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Blogging platform Tumblr acquired by Yahoo for $1.1 bn

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

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

US drugmaker Actavis buying Warner Chilcott in $8.5bn deal

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

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

Bombardier unveils Challenger 350 mid sized business jet

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

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

$254mn Eskom wind power project gets South African regulator's nod

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

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

Morgan Stanley India to sell wealth management arm to StanChart

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

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

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 ...

European Stocks To See Cautious Start On Fed Policy Speculation

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

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

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

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

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

Mauritius Drop in tourism hurts earnings

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

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

Ryanair flies high as earnings top forecasts

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

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

Vodafone Silent on Verizon

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

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

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

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

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

Russian retailer X5 Q1 earnings fall beat fcast

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

MOSCOW | Tue May 21, 2013 2:21am EDT MOSCOW May 21 (Reuters) - Russian food retailer X5 said on Tuesday its first-quarter net profit fell 1.8 percent year-on-year, mainly due to higher finance costs, to $65.1 million, but beat a $51.1 million analyst forecast. The company also said its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 3.7 percent to $284.2 ...

Apple said to have avoided billions in tax

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

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

Ordering a combo Seamless and GrubHub are merging

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

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

NYC building owners fear lack of terror insurance when TRIA expires

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

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

Time for Yahoo to move

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

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

More writers join the Voice exodus

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

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

Dish Net’s big bid for spectrum

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

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

SAC investors fleeing as Cohen faces prosecutors

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

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

A Jamie showdown at the JPM corral today

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

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

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

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

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

Banks may mute Bloomberg chat

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

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

Craigslist still in the business of selling sleaze

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

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

Protech Khuthele Share earnings revenue climb

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

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

Apple has special Irish tax rates Stateless companies based in Ireland

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

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 ...

South Africa Risks Downgrade Rand Hits 4-Year Low

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

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

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

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

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

Boart lowers earnings expectations

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

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

Boarts earnings hit by mining downturn

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

United earnings still on the rise

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

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

Monti Italy Not Headed for Another Election

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

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

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

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

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

GLOBAL MARKETS-Dollar firms as suspense builds Asia shares dip

Tue, 21 May 2013 00:28:07 -0400

Tue May 21, 2013 12:28am EDT * Dollar index firmer, but down from near 3-year high * MSCI Asia Pacific ex-Japan slips 0.2 percent By Masayuki Kitano SINGAPORE, May 21 (Reuters) - "Will he or won't he?" is the question investors want answered at Wednesday's Congressional testimony by Federal Reserve Chairman Ben Bernanke, as suspense builds on whether the Fed will soon start ...

Is China Sending Its Treasurys Packing

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

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

What Most Entrepreneurs Get Wrong

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

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

iGate sacks chief executive Murthy after sexual harassment claim

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

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

NewsWatch New Xbox may keep Microsoft in the game

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

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

ASIA MARKETS Hong Kong Sydney Stocks Fall Tokyo Seesaws

Mon, 20 May 2013 23:36:09 -0400

HONG KONG – Australian stocks declined, and Hong Kong equities pulled back from a three-day winning run on Tuesday, weighed by overnight losses on Wall Street and uncertainty over U.S. monetary policy.The S&P/ASX 200 dropped 0.7% in Sydney, and the Hang Seng Index gave up 0.2% in Hong Kong.Japan's Nikkei Stock Average was up 0.1%, but struggling for direction after a sturdy rally ...

Hubert White store remodeling bodes well for downtown retail boom

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

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

U.S. Europe ready to settle Chinese solar cases

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

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

Microsoft To Reveal New Xbox Features

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

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

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

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

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

Apple called international tax dodger

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

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

Occupy Wall Street Challenges DOJ On Foreclosure Crisis

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

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

Retailers in the Headlines but Focus Is on the Fed

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

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

A Silver Warning for Gold

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

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

Sprint gets waiver from Softbank permitting discussions with Dish

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

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

Kerry visits Oman for arms deal signing talks on Syria Mideast

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

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

Goldman Sells ICBC Stake for $1.12 Billion

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

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

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

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

Bank of Communications Appoints President Niu Ximing as Chairman

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

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

Coca-Cola the new global peacekeeper

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

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

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

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

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

ASX falls at open after Wall St closes lower

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

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

Supreme Court to review Sarbanes-Oxley case

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

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

Acadia raises $115 million

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

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

Nuclear commission silent on public hearings issue

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

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

170-foot blade breaks off wind turbine

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

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

Will park bridge close this weekend

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

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

Clearwire shareholder vote postponed

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

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

Google faces new pressure over tax claims

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

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

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

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

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

Wall Street ends flat on correction worries

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

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

Wal-Mart ordered to provide more documents

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

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

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

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

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

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

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

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

Gas Prices Spike Ahead of Holiday

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

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

Citigroup names Jane as new head of mortgage biz

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

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

Caterpillar Milwaukee workers union to resume contract talks

Mon, 20 May 2013 19:48:01 -0400

CHICAGO | Mon May 20, 2013 7:48pm EDT CHICAGO May 20 (Reuters) - Caterpillar Inc said late on Monday that it would resume contract talks with the union representing about 800 Milwaukee workers who make specialized mining machinery. The company said the two sides would reconvene on Thursday, May 23, ending a two-week hiatus in discussions. The existing contract covering the workers, who ...

Alcoa warns of scammer claiming to collect utility payments

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

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

Microsoft to build Australian cloud computing centres

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

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

JPMorgans Dimon faces push to drop chairmans title

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

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

Cool key to urban upsurge

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

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

Hispanic group asks FTC to probe Herbalife

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

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

Carnival Corp. lowers 2013 earnings forecast

Mon, 20 May 2013 19:28:22 -0400

The news just keeps getting worse for Carnival Corp. Late Monday afternoon, the Miami-based cruise giant lowered its earnings forecast for the year, citing the low ticket prices that have been needed to drive cruise demand while the company had endured months of negative publicity. The 24-ship Carnival Cruise Lines and its parent company, Carnival Corp., have taken a beating since mid-February, ...

Former Apple CEO on Offshore Cash

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

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

Dimon Exit Could Be ‘All Downside’ Pro

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

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

Stocks Dollar Move Up Is a Good Thing

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

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

JPMorgan under pressure gives polling information to investors

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

JPM.N ), under pressure from the New York Attorney General's office, has agreed to give investors information about upcoming ballot votes, after the company that collects votes on the measures stopped giving out polling information last ...

Prosecutors subpoena of SACs Cohen puzzles defense lawyers

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

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

Rockwood pigments businesses attract private equity bids sources

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

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

Gold and Silver Post Huge Turnaround

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

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

Which Market is Correct

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

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

Lawmakers say Apple dodged billions in taxes

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

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

Wall St ends near flat small co stocks in limelight

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

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

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

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

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

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

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

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

Consumer spending will help to offset sequester economists say

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

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

Why are more pizza outlets coming to SD

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

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

US stocks dip despite MA activity

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

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

Yahoo Takes space in old NY Times building

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

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

After Tumblr Takeover Whos Next

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

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

Tumblrs Issues for New Parent Yahoo

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

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

Urban Outfitters sales miss Street estimates shares fall

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

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

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

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

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

Apples stateless subsidiaries lower tax bills Senate report

Mon, 20 May 2013 18:03:49 -0400

AAPL.O ) has held billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure concluded on ...

Trade group SIFMA names ex-Senator Gregg as CEO

Mon, 20 May 2013 18:00:44 -0400

NEW YORK – SIFMA, the U.S. securities industry's largest trade group, named former Senator Judd Gregg as chief executive officer, in a move that may signal a desire to mend fences with ordinary Americans and U.S. Congress. The Securities Industry and Financial Markets Association had been expected to give the post to interim chief executive and president Kenneth Bentsen, a veteran ...

Solar Stocks Help ADR Shares End Higher

Mon, 20 May 2013 18:00:44 -0400

International companies trading in New York closed higher Monday amid rising solar stocks and positive comments out of Japan about its economy.The Bank of New York index of ADRs added 0.3% to 142.69.The Japanese government raised its assessment of the country's economy, which offset some strengthening in the yen following comments over the weekend by Japanese Economy Minister Akira Amari ...

Plains Exploration Board Approves Freeport-McMoRan Deal

Mon, 20 May 2013 18:00:41 -0400

Plains Exploration & Production Co.'s (PXP) board Monday approved a $6.5 billion merger with Freeport-McMoRan Copper & Gold Inc. (FCX), overcoming earlier pressure to reject the deal.The deal gives Freeport-McMoRan sizeable oil and natural-gas production assets to add to its mining business. Many in the industry questioned whether the two companies would profitably complement each ...

What to expect when you’re expecting Microsoft to announce the next Xbox

Mon, 20 May 2013 17:56:09 -0400

officially announces the next Xbox tomorrow , it will have been 2,932 days since the company last unveiled a new video game console. In those eight years and 10 days, Sony and Nintendo have combined to unveil six pieces of hardware across the home and portable markets. Apple and Google have revolutionized the mobile phone and gaming markets with iOS and Android. Microsoft itself has even gone ...

The close Wall St. near flat correction worry rises

Mon, 20 May 2013 17:22:41 -0400

U.S. stocks ended little changed on Monday with indexes hovering near record levels as concerns about a correction cut earlier gains that were boosted by acquisition activities.Based on the latest available data, the Dow Jones industrial average declined 19.12 points, or 0.12 per cent, to finish unofficially at 15,335.28. The Standard & Poor's 500 Index slipped 1.18 points, or 0.07 per ...

Tricare keeps changes to UnitedHealthcare military plan in place

Mon, 20 May 2013 17:21:03 -0400

UnitedHealth care Military & Veterans' delivery of medical care to service members and retirees. The government will continue an automatic referral and approval process for specialized care, because of UnitedHealthcare's difficulty in providing timely care for certain service members, military retirees and their families. That service is "still not to the point where ...

High crop prices entice farmers to expand planting into old golf courses wildlife preserves

Mon, 20 May 2013 17:21:02 -0400

BIGGSVILLE, Ill. - Clark Kelly plans to spend a lot of time on the links this spring. The Illinois farmer is plowing the Hend-Co-Hills Golf Course near tiny Biggsville into a cornfield. He's not the only one turning over soil in unlikely places. Across the Midwest, farmers are planting crops on almost any scrap of available land to take advantage of consistently high corn and soybean ...

Hijackings on the high seas

Mon, 20 May 2013 17:21:01 -0400

Fighters against piracy reached a milestone on May 10. A year had passed since the last hijacking, when Somali pirates took a Greek tanker carrying 135,000 tons of fuel oil. The Smyrni and her crew of 26 were released 10 months later after a record ransom payment. According to the International Maritime Bureau, an organization that fights shipping crime, five ships and 71 sailors are still in ...

Acadia added to Nasdaq biotech index

Mon, 20 May 2013 17:20:42 -0400

The index tracks performance of selected biotech or pharmaceutical stocks traded on Nasdaq. Acadia trades at a market value of about $1.1 billion, making it one of San Diego's largest biotech companies by that ...

JPMorgan might dump Bloomberg chat feature

Mon, 20 May 2013 17:18:37 -0400

JPMorgan Chase is mulling a new online chat system to replace Bloomberg LP’s instant-messaging function amid concerns about a privacy breach, The Post has learned.JPMorgan is eyeing a chat service that is still the early stages of development and is a collaboration between Thomson Reuters and data provider Markit, sources said. Several big banks are toying with offering their workers a chat ...

With New Xbox Microsoft Makes A Bigger Play For Living Room

Mon, 20 May 2013 17:18:33 -0400

An Xbox 360 video presentation at the E3 Media and Business Summit in Los Angeles in 2008. Microsoft is scheduled to introduce its newest Xbox on ...

After Hours Urban Outfitters slips in after-hours trade

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

SAN FRANCISCO (MarketWatch) -- Urban Outfitters fell in after-hours trade Monday after its fiscal first-quarter sales came up short of expectations, while TiVo posted a slight gain as its quarterly loss was smaller than ...

Can Microsofts Xbox Get Hollywood To Help Reinvent Gaming

Mon, 20 May 2013 17:14:01 -0400

Xbox will be a technological wonder. The game console will likely connect to other devices. It'll feature that utterly cool hands-free Kinect controller, which may let users wave in the air to communicate online with friends, change TV stations, write texts, or do other marvelous cross-platform things. But I worry it won't matter, because the gaming world doesn't have a hardware ...

SAC Settlement Talks Off After Subpoena

Mon, 20 May 2013 17:12:11 -0400

Settlement talks between SAC Capital and the federal government, which could have led to a pact preventing criminal charges against founder Steven Cohen, are off after Cohen was issued a subpoena by prosecutors last week. That news may prompt outside investors in the embattled hedge fund, including the Blackstone Group, to accelerate yanking additional capital.As recently as May 13, SAC officials ...

Conn. Rail Commuters Told to Stay Home

Mon, 20 May 2013 17:12:10 -0400

Thousands of Connecticut commuters faced delays and crowded trains on Monday as Metro-North workers scrambled to repair damage on the United States' busiest rail line, caused by the collision of two trains. Connecticut Gov. Dannel Malloy said commuters should expect "serious disruptions" throughout the week and encouraged riders to stay home if possible. On Friday evening, a ...

WellCare down Tech Data up on Wall Street Video

Mon, 20 May 2013 17:11:48 -0400

May 20 (Bloomberg) -- Bloombergs Trish Regan, Adam Johnson and Matt Miller report on todays ten most important stocks including Activis, Red Hat and Yahoo. (Source: Bloomberg) It was a day of nominal losses and gains on Wall Street Monday. Tech Data (NASDAQ: TECD) had the highest gain with 1.31 percent. WellCare Health Plans (NYSE: WCG) had the largest loss, 1.48 percent. This comes after the ...

Microsofts Xbox 720 reveal Who what when where ...

Mon, 20 May 2013 17:10:01 -0400

The light is coming from Redmond, where on Tuesday Microsoft will "reveal" the third version of its Xbox in a high-voltage news conference that will broadcast around the world. Here's my viewer's guide to ...

MS Appoints Frenchman To Top Marketing Job

Mon, 20 May 2013 17:04:15 -0400

Marks & Spencer (M&S), Britain's biggest clothing retailer, is to appoint a Frenchman to spearhead its marketing strategy as it fights to turn around flagging clothing sales. I have learnt that the company, led by Dutchman Marc Bolland, will announce tomorrow the appointment of Patrick Bousquet-Chavanne, a former Estee Lauder executive, as its new marketing director. Mr ...

Merck Coca-Cola top decliners in Dow industrials

Mon, 20 May 2013 16:57:57 -0400

terms of use . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information ...

TECH STOCKS Yahoos Deal For Tumblr Heads Techs Day

Mon, 20 May 2013 16:56:58 -0400

SAN FRANCISCO – Yahoo Inc. took the tech-sector spotlight Monday, with its $1.1 billion acquisition of blogging-service operator Tumblr seen as a potential gamble by Chief Executive Marissa Mayer in her attempts to reinvigorate the one-time Internet pioneer.Yahoo (YHOO) shares ended the day up 6 cents at $26.58 following a conference call in which Mayer promised that Yahoo wouldn't ...

MARKET SNAPSHOT U.S. Stocks Drop Retreating From All-time Highs

Mon, 20 May 2013 16:56:58 -0400

SAN FRANCISCO – U.S. stocks finished lower on Monday after comments from Chicago Federal Reserve President Charles Evans knocked them from new all-time highs set earlier in the day.The S&P 500 index (SPX) finished down 1.18 points, or 0.1%, at 1,666.29, after touching a new high of 1,672.84 during the session.Energy posted the largest gains of the index's 10 major industry groups ...

Copper Gains on Mine Stoppage Despite China Property Worries

Mon, 20 May 2013 16:56:57 -0400

Copper futures climbed on Monday as a supply disruption from a major mine outweighed worries about Beijing's efforts to cool Chinese property prices.The most actively traded contract, for July delivery, rose 3.7 cents, or 1.1%, to settle at $3.36 a pound on the Comex division of the New York Mercantile Exchange.The world's third-largest open-pit copper mine, Grasberg, remained shut ...

Video 787 Dreamliner lands at Chicagos Ohare

Mon, 20 May 2013 16:54:44 -0400

United Airlines is again flying the 787, four months after smoldering batteries forced the plane to be grounded worldwide. The incidents included an emergency landing of one plane, and a fire on ...

US stocks dip in cautious trade

Mon, 20 May 2013 16:30:19 -0400

US stocks have closed slightly lower in thin trade ahead of Federal Reserve Chairman Ben Bernanke's testimony on the economic outlook to Congress. At the closing bell on Monday, the Dow Jones Industrial Average was down 18.35 points (0.12 per cent) at 15,336.05. The tech-rich Nasdaq Composite Index edged down 2.53 (0.07 per cent) to 3496.43 and the broad-market S&P 500 lost 1.21 (0.07 per ...

Defense attorney Petters duped my client

Mon, 20 May 2013 16:17:49 -0400

Twin Cities hedge fund manager James Fry was portrayed Monday by his attorney as a victim of the Tom Petters Ponzi that duped small and big investors alike. In his opening statement in Fry's criminal trial, defense attorney Joe Friedberg said his client was "under ether supplied by Tom Petters" and believed he was investing in legitimate transactions involving the sale of consumer ...

Currencies Dollar falls as Fed’s Evans calls for more time

Mon, 20 May 2013 16:13:35 -0400

NEW YORK (MarketWatch) -- The dollar fell on Monday, but still traded at nearly five-year highs against the Japanese yen, as a Federal Reserve president said more time is needed to assess labor-market ...

Britain is booming FTSE reaches 12-year high as record looms

Mon, 20 May 2013 16:11:01 -0400

FTSE 100 blue chip index matched levels from September 2000, just before the market's fascination with loss-making technology companies such as lastminute.com came to an abrupt end and the dotcom bubble burst. The closely watched index of the 100 biggest companies traded in London is also within sight of its all time peak of the 6,930 reached on 30 December 1999.The FTSE 100 is nonetheless ...

Tim Peakes space station mission could put a rocket under Britains economy

Mon, 20 May 2013 16:10:37 -0400

Link to video: Tim Peake to become first official British astronaut to visit International Space Station There is the urge to explore the endless heavens, there are the mysteries of the starry cosmos to solve, but above all there is the faltering economy to revive.Of all the reasons nations give for sending their citizens ...

Apple CEO to Press Senate on Tax Reform

Mon, 20 May 2013 16:08:20 -0400

Apple will argue for comprehensive corporate tax reform when it goes before a Senate subcommittee on Tuesday, becoming the latest technology company to face questions over its offshore tax practices. ...

Fed Right on the Money Chicagos Evans

Mon, 20 May 2013 16:08:19 -0400

Federal Reserve has the appropriate level of monetary accommodation in place to let the economy reach "escape velocity" next year, a top Fed official said Monday. "We continue to face powerful headwinds in the fiscal situation and the global ...

White House Knew of IRS Audit in April

Mon, 20 May 2013 16:08:19 -0400

White House spokesman Jay Carney said the counsel, Kathryn Ruemmler, later informed the White House Chief of Staff Denis McDonough and other senior staff members about the politically damaging preliminary findings of inappropriate activity by some IRS employees. ...

Xbox 720 and PS4 go head to head Speculation rife ahead of Microsoft launch - and rumour mill goes into overdrive

Mon, 20 May 2013 15:59:12 -0400

Expectations are high after Sony's dispiriting launch of the new PS4 back in February (a tweaked controller design was on display but little else), and although there seems to be a consensus regarding the hardware specifications, Xbox spokesman Major Nelson is still promising that the Tuesday release will "mark the beginning of a new generation of games, TV and entertainment".Most ...

Apple to argue for tax reform defend tax practices on Tuesday

Mon, 20 May 2013 15:56:04 -0400

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

U.S. High Court to Hear Fidelity Case to Clarify Worker Protections

Mon, 20 May 2013 15:53:42 -0400

The Supreme Court said Monday that it will consider the scope of whistleblower protections written into a 2002 federal law that encourages employees at public companies to report fraud.The case, involving claims made by former employees at Fidelity Investments, was one of three new business cases the high court added to its docket Monday.The justices also agreed to hear a frequent-flyer dispute ...

Citi Names New CEOs of CitiMortgage Private Bank Citi Holdings

Mon, 20 May 2013 15:53:40 -0400

Citigroup Inc. (C) shuffled the top executives of several businesses, including its private bank, its mortgage operation and the unit that houses non-core businesses and assets.Jane Fraser will become the head of CitiMortgage after current leader Sanjiv Das decided to leave the bank for other unspecified opportunities, according to a memorandum Monday from Citi Chief Executive Mike Corbat.Mark ...

Arcapita Fights $70 Million Claim as Plan Confirmation Nears

Mon, 20 May 2013 15:53:38 -0400

Arcapita Bank said an energy company's fraud claim stemming from Arcapita's sale of Texas natural-gas assets should be pushed behind the claims of other creditors.In a filing last week with the U.S. Bankruptcy Court in Manhattan, Arcapita took on Tide Natural Gas Storage LP's contention that Arcapita's bankruptcy plan shouldn't be approved by a judge because of $70 ...

Are you out of the loop on sales tax changes

Mon, 20 May 2013 15:52:18 -0400

Doing business in more than one province, presents a challenge when it comes to dealing with multiple sales tax regimes. To add to the difficulty, several provinces -- British Columbia, Quebec, Manitoba and Prince Edward Island -- recently changed their systems. Keeping up with the latest changes can be difficult but you should not wait for an audit to find out you’ve fallen behind. B.C. ...

Wall Street near record levels trading choppy

Mon, 20 May 2013 15:48:15 -0400

economy to reach "escape velocity" next year. Earlier, the Dow climbed to an all-time intraday high at 15,391.84, while the S&P 500 edged up to a new intraday record high at 1,672.84. Both major indexes are up about 17 per cent for the year so far. The S&P 500 is up more than 1,000 points from March 2009 lows. Analysts say various benchmarks are battling key levels, which could ...

Wall St hesitancy after new records

Mon, 20 May 2013 15:44:05 -0400

Wall Street touched fresh records earlier in the day before giving up gains as investors await clues from the US Federal Reserve on its plans for maintaining stimulus measures. The minutes from the latest Fed's policy committee meeting are due on Wednesday, the same day that Fed Chairman Ben Bernanke will be giving testimony to Congress. In late afternoon trading in New York, the ...

Websense agrees to private equity buyout

Mon, 20 May 2013 15:13:32 -0400

Websense makes Internet security, data protection and Web filtering software mostly for businesses. It released its first products in 1996 and has been a dean of San Diego's Internet security software ...

Mortgage basics What you dont know could cost you

Mon, 20 May 2013 15:13:32 -0400

Near record-low mortgage rates have been luring potential homebuyers to the real estate market. But are you armed with the basics to take on the commitment of a home ...

Radiation hair loss cut by circadian timing

Mon, 20 May 2013 15:13:32 -0400

Hair loss is one of the most visible and distracting effects of cancer radiation therapy. That hair loss can possibly be reduced by giving radiation in the evening, a time in the circadian cycle when hair follicles are resting, according to a new study. Applications may extend to chemotherapy protocols, the study ...

McDonalds wins Temecula burger war

Mon, 20 May 2013 15:13:31 -0400

The Temecula City Council last week rejected an appeal of the Planning Commission's March approval of plans for a new McDonald's in the Palomar Village shopping center at the corner of Rancho California and Margarita ...

Wal-Mart told to provide more info in bribe case

Mon, 20 May 2013 15:13:28 -0400

WILMINGTON, Del. -; A judge in Delaware ordered attorneys for Wal-Mart Stores Inc. to turn over more information to shareholders seeking records on how the company responded to allegations of bribery involving its operations in ...

EXCLUSIVE First look at Staten Islands Empire Outlets

Mon, 20 May 2013 15:10:45 -0400

These exclusive images offer a dramatic first look at Empire Outlets, the huge shopping/dining/hotel complex planned for the Staten Island waterfront near the St. George Ferry terminal.The 340,000 square-foot project by Brooklyn-based BFC Partners will rise next to the proposed New York Wheel, the world's tallest ferris wheel, which is to be built by a different developer. Renderings ...

FirstGroup shares plunge after rights issue and sharp fall in profits

Mon, 20 May 2013 15:06:06 -0400

Tim O'Toole, FirstGroup's chief executive, said the proceeds from the rights issue would provide the flexibility and capital confidence to work on the creation of long-term value for shareholders. Photograph: FirstGroup ...

Up to 60 of whiplash claims are fraudulent or exaggerated MPs told

Mon, 20 May 2013 15:06:05 -0400

Up to 60% of the whiplash claims brought by car drivers or passengers after accidents are either fraudulent or exaggerated, MPs have been told.David Powell, a manager at Lloyd's Market Association, told the transport select committee investigation examining the size and number of whiplash payouts, that 10-60% of claims were probably not entirely genuine.The adviser to underwriters told MPs ...

Multinational tax avoiders had better beware the unappreciative taxpayer | Simon Bowers

Mon, 20 May 2013 15:06:03 -0400

tax professionals, the president of the CBI clearly feels a growing sense of frustration at the direction of the public debate over multinationals and their tax ...

Vacation Home Sales Sizzle Rentals Booking Fast

Mon, 20 May 2013 15:03:23 -0400

In the kitschy community of St. Michaels, on the Maryland shore, businesses are gearing up for the official start of the season, Memorial Day weekend. Trucks carrying dozens of bicycles are unloading into waterside racks and shopkeepers are moving their bright-colored wares out onto the sidewalks. For real estate rental agents, however, the hard work is largely done. The biggest houses are ...

United 787 Makes Uneventful Return

Mon, 20 May 2013 15:03:22 -0400

Carrying 186 passengers, including the Chairmen and CEO's of United Airlines and Boeing, the Dreamliner made an uneventful return to service in the United States. "It's great to have the Dreamliner back in service," said United CEO Jeff Smisek as he sat in United's Economy Plus section of seats ...

Tumblr’s Karp Not About the Money Dad

Mon, 20 May 2013 15:03:21 -0400

As of today, David Karp is one of the richest, 20-something entrepreneurs in America. But his dad says the sudden wealth--his 26-year-old son stands to make more than $200 million on the sale of the blogging website ...

Tumblr Deal Gives Yahoo Mobile Boost

Mon, 20 May 2013 15:03:21 -0400

With the $1.1 billion acquisition of Tumblr, Yahoo is putting a serious claim in for the future of social and mobile technology. Whether it turns out to be a boon or a bust for Yahoo shareholders, the deal will be one of the biggest tests for chief executive Marissa Mayer's ...

GrubHub Seamless Will Merge

Mon, 20 May 2013 15:03:21 -0400

Rival online takeout services Seamless North America and GrubHub announced plans Monday to combine and create a company covering more than 20,000 restaurants in 500 cities across the country. Financial terms were not disclosed. GrubHub CEO Matt Maloney and Seamless CEO Jonathan Zabusky will become CEO and president, respectively, the companies said in a joint statement. Brian McAndrews, an ...

US Oil Boom a Shock Absorber From Dollar

Mon, 20 May 2013 15:03:20 -0400

The energy boom in the world's largest economy is providing a shock absorber for major U.S. oil companies, helping to hedge a strong dollar as the increase in domestic production buffers them from from currency volatility that can pinch earnings. The relationship between oil prices and the greenback-which on Monday hovered close to near a two-year high against ...

End Too Big to Fail Fisher vs. Gregg

Mon, 20 May 2013 15:03:19 -0400

Dodd-Frank Act is "horribly complex" and doesn't solve the problem of banks being "too big to fail," Dallas Fed President Richard Fisher told CNBC on Monday. In a separate interview, former Sen. Judd Gregg--new CEO of the Securities Industry and Financial Markets Association--agreed but said he'd go in a different direction to fix it. Let's start with the common ...

Britains Cameron tells Google and others to play fair on tax

Mon, 20 May 2013 14:48:47 -0400

LONDON (Reuters) - British Prime Minister David Cameron on Monday told Google's Executive Chairman Eric Schmidt and other business leaders that he expected their companies to pay their taxes in exchange for benefiting from low tax ...

Caterpillar machinery sales down 9 percent in April led by Asia

Mon, 20 May 2013 14:48:47 -0400

CAT.N ) said on Monday that retail demand for its construction and mining equipment continued to be sluggish in April, though the sales picture appeared to be improving in almost every market outside North ...

GM gearing up for big ad push for crucial new pickups executive

Mon, 20 May 2013 14:48:47 -0400

GM.N ) redesigned Chevrolet Silverado, the most important since the automaker's bankruptcy and $50 billion taxpayer-funded bailout in 2009, is on track and advertising for its full-size trucks should begin in a few weeks, a top GM executive said on ...

Market Snapshot U.S. stocks slip after hitting all-time highs

Mon, 20 May 2013 14:47:13 -0400

SAN FRANCISCO (MarketWatch) -- U.S. stocks tested new session lows Monday, after grinding further into all-time-high territory, as Yahoo Inc.'s acquisition of Tumblr and other deal news dominated investor ...

Essar Likely to Sign Pact with Chinese Bank for $1 Billion Loan

Mon, 20 May 2013 14:46:29 -0400

Essar Oil Ltd. (500134.BY) will likely sign an initial agreement with a Chinese bank Tuesday for a $1 billion loan as part of the Indian company's efforts to tap overseas funds to refinance expensive local debt, a person with direct knowledge of the matter said Monday.The likely deal with China Development Bank will be supported by an agreement to supply fuel products from Essar's ...

JPMorgan Dimon’s set to face shareholder reckoning over dual roles

Mon, 20 May 2013 14:44:52 -0400

Jamie Dimon and the 10 other directors of JPMorgan Chase take the stage in Tampa, Fla., on Tuesday, to face shareholders who can take comfort in a rising stock price and a prospering bank. But those same shareholders may also deliver a humbling rebuff to Dimon and the ...

Seamless and GrubHub to merge

Mon, 20 May 2013 14:43:47 -0400

NEW YORK Rival online takeout services Seamless North America and GrubHub on Monday announced plans to combine and create a new company covering more than 20,000 restaurants in 500 cities across the ...

Ad of the Day Coca-Cola

Mon, 20 May 2013 14:41:19 -0400

the smartphone app that earned Coca-Cola the inaugural Mobile Grand Prix at Cannes last year-which let users buy unsuspecting strangers around the world cans of soda. While that campaign lacked the explicit political theme of this one, both are built around making a gesture of kindness to someone you don't know, and are rooted in the global Kumbaya spirit of the brand's classic Hilltop ...

US STOCKS-Wall St hovers near record levels as investors hesitate to jump in

Mon, 20 May 2013 14:18:09 -0400

Mon May 20, 2013 2:18pm EDT * U.S. Fed has right monetary accommodation in place: Fed's Evans * Dow, S&P briefly hits new session highs * Yahoo's board approves $1.1 bln Tumblr acquisition * Indexes: Dow off 0.2 pct, S&P off 0.2 pct, Nasdaq 0.3 pct By Angela Moon NEW YORK, May 20 (Reuters) - U.S. stocks slipped by afternoon trade on Monday as indexes struggled to break above their record ...

Online takeout companies GrubHub and Seamless to merge

Mon, 20 May 2013 14:00:15 -0400

By Sarah McBrideSAN FRANCISCO (Reuters) - Two of the nation's biggest online food delivery businesses said they are merging in a deal that they hope will drive more orders, in more cities, through their platforms.GrubHub and Seamless, which allow consumers to easily order online from various restaurants, are part of a group of fast-growing businesses that standardize local services under a ...

Medtronic Boston Scientific patent case heads to Supreme Court

Mon, 20 May 2013 13:57:47 -0400

Medtronic and Boston Scientific is headed for the U.S. Supreme Court, the high court announced Monday. The two patents involved cover cardiac resynchronization therapy, or CRT, which gives the heart an electrical shock when its two blood-pumping chambers, or ventricles, get out of sync with each other. Last September, a federal appeals court reversed the ruling of a federal court judge in ...

Los Angeles jeweler pleads guilty in KPMG case

Mon, 20 May 2013 13:57:23 -0400

LOS ANGELES -; The owner of a Los Angeles jewelry store pleaded guilty Monday for his role in an insider-trading case involving a former senior partner at accounting firm ...

Energy Stocks Energy stocks rally top gainer among SP sectors

Mon, 20 May 2013 13:53:09 -0400

SAN FRANCISCO (MarketWatch) -- Energy stocks rose on Monday, the top gainer in the S&P 500 Index, standing head and shoulders above other sectors and up 4.3% on the ...

Royalty Pharma increases bid for drugmaker Elan

Mon, 20 May 2013 13:52:13 -0400

NEW YORK - Royalty Pharma is raising its offer to buy Elan on the condition that shareholders reject the Irish drugmaker's push to refocus its business through a string of recently announced deals.Royalty says it will pay $12.50 in cash for each share of Elan Corp. PLC. That adds up to a total value of about $7.5 billion.Royalty offered in February to buy Elan for $11 per share and later ...

Blackstone group offers to take Pactera private

Mon, 20 May 2013 13:52:12 -0400

Private equity firm Blackstone Group LP, along with Pactera's CEO and other managers, have offered to take Pactera private in a deal that values the Chinese technology consulting and outsourcing firm at $680.4 million.Shares rose 31 percent Monday. Through Friday's close, before news of the offer, Pactera's stock had lost about two-thirds of its value over the past year.Blackstone ...

Ryanair reports record profits but warns growth likely to slow this year

Mon, 20 May 2013 13:50:17 -0400

Ryanair has unveiled record profits but warned growth was likely to slow this year as a result of the backdrop in Europe and rising fuel costs.The Dublin-based carrier said profits after tax rose 13% to EUR569m (481m) in the year to the end of March, while revenue also rose by 13% to EUR4.9bn.Growth in ancillary revenues - extras on top of ticket prices including paying to reserve a seat - ...

Royal Bank of Scotland leads the way as FTSE 100 hits highest level since September 2000

Mon, 20 May 2013 13:50:16 -0400

was the day's biggest riser.The bank ended 15.1p higher at 351.9p after analysts at Numis raised their recommendation from hold to buy and their target price from 308p to 410p. The broker said RBS's US business Citizens was undervalued while the profitability of its UK retail operations would be underpinned by its efficiency measures.Overall the FTSE ...

Ex-Goldman Sachs boss quits HSBC role

Mon, 20 May 2013 13:50:13 -0400

citing his "expanded responsibilities" at other businesses where he has senior roles.His departure leaves a vacancy at HSBC for a chairman of the remuneration committee, and comes weeks after shareholders in Barrick Gold voted against the $12m (7.8m) signing-on fee he received from the Canadian miner after he became co-chairman.HSBC said Thornton's resignation was entirely due to ...

Forbes Earnings Preview Hewlett-Packard

Mon, 20 May 2013 13:49:30 -0400

is expected to report poor second quarter earnings on Wednesday, May 22, 2013 with analysts expecting a 17.3% drop in earnings from a year ago. The consensus estimate is 82 cents per share, down from earnings of 98 cents per share a year ago. Over the past month, the consensus estimate has fallen from 82 cents, but it's still up from the consensus estimate of 77 cents three months ago. For ...

Forbes Earnings Preview Lowes

Mon, 20 May 2013 13:49:30 -0400

when the company reports its first quarter results on Wednesday, May 22, 2013. The consensus estimate is calling for profit of 51 cents a share, a rise from 43 cents per share a year ago. The consensus estimate has declined from 52 cents over the past three months. For the fiscal year, analysts are projecting earnings of $2.08 per share. Revenue is expected to be $13.45 billion for the quarter, ...

Ex-EA CEO John Riccitiello Warns Sony And Microsoft Not To Forget Gamers