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Bernanke and growth fears send shares lower, yen up

Thu, 23 May 2013 03:33:50 -0400

By Richard Hubbard LONDON (Reuters) - Concerns over the future of the U.S. Federal Reserve's monetary stimulus and weak Chinese factory data sent shares sharply lower and safe haven currencies like the yen higher on Thursday. The shift from riskier assets to safer markets was triggered when Fed Chairman Ben Bernanke told a congressional committee on Wednesday the central bank could scale back the pace of bond purchases at one of its next few policy meetings. A weak manufacturing survey from China added to investors' worries, dragging MSCI's world equity index down 1. ...

China factory activity shrinks for first time in seven months: flash PMI

Thu, 23 May 2013 03:17:46 -0400

By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary manufacturing survey showed, entrenching fears that its economic recovery has stalled and that a sharper cooldown may be imminent. The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October and sending Asian financial markets sharply lower. The final HSBC PMI stood at 50.4 in April. ...

HP raises 2013 outlook as Whitman's plan takes hold

Wed, 22 May 2013 18:52:53 -0400

By Poornima Gupta SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing services. While fiscal second-quarter profit plummeted 32 percent, Wall Street had braced for worse. HP shares gained 14 percent after the company projected full-year earnings per share of $3.50 to $3.60, raising the lower end by 10 cents, and fiscal third-quarter profit that topped analyst estimates. ...

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

Thu, 23 May 2013 02:52:59 -0400

By Louis Charbonneau and Michelle Nichols UNITED NATIONS (Reuters) - Metals swap deals with Iran by Switzerland-based commodities giants Glencore Xstrata and Trafigura could have been a way of skirting international sanctions against Tehran over its nuclear program, according to a confidential U.N. Panel of Experts report seen by Reuters on Wednesday. Reuters reported on March 1 that Glencore had supplied thousands of tons of alumina to an Iranian firm that has provided aluminum to Iran's nuclear program, an allegation Glencore confirmed as accurate. ...

Pfizer takes its shot at a vaccine for evasive superbug

Thu, 23 May 2013 01:28:36 -0400

By Julie Steenhuysen CHICAGO (Reuters) - Kathrin Jansen is a microbiologist with at least two breakthrough vaccines to her name: she brought the cervical cancer vaccine Gardasil to market for Merck and helped develop the $4 billion a year pneumonia and meningitis vaccine Prevnar 13 for Pfizer. Jansen's next vaccine success could come by taming the superbug MRSA, a drug-resistant bacterium that she has seen ravage a healthy man up close and personally. Methicillin-resistant Staphylococcus aureus infects an estimated 53 million people globally and costs more than $20 billion a year to treat. ...

Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009

Thu, 23 May 2013 02:54:42 -0400

BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its 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 March 9, 2009. The 401(k) recovery looks even better for workers 55 and older, according to Boston-based Fidelity, the largest U.S. administrator of 401(k) retirement plans. ...

SoftBank would appoint "security director" to Sprint board

Thu, 23 May 2013 00:00:04 -0400

(Reuters) - SoftBank Corp would appoint a "security director" to Sprint Nextel's board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal. Sprint said in a filing with the U.S. Securities and Exchange Commission on May 1 that the new director appointed by the Tokyo-based SoftBank would oversee public safety concerns related to Sprint's wireless and wireline operations. ...

Nissan to recall 841,000 vehicles due to steering wheel glitch

Thu, 23 May 2013 01:55:31 -0400

TOKYO (Reuters) - Nissan Motor Co Ltd will recall about 841,000 vehicles worldwide including the Micra compact car, also known as the March, as a result of a steering wheel glitch, Japan's No.2 automaker said on Thursday. Nissan is recalling certain models of the Micra compact car produced in Britain and Japan between 2002 and 2006, as well as the Cube, produced in Japan around the same period. It is pulling back vehicles in Japan, Europe, Asia, Oceania, Africa, Latin America and the Middle East. ...

Portuguese leaders build faith in bailout exit

Thu, 23 May 2013 04:14:37 -0400

By Andrei Khalip LISBON (Reuters) - President Anibal Cavaco Silva thanked Portugal's patron saint for a long-delayed approval of Lisbon's bailout review last week, but the head of state could claim a share of the credit for himself. The conservative president's role has grown far beyond his figurehead status in the past few weeks. With the president on his side, Prime Minister Passos Coelho appears immune to opposition calls for an early election, despite a teetering coalition, record-low popularity in opinion polls and protests and strikes promised for late May and June. ...

Latam, Africa surges ensure SABMiller profit growth

Thu, 23 May 2013 02:54:09 -0400

BRUSSELS (Reuters) - SABMiller , the world's second biggest brewer, reported profit growth in line with expectations thanks to a surge in earnings in Latin America and Africa and said its markets should be broadly unchanged in the coming months. The maker of Grolsch, Peroni and Pilsner Urquell, said on Thursday adjusted earnings per share rose 11 percent to 238.7 U.S. cents in the year to the end of March, almost matching the Thomson Reuters I/B/E/S average forecast of 239 cents. ...

Japan stocks dive as benchmark bond yield spikes

Thu, 23 May 2013 04:27:05 -0400

BANGKOK (AP) — Japanese stocks plummeted Thursday after a spike in government bond yields and unexpectedly weak Chinese manufacturing spooked investors sitting atop months of massive gains in share prices. The Nikkei 225 in Tokyo nosedived 7.3 percent to close at 14,483.98, its worst drop since the 2011 tsunami.

Birth control coverage up for federal appeal

Thu, 23 May 2013 03:58:24 -0400

DENVER (AP) — In the most prominent challenge of its kind, Hobby Lobby Stores Inc. is asking a federal appeals court Thursday for an exemption from part of the federal health care law that requires it to offer employees health coverage that includes access to the morning-after pill.

Stricken Japan nuke plant struggles to keep staff

Thu, 23 May 2013 04:19:36 -0400

TOKYO (AP) — Keeping the meltdown-stricken Fukushima nuclear plant in northeastern Japan in stable condition requires a cast of thousands. Increasingly the plant's operator is struggling to find enough workers, a trend that many expect to worsen and hamper progress in the decades-long effort to safely decommission it.

IMF head Lagarde in court in fraud probe

Thu, 23 May 2013 04:45:28 -0400

PARIS (AP) — International Monetary Fund chief Christine Lagarde is facing questions at a special Paris court Thursday over a controversial financial deal that she oversaw as French finance minister.

Japan bond yields jump following Fed comments

Thu, 23 May 2013 02:34:08 -0400

TOKYO (AP) — Yields on 10-year Japanese government bonds briefly topped 1 percent for the first time in a year on Thursday, unnerving some investors at a time when Japan's already overburdened government finances are vulnerable to rises in interest rates. Japanese shares fell sharply.

Urban renewal? Big US cities showing strong growth

Thu, 23 May 2013 00:22:17 -0400

WASHINGTON (AP) — Urban renewal? New census estimates show that most of the nation's largest cities further enhanced their allure last year, posting strong population growth for a second straight year.

House to vote on variable rate student loans

Thu, 23 May 2013 03:36:08 -0400

WASHINGTON (AP) — House lawmakers are ready to pass legislation that links student loan rates to the financial markets in spite of a veto threat from President Barack Obama.

Between economy and trouble, Obama approval steady

Thu, 23 May 2013 03:17:03 -0400

WASHINGTON (AP) — The economy is recovering, the White House is dealing with multiple controversies, and President Barack Obama appears generally unaffected either way.

HP's 2Q offers hope even as revenue slump deepens

Wed, 22 May 2013 19:09:20 -0400

SAN FRANCISCO (AP) — Hewlett-Packard is still scrambling to meet the growing demand for more versatile and less expensive mobile devices as a slump in its personal computer sales deepens, but the company's cost-cutting measures and focus on more profitable areas of technology appear to be easing the pain.

Survey shows China manufacturing contracting

Thu, 23 May 2013 00:43:40 -0400

BEIJING (AP) — A survey shows China's manufacturing contracted this month, adding to signs a fragile recovery in the world's No. 2 economy is slowing.

Photos: Frank Lloyd Wright Homes For Sale

Fri, 17 May 2013 18:14:23 -0400

Frank Lloyd Wright may have died in 1959, but his architecture is alive and well. A recent story in the Wall Street Journal revealed the cost to upkeep some of his historic homes may be more than buyers bargain for, but others clamor to invest in history.

Martha Stewart Case Judge Ruling Favors JCP

Fri, 12 Apr 2013 15:19:40 -0400

The judge presiding over the lawsuit against Martha Stewart and J.C. Penney ruled on Friday allowing the sale of Martha Stewart merchandise in J.C. Penney stores.

Couple Finds $100,000 in Safe Deposit Box

Fri, 12 Apr 2013 14:46:58 -0400

An elderly couple in Brooklyn, N.Y., found a huge pile of cash–what they reckon was $100,000–in cash in a bank’s safe deposit box. Joe Valinoti, 82, and his companion, Kathleen Ricigliano, 81, said they opened a safe deposit box account with Sovereign Bank in February....

3 Indicted for Millions of Fake Marlboros

Fri, 12 Apr 2013 14:00:18 -0400

Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney’s Office on Monday in a U.S....

Men Charged for Millions of Fake Marlboros

Fri, 12 Apr 2013 13:51:58 -0400

Holy Grail of Books Could Fetch $30M

Fri, 12 Apr 2013 13:19:01 -0400

A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby’s auction on Nov. 26 in New York. “It’s going to be far and away the most expensive book ever sold,” David Redden, vice chairman of Sotheby’s auction house,...

Holy Grail of Rare Books, Hymnal Could Fetch $30M

Fri, 12 Apr 2013 12:49:28 -0400

McDonald's Apologizes for Sad Big Mac Ad

Fri, 12 Apr 2013 12:39:28 -0400

McDonald’s has apologized for a Big Mac ad that enflamed the fast food giant in a whopper-sized controversy. The ad, a poster placed on Boston mass transit, featured a photo of a seemingly despondent woman with her head buried in her hands next to the...

Retail Sales Fall, Sending Stocks Down

Fri, 12 Apr 2013 11:22:28 -0400

Retail sales fell by 0.4 percent in March, according to the Commerce Department, the biggest drop in nine months. The major stock market indexes slid on the news. Taxes went up at the beginning of the year for everyone who gets a paycheck and that...

Photos: Rock Icon's Former Home on Sale

Fri, 12 Apr 2013 09:41:06 -0400

A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last purchased in December 2000 for $1.15 million.

A New Way to Buy Powerball Tickets

Fri, 12 Apr 2013 09:13:05 -0400

Those Californians who missed out on the state’s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn’t feel like visiting...

Investment Scam Hits NFL, NBA Stars

Fri, 12 Apr 2013 08:11:28 -0400

Morning Business Memo… Dozens of current and former NFL and NBA players may have been the victims of an investment scam. FINRA – the Financial Industry Regulatory Authority – filed a cease-and-desist order against Success Trade Securities, alleging the online investment firm ripped off 58...

Lotto Tickets Now Available Online

Fri, 12 Apr 2013 06:37:23 -0400

Website Wants to Sell You Lotto Tickets Online

Fri, 12 Apr 2013 06:05:00 -0400

Photos: Rock Legend's Former Home on Sale

Thu, 11 Apr 2013 23:54:58 -0400

Tiger Woods Boosts Masters Prices

Thu, 11 Apr 2013 16:28:56 -0400

With round one of the Masters Golf Tournament underway, tickets for the famous game in Augusta, Ga., are still being sold online today. Though ABC News’ Darren Rovell reports prices on web sites like StubHub have dropped to $3,000 to $4,000 today, some badges were...

Masters Ticket Prices Highest Since Tiger Woods Debut

Thu, 11 Apr 2013 16:15:25 -0400

Microsoft Falls on PC Shipment Decline

Thu, 11 Apr 2013 15:17:13 -0400

Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn’t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...

Microsoft Swoons on PC Shipment Decline

Thu, 11 Apr 2013 15:11:11 -0400

Microsoft (MSFT) Swoons on PC Shipment Decline

Thu, 11 Apr 2013 14:52:25 -0400