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One trillion euro tax evasion to be tackled says Barroso

Tue, 21 May 2013 16:12:09 -0400

BRUSSELS - Voicing concern about tax evasion that is estimated at one trillion euros, European Commission President Jose-Manuel Barroso said Tuesday that EU leaders will meet at a one-day summit on Wednesday to negotiate solution. The European Union can't afford to let tax evasion go on the way it is. Such large amounts of money, currently sitting in tax havens, would be greatly beneficial ...

Overall economy likely to pick up in Q2 says German central bank

Tue, 21 May 2013 16:04:27 -0400

FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...

Pfizer discontinues NHL cancer drug development

Tue, 21 May 2013 16:06:43 -0400

NEW YORK - Pharma major Pfizer has discontinued the development of cancer candidate inotuzumab ozogamicin, which is part of a class of therapies called antibody-drug conjugates (ADCs), in the haematological cancer non-Hodgkin lymphoma after it failed to show benefit in overall survival during phase III trials. Pfizer has notified the study investigators and appropriate regulatory authorities ...

GrubHub and Seamless to merge

Tue, 21 May 2013 17:27:51 -0400

WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry diners ...

Housing market picking up in UK

Tue, 21 May 2013 16:23:44 -0400

LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...

Work starts on creation of new Dubai island

Mon, 20 May 2013 04:26:18 -0400

Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...

Microsoft Unveils New Xbox One Game Console

Tue, 21 May 2013 18:15:05 -0400

REDMOND, WASHINGTON Microsoft Corp gave the world the first look at its new game console on Tuesday, hoping the Xbox One will attract existing video game fans while also becoming a hub for living room entertainment. The third-generation Microsoft console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus ...

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 ...

Morgan Stanley to sell Indian private banking arm to StanChart

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

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

Photos Tour Carol Bove’s “Caterpillar” on the Last Unopened Stretch of Manhattan’s High Line Park

Wed, 22 May 2013 00:13:07 -0400

ince its opening in 2009, Manhattan's High Line--an elevated city park built on a reclaimed Depression-era industrial railroad line--has featured, along its meandering length, a constantly rotating display of artworks. These sculptures, billboards, performances, and installations are chosen by Cecilia Alemani, the curator of High Line Art, and have been a core element in the park's ...

Bernankes congressional testimony to be studied for any hints of shift on Fed bond purchases

Wed, 22 May 2013 00:10:18 -0400

WASHINGTON - When Ben Bernanke testifies about the U.S. economy Wednesday, the Federal Reserve chairman's words will be examined for any clues that the Fed might soon taper — or increase — its support for the economy. The Fed is pursuing an aggressive program of bond purchases to try to keep long-term interest rates down and encourage borrowing and spending. The Fed has said it ...

Top dogs Highest zoo CEO pay

Wed, 22 May 2013 00:09:51 -0400

With the Australian Outback exhibit opening this week at the San Diego Zoo, the U-T decided to review zoo CEO salaries. Although San Diego's zoo attracts the most visitors in the U.S., its CEO is not the top paid among more than 40 public or nonprofit institutions in our survey.Sources: Most recent IRS tax forms for salaries, AZA survey for zoo stats Also ...

NYU prexy slammed again

Wed, 22 May 2013 00:07:11 -0400

NYU’s Tisch School of the Arts - whose famous alumni include Martin Scorsese, Spike Lee and Alec Baldwin - became the latest school to submit a vote of no confidence in the university’s president, John Sexton.In March, the university’s College of Arts & Sciences gave Sexton a thumbs-down, followed by the Steinhardt and Gallatin schools earlier this month. The Tisch vote ...

Its a super day

Wed, 22 May 2013 00:07:11 -0400

Dimon’s overwhelming victory came as a surprise to activist investors who saw the vote as a referendum on good corporate governance as opposed to a popularity contest for the bank boss. Pension giants, including the California Public Employees’ Retirement System, supported the proposal, as did influential proxy advisers Glass Lewis and Institutional Shareholder Services.All 11 ...

Feds mull racketeering charge for SAC

Wed, 22 May 2013 00:07:10 -0400

Call him Capo Cohen. Federal prosecutors, amid a criminal insider trading probe of Steve Cohen’s SAC Capital, are weighing the possibility of charging the $15 billion hedge fund as a criminal enterprise - a tool traditionally used to bust organized crime families.The news, reported earlier by the Financial Times, comes on the heels of government subpoenas to Cohen and other SAC executives ...

Hearst and Oz may be off to see the printers

Wed, 22 May 2013 00:07:10 -0400

"There was no creative or anything to look at, but a lifestyle approach different from the field," said one source who was involved in the discussions. Oz will only give final approval if he is convinced the project will be a huge hit. Oz’s highly rated talk show is already carried by many Hearst- owned television stations. A joint venture with Hearst is expected to be ...

Carl’ssss Herbalife buy has Bill profit-lesssss

Wed, 22 May 2013 00:07:10 -0400

Call him Icahn the python.Billionaire investor Carl Icahn and his fellow Herbalife bulls have slowly and steadily squeezed the profit out of Bill Ackman’s $1 billion short bet.Ackman, who once had a paper profit of $480 million, is now down $10 million, according to calculations by The Post.Icahn, on the other hand, is up $228 million, calculations show.Ackman, 47, yesterday slipped into ...

ESPN whacking 250 jobs

Wed, 22 May 2013 00:07:09 -0400

Cable powerhouse ESPN is cutting 250 jobs after shelling out big bucks to secure sports programming rights.The layoffs were concentrated in ESPN’s digital operations, a source said. ESPN said it was "smartly managing costs." On top of pricey contract renewals with the NFL and MLB, ESPN just struck an 11-year, $770 million deal with the USTA to snag rights to the US ...

Cook beats back senators

Wed, 22 May 2013 00:07:09 -0400

Apple CEO Tim Cook to Congress: Kiss this, we’re part Irish.The studious, levelheaded tech boss testified before sometimes less-than-steady lawmakers yesterday after being invited to explain why Apple avoided some $9 billion in taxes on its overseas profits.Cook countered that it was the crazy, Byzantine US tax code - set up by Congress - and not Apple that is to blame."We pay all the ...

An Elvis sighting on the sale block

Wed, 22 May 2013 00:07:09 -0400

Elvis isn’t drawing the same crowds. Core Media Group is trying to sell the image rights to the "King of Rock" and Elvis Enterprises, which houses memorabilia and select music copyrights. The company hopes to fetch around $200 million for the Elvis Presley rights, plus those of famed boxer Muhammad Ali. But banking sources said the list of potential buyers is short. ...

Wal-Mart grocery sparks intense debate in Raytown

Wed, 22 May 2013 00:04:35 -0400

The Senate dragged Apple Inc., the world's most valuable company, into the debate over the U.S. tax code Tuesday, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. ...

Bank of Japan Keeps Policy on Hold as Expected

Tue, 21 May 2013 23:59:35 -0400

The Bank of Japan on Wednesday decided to keep monetary policy on hold, but one board member tried unsuccessfully to loosen the central bank's commitment to achieving its 2 percent inflation target within two years. In a unanimous vote, the BOJ maintained its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 60 trillion to 70 trillion yen ...

BOJ keeps policy on hold Kiuchi proposes looser price target timeframe

Tue, 21 May 2013 23:46:39 -0400

TOKYO (Reuters) - The Bank of Japan on Wednesday decided to keep monetary policy on hold, but one board member tried unsuccessfully to loosen the central bank's commitment to achieving its 2 percent inflation target within two ...

Merck signs $5 billion share buyback agreement with Goldman Sachs

Tue, 21 May 2013 23:46:38 -0400

(Reuters) - Merck & Co Inc said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly ...

China Big Four Banks New Lending Surged in May - Report

Tue, 21 May 2013 23:42:45 -0400

China's four largest banks issued 233 billion yuan ($38 billion) new loans in the first 21 days of May, up 30% from the same period a month earlier, the 21st Century Business Herald reported Wednesday, citing unnamed sources.The surge in demand for new loans came mainly from local governments spending on infrastructure projects and the property sector, the report said.Total new lending in ...

Mall of America nets up to $250 million in tax breaks

Tue, 21 May 2013 23:00:45 -0400

Bloomington behemoth to double its size with more stores, movie theaters, hotels, and maybe a water park. To help ensure the project moves forward, up to $250 million in tax breaks were approved this week by the Minnesota Legislature. In recent years, the megamall’s pleas for public subsidies have failed. This year, lawmakers supported a controversial new funding mechanism that draws from ...

$150M loan unraveled for Petters associates banker testifies

Tue, 21 May 2013 23:00:44 -0400

Barclays Bank was on the verge of giving James Fry and business partner Frank Vennes a $150 million line of credit to invest with Tom Petters when the bank learned of Vennes’ criminal background and brought the transaction to a screeching halt, a Barclays official testified at Fry’s trial Tuesday. "I was taken aback," testified Barclays Capital director Andrew Shuster as he ...

Best Buy reports first-quarter loss on restructuring costs

Tue, 21 May 2013 23:00:44 -0400

Best Buy Co. Inc. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, as cost cuts helped offset tough pricing competition during the quarter. But shares fell over 4 percent Tuesday. The company has been working on a ...

Raj lawyer wants tapes tossed

Tue, 21 May 2013 22:57:32 -0400

Rajat Gupta’s conviction on insider trading charges was the absolute correct verdict given the evidence presented at trial - but some of that evidence should be tossed, his lawyer said today. "It may in fact be true" that Gupta’s conviction for passing illegal tips to hedge fund manager Raj Rajaratnam was a "virtual certainty," his lawyer Seth Waxman argued before ...

Microsoft Reveals The Xbox One

Tue, 21 May 2013 22:52:17 -0400

Microsoft promises the Xbox One will be more than just a game console, but a "living room" with a TV tuner and cable box. Users will be able to switch between watching TV and gaming instantly through the Kinect ...

Gold Rally Was a Misunderstanding

Tue, 21 May 2013 22:49:57 -0400

market over the last several years has been based on a misunderstanding of the global economy's problems and a misunderstanding of what quantitative easing is. Investors are just starting to realize that their framework for analysis can't account for what's happening in the world right now. They are gradually learning that the economics they learned from textbooks needs updating. ...

Hersheys Bites Into China Without Chocolate

Tue, 21 May 2013 22:49:57 -0400

Steven Schiller, Senior VP, Global Sweets & Refreshment introduces Hershey's new brand of milk candy in the mainland, called the Lancester in English, or Yo-Man in ...

Labour leaders in Bangladesh urge Wal-Mart Gap to sign factory accord

Tue, 21 May 2013 22:48:09 -0400

The local arm of IndustriALL, a global union federation, yesterday appealed to Wal-Mart and Gap to join a legally binding accord immediately to ensure safety in Bangladesh's garment factories.A total of 37 international clothing retailers have already signed the agreement designed by IndustriALL to contribute financially towards minimising occupational risks in Bangladesh's garment ...

Australia Forecaster Sees Resource Investment Dip

Tue, 21 May 2013 22:32:53 -0400

The value of investment in Australia's resources industry may collapse by more than two-thirds over the next five years as major projects are completed and companies scale back expansion plans, according to the government's commodity forecaster.While spending on major mining and energy projects remains at record highs--with 268 billion Australian dollars (US$263 billion) currently ...

Minn. agency approves 4th Magnetation plant

Tue, 21 May 2013 21:50:25 -0400

DULUTH, Minn. - The Minnesota Pollution Control Agency's citizens board has approved a company's plans to build its fourth iron ore recovery plant on the Iron Range. Tuesday's vote was unanimous. Grand Rapids-based Magnetation plans to build the plant near Coleraine in Itasca County. Magnetation hopes to have the plant up and running by early 2015, eventually producing up to 2 ...

19 retailers line up against Visa-MasterCard accord

Tue, 21 May 2013 21:50:24 -0400

Wal-Mart Stores Inc. and Starbucks Corp. are among 19 retailers opting out of a $7.25 billion antitrust settlement with Visa Inc. and MasterCard Inc. over fees charged to merchants to process credit-card transactions. The proposed settlement would maintain and strengthens an anticompetitive system that allows Visa and MasterCard to fix so-called swipe fees for banks, the companies said Tuesday. ...

Sony shares rise on report company may discuss spinoff

Tue, 21 May 2013 21:50:23 -0400

Shares of Sony Corp. rose 9.3 percent in the United States on Tuesday after Japan's Nikkei newspaper reported the company's board may discuss spinning off its entertainment division. American depositary receipts in Tokyo-based Sony advanced to close at $22.91 in New York, their biggest gain since May 14, when investor Daniel Loeb's Third Point proposed selling as much as 20 ...

Schafer Maturing medical device industry must change

Tue, 21 May 2013 21:50:22 -0400

For Norm Dann, it’s pretty simple. "If the medical device industry is going to survive," he said, "the business model has got to change." It’s now a mature, slow-growth industry, he said. It has to make simpler and less costly products. And companies have to significantly shrink their hugely expensive sales and marketing organizations. These are not the ...

Australia shares inch higher on Wall St banks weak

Tue, 21 May 2013 21:43:19 -0400

Tue May 21, 2013 9:43pm EDT (Adds details, comments, stocks on the move) SYDNEY May 22 (Reuters) - Australian shares inched 0.1 percent higher on Wednesday, led by blue-chip miners after comments from two voting U.S. Federal Reserve presidents eased fears the Fed was contemplating an imminent cut in its stimulus programme, helping Wall Street close at all-time highs. Bellwether miners BHP ...

Microsofts New Xbox One Can Measure Heart Rate

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

made no official healthcare announcement today. At least none that I'm aware of. They did, however, announce their latest home entertainment console - the new Xbox One (pictured above) - and that does make for some really interesting speculation on the intersection of home entertainment and home health. That intersection hasn't arrived - but it's definitely coming and it's ...

Oracle of Omaha May Be Irreplaceable

Tue, 21 May 2013 21:39:32 -0400

Confidence on Upswing, Mergers Make Comeback If this deal was better for Berkshire than 3G, you may ask why 3G would agree to it. I suspect that it is really paying to be associated with the Oracle of Omaha and his magic. Mr. Buffett has a unique ability to not only score a low acquisition price, but he can scare off competitors and attract other investors. Boards of target companies also appear ...

Corn Prices Fall as Crop Gets Planted

Tue, 21 May 2013 21:39:32 -0400

Corn futures Tuesday skidded to multi-week lows on reports that U.S. farmers are catching up with crop plantings at a record-setting pace.The U.S. Department of Agriculture Monday reported that 71 percent of the corn crop was in the ground, versus 28 percent last week. In the last five years, an average 79 percent has been planted by this time of year.The increase of 43 percentage points amounts ...

Ex-strategist can sue UBS as whistleblower U.S. judge

Tue, 21 May 2013 21:26:49 -0400

NEW YORK (Reuters) - UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research ...

Japan exports disappoint full benefits of weak yen yet to show

Tue, 21 May 2013 21:26:48 -0400

TOKYO (Reuters) - Japan's exports rose less than expected in April from a year earlier due to weak demand from Europe and China, highlighting the challenges confronting the world's third-biggest economy as policymakers try to engineer a sustained ...

Sony shares hit two-year high on report of spin-off proposal

Tue, 21 May 2013 21:26:48 -0400

6758.T ) rose 6.3 percent to 2,300 yen, a two-year high, on Wednesday after the Nikkei newspaper reported Sony is considering evaluating a proposal from top shareholder Third Point LLC to spin off its movie and music ...

Xbox One Microsoft reveals new console that changes everything

Tue, 21 May 2013 21:23:48 -0400

Xbox console on Tuesday that not only integrates TV, internet and gaming, but also will measure your heartbeat and recognise your voice.The company said the Xbox One will revolutionise its users' lifestyles by integrating the cloud, voice control and gesture technology into a simple, intuitive machine."It changes everything," Marc Whitten, an Xbox executive, told a packed hall of ...

Bank Of Spain Finds Banks Hide Real NPL Ratio on Retail Mortgages -Report

Tue, 21 May 2013 21:23:42 -0400

Bank of Spain inspectors have detected that the banking sector is hiding part of their clients' real nonperforming loans by refinancing them once and again, reports El Mundo in its Wednesday Internet edition.Citing a confidential document dated April 15, the newspapers adds inspectors have concluded that major Spanish banks have been agreeing to refinance once or even twice clients' ...

IMF to Urge U.K. to Sell Stakes in RBS Lloyds -Report

Tue, 21 May 2013 21:23:42 -0400

Disposing of the public holdings in Royal Bank of Scotland Group PLC (RBS, RBS.LN) and Lloyds Banking Group PLC (LYG, LLOY.LN) should be a priority for the U.K. government, the International Monetary Fund is expected to say Wednesday, according to The Times newspaper in London.The recommendation will provide George Osborne, the chancellor of the exchequer, with a much-needed ally as he prepares ...

Chevron Nears Sale of Egypt Pakistan Downstream Assets Sources- Reuters

Tue, 21 May 2013 21:23:41 -0400

Chevron Corp. (CVX) is in advanced talks to sell most of its downstream assets in Egypt and Pakistan in a sale that could be valued at around $300 million, the Reuters news agency said Tuesday on its website, citing three unnamed banking sources.The company is conducting separate sale processes for its assets in both countries, the sources said in the report."Chevron is currently conducting ...

GLOBAL MARKETS-Asian stocks cheered by Fed reassurance yen awaits BOJ

Tue, 21 May 2013 20:58:54 -0400

Tue May 21, 2013 8:58pm EDT * Asian stocks open up, buoyed by record highs on Wall St * Fed officials play down speculation of ending stimulus anytime soon * BOJ policy decision closely watched amid bond market volatility By Ian Chua SYDNEY, May 22 (Reuters) - Asian stocks rose on Wednesday following a positive lead from Wall Street with Japan's Nikkei reaching a 5-1/2 year high, while the ...

Competition transforming state’s gasoline industry

Tue, 21 May 2013 20:40:52 -0400

As a gasoline consumer of long standing, my knees jerked last week with the news that a major consolidation in the Southern California oil refining industry had sailed through reviews ...

El Centro Border Patrol agent dies in Hawaii

Tue, 21 May 2013 20:40:51 -0400

Gungon died at Waimea Falls, on the island of Oahu, said Jessica Lani Rich, president of the Visitor Aloha Society of Hawaii, a nonprofit group that provides assistance to visitors in ...

Fantastic Holdings issues earnings downgrade

Tue, 21 May 2013 20:36:38 -0400

AAP reports that the downgrade reflects the weak retail sector as well as the costs of "strategic initiatives" that the company has pursued. The group said in a statement to the Australian Securities Exchange that it expects to report a net profit after tax (NPAT) in the range of $13.5 million to $15.5 million, compared to FY2012 underlying earnings of $21 million. "The sales ...

Your Smartphone Under Attack Pros

Tue, 21 May 2013 20:30:42 -0400

Apple CEO Tim Cook told Congress on Tuesday, smartphone growth around the world has spurred the growth of an app economy worth billions of dollars, created jobs and sparked innovation. But it has also been the catalyst for a new wave of cybercrime targeted at mobile devices. ...

Chinas Bird Flu Outbreak Breaks Bank

Tue, 21 May 2013 20:30:42 -0400

The H7N9 virus appears to have been brought under control in China largely due to restrictions at bird markets, but caused some $6.5 billion in losses to the economy, U.N. experts said on Tuesday. Health authorities worldwide must be on the lookout to detect the virus, the experts said, which could still develop the ability to spread easily among humans and cause a deadly influenza pandemic. The ...

Australian shares rise after Wall St hits new all-time highs

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

Tue May 21, 2013 8:20pm EDT (Updates with movements in early trade) SYDNEY May 20 (Reuters) - Australian shares rose 0.4 percent on Wednesday, led by blue-chip miners after comments from U.S. Federal Reserve officials eased some concerns that the central bank might scale back its stimulus programme, helping Wall Street close at all-time highs. Bellwether miners BHP Billiton Ltd and Rio Tinto Ltd ...

Scandal or not one SAC investor cant get enough of Steve Cohen

Tue, 21 May 2013 20:17:57 -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 in this May 11, 2011, file ...

Mexican tycoon Slim seeks funding details of U.S. protest group

Tue, 21 May 2013 20:17:56 -0400

People protest holding masks printed with the face of Mexican telecommunications and retail tycoon Carlos Slim as he attends the Meeting of Latin American Businessmen at a hotel in Lima May 3, ...

Denso executives to plead guilty to price fixing in Toyota case

Tue, 21 May 2013 20:17:55 -0400

6902.T ) have agreed to plead guilty to conspiring to fix prices of electronic auto parts sold to Toyota and will cooperate with an ongoing criminal investigation, the U.S. Justice Department said on ...

U.S. prosecutors consider using racketeering law against SAC source

Tue, 21 May 2013 20:14:58 -0400

NEW YORK – U.S. prosecutors are considering charging Steven A. Cohen's SAC Capital Advisors as a criminal enterprise engaged in a long pattern of insider trading in stocks, according to a person familiar with the matter. Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act, most commonly associated with prosecutions against the mafia, to move against Cohen's ...

Italys RCS MediaGroup Asks Banks to Revise Terms of Refinancing Deal

Tue, 21 May 2013 20:14:57 -0400

RCS MediaGroup SpA (RCS.MI) said Tuesday it has asked the financial entities involved in a refinancing deal with the Italian publisher to revise some of the terms and conditions of the agreement following the recent improvement seen in financial markets.The company, which publishes one of Italy's most influential daily newspaper, Corriere della Sera, in mid-April approved the terms of a ...

UK opposition party leader says Google tax behavior wrong

Tue, 21 May 2013 19:35:23 -0400

By Andrew OsbornLONDON (Reuters) - Google Inc's tax affairs will come under renewed scrutiny in Britain on Wednesday when the leader of the opposition Labor party accuses the Internet company of wrongly going to "extraordinary lengths" to avoid paying tax.In comments designed to politically outflank Prime Minister David Cameron ahead of next month's G8 summit on what has ...

New Xbox faces wider range of competition

Tue, 21 May 2013 19:33:10 -0400

Microsoft sees the Xbox One as an all-in-one gaming and entertainment system. It’s set to go on sale in time for the holidays Microsoft ...

Qualcomm and USAID expand collaboration

Tue, 21 May 2013 19:32:46 -0400

A police officer in El Salvador, where Qualcomm and the U.S. Agency for International Development have collaborated on a crime-reduction project, equipping agencies with smart phones that have a special app that connects them to a ...

Microsoft touts Xbox One as all-in-one entertainment

Tue, 21 May 2013 19:30:23 -0400

(Editor's note: I am, at best, confused by a lot of the decisions Microsoft has made with the Xbox One. No backwards compatibility? Fees to share games and play used games? We're talking about paywalls here. And the whole thing has shifted -- or seems to have shifted -- away from gaming and onto ... Television. That is pretty stupid, if true. -- William ...

RBS and Lloyds stakes should be sold says IMF

Tue, 21 May 2013 19:26:03 -0400

Britain will be advised to sell off the state's holdings in the Royal Bank of Scotland and Lloyds Bank by the International Monetary Fund (IMF) in a move that will embolden George Osborne as he attempts to justify his economic ...

Tax lost offshore could end world poverty says Oxfam

Tue, 21 May 2013 19:25:13 -0400

Oxfam estimates almost $18.5tn is being held for individuals in tax havens around the world, such as the Cayman Islands. Photograph: David Rogers/Getty ...

UPDATE 4-Microsoft unveils Xbox One with Spielberg Activision tie-up

Tue, 21 May 2013 19:18:25 -0400

Tue May 21, 2013 7:18pm EDT By Bill Rigby and Malathi Nayak REDMOND, Wash. May 21 (Reuters) - Microsoft Corp unveiled the "Xbox One" on Tuesday, its first new gaming console in eight years, and its strongest push so far to dominate consumers' living rooms with an array of exclusive media content. The Xbox One took four years to develop and will be the launchpad for a "Halo" ...

Detour Gold returns to the market

Tue, 21 May 2013 19:05:36 -0400

Talk about a blot on its copybook. For about three and a half years ended mid-2012, Detour Gold Corp. could do no wrong in the eyes of its employees who were beavering away on building what is slated to be the country's largest gold mine located in northeastern Ontario. Detour's investors were also more than happy over the same time period as their investments continued to grow in ...

Canada’s banking sector can’t get ‘too complacent’ says Scotiabank chief

Tue, 21 May 2013 19:05:35 -0400

There’s plenty of avenues for growth in the banking sector despite the challenging economy and regulatory environment, says the head of Canada’s third biggest ...

Gold space now a ‘buyer’s market’ Barrick chief says

Tue, 21 May 2013 19:05:33 -0400

TORONTO o Gold mining stocks have been decimated in recent months, but Jamie Sokalsky does not think investors should expect any corresponding uptick in M&A activity. Speaking at the Bloomberg Canada Economic Summit, the chief executive of Barrick Gold Corp. said there is a general "anti-M&A" mood in the gold space right now, and that investors don't even ask him about it ...

US Treasury bond market at a glance

Tue, 21 May 2013 18:55:45 -0400

Key barometers in the Treasury market late Tuesday, compared with late Monday. Price changes in the 10-year note and 30-year bond are per $100 ...

The Irish loophole behind Apples low tax bill

Tue, 21 May 2013 18:53:17 -0400

By Tom Bergin LONDON (Reuters) - Apple's ability to shelter billions of dollars of income from tax has hinged on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. ...

Bank of Japan may seek to ease bond market jitters policy seen on hold

Tue, 21 May 2013 18:23:13 -0400

Reuters © Bank of Japan Governor Haruhiko Kuroda arrives at the G7 Finance Ministers meeting in Aylesbury, southern England May 10, 2013. REUTERS/Alastair ...

Stock to watch Hewlett-Packard a bargain despite recent price run-up

Tue, 21 May 2013 18:22:28 -0400

: After enduring a roller-coaster ride, shares of the Palo Alto, Calif.-based personal computer giant are basically flat over the past year. Its stock, however, has been roiled in recent years by a revolving door of chief executive officers as its personal computer and printing businesses continued to face competition from smartphones and tablets. Meg Whitman, who took over as CEO in late 2011 ...

Alexander What TV system for a digital age

Tue, 21 May 2013 18:21:02 -0400

Q: If you were to start from scratch with a TV system in your home, how would you do it? We subscribe to Comcast's very basic programming level but are considering alternatives, including smart TVs that can display programs available online through our Mac Pro laptop. We want the capability of receiving live network news broadcasts as well as a few select programs such as PBS series and ...

DNZ earnings fall 14pc signals $80m capital raising

Tue, 21 May 2013 18:15:15 -0400

DNZ Property Fund, a diversified property investor, reported a 14 per cent fall in annual earnings and plans to raise $80 million in a placement to institutional investors and a share purchase plan to help pay for two new acquisitions. Distributable profit, property investors'; favoured measure of earnings which strips out unrealised movements in the value of their portfolios, fell to $24 ...

IMF urges Treasury to speed up sale of Lloyds and RBS

Tue, 21 May 2013 18:13:55 -0400

Lloyds Banking Group was escalating on Tuesday night amid reports that the International Monetary Fund is urging the Treasury to accelerate its disposal of the 65bn stakes in the two bailed-out banks.As part of its annual health check on the UK economy, the Washington-based fund is said to be telling the government that disposal of the share stakes should be a priority.Hopes of a sell-off of the ...

First Round Of Xbox One Vs. PS4 Goes To Microsoft

Tue, 21 May 2013 18:13:10 -0400

and Microsoft have had a chance to give us a first look at their new consoles, and I'm handing this first round to Microsoft. First, the obvious point. Sony did not show us a console, Microsoft did. Point Microsoft -- we know what we're talking about now. The rest of the set up a bold new vision -- broad strokes all around, but impressive partnerships and a much more thorough look at ...

Going to SF Super Bowl L

Tue, 21 May 2013 18:11:10 -0400

The Super Bowl 50, in 2016, will be in the San Francisco Bay Area, and the NFL championship will go to Houston the following year, the league announced Tuesday. Team owners voted for the 49ers' new stadium as host of the big game. The facility, in Santa Clara, Calif., is scheduled to open for the 2014 season. San Francisco beat out South Florida, which was stymied in its bid to stage an 11th ...

Bernanke Expected to Deliver Dovish Message

Tue, 21 May 2013 18:11:10 -0400

Ben Bernanke is expected to maintain his dovish tone when he speaks to Congress Wednesday, and he is likely to dispel any notion that the Fed is ready to cut back on its easing policy. The markets have been speculating the Fed could start to gradually cut back on its $85 billion monthly bond buying program, and that view has been furthered by some hawkish Fed officials who would like to see ...

ESPN Cutting 300-Plus Jobs Source

Tue, 21 May 2013 18:11:09 -0400

Walt Disney 's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts said. The job cuts, comprising 4 to 6 percent of ESPN's staff of 7,000, include open positions that will not be filled, said the source, who asked not to be named because the information is not public.But ESPN will continue hiring for ...

Microsoft unveils next-generation Xbox One

Tue, 21 May 2013 18:01:28 -0400

MICROSOFT redefined the games console war today with the launch of the Xbox One as a single device designed to control all of your entertainment. The rumours that the new Xbox would be called the Infinity were at the wrong end of the scale, with the revelation that Microsoft is going back to the beginning with its naming system. The Xbox One, which has 8GB of RAM and a 500GB hard drive, not only ...

Xbox One moves Microsoft closer to living room hub

Tue, 21 May 2013 18:00:56 -0400

The next-generation gaming console from the software giant is about much more than gaming. It should help Microsoft realize its vision of being at the center of consumer ...

Saks shares rise on report it hired Goldman for strategic options

Tue, 21 May 2013 17:57:43 -0400

They closed up 11.3 percent at $13.67 in regular trade, giving Saks a market value of more than $2 billion. Before the report, shares rose as high as $13.55, their highest level in five years after the retailer reported better than expected sales in the first ...

Is Sony un-Japanese enough to entertain change

Tue, 21 May 2013 17:57:37 -0400

TOKYO (Reuters) - Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, business partners and workers rather than shareholders seeking ...

Fed officials dampen talk of imminent bond buying cutback

Tue, 21 May 2013 17:57:37 -0400

NEW YORK/FRANKFURT (Reuters) - Two senior Federal Reserve officials on Tuesday played down the chances that the U.S. central bank would signal a readiness to reduce its bond buying at its meeting next month, dampening speculation the Fed's ultra-easy monetary policy might end ...

Disney-owned ESPN cutting hundreds of jobs source

Tue, 21 May 2013 17:57:36 -0400

(Reuters) - ESPN, the sports channel that is Walt Disney Co's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts ...

Lorillard Adds $500 Million to Share-Repurchase Program

Tue, 21 May 2013 17:54:32 -0400

Lorillard Inc. (LO) has authorized an additional $500 million in share repurchases under the tobacco maker's buyback program, a move that doubles the amount of stock the company can buy.Buybacks are one of the greatest drivers behind the tobacco industry's profitability gains, as cigarette volumes have declined for years as fewer consumers smoke. Along with price increases and increased ...

ADR Shares End Mostly Unchanged Ahead of Bernanke Testimony

Tue, 21 May 2013 17:54:31 -0400

International companies trading in New York closed mostly unchanged Tuesday ahead of testimony from Federal Reserve Chairman Ben Bernanke.The Bank of New York index of ADRs was little changed at 142.66.On Wednesday, Mr. Bernanke is scheduled to testify before Congress, and the minutes of the most recent meeting of the Fed's monetary-policy committee are to be released.On Tuesday, speeches by ...

Ecuador Report on Mining Reform Debate Due Next Week

Tue, 21 May 2013 17:54:31 -0400

QUITO, Ecuador – The economic committee of Ecuador's National Assembly expects to release a report next week on the first debate of a bill to reform the country's mining law.Approval of the bill is expected to pave the way for several large-scale mining contracts in Ecuador."We expect to have the report for the first debate on Thursday [May 30]," Oswaldo Larriva, ...

MARKET SNAPSHOT U.S. Stocks Rise After Fed Officials QE Signal

Tue, 21 May 2013 17:54:29 -0400

NEW YORK – U.S. stocks rose on Tuesday, with the Dow industrials and S&P 500 finishing at record highs, after comments from two Federal Reserve officials suggested that the central bank is not close to tapering its bond-buying program.The Dow Jones Industrial Average (DJI) gained 52.30 points, or 0.3%, to end at 15,387.58, notching its 19th consecutive Tuesday rise.The S&P 500 index ...

Is the SP 500 Cheap

Tue, 21 May 2013 17:54:27 -0400

Factset wrote:"The forward 12-month P/E ratio for the S&P 500 now stands at 14.4, based on yesterday's closing price (1650.47) and forward 12-month EPS estimate ($114.94). This is the highest forward 12-month P/E ratio logged by the S&P 500 in more than three years (April 2010). Given the high values driving the P in the P/E ratio, how does this 14.4 P/E ratio compare to ...

Xbox One Specifications Revealed at Microsoft Event

Tue, 21 May 2013 17:53:04 -0400

The company not only announced the hardware, but also confirmed the name of the system that was previously rumored to be called the Xbox 720 or Durango.The console features 8GB of RAM, an 8-Core CPU, 500GB hard drive, a Blu-ray drive, HDMI in and out ports, USB 3.0, 802.11n wireless, and a built-in Kinect sensor. Microsoft described the Xbox One as an "all in one system" that is made ...

Best Buy Canada and Winners parent TJX see first-quarter slide

Tue, 21 May 2013 17:53:01 -0400

Under pressure from stiff competition, Best Buy Co.'s Canadian same-store sales fell in the first quarter but executives are hopeful a new cost reductions strategy will take hold in the wake of a broad restructuring of its international operations last year. "We are in early innings," chief financial officer Sharon McCollam told investors on a conference call to discuss financial ...

Unions flag safety concerns at CP Rail as railway ramps up efficiency efforts

Tue, 21 May 2013 17:53:00 -0400

Concerns are being raised that efforts to improve efficiency at Canadian Pacific Railway Ltd. are contributing to a series of accidents at the railroad in recent months, including two more this week. The country's second-largest railway is in the midst of a massive restructuring under its new chief executive, Hunter Harrison, aimed at righting the railway's chronic underperformance. ...

OPB Finance Trust is latest pension fund to issue debt

Tue, 21 May 2013 17:53:00 -0400

Less than a dozen years back, pension funds weren't in the habit of raising long-term capital by issuing bonds on a private placement basis. But that changed in late 2001, when Ontrea Inc., a wholly owned real estate subsidiary of The Ontario Teachers’ Pension Plan Board, raised $600-million of 10-year debt at 5.70%. That AAA-rated issue was a hot commodity, so hot that a road show ...

Stocks turn higher after reassuring words from Fed official Home Depot gains after earnings

Tue, 21 May 2013 17:51:48 -0400

NEW YORK, N.Y. - Stocks are closing higher on Wall Street as investors bank on continued support from the Federal Reserve. The Dow Jones industrial average rose 52 points to close at 15,387 Tuesday, an increase of 0.3 per cent. The Standard & Poor's 500 index rose three points to 1,669, or 0.2 per cent. The Nasdaq composite rise five to 3,502, or 0.2 per cent. Stock indexes wobbled ...

Video Microsoft announces Xbox One

Tue, 21 May 2013 17:51:41 -0400

NASA's GOES-13 satellite captured images of the storm system that sparked tornadoes in the middle of the country. The video includes images of the twister left dozens of people dead in Moore, ...

Watch Apple CEO We Pay All the Taxes We Owe

Tue, 21 May 2013 17:49:00 -0400

I am not an unfair person. That's not who we yours accompany Apple's chief executive Timothy Cook this morning. Defending the global technology powerhouse from accusations -- -- tens of billions of dollars from US tax collectors. Apple CEO was adamant it's the tax code that needs fixing and not what he called. Apple sensible corporate behavior we pay all the taxes we -- Every ...

Nutella Crisis Averted as Maker Caves

Tue, 21 May 2013 17:48:59 -0400

Fans of Nutella can once again breathe easy--at least the ones not allergic to nuts. Great had been their disbelief in recent days, following the announcement by Sara Rosso, founder of World Nutella Day and foremost amateur champion of the peanut butter-like hazlenut spread, that she would be cancelling her annual February 5 event and taking down her nut-worshiping website. These steps, she ...

JPMorgans CEO Keeps Dual Role

Tue, 21 May 2013 17:48:59 -0400

Jamie Dimon, chairman and CEO of JPMorgan Chase, left, and an unidentified man leave the company's annual shareholders meeting in Tampa, Fla., May 21, ...

IMF to urge Britain to dump shares in Lloyds and RBS

Tue, 21 May 2013 17:48:41 -0400

International Monetary Fund (IMF) is set to tell the British government to dump its stakes in Royal Bank of Scotland and Lloyds following their bail-out during the financial crisis, The Times reported on Tuesday. An IMF report on the state of the ...

Carlos Slim to sell stake in Philip Morris Mexico

Tue, 21 May 2013 17:48:40 -0400

Grupo Carso company is selling its stake in Philip Morris's Mexico unit to the US tobacco giant for $700 million, the firms said Tuesday. Grupo Carso holds a 20 percent stake in Philip Morris Mexico (PMM) and the companies expect to complete the transaction by September 30, ending a three-decade partnership between Slim and the maker of Marlboro cigarettes. Philip Morris holds almost ...

A Tunisian man died of SARS-like virus after Mecca pilgrimage

Tue, 21 May 2013 17:43:29 -0400

A Tunisian man died after a pilgrimage to Mecca, Saudi Arabia, and two adults children tested positive for SARS-like virus, health officials say. World Health Organization officials said Tuesday the 66-year-old Tunisian man was the second pilgrim to the Muslim holy city to be sickened with the SARS-like virus novel coronavirus, The Wall Street Journal reported. The Tunisian man returned from a ...

US stocks rise ahead of Bernanke testimony

Tue, 21 May 2013 17:31:17 -0400

US stocks have closed higher after a strong earnings report from Home Depot and as the market anticipates Wednesday's testimony in Congress by Federal Reserve Chairman Ben Bernanke. The Dow Jones Industrial Average finished up 52.30 (0.34 per cent) at 15,387.58 on Tuesday. The broad-based S&P 500 added 2.87 (0.17 per cent) at 1,669.16, while the tech-rich Nasdaq Composite Index increased 5.69 ...

You don’t need an Xbox to appreciate Microsoft

Tue, 21 May 2013 17:11:49 -0400

tweaking its Windows 8 operating system in response to a poor reception following its launch in October, you could almost hear the collective one-word response from investors who have avoided Microsoft shares: typical.But while the technology company continues to stumble with many of its new products, its share price has been dazzling this year. It has risen more than 30 per cent in 2013, to its ...

How the Dow Jones industrial average and other major indexes fared Tuesday

Tue, 21 May 2013 17:09:46 -0400

Stocks indexes hit new highs on Wall Street as investors bank on continued support from the Federal Reserve. Indexes wobbled between gains and losses in early trading, then took a turn higher after James Bullard, head of the Fed's St. Louis branch, said the Fed should keep buying bonds to support the economic recovery. The Dow Jones industrial average rose 52.30 points, or 0.3 percent, to ...

Mothers drive family tech boom

Tue, 21 May 2013 17:09:45 -0400

By Heather Somerville o San Jose Mercury News At the place where motherhood meets entrepreneur and play dates collide with iPads, a new market for parent- and kid-friendly technology is exploding. Family tech -- Web services and applications for parents and kids -- is a new market driven largely by mothers creating technology to solve problems that have plagued parents for decades, such as how ...

Expect Microsoft’s Xbox One This Holiday Season

Tue, 21 May 2013 17:08:27 -0400

Microsoft is going out on top. After eight years, the Xbox 360 - which is currently the top selling video game system for the 28th consecutive month according to retail tracking firm NPD Group -is ...

Teenagers flocking to Twitter because too many adults on Facebook study

Tue, 21 May 2013 17:06:54 -0400

WASHINGTON - Twitter is booming as a social media destination for teenagers who complain about too many adults and too much drama on Facebook, according to a new study published Tuesday about online behavior. It said teens are sharing more personal information about themselves even as they try to protect their online reputations.Teens told researchers there were too many adults on Facebook and ...

Saks picks Sachs for possible sale

Tue, 21 May 2013 17:06:54 -0400

EXCLUSIVE Saks Inc., the owner of Saks Fifth Avenue, has hired Goldman Sachs to explore strategic alternatives including a possible sale of the company, The Post has learned.The New York luxury chain - whose Fifth Avenue flagship in Manhattan alone is believed to be worth more than $1 billion - tapped Goldman in recent weeks, according to a source briefed on the situation.Likely bidders include ...

After Hours Saks shares jump on report of possible sale

Tue, 21 May 2013 17:05:10 -0400

SAN FRANCISCO (MarketWatch) -- Saks Inc. shares jumped in heavy volume late Tuesday following a report that the upscale luxury retailer has hired advisers for a possible ...

Earnings Watch Updates advisories and surprises

Tue, 21 May 2013 17:05:09 -0400

-1.51% said Tuesday afternoon that it plans to lay off about 900 of its workers in a cost-cutting move. The announcement was made, which saw earnings slip on a slight increase in revenues. NetApp shares were up 2.1% in after-hours trades on Tuesday following the report. The company also projected a revenue range of $1.48 billion to $1.58 billion for the current quarter, slightly below Wall ...

Xbox One Home Entertainment System Unveiled by Microsoft

Tue, 21 May 2013 17:01:53 -0400

Microsoft Corp. unveiled its new Xbox One, an all-in-one gaming and home entertainment system at its headquarters in Redmond, Wash. Tuesday morning Turning on the device with the phrase "Xbox on," executives said they emphasized simplicity in the new device that puts ...

Fiat Industrial seeks UK tax move

Tue, 21 May 2013 17:00:56 -0400

Fiat Industrial paid EUR536m in Italian corporate taxes plus EUR28m in regional taxes in 2012, leaving it with a net profit of EUR921m. Photograph: ...

Bankers bonuses European watchdog says many more staff will face curbs

Tue, 21 May 2013 17:00:54 -0400

Proposals to clamp down on bankers' pay by limiting bonuses to 100% of salary will capture many more staff than are covered by current pay codes, a top banking regulator has said as it publishes proposals on how to implement the European Union's bonus ...

Britvic Prepares To Call Time At Barr

Tue, 21 May 2013 16:49:41 -0400

Britvic, the soft drinks producer behind Robinson's squashes, will on Wednesday outline plans for tens of millions of pounds in annual cost savings amid growing doubts about its proposed merger with rival AG Barr. People close to Britvic said its new chief executive, Simon Litherland, would present a revised strategy for the company that was not predicated on the £1.4bn tie-up with ...

Windows role at the core of Microsofts Xbox One

Tue, 21 May 2013 16:47:54 -0400

(Credit: Credit: James Martin/CNET) Microsoft's Xbox One home-entertainment console has three operating systems at its core, company officials said during the Tuesday unveiling of the device. Why three? Marc Whitten, Microsoft's chief production officer of its Interactive Entertainment Business, explained during the hour-long reveal event in Redmond, that there'd be ...

The new consoles from Microsoft Nintendo and Sony

Tue, 21 May 2013 16:46:57 -0400

NEW YORK (AP) -- Microsoft is the last of the three big video game console makers to unveil its latest gaming system. Tuesday's unveiling comes nearly eight years after the Xbox 360 went on sale. It follows last fall's debut of Nintendo's Wii U and a preview in February of the upcoming PlayStation 4 from ...

Wall Street watchdog to review broker bonus disclosure plan in July

Tue, 21 May 2013 16:45:11 -0400

WASHINGTON (Reuters) - Wall Street's watchdog will present a plan to its board in July that would require brokers to tell certain clients about compensation they receive when they switch firms, the regulator's chief said on ...

Sony to assess spin-off proposal for entertainment business Nikkei

Tue, 21 May 2013 16:45:11 -0400

(Reuters) - Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei ...

NetApp earnings slip but in line with estimates

Tue, 21 May 2013 16:43:22 -0400

SAN FRANCISCO (MarketWatch) -- NetApp Inc. reported a decline in net income for its fourth fiscal quarter on Tuesday afternoon, coming largely in line with Wall Street's expectations. For the period ended April 26, ...

Enron no lesson to traders as EU probes oil-price manipulation

Tue, 21 May 2013 16:41:12 -0400

Royal Dutch Shell Plc Chief Executive Officer Peter Voser said it's too early to speculate about the European oil-price fixing probe and the company is committed to the "highest standard of corporate behavior." "Since the investigation has just commenced it would be inappropriate to speculate about the outcome," Voser told shareholders at the company's annual ...

US STOCKS-Dow SP end at records on Fed officials reassurance

Tue, 21 May 2013 16:38:00 -0400

Tue May 21, 2013 4:38pm EDT * Fed's Dudley ties bond buying to impact of U.S. fiscal policy * Home Depot raises outlook, shares hit record intraday high * Goldman Sachs sees S&P 500 at 1,750 by year-end * Dow up 0.3 pct, S&P 500 up 0.2 pct, Nasdaq up 0.2 pct By Angela Moon NEW YORK, May 21 (Reuters) - U.S. stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as ...

Our sky-high gas prices expected to last until June

Tue, 21 May 2013 15:58:00 -0400

Heading into the Memorial Day weekend, Minnesota motorists are paying the highest prices ever for gasoline. The rapid run-up in prices in the past week - to a statewide average of $4.28 per gallon Monday - tops the 2008 record of just under $4 per gallon, according to AAA data. Minnesota now has the highest-priced gasoline in the lower 48 states, followed by North Dakota. The Upper ...

Foreclosures defaults up in April

Tue, 21 May 2013 15:57:20 -0400

San Diego foreclosures and mortgage defaults rose in April, but those numbers remain lower than normal in light of an improving economy and rising home prices, suggests a report from real estate tracker DataQuick on ...

Brown Deer Village Board approves Wal-Mart financials

Tue, 21 May 2013 15:51:28 -0400

May 21, 2013 2:41 p.m. | Brown Deer - Trustees on Monday approved the financial dealings underlying the sale of the vacant Lowe's building on Brown Deer Road to Wal-Mart, but not before altering the agreements to grant themselves more power to regulate the retailer. Trustee Andrea Weddle-Henning was the lone Village Board member to vote against the financial deals that allow Lowe's to ...

Wall St gains on Fed stimulus talk

Tue, 21 May 2013 15:49:33 -0400

Wall Street gained, touching records, after Federal Reserve Bank of St. Louis President James Bullard said the central bank should maintain its current bond-buying program to help bolster growth. In a speech in Frankfurt, Germany, Bullard recommended the Fed "continue with the present quantitative easing program, adjusting the rate of purchases appropriately in view of incoming ...

FTSE 100 within sight of all-time high

Tue, 21 May 2013 15:49:29 -0400

The London stock market is within sight of its all-time closing high after another surge in share prices on Tuesday.After drifting for much of the day, the FTSE 100 index of Britain's top companies made a late rally to close 48.24 points higher at 6803.87. This marked its best level for more than 13 years and left the index just 130 points below the peak reached on 30 December 1999 at the ...

Microsoft Stumbles Through Xbox One Announcement

Tue, 21 May 2013 15:48:04 -0400

my live coverage of the Xbox One reveal, an event that was half as long as most thought it would be, and one hour longer than it should have been. Meaning, this shouldn't have been an event in the first place. The Xbox One announcement was an hour long, though really only 45 minutes if you don't count the 25% of the presentation devoted solely to being a singular ad for the (non-Xbox ...

Microsoft unveils new generation XBox

Tue, 21 May 2013 15:46:15 -0400

ATTEMPTING to replace all your living room devices with a single unit, Microsoft has launched its new gaming console, the Xbox One, at Microsoft HQ in Seattle. The successor to the hugely successful Xbox 360, the Xbox One was unveiled to an audience of a few hundred journalists by Microsoft's president of interactive business Don Mattrick, who outlined the company's plans to take over ...

Americans Turn Against Web Providers

Tue, 21 May 2013 15:45:54 -0400

Americans are not big fans of their cable TV service or their cell phone service. But they really hate their internet service provider, according to a survey released on Tuesday. The new American Customer Service Index (ACSI) report on the information sector should be a wake-up call for the nation's ISP industry. It scored only 65 out of 100 in the annual survey, the lowest score for any of ...

Microsoft Unveils Latest Xbox

Tue, 21 May 2013 15:45:54 -0400

Microsoft unveiled its long-anticipated next generation Xbox, called the "Xbox One," a device that allows users to switch more easily between entertainment options. The company also said Tuesday it is partnering with game makers to produce 15 exclusive games on the console. At the tech giant's Redmond, Wash., headquarters, interactive entertainment business president Don Mattrick ...

What to Expect from Retail Earnings

Tue, 21 May 2013 15:45:53 -0400

Even though more than 90 percent of the S&P 500 have already reported earnings, this week remains a key week for retail with 24 retailers, 12 of which are S&P 500 ...

Best Buy CEO Turnaround Within His Control

Tue, 21 May 2013 15:45:52 -0400

This year will be a transition year as the electronics retailer begins to execute its "renew blue" initiatives. While its first-quarter results are not entirely positive, as the nearly 5 percent decline in its stock price suggests, there are early positive signs that the moves are beginning to resonate with consumers. Online comparable sales in the U.S. are up 16.3 percent for the ...

Microsoft debuts Xbox One

Tue, 21 May 2013 15:43:51 -0400

The Xbox 360 has been around since 2005 and, despite retaining its popularity, the console grows long in the tooth. That changestoday, as Microsoftannounces a new generation of its stealth living room takeover device. Speculation around what was coming has been growing for sometime and reached a crescendo when the company ...

Wall Street stocks gain

Tue, 21 May 2013 15:42:03 -0400

Source: Reuters US stocks have gained today, after Home Depot raised its profit outlook and JPMorgan's chief executive won a vote of confidence from shareholders. Shares of the two companies helped lift the blue-chip Dow as the broader market picked up steam in the early afternoon, sending indexes to fresh intraday records. Comments from a top Federal Reserve official also boosted the ...

10 killer new features of Microsofts Xbox One

Tue, 21 May 2013 15:38:55 -0400

Xbox game console Tuesday, touting a device it claims will revolutionize the experience of using your television. Eight years after the launch of the Xbox 360, which is currently the best-selling games machine in the U.S., Microsoft finds itself the last of the three big game-makers to show off new hardware. The device is due out later this year. No price was announced. Here's a closer ...

Apples Tim Cook is Wall Street hero for a day

Tue, 21 May 2013 15:38:50 -0400

AAPL ) for its creative tax policies, investors were cheering on CEO Tim Cook as he defended the company and pushed Congress to overhaul the tax code. The general consensus among traders on StockTwits was that Cook looked like a capable leader compared with the elected officials doing the ...

Exclusive EU says Chinese FTA possible but wants market opening

Tue, 21 May 2013 15:32:01 -0400

BRUSSELS (Reuters) - The European Union is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters on Tuesday ...

Analysis U.S. food labels seen heating up North America meat war

Tue, 21 May 2013 15:32:00 -0400

Clayton Colliou, a meat cutter at Bon Ton Meat Market, cuts choice cuts of Alberta beef in Calgary, Alberta in this October 3, 2012 file ...

U.S. court studies wiretaps in ex-Goldman directors insider case

Tue, 21 May 2013 15:32:00 -0400

Defense lawyer Seth Waxman told the 2nd U.S. Circuit Court of Appeals in New York that wiretaps played for the jury were inadmissible because they amounted to hearsay ...

Wal-Mart Costco And Other Merchants Push Back Against Swipe-Fee Settlement

Tue, 21 May 2013 15:29:07 -0400

A group of 19 large retailers including Wal-Mart Stores Inc. (WMT), Costco Wholesale Corp. (COST) and Starbucks Corp. (SBUX) are opting out of a pending class-action settlement with Visa Inc. (V) and MasterCard Inc. (MA), potentially setting the stage for more battles over transaction-processing fees.The merchants say the pending deal, reached last summer, won't stop so-called swipe fees ...

Citigroup Ordered to Pay Investors $1 Million Related to Auction Rate Securities

Tue, 21 May 2013 15:29:06 -0400

An arbitration panel has ordered Citigroup Global Markets Inc. to pay more than $1 million to two Texas corporations that claimed the brokerage kept them in auction rate securities when it knew the market was in trouble.Texas PGI and Paragon Reserve accused the subsidiary of Citigroup Inc. of breach of fiduciary duty, among other charges, in their claim made through the Financial Industry ...

Apples Cook says company doesnt use tax gimmicks

Tue, 21 May 2013 15:26:36 -0400

AAPL ) CEO Tim Cook, the Senate's bark was far worse than its bite. Cook, testifying on Capitol Hill a day after a congressional panel released a scathing ...

ESPN thinning workforce to cut costs

Tue, 21 May 2013 15:26:35 -0400

DIS ) division to reduce staff. "We are implementing changes across the company to enhance our continued growth while smartly managing costs," the sports media giant said in a statement Tuesday. "While difficult, we are confident that it will make us more competitive, innovative and productive." The company would not say how many jobs are being eliminated, but they include ...

Analysts like Best Buys focus but shares down after earnings

Tue, 21 May 2013 15:21:09 -0400

The soap opera is over, but the reconstruction continues at Best Buy. The Richfield-based electronics chain is still in the midst of reinventing itself, which was clear from every element of its first-quarter results released Tuesday, May 21. It lost money, mostly because of restructuring costs. Revenue was down, mostly because of divisions being closed or sold, especially in Europe. It ...

EU leaders look to end Apple-style tax avoidance schemes

Tue, 21 May 2013 14:46:23 -0400

Reuters © 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, 2013. REUTERS/Dado ...

Horsman joins Torrey Pines Bank

Tue, 21 May 2013 14:43:51 -0400

A long-time San Diego banker, Horsman was previously Chief Executive of San Diego National Bank. In 2009, San Diego National was taken over by federal regulators and sold to U.S. ...

San Diegos Cubic to train foreign military

Tue, 21 May 2013 14:43:50 -0400

Cubic Simulation Systems division, based in Orlando, Fla., uses digital video projectors, high-definition screens and game-based computer graphics for marksmanship and other ...

2 guilty in SDSU mini-dorm case

Tue, 21 May 2013 14:43:47 -0400

A real estate broker and a property owner have been sentenced for violating a city of San Diego ordinance that cracks down on mini-dorms, privately owned homes that are rented out to college students. The recent case sheds light again on a long-standing issue around the San Diego State University ...

Microsoft unveils next Xbox games console

Tue, 21 May 2013 14:43:12 -0400

Microsoft Corp has given a first look at its new game console, hoping the newly named Xbox One will build on a solid core of gamer fans and become a hub for living room entertainment. The third-generation console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus near ...

Shell suffers embarrassing shareholder rebellion over executive pay

Tue, 21 May 2013 14:34:50 -0400

Peter Voser, chief executive of Shell, was awarded a 2.8m bonus after a year in which the company lost 1.05bn. Photograph: Ben Stansall/AFP/Getty ...

Just because Royal Mail is in a fit state to be sold doesnt mean it should be | Nils Pratley

Tue, 21 May 2013 14:34:31 -0400

Royal Mail 's full-year profit numbers were intended to be read as the first draft of a flotation prospectus. Chief executive Moya Greene was in full warm-up mode. "Our strategy is delivering," she declared, as operating profits rose from 152m to 403m.In business terms, her claim is fair. Royal Mail is quite clearly in a fit state to be sold, if the government really is committed ...

Bumper SSE results expected to provoke consumer outrage

Tue, 21 May 2013 14:34:30 -0400

Accusations that the big energy firms are profiteering at the expense of UK households will be centre stage again on Wednesday if Scottish & Southern Energy, as expected, reveals bumper profits for a second year running.Analysts are predicting the Perth-based company, which supplies 9.6m households with gas and electricity, could announce profits as high as 1.4bn for the last 12 months - a 5% ...

Jamie Dimon Crushes Critics

Tue, 21 May 2013 14:31:12 -0400

JPMorgan Chase Chairman and CEO Jamie Dimon on Tuesday won a crucial shareholder vote rejecting a proposal to strip him of his chairman title, a big victory for the brash leader of the country's largest ...

Feds Dudley Tapering Tied to Economy

Tue, 21 May 2013 14:31:11 -0400

bond buying program , New York Fed President William Dudley said he cannot be sure whether policymakers will next lower or increase the amount of purchases, because of the "uncertain" economic outlook. "But at some point, I expect to see sufficient evidence to make me more confident about the prospect for substantial improvement in the labor market outlook," Dudley said in ...

Families Need $58000 to Get By Poll

Tue, 21 May 2013 14:31:10 -0400

Americans think that a family of four would need to bring in a minimum of $58,000 a year, on average, just to get by in their community, a new Gallup survey finds. That's more than double the 2012 poverty threshold for a family of four, which was around $24,000 a year, according to the latest data from the U.S. Census Bureau. The results are not far off from what Americans told Gallup when ...

Home Depot earnings beat expectations

Tue, 21 May 2013 14:26:03 -0400

Annual revenue expected to be $76.98 billion ATLANTA (AP) -- Even though the weather was poor, Home Depot posted an 18% increase in its net income for the first quarter thanks to the ongoing housing recovery.Its quarterly results topped Wall Street's view and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday.Shares were up more than ...

Buckley Shortlisted For Top Smiths Job

Tue, 21 May 2013 14:22:54 -0400

Sir George Buckley, one of Britain's most seasoned industrialists, has been shortlisted for the top boardroom job at Smiths Group, the FTSE-100 engineering and technology group. I understand that Sir George, who stepped down last year from the helm of 3M, the conglomerate behind Post-It notes, is in talks about taking on the job later this year. He is understood to be one of several ...

Microsoft adds Skype live TV to Xbox One

Tue, 21 May 2013 14:20:31 -0400

Xbox One. The company is positioning the new Xbox as an all-in-one entertainment system for the home. Along with gaming, which Microsoft has only briefly addressed, the system also will allow users to watch live TV, make group video calls on the TV via Skype, and search the Web. "This is the beginning of truly intelligent TV," Yusuf Mehdi, corporate vice president of marketing, ...