A spokeswoman for Lanxess said between 200 and 400 employees out of its roughly 700 workforce embarked on a wildcat strike last Thursday over a bonus dispute at its Rustenburg mine, northwest of Johannesburg.On ...

Apple Circumvents U.S. Tax Code Feds Claim

Tue, 21 May 2013 07:07:00 -0400

Apple and congressional investigators both tried to get in a preemptive kidney-punch or two in advance of Apple CEO Tim Cook's testimony later today in Washington on the way Apple avoids paying U.S. taxes on money it earns overseas. Apple ...

Photos Frontman Buys Home From Soap Star

Tue, 21 May 2013 07:07:00 -0400

The frontman of Foster The People, Mark Foster, bought a ranch-style 3-bed home in Hollywood Hills from "General Hospital" actor Maurice Benard, according to the Real Estalker blog. Foster paid $2.155 million lower than the original listing of $3.599 million in 2008. Benard and his wife snagged the home for $420,000 in 1997. The home spans 4,637-square feet and sits on more than 1.2 ...

Florida Man Bags Record Python

Tue, 21 May 2013 07:07:00 -0400

University of Florida/AP Photo After a fierce battle near the Everglades, a Florida man bagged a record 18-foot, 8-inch python, according to the Florida Fish and Wildlife Conservation Commission. Jason Leon, an amateur python collector, said he was driving in the northwestern part of Miami-Dade County – where the invasive species are known to seek the warm asphalt of the Everglades’ ...

UPDATE 3-Vodafone keeps Verizon payout to make up for European slump

Tue, 21 May 2013 06:52:54 -0400

Tue May 21, 2013 6:52am EDT * Biggest ever fall in organic service revenue * FY earnings down 3.1 percent, just beating market view * CEO refuses to comment on sale of Verizon stake * Will keep hold of latest Verizon payout * Shares flat By Kate Holton and Paul Sandle LONDON, May 21 (Reuters) - Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in ...

Manchester United Top Table for Premier League TV Earnings

Tue, 21 May 2013 06:35:34 -0400

LONDON ...

Asian Stocks End Mixed Ahead Of Fed Statement

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

Asian stocks turned in a mixed performance on Tuesday, with investor attention solely focused on Fed chairman Ben Bernanke's Congressional testimony to Congress and the release of the Fed's May minutes due this Wednesday for cues on the outlook for interest rates. The U.S. dollar edged higher after weakening against major currencies the day before following Moody's report warning ...

Indications Stock futures point south ahead of Fed speakers

Tue, 21 May 2013 06:26:17 -0400

MADRID (MarketWatch) -- U.S. stock market futures turned lower on Wednesday with investors expected to look for more clues on any tapering of the Federal Reserve's easing program. Two Fed presidents with voting rights on the interest-rate setting committee are due to hit the ...

Stocks to Watch Best Buy Home Depot are Tuesday’s stocks to watch

Tue, 21 May 2013 06:26:16 -0400

SAN FRANCISCO (MarketWatch) -- Tuesday is shaping up to be a big day for retail earnings, with Best Buy Co., Home Depot Inc. and Saks Inc. scheduled to release quarterly ...

United top TV earnings

Tue, 21 May 2013 06:23:51 -0400

Premier League TV money after winning the title - but even the club that finishes bottom next season will exceed that income due to the top flight's huge new broadcasting ...

Some good economic news Inflation drop is bigger than expected

Tue, 21 May 2013 06:23:43 -0400

Falling prices at the petrol pumps led to a bigger-than-expected drop in inflation in April, the first easing in the annual rate of price rises for six ...

Inmarsat flies high on hopes for resolution to US agreement

Tue, 21 May 2013 06:22:42 -0400

is flying high despite uncertainty about the future of a key US agreement.The satellite communications specialist, which recently warned it had been hit by US government budget cuts, has climbed 31.5p to 697.5p after a buy note from Jefferies.But news overnight of a possible buyout of the spectrum assets of bankrupt US group LightSquared could have an impact on Inmarsat. Satellite company Dish ...

Inflation falls after drop in petrol prices and airfares

Tue, 21 May 2013 06:22:41 -0400

inflation more than expected last month, bringing some relief to both households and Bank of England policymakers.The consumer price measure of inflation fell for the first time since last autumn and stood at 2.4% in April, down from 2.8% in March. The drop was driven by lower fuel costs and airfares as the oil price fell, more than offsetting a rise in food prices after damage to crops over the ...

Royal Mail profits surge ahead of planned sell-off

Tue, 21 May 2013 06:22:40 -0400

postal service in the most ambitious privatisation since British Gas in 1986.The company, which ministers hope to float on the London stock exchange within a year, said its pre-tax profits in the year to the end of March 2013 increased to 324m from 201m a year earlier. Sales, which were boosted by a 30% rise in the price of first class stamps to 60p, increased by more than 500m to 9.3bn.The chief ...

Twelve things you dont need to pay for

Tue, 21 May 2013 06:22:39 -0400

One of the best ways to save money is to never pay for anything you can get for free. Here are 11 things that you could end up paying for but don't need ...

FTSE heads for new 13 year high but Carnival sinks 13 after warning on earnings

Tue, 21 May 2013 06:22:37 -0400

Leading shares are heading for a new 13 year high following a revival in mining shares and a spate of positive company updates.But cruise ...

Live QA how to protect your intellectual property

Tue, 21 May 2013 06:22:36 -0400

1,300 patents for just 300 vacuum machines .Entrepreneurs may not consider the value of their intellectual property, or may not know how to go about applying to patent a product or register a design or trademark. And, even if you do decide to protect you ideas, at what stage in the process should you invest in intellectual property protection and which type applies to you? What areas of your ...

Goldman Upgrades SP Target

Tue, 21 May 2013 06:18:58 -0400

, forecasting that the U.S. benchmark index will climb a further 5 percent to 1750 by year-end, from an initial estimate of 1625, supported by robust dividend growth and an improving macroeconomic environment in the U.S. In a report released late Monday, the U.S. investment bank also raised its targets for the coming years, expecting the index to rise by 9 percent to 1900 in 2014, and advance by ...

Low Tax Crucial Profit Driver

Tue, 21 May 2013 06:18:57 -0400

Falling corporation tax has been a crucial driver of profitability over the last two decades, increasing pressure on CEOs to reduce their company's tax bill, Will Duff-Gordon, research director at financial information provider Markit, told CNBC on ...

UK Motor Insurer Hastings Plots Stake Sale

Tue, 21 May 2013 06:11:02 -0400

Hastings, one of Britain's biggest providers of motor insurance, is drawing up plans to sell a minority stake in a deal that could value the company at as much as 800m. I have learnt that Hastings Insurance Group, which was founded in 1997, is considering options to exploit its rapid growth following a string of unsolicited bid approaches from private equity firms. The privately-owned ...

Burberry earnings tumble China sales boost revenues

Tue, 21 May 2013 06:08:38 -0400

(31 mins ago) Luxury label Burberry said annual net profits fell 3.4 percent after it took a large exceptional charge. Earnings after tax slid to £254.3 million in 12 months to the end of March, compared with net earnings of £263.3m in its 2011-12 financial year. Burberry's performance was hit by a one-off charge of £82.9 million linked to the termination of a fragrance ...

Mondi Appoints Fred Phaswana as Joint Chairman

Tue, 21 May 2013 06:04:01 -0400

Mondi PLC (MNDI.LN), a packaging and paper group, Tuesday announced the appointment of Tshamano Mohau Frederik Phaswana as joint chairman with effect from June 1.MAIN FACTS:-Phaswana will replace Cyril Ramaphosa who stepped down at the conclusion of the Annual General Meetings on May 3.-Phaswana is chairman of Standard Bank Group and The Standard Bank of South Africa.-Shares at 0905 GMT up 8 ...

Mining Services Feel Heat as Australia Resource Boom Cools

Tue, 21 May 2013 06:04:01 -0400

Service companies that rode the wave of investment in Australian resources are facing harder times, reporting a slew of earnings downgrades and preparing to move their focus overseas as a decade-long mining boom slows.Transfield Services Ltd. (TSE.AU) and Boart Longyear Ltd. (BLY.AU) Tuesday became the latest contractors in the sector to warn that profit would be weaker than anticipated, and to ...

Bond market takes wing hoping RBI actions

Tue, 21 May 2013 05:58:58 -0400

bond market are betting heavily on the central bank shedding some of its habitual caution by both cutting interest rates and injecting liquidity, but some analysts reckon hopes for further easing are becoming overblown. Following a suprisingly ...

European stock markets slip at open

Tue, 21 May 2013 05:24:20 -0400

Europe's main stock markets weakened in opening deals on Tuesday, with London's benchmark FTSE 100 index down 0.11 per cent at 6,748.02 points.Elsewhere, Frankfurt's DAX 30 also fell 0.11 per cent to 8,446.78 points and in Paris the CAC 40 shed 0.37 per cent to ...

STOCKS NEWS THAILAND-CIMB ups SET index target after banks telecoms earnings beat

Tue, 21 May 2013 05:20:00 -0400

Tue May 21, 2013 5:20am EDT CIMB Securities (Thailand) raised its 2013 target for the benchmark SET index to 1,810 from 1,700, reflecting better-than-expected first-quarter earnings of banks, telecoms and construction contractors, and good earnings outlook for the year. The first-quarter core net profit for the companies in its universe rose 8 percent year-on-year and 32 percent ...

Microsoft revealing next Xbox platform and vision for future of games

Tue, 21 May 2013 05:19:37 -0400

Technology News: A tented stage has been set up at the technology giant Microsoft'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 in Los ...

Tuesday Newspaper Review - Irish Business News and International Stories - - May 21 2013

Tue, 21 May 2013 05:14:30 -0400

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management ...

Goldman Sees Gradual Rotation Into Stocks

Tue, 21 May 2013 05:12:15 -0400

Sheila Patel, head of international at Goldman Sachs Asset Management, says that the rotation is "gradual" and not "great", with money slowing moving back into ...

Apple Sought Holy Grail Of Tax Avoidance

Tue, 21 May 2013 05:04:04 -0400

Apple CEO Tim Cook will today answer questions in the Senate about the company's use of affiliates located in Ireland to avoid paying billions of dollars in US income taxes. A Senate investigation has discovered Apple - the world's most valuable company - is holding overseas some $102bn in cash, and an Irish subsidiary that earned $22bn in 2011 paid only $10m in taxes. The report, ...

Marks And Spencer Lowest Profits Since 2009

Tue, 21 May 2013 05:04:03 -0400

High street retailer Marks and Spencer has announced a fall in profits after a slump in clothing sales. The company made a pre-tax annual profit of £665.2m for 2012/13, down six per cent on a reported profit for 2011/12 of £705.9m. Chief Executive Marc Bolland said: "In a challenging market, M&S sales grew by 1.3%. Three of the four parts of the business made strong ...

Asia Markets Hong Kong Sydney stocks fall Tokyo ends up

Tue, 21 May 2013 04:57:43 -0400

HONG KONG (MarketWatch) -- Australian stocks declined, and Hong Kong equities snapped a three-day winning run on Tuesday, weighed by overnight losses on Wall Street and uncertainty over U.S. monetary ...

EUROPE MARKETS Europe Stocks Pause After Rally Carnival Sinks

Tue, 21 May 2013 04:56:52 -0400

LONDON – European stock markets dropped on Tuesday, taking a breather after climbing to multiyear highs in the prior day's session.The Stoxx Europe 600 index lost 0.3% to 308.79, retreating from the highest closing level since June 2008, reached on Monday.Shares of cruise-ship operator Carnival PLC (CCL) sank 14%, after the firm late Monday slashed its full-year guidance, saying ticket ...

Credit Suisse replaces Morgan Stanley as No. 2 Asia prime broker

Tue, 21 May 2013 04:17:58 -0400

Reuters © The logo of Swiss bank Credit Suisse (CS) in seen in front of an office building at the Bahnhofstrasse in Zurich April 18, 2013. REUTERS/Arnd ...

Marks Spencer profits fall again

Tue, 21 May 2013 04:08:34 -0400

Marks & Spencer have fallen for the second year in a row as its much maligned womenswear divison continued to disappoint.UK sales fell 1% overall, dragged down by a poor performance in general merchandise, which dropped 4.1% on a like-for-like basis.The results could have been worse had it not been for a 4.5% rise in international sales and a 16.6% boost in multichannel business. Food was ...

G4S boss Nick Buckles quits

Tue, 21 May 2013 04:08:32 -0400

G4S , the company responsible for the botched handling of security at last year's Olympics.Buckles is being replaced by the company's chief financial officer, Ashley Almanza, who only joined G4S three weeks ago.The world's largest security company told the City this morning that Buckles, who was paid a basic salary of 830,000 a year, will leave on 31 May.His abrupt departure comes ...

How Local Business Week highlighted issues affecting SMEs

Tue, 21 May 2013 04:08:31 -0400

Local Business Week (LBW) drew to a close on Sunday, leaving in its wake several interesting points to consider about the future of the British high street and its thousands of butchers, bakers, candlestick makers - and countless other small businesses.When we launched the campaign, the intention was to encourage shoppers to stay local for the week and make SME owners aware of the support and ...

EU Bank Rescue Law Hurting Big Deposits

Tue, 21 May 2013 04:05:33 -0400

A draft law that a group of European Union lawmakers voted for on Monday would shield small depositors from losing their savings in future bank rescues, but customers with more than 100,000 euros in savings when a bank failed could suffer losses.A group of lawmakers in the European Parliament's economics committee overwhelmingly voted that, from 2016, large depositors in the EU might suffer ...

Republicans See New Obama-Linked Scandal

Tue, 21 May 2013 04:05:33 -0400

With the White House already reeling from three major controversies, some Republican lawmakers are zeroing in on what they perceive is another possible scandal tied to President Barack Obama's landmark health reform law just as it nears implementation.On top of the troubles the administration is facing over its handling of the attack on the Benghazi mission, the Internal Revenue ...

Baby Blues in Europe as Birth Rate Declines

Tue, 21 May 2013 04:05:32 -0400

The latest report from Europe's main statistics agency suggests that the European financial crisis has had an impact on birth rates across the continent since 2008, data supported by evidence from European demographic experts and a U.K.-wide parenting forum. The report entitled "Towards a 'Baby Recession' in Europe?" carried out by Eurostat, a statistical body of the ...

Microsoft readies new Xbox as entertainment hub

Tue, 21 May 2013 04:01:42 -0400

Attendees play video games at Microsoft’s Xbox 360 display at the 2012 International Consumer Electronics Show at the Las Vegas Convention Center in Las Vegas, Nevada. AFP FILE PHOTO SAN FRANCISCO--Microsoft offers a glimpse Tuesday at a new-generation Xbox as videogame consoles evolve into home entertainment centers and adapt to competition from smartphones and tablets. A tented stage ...

G4S Chief Quits After Embarrassing Setbacks

Tue, 21 May 2013 03:57:57 -0400

British outsourcing group G4S says its Chief Executive Nick Buckles will step down after a string of high-profile setbacks and a profit warning that damaged investor confidence. Buckles, who oversaw a staffing fiasco at the London Olympics last year as well as a failed $8bn takeover of Danish cleaning firm ISS during his eight-year tenure, will step down at the end of May. Ashley Almanza, ...

Microsoft hopes on Xbox to change entertainment style

Tue, 21 May 2013 03:55:18 -0400

(53 mins ago) Microsoft offers a glimpse Tuesday at a new-generation Xbox as videogame consoles evolve into home entertainment centers 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 ...

Dollar firms as Fed suspense builds shares off highs

Tue, 21 May 2013 03:53:31 -0400

SINGAPORE (Reuters) - The U.S. dollar inched up against major currencies but stayed well off highs on Tuesday as investors cautiously traded expectations of whether Federal Reserve Chairman Ben Bernanke will hint at a sooner than expected reduction in bond-buying ...

Atlas Copco Gets Mining Equipment Order in India Worth EUR8 Million

Tue, 21 May 2013 03:51:07 -0400

Swedish engineering group Atlas Copco AB (ATCO-A.SK) said Tuesday it has won a repeat order for mining equipment worth EUR8 million from Hindustan Zinc Ltd. (500188.BY).MAIN FACTS:-Equipment will be used in the Rampura Agucha mine in northwestern India.-Shares closed Monday at SEK178.90, valuing the company at SEK220 billion.-Write to Dominic Chopping at dominic.chopping@dowjones.com; Twitter: ...

French Market Regulator Probes Natixis Restructuring - Report

Tue, 21 May 2013 03:51:06 -0400

The French market regulator AMF has opened an investigation into the planned restructuring of the French investment bank Natixis (KN.FR), reports French business daily Les Echos on Tuesday, without citing any sources.Natixis, part of the mutual bank Groupe BPCE, said in February it planned to sell the 20% stake it holds in the regional lenders Banques Populaires and Caisses d'Epargne back to ...

Magnolia Petroleum Participating in 11 Wells in Oklahoma

Tue, 21 May 2013 03:51:06 -0400

Magnolia Petroleum PLC (MAGP.LN), a U.S. onshore focused oil and gas exploration and production company, Tuesday said it is participating in eleven wells in Oklahoma for an aggregate net cost of $1.4 million.MAIN FACTS:-Continues to see and, more specifically, the considerable potential of the 13,500 plus net mineral acres it holds.-As part of Magnolia's on-going lease acquisition activity, ...

European Stocks To See Cautious Start On Fed Policy Speculation

Tue, 21 May 2013 03:10:51 -0400

European stocks are set to edge lower on Tuesday as investors await the release of the FOMC minutes and a speech from Fed Chairman Ben Bernanke before the Joint Economic Committee of Congress on Wednesday for cues on the Fed's stance on continuing its easy monetary policy. The dollar retreated from a six-week high against the euro amid speculation that Bernanke would not hint at tapering ...

Metals Stocks Gold prices rise following up on ‘key reversal’

Tue, 21 May 2013 03:07:12 -0400

LOS ANGELES (MarketWatch) -- Gold futures rose in electronic trade Tuesday, building on gains from the previous session that ended a lengthy string of ...

Mauritius Drop in tourism hurts earnings

Tue, 21 May 2013 03:05:02 -0400

Earnings from tourism in Mauritius fell 12.4 percent from a year earlier to 12 billion rupees (R3bn) in the first three months of this year as the weak economic environment in Europe hurt visitors’ spending. Statistics Mauritius cut its forecast for visitor arrivals this year to 990 000 from a previous estimate of 1 million, but expected tourism revenue to rise to 46.1bn rupees from 44.3bn ...

Ryanair flies high as earnings top forecasts

Tue, 21 May 2013 03:05:01 -0400

A sharp rise in earnings from add-on charges for items such as baggage and pre-assigned seating yesterday helped boost Ryanair’s earnings above expectations in the past year, lifting its shares to a record ...

UPDATE 1-Russian retailer X5 Q1 earnings fall but beat forecast

Tue, 21 May 2013 03:03:49 -0400

Tue May 21, 2013 3:03am EDT * Q1 net profit down 2 pct to $65 mln vs $51 mln fcast * EBITDA up 4 pct to $284 mln vs $281 mln fcast * EBITDA margin at 6.8 pct vs 6.7 pct fcast MOSCOW, May 21 (Reuters) - Russian food retailer X5 beat profit forecasts on Tuesday as it presses on with cost cutting and streamlining after losing its market lead to closest competitor Magnit. X5 last month reported for ...

Vodafone Silent on Verizon

Tue, 21 May 2013 03:01:11 -0400

Vodafone posted its largest ever quarterly fall in key organic service revenue on Tuesday, down 4.2 percent, the worst fall in its main sales measurement since the company started using that metric in 2003. As a result the telecommunications giant held onto its dividend from its U.S. arm and reinvested it into the business rather than returning it to shareholders. ...

Divi’s Laboratories tanks over 6 on weak Q4 earnings downgrade

Tue, 21 May 2013 02:42:10 -0400

Divi’s Laboratories Ltd slipped over 6 per cent in morning trade on Tuesday, after the company posted 16.75 per cent decline in its consolidated net profit at Rs 180.57 crore for the fourth quarter ended March 31, ...

Apple said to have avoided billions in tax

Tue, 21 May 2013 02:08:51 -0400

WASHINGTON - Even as Apple became the nation's most profitable technology company, it avoided billions in taxes in the United States and around the world through a web of subsidiaries so complex it spanned continents and surprised experts, a congressional investigation has found. Some of these subsidiaries had no employees and were largely run by top officials from the company's ...

Ordering a combo Seamless and GrubHub are merging

Tue, 21 May 2013 02:06:16 -0400

For a city obsessed with food delivery, this was a deal made to order. Two of the fastest growing food-ordering websites - Seamless and GrubHub - have agreed to merge, creating a combination that can satisfy cravings from salad wraps to sushi rolls. New York-based Seamless will join forces with Chicago rival GrubHub to offer a wider menu of takeout options and improved technology to deliver food ...

NYC building owners fear lack of terror insurance when TRIA expires

Tue, 21 May 2013 02:06:16 -0400

New York’s commercial real estate market is facing a threat that could rock its foundations: the loss of federal "terrorism insurance." The Terrorism Risk Insurance Act, enacted a year after the 9/11 attacks, makes American taxpayers the backstop for private insurance companies in the event of such catastrophes. The legislation comes up for renewal in 2014.If Congress fails to ...

Time for Yahoo to move

Tue, 21 May 2013 02:06:15 -0400

Yahoo! is tumbling into the old Times Building on West 43rd Street with a new lease for 176,000 square feet on the 9th through 12th floors of the 16-story building, where it will consolidate its city headquarters.Yahoo! CEO Marissa Mayer announced the move as she and Mayor Bloomberg discussed the $1.1 billion Tumblr acquisition at a press event. The Post first reported the Sunnyvale, Calif.-based ...

More writers join the Voice exodus

Tue, 21 May 2013 02:06:15 -0400

Two more staff writers yesterday joined the growing exodus at the troubled Village Voice."Today, the Village Voice regretfully accepted the resignations of food critic Tejal Rao and staff writer Nick Pinto," the company said in a statement.Pete Kotz, the interim editor, took over when Editor-in-Chief Will Bourne and his deputy, Jessica Lustig, walked off the job on Friday. The duo said ...

Dish Net’s big bid for spectrum

Tue, 21 May 2013 02:06:15 -0400

Charlie Ergen, chairman of satellite-TV provider Dish Network, made a $2 billion bid for radio frequencies from LightSquared, the bankrupt wireless-broadband company owned by Philip Falcone’s hedge-fund firm, said people familiar with the offer. Ergen, 60, has offered to buy the spectrum - the frequencies used for wireless communications - even though the Federal Communications Commission ...

SAC investors fleeing as Cohen faces prosecutors

Tue, 21 May 2013 02:06:14 -0400

Steve Cohen’s looming confrontation with federal prosecutors isn’t sitting well with his investors. His $15 billion hedge fund giant, SAC Capital, is expected to be hit with another round of withdrawals after prosecutors issued a flurry of subpoenas to force Cohen and other execs to testify in the government’s long-running investigation of the firm. "We don’t need the ...

A Jamie showdown at the JPM corral today

Tue, 21 May 2013 02:06:14 -0400

Think of it as the tempest in Tampa.JPMorgan boss Jamie Dimon is bracing for a shareholder brouhaha today in the Sunshine State that could set the tone for the future of the Wall Street firm. Dimon is in an epic struggle at the bank’s annual shareholder meeting to retain his dual roles as chairman and CEO.It’s likely that the bank honcho will secure enough votes to keep his titles, ...

That’s $how biz ‘Spidey’ theater sold to Brits for $60M+

Tue, 21 May 2013 02:06:14 -0400

Live Nation has reached a deal to sell Foxwoods Theater - one of Broadway’s biggest houses - to Britain’s Ambassador Theater Group. The 1,932-seat West 42nd Street theater, the current home of "Spider-Man: Turn Off the Dark," fetched between $60 million and $70 million, according to sources. "The owner wants to be hugely respectful to the staff and the production," ...

Banks may mute Bloomberg chat

Tue, 21 May 2013 02:06:13 -0400

Wall Street is talking, all right - about dumping Bloomberg’s chat tool. JPMorgan Chase is the latest bank to mull a new internal chat system to replace Bloomberg’s instant-messaging function amid concerns about a privacy breach, The Post has learned.The nation’s biggest bank is eyeing a chat service that is still in the early stages of development and is a collaboration between ...

Craigslist still in the business of selling sleaze

Tue, 21 May 2013 02:06:12 -0400

John Crudele Are you searching for a hooker? There are still hundreds of them advertising on Craigslist despite the fact that the website banished its controversial "adult services" section more than three years ago. That move, estimated to have deprived Craigslist of around $40 million a year in revenue, came as the result of a highly publicized incident in which a 24-year-old engaged ...

Protech Khuthele Share earnings revenue climb

Tue, 21 May 2013 02:03:05 -0400

Protech Khuthele, the listed civil engineering group, yesterday reported a turnaround in its financial performance and a return to profitability in the year to February. Earnings a share improved to 4.4c from the 3.1c a share loss in the previous year. Group revenue rose 6 percent to R1.03 billion. Operating profit before interest improved to R46 million from the R3.8m loss in the previous year ...

Apple has special Irish tax rates Stateless companies based in Ireland

Tue, 21 May 2013 02:01:19 -0400

South Africa Risks Downgrade Rand Hits 4-Year Low

Tue, 21 May 2013 01:59:13 -0400

Peter Attard Montalto, emerging market economist at Nomura International, talks about the South African mining sector, the potential rise of further union unrest and the impact it would have on the country's ...

U.S. asks judge to deny SPs motion to dismiss fraud lawsuit

Tue, 21 May 2013 01:46:39 -0400

(Reuters) - The Justice Department on Monday asked a federal judge to deny Standard & Poor's motion to dismiss a government lawsuit against the ratings agency, saying its statements on certain financial products were fraudulent and not mere ...

Futures Movers Oil futures seesaw U.S. inventories may decline

Tue, 21 May 2013 01:44:49 -0400

LOS ANGELES (MarketWatch) -- U.S. crude-oil futures wobbled between small losses and gains Tuesday, with the moves coming before data expected to show a drawdown in weekly oil ...

Boart lowers earnings expectations

Tue, 21 May 2013 01:38:45 -0400

Drilling services company Boart Longyear says its earnings will fall in 2013 because mining companies are scaling back on exploration."The downturn in capital and exploration spending in the mining sector globally has clearly reduced the demand for drilling services and products," chief executive Richard O'Brien told Boart Longyear's annual general meeting in Adelaide.He said ...

Boarts earnings hit by mining downturn

Tue, 21 May 2013 01:06:17 -0400

United earnings still on the rise

Tue, 21 May 2013 01:01:05 -0400

PARKERSBURG- United Bank had another successful year in 2012 as it continued to increase earnings to shareholders, the chairman and CEO told shareholders Monday. United Bankshares Inc. officials, at the annual meeting of shareholders Monday at the Blennerhassett Hotel, said the company was able to continue to thrive in the economic conditions brought on by the Great Recession of 2008. "We ...

Monti Italy Not Headed for Another Election

Tue, 21 May 2013 00:54:28 -0400

just weeks after its formation, raising questions over how long it will last. But, former Prime Minister Mario Monti said he does not believe an election will be called any time soon. "I don't believe that [Italy will be headed for an election in the next six months] for two reasons," Monti said at a press conference in Singapore on Tuesday, which was one of his first public ...

JPMorgan investors on edge over vote on Dimon what if they win

Tue, 21 May 2013 00:38:54 -0400

JPMorgan Chase & Co CEO Jamie Dimon testifies before the House Financial Services hearing on ''Examining Bank Supervision and Risk Management in Light of JPMorgan Chase's Trading Loss'' on Capitol Hill in Washington June 19, ...

Is China Sending Its Treasurys Packing

Mon, 20 May 2013 23:51:09 -0400

Reports that China may step up the diversification of its huge foreign exchange reserves is not great news for U.S. Treasurys, already under pressure from talk about an easing in the Federal Reserve's bond-buying program. But, the fall-out from such a move is likely to be limited, analysts say. The body that manages China's currency reserves has set up an operation in New York to invest ...

What Most Entrepreneurs Get Wrong

Mon, 20 May 2013 23:51:07 -0400

The economic boom in Asia over the past two decades has inspired people to take risks, develop new businesses and tread on unbeaten paths. But as these entrepreneurs set about to do something different in an attempt to capitalize on their region's unprecedented prosperity, they stumbled and fell only to rise again and go on to be successful. Some of these risk takers spoke to CNBC sharing ...

iGate sacks chief executive Murthy after sexual harassment claim

Mon, 20 May 2013 23:38:49 -0400

(Reuters) - The board of iGate Corp, an information technology outsourcing services provider, has sacked Chief Executive Officer Phaneesh Murthy following an investigation into a claim of sexual harassment, the company said in a ...

NewsWatch New Xbox may keep Microsoft in the game

Mon, 20 May 2013 23:37:01 -0400

Microsoft is expected to unveil a new Xbox on Tuesday. Investors have been bidding up shares of videogame firms, but the market has shifted dramatically in recent ...

UPDATE 2-Sprint receives SoftBank waiver to consider Dish offer

Mon, 20 May 2013 23:26:33 -0400

Mon May 20, 2013 11:26pm EDT * Sprint gets waiver to consider $25.5 bln rival offer from Dish * SoftBank to issue 300 bln yen ($3.9 bln) in bonds in June - filing * Sprint says recommendation in favour of SoftBank offer not changed TOKYO, May 21 (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish ...

Hubert White store remodeling bodes well for downtown retail boom

Mon, 20 May 2013 22:56:55 -0400

Bob White stood in the Ermenegildo Zegna area of the recently renovated Hubert White men’s store in the IDS Center. He has noticed brisker business as more people are moving into the upscale apartments being built ...

U.S. Europe ready to settle Chinese solar cases

Mon, 20 May 2013 22:56:54 -0400

HONG KONG - The Obama administration and the European Union have each decided to negotiate settlements with China in the world's largest anti-dumping and anti-subsidy trade cases involving China's roughly $30 billion a year in solar panel shipments to the West, officials and trade advisers in Beijing, Brussels and Washington said. The plan that is starting to take shape would ...

Microsoft To Reveal New Xbox Features

Mon, 20 May 2013 22:55:37 -0400

Microsoft currently sitting in the top spot of video game console sales for the 28th consecutive month according to retail tracking firm NPD Group. Total retail spending for the Xbox 360 platform in April — which included hardware, software and accessories — topped $208 million dollar. However, the company is already looking ahead to the next generation. "Looking forward to next ...

DealBook Column But Wait. Didn’t Yahoo Try a Deal Like This Before

Mon, 20 May 2013 22:50:08 -0400

Yahoo bought the company for $3.6 billion. When Yahoo announced its headline-grabbing acquisition, it boasted that the deal gave it access to an "unduplicated" audience of users and that its target was a "popular personal publishing" platform. "Yahoo will be able to integrate and distribute a powerful set of state-of-the-art editing tools and content published through ...

Tesla Motors may repay U.S. loan by Wednesday CEO

Mon, 20 May 2013 22:33:41 -0400

CEO of Tesla Motors and SpaceX Elon Musk speaks during a session titled ''To Infinity and Beyond: Jeff Skoll talks with Elon And Kimbal Musk'' at the Milken Institute Global Conference in Beverly Hills, California April 29, ...

Apple called international tax dodger

Mon, 20 May 2013 22:20:34 -0400

A congressional report said U.S. technology giant Apple was using gaps in international tax laws to avoid paying tax on tens of billions of dollars. The report says Apple had moved $74 billion beyond the reach of the IRS from 2009-12 using a variety of loopholes to do so, some of which are used to declare tens of billions of dollars were earned unattached to any country. Apple seems to claim ...

Occupy Wall Street Challenges DOJ On Foreclosure Crisis

Mon, 20 May 2013 21:43:29 -0400

I don't know if Occupy Wall Street has been quiet lately or if I have just not been paying attention. Nonetheless, they have something going on right now. ...

Retailers in the Headlines but Focus Is on the Fed

Mon, 20 May 2013 21:41:00 -0400

J.P. Morgan are both in the hot seat for different reasons Tuesday morning. J.P. Morgan holds its shareholder meeting in Tampa at 10 a.m., and the big focus will be on whether investors vote to allow Chairman and CEO Jamie Dimon to retain both ...

A Silver Warning for Gold

Mon, 20 May 2013 21:40:59 -0400

for more than 18 months. Silver's fall below the critical long term support level near $26.50 an ounce gave early warning of the recent collapse in gold. (Note chart scale is shown in cents) There are two key features on the silver chart. The first feature is the relationship in ...

Sprint gets waiver from Softbank permitting discussions with Dish

Mon, 20 May 2013 21:28:20 -0400

(Reuters) - Wireless service provider Sprint Nextel Corp received a waiver from SoftBank Corp on various provisions of their merger agreement permitting it to engage in discussions with Dish Network ...

Kerry visits Oman for arms deal signing talks on Syria Mideast

Mon, 20 May 2013 21:28:19 -0400

BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new ...

Goldman Sells ICBC Stake for $1.12 Billion

Mon, 20 May 2013 21:25:24 -0400

Goldman Sachs Group Inc. (GS) has sold its remaining stake in Industrial & Commercial Bank of China Ltd. (1398.HK) for around US$1.12 billion, exiting an investment it made in China's biggest bank seven years ago, a person familiar with the matter said Tuesday.The U.S. bank sold ICBC shares at HK$5.50 each, the person said, at the top end of the price range of ...

Goldman Sold Remaining ICBC Stake at HK$5.50Share Top End of Range -Source

Mon, 20 May 2013 21:25:23 -0400

Bank of Communications Appoints President Niu Ximing as Chairman

Mon, 20 May 2013 21:25:23 -0400

Bank of Communications, China's fifth largest lender by assets, has appointed its President Niu Ximing as its new chairman, the bank said in a filing to Hong Kong Exchange on Monday.Mr. Niu will step down as vice chairman of the board, and will replace former Chairman Hu Huaibang who resigned and was named Party Secretary of China Development Bank Corp. last month, according to the ...

Coca-Cola the new global peacekeeper

Mon, 20 May 2013 21:23:38 -0400

Coke and Leo Burnett have unveiled a new initiative to break down barriers and create simple moments of happiness between two nations at odds – India and Pakistan. The initiative, ‘Small world machines,’ provides a live communications portal through a Coca-Cola vending machine for Indians and Pakistanis to interact with and engage across country borders. In March, the ...

UPDATE 1-JPMorgan under pressure gives up vote information

Mon, 20 May 2013 21:13:43 -0400

Mon May 20, 2013 9:13pm EDT By Karen Freifeld and David Henry May 20 (Reuters) - JPMorgan Chase and Co, under pressure from New York officials, gave shareholders information about an upcoming vote that would increase oversight of Chairman and Chief Executive Jamie Dimon. But the ballot details may have come too late for some investors. The bank's annual meeting is on Tuesday and by far the most ...

Japan finance minister wants BOJ to have thorough dialogue with government bond market

Mon, 20 May 2013 20:47:16 -0400

Reuters © Japan's Deputy Prime Minister and Finance Minister Taro Aso smiles as he adjusts his headphones during a seminar at the Asian Development Bank's (ADB) 46th annual board meeting in Greater Noida, on the outskirts of New Delhi May 3, 2013. REUTERS/Adnan ...

ASX falls at open after Wall St closes lower

Mon, 20 May 2013 20:47:03 -0400

UPDATE 8.35am: The Australian sharemarket has opened lower after Wall Street closed in the red overnight.At 8.30am, the benchmark S&P/ASX200 index was down 34.2 points, or 0.7 per cent, at 5174.8, while the broader All Ordinaries index was down 33.8 points, or also 0.7 per cent, at 5151.6.More to ...

Supreme Court to review Sarbanes-Oxley case

Mon, 20 May 2013 20:45:06 -0400

WASHINGTON - The Supreme Court will rule on the reach of the 2002 Sarbanes-Oxley investor-protection law, agreeing to decide whether the law's whistleblower protections cover the employees of a publicly traded entity's contractors. The justices Monday said they will hear an appeal from two former employees of a privately held company that provides investment advice and management ...

Acadia raises $115 million

Mon, 20 May 2013 20:44:48 -0400

raised $115 million in gross proceeds from its secondary public offering. The biotech company said it sold $9.2 million shares, including 1.2 million sold under a fully exercised option to buy additional ...

Nuclear commission silent on public hearings issue

Mon, 20 May 2013 20:44:47 -0400

Allison M. Macfarlane, the chair of the Nuclear Regulatory Commission, talks about her tour of the troubled San Onofre Nuclear Power Station on Monday Jan. 14, 2013 in San Juan Capistrano, Calif. The plant located between Los Angeles and San Diego hasn't produced electricity in nearly a year, after a tiny radiation leak led to the discovery of excessive wear on hundreds of tubes that carry ...

170-foot blade breaks off wind turbine

Mon, 20 May 2013 20:44:47 -0400

A fallen wind turbine blade at Ocotillo, 70 miles east of San Diego, has curtailed operations worldwide of similar equipment manufactured by ...

Will park bridge close this weekend

Mon, 20 May 2013 20:44:45 -0400

But indications are that the bridge will not close every weekend, starting this week, and perhaps not for months to come because of legal and implementation roadblocks in its ...

Clearwire shareholder vote postponed

Mon, 20 May 2013 20:42:18 -0400

Clearwire will postpone a shareholder vote on whether to approve Sprint’s $2.2 billion takeover that was set for today, The Post has learned.Shares of Clearwire rose 1.9 percent yesterday to $3.26, above Sprint’s $2.97 a share, suggesting that shareholders expect a higher price. Clearwire declined comment. ...

Google faces new pressure over tax claims

Mon, 20 May 2013 20:37:54 -0400

Google's data centre in Dublin: by booking all UK sales through Ireland, the internet company handed HMRC only about 10m in corporation tax over the period 2006-11. Photograph: Niall ...

Hawaii stocks close mixed on a slightly lower day for Wall Street

Mon, 20 May 2013 20:34:36 -0400

Barnwell Industries stock gained 2.5 percent to lead Hawaii stocks in gains Monday as the broader markets closed lower. The Dow Jones Industrial Average lost 19.12 points, or 0.12 percent, to close at 15,335.28. The Nasdaq lost 2.53 points, or 0.07 percent, to close at 3,496.43. Gainers: Alexander and Baldwin Inc. (NYSE: ALEX) closed at $35.74, up 44 cents, or 1.25 percent; Barnwell Industries Inc. ...

Wall Street ends flat on correction worries

Mon, 20 May 2013 20:31:28 -0400

NEW YORK: Stocks ended little changed on Monday, with indexes hovering near record levels as concerns about a correction cut earlier gains that had been prompted by news about a flurry of acquisitions. The Dow and the S&P 500 briefly hit all-time intraday highs. Early in the session, investors' sentiment was brightened by a slew of deal news, ...

Wal-Mart ordered to provide more documents

Mon, 20 May 2013 20:30:03 -0400

A U.S. judge ordered attorneys for Wal-Mart Stores to turn over more information to shareholders seeking records on how the company responded to allegations of bribery involving its operations in ...

U.S. court ruling favors Cubist in patent case versus Hospira

Mon, 20 May 2013 20:22:46 -0400

The ruling, in U.S. District Court in Delaware, is a positive development for Cubist in the ongoing case, which is scheduled to go to trial in February 2014, said Cubist spokeswoman Julie DiCarlo. Cubicin, an antibiotic injection used in hospitals to treat bacterial skin infections, is the company's primary revenue ...

Raytheon to sign $2.1 billion arms sale to Oman U.S. officials

Mon, 20 May 2013 20:22:46 -0400

SAN FRANCISCO/NEW YORK - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. ...

Gas Prices Spike Ahead of Holiday

Mon, 20 May 2013 20:15:02 -0400

May 20, 2013 7:43pm It’s almost Memorial Day and the price of driving for the first holiday weekend of the summer just got a bit higher. The weekly average price of a gallon of regular gas is $3.67, up 7 cents from a week earlier, according to the Department of Energy. Minnesota is ground zero for the high prices with a record high of $4.28, a rise of 44 cents in the just the last week, ...

Citigroup names Jane as new head of mortgage biz

Mon, 20 May 2013 20:14:51 -0400

The number two in Chinese leadership offered New Delhi a "handshake across the Himalayas" and said the world's most populous nations could become a new engine for the global ...

Alcoa warns of scammer claiming to collect utility payments

Mon, 20 May 2013 19:35:47 -0400

Alcoa is warning residents about a scammer who is calling residents and asking to collect money on an account. The city says it does not call customers to collect utility payments, and if there are issues with any payments, it will either come via an automated message or through an online payment system. The city asks that anyone who receives a call demanding immediate payment should simply ...

Microsoft to build Australian cloud computing centres

Mon, 20 May 2013 19:34:39 -0400

SYDNEY (Reuters) - Microsoft Corp is expanding its services for hosting and processing online data in Australia with the establishment of two new "cloud" computing data centres in the country.The world's biggest software company said on Tuesday it was expanding its Windows Azure business to include a major new region in Australia.Data centres, renting out technology resources such ...

JPMorgans Dimon faces push to drop chairmans title

Mon, 20 May 2013 19:32:24 -0400

NEW YORK - A major shareholder vote this week has Wall Street abuzz over the power and future of Jamie Dimon, leader of the country's biggest bank. As chairman and chief executive of JPMorgan Chase & Co., Dimon burnished his reputation by steering the bank through the financial crisis virtually unscathed. Charismatic and articulate, Dimon emerged as Wall Street's most public face, ...

Cool key to urban upsurge

Mon, 20 May 2013 19:32:04 -0400

Is a parade cool? It was one of the highlights of the Holiday Bowl in December but Gaslamp Quarter's rents are beyond new "cool" bars and restaurants and the coolness/rent rate figure into how an urban pocket turns itself ...

Hispanic group asks FTC to probe Herbalife

Mon, 20 May 2013 19:29:27 -0400

A Hispanic consumer group has asked the Federal Trade Commission to investigate the Herbalife, citing concerns that the controversial company is targeting minorities. "It is our understanding that the company’s marketing materials promise richness for a few hours of work from home," wrote Hispanic Federation President Jose Calderon in a March 17 letter to FTC Chairwoman Edith ...

Former Apple CEO on Offshore Cash

Mon, 20 May 2013 19:22:16 -0400

Some explosive words were exchanged on Capitol Hill with Sen. Carl Levin, (D-MI) accusing Apple of using tax havens in Ireland to avoid paying U.S. taxes. John Scully, former Apple CEO, shares his view on the ...

Dimon Exit Could Be ‘All Downside’ Pro

Mon, 20 May 2013 19:22:15 -0400

Ahead of a vote on separating JPMorgan's CEO and chairman roles that could push out Jamie Dimon, Brad Hintz of Sanford Bernstein says that a departure would have no benefit for the company's stock ...

Stocks Dollar Move Up Is a Good Thing

Mon, 20 May 2013 19:22:15 -0400

The stock market and the U.S. dollar have are moving higher in tandem again, which analysts say could be a positive for U.S.-centric companies. "[The rising dollar] is one of the reasons this market is more a U.S.-focused one," said Quincy Krosby, market strategist at Prudential Financial. "Economic data in the U.S. have gained traction against other economies and with the ...

Prosecutors subpoena of SACs Cohen puzzles defense lawyers

Mon, 20 May 2013 19:08:19 -0400

Hedge fund manager Steven A. Cohen, founder and chairman of SAC Capital Advisors, responds to a question during a one-on-one interview session at the SkyBridge Alternatives (SALT) Conference in Las Vegas, Nevada May 11, ...

Rockwood pigments businesses attract private equity bids sources

Mon, 20 May 2013 19:08:18 -0400

LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change ...

Gold and Silver Post Huge Turnaround

Mon, 20 May 2013 19:05:16 -0400

NYSEARCA:SLV ) futures for July gained 23 cents to finish at $22.58.Although the price of gold futures briefly touched $1,336 per ounce, they rebounded sharply to avoid closing lower for the eighth consecutive session. Silver futures hit as low as $20.25 per ounce, which caused some market commentators to declare the end for silver, but the precious metal also made a strong ...

Which Market is Correct

Mon, 20 May 2013 19:05:14 -0400

UUP ) should be declining (as it did during the equity boom years of 1985-2007). It is actually up in value since 2008.Commodity prices should also be up, but they have been declining rather sharply since 2011.This is not your typical confirming market behavior.For five years bonds, the dollar, and stocks have all risen in price when bonds and the dollar should have done the opposite of ...

Lawmakers say Apple dodged billions in taxes

Mon, 20 May 2013 19:02:29 -0400

AAPL ) of using what it called a "complex web of offshore entities" to dodge billions of dollars in U.S. income taxes.The technology giant, the world's second-largest company by market value, has used a range of offshore structures, transactions and other arrangements to shield its earnings from taxes, said the U.S. Senate permanent subcommittee on investigations in a report. Among ...

Wall St ends near flat small co stocks in limelight

Mon, 20 May 2013 18:59:17 -0400

US stocks ended little changed on Monday with indexes hovering near record levels as concerns about a correction cut earlier gains that were boosted by acquisition activities. Based on the latest available data, ...

United Airlines to return all Boeing 787s to service this week

Mon, 20 May 2013 18:51:45 -0400

CHICAGO | Mon May 20, 2013 6:51pm EDT CHICAGO May 20 (Reuters) - United Airlines said on Monday it expects to have its entire fleet of Boeing 787 Dreamliners back in service this week, as the airline's first flight with the new jetliner in four months landed safely in Chicago. "Every new airplane has issues," United CEO Jeff Smisek said after the flight landed ahead of ...

Apple uses companies outside US to avoid paying billions in US taxes Senate inquiry finds

Mon, 20 May 2013 18:25:05 -0400

WASHINGTON - Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found. The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to ...

Consumer spending will help to offset sequester economists say

Mon, 20 May 2013 18:25:04 -0400

WASHINGTON -- Consumers will help keep economic growth on track this year, as new projections of their spending indicate it will offset the hit to the recovery from the federal government's automatic budget cuts, a panel of economists said Monday. The National Association for Business Economics estimated that the nation's economic output would grow 2.4 percent this year, the same as ...

Why are more pizza outlets coming to SD

Mon, 20 May 2013 18:24:42 -0400

"We're looking at San Diego and Los Angeles as target markets because we're so under-penetrated there," said Thomas McCord, vice president of real estate and franchise development. "We're not a high end pizza concept. We're about value. We do very well with blue collar households, with people (who) want to take their family, have a full buffet and a nice dinner ...

US stocks dip despite MA activity

Mon, 20 May 2013 18:24:24 -0400

US stocks have slipped despite a flurry of merger and acquisition news this week.Investors are also looking ahead to Federal Reserve Chairman Ben Bernanke's testimony to Congress this week.Yahoo!'s $US1.1 billion ($A1.13 billion) deal to buy blogging platform Tumblr temporarily helped to lift the Nasdaq above the flat line on Monday.But the move was not enough to keep it there.The Dow ...

Yahoo Takes space in old NY Times building

Mon, 20 May 2013 18:22:14 -0400

Yahoo is tumbling into the old Times Building on W. 43rd St. with a new lease for 176,000 feet on the 9th through 12th floors of the 16-story building where they will consolidate their city headquarters.Yahoo CEO Marissa Mayer announced the move as she and Mayor Bloomberg discussed the $1.1 billion Tumblr acquisition at a press event. The Post first reported the tech giant was exploring options ...

After Tumblr Takeover Whos Next

Mon, 20 May 2013 18:15:26 -0400

Yahoo's announcement on Monday that it's snapping up Tumblr for $1.1 billion, the attention has shifted to other private technology companies that could be next. (A little horn-tooting: ...

Tumblrs Issues for New Parent Yahoo

Mon, 20 May 2013 18:15:26 -0400

Investors are asking how the aging Internet giant plans to make money off Tumblr's feisty, fickle users--who want reassurance that the grown-ups won't barge into their clubhouse and spoil the fun. "It's not the worst idea ... but it's not a clear victory," said Brian Wieser, senior analyst at Pivotal Research Group. "It definitely gives us traction with a ...

7 mistakes to avoid in retirement planning

Mon, 20 May 2013 18:10:29 -0400

It's complicated, this retirement thing. We keep hearing we need to save more money than we've saved. We're worrying about health care. There's a lot at stake, and we can't screw up. Here's what not to ...

Urban Outfitters sales miss Street estimates shares fall

Mon, 20 May 2013 18:03:57 -0400

Urban said on Monday its profit was helped by a fall in merchandise markdowns due to improved demand at its hipster Anthropologie brand and lower store occupancy ...

Exclusive U.S. Air Force to move forward target date for F-35 use

Mon, 20 May 2013 18:03:50 -0400

Workers can be seen on the moving line and forward fuselage assembly areas for the F-35 Joint Strike Fighter at Lockheed Martin Corp's factory located in Fort Worth, Texas in this October 13, 2011 handout photo provided by Lockheed ...