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Canada threatens to retaliate against change in US meat labeling rules

Thu, 23 May 2013 16:33:00 -0400

OTTAWA - Canada has threatened "retaliatory measures" against the United States move changing the so-called country of origin labeling that would track beef and hogs through the meat processing and distribution systems, stating that it is discriminatory, a view shared by the World Trade Organisation. On Thursday, the United States Department of Agriculture issued a final modification to its ...

After breaches Twitter beefs up security with two-step login

Thu, 23 May 2013 17:11:08 -0400

NEW YORK - Aiming to tackle recent high-profile breaches, popular micro-blogging site Twitter is introducing an optional two-step login for users to beef up security. The new system would try to ensure "it's really you" when a user signs in to Twitter, which transmits some 400 million messages a day. The move follows recent attacks into the twitter accounts of news organisations' such as ...

Irish biotech firm Elan rejects revised Royalty Pharma bid

Thu, 23 May 2013 17:52:46 -0400

DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a ...

Import alert by USFDA hits Wockhardt shares

Thu, 23 May 2013 16:26:11 -0400

MUMBAI - Shares of Wockhardt, one of the leading Indian pharmaceutical and biotechnology companies, witnessed a sharp fall of 20% to Rs. 1,315 ($23.61) on the Bombay Stock Exchange(BSE) on Thursday after the US FDA published an import alert on one of its three manufacturing facilities near Aurangabad. The import alert, 'detention without physical examination of drugs from firms which have ...

Ford Motor to shutdown 2 units in Australia

Thu, 23 May 2013 16:26:07 -0400

MELBOURNE - Ford Motor Company Wednesday announced plans of closing its local manufacturing operations in Broadmeadows and Geelong in October 2016 thereby forcing 1,200 people out of work. Spelling the end of the iconic Ford Falcon in the country, Ford Australia president Bob Graziano announced that the carmaker would shut its Victorian facilities in October 2016, bringing an end to nearly ...

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 ...

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 ...

Japan Bulls Unwavered by Stock Market Rout

Thu, 23 May 2013 22:57:43 -0400

A day after Japanese equities witnessed their sharpest one-day drop in more than two years, investor optimism over the outlook for the country's stock market remains unshaken. "The market was very right for a correction. [But] longer term there is a lot of potential in Japan. Obviously markets don't move in a straight line," David Dietze, president and chief investment ...

ITC Microsoft Xbox doesnt violate Motorola Mobility patent

Thu, 23 May 2013 22:37:43 -0400

Microsoft Corp. did not violate a Motorola Mobility patent when it made its Xbox gaming console, the International Trade Commission ruled Thursday.If the ITC had found that Microsoft infringed, it could have barred the Xbox from being imported into the United States. The fight over the Xbox is related to a larger smartphone patent war between Apple, Microsoft and the mobile phone makers who use ...

Market Wrap for Thursday May 23 Wall Street Shrugs Off Global Slump

Thu, 23 May 2013 22:33:12 -0400

Thursday's trading session may have been the most glaring example of just how powerful the bull market in U.S. stocks is right now. Even though all of the major averages closed slightly lower on the day, the U.S. market was able to shrug off a global rout in stock prices that began with a 7.3 percent crash in the Nikkei. The catalyst for the sell-off in Japan centered on concerns ...

Worry not Less help from Fed would be good economic news

Thu, 23 May 2013 22:03:45 -0400

As the Federal Reserve slows its drive to keep interest rates low, it should be cause for celebration: It would mean policymakers think the economy is strong enough to accelerate with less help from the ...

Japan Nikkei Plunge Wont Derail Abenomics

Thu, 23 May 2013 22:00:27 -0400

The biggest plunge in Japanese stock prices since a 2011 earthquake and tsunami was a temporary pullback that will not derail the government's "Abenomics" policy of loose money and fiscal stimulus, officials said on Thursday. "It's a temporary adjustment after the rapid gains seen recently," Yasutoshi Nishimura, senior vice-minister of the Cabinet Office, told ...

Procter Gamble brings back former CEO to fix company

Thu, 23 May 2013 21:47:14 -0400

PG.N ) on Thursday brought back A.G. Lafley to run the world's largest household products maker, replacing Bob McDonald immediately in the midst of a major ...

Google like Facebook in talks to buy Waze for about $1 billion report

Thu, 23 May 2013 21:47:14 -0400

(Reuters) - Google Inc is considering buying Israeli mobile satellite navigation start-up Waze Inc, which may lead to a bidding war with Facebook Inc, Bloomberg news reported, citing people familiar with the ...

Wall St. bucks global slump

Thu, 23 May 2013 21:43:26 -0400

Nikkei plunged 7.3% on Thursday. Investor jitters then spilled over into Europe, where major stock indexes dived 2%. Wall Street opened deep into the red, with major indexes initially falling about 1%. The Dow Jones industrial average sunk more than 100 points shortly after the opening bell on the New York Stock Exchange. But as trading continued, investors flocked back, paring the day's ...

Rio Tinto Begins Cutting Jobs at Utah Copper Mine After Slide

Thu, 23 May 2013 21:42:53 -0400

Rio Tinto PLC (RIO.LN) has cut about 100 jobs at its copper operation in Utah and warned further positions will be cut later this month as it moves to reduce operating costs after a large part of the pit wall collapsed at its Bingham Canyon mine last month.The London-based company's Kennecott Utah Copper unit in a statement Thursday said it continues to take steps to reduce the impact on its ...

ASIA MARKETS Japan Stocks Recover Modestly After Steep Sell-off

Thu, 23 May 2013 21:42:53 -0400

HONG KONG – Japanese stocks jumped Friday to stage a modest recovery, with relief buying emerging after the extreme losses they suffered the previous day, amid expectations that the rally that began late last year may have further to go.The Nikkei Stock Average climbed 3% after diving 7.3% in the previous session, while the broader Topix advanced 2.6% after Thursday's 6.9% ...

RPT-Hong Kong shares to open flat Lenovo jumps after earnings

Thu, 23 May 2013 21:28:07 -0400

Thu May 23, 2013 9:28pm EDT HONG KONG May 24 (Reuters) - Hong Kong shares are set to open flat on Friday, with PC maker Lenovo Group Ltd up 4 percent to be the top percentage gainer among Hang Seng Index components, extending gains after it reported a forecast-beating quarterly profit. The Hang Seng Index was set to open flat at 22,679.36. The China Enterprises Index of the top Chinese listings ...

Hamlin takes Coca-Cola 600 pole with record lap

Thu, 23 May 2013 21:02:24 -0400

Danica Patrick looks on as crew members work on her car during practice for Sunday's NASCAR Sprint Cup series Coca-Cola 600 auto race at Charlotte Motor Speedway in Concord, N.C., Thursday, May 23, ...

Hewlett-Packard profit down 32

Thu, 23 May 2013 20:59:06 -0400

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 services. While fiscal second-quarter profit plummeted 32 percent ...

In risky new tack Microsoft stacks Surface against iPad

Thu, 23 May 2013 20:52:10 -0400

(Credit: Microsoft) Microsoft's "iPad vs. Windows" campaign now includes iPad vs. Surface RT. Is Microsoft picking the right fight? On the back ...

Sears losses mount weighs sale of unit to shore up liquidity

Thu, 23 May 2013 20:49:21 -0400

Some on Wall Street saw D'Ambrosio's departure as adding to Sears' risks, and worried that Lampert's lack of retail sales experience could hurt the company's attempt to turn around its core Sears department stores and Kmart ...

U.S. options clearer moves to end trade type dominated by Nasdaq

Thu, 23 May 2013 20:49:10 -0400

SAN FRANCISCO (Reuters) - The clearinghouse for all stock options said Thursday it will adopt a policy aimed at abolishing a dividend-linked trading strategy that critics say could destabilize markets if left ...

Salesforce.coms quarterly results disappoint Wall Street

Thu, 23 May 2013 20:46:00 -0400

Salesforce.com Inc's quarterly earnings and outlook disappointed investors as costs rise following a spree of acquisitions, sending its shares lower. Under Marc Benioff, Salesforce's CEO and founder, the company's fast revenue growth has made it a favorite with investors eager to own part of the growing trend among businesses to outsource their information technology needs - from ...

Fed Fears Shake Global Markets but Fade on Wall St.

Thu, 23 May 2013 20:40:23 -0400

Investors are contemplating a future without support from one of the biggest engines of the global economy in recent years: the Federal Reserve. Fears that the Fed is about to reduce its stimulus helped send stock, bond and currency prices on a wild ride on Wednesday and Thursday, with Japanese stocks experiencing their worst one-day decline since the 2011 tsunami and United States ...

GLOBAL MARKETS-Asian stocks steadier Nikkei bounces back

Thu, 23 May 2013 20:29:33 -0400

Thu May 23, 2013 8:29pm EDT * Nikkei up 3 pct in early trade, following 7.3 pct fall * Asian stocks outside Japan steadier after drop * Yen softer, reversing Thursday's gains * MSCI ex-Japan edges up By Ian Chua SYDNEY, May 24 (Reuters) - Asian shares opened cautiously higher on Friday with Tokyo's Nikkei steadying from its biggest one-day drop in two years as investors breathed a sigh of ...

Hot property Trace Water addition Savage

Thu, 23 May 2013 20:01:00 -0400

Details: The Savage City Council has approved plans for a third addition to the Trace Water subdivision, paving the way for 40 custom homes starting at ...

Kahne embraces long races like the Coca-Cola 600

Thu, 23 May 2013 20:00:41 -0400

Kasey Kahne climbs into his car for practice for Sunday's NASCAR Sprint Cup series Coca-Cola 600 auto race at Charlotte Motor Speedway in Concord, N.C., Thursday, May 23, 2013. (AP Photo/Mike ...

Art Laffers tax fix for California

Thu, 23 May 2013 20:00:39 -0400

Economist Arthur Laffer, known for advocating supply-side economics while advising former President Ronald Reagan, discusses Kansas Gov. Sam Brownback's income tax plan with reporters, Thursday, Jan. 19, 2012, at the Statehouse in Topeka, Kan. Laffer, of Nashville, Tenn., also advised the Brownback administration and calls its tax plan "beautiful." (AP Photo/John ...

UCSD gets $6.4 million to hire stem cell researcher

Thu, 23 May 2013 20:00:39 -0400

Ahrens studies cellular biology with nuclear magnetic resonance tools that let him examine the activities of living cells, including stem cells. The cells can be tracked inside whole animals, helping to establish their roles in diseases and how they respond to ...

Boy Scouts to Admit Gay Youth

Thu, 23 May 2013 19:50:59 -0400

The Boy Scouts of America on Thursday ended its longstanding policy of forbidding openly gay youths to participate in its activities, a landmark step its chief executive called "compassionate, caring and kind."The decision, which followed years of resistance and wrenching internal debate, was widely seen as a milestone for the Boy Scouts, a symbol of traditional America. More than 1,400 ...

PG Brings Back Lafley to Replace CEO

Thu, 23 May 2013 19:50:59 -0400

Procter and Gamble is bringing A.G. Lafley out of retirement to be its Chairman and CEO, effective immediately. He had been CEO from 2000 to 2009. He succeeds Bob McDonald, who is retiring at the end of June after 33 years with the company. In 2009, McDonald took over the CEO job from Lafley. Share of the Dow component were up slightly shortly after the surprise ...

Google Boss Fears Digital Ethnic Cleansing

Thu, 23 May 2013 19:42:51 -0400

Two of Google's most senior executives have used a lecture in London to press their belief in the transparency of the internet and warned of the dangers of "digital ethnic ...

Microsoft cleared in Xbox patent spat with Google

Thu, 23 May 2013 19:40:59 -0400

The U.S. International Trade Commission on Thursday said it won't review a final ruling that found Microsoft to be in the clear of infringing on patents held by Motorola Mobility, which Google acquired last year. The ruling ...

UPDATE 3-Former Goldman banker settles SEC pay-to-play charges

Thu, 23 May 2013 19:38:09 -0400

WASHINGTON/CHICAGO, May 23 (Reuters) - A former Goldman Sachs Group Inc. investment banker has agreed to a five-year securities industry ban and a record fine to settle U.S. Securities and Exchange Commission charges that he broke rules against influence peddling to win bond underwriting business in ...

Fed Study Rebuts Banks on Swipe Fees

Thu, 23 May 2013 19:35:06 -0400

A Federal Reserve study on debit-card transactions undercuts complaints from the banking industry that a government cap on the fees large lenders charge merchants would result in a drop in the payments for all banks.Small banks and credit unions last year were able to charge slightly more than double the average fee of large lenders for debit-card transactions in which the customer has to sign a ...

Brazil Raises FGC Bank Deposit Guarantee Coverage to BRL250000

Thu, 23 May 2013 19:35:05 -0400

Brazil's National Monetary Council authorized on Thursday an increase of the coverage of the country's FGC bank deposit guarantee fund to provide greater protection to depositors and align the country's policies with deposit guarantee practices abroad, the council said.The move had previously been approved at a board meeting of institutions participating in the FGC fund, which is a ...

OMERS considering proposal to reduce pension payouts

Thu, 23 May 2013 19:33:49 -0400

Faced with a $10-billion pension-funding deficit, one of Canada’s largest pension funds is considering a drastic proposal that would reduce benefits paid to retiring workers -- or force them to work years longer for the same retirement ...

Campbell Soup buys Plum Organics

Thu, 23 May 2013 19:32:11 -0400

NEW YORK Campbell Soup said it's buying Plum Organics, which makes food for babies and kids, for an undisclosed amount as it looks to move into faster-growing categories. The company, which also makes Prego pasta sauces and Pepperidge Farm cookies, had been struggling to grow sales of its canned soups in recent years as people increasingly look for foods with a fresher feel. To diversity its ...

Cheaper Store-Brand Sunscreens Protect Better Than Costly Counterparts

Thu, 23 May 2013 19:29:53 -0400

Image credit: Getty Images You might think that a costly sunblock would be better at blocking UVA and UVB rays than a store brand at, say, Walgreens. However, according to Consumer Reports’ annual ...

Hewlett-Packard Rue21 Buckle are big movers

Thu, 23 May 2013 19:23:17 -0400

NYSEHewlett-Packard Co., up $3.63 at $24.86The computer company's second-quarter results beat Wall Street expectations. It also boosted its full-year earnings forecast.Ralph Lauren Corp., down $4.37 at $183.69The luxury company posted a 35 percent jump in its fourth-quarter profit, but economic challenges in the U.S. and abroad cut into sales.The Buckle Inc., down $1.72 at $55.42The ...

UPDATE 2-Goldman unveils checks on conflicts in bid to fix image

Thu, 23 May 2013 19:15:16 -0400

Thu May 23, 2013 7:15pm EDT By Lauren Tara LaCapra SALT LAKE City May 23 (Reuters) - After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc's Lloyd Blankfein claimed success in putting the bank and his legacy as CEO back on track. At Goldman's annual meeting on Thursday, Blankfein ...

US stocks end slightly lower

Thu, 23 May 2013 18:52:24 -0400

Please register your email address to reach this content. If you are already a subscriber, you can log in using the blue box at the top of this page.Should you require assistance, please contact us on 08 9288 2100 during office ...

Intersection of Louisiana Avenue and Hwy. 7 to be rebuilt in St. Louis Park

Thu, 23 May 2013 18:49:01 -0400

The busy intersection of Louisiana Avenue and Hwy. 7 will become an interchange with on- and off-ramps. The city hopes it will spur ...

Stocks recover from an early swoon as investors reassess fears that Fed will slow stimulus

Thu, 23 May 2013 18:49:00 -0400

NEW YORK - Investors recovered their poise after a shaky start to trading on Wall Street that sent stocks sharply lower. U.S. markets plummeted immediately after the opening bell Thursday following a global slump prompted partly by an unexpected slowdown in Chinese manufacturing. Concern that the Federal Reserve might ease back on its economic stimulus program sooner than expected had also ...

Merck ends development of Parkinsons disease drug preladenant based on study results

Thu, 23 May 2013 18:48:59 -0400

WHITEHOUSE STATION, N.J. - Merck & Co. says it is ending development of an experimental Parkinson's disease drug because the drug wasn't working. Merck says it reviewed initial data from three late-stage clinical trials and did not find evidence preladenant was more effective than a placebo. The company says it doesn't plan to file for marketing approval of the drug. It says ...

Inside View Chris Garcia of CGC Commercial

Thu, 23 May 2013 18:48:58 -0400

Garcia left a stable, eight-year gig as an industrial broker at Bloomington-based Cushman & Wakefield /NorthMarq, one of the Twin Cities' largest commercial real estate brokerage firms. Despite the unsettled economic climate, he was ready to strike out on his ...

Long-term unemployed ready to work

Thu, 23 May 2013 18:48:33 -0400

All but one in the group was over 50 and had been unemployed 27 weeks or longer. They represent the part of unemployment that hasn't fallen with the rest of it -- long term joblessness. While the U.S. jobless rate has declined from a high of 10 percent in 2009 to 7.5 percent in the last four years, the percentage of people who are unemployed for six months or longer has hovered around 40 ...

Microsofts Interactive Xbox One Debuts

Thu, 23 May 2013 18:42:28 -0400

Microsoft thinks it has the one. The company unveiled the Xbox One, an entertainment console that promises to be the one system households will need for games, television, movies and other entertainment. It will go on sale later this year, for an undisclosed price. For the past two years, Microsoft has led the gaming industry in console sales with the Xbox 360. But it's been eight ...

Shakeup at Embroiled IRS Unit

Thu, 23 May 2013 18:38:34 -0400

Lois Lerner, the IRS official whose unit is at the center of the investigation into alleged Tea Party targeting, has been placed on administrative leave and a replacement has been named. Ken Corbin was named acting director of exempt organizations during Lerner's leave. He is currently deputy director of submission processing in the wage and investment division. Lerner invoked her Fifth ...

Cramer 2 Laggards Worry Bernanke

Thu, 23 May 2013 18:38:34 -0400

Fed Chairman would never admit to it, but Cramer is convinced he's worried about these two laggards. And they lie at the very heart of the biggest issue facing the recovery in US economy."We still don't have any real growth ...

House Votes for Market-Based Rates

Thu, 23 May 2013 18:38:33 -0400

The Republican-dominated House of Representatives on Thursday voted to switch federal student loan interest rates to a market-based system. Republicans said their plan is a long-term solution that will take politicians out of the business of setting student loan rates and using them as a bargaining chip. It is unclear, however, how much support the bill will get in the Democratic-led Senate, ...

UPDATE 1-ITC says Microsoft did not violate Google patent

Thu, 23 May 2013 18:37:24 -0400

Thu May 23, 2013 6:37pm EDT WASHINGTON May 23 (Reuters) - Microsoft Corp won a round in a complex patent war on Thursday when the International Trade Commission said the company's popular Xbox entertainment system did not violate a patent owned by Google subsidiary Motorola Mobility. If the ITC had found that Microsoft infringed, it could have barred the Xbox from being imported into the ...

Tesco rules out automatic big bonuses

Thu, 23 May 2013 18:35:13 -0400

Source: Tesco Tesco executives will not receive a bonus in the current financial year unless they can reverse a decline in profits at Britain's biggest supermarket operator, the company said in its annual report. The report rounds off a torrid year for the company, which announced a withdrawal from the United States and wrote down the value of its global operations by $3.5 billion due to ...

Wet spring weak construction drag Titan Machinery to loss

Thu, 23 May 2013 18:25:48 -0400

TITN.O ) said it expects to report a quarterly loss as demand was hit by a wet spring weather in the United States that delayed corn plantations, sending its shares down 12 percent in extended ...

Denner added as nominee to Vivus board by activist investor

Thu, 23 May 2013 18:25:47 -0400

Vivus shares rose as much as 11 percent after First Manhattan, which has nearly a 10 percent stake in Vivus, expanded its slate of proposed directors from six to nine, including ...

Ally settlement may be a boon for ResCap bondholders

Thu, 23 May 2013 18:25:42 -0400

GKM.N ) $2.1 billion contribution to the debts of mortgage lender Residential Capital LLC, hedge funds like Paulson & Co may have obtained a better ...

NYSE says AEP NextEra trades stand after crash at open

Thu, 23 May 2013 18:25:39 -0400

NEE.N ) in a crash that happened in the first minute of trading on Thursday will stand, the New York Stock Exchange said, following the latest in a flurry of unexplained sharp drops in the ...

Earnings Results Pandora gets lift on strong sales outlook

Thu, 23 May 2013 18:23:43 -0400

SAN FRANCISCO (MarketWatch) -- Shares of Pandora Media Inc. surged in after-hours trading Thursday after the online-radio company reported better-than-expected sales for the first quarter, with big gains in revenue from mobile ...

Hewlett-Packard shares soar 17 after earnings

Thu, 23 May 2013 18:23:40 -0400

Marathon Patent Group's Wholly Owned Subsidiary, Sampo IP, Files Patent Infringement Lawsuit Against Starbucks Corporation, E*Trade Financial, Hewlett-Packard Company, and ...

Direct Access Shuts Down After Traders Implicated in Bribery Probe

Thu, 23 May 2013 18:22:44 -0400

New York-based broker-dealer Direct Access Partners has closed its doors, said a person familiar with the matter, after allegations surfaced earlier this month of a multimillion dollar Venezuelan bribery scheme involving two of its traders.Goldman Sachs Execution & Clearing, the firm's clearing agent, stopped accepting trades after that probe came to light on May 8, effectively shutting ...

Money-Market Fund Inflows $19.53 Billion in Latest Week -ICI

Thu, 23 May 2013 18:22:42 -0400

Assets in money-market funds increased by $19.53 billion in the week ended Wednesday as investors added money across fund categories, led by gains in institutional government and non-government funds, according to the Investment Company Institute.Money-market funds are widely owned by retail investors, companies and others looking for a safe place to put their cash. However, ICI has reported ...

Chinas Steel Overcapacity Seen Continuing

Thu, 23 May 2013 18:22:42 -0400

Serious overcapacity in China's steel industry is unlikely to ease in 2013, which could hamper steel prices and jeopardize Chinese steelmakers' performance, a China-based analyst said Thursday.China is set to produce about 750 million metric tons of crude steel in 2013, while capacity will rise to 950 million tons a year as some 50 million tons new capacity is being built, said Jing ...

Gold and Silver Climb Higher Stocks Remind Investors That Down Days Are Still Possible

Thu, 23 May 2013 18:22:41 -0400

NYSEARCA:SLV ) futures for July edged 4 cents higher to finish at $22.51.Both precious metals found a bid as equity markets took a hit. In Japan, the Nikkei plunged 7.3 percent, its worst single-day decline since the March 2011 earthquake and tsunami disaster. Stocks in the U.S. opened the day lower as well, but recovered most of the losses to finish the day only slightly in the ...

Proxy advisory firm settles SEC charges over data breach

Thu, 23 May 2013 18:22:04 -0400

WASHINGTON (Reuters) - Institutional Shareholder Services has settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert ...

Analysis Markets face rough summer ride as Fed pullback feared

Thu, 23 May 2013 18:22:04 -0400

NEW YORK (Reuters) - For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming ...

Biotech industry faces funding crunch report says

Thu, 23 May 2013 18:21:26 -0400

Despite an aging population and a growing demand for medication, the biotech industry is facing a funding crunch as investors turn to ';sexier'; industries with quicker product turnarounds and better chances of payoff, a new report suggests. Capital raised in the biotech industry in North America and Europe fell about 15% in 2012, to US$28.1-billion, the first drop since 2008, Ernst ...

Gaps first-quarter profits rise 43 percent

Thu, 23 May 2013 18:20:13 -0400

GPS ), which owns the Gap, Old Navy and Banana Republic clothing chains, reported on Thursday a 43 percent increase in its fiscal first-quarter net income as the company continues to reap benefits from the turnaround plan that it began early last year. The company, based in San Francisco, also reiterated its full-year earnings outlook. The latest results are welcome news for customers and ...

Wall Street ends down but off session lows

Thu, 23 May 2013 18:17:37 -0400

US stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of ...

Pandora Stock Rises On Strong Earnings Report

Thu, 23 May 2013 18:16:29 -0400

Traders on the floor of the New York Stock Exchange walk wear an insignia for Pandora Media Inc., the online-radio company, on its first day of trading as a public company on June 15, 2011 in New York City. (Spencer Platt/Getty ...

The unanswered question after earnings Will HPs bets pay off

Thu, 23 May 2013 17:36:39 -0400

Hewlett-Packard is way up. Is its salvation at hand? Hewlett-Packard Co.'s earnings yesterday weren't great, but the stock price closed up more than 17 percent at $24.86 today. A deeper dive into the financials reveals the reason why: While revenue is slipping in basically every category besides printers, HP has slashed its expenditures, increased its cash flow, paid down debt, and has ...

COMMODITIES-Oil cuts loss shadowing Wall St rebound copper down

Thu, 23 May 2013 17:35:47 -0400

Thu May 23, 2013 5:35pm EDT * Oil erases bulk of early loss, rebounding with US stocks * Gold up after Fed official says no hurry to ditch stimulus * Copper slumps on weak China manufacturing activity data * Soybeans hits 8-month high; coffee, raw sugar up too By Barani Krishnan NEW YORK, May 23 (Reuters) - Oil tracked a recovery in U.S. stocks to erase the bulk of its early losses on Thursday ...

Plant restart wont wait on investigations

Thu, 23 May 2013 17:35:06 -0400

The restart of the San Onofre nuclear plant could be authorized before the conclusion of investigations into the conduct of the plant operator, the chairman of the Nuclear Regulatory Commission told a Senate committee on ...

HP Q2 earnings down 32 to USD1.1b

Thu, 23 May 2013 17:31:11 -0400

(MENAFN) Hewlett-Packard Co. (HP) CEO, Meg Whitman, announced that the PC maker's earnings during the second quarter dropped by 32 percent to USD1.1 billion from USD1.6 billion a year earlier, reported AP.However, the earnings results exceeded forecasts of the management and the analysts, due to Whitman's plan to reduce costs, overhaul the product line, and to focus on more profitable ...

After Hours Pandora jumps Sears tanks after hours

Thu, 23 May 2013 17:30:52 -0400

SAN FRANCISCO (MarketWatch) -- Shares of Pandora Media Inc. and Marvell Technology both advanced in after-hours action Thursday following their quarterly earnings reports. Sears sank on a large loss for the ...

Letters Orwellian changes to legal aid provision

Thu, 23 May 2013 17:27:23 -0400

Chris Grayling is disinterested in any contribution from the profession. It is beyond doubt that the tendering out of legal aid to private business will herald a decline in standards in a legal system that has been a model of justice for centuries. There is no provision whatsoever in the proposals to ensure standards are maintained when individuals are unable to choose their representation. Once ...

Sears Shares Drop 13 After Big Loss

Thu, 23 May 2013 17:24:43 -0400

(Click here to get the latest quotes for the company.) The department-store chain reported an adjusted loss of $1.29 a share, compared with a loss of 31 cents a share in the year-earlier period.Revenue fell ...

Gaps Earnings Beat Forecasts

Thu, 23 May 2013 17:24:42 -0400

Gap reported first-quarter earnings that beat Wall Street expectations, helped by a rise in same-store sales at its Old Navy and Gap chains and growth in Asia. What is Gap stock doing in after-hours ...

Pandora Shares Jump After Revenue Beat

Thu, 23 May 2013 17:24:42 -0400

Pandora hit its earnings target Thursday and delivered better-than-expected revenue boosted by new subscribers and growth in the mobile advertising. "Mobile listening hours and mobile ad revenue reached record highs," said Pandora CEO Joe Kennedy. The company's shares jumped after the ...

Ally Triples Offer for ResCap Claims

Thu, 23 May 2013 17:24:41 -0400

Ally Financial agreed Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital unit--nearly triple the amount it had initially offered. Ally hopes that the deal will put an end to allegations that ResCap was stripped of choice assets such as Ally Bank before being put into bankruptcy, leaving creditors of the subprime mortgage business empty-handed. Putting the ...

Google Faces New Antitrust Probe Report

Thu, 23 May 2013 17:24:41 -0400

Google , which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on Thursday. The source said that it was unlikely that the Federal Trade Commission had sent out civil investigative demands in relation to the probe, which would be the sign of a formal and more serious investigation. The FTC wrapped up ...

Gap profit soars Aeropostale first quarter sales plummet

Thu, 23 May 2013 17:11:55 -0400

GPS.N ) reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in ...

Google faces new federal antitrust probe source

Thu, 23 May 2013 17:11:55 -0400

WASHINGTON (Reuters) - U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on ...

Sprint SoftBank complete U.S. state regulatory review process

Thu, 23 May 2013 17:11:54 -0400

9984.T ) said on Thursday they had received all necessary state regulatory approvals for the Japanese company's proposed $20.1 billion purchase of 70 percent of ...

Sears posts bigger-than-expected loss as cold weather bites

Thu, 23 May 2013 17:11:54 -0400

SHLD.O ) reported a much bigger-than-expected quarterly loss as cooler weather hurt sales at its stores and the company said it was considering a sale of its service contracts business to shore up ...

Marvell earnings slide but beat Street targets

Thu, 23 May 2013 17:09:48 -0400

SAN FRANCISCO (MarketWatch) -- Marvell Technology Group said Thursday afternoon that earnings dell sharply in the first fiscal quarter, but the adjusted results surpassed Wall Street's expectations. For the period ended May 4, ...

MARKET SNAPSHOT U.S. Stocks End Volatile Day With Modest Loss

Thu, 23 May 2013 17:08:47 -0400

NEW YORK – U.S. stocks fell modestly on Thursday, substantially paring intraday losses after upbeat U.S. economic reports and gains for Hewlett-Packard Co. countered worries about the Federal Reserve potentially tapering its bond-buying program.Stocks had dropped sharply at the start of trading, taking their cue from a massive selloff in Japanese equities overnight. However, they began to ...

Gap first-quarter profit rises 43 percent

Thu, 23 May 2013 17:08:46 -0400

Gap Inc reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in Asia. The company, which also owns Banana Republic, posted net income of $333 million, or 71 cents per share, for the quarter ended May 4, up 42.9 percent from $223 million, or 47 cents per share, in the same quarter last year. As previously reported, ...

Iceland PM Aims to Remove Capital Controls

Thu, 23 May 2013 17:08:46 -0400

Iceland's new prime minister, Sigmundur David Gunnlaugsson, said late Thursday that he aims to remove capital controls that have been in place since the nation's economic collapse several years ago and to reintroduce a free-floating currency.He also said the nation needs to meet the so-called Maastricht criteria for euro-zone nations even if the country isn't immediately headed for ...

Venezuelas PdVSA to Receive $1.5 Billion Loan From Rosneft for Oil Joint Venture

Thu, 23 May 2013 17:08:46 -0400

State-energy monopoly Petroleos de Venezuela, or PdVSA, and Russian oil company Rosneft (ROSN.RS) signed deals Thursday to boost production at a new joint venture in the South American country's vast Orinoco heavy oil belt.Russia will extend to Venezuela a $1.5 billion loan as well as a separate $1.1 billion bond for its participation in Petrovictoria, which will oversee exploration and ...

Pressure mounts at Matrix Asset Management

Thu, 23 May 2013 17:07:30 -0400

So many challenges, so little time --in a sense, that sums up the situation at Matrix Asset Management, a publicly listed money manager with about $1-billion under management whose team includes GrowthWorks and Seamark Asset Management. Those challenges include: Working capital deficiencies: On Thursday, Matrix and Seamark told the world that they are continuing "to pursue measures for ...

Diluent shortages could make for sticky situation for Alberta bitumen

Thu, 23 May 2013 17:07:29 -0400

CALGARY - Alberta's bitumen growth prospects could slow on shortages of a much lighter product as companies opt to send crude directly to refineries on the U.S. Gulf Coast and in Asia rather than process the stuff at home. Demand for diluent, industry slang for super-light oil called condensate and other natural gas liquids that is blended with bitumen so it can flow in pipelines, is poised ...

American Express CDC Take Home Top GoodWorks Effie Awards

Thu, 23 May 2013 17:06:52 -0400

GoodWorks Award highlights great work by companies using their platforms for greater social good while also moving their primary mission forward. ...

The Donald prevails in fraud suit

Thu, 23 May 2013 17:06:09 -0400

CHICAGO An 87-year-old grandmother took on billionaire Donald Trump. And on Thursday she lost. Jurors sided with the real estate mogul-turned-TV showman in a weeklong civil trial focused on Jacqueline Goldberg's claim that Trump cheated her in a condo bait-and-switch scheme. The federal jury in Chicago returned with a finding in Trump's favor. Goldberg, of Evanston, had sought various ...

Stocks wobble as investors digest Fed worries

Thu, 23 May 2013 17:06:05 -0400

NEW YORK Stocks are ending the day slightly lower after recouping a big loss early on. U.S. markets fell immediately after the opening bell following a global slump prompted in part by an unexpectedly weak report on manufacturing in China. Concern that the Federal Reserve might ease back on its economic stimulus program sooner than expected had also riled ...

REFILE-BRIEF-New York Co reports Q1 earnings per share $0.03

Thu, 23 May 2013 16:46:23 -0400

Thu May 23, 2013 4:46pm EDT May 23 (Reuters) - New York & Co Inc : * Announces first quarter 2013 EPS of $0.03 * Q1 earnings per share $0.03 * Q1 same store sales fell 2 percent * Q1 earnings per share view $-0.07 -- Thomson Reuters I/B/E/S * Q1 sales $227.5 million versus I/B/E/S view $216.8 million * Says expects positive low to mid single-digit comparable store sales for the second ...

UPDATE 1-Marvell forecast beats estimates shares rise

Thu, 23 May 2013 16:43:44 -0400

Thu May 23, 2013 4:43pm EDT * Sees second-quarter adjusted earnings/share $0.17-$0.21 vs estimate $0.18 * Sees second-quarter revenue $770 mln-$810 mln vs estimate $763.5 mln * First-quarter adjusted earnings/share $0.19 vs estimate $0.14 * First-quarter revenue $734 mln vs estimate $721.6 mln * Shares up almost 9 percent after market May 23 (Reuters) - Chipmaker Marvell Technology Group Ltd ...

Shareholder adviser firm ISS paying $300K fine to settle charges of failing to protect clients voting info

Thu, 23 May 2013 16:17:50 -0400

WASHINGTON - A prominent firm in the business of advising big shareholders on how to vote in elections for company directors is paying a $300,000 fine to settle federal civil charges of failing to protect clients' confidential voting information.Institutional Shareholder Services agreed to the penalty in a settlement announced Thursday with the Securities and Exchange Commission. Its clients ...

Big stores nix credit card settlement file suit

Thu, 23 May 2013 16:16:37 -0400

NEW YORK -- Some of the country's largest retailers, including Target Corp. and Macy's Inc., on Thursday filed a lawsuit against MasterCard and Visa, rejecting a settlement reached last year over alleged fee-fixing.A larger group of 19 trade associations and retail companies originally filed suit against the card processing companies in 2005, claiming that they conspired to fix the ...

Nissan recalls Micras over steering problem

Thu, 23 May 2013 16:13:03 -0400

Nissan is recalling tens of thousands of its Micra cars in the UK after some drivers reported that the steering wheel became loose in their hands.The Japanese firm announced it was calling back 841,000 cars worldwide over the glitch, the company's third major recall in less than a year.In the UK, the recall applies to 133,869 Micras made between December 2002 and May 2006 at the ...

Microsoft expands Windows Azure in Asia Pacific

Thu, 23 May 2013 16:13:02 -0400

Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times technology reporter Janet I. ...

High street blight are pound shops better than empty shops

Thu, 23 May 2013 16:13:02 -0400

The north-west of England has the highest number of empty shop units in the UK, and as big retailers leave our town centres, the kind of businesses that thrive in hard times are moving in.Town centres across the region are becoming swamped with payday lenders, pawnbrokers and pound shops. As our high streets become increasingly geared towards making money from people who don't have any, ...

Microsoft to deliver new Kinect for Windows sensor next year

Thu, 23 May 2013 16:11:57 -0400

Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times technology reporter Janet I. ...

Apply Here Rust Belt Tempts Immigrants

Thu, 23 May 2013 16:10:19 -0400

Immigrants have long been drawn to the vitality and economic opportunity offered by New York, Los Angeles, and Silicon Valley. And if new immigrant legislation passes, those areas will reap the benefits of attracting educated entrepreneurs. But Rust Belt cities like St. Louis, Cincinnati, and Dayton, Ohio, don't have the same allure. The loss of manufacturing jobs and declining populations ...

Kmarts New Ad Its a Gas

Thu, 23 May 2013 16:10:18 -0400

YouTube ad promotes a 30-cent savings per gallon of gas when you spend at least $50 at Kmart. The commercial is called "Big Gas Savings.. (Say the first two words out loud together quickly. Yep). Don't think we'll see this on TV, where no one watches commercials anymore anyway. Anyhow...everyone in the commercial says "big gas" in one way or another, none more so than the ...

Average 401 Up 75 Percent Since 09

Thu, 23 May 2013 16:10:17 -0400

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 accounts. Most of the recovery is linked to a stock market rally that has lifted the broad S&P 500 Index 145 percent since the close of trading on ...

Cautious calm returns to Wall Street

Thu, 23 May 2013 16:06:21 -0400

Source: Reuters Wall Street has been had mixed trading today, paring sharp early losses after disappointing data from China and a slump in Japanese stocks outweighed better-than-expected reports on US jobs and housing. In China, the preliminary reading for a Purchasing Managers' Index of manufacturing was 49.6 in May, according to HSBC and Markit Economics data. In Japan, the Topix ...

Apple supplier Cirrus slumps as pricing pressure grows

Thu, 23 May 2013 15:56:15 -0400

Cirrus said in the filing it expects gross margins in the mid-40s. It did not indicate what period it was referring to and a spokesman did not immediately reply to a request for ...

ChannelAdvisor soars in debut

Thu, 23 May 2013 15:56:14 -0400

(Reuters) - ChannelAdvisor Corp shares soared more than 40 percent in their market debut on Thursday as investors bet the e-commerce software company will benefit from the rapid global spread of online buying and ...

SAC lawyers met with prosecutors to argue against charges sources

Thu, 23 May 2013 15:56:07 -0400

NEW YORK (Reuters) - Lawyers for SAC Capital Advisors called a meeting with U.S. prosecutors and FBI agents in April to argue that there should be no insider trading charges filed against the $15 billion hedge fund or its founder, Steven A. Cohen, according to sources familiar with the ...

Icahn seeks up to $7 billion for Dell bid

Thu, 23 May 2013 15:56:06 -0400

Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock Exchange, in this June 27, 2007, file ...

Pentagon sees slight drop in F-35 acquisition costs sources

Thu, 23 May 2013 15:56:06 -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 ...

Who repaid U.S. loan first Chrysler Tesla dont see eye to eye

Thu, 23 May 2013 15:56:05 -0400

CEO of Tesla Motors 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, ...

Ally to pay $2.1 billion to settle claims tied to ResCap

Thu, 23 May 2013 15:56:05 -0400

(Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage ...

Ex-Goldman Investment Banker Pays $100000 in SEC Pay-to-Play Case

Thu, 23 May 2013 15:53:13 -0400

A former investment banker at Goldman Sachs Group Inc. (GS) agreed to pay $100,000 and submit to a five-year ban from the securities industry to settle Securities and Exchange Commission allegations about his role in a pay-to-play scheme involving the 2010 Massachusetts gubernatorial race.The ex-banker, Neil M.M. Morrison, worked in Goldman's municipal-bond-underwriting business, and his job ...

Target Macys and Others Sue Visa and MasterCard Over Fees

Thu, 23 May 2013 15:53:12 -0400

Some of the country's biggest retailers sued Visa Inc. (V) and MasterCard Inc. (MA) Thursday, arguing the world's largest payment networks have imposed anticompetitive transaction-fee policies and card-acceptance rules on merchants.The lawsuit, brought by Target Corp. (TGT), Macy's Inc. (M), Saks Inc. (SKS), Kohl's Corp. (KSS) and other merchants, claims existing efforts to ...

Glencore Xstrata to Appoint Andrew Caplan as Head Of Aluminum Unit -Source

Thu, 23 May 2013 15:53:10 -0400

Commodities titan Glencore Xstrata PLC (GLNCY, GLEN.LN) is set to appoint Andrew Caplan as the new head of it aluminum division following the departure of veteran Gary Fegel, a person familiar with the matter said.Mr. Caplan is a relative newcomer to the company, having joined Glencore in 2007 from Trafigura as an alumina trader. He is currently the head of Glencore's bauxite and alumina ...

Copper Hits One-Week Low as Chinese Manufacturing Disappoints

Thu, 23 May 2013 15:53:09 -0400

Copper futures slipped on Thursday, pulling back from the previous day's near-six-week high as weaker Chinese manufacturing data hit the demand outlook for the metal.The most actively traded copper contract, for July delivery, fell 7.65 cents, or 2.3%, to settle at $3.304 a pound on the Comex division of the New York Mercantile Exchange, a one-week low.The preliminary HSBC China ...

Unique Broadband Systems Look Communications continue to send different messages

Thu, 23 May 2013 15:51:52 -0400

About four years after the $80-million sale of its major asset, about three years after a proxy battle that saw the incumbents thrown out and millions of dollars in legal bills, a resolution of the issues at Unique Broadband Systems and its subsidiary Look Communications still has not been reached. That resolution is also made more difficult because of the different decisions made by a number of ...

Saskatchewan finds small solutions to big pipeline problems

Thu, 23 May 2013 15:51:49 -0400

Stunned by Enbridge Inc.'s Kalamazoo River oil spill in 2010 that disrupted its sole market access in Saskatchewan, Crescent Point Energy Corp. found an unlikely ally: an agriculture ...

Stocks rebound after early sell-off

Thu, 23 May 2013 15:50:36 -0400

NEW YORK Investors recovered their poise by midday Thursday after an early sell-off sent stocks sharply lower. U.S. markets fell immediately after the opening bell following a global slump prompted in part by an unexpectedly weak report on manufacturing in China. Concern that the Federal Reserve might ease back on its economic stimulus program sooner than expected had also riled investors. The ...

New Home Sales Rise Jobless Claims Drop

Thu, 23 May 2013 15:47:51 -0400

May 23, 2013 3:02pm Sales of new homes rose in April rose nearly 30 percent compared with a year ago, according a to a report by the Commerce Department. This is the latest evidence of a recovering housing market, six years after the housing bubble burst leading to a recession. Home prices are also rising but have yet to get back to the highs seen during the bubble. The median price of a new ...

9 Tips to Finding Cheaper Gas on Memorial Day Weekend

Thu, 23 May 2013 15:47:51 -0400

With Memorial Day weekend fast approaching, the summer driving season is starting to heat up, and more cars on the road means gas prices are expected to go up. Some analysts wonder whether the high gas prices we were seeing early in the year could mean record highs for 2013. But the hunt for cheap gas doesn't have to be difficult. Like many things these days, there's an app ...

Wall Street dips as data HP offset stimulus fears

Thu, 23 May 2013 15:47:32 -0400

US stocks slipped on Thursday, recovering from session lows as encouraging domestic economic data and a rally in Hewlett-Packard's shares offset concerns about the timing of any reduction in the Federal Reserve's monetary ...

US STOCKS-HP supports Dow limits SPs loss in choppy trade

Thu, 23 May 2013 15:31:49 -0400

Thu May 23, 2013 3:31pm EDT * HP jumps after raising 2013 outlook * Encouraging economic data help stocks retreat from lows * Investors fret about timing of Fed stimulus pullback * Dow flat; S&P 500 off 0.2 pct; Nasdaq off 0.1 pct By Angela Moon NEW YORK, May 23 (Reuters) - U.S. stocks edged down on Thursday but rebounded sharply from their session lows as a rally in Hewlett-Packard's shares ...

Dental supplier Patterson Cos. meets 4th qtr expectations

Thu, 23 May 2013 15:05:14 -0400

Patterson Companies of St. Paul, which makes medical supplies for dentists and veterinarians, met Wall Street earnings expectations for the fourth quarter and the ...

H7N9 flu virus may be able to spread among people

Thu, 23 May 2013 15:04:51 -0400

Working with ferrets, the model for human transmission, the study found the potentially dangerous virus was transmitted by direct contact, but not efficiently through the air. Analyzing the viral gene sequence showed that the virus might have undergone mutations making it more easily transmissible in ...

Late property tax notices to go out

Thu, 23 May 2013 15:04:51 -0400

The county will start to mail out more than 42,000 notices to taxpayers who have failed to pay their property taxes, said the San Diego County treasurer-tax collector's office on Thursday. The amount in unpaid taxes and late fees totals $94.1 ...

US STOCKS SNAPSHOT - Dow Nasdaq edge up in choppy trading

Thu, 23 May 2013 14:59:58 -0400

NEW YORK | Thu May 23, 2013 2:59pm EDT NEW YORK May 23 (Reuters) - U.S. stocks hit session highs in a volatile session on Thursday with the Dow industrials posting a second straight swing of more than 160 points as investors digest the Federal Reserve's evolving policy stance. The Dow Jones industrial average rose 20.81 points or 0.14 percent, to 15,327.98, the S&P 500 lost 1.98 ...

Snapple co-founder Leonard Marsh dies at 80

Thu, 23 May 2013 14:59:08 -0400

Leonard Marsh - the co-founder of the Snapple beverage brand - has died at age 80.Snapple was founded in New York as Unadulterated Food Products in 1972, selling natural fruit juices to health food stores. Marsh started the business with his brother-in-law Hyman Golden and his childhood friend Arnold Greenberg. The now well-known brand name didn't appear until 1980.Marsh was a window washer ...

Stock markets lose nerve on fears of end to quantitative easing

Thu, 23 May 2013 14:57:02 -0400

FTSE 100 came within 90 points of its December 1999 all-time high, the index slumped 143 points yesterday to 6696, wiping 36bn off the value of Britain's top companies.The 2.1% fall was the index's worst in one day since it lost just over 2.5% a year ago to the day, on fears that Greece could leave the eurozone. But after its recent strong surge this latest fall in the blue-chip index ...

Why is Tesco paying a farewell bonus to its US boss

Thu, 23 May 2013 14:56:38 -0400

Companies tend to resent the suggestion that they have, by stealth, turned discretionary bonuses for executives into semi-guaranteed supplements to salary. But it's true - they have. Look at the payoff awarded ...

Halfords eyes three-year turnaround but investors take fright

Thu, 23 May 2013 14:56:37 -0400

Halfords ' chief executive has outlined a three-year turnaround plan for the struggling bicycles and car parts chain, but it will come at a cost to investors, who have seen the dividend cut by 35%.Matt Davies has set a sales target of 1bn by 2016, but said that profits would remain flat for at least two years as the chain invests 100m in staff training, store revamps and a better online ...

Tescos Fresh Easy boss awarded liquidation damages

Thu, 23 May 2013 14:56:35 -0400

Tesco 's failed US chain Fresh & Easy has received a 1.7m payoff despite the business being shut down after repeated losses.Tim Mason, who departed in December after 30 years at the group, was awarded "liquidation damages" equivalent to his annual salary plus a sum equal to his average bonus over the past two years.Tesco announced last month it would exit the US after racking ...

Halfords investors face uphill climb until 2016

Thu, 23 May 2013 14:56:33 -0400

Matt Davies' revamp plan - Getting into Gear 2016 - is honest about the time required for a turnaround and investors must accept there are no quick ...

Microsoft Introduces the Surface Tablet

Thu, 23 May 2013 14:56:00 -0400

The new Microsoft Surface tablet on display following a press conference at Pier 57 to officially launch Windows 8 and the tablet in New York on October 25, ...

Under Arrest Now Under Glass Madoff

Thu, 23 May 2013 14:53:39 -0400

Bernie Madoff has joined yet another rogue's gallery, this time an actual museum gallery. In cooperation with the FBI, his victims and members of the Madoff family, the National Museum of Crime & Punishment this week opened a permanent exhibition devoted to one of the headlining villains of the Great Recession. "He is the No. 1 public enemy for financial crime," said Janine ...

Make Mine Food Dye and Rubbing Alcohol

Thu, 23 May 2013 14:53:37 -0400

At least one bar in New Jersey has been mixing food dye with rubbing alcohol and serving it as scotch. That's one of the details released Thursday from the "Operation Swill" investigation by the state Division of Alcoholic Beverage Control. Twenty-nine bars and restaurants in the state are accused of putting cheap booze in premium brand liquor bottles and selling it to patrons who ...

Mobile Devices Are Sitting Ducks Pros

Thu, 23 May 2013 14:53:37 -0400

When it comes to keeping their mobile devices safe and secure, consumers are playing a game of cat-and-mouse with cybercriminals. Although most users are aware that mobile devices can be hacked, just as desktops or laptops can, many still don't take steps to protect themselves and the data on their smartphones and tablets, according to a study released Wednesday at the CTIA conference in Las ...

Can Microsofts Kinect finally deliver for gamers

Thu, 23 May 2013 14:46:28 -0400

original Kinect and promised next-level gaming free of controllers. What happened? It turned out that the Kinect hardware wasn't quite as advanced as we ...

Buyout Firms Prepare To Battle For Hastings

Thu, 23 May 2013 14:44:31 -0400

Some of the biggest private equity firms in the City are preparing to do battle over a stake in the 800m motor insurer Hastings, Sky News understands. A pack of potential investors, led by Advent International, owner of the Domestic & General warranty provider, is in early-stage talks about acquiring a shareholding in Hastings. Five buyout firms are understood to have been invited to ...

Pad this Apple Microsoft blasts iPad yet again in new ad

Thu, 23 May 2013 14:42:23 -0400

After getting Siri to do its critical work, Microsoft releases another ad comparing the iPad and Windows 8 tablet. Guess which comes out looking ...

EU denies breakdown in solar panel talks

Thu, 23 May 2013 14:39:22 -0400

BRUSSELS (Reuters) - The European Commission rejected Chinese trade association statements that talks to resolve a dispute over allegations of dumping of solar panels had broken down, while Chinese comments highlighted risks the dispute could ...

U.S. prosecutors sought testimony from top SAC executives WSJ

Thu, 23 May 2013 14:39:22 -0400

NEW YORK (Reuters) - U.S. prosecutors are seeking testimony from three senior executives of the $15 billion hedge fund SAC Capital Advisors, the Wall Street Journal reported on ...

Elan rejects Royaltys $6.4 billion raised offer

Thu, 23 May 2013 14:39:21 -0400

ELN.I ) rejected Royalty Pharma's ROYPH.UL increased $6.4 billion bid on Thursday, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one ...

Ride-share service Lyft raises $60 million from venture capital firm

Thu, 23 May 2013 14:39:21 -0400

SAN FRANCISCO (Reuters) - Ride-sharing service Lyft said it had raised $60 million from venture-capital firm Andreessen Horowitz, underscoring the growing appeal of services that tap into consumers' willingness to share goods and services for a ...

Ally Financial to Pay $2.1 Billion in Settlement With ResCap Creditors

Thu, 23 May 2013 14:36:13 -0400

Ally Financial Inc. said Thursday it will pay $2.1 billion to its mortgage subsidiary Residential Capital and the unit's creditors under an agreement reached last week that could move the Detroit-based lender closer to repaying its government bailout.The amount is $1.35 billion more than what Ally previously offered to pay to fend off ResCap creditors trying to hold the government-owned ...

JPMorgan names Barry Sommers to head consumer bank

Thu, 23 May 2013 14:36:12 -0400

JPMorgan Chase said it has appointed Barry Sommers, under whom the bank expanded its services to wealthy clients, to head its Chase consumer bank business. Sommers, 44, who previously served as chief executive of the bank's wealth management business, joined JP Morgan through the Bear Sterns merger in 2008. Sommers was responsible for the company's Chase Private Client business, which ...

ISS Employee Leaked Proxy Votes SEC Says

Thu, 23 May 2013 14:36:10 -0400

Institutional Shareholder Services Inc., a proxy advisory firm that advises investors on corporate governance matters, agreed to pay a $300,000 penalty to settle charges that an employee leaked confidential information on proxy votes for roughly five years.The employee, who no longer works at ISS, passed along information about how more than 100 clients were voting in exchange for tickets to ...

Top 10 headaches the Bank of Canada’s new chief faces right off the bat

Thu, 23 May 2013 14:34:42 -0400

The Bank of Canada’s new Governor Stephen Poloz takes the helm June 3. Not only does he have to fill ';the glittering shoes of rock-star-status Governor'; Mark Carney, he also faces a raft of challenges right off the bat, says BMO Capital Markets chief economist Douglas Porter. ';As if that economic and financial backdrop was not daunting enough, he will also have some ...

Are financial services firms prepared for onslaught of new regulation

Thu, 23 May 2013 14:34:42 -0400

More than 25% of Canadian financial services providers are either "not very" or "not at all" prepared for upcoming regulatory changes, according to a recent survey conducted by Randstad Canada with Ipsos Reid. The study polled 300 professionals in Canada's financial services sector. They worked in departments including operations, management, risk management, governance, ...

Fracking threatens Germany’s ‘absolutely pure beer’ brewers say

Thu, 23 May 2013 14:34:39 -0400

German brewers called on Chancellor Angela Merkel's government to block the tapping of shale gas by means of hydraulic fracturing, citing industry concerns that fracking could taint the purity of the country's beer. The Association of German Breweries, which represents companies including Anheuser-Busch InBev NV and Bitburger Braugruppe GmbH, rejected the government's planned ...

Another busy hurricane season expected this year for US with 13 to 20 named storms

Thu, 23 May 2013 14:33:30 -0400

FILE - In this Aug. 30, 2012 file photo, residents evacuate their flooded neighborhood in LaPlace, La. as Hurricane Isaac staggered toward central Louisiana, its weakening winds driving storm surge into portions of the coast and the River Parishes between New Orleans and Baton Rouge. Federal forecasters are predicting yet another busy hurricane season. The outlook on Thursday, May 23, 2013 calls ...

TGI Fridays nailed for doctoring booze

Thu, 23 May 2013 14:33:16 -0400

TRENTON, N.J. Here's one that will sober you up. Twenty-nine bars and restaurants, nearly half of them TGI Fridays, filled premium brand liquor bottles with lower-quality booze and sold it to patrons who thought they were buying the good stuff, authorities said Wednesday. Worse yet, investigators said at least one New Jersey bar was mixing food dye with rubbing alcohol and serving it as ...

IRS scandal may reduce audit risk

Thu, 23 May 2013 14:33:12 -0400

(MoneyWatch) Recent congressional hearings, changes in leadership and the impact on resources resulting from budget cuts mark a low point for the IRS. They may also mark a reduction in the number of tax returns they'll ...

How Bernankes testimony affects investors

Thu, 23 May 2013 14:33:12 -0400

the Fed may cut the pace of bond purchases in the next few months if policymakers see indications of sustained economic growth. That pushed the benchmark 10-year Treasury note yield above 2 percent for the first time since March. It also raised fears about the damage that could be done to bond prices if rates rise. But what action, if any, should investors take? That's easy: Nothing. To ...

Video GM recalls Cadillac SUVs due to loose wheels

Thu, 23 May 2013 14:33:11 -0400

Stocks opened sharply lower after a new report showed unexpected weakness in Chinese manufacturing. Also, General Motors is recalling more than 27,000 Cadillac SUVs worldwide because of loose wheels. Ashley Morrison ...

What holds women back

Thu, 23 May 2013 14:33:11 -0400

posted a not terribly controversial idea . She'd recently read "Lean In" (Sheryl Sandberg's memoir-manifesto) and responded with this view: "There is a problem with any group that squanders the talent of half its members, especially if it doesn't even realize it's doing it." Women make up only a small percentage of leaders in the corporate world, in ...

NJ Bars Accused of Booze Fraud Serving Rubbing Alcohol

Thu, 23 May 2013 14:30:26 -0400

(Image credit: Julio Cortez/AP Photo) New Jersey authorities are investigating 29 establishments for serving customers cheaper booze as a substitute for top-shelf liquor, including one that allegedly offered rubbing alcohol and food coloring as scotch. ';This alleged scheme is a dishonest ruse to increase profits, and it is a slap in the face to the consumer,'; said state Attorney ...

US STOCKS-Wall St mostly dips but off lows with help from HP

Thu, 23 May 2013 14:28:27 -0400

Thu May 23, 2013 2:28pm EDT * HP jumps after raising 2013 outlook * Encouraging economic data help stocks retreat from lows * Investors fret about timing of Fed stimulus pullback * Dow up 0.1 pct; S&P 500 off 0.2 pct; Nasdaq off 0.1 pct By Angela Moon NEW YORK, May 23 (Reuters) - U.S. stocks mostly edged lower on Thursday but were sharply off their session lows as a rally in Hewlett-Packard's ...

At midday Wall Street pares losses TSX still hurting

Thu, 23 May 2013 13:47:43 -0400

U.S. stocks and bonds were little changed on Thursday, with equities rebounding from what traders considered an excessive drop on Wednesday, though concerns remained over the pace of global economic growth.The midday strength in U.S. equities bucked a worldwide trend of weakness. European shares ended down 2 per cent while Japan plummeted 7.2 per cent on weak data from China and ...

Man who pretended to be member of Walt Disney family arrested

Thu, 23 May 2013 13:43:31 -0400

SANTA CLARITA, Calif. - Authorities say a man has been arrested after claiming to be a member of the Walt Disney family and giving away invalid Disneyland passes.Los Angeles County sheriff's officials say the man called himself "Stephen Disney" and had a fake driver's license and tax forms that falsely claimed income from the Walt Disney Corp.The statement says he gave ...

Unemployment aid applications fell to 340000 last week

Thu, 23 May 2013 13:43:23 -0400

WASHINGTON - The number of Americans applying for unemployment benefits fell 23,000 last week to a seasonally adjusted 340,000, a level consistent with solid job growth.The less volatile four-week average ticked down just 500 to 339,500, the Labor Department said Thursday. That's close to the five-year low of 338,000 reached during the first week of May. The four-week average is 9 percent ...

Market Extra Market carnage underlines dangers of overcrowding

Thu, 23 May 2013 13:41:47 -0400

NEW YORK (MarketWatch) -- Japan's stock market plunge, a sharp rebound by the yen, and even the temporary whack taken by major U.S. indexes on Thursday all help demonstrate what happens when trades get too ...

Energy Stocks Energy stocks decline Marathon asset sale fizzles

Thu, 23 May 2013 13:41:46 -0400

-0.34% declined 0.4%. Marathon on Thursday said a deal to sell its 20% stake in the Canadian oil sands fell through and talks with a potential buyer have ...

Mothercare chief executive insists recovery on track despite fall in sales

Thu, 23 May 2013 13:38:39 -0400

Mothercare is crawling towards a recovery as chief executive Simon Calver insisted the UK company was on target to break even within two years.The mother and baby goods retailer saw UK sales drop 11% to 500m last year. It reported a loss of 21.7m, a slight improvement on the 24.7m loss recorded in the previous twelve months.The business turned in an impressive international performance, with ...

United Utilities bucks trend as FTSE 100 suffers biggest daily drop for a year

Thu, 23 May 2013 13:38:38 -0400

added 6p to 787.5p after the water company said it would raise its final dividend by 7.2% despite a 9.3% fall in full year profits, which was due to a decrease in deferred taxation credit.Peter Atherton at Liberum Capital said the numbers were in line with market ...

Falling investment poses another problem for Osborne

Thu, 23 May 2013 13:38:37 -0400

Ed Balls and Chuka Umunna chose their moment well. On the day that official figures showed that capital spending fell by 0.8% in the first three months of 2013, Labour released figures showing that Britain devotes a smaller share of national income to investment than any other G8 country. What's more, only Italy has seen a bigger fall in the investment share of GDP since 2010.George Osborne ...

What Microsofts Clever New Im A PC Im An iPad Spot Says About The Company

Thu, 23 May 2013 13:38:05 -0400

's largely unsuccessful 8-month campaign to market Windows 8 and its new Surface tablets got a reboot at last with a new spot that takes direct aim ...

Salesforce Earnings Climbing Costs Can Offset Revenue Growth

Thu, 23 May 2013 13:38:03 -0400

Salesforce.com is set to announce its Q1 fiscal 2014 (ending April 31, 2013) earnings on May 23. The company provides enterprise cloud computing and social enterprise solutions across businesses and is the market leader in cloud customer relationship management segment. We expect it to continue to post double digit growth driven by the growing adoption of its Sales Cloud and Service Cloud ...

Three More SAC Executives Subpoenaed

Thu, 23 May 2013 13:35:46 -0400

Three more senior executives at SAC Capital Advisors have received subpoenas to testify before a grand jury in the government's investigation into alleged insider trading at the hedge fund, Dow Jones reported. ...

Retailers Sue Visa and MasterCard

Thu, 23 May 2013 13:35:45 -0400

MasterCard on Thursday, breaking off from a proposed $7.2 billion settlement reached last year over fees to process credit-card transactions.The lawsuit was filed in the U.S. District Court in Manhattan on behalf of many retailers that opted out of receiving proposed damages from the settlement.That settlement, pending in federal court in Brooklyn, would end litigation on behalf of merchants that ...

ISS Settles Charges With SEC

Thu, 23 May 2013 13:35:45 -0400

Institutional Shareholder Services, a leading proxy advisory firm, will pay $300,000 to settle civil charges that one of its employees shared sensitive nonpublic information about clients' votes in exchange for favors, ...

The Rise of the Cyberadvisor

Thu, 23 May 2013 13:35:44 -0400

Betterment , Columbia finance professor Geert Bekaert is teamed with industry professionals with distinguished track records. For all the doomsday headlines, how much of a threat the sites pose to traditional advisors remains to be seen. "That's great for the smaller account," said Gordon Peterson, an investment manager in Dallas. "It's taken off particularly with young ...

FP Healthcare earnings soar

Thu, 23 May 2013 13:30:16 -0400

The contrasting fortunes of two of New Zealand's biggest technology manufacturers were highlighted when they both reported full-year results yesterday. Medical device manufacturer Fisher & Paykel Healthcare posted record annual net profit and revenue, while Rakon - which makes frequency control devices used in a range of applications including navigation devices and telecommunications ...