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Bernanke says more positive signs needed before scaling back stimulus

Wed, 22 May 2013 17:25:11 -0400

WASHINGTON - Chairman of the Federal Reserve, Ben Bernanke Wednesday said it was too soon to scale back the monetary stimulus and the central bank needs to see further signs of traction before taking a decision. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain ...

Higher exports fail to plug widening Japan trade deficit

Wed, 22 May 2013 16:52:11 -0400

TOKYO - Japan's trade deficit rose substantially more than expected in the month April to 879.9 billion yen ($8.6 billion), which is a 70% jump over the trade deficit during the corresponding month a year earlier, the Finance Ministry said Wednesday.. The deficit, for the tenth consecutive month, was wider than what many economists had forecast. A survey from the Nikkei business daily ...

Vitamin C offers hope of tackling drug resistant TB

Wed, 22 May 2013 15:56:35 -0400

WASHINGTON - Adding vitamin C to existing tuberculosis drugs regime could shorten the therapy for drug resistant TB, claims new research findings published in the online scientific journal Nature Communications. The striking discovery, by researchers at Albert Einstein College of Medicine of Yeshiva University, has determined that vitamin C kills drug-resistant TB bacteria in laboratory ...

IMF warns UK against continuing austerity programme

Wed, 22 May 2013 15:53:31 -0400

LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...

Labour reforms to top US team agenda on Bangladesh visit

Wed, 22 May 2013 15:50:14 -0400

DHAKA - A high level US delegation led by the State Department's Under Secretary for Political Affairs Wendy Sherman will visit Bangladesh this weekend to press for a major overhaul of labour safety regulations following the nation's deadliest industrial accident, an official said Wednesday. The collapse of a nine-storey factory complex housing several garment units outside the capital last ...

Construction begins on new island off Jumeirah Beach in Dubai

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 ...

Chidambaram says U.S. Federal Reserves statement misunderstood calls for calm

Thu, 23 May 2013 09:00:01 -0400

Finance Minister P. Chidambaram on Thursday sought to calm stock markets in India after Federal Reserve Chairman Ben Bernanke suggested bond purchases could be scaled back if the U.S. economy improves. Addressing a news conference here, Chidambaram said fears that the Federal Reserve would start reversing its U.S. monetary stimulus programme were being misunderstood in stock market and investor ...

Currencies Dollar tumbles vs. yen as Japan leads global rout

Thu, 23 May 2013 08:46:42 -0400

NEW YORK (MarketWatch) -- The U.S. dollar slumped on Thursday, with the yen soaring as Japanese stocks plunged in the wake of disappointing Chinese data and fears the U.S. Federal Reserve could soon begin to reduce its bond ...

Earnings Outlook Pandora expected to report sales gains

Thu, 23 May 2013 08:46:41 -0400

SAN FRANCISCO (MarketWatch) -- Pandora Media Inc. is set to deliver its first-quarter results after the close of trading Thursday, and the results come at a time of rising competition and executive change at the online radio ...

Movers Shakers Thursday’s movers Hewlett-Packard AMD

Thu, 23 May 2013 08:46:41 -0400

NEW YORK (MarketWatch) -- Shares of Hewlett-Packard Co. led gainers in the Standard & Poor's 500 Index in premarket trade on Thursday while shares of Advanced Micro Devices fell. Apple Inc. trended ...

Tesco checkout staff see bonus pot halved as profits slump

Thu, 23 May 2013 08:44:16 -0400

Checkout staff at Tesco have seen their annual shares bonus pot halved after the supermarket giant slumped to its first annual profits fall in nearly 20 ...

Microsoft boosts Japan Azure offering adds data centers

Thu, 23 May 2013 08:40:58 -0400

IDG News Service - Microsoft will boost its Azure cloud offering in Japan, adding two domestic data centers to speed response times and improve reliability in the face of natural disasters. The software giant said Thursday that it would add cloud-based hosting services in two regions, one near Tokyo and one in the Kansai region further south. Redundancy is a priority in earthquake-prone Japan, ...

Jobless Claims Get Better but Remain at High Level

Thu, 23 May 2013 08:40:51 -0400

Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 340,000, the Labor Department said on Thursday, pushing back below the 350,000 mark that economists normally associate with a firming job market. Claims for the prior week were revised to show 3,000 more applications received than previously reported. Economists polled by Reuters had expected first-time ...

Bernanke Confused Everybody Dennis Gartman

Thu, 23 May 2013 08:40:50 -0400

Dennis Gartman, founder and editor of The Gartman Letter, says tapering is still up for debate following Bernanke's Congress address and adds that as the underlying economy gets stronger, capital will come out of the equity ...

House to Vote on Student Loan Plan

Thu, 23 May 2013 08:40:50 -0400

Facing a deadline in which federal loan rates would double for 7 million college students, House lawmakers on Thursday are ready to pass legislation that links student loan rates to the financial markets. President Barack Obama has threatened to veto the measure. Under the legislation introduced by Republican Reps. John Kline of Minnesota and Virginia Foxx of North Carolina, subsidized and ...

Twitter Ups Security to Prevent Further Hacking

Thu, 23 May 2013 08:40:50 -0400

Following a spate of high-profile security breaches, Twitter has introduced an optional two-step login for users in an attempt to combat further attacks which it said has cleared the way for tougher security measures in the future. The social media website said users will be asked to register a phone number, which will be verified, and confirm their email address in an effort to prevent accounts ...

Microsoft recruits Siri to highlight the iPad’s failings

Thu, 23 May 2013 08:38:46 -0400

Scroogled " campaign, because Microsoft is just attacking Google rather than focusing on selling its own products. It's a negative campaign dressed up as consumer championing, and I don't think it does the software giant any favours. However, I do like the new Windows 8 commercial which is a clever attack on the Apple iPad (a device I own and ...

Unilevers CEO has a green thumb

Thu, 23 May 2013 08:33:55 -0400

Paul Polman calls himself a "hard-core capitalist." Sometimes you have to wonder. The day he became the chief executive of Unilever in 2009, Polman said the consumer products giant would stop providing earnings guidance and quarterly profit reports. "I figured that the day they hired me, they can't fire me," he says, "so that was probably the best moment to do ...

Dover to spin off some communication technologies businesses

Thu, 23 May 2013 08:27:42 -0400

"Given the evolution of their unique business model, these businesses can now pursue a more aggressive growth strategy together as a standalone company," Chief Executive Robert A. Livingston said in a ...

Deutsche bosses seek to win over skeptical shareholders

Thu, 23 May 2013 08:27:40 -0400

DBKGn.DE ) bosses tried to convince skeptical shareholders at a lively annual meeting on Thursday that the bank was on the right track again after facing a host of legal ...

Hewlett-Packard shares up 12 after earnings beat

Thu, 23 May 2013 08:25:42 -0400

+0.57% shares were up more than 12% in premarket trading on Thursday after the firm reported better-than-expected earnings for the second-quarter. The tech-giant was able to hold margins on its products, despite a drop in earnings. The firm is going through a turnaround which could take several years, said Meg Whitman, who took over as CEO in ...

Microsofts Xbox One reflects game change in home entertainment

Thu, 23 May 2013 08:25:13 -0400

Microsoft Corp. on Tuesday unveiled the Xbox One, a next-generation video game console that aspires to be more than just a plaything. Not only will the Xbox One deliver an amped-up game experience, but it also will let users watch live TV, rent a movie and listen to music. Viewers can use their voice and gestures to control the TV too. Want to change the channel? Just tell the Xbox One to turn ...

Bullion Rallies Despite Losing US Fed Prop as Stock Markets Sink on Weak China Data

Thu, 23 May 2013 08:25:12 -0400

BOTH gold and silver rose in Asian and London trade Thursday morning, defying a sharp slide in global stock markets to gain 3.0% rally from yesterday's sharp sell-off.Commodity prices fell as major government bonds rose but weaker Eurozone debt slipped, pushing interest rates higher.Tokyo's Nikkei index - up by 85% from November - dumped more than 7% after new data showed a surprise ...

Toronto-Dominion Bank 2nd-Quarter Profit Edges Higher

Thu, 23 May 2013 08:24:48 -0400

Toronto-Dominion Bank (TD), kicking off earnings season for Canada's big banks, said Thursday its second-quarter profit edged up 1.8%, helped by contributions from its personal and commercial banking operations in Canada and the U.S.TD, Canada's second-biggest bank by assets, said it's "pleased" with results for the quarter "given the backdrop of low interest rates ...

Glencore Xstrata Announces Inaugural $5 Billion Five-Tranche Bond Issue

Thu, 23 May 2013 08:24:48 -0400

Mining and commodities-trading giant Glencore Xstrata PLC (GLEN.LN), Thursday enounced the launch and pricing of a dollar denominated issue of notes in a $5 billion five-tranche transaction comprising 3 year, 5 year and 10 year fixed-rate Notes and 3 year and 5 year floating-rate Notes, issued through its subsidiary Glencore Funding LLC.MAIN FACTS:-Glencore Xstrata will use the net proceeds of ...

Salzgitter Warns High Costs Will Continue to Depress Earnings

Thu, 23 May 2013 08:24:46 -0400

German steelmaker Salzgitter AG (SZG.XE) Thursday warned that high commodity and energy prices will continue to depress its earnings in coming months as demand in much of its European core market remains muted due to the economic and fiscal crisis in the euro zone.Speaking to shareholders at the company's annual general meeting, Chief Executive Heinz Joerg Fuhrmann said that steel demand in ...

ECB seeks new tools while Fed toys with exit

Thu, 23 May 2013 08:24:08 -0400

PARIS/WASHINGTON (Reuters) - The European Central Bank is looking into expanding its range of policy tools, while the U.S. central bank is mulling scaling back its support measures, highlighting the contrasting fortunes between the world's two biggest economic ...

5.23.13 TD kicks off Bay Street earnings parade

Thu, 23 May 2013 08:23:29 -0400

set the tone for Canada’s banking season today with a modest profit rise and plans to buy back 1.3% of its shares. The first of Canada’s big banks to report earnings, TD Bank Group pretty much met analysts’ expectations with a 1.8% profit increase. Net income for the period ended April 30 climbed to $1.72 billion, or $1.78 a share, from $1.69 billion, or $1.78, a year earlier, ...

Student debt repayment options offer hope

Thu, 23 May 2013 08:22:38 -0400

(MoneyWatch) The statistics are alarming. Student borrowing, which has ballooned 300% in less than a decade, now stands at $1.1 trillion. Worse, roughly one in 10 borrowers has fallen into default. Defaults not only burden cash-strapped borrowers with a plethora of penalty fees. They can ruin a young adult's credit rating, making it virtually impossible for him or her to buy a house or a ...

Turn off Windows 8 with one click

Thu, 23 May 2013 08:22:37 -0400

(MoneyWatch) People have complained about Windows 8 since the day the new operating system shipped. At the top of the list is the absence of any start button. In another ...

Celeb housing Ellen buys Drew sells Hugh Hefner on the move

Thu, 23 May 2013 08:22:37 -0400

(MoneyWatch) Hollywood's rich and famous have been making big moves in real estate the past few weeks. It seems like every day a different celebrity is spending millions of dollars on a new home. It must be these low interest rates.Ellen DeGeneres bought a super-pricey property, while Hugh Hefner gifted his new wife a new home and Jennifer Lopez finally has a place in the Hamptons for the ...

Global Stocks Plunge After Japan Selloff

Thu, 23 May 2013 08:20:04 -0400

Morning Business Memo… Wall Street may be in for a wild ride today after a sharp retreat for stocks in Japan. US stock futures dropped after the Nikkei index in Tokyo plunged 7.3 percent overnight, its worst one-day loss in more than two years. Global stock markets are in retreat, hammered by a one-two punch. The first blow was struck when US markets turned from gains to losses after the ...

US STOCKS-Futures fall on stimulus plan concerns China data

Thu, 23 May 2013 07:46:17 -0400

Thu May 23, 2013 7:46am EDT * HP jumps after raising 2013 outlook * China manufacturing data shows contraction * Futures off: Dow 101 pts, S&P 14.2 pts, Nasdaq 25.5 pts By Chuck Mikolajczak NEW YORK, May 23 (Reuters) - U.S. stock index futures fell on Thursday, putting the S&P 500 on track for its first daily back-to-back declines in a month, amid investor concerns the U.S. Federal Reserve may ...

Investec slides after earnings miss

Thu, 23 May 2013 07:34:51 -0400

Johannesburg - Shares of Investec drop 2.5 percent to 70.9 rand after the South African investment bank and asset manager's full-year earnings fall short of lofty market ...

Microsoft Surface Pro a device of many talents

Thu, 23 May 2013 07:33:37 -0400

mystery press conference in Los Angeles on 19 June last year. Indeed, it was something of a shock, because for the first time, Microsoft was competing against its biggest customers: Windows PC suppliers such as Acer, Asus, Dell, HP, Lenovo, Samsung and ...

Post Office workers to strike for fifth time since Easter over closure plans

Thu, 23 May 2013 07:33:32 -0400

Customers encounter locked doors at a Post Office in Newport during a strike on the Tuesday after the first May bank holiday. Photograph: Tim ...

Qinetiq could sell US business after defence cuts lead to profit fall

Thu, 23 May 2013 07:33:30 -0400

- the business often said to be the inspiration for the spy's weapons expert Q - does not appear to be as successful.Full year underlying profits up 6% to 152m, with a positive performance from its UK services business. But defence budgets are under pressure worldwide, with possible contract delays and modifications, especially in the US, where Qinetiq's services business saw profits ...

Concerns over underlying health of UK economy as 0.3 growth confirmed

Thu, 23 May 2013 07:33:28 -0400

Stockpiling by British businesses accounted for much of the growth in the UK economy in the first three months of the year, adding to concerns that its underlying health remains weak.GDP growth was confirmed at 0.3% by the Office for National Statistics after inventories increased by 0.4%.The ONS said business investment, a key indicator of the economy's wellbeing, fell 0.4% and consumer ...

Does Asia Slump Signal US Correction

Thu, 23 May 2013 07:30:19 -0400

: "I think I'd be more likely to be buyer than a seller. First of all, markets correct from time to time. That's natural whether it's in Japan or over here." "We want the Fed to taper because that means the economy is getting better," Keon added, saying the underlying economy is "stronger than people think" because the fiscal drag of the tax increases ...

Housing Hype Is Overblown Pros

Thu, 23 May 2013 07:30:18 -0400

Housing is good but not great, and unlikely to fulfill Wall Street's expectations that it will be a leading force in a robust recovery, according to a group that is one of industry's most prominent voices. Despite data points that in some cases are at multi-year highs, Robert Shiller, Karl Case and David Blitzer believe there are multiple headwinds that will keep a lid on housing gains. ...

Recessions Hurt but Austerity Kills

Thu, 23 May 2013 07:30:18 -0400

An international study on recessions and governments' responses to them has found that cuts to healthcare systems prompted by fiscal austerity are making matters far worse--for both governments and society. David Stuckler, a sociology professor at Oxford University and co-author of the book "The Body Economics," told CNBC on Thursday that responses to recessions had not only been ...

Warning signs for China Fed hints at curbing stimulus

Thu, 23 May 2013 07:17:23 -0400

LONDON (Reuters) - Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the euro zone's downturn tempered slightly in May, business surveys showed on ...

Feds Bullard QE Most Effective Stimulus When Rates near Zero

Thu, 23 May 2013 07:13:33 -0400

The Federal Reserve's policy of asset purchases is still the most effective way to provide additional monetary stimulus when interest rates are close to zero, and the central bank should stick with its current policy, St. Louis Fed chairman James Bullard said Thursday.Mr. Bullard reiterated his belief in using unconventional policy measures, in a speech that assessed various options for ...

UK regulator fines JPMorgan 3 million pounds

Thu, 23 May 2013 07:13:33 -0400

LONDON – Britain's Financial Conduct Authority (FCA) said it has fined U.S. bank JPMorgan 3.08 million pounds ($4.6 million) for being unable to show it was giving clients the right advice. The FCA said on Thursday the failings were not corrected until the watchdog brought them to the firm's attention in the course of its wider review of wealth management firms. "No matter ...

UMW Holdings to Add to Drilling Rig Fleet With $223 Million Purchase

Thu, 23 May 2013 07:13:33 -0400

UMW Holdings Bhd (4558.KU), Malaysia's state-backed industrial conglomerate, said Thursday that its unit has signed a pact with S.D. Standard Drilling PLC to buy a jack-up drilling rig for $223 million.The rig is currently being built and is expected to be ready for delivery in May 2014, UMW said in a statement.The new rig will add to UMW Oil & Gas's current fleet of four offshore ...

VTB in Talks to Exit Rosbank

Thu, 23 May 2013 07:13:32 -0400

Russia's VTB Bank (VTBR.RS) said Thursday that it is in talks about exiting French Societe Generale SA's (GLE.FR) Russian unit, whose chief was arrested last week for allegedly taking a bribe."We are in talks about exiting Rosbank. This is not a strategic investment for VTB. However, the terms and conditions of any deal will depend on market conditions," VTB, which holds an ...

LONDON MARKETS U.K. Stocks Slide As Miners Drop On China Data

Thu, 23 May 2013 07:13:32 -0400

LONDON – U.K.'s benchmark FTSE 100 stock index retreated from a 13-year high on Thursday, with resource firms adding pressure after disappointing Chinese manufacturing data fueled worries about growth recovery in the Asian nation.The FTSE 100 index slumped 1.9%, after climbing to the highest close since December 1999 on Wednesday.Mining firms were among biggest decliners, after ...

Gazprom Tenders to Drill 6 Oil Wells at Iraqs Badra Field

Thu, 23 May 2013 07:13:31 -0400

Russian state oil producer OAO Gazprom Neft (SIBN.RS) has issued a new tender to drill six oil wells at the Badra oil field in eastern Iraq, the company said on its website.Gazprom has set June 13, 2013 as a closing date for receiving offers.The Gazprom consortium, which includes South Korea's Gas Corp. (036460.SE), Turkish Petroleum Corp. or TPAO, and Malaysia's Petronas, plans to ...

GM recalling some 27K Cadillac SUVs due to concerns wheels can fall off

Thu, 23 May 2013 07:11:13 -0400

DETROIT General Motors Co. is recalling more than 27,000 Cadillac SUVs worldwide because the wheels can fall off. The company says the recall affects the 2013 Cadillac SRX with 18-inch wheels. Canadian safety regulators say the wheel nuts may not have been tightened enough at the factory. GM says the problem hasn't caused any crashes or injuries, and no wheels have fallen from vehicles. ...

Nearly Free Electric Car Leases in a State Near You

Thu, 23 May 2013 07:08:54 -0400

(Image credit: Toshifumi Kitamura/AFP/Getty Images) Accustomed to their gas-guzzling companions, many Americans are hesitant to buy an electric or hybrid vehicle. But dealers and government incentives are luring drivers into the fold. John O’Dell, senior green car editor for Edmunds.com, has leased a Nissan Leaf with his wife for the last two years. He said he is not sure he would lease an ...

Photos Talk Show Host Buys Home

Thu, 23 May 2013 07:08:54 -0400

Talk show host Ellen DeGeneres and wife Portia de Rossi have reportedly picked up another property -- this time in Montecito, Calif. The real-estate happy couple bought the home for $26.5 million, according to TMZ. On 13 acres with ocean views, the home has six bedrooms and nine fireplaces. The couple sold their home in Malibu last year that previously belonged to actor Brad ...

Angola to open bourse in 2016 secondary bond market end-2013

Thu, 23 May 2013 06:58:55 -0400

Thu May 23, 2013 6:58am EDT * Stock market may open 2015 if used for privatisations * Bourse has been in pipeline for a decade * New plan to open markets gradually By Shrikesh Laxmidas LISBON, May 23 (Reuters) - Angola plans to open its much-delayed stock market in 2016 and could even bring it forward to 2015 if the bourse was used to privatise state-owned companies, the country's Capital ...

European stocks dive after Tokyo plunge

Thu, 23 May 2013 06:32:48 -0400

LONDON (AFP) - European stock markets slumped in early trading on Thursday, with most indices losing more than 2.0 percent after Tokyo shares plunged owing to weak Chinese data and signs that the US Federal Reserve may soon taper massive stimulus measures, analysts said.London's benchmark FTSE 100 index retreated 1.74 percent to 6,720.88 points, Frankfurt's DAX 30 slumped 2.33 percent ...

Asian Stocks Tumble On Fed Talk China Growth Concerns

Thu, 23 May 2013 06:29:07 -0400

Asian stocks tumbled on Thursday after minutes of the Federal Reserve's April 30-May 1 meeting revealed "a number" of members favor tapering the central bank's $85-billion bond-buying program as early as the June meeting if the labor market continues to improve. Fed chief Ben Bernanke also hinted that an exit could be initiated in the "next few meetings" if the ...

Indian stock markets trade hitting fresh intra-day low Thursday

Thu, 23 May 2013 06:24:32 -0400

Business India News: Indian stock markets have hit fresh intra-day low, owing to selling pressure in SBI and Larsen & Toubro. Negative cues from Asian markets have added to the bearish sentiment this afternoon, taking the Sensex to a low of 19,686. The index is now down 367 points, or nearly 2% at 19,695. Nifty is down 119 points at ...

Being gay in the finance industry | Joris Luyendijk

Thu, 23 May 2013 06:22:26 -0400

A product control worker tells Joris he doesn't face real homophobia, but that he doesn't see gay people in front-office trading positions. Join him in the ...

Bugaboo designer Max Barenbrug the master of reinvention

Thu, 23 May 2013 06:22:25 -0400

The Bugaboo is the buggy of choice for the Duchess of Cambridge and style-conscious parents around the world. So how did its creator turn the humble stroller into a status symbol? And what's his next big ...

Social media five lessons for social entrepreneurs

Thu, 23 May 2013 06:22:23 -0400

Young, new social entrepreneurs around the world face a similar problem: building an audience and sustaining virtual communities. With social media playing an important role in audience building, early-stage entrepreneurs have begun to focus on popular networking sites to leverage engagement and maximise reach. Yet this is the reason that most early enterprises often fail in garnering public ...

Arm drops again as markets suffer Bernanke and Chinese hangover

Thu, 23 May 2013 06:22:22 -0400

under pressure since an investor day on Tuesday , with analysts concerned about increased competition from Intel in the tablet and smartphone markets. Many believe a move by Arm into the server sector may not be enough to make up for any loss of market share elsewhere.So after losing more than 4% since the update, Arm shares are down another 6% to 986.5p as Exane BNP Paribas moved from outperform ...

Tesco pledges action on food waste

Thu, 23 May 2013 06:22:18 -0400

food wasted by its customers and elsewhere in its international supply chain.After criticism of the prevalence of supermarket "bogofs" (buy one get one frees) and other deals which help to create an annual mountain of ...

Thursday Newspaper Review - Irish Business News and International Stories - - May 23 2013

Thu, 23 May 2013 06:21:55 -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 ...

Google engineer bashes Microsofts handling of security researchers discloses Windows zero-day

Thu, 23 May 2013 06:19:54 -0400

Computerworld - A Google security engineer accused Microsoft of treating outside researchers with "great hostility" just days before posting details of an unpatched vulnerability in Windows that could be used to crash PCs or gain additional access rights. Microsoft acknowledged the vulnerability late Tuesday. "We are aware of claims regarding a potential issue affecting Microsoft ...

Japans Monetary Policy a Big Experiment

Thu, 23 May 2013 06:19:43 -0400

Ben Broadbent, member of the Monetary Policy Committee at the Bank of England, tells CNBC that Japan is in the midst of a big monetary experiment, so volatility in equity and bond markets should be seen in that ...

Global Markets Down After Bernanke QE Talk

Thu, 23 May 2013 06:11:27 -0400

The FTSE lost close to two percent in early trading on the back of signs the US may wind down quantitative easing measures and weak Chinese data. The losses were reflected across European bourses, spooked by a seven percent plunge on Japan's Nikkei index. London's benchmark FTSE 100 index retreated 1.74 percent, Frankfurt's DAX 30 slumped 2.33 percent and in Paris the CAC 40 ...

UniCredit 2Q in Line With 1Q - CEO

Thu, 23 May 2013 06:04:08 -0400

UniCredit SpA's (UCG.MI) chief executive gave an early forecast for the Italian lender's second quarter Thursday, saying he saw the results for the period coming in line with those of the first quarter."It's in line with the first," Federico Ghizzoni told reporters as he entered an assembly in Rome, according to MF-Dow Jones.UniCredit, the country's largest bank by ...

Deutsche Bank Operating Environment Still Challenging 1Q Gives Momentum

Thu, 23 May 2013 06:04:07 -0400

Germany's Deutsche Bank AG (DB) Thursday said the operating environment remains challenging and that the cumulative effects of proposed regulation are hard to predict, which is creating substantial uncertainty in financial markets and the real economy.Speaking at the bank's annual general meeting, co-chief executives Anshu Jain and Juergen Fitschen reiterated the bank's commitment ...

Malaysia Maybank Posts 12 Rise in 1Q Net Expects More Growth

Thu, 23 May 2013 06:04:06 -0400

Malayan Banking Bhd (1155.KU), Malaysia's largest lender by assets, said Thursday that first-quarter net profit grew 12% from a year earlier on the back of higher net interest income as well as robust Islamic banking performance, adding that it expects a pick-up in business momentum in key markets due to stronger loan growth.Net profit for the three months ended March was 1.51 billion ...

Banking Sector Fuels Singapores First-Quarter Growth

Thu, 23 May 2013 06:04:06 -0400

Singapore's economy took an unexpected turn higher in the first quarter of the year as a rally in financial markets buoyed the city-state's banking sector.Gross domestic product expanded 1.8% in the first quarter on a seasonally adjusted, annualized basis, an improvement from preliminary data that had indicated a 1.4% decline, the government said Thursday. Officials said they expect ...

Gazprom to Announce LNG Project Soon - Report

Thu, 23 May 2013 06:04:05 -0400

Russian gas giant OAO Gazprom (GAZP.RS) will soon announce another "fundamentally new" liquefied natural gas project," Alexei Miller, the company's chief executive, told Interfax Thursday."We will have another fundamentally new project that you do not know of yet," he said.Gazprom is already building a gas liquefaction plant in Vladivostok, eastern Russia, to supply ...

Europe stock markets slide in early trade

Thu, 23 May 2013 06:02:46 -0400

26/03/2013 20:33 CET European stock markets opened in a tailspin – after the US Federal Reserve’s announcement on Wednesday that it might scale back its bond buying programme. A flurry of selling saw ...

Dan Bartlett is Wal-Marts new chief image maker

Thu, 23 May 2013 05:59:12 -0400

Tim Cook’s congressional debut, following an appearance at Obama’s State of the Union address in Feb, shows the iPhone maker can no longer afford to keep the low profile in ...

EU regulators accept Lufthansa United antitrust offer

Thu, 23 May 2013 05:47:54 -0400

BRUSSELS | Thu May 23, 2013 5:47am EDT BRUSSELS May 23 (Reuters) - EU antitrust regulators accepted on Thursday concessions from Lufthansa, United Airlines, Air Canada and Continental to ease competition concerns about their transatlantic revenue-sharing pact. The European Commission said the airlines would give up airport slots in Frankfurt and New York, and also allow rivals to sell ...

Indications Stock futures slide rattled by Fed China data

Thu, 23 May 2013 05:17:36 -0400

MADRID (MarketWatch) -- U.S. stock market futures fell sharply early Thursday, as fears over a tapering of the Federal Reserve's bond-buying program continued to play out. Those worries and weak China data led to heavy losses for global stocks, with Japan equities suffering their biggest one-day loss in more than two ...

Eurozone downturn in manufacturing services eases in May

Thu, 23 May 2013 05:14:09 -0400

Grexit No Longer Likely Says Man Who Coined Phrase

Thu, 23 May 2013 05:11:30 -0400

"Grexit" says the possibility of Greece exiting the euro zone has receded "markedly", reversing predictions he made in July when he saw a 90 percent chance of an exit within the next 12-18 months. Citi Chief Economist Willem Buiter coined the phrase with his Citigroup colleague Ebrahim Rahbari in February 2012. ...

If Microsoft can’t beat them it bashes them

Thu, 23 May 2013 05:09:38 -0400

Scroogled " campaign, to "Bing It On", the company is more focused on the current king of online search than solving its own problems. Focusing on Google internally is fine enough, but is classless to do so publicly. You should never have to bash a competitor's products to further advance your own. With that said, Microsoft continues the desperation in the latest Bing blog ...

Nissan To Recall 841000 Vehicles Worldwide

Thu, 23 May 2013 05:03:19 -0400

Nissan Motor Co Ltd will recall about 841,000 vehicles worldwide as a result of a steering wheel glitch. Japan's No.2 automaker said it would recall certain models of the Micra compact car produced in Britain and Japan between 2002 and 2006, as well as the Cube, produced in Japan around the same period. It is pulling back vehicles in Japan, Europe, Asia, Oceania, Africa, Latin America ...

EUs Barnier wants big companies to reveal national tax bills

Thu, 23 May 2013 04:58:57 -0400

BRUSSELS (Reuters) - Large companies should disclose how much tax they pay in each country where they operate, the European Commission's top regulatory official said, in the text of a speech to be delivered on ...

EU stock markets slide after Tokyo dives

Thu, 23 May 2013 04:57:32 -0400

EUROPE'S main stock markets have slumped at the start of trading, with Frankfurt and Paris down more than 2.0 per cent following a plunge in ...

State Bank of India Profit Falls More Than Expected

Thu, 23 May 2013 04:55:47 -0400

State Bank of India (500112.BY) posted a larger-than-expected 18.5% drop in net profit for the January-March period as it set aside more funds against bad loans, sending the shares of the country's biggest lender down as much as 7%.The bank posted a net profit of 32.99 billion rupees ($590.9 million), compared with 40.50 billion rupees a year earlier. The average of estimates from six ...

BASF Monsanto to Launch Drought Tolerant GM Corn in U.S. in 2014

Thu, 23 May 2013 04:55:45 -0400

Global crop protection companies BASF SE (BAS.XE) and Monsanto Co. (MON) plan to commercially launch a drought-tolerant variety of genetically modified corn in the U.S. next year, a senior BASF official said Thursday."We are working with Monsanto to develop a new GM corn variety, which is currently under trial and expected to be ready for launch next year," BASF's president for ...

Portuguese leaders build faith in bailout exit

Thu, 23 May 2013 04:55:08 -0400

A woman with a Portuguese flag shouts slogans during a protest against austerity in front of the presidential palace in Lisbon May 20, 2013. Portugal's President Anibal Cavaco Silva called a state council to discuss the political and economic situation after a ''troika'' bailout ...

Obama to limit drone strikes restart Guantanamo closure

Thu, 23 May 2013 04:46:04 -0400

Obama will say Thursday. The president will also announce new limits to unmanned combat drone strikes, the officials said of the program that has been central to White House efforts to combat terrorism. Obama's 2 p.m. speech at the Defense Department's National Defense University in Washington will lay out how he intends to bring his counter-terrorism policies in line with the legal ...

Xbox One Steve Jobs dream device made by Microsoft

Thu, 23 May 2013 04:12:23 -0400

Just before he died, Steve Jobs told his biographer Walter Isaacson about his dream for revolutionizing television. His fantasy device would control all the many doodads that crowd your living room - DVRs, game consoles, Blu-ray players - and would connect to the vast world of entertainment available online. Best of all, it would be drop-dead simple to control - no more futzing with the Input ...

Daily Mail publishers print revenues slide

Thu, 23 May 2013 04:04:17 -0400

Mail on Sunday declined 6% to 287m in the six months to the end of March, as print ads and circulation declined, while the Mail Online juggernaut continued with a 61% year-on-year revenue surge to 20m.Parent ...

The smart technology for running your business from home

Thu, 23 May 2013 04:04:14 -0400

Working from home or running a business from home is a great thing, and using your own equipment can be fun, as well as productive. Many pieces of technology double up as both consumer and business products - here are a handful that I have tried. The opinions expressed here are my own. Feel free to add your own observations in the comments, ...

Chinas manufacturing sector contracted in May

Thu, 23 May 2013 04:03:47 -0400

Abolish the Bonus System

Thu, 23 May 2013 04:01:40 -0400

What makes otherwise law-abiding people mis-sell insurance products or derivatives to their customers? Or manipulate market rates to their advantage? Or cover up loss-making trades in order to buy time to move their trading book back into profit again? Probably a whole series of factors, I imagine. But in the financial services sector there is a common thread running through all of these recent ...

Perfect Storm Sparks Massive Nikkei Sell-Off

Thu, 23 May 2013 04:01:40 -0400

A perfect storm of yen strength, a spike in Japanese government bond yields and new evidence of weakness in China's economy were behind a major sell-off Thursday in Japan's equity markets, said experts. The ...

Spains CaixaBank Mulls Sale of Part of Inbursa Stake

Thu, 23 May 2013 03:45:13 -0400

Spanish lender CaixaBank SA (CABK.MC) said Thursday it is considering the sale of about half of its current 20% stake in Mexico's Grupo Financiero Inbursa SAB de CV (GPFOY) in the Mexican and international markets.In a regulatory filing, CaixaBank said no final decision has been made on the potential deal and this will depend on market conditions.CaixaBank didn't provide any detail on ...

Lloyds Banking Places 77 Million Shares of St Jamess Place at GBP5.80Share

Thu, 23 May 2013 03:45:11 -0400

Lloyds Banking Group PLC (LLOY.LN) Thursday said 77 million shares of St James's Place PLC (STJ.LN) have been placed at a price of 5.80 pounds per share, giving gross proceeds of GBP450 million.MAIN FACTS:-Will realise a gain on sale of GBP40 million.-Placing will increase the Group's core tier 1 capital by GBP40 million, equivalent to an approximate 1 basis point benefit to its core ...

Fee income boosts S.Africas Investec FY earnings by 18 pct

Thu, 23 May 2013 03:04:27 -0400

Thu May 23, 2013 3:04am EDT JOHANNESBURG May 23 (Reuters) - South African investment bank and asset manager Investec reported an 18 percent rise in full-year profit on Thursday, boosted by strong income from fees and commissions. Investec, which is also listed in London, said diluted headline earnings per share totalled 30 pence in the year to end-March, compared with 25.4 pence a year ...

Lloyds raises 450 million pounds from St. Jamess Place share sale

Thu, 23 May 2013 03:03:59 -0400

LONDON (Reuters) - State-backed Lloyds Banking Group said it had raised 450 million pounds from the sale of 15 percent of wealth manager St. James's Place to boost its capital.Lloyds said the 77 million shares had been placed at 580 pence per share, a 9.4 percent discount to its Wednesday closing price of 640 pence.After its previous sale of shares in St. James's Place in March, Lloyds ...

Latam Africa surges ensure SABMiller profit growth

Thu, 23 May 2013 03:03:57 -0400

BRUSSELS (Reuters) - SABMiller, the world's second biggest brewer, reported profit growth in line with expectations thanks to a surge in earnings in Latin America and Africa and said its markets should be broadly unchanged in the coming months.The maker of Grolsch, Peroni and Pilsner Urquell, said on Thursday adjusted earnings per share rose 11 percent to 238.7 U.S. cents in the year to the ...

Futures Movers Oil drops below $94 on weak China data

Thu, 23 May 2013 02:56:35 -0400

LOS ANGELES (MarketWatch) -- Weak Chinese manufacturing data and a drop in Asian stocks helped send oil futures lower in electronic trade ...

Microsoft takes ‘console wars’ to next league with Xbox One

Thu, 23 May 2013 02:54:34 -0400

Don Mattrick, Microsoft's President of Interactive Entertainment Business, unveils the new Xbox entertainment and gaming console system at an event in Redmond, WA. on Tuesday, May, 21 ...

Live discussion social enterprise and housing Wednesday 5 June 12-1.30pm

Thu, 23 May 2013 02:53:19 -0400

. In his piece, Temple said that while housing associations are a 'powerful lobby, an economic force and a major influence on all kinds of social policy', other social enterprises were yet to harness their sending powers.Figures show that 1700 registered housing associations spend 13bn annually - but 69% of housing associations spend less that 50,000 with social enterprises and 60% ...

Apple taxes Irish economy and creating 200000 net jobs

Thu, 23 May 2013 02:52:54 -0400

EU summit on tax evasion/avoidance, Brussels, May 22, 2013: Enda Kenny, Irish taoiseach; Dalia Grybauskaite, president of Lithuania; Franois Hollande, president of France; Angela Merkel, German federal chancellor; Martin Schultz, president of the European ...

Japan Bond Yields Spike – 10-Year Now at 1

Thu, 23 May 2013 02:50:46 -0400

Japanese government bond (JGB) yields soared to 1 percent on Thursday, their highest level in a year, prompting the Bank of Japan to hold true to its promise of taking action to stabilize an incredibly volatile bond market. Analysts expected the market volatility to last for a while, but added that buying by domestic pension funds and the central bank should help keep a lid on yields. Benchmark ...

AIG eyes new director with regulatory experience

Thu, 23 May 2013 02:37:33 -0400

AIG.N ) board is looking for a new director with regulatory experience, as the insurer readies for the government to classify it as big enough to merit greater scrutiny, according to two sources familiar with the ...

Nissan to recall 841000 vehicles due to steering wheel glitch

Thu, 23 May 2013 02:37:32 -0400

7201.T ) will recall about 841,000 vehicles worldwide including the Micra compact car, also known as the March, as a result of a steering wheel glitch, Japan's No.2 automaker said on ...

BRIEF-Lloyds says St James Place divestment to raise 450 mln stg

Thu, 23 May 2013 02:09:31 -0400

LONDON | Thu May 23, 2013 2:09am EDT LONDON May 23 (Reuters) - Lloyds Banking Group PLC : * Placing of shares in st james's place plc * Gross proceeds of the placing are approximately 450 million * Settlement of placing will take place on 29 may. on completion, Lloyds will hold 110 million st james's place ...

Path says ‘eye’ do

Thu, 23 May 2013 01:50:59 -0400

Get a look at what could be the most expensive catering hall in the world.The $3.74 billion World Trade Center PATH terminal - a Santiago Calatrava-designed centerpiece known as the Oculus - will be rented out for such events as charity fundraisers, art shows and, yes, maybe even weddings, The Post has learned.The eye-shaped, multistory space - so large it can fit two-and-a-half Grand Central ...

CEO median salary $9.7M

Thu, 23 May 2013 01:50:59 -0400

The head of a typical large public company made $9.7 million in 2012, a 6.5 percent increase from a year earlier, aided by a rising stock market, according to an analysis of data from Equilar. CEO pay, which rose 6 percent in 2011, has never been higher.Pay for all US workers rose 1.6 percent in 2012, not enough to keep up with inflation. The median US wage was $39,900 in 2012, according to the ...

Ratner puck luck ploy

Thu, 23 May 2013 01:50:59 -0400

Barclays Center owner Bruce Ratner is trying to defend against a power play.The developer, who hopes to bring six New York Islanders games a season to a slimmed-down Nassau Coliseum once the team moves to Brooklyn, said he doesn’t think Madison Square Garden can block the move."I don’t think it requires [MSG’s] approval," Ratner told Fox Business Network yesterday. ...

Restructuring Ross now headed for trial

Thu, 23 May 2013 01:50:58 -0400

Billionaire Wilbur Ross is famous for restructuring failing companies - but shareholders say he crossed a line when it came to bailing out one of his own bad investments.Nearly four years after it was brought, a lawsuit accusing the legendary founder of New York-based WL Ross & Co. of double dealing and breach of fiduciary duty is headed to trial.A South Carolina state judge last week ...

Twitter ups its security

Thu, 23 May 2013 01:50:57 -0400

Twitter is adding an extra security measure to prevent unauthorized log-ins.The microblogging service said yesterday that users will be able to enroll in a log-in verification program. Twitter will send a six-digit code using a text message each time the user signs in to Twitter.com. Besides their username and password, users will have to enter the code to log ...

HP beats the Street

Thu, 23 May 2013 01:50:57 -0400

Hewlett-Packard raised its 2013 earnings outlook after beating expectations, as CEO Meg Whitman’s turnaround plan shored up profits and offset shrinking PC sales with enterprise computing services.Fiscal second quarter profit fell 32 percent, less than feared. Shares gained 14 percent, or $2.86, to $24.09, in extending trading after HP projected full-year earnings per share of $3.50 to ...

Bloomberg checked out flacks for flak

Thu, 23 May 2013 01:50:57 -0400

Bloomberg LP, as its Spygate scandal spilled across papers around the world, sought professional help, The Post has learned.The data company weighed hiring crisis p.r. consultants, sources said.Bloomberg reached out to at least one New York-based external communications firm to get help addressing reports that its reporters were using its ubiquitous Wall Street terminals to spy on clients, the ...

Clearwire board call for Sprint

Thu, 23 May 2013 01:50:56 -0400

Clearwire’s board recommended Sprint Nextel’s higher takeover bid of $3.40 a share, or about $2.5 billion, saying it’s the best offer available to the struggling wireless-service provider.The bid, which Sprint boosted from $2.97 a share, tops a $3.30 contender from Dish Network. After the terms were changed, Clearwire rescheduled the shareholders’ vote until a week from ...

Tumblr spins $13M into $192M for lucky VCs

Thu, 23 May 2013 01:50:56 -0400

Tumblr’s $1.1 billion purchase by Yahoo! returned $192 million to two of its biggest venture backers, a person familiar with the matter said, disputing an estimate by PrivCo. Spark Capital and Union Square Ventures invested $13 million apiece, according to the source. That represents about a 15-fold return for Spark, based in Boston, and Union Square, in New York. PrivCo, which earlier this ...

Saks shares spike on heels of sale scoop

Thu, 23 May 2013 01:50:55 -0400

For Saks investors, it’s like the financial crisis never happened.Shares in the owner of Saks Fifth Avenue spiked 13 percent yesterday, after The Post first reported late Tuesday that the luxury retailer had hired Goldman Sachs to explore options, including a possible sale of the company.The stock gained $1.83 yesterday to settle at $15.50 after hitting an intraday high of $16.17 - the ...

Farmers Demand GrainCorp Sell Assets Ahead of ADM Takeover

Thu, 23 May 2013 01:28:00 -0400

Australian farmers have written to the government demanding the sale of some GrainCorp Ltd. (GNC.AU) assets as a condition to its takeover by Archer Daniels Midland Co. (ADM), fearing the U.S. grain giant could squeeze the few remaining competitors out of the market.GrainCorp late last month accepted a sweetened A$3.4 billion (US$3.3 billion) takeover offer from ADM. The deal--ADM's largest ...

China Construction Bank Buys Stake in Russian Bank

Thu, 23 May 2013 01:28:00 -0400

China Construction Bank Corp. (0939.HK), China's second-largest bank by assets, said Thursday that it purchased a $100 million stake in Russia's VTB Bank (VTBR.RS).The Chinese bank said in a statement on its website that it bought the newly issued shares in the Russian bank through a placement.The state-controlled Russian bank's share offer raised about $3.3 billion, China ...

Berkshire Seeks ResCap Ally Financial Report

Thu, 23 May 2013 01:27:59 -0400

Berkshire Hathaway Inc. (BRKA) wants an independent examiner's report on dealings between mortgage company Residential Capital LLC and its government-owned parent Ally Financial Inc. released.Berkshire Hathaway says the report's findings can help it determine if a bankruptcy settlement involving the companies is fair. ResCap creditors including Berkshire want to see the report because ...

Pfizer takes its shot at a vaccine for evasive superbug

Thu, 23 May 2013 01:27:22 -0400

Kathrin Jansen, senior vice president of Vaccine Research and Early Development at Pfizer Inc, poses for a portrait in one of her labs at Pfizer headquarters in Pearl River, New York, April 19, ...

Exxon Mobil accused of anti-gay bias

Thu, 23 May 2013 01:26:30 -0400

The complaint, filed Wednesday with the Illinois Department of Human Rights by Freedom to Work, said Exxon was sent two nearly identical resumes for an opening in Illinois. The only major differences: one applicant made clear she was a gay-rights activist, and had higher grades than the other ...

Ford grows in America shrinks in Australia

Thu, 23 May 2013 00:45:03 -0400

Ford Motor Co. is adding production, and 3,500 jobs, in North America as it tries to keep up with Americans’ appetite for new cars and trucks. But the automaker will end production in Australia, cutting 1,200 jobs by 2016, as high costs left it unable to ...

Metals Stocks Gold falls after Fed talk boosts dollar

Thu, 23 May 2013 00:40:35 -0400

LOS ANGELES (MarketWatch) -- Gold futures fell Thursday, weighed by strength in the U.S. dollar after the head of the U.S. Federal Reserve indicated the central bank could start tapering stimulus efforts in the coming ...

In a 3 a.m. vote Raytown gives green light to downtown Wal-Mart grocery store

Thu, 23 May 2013 00:39:12 -0400

After meeting for about seven and a half hours, the Raytown Board of Aldermen voted 6-4 early Wednesday to allow a change that paves the way for a Wal-Mart grocery store in its ...

Ignore Fed Hawks Bernanke in Driving Seat

Thu, 23 May 2013 00:34:25 -0400

Federal Reserve Chairman Ben Bernanke would not risk a premature withdrawl of the stimlus that has underpinned the U.S. economic recovery, former vice chairman of the Fed Alan Binder told CNBC. In a testimony to Congress on Wednesday, Bernanke sounded a dovish tone, remarking that the premature tightening of monetary policy carries a "substantial risk" of slowing the economic recovery. ...

Hackers Find China Is Land of Opportunity

Thu, 23 May 2013 00:34:24 -0400

Name a target anywhere in China, an official at a state-owned company boasted recently, and his crack staff will break into that person's computer, download the contents of the hard drive, record the keystrokes and monitor cellphone communications, too. Pitches like that, from a salesman for Nanjing Xhunter Software, were not uncommon at a crowded trade show this month that brought together ...

Average U.S. 401 balance tops $80000 up 75 percent since 2009

Thu, 23 May 2013 00:20:45 -0400

BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its ...

SoftBank would appoint security director to Sprint board

Thu, 23 May 2013 00:20:45 -0400

S.N ) board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed ...

Mitsubishi Motors weighs capital shift dividends sources

Thu, 23 May 2013 00:20:44 -0400

7211.T ) is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the ...

JGB yields surge markets spooked by Bernanke remarks

Thu, 23 May 2013 00:20:44 -0400

SINGAPORE (Reuters) - Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary ...

Delta will wait for new planes to mature CEO

Thu, 23 May 2013 00:20:43 -0400

DAL.N ) is letting a wave of orders for the newest planes on the market roll by, giving the jets time to prove themselves before buying, its chief executive told Reuters on ...

High costs currency push Ford out of Australia car manufacturing

Thu, 23 May 2013 00:20:43 -0400

F.N ) will shut its two Australian auto plants in October 2016, blaming a strong currency and costs that are hitting manufacturers just as the country looks for other sectors of its economy to cushion the end of a mining ...

US stocks edge higher before Bernanke test

Thu, 23 May 2013 00:20:26 -0400

US stocks have opened slightly higher as the market looked ahead to congressional testimony by Federal Reserve Chairman Ben Bernanke. Five minutes into trade on Wednesday, the Dow Jones Industrial Average rose 16.11 (0.10 per cent) to 15,403.69. The broad-based S&P 500 added 1.37 (0.08 per cent) at 1,670.53, while the tech-rich Nasdaq Composite Index increased 0.68 (0.02 per cent) to ...

BASF To Spend EUR300 Million A Year Globally to Raise Capacity for Agricultural Products

Thu, 23 May 2013 00:17:37 -0400

Germany-based chemicals company BASF SE Thursday said it plans to spend an average of EUR300 million annually to build additional production capacity for agricultural products.The company announced plans to set up a new formulation and packaging plant for crop protection products in China. The new plant, which will have an annual production capacity of 10,000 metric tons, will be set up in Rudong ...

Newcrest Says Exploration License to be Reconsidered

Thu, 23 May 2013 00:17:36 -0400

Australia's largest listed gold miner, Newcrest Mining Ltd. (NCM.AU), said an exploration license near one of its biggest mines is being reviewed by the state government after a court upheld objections from a small private explorer to it being renewed in full.The New South Wales Land and Environment Court ruled the government hadn't provided sufficient reasons to support the full ...

Metrobank Gets Central Bank OK for 3-For-10 Stock Dividend

Thu, 23 May 2013 00:17:36 -0400

The central bank has approved Metropolitan Bank & Trust Co.'s (MBT.PH) 3-for-10 stock dividend, Metrobank said on Thursday.The country's second-largest lender by assets is now waiting for the securities regulator to approve a plan to double its authorized capital to 100 billion Philippine pesos ($2.4 billion). At present Metrobank has 1.5 billion common and 1 billion preferred ...

Jennifer Lopez Teams With Verizon to Revolutionize Smartphone Shopping

Thu, 23 May 2013 00:15:25 -0400

business venture.The woman of many hats has dipped into smartphone territory, teaming with Verizon Wireless to announce the launch of Viva Movil, a shopping tool designed with Latino consumers in mind, at the company's CTIA 2013 media event."This new company is here to revolutionize the entire mobile experience for Latinos," Lopez said. "There's no specific place for ...

HP earnings revenues go south

Wed, 22 May 2013 23:14:40 -0400

(48 mins ago) Hewlett-Packard said quarter profit was hit by a dramatic slump in sales of personal computers, while maintaining that its reorganization is making progress. The troubled but biggest maker of personal computers said net profit in the second fiscal quarter fell 32 percent from a year ago to US$1.1 billion. The earnings amounted to 87 US cents a share after adjustments, better than ...

China HSBC flash PMI hits 7-mth low fans growth fears

Wed, 22 May 2013 23:11:59 -0400

The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October. The final HSBC PMI stood at 50.4 in ...

Investment firms sue exchanges in dispute on improper fee charges

Wed, 22 May 2013 23:11:58 -0400

(Reuters) - A group of investment firms including Citadel Securities LLC sued the Chicago Board Options Exchange Inc and four other exchanges on Wednesday for improper charges on millions of options trades over a seven-year ...

Home sales prices up during April in Minnesota U.S.

Wed, 22 May 2013 22:24:31 -0400

Home sales in Minnesota and across the country posted modest gains last month, while prices increased by double digits, according to a pair of reports released ...

Xcel Energy changes top managers in Minnesota

Wed, 22 May 2013 22:24:30 -0400

In the face of regulatory challenges in Minnesota, Xcel Energy Inc. on Wednesday assigned a veteran executive to run its division in the state after promoting regional CEO Judy Poferl to corporate ...

Koalas have a new hangout at SD Zoo

Wed, 22 May 2013 22:24:04 -0400

Designed to mimic the animals' Australian homeland, the $7.4 million exhibit not only includes a brand-new habitat with more enclosures for the tree-perching koalas, but also aviaries and dedicated areas for wallabies and wombats -- all accented with Aussie architecture, plantings and 8-foot-to-15-foot-tall Aboriginal-inspired totem ...

Australian Market Declines On Wall Street Cues

Wed, 22 May 2013 22:23:26 -0400

The Australian stock market is trading weak on Thursday with investors pressing sales at several counters, tracking cues from Wall Street where stocks tumbled overnight amid doubts about further stimulus from the U.S. Federal Reserve.Financial, consumer staples, industrial and property trusts stocks are trading weak, while mining, energy and healthcare stocks are trading mixed.The benchmark ...

James Moore While RBS and Lloyds are just capital speculation starts about the small fry

Wed, 22 May 2013 22:17:32 -0400

Is that the conclusion we are supposed to draw from yesterday's unscheduled "we're all OK, honest" announcements from Lloyds and Royal Bank of Scotland? It's rosy in their (capital) gardens, they say, which will grow through a "strongly capital-generative core business" plus a few more disposals (Lloyds) and "delivery against against its business ...

QA Microsoft Games boss on Xbox One lineup Spielbergs Halo and more

Wed, 22 May 2013 22:14:33 -0400

Microsoft’s unveiling of the Xbox One console on Tuesday mostly showed off the system’s entertainment capabilities. The next big Xbox event, on June 10 in Los Angeles, will be mostly about games. For a preview I buttonholed Phil Spencer, vice president of Microsoft Game Studios,on ...

Volatile Trading Day Keeps Focus on Fed Jobs Data

Wed, 22 May 2013 22:13:30 -0400

Volatile trading in stocks and bonds could continue as investors sort out what's going on with the Fed and whether markets have come to some sort of inflection point. That makes every bit of economic data even more important, since the Fed has made clear its path will be determined by the progress of the economy, and employment in particular. ...

Xbox One Has Microsoft lost the name game in the console war

Wed, 22 May 2013 22:03:52 -0400

On Tuesday, before a roomful of panting games journalists and sore-thumbed enthusiasts, Microsoft unveiled its latest games console. The curtain was pulled, and the Xbox One was revealed. As gamers ruminated on the implications of the 'box (not hardcore enough? Better than the forthcoming PlayStation 4?), some of us were left ...

Hewlett-Packards slump continues as revenue drops 10

Wed, 22 May 2013 21:57:24 -0400

Hewlett-Packard Chief Executive Meg Whitman has repeatedly warned that HP's revenue might not start growing at an acceptable rate for another year or ...

HP earnings fall 31 percent but surpass expectations

Wed, 22 May 2013 21:50:02 -0400

Hewlett Packard CEO Meg Whitman Hewlett-Packard Co. reported second quarter earnings Wednesday, showing earnings per share of $0.55 or $1.1 billion, a 31 percent decline in earnings from a year ago. Adjusted earnings came in at $0.87 a share or $1.7 billion, exceeding analyst expectations of $0.81 a share. Net revenue fell 10 percent to $27.6 billion, and cash flow came in at $3.6 billion, a 44 ...

Europe Pushes to Shed Stigma of Tax Haven With End to Bank Secrecy

Wed, 22 May 2013 21:16:54 -0400

LUXEMBOURG ...

Wall Street pours cold water on Targets weather excuses

Wed, 22 May 2013 21:14:55 -0400

Target blamed the weather for slow sales, but analysts don’t think that’s the whole story. The retailer’s stock fell 4 ...

Blu-ray patent group sues Imation over blank discs

Wed, 22 May 2013 21:14:53 -0400

Sony Corp. and three other companies that helped invent Blu-ray movie discs sued Imation Corp., claiming the data-storage company broke patent laws by selling blank, recordable versions of the ...

HPs slump deepens in second quarter as earnings fall 32 percent

Wed, 22 May 2013 21:14:52 -0400

Hewlett-Packard Co. reported Wednesday that quarterly earnings fell 32 percent from a year ago. But the company’s stock rose in extended trading after the company’s forecast came in above analysts’ ...

Wall Street falters in volatile session on Fed worries

Wed, 22 May 2013 21:00:29 -0400

NEW YORK: Stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. Trading was volatile - the Dow and the S&P indexes both rose more than 1 percent during the morning, but fell more than 1 percent in the ...

GM recalls more than 27000 Cadillac crossovers with wheel issue

Wed, 22 May 2013 20:51:34 -0400

GM said on Wednesday it knows of no crashes or injuries due to the issue and that no wheels have separated from the sport utility vehicles built on car-based ...

ICBC Chinas Largest Bank by Assets Promotes Vice President to President

Wed, 22 May 2013 20:48:27 -0400

Industrial & Commercial Bank of China Ltd. (1398.HK), China's largest bank by assets, has appointed vice president Yi Huiman as president, replacing Yang Kaisheng who will retire.Mr. Yi, 49, joined the bank in 1985 and was named as vice president in 2008, state-owned ICBC said in a statement to the Shanghai Stock Exchange. The appointment is subject to approval from Chinese regulators, ...

AEA Investors Hires Banks for CPG International Sale Sources -Reuters

Wed, 22 May 2013 20:48:27 -0400

Building products maker CPG International may be sold by its private equity owner, AEA Investors LP, for between $1 billion and $1.5 billion, the Reuters news agency said Wednesday on its website, citing three unnamed people familiar with the matter.AEA Investors has hired Barclays PLC (BCS) and Deutsche Bank AG (DB) to find a buyer for CPG, the people were quoted as saying in the report.CPG is ...

Australia shares down after Wall St drops awaiting China PMI

Wed, 22 May 2013 20:27:42 -0400

Wed May 22, 2013 8:27pm EDT (Updates to open) SYDNEY May 23 (Reuters) - Australian shares fell 0.4 percent early on Thursday, after Wall Street retreated over worries that the U.S. Federal Reserve may consider winding back its economic stimulus programme. Investors will watch for HSBC's early manufacturing report on China, Australia's biggest export market, for clues to China's ...

UPDATE 1-Ford to close Australia auto plants - reports

Wed, 22 May 2013 20:24:30 -0400

Wed May 22, 2013 8:24pm EDT * Ford to end Australia production by 2016 - reports * Strong Australia dollar, cheaper imports hurt local manufacturers * Australian economy at risk as mining boom peaks, other sectors sluggish * Govt previously committed A$5.4 bln to support car manufacturers to 2020 CANBERRA, May 23 (Reuters) - Ford Motor Co is set to announce it is closing its two Australian auto ...

Ed Miliband a googly for tax avoiders | Editorial

Wed, 22 May 2013 19:57:47 -0400

Ed Miliband is pretty clear about how he would like to distinguish the Labour party he leads from the Labour party that went before. He aims to be readier than Blair and Brown to challenge the powerful in general, and the economically mighty in particular.Over three years, we've seen flashes of both halves of that - in, for example, his determination to take Wapping to task over phone ...

Gross Fed Likely to Start Tapering by Fall

Wed, 22 May 2013 19:55:18 -0400

Pimco's Bill Gross says an inflection point is approaching and he thinks the Federal Reserve will probably start tapering its bond buying by ...

Microsoft caves in cripples YouTube for Windows Phone 8 with the latest update

Wed, 22 May 2013 19:53:32 -0400

On Wednesday, Microsoft rolls out an update for its YouTube Windows Phone 8 app which takes away the ability to download content from the popular video-sharing website. The latest iteration arrives one week after Google sent ...

UPDATE 1-U.S. House votes to force approval of Keystone pipeline

Wed, 22 May 2013 19:53:06 -0400

Wed May 22, 2013 7:53pm EDT By Ros Krasny WASHINGTON May 22 (Reuters) - The House of Representatives approved a bill as expected on Wednesday declaring that a presidential permit was not needed to approve the Canada-to-Nebraska leg of the Keystone XL oil pipeline, a move that would take a decision on the project away from the Obama administration. The Republican-controlled House voted 241-175 ...

Bernanke comments hit US stocks Australian dollar

Wed, 22 May 2013 19:52:40 -0400

United States Wall Street saw its biggest one day swing in six months and the Australian dollar dropped overnight as investors raised concerns that the US Federal Reserve will scale back its stimulus program shortly.Markets initially rose as Federal Reserve chairman Ben Bernankeaddressed Congress saying the quantitative easing program is providing significant benefits to the American economy ...

HP raises 2013 outlook as Whitmans plan takes hold

Wed, 22 May 2013 19:42:54 -0400

SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing ...

Borders gift card holders deserve nothing judge rules

Wed, 22 May 2013 19:42:47 -0400

(Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by the time the bookstore chain shut down, a Manhattan federal judge ruled on ...

Apple former Washington wallflower now at center of tax fight

Wed, 22 May 2013 19:42:47 -0400

Apple CEO Tim Cook is pictured during 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, ...

Blackstone Prologis Acquire Industrial Portfolio for $960 Million -Sources

Wed, 22 May 2013 19:39:39 -0400

Blackstone Group LP (BX) and industrial landlord Prologis Inc. (PLD) agreed to acquire a warehouse portfolio that is majority owned by Lehman Brothers for $960 million, people familiar with the matter said Wednesday.The deal marks Blackstone's second acquisition of industrial properties this week. The private-equity company now owns 100 million square feet in the sector. Blackstone on Monday ...

In final year as Canada’s top bank watchdog Julie Dickson will make no apologies

Wed, 22 May 2013 19:38:10 -0400

Canada’s top banking regulator is leaving when her seven-year term expires next year, marking a significant changing of the guard. But will the departure of Julie Dickson at the helm of the Office of the Superintendent of Financial Institutions (OSFI) result in a drastic change in tone? Not likely. After all, the 55-year-old career public servant is a product of a regulatory system that ...

Flaherty says Ottawa to move ahead with single securities regulator plan even without provinces

Wed, 22 May 2013 19:38:07 -0400

OTTAWA --Finance Minister Jim Flaherty says the federal government will again push ahead with the creation of a national securities regulator, with or without the agreement of the provinces and territories, to deal with areas in which Ottawa is constitutionally responsible. "I've been advocating a common securities regulator for a long time, with limited success," Mr. Flaherty ...

Executives decry pressure of ‘short-termism’ in earnings targets

Wed, 22 May 2013 18:57:52 -0400

Senior corporate executives say they have faced growing pressure in the past five years to meet short-term earnings targets, leading to a new campaign to urge shareholders to take a longer-term outlook for stocks they own.The heads of the Canada Pension Plan fund and international consulting firm McKinsey & Co. told a Toronto audience Wednesday they are launching a campaign to convince ...

Renting better than buying in the Twin Cites

Wed, 22 May 2013 18:56:36 -0400

Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet ...

San Onofre execs in Star Trek parody

Wed, 22 May 2013 18:56:11 -0400

Ross Ridenoure (center facing right), chief nuclear officer of the San Onofre nuclear power plant, and workers stood by one of the two new generators that will be installed in the complex. (Charlie Neuman / ...

Markets rally as Ben Bernanke backs further quantitative easing

Wed, 22 May 2013 18:49:10 -0400

FTSE 100 added 36.40 points to 6840.27, coming within 90 points of its all-time high achieved on 30 December 1999, at the peak of the dotcom boom.In Europe, Germany's Dax rose 0.69% to a new high, while France's CAC climbed 0.37%.Bernanke warned Washington's deep spending cuts were holding back the recovery. "Conditions in the job market have shown some improvement ...

Ben Bernanke tells bulls what they want to hear

Wed, 22 May 2013 18:48:46 -0400

Ben Bernanke's statement suggests the prospect of an imminent change of policy by the Federal Reserve is unlikely. Photograph: James Berglie/ZUMA ...

QA with a London derivatives trader | Joris Luyendijk

Wed, 22 May 2013 18:48:44 -0400

interviewee who specialised in shares (equity) and who was lamenting the rise of derivatives - financial products such as options, swaps and futures that can be almost infinitely more complex than simple shares. Today's interviewee is one such derivatives ...

Wal-Mart plans to send automated shopping lists to its mobile app

Wed, 22 May 2013 18:46:28 -0400

IDG News Service - Wal-Mart plans to use big data about a customer's usual shopping to automatically create shopping lists for them on its mobile app. That's one of the tools the world's largest retailer plans to use to improve the in-store shopping experience as it looks to mobile-influenced purchases outpacing e-commerce sales, said Gibu Thomas, Wal-Mart's global head of ...

Wal-Mart Using Big Data to Power Mobile

Wed, 22 May 2013 18:46:22 -0400

Wal-Mart wants to tell you what to buy on your mobile device and it's using its massive collection of data to make it a reality. "Our mobile strategy is as simple as it is audacious. We want to make mobile tools that become indispensable for our customers while shopping in our stores and online," said Gibu Thomas, global head of Wal-Mart's mobile division, on Wednesday at the ...

Tesla Pays Off $465 Million DOE Loan

Wed, 22 May 2013 18:46:21 -0400

Tesla has become the first automaker to repay its loan under the Energy Department's Advanced Technology Vehicle Manufacturing program. In a statement issued after the money had been wired, Tesla CEO Elon Musk said, "I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American ...

DryShips posts another loss expects rates to remain weak

Wed, 22 May 2013 18:34:16 -0400

DRYS.O ), a drybulk shipper and offshore contract driller, posted a sixth straight quarterly loss and said it did not expect charter rates to improve this ...

Midwest gasoline prices expected to cool after spike

Wed, 22 May 2013 18:34:10 -0400

(Reuters) - Gasoline prices in the Midwest should fall in the coming days after hitting record highs in several cities last week in the run up to Memorial Day, the traditional start to the summer driving season, traders and industry analysts said on ...

Telecoms company Cable Wireless to quit UK after 140 years

Wed, 22 May 2013 18:31:34 -0400

Cable & Wireless Communications , the last remnant of a telecoms empire that once employed 54,000 people around the world, is to leave the UK.After 140 years as a British company, CWC is relocating its headquarters from Holborn in central London to ...

LyondellBasell Raises Dividend by 25 Approves Share Buybacks

Wed, 22 May 2013 18:31:11 -0400

LyondellBasell Industries NV's (LYB) board has raised the plastics and chemicals company's quarterly dividend by 25% and approved the repurchase of up to 10% of its stock over the next 12 months, moves to increase shareholder return.The dividend increase to 50 cents a share will cost the company about $57.5 million more a quarter, based on roughly 575 million shares outstanding as of ...

Exclusive Glencore Trafigura deals with Iran may have skirted sanctions - U.N.

Wed, 22 May 2013 18:30:33 -0400

UNITED NATIONS (Reuters) - Metals swap deals with Iran by Switzerland-based commodities giants Glencore Xstrata and Trafigura could have been a way of skirting international sanctions against Tehran over its nuclear program, according to a confidential U.N. Panel of Experts report seen by Reuters on ...

Whole Foods says grocer wants to open 40 more stores in Canada

Wed, 22 May 2013 18:29:49 -0400

MONTREAL - U.S. grocer Whole Foods Market Inc. says it could open 40 or more stores and tally $1-billion in annual sales in Canada as part of a wider expansion that continues unabated. ';By the time we actually get to the place of being able to open those stores, I expect the market will continue to evolve,'; company co-chief executive John Mackey told reporters at a business ...

‘Get ready to deal with fear’ CP Rail chief Harrison fires back at union critics over safety concerns

Wed, 22 May 2013 18:29:48 -0400

Hunter Harrison, Canadian Pacific Railway Ltd. chief executive, fired back at some of the railway's union leaders Wednesday after they expressed concerns this week that a restructuring underway at the railway may be contributing to several high-profile derailments, including one in Saskatchewan on Tuesday that spilled more than 68,500 litres of crude oil on the ground before it was ...