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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 ...

Stock indexes flip between gains and losses in midday trading Home Depot gains after earnings

Tue, 21 May 2013 13:26:19 -0400

NEW YORK - Stock indexes fluctuated in midday trading Tuesday as investors tried to predict the Fed's next move. The Dow Jones industrial average rose 32 points to 15,366 shortly before 12 Eastern time. The Standard & Poor's 500 index edged up one point to 1,668. The Nasdaq composite rose three points to 3,499. "There's no compelling reason for the market to go one way ...

Price of oil eases ahead of release of Fed minutes Bernanke testimony

Tue, 21 May 2013 13:26:18 -0400

NEW YORK - The price of oil fell Tuesday as investors waited for the Federal Reserve's latest views on the U.S. economy. Benchmark crude for June delivery was down 47 cents to $96.24 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, Fed chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy ...

Microsoft reveals Xbox One

Tue, 21 May 2013 13:26:05 -0400

FILE - In this June 5, 2012 file photo, show attendees walk past Microsoft XBox booth at E3 2012 in Los Angeles. With the next Xbox expected to finally be revealed Tuesday, May 21, 2013, at Microsoft's headquarters in Redmond, Wash., anticipation for what the company is planning for the next iteration of its gaming console is higher than Master Chief's last spaceship. (AP Photo/Damian ...

Apple avoiding billions in taxes senators

Tue, 21 May 2013 13:23:34 -0400

Apple CEO Tim Cook (C), CFO Peter Oppenheimer (L) and Apple Head of tax operations Philip Bullock are sworn in to testify at a Senate investigations subcommittee on offshore profit shifting and the U.S. tax ...

Energy Stocks Energy stocks stretch winning streak to second day

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

SAN FRANCISCO (MarketWatch) -- Energy stocks edged higher on Tuesday, extending a wining streak to a second day as the broader U.S. equity market was more ...

Wall Street drifts near record

Tue, 21 May 2013 13:18:25 -0400

New York - US stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on ...

Interflora wins trademark case against Marks Spencer

Tue, 21 May 2013 13:16:18 -0400

Interflora ruling could lead to more cases brought by businesses where rivals' adverts appear above their links on Google. Photograph David Levene for the ...

Vodafone delays 4G superfast mobile internet launch until September

Tue, 21 May 2013 13:16:17 -0400

Apple's iPhone 5 works on EE's 4G network - but does not run on the frequencies Vodafone and O2 are planning to use. Photograph: Peter Macdiarmid/Getty ...

FTSE 100 closes within 130 points of record high but Carnival misses out on rally

Tue, 21 May 2013 13:16:16 -0400

Leading shares came within 130 points of their all time peak, following a revival in mining shares and a number of positive company updates, but cruise ...

Microsoft Announces Unveils New Console The Xbox One

Tue, 21 May 2013 13:15:07 -0400

pulled back the curtain on its new console: the Xbox One. It looks like a slightly shinier, slightly smoother version of the Xbox 360, complete with Kinect and an aesthetically similar controller. The Xbox will use voice controls as well as gesture-based browsing controls from an updated version of the Kinect. In addition to games, Microsoft has been very clear about its intention to treat the ...

Video Live Stream Microsoft Xbox Event

Tue, 21 May 2013 13:15:05 -0400

Microsoft launches its next-generation video game console on May 21st a special event on their corporate campus in Redmond, Washington called "Xbox: A New Generation Revealed." The new console -currently codenamed "Durango," but perhaps they'll call it the Xbox 720?- will help usher in the next generation of video game hardware, and ramp up the war for gamer dollars ...

Real-Time Analysis Of Microsofts Xbox One Press Conference

Tue, 21 May 2013 13:15:02 -0400

a few months ago . I'll be writing about the event live which you can follow along with below once the event itself is underway. You can watch a livestream of the Xbox announcement ...

Microsoft reveals Xbox 720

Tue, 21 May 2013 13:13:14 -0400

You’d never guess that the video game business has slowed from the Microsoft campus, where the companyis unveiling itsnew Xbox in a high-voltageevent designed to build anticipation for theconsole’s release this fall. Unlike previous versions of the console that initially targeted game enthusiasts, the new version is designed from the start to be botha game and entertainment system ...

Mayer Tumblr Will Stay Independent

Tue, 21 May 2013 13:12:56 -0400

This is part of enhancing our growth story, said Marissa Mayer, CEO of Yahoo! on why her company acquired blogger website Tumblr for $1.1 billion. And, David Karp, CEO of Tumblr, explains how this "mission" provides an opportunity to serve "an incredibly creative ...

ECB Should Follow US Feds Bullard

Tue, 21 May 2013 13:12:56 -0400

St. Louis Federal Reserve Bank President James Bullard, a voting member of the Fed's policy-setting committee, also said the U.S. central bank should keep buying bonds, while adjusting the pace of purchases up or down based on incoming economic data. ...

Fannie Mae Zombie Stock Turns Cash Cow

Tue, 21 May 2013 13:12:56 -0400

When a company reports a quarterly profit of over $50 billion, it makes sense that investors would rush in to buy that company's stock. That is just what happened when mortgage giant Fannie Mae reported a record net income of just over $58 billion for the first quarter. The company's stock ...

Economists Twitter Bet Over UK Inflation

Tue, 21 May 2013 13:12:55 -0400

It's a debate that has played out countless times on CNBC. An inflation hawk argues that central bank money printing will end badly with hyperinflation; the dove pours cold water on the thesis, pointing out that there is still plenty of slack in developed world economies.Now two economists have decided to put their money where their mouth is. Andrew Lilico, an economist with Europe ...

Its Back Shadow Banking Back in Vogue

Tue, 21 May 2013 13:12:55 -0400

What Warren Buffett once called "financial weapons of mass destruction" are firing again, with securitization and shadow banking at post-financial crisis highs. The twin powers of bank funding that helped propel the nation into turmoil have regained ground swiftly, and analysts say it's both a challenge for regulators and a sign that the economy is recovering. Securitization, or ...

Tesla Set to Repay DOE Loans

Tue, 21 May 2013 13:12:54 -0400

Tesla Motors CEO expects to use the potentially $1 billion windfall from a new stock offering to both pay off the maker's $465 million in Department of Energy loans--and to help fund additional products needed to help the California battery-car maker ...

Killer Tornado Scenes From Oklahoma

Tue, 21 May 2013 13:12:54 -0400

Monster. That's what they're calling the tornado that barreled through the Oklahoma City area on a spring afternoon Monday, flinging houses and cars into the air, demolishing a school and flattening neighborhoods during a 40-minute romp on the ground. Scores were killed and injured, and rescuers searched desperately for survivors, including children at the devastated Plaza Towers ...

Baucus Vows Crackdown on IRS Targeting

Tue, 21 May 2013 13:12:53 -0400

A leading Senate Democrat says the Internal Revenue Service's targeting of conservative groups was intolerable, and he is promising to get to the bottom of how it happened. Senate Finance Committee Chairman Max Baucus made his remark Tuesday as his panel began Congress' second hearing on the extra scrutiny the IRS gave tea party and other conservative groups seeking tax-exempt status. ...

Sprint Sweetens Clearwire Buyout Offer

Tue, 21 May 2013 13:12:53 -0400

Sprint Nextel raised its buyout offer for wireless service provider Clearwire to $3.40 per share, though some investors and analysts said the new bid was still not enough to overcome staunch ...

Watch Microsofts next-gen Xbox announcement live HERE

Tue, 21 May 2013 13:11:08 -0400

Microsoft is set to take the wraps off the next generation of its Xbox games, TV and entertainment console at a special event held at the Microsoft Xbox campus. But don't worry, you won't need to rush there and bribe your way in (you left it too late anyway, the fun starts at 10AM Pacific Time) as we'll be streaming it live right here. It will be interesting to see what Microsoft ...

Microsoft baits PhoneGap developers with Surface Pro and Windows Phone 8 devices

Tue, 21 May 2013 13:11:07 -0400

Despite what some folks would lead you to believe, sheer numbers are actually meaningless when it comes to app stores. That's just a marketing ploy. It's the quality that matters and not the quantity. After all, if you can't get the software that you need, does it really matter if there are 100,000 more apps out there? I'm inclined to believe that the answer is a resounding ...

Wall Street Journal Supports Ridiculous Idea For Keeping Obama’s Judges Off The Bench

Tue, 21 May 2013 13:10:19 -0400

ridiculous idea of reducing the number of judges in the D.C. Circuit. Sen. Grassley is the ranking Republican on the Senate Judiciary Committee and introduced legislation proposing this move. While it would add one seat each to the ...

Microsoft unveiling new Xbox

Tue, 21 May 2013 13:04:58 -0400

Microsoft is set to reveal the next generation of its Xbox entertainment console during a presentation today at its headquarters in Redmond, Washington at 10 a.m. PT. Tuesday's event will give Microsoft the opportunity to address several questions about the rumored hardware, including what it will cost, whether it can play used games or Blu-ray discs and if it will require a constant ...

Apple Boss Tim Cook Grilled Over Tax

Tue, 21 May 2013 13:03:50 -0400

Apple boss Tim Cook is giving testimony to a US senate committee over claims the company has used Irish subsidiaries to avoid billions in taxes. He said Apple complied with both the spirit and the letter of the law and did not use tax "gimmicks". Mr Cook said he recommended a "dramatic simplification" of corporate tax to encourage companies to bring more of their money ...

Inmarsat gains on hopes Dish-LightSquared deal will boost revenue

Tue, 21 May 2013 12:58:36 -0400

A spokesman for Inmarsat said: "Inmarsat is a supplier to LightSquared and is not party to these discussions, and we await the outcome with ...

Exclusive Intel CEO shakes up units creates new devices group - source

Tue, 21 May 2013 12:58:32 -0400

Intel Chief Operating Officer Brian Krzanich is seen during an interview with Reuters at Intel headquarters in Santa Clara, California March 13, ...

Exclusive Glencores top aluminum exec to leave first exit since takeover-sources

Tue, 21 May 2013 12:58:31 -0400

GLEN.L ) head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this ...

Two Denso Corp executives to plead guilty to price fixing U.S.

Tue, 21 May 2013 12:58:30 -0400

6902.T ) have agreed to plead guilty to conspiring to fix prices and have agreed to cooperate with an ongoing criminal investigation, the U.S. Justice Department said on ...

SACs Martoma says U.S. impedes defense in fraud case

Tue, 21 May 2013 12:58:30 -0400

Former SAC Capital employee Mathew Martoma exits Manhattan Federal court following an appearance on insider trading charges in New York November 26, ...

Embraer books milestone SkyWest deal worth up to $8.3 billion

Tue, 21 May 2013 12:58:30 -0400

A worker rides a bicycle around the hangars next to a private jet at the Embraer headquarters in Sao Jose dos Campos, 100 km (62 miles) from Sao Paulo May 14, ...

Best Buy earnings slump on turnaround costs Super Bowl shift

Tue, 21 May 2013 12:56:03 -0400

Best Buy CEO Hubert Joly celebrates the opening of the Samsung Experience Shop at a Best Buy in New York on April 24. The electronics retailer reported slumping first-quarter profit and sales on ...

Xbox 720 Microsoft to reveal new console – live blog

Tue, 21 May 2013 12:55:58 -0400

It's a rainy, overcast morning in Redmond, and the world's gaming press is arriving on the Xbox Campus in a convoy of coaches, here to finally discover the future of Microsoft's console. Somehow, the company has managed to keep the contents of this enormous 'reveal' event secret – even the name of the machine still eludes us. Current guess are Infinity, Fusion or ...

Trading Executive Shane Swanson Rejoins Citigroup

Tue, 21 May 2013 12:55:36 -0400

Shane Swanson, an executive who helped build Citigroup Inc.'s (C) equity-trading business before starting a high-frequency trading firm, has rejoined the bank.Mr. Swanson returned to Citigroup April 29 as president of its Automated Trading Desk unit, which trades shares with online brokerages, according to an internal bank memo reviewed by Dow Jones.Mr. Swanson, along with his brother Steve ...

LONDON MARKETS U.K. Stocks Extend Gains To 13-year High

Tue, 21 May 2013 12:55:34 -0400

LONDON – U.K.'s benchmark stock index closed at a more than 13-year high on Tuesday, with mining firms recouping parts of the prior day's losses and Burberry Group PLC rallying after a well-received earnings report.The FTSE 100 index rose 0.7% to 6,803.87, marking the highest closing level since December 1999, according to data from FactSet.Luxury retailer Burberry Group PLC ...

MARKET COMMENT Zurich Stocks Close Slightly Higher

Tue, 21 May 2013 12:55:33 -0400

SMI ends 0.5% higher at 8318.42. Transocean is one of the day's biggest losers, dropping 2.6% after shareholders reject a proposed $4/share dividend in favor of a smaller distribution at Friday's annual general meeting. Banks slide - Julius Baer down 2.8%, Credit Suisse off 1.5% - after Switzerland's finance minister says the country is nearing a deal with US authorities over ...

Refinery Status Compressor at Citgo Lemont -2-

Tue, 21 May 2013 12:55:30 -0400

The following table lists planned and unplanned production outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and does not purport to be a comprehensive list.Citgo Petroleum Corp. said May 20 that a compressor at its Lemont, Ill. refinery has been shut for planned repairs.Phillips 66 (PSX) said May 20 that ...

Embraer Lands Another Major Order As U.S. Air Travel Improves

Tue, 21 May 2013 12:55:28 -0400

Brazilian aircraft manufacturer Embraer SA (ERJ, EMBR3.BR) on Tuesday unveiled its third major contract this year to sell jets to a U.S.-based aircraft operator, providing the world's fourth-largest aircraft manufacturer with breathing room for the coming years.SkyWest Inc. (SKYW) has agreed to buy as many as 200 jets, worth as much as $8.3 billion in coming years if all the orders are ...

MARKET SNAPSHOT U.S. Stocks Up Slightly On Feds QE Hints

Tue, 21 May 2013 12:55:26 -0400

NEW YORK – U.S. stocks edged higher Tuesday, as investors monitored speeches by three Federal Reserve officials that might hint at when the central bank will start to scale back its bond-buying program.The Dow Jones Industrial Average (DJI) edged up 30 points, or 0.2%, to 15,365. The blue-chip index and the other main stock averages have all bounced back moderately after trading in slightly ...

Mexicos Antitrust Authority Endorses Financial Reform Proposal

Tue, 21 May 2013 12:55:24 -0400

Mexico's antitrust authority recommended Tuesday that Congress approve the government's proposed financial reform in an "expedited manner," as it sees the proposal benefiting consumers.The measure, drafted by a multiparty effort known as the Pact for Mexico and presented this month by President Enrique Pena Nieto, offers greater protection for consumers of financial service ...

Senate panel hammers Apple over offshore tax strategies

Tue, 21 May 2013 12:54:37 -0400

1 of 7. Apple CEO Tim Cook (C), CFO Peter Oppenheimer (L) and Apple Head of tax operations Philip Bullock appear before a Senate homeland security and governmental affairs investigations subcommittee hearing on offshore profit shifting and the U.S. tax code, on Capitol Hill in Washington, May 21, ...

Fitch Releases J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C10 New Issue Report

Tue, 21 May 2013 12:54:17 -0400

Accounting Rules May Encourage Short-Term Leases The latest lease-accounting proposals from international and U.S. standard-setters, designed to aid transparency and consistency, may encourage companies to shift to short-term leases or structure agreements as service contracts, Fitch Ratings says. This could mean that fewer leases than originally anticipated will be brought onto the balance ...

‘Canada is working’ Carney praises economy but warns against relying on consumer debt to stoke growth

Tue, 21 May 2013 12:54:00 -0400

Europe could look to Canada as a model as the continent tries to avoid a "decade of stagnation," Bank of Canada Governor Mark Carney said in his last scheduled public speech before taking over the Bank of England. "Relative to our peers, Canada is working," Carney, 48, said in the text of a speech he's giving today in Montreal, which will be followed by a press ...

Enbridge lobbying public for new pipelines to correct ‘huge disconnect’ in oil prices

Tue, 21 May 2013 12:53:59 -0400

Enbridge Inc., Canada's largest oil pipeline operator, is spending more time seeking public support for new conduits than regulatory approval as opponents of fossil fuel development try to block new routes to market, Chief Executive Officer Al Monaco ...

Keystone XL lobby targets undecided Democrats as decision looms

Tue, 21 May 2013 12:53:58 -0400

Canadian energy producers lobbying for U.S. approval of the Keystone XL pipeline are targeting undecided Democratic lawmakers in Washington in advance of a decision on the US$5.3-billion ...

bBMO taps U.S. ambassador to Canada for vice chairman role

Tue, 21 May 2013 12:53:57 -0400

Bank of Montreal has snagged David Jacobson, the U.S. ambassador to Canada, as its next vice chair. In his new role that begins in October, Mr. Jacobson will be responsible for building key customer relationships and business development. Based in Chicago, he will report to BMO chief executive Bill Downe. Mr. Jacobson’s ';deep knowledge of both [the U.S. and Canada] – their ...

Julie Dickson top banking watchdog to step down in 2014

Tue, 21 May 2013 12:53:55 -0400

Julie Dickson, Canada's banking regulator, said the current period of low interest rates threatens to increase risks for the country's lenders, and it has become an issue she's closely ...

Microsofts new Xbox What to expect where to watch

Tue, 21 May 2013 12:52:47 -0400

Microsoft is widely expected to unveil its next-generation Xbox Tuesday. The tech giant invited the press to an event in Redmond, Wash. to see "a new generation revealed." Microsoft's new video game console is expected to feature better hardware, more storage and deeper media integration. "There is no question it will have a big hard drive, a DVD/Blu-ray drive, a fast ...

What homeowners should do before - and after - a tornado

Tue, 21 May 2013 12:52:47 -0400

(MoneyWatch) What would you do if a tornado touched down near you? Are you properly prepared for a disaster of that magnitude? There are several quick and easy steps you can take, now or right before disaster strikes, to protect your home and property and speed your recovery along as quickly as possible. It all starts with understanding the limits of your homeowner's insurance policy. Make ...

Video Why 529 plans are the best college-saving tool

Tue, 21 May 2013 12:52:43 -0400

As college tuition prices continue to rise, parents and students need all the financial help they can get. 529 plans provide many tax advantages to families saving for college. Jill Schlesinger, CBS News business analyst, explains the ...

Why GlencoreXstratas Tony Hayward appointment is a risk

Tue, 21 May 2013 12:52:43 -0400

Commentary: (MoneyWatch) Risk runs rampant at Glencore. A company has a track record of accidents and fatalities. It brings in new management and everyone expects root-and-branch improvement. Instead, the accidents get worse. That is how you might have summed up BP in the five years between the resignation of John Browne and the resignation of his heir, Tony Hayward. But it might also become -- ...

Apple vs. Samsung customer satisfaction gap narrows

Tue, 21 May 2013 12:52:42 -0400

AAPL ) and its smartphone competitors, including major rival Samsung, is narrowing. The change suggests that Apple's flagship product, and the largest source of profit for the company, has lost a "bit of its luster," according to an ACSI press release. On a 100 point satisfaction scale, Apple received the top score of 81, a 2 percent drop from last year. This year, Motorola ...

Apples Tim Cook No Tax Shifting Going On

Tue, 21 May 2013 12:50:18 -0400

Apple CEO Timothy Cook delivers opening remarks while testifying before the Senate Homeland Security and Governmental Affairs Committee's Investigations Subcommittee about the company's offshore profit shifting and tax avoidance on Capitol Hill, May 21, 2013, in ...

91-Year-Old Surpasses Goal to Fight Eviction

Tue, 21 May 2013 12:50:18 -0400

An online fundraising effort has surpassed its goal to allow a 91-year-old man in Zaleski, Ohio, to buy back his home before his daughter has the chance to evict him from it. Jaclyn Fraley, 35, and her grandfather, John Potter, started fundraising for enough money to make an offer on the home he built 56 years ago. "It means a little bit of everything," Potter said, when asked ...

Watch Apples Tax Loopholes Makes Feds Sour

Tue, 21 May 2013 12:50:17 -0400

Futures up this morning but just slightly investors are holding back before tomorrow's release of the Fed's meeting -- Right now want to bring in Jack MacKey from Yahoo! finance and break down the ...

Philip Morris to buy out Carlos Slims stake in Mexican JV

Tue, 21 May 2013 12:16:52 -0400

from their Mexican joint venture for about $700 million (462 million pounds).Grupo Carso will sell its 20 percent stake in Philip Morris Mexico in a deal that the U.S. company said would add marginally to its earnings per share in the fourth quarter.Philip Morris said the agreement was subject to final price adjustments based on the Mexican unit's performance over a period of time."We ...

Microsoft expected to reveal next-generation Xbox at headquarters presentation

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

In this June 18, 2012 photo, Microsoft CEO Steve Ballmer comments on Microsoft Xbox before unveiling its new Surface, a tablet computer to compete with Apple's ...

Indexes edge higher on Wall Street in midday trading eyes on Federal Reserve moves

Tue, 21 May 2013 12:14:09 -0400

NEW YORK - Stock indexes are edging higher in midday trading on Wall Street as investors look ahead to the Federal Reserve's next moves. The Dow Jones industrial average was up 32 points at 15,367 at noon Eastern Daylight Time Tuesday, a gain of 0.2 percent. The Standard & Poor's 500 index was up a point at 1,667, or 0.08 percent. The Nasdaq composite was up two points at 3,498, ...

Medtronic beats expectations drives stock up 6 percent

Tue, 21 May 2013 12:14:09 -0400

Medtronic beat fourth-quarter profit and revenue expectations on the strength of its international operations, driving the stock up more than 6 percent in mid-morning trading to just over $53 a share. Adjusted earnings were $1.10 per share, up 11 percent, compared to the $1.03 per share Wall Street analysts had expected. Revenue of $4.46 billion, up 4 percent, surpassed Wall Street's ...

JPMorgan shareholders let CEO Jamie Dimon keep chairman job

Tue, 21 May 2013 12:14:08 -0400

TAMPA, Fla. - Shareholders at JPMorgan Chase will let Jamie Dimon, the chairman and CEO, keep both his jobs. At the bank's annual meeting, 32 percent of shareholders voted for a measure that would have required the bank to split the roles. Had the measure succeeded, Dimon would have had to relinquish the role of chairman. Shareholder groups lobbying for the split gained momentum from last ...

GM to invest $44.5M in Lansing Cadillac factory creating 200 jobs

Tue, 21 May 2013 12:14:07 -0400

DETROIT - General Motors says it will invest $44.5 million at a Lansing, Mich., factory, creating 200 new jobs. The automaker says it will build a 400,000-square-foot building next to the Lansing Grand River plant to assemble parts and put them in the right order for manufacturing. The factory already employs more than 1,500 hourly and salaried workers who make the Cadillac ATS and CTS luxury ...

Investors remain on edge ahead of Bernankes key testimony to Congress

Tue, 21 May 2013 12:14:07 -0400

LONDON - Markets were choppy Tuesday as investors remained cautious in the run-up to a much-anticipated statement from U.S. Federal Reserve chairman Ben Bernanke. The Fed is conducting its third round of massive bond purchases known as quantitative easing. The aim has been to help drive down interest rates and spur lending. But a recent run of strong U.S. economic data, largely related to ...

Mall deals Memorial Day sales

Tue, 21 May 2013 12:13:15 -0400

Memorial Day is not only about honoring our soldiers, but getting ready for full-swing summer. Retailers are heralding the arrival of their new summer lines with sales and other promotions. Women and kids can save up to 40 percent at Nordstrom in Fashion Valley, tech lovers can get everything from clip cases to projectors for their iPads and iPhones at Brookstone stores, and IF Digital is ...

Market Extra Gold investors lured to trade on charts only

Tue, 21 May 2013 12:07:14 -0400

Investors are bombarded with speculation and news about central-bank policies, along with economic data, investment banks racing to cut gold forecasts, dollar moves, updates on Indian wedding ...

Futures Movers Oil struggles at $96 with supply data on tap

Tue, 21 May 2013 12:07:13 -0400

SAN FRANCISCO (MarketWatch) -- Oil futures on Tuesday struggled to hold above $96 a barrel, with prices pressured by strength in the dollar as traders awaited U.S. data expected to show a drawdown in weekly oil ...

Tech Stocks Apple weighs down techs Yahoo gains

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

SAN FRANCISCO (MarketWatch) -- Tech stocks mostly slipped to the red in early trades on Tuesday morning, weighed down by a drop at Apple Inc. prior to CEO Tim Cook taking the stand at a congressional hearing in Washington, ...

Bond Report Treasurys tip down ahead of Fed speeches

Tue, 21 May 2013 12:07:11 -0400

NEW YORK (MarketWatch) -- Treasurys traded lower Tuesday morning as the government-bond market waits on pins and needles for guidance on the Federal Reserve's monetary plan going ...

Rexnord earnings jump sales remain flat

Tue, 21 May 2013 12:05:19 -0400

Rexnord Corp. reported a nearly three-fold increase in fiscal fourth-quarter net income, even as sales remained flat, the company said Tuesday. The West Milwaukee-based manufacturer of process and motion-control equipment and water management products said net income rose to $23.9 million, or 24 cents a share, from $8.6 million, or 12 cents, a year earlier. Year-ago results included a loss from ...

Rwandan health minister hits back at critics of drug company deal

Tue, 21 May 2013 11:56:46 -0400

pharmaceutical company donations in Africa . As an example of the pitfalls of corporate philanthropy in global health, author Adam Green cited Rwanda's partnership with Merck to provide universal access to the human papillomavirus (HPV) vaccine for the prevention of cervical cancer. He echoed claims made two years ago by some experts ...

Giorgio Armani enjoys sales boost after opening 104 new shops

Tue, 21 May 2013 11:56:45 -0400

fashion house rose 16% to EUR2bn in 2012, faster than a year earlier thanks to growth in all geographical regions and after the opening of 104 new shops worldwide, taking the total to more than 2,200. Sales in China slowed slightly but still rose nearly 40%, and operating profits climbed 20% to EUR340m.The Milan-based luxury goods maker, which counts movie and music stars including Cate ...

Burberry boosted by Asian retail growth

Tue, 21 May 2013 11:56:44 -0400

Burberry said full-year pretax profits rose by a better-than-expected 14% on strong retail growth in Asian markets, where it is increasing numbers of Burberry-branded stores.The fashion house, known for its camel, red and black check-lined raincoats, posted an adjusted pretax profit of 428m for the year to 31 March, exceeding analysts' expectations of 415m.Revenue in Asia Pacific, its ...

Analysts forecasts for Lloyds and RBS share prices may worry George Osborne | Jill Treanor

Tue, 21 May 2013 11:56:43 -0400

Will George Osborne hand shares to taxpayers, hold a 'tell Sid'-style selloff or offload a stake to a sovereign wealth fund? Photograph: AFP/Getty ...

Yahoo Could Run Away From Microsoft Into Googles Waiting Arms

Tue, 21 May 2013 11:54:08 -0400

For Yahoo! this is a big deal as search ads makes up approximately 14% of the company's value and, though its search ad revenue has increased, its revenue per search metrics are below industry ...

Why Microsoft Needs To Focus On Video Games At Its Xbox Announcement Today

Tue, 21 May 2013 11:54:08 -0400

Microsoft will announce its next Xbox video game console today which will likely be called the Xbox Infinity if recent leaks are to be believed. The company is already trading at a five-year high and analysts are predicting a jump in share price after the unveil. My hope is that Microsoft bucks expectations and focuses its announcement primarily on video games rather than non-gaming ...

Home Depot Main Streets Housing Recovery Helps Impress Wall Street

Tue, 21 May 2013 11:54:08 -0400

Wall Street 's predictions. So good were the figures that Home Depot raised its forecast for the year. Looking ahead, Home Depot expects to make $3.52 a share in 2013, up from an earlier forecast of $3.37 a share. Sales should increase by 2.8%, the company says, again more than the previous forecast of 2%. Given that Home Depot favors conservative guidance, those numbers could easily be ...

Coca-Colas Frank Statement a Slick Move to Stave Off Regulation

Tue, 21 May 2013 11:54:06 -0400

new PR blitz complete with full-page ads, press events and appearances on TV news programs, all aimed at showing the world that Coke folks are good corporate citizens that care--really care--about the global epidemic of diabetes, obesity and related chronic health problems. Yes, the company seems to be saying, we understand there's a problem and we're willing and eager to do our part. ...

Construction progresses at Exxon Mobils Houston campus

Tue, 21 May 2013 11:11:19 -0400

Miscellaneous views of the new Exxon Mobil campus under construction in Spring, Texas. Friday, April 12, 2013. (Photo by Michael Stravato) Irving-based Exxon Mobil Corp. is building a 20-building campus on 385 acres in north Houston, and according to the Houston Business Journal, it's one of the largest construction projects under way in the United States. The HBJ got a sneak peek at the ...

Exclusive EU wants to exclude utilities from U.S. trade talks

Tue, 21 May 2013 10:54:21 -0400

free trade agreement in order to protect government controlled infrastructure, the latest draft of the EU's mandate for the negotiations showed on Tuesday. Unlike in ...

UPDATE 1-Philip Morris to pay $700 mln to buy out Carlos Slim in Mexico

Tue, 21 May 2013 10:49:27 -0400

Tue May 21, 2013 10:49am EDT May 21 (Reuters) - Tobacco company Philip Morris International Inc said it would buy out its Mexican joint venture partner controlled by billionaire Carlos Slim, for about $700 million. The Marlboro maker said it expects the deal to marginally add to earnings per share in the fourth quarter. Slim's industrial and retail conglomerate Grupo Carso had been selling ...

Embraer shares jump after SkyWest contract for up to 200 jets

Tue, 21 May 2013 10:49:12 -0400

EMBR3.SA ), the world's third-largest commercial planemaker, jumped on Tuesday after the company announced a deal with regional airline group SkyWest Inc ...

Ireland rejects blame for Apples low tax rate

Tue, 21 May 2013 10:49:05 -0400

1 of 3. Apple Operations International, a subsidiary of Apple Inc, is seen in Hollyhill, Cork, in the south of Ireland in this October 6, 2011 file ...

Sprint raises Clearwire offer not enough for some

Tue, 21 May 2013 10:49:04 -0400

Clearwire shares almost immediately traded at the new offer price, having consistently traded well above the old $2.97-per-share bid. As recently as last week, analysts and investors said the deal was unlikely to be approved unless Sprint raised its bid ...

JPMorgans Dimon looks set to remain chairman after battle

Tue, 21 May 2013 10:49:02 -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, ...

AutoZone profit beats as long winter leads to more repairs

Tue, 21 May 2013 10:49:02 -0400

AZO.N ), the largest U.S. auto parts retailer, reported a better-than-expected quarterly profit as U.S. customers undertook car repairs after a prolonged ...

US stocks rise on strong Home Depot result

Tue, 21 May 2013 10:47:46 -0400

US stocks have opened higher following a positive earnings report by Dow member The Home Depot, which cited the strong recovery in the housing ...

Dick’s earnings rise 13 percent but sales disappoint

Tue, 21 May 2013 10:47:42 -0400

The Findlay retailer's sales rose 4 percent to $1.3 billion from $1.28 billion. The company was "not pleased" with the sales results, said CEO Edward Stack in a ...

Swiss SNB Must Stick To EURCHF Floor for Now IMF Says

Tue, 21 May 2013 10:45:53 -0400

The Swiss National Bank must maintain its policy of defending its exchange-rate floor as the country is still battling with deflation and fresh safe-haven inflows could again push the Swiss franc higher, reinforcing that trend and putting the country's exporters under further pressure, the International Monetary Fund said in its latest report Tuesday."The conditions to exit its floor ...

Brazil Stocks Open Mixed as Embraer Climbs HRT Plunges

Tue, 21 May 2013 10:45:53 -0400

Brazilian stocks opened flat on Tuesday as aircraft maker Embraer jumped on one of the largest plane orders in its history, while shares of oil company HRT Participacoes em Petroleo plunged on disappointing finds at a Namibian oil well.The Ibovespa index of most-traded stocks opened at 55704, almost in line with Monday's close of 55701 points.Embraer climbed 3.9% to 19.65 reais ($9.62) after ...

OTP Plans to Buy Credigen Bank - Report

Tue, 21 May 2013 10:45:52 -0400

OTP Bank Nyrt. (OTP.BU), Hungary's largest bank both by market share and assets, is planning to purchase Credigen Bank Zrt., owned indirectly by French bank Credit Agricole S.A. (ACA.FR), Hungarian online business news agency Portfolio said Tuesday, citing unnamed sources.OTP Bank declined to immediately comment on the report.OTP Chairman and Chief Executive Sandor Csanyi said at the annual ...

Philip Morris to Buy Grupo Carsos 20 Stake in Mexico Unit for $700 Million

Tue, 21 May 2013 10:45:51 -0400

Philip Morris International Inc. (PM) has agreed to buy Grupo Carso SAB's (GPOVY, GCARSO.MX) 20% stake in its Mexico tobacco business for about $700 million, giving the tobacco company complete ownership of its Mexican unit."We have benefited greatly from our partnership with Grupo Carso and we remain confident in our ability to excel in this important market in the years ahead," ...

5.21.13 Banks need ‘strong line of defense’ against low rates says OSFI chief

Tue, 21 May 2013 10:44:22 -0400

Sustained low rates raise risks for Canada’s banks OSFI’s Dickson

Tue, 21 May 2013 10:44:21 -0400

Julie Dickson, Canada's banking regulator, said the current period of low interest rates threatens to increase risks for the country's lenders, and it has become an issue she's closely monitoring. Bank regulation and supervision needs to be a "strong line of defense" against the consequences of sustained low interest rates, which could include falling margins and ...

CP Rail rushes to contain oil leak after train derails in Saskatchewan

Tue, 21 May 2013 10:44:21 -0400

Canadian Pacific Railway Ltd. is trying to contain a leak of crude oil after another one of its trains derailed in Saskatchewan Monday. The news comes after another train collision at the railway over the weekend in one of its yards east of Medicine Hat, Alberta. Ed Greenberg, CP spokesman, said the derailment Monday occurred near the village of Jansen, about 150 kilometres east of Saskatoon. ...

How to organize your job hunt

Tue, 21 May 2013 10:43:17 -0400

(MoneyWatch) Job hunting is a difficult task, but if you're not naturally inclined towards organization, it can make it all the more complicated. Fortunately, organizational experts exist and can help. I spoke with Deanne Kelleher, founder and president ...

Kate and Will Nurseries fit for royalty

Tue, 21 May 2013 10:43:16 -0400

and Kate Middleton , otherwise known as the Duchess of Cambridge, are counting the days until their bundle of joy arrives in July. And like many parents, they're probably spending some time decorating the royal nursery. Or at least they're hiring world famous interior designers and decorators to do it. While we may never get a peek inside the royal nursery, there are plenty of homes out ...

European shares erase losses after Wall St open

Tue, 21 May 2013 10:05:55 -0400

LONDON | Tue May 21, 2013 10:05am EDT LONDON May 21 (Reuters) - European shares reversed earlier losses to trade flat on Tuesday, taking heart from solid opening gains on Wall Street. The FTSEurofirst 300 was flat at 1,251.59 points at 1400 GMT , recovering from a session low of 1,243.96 after U.S. stock markets shrugged off concerns about a possible end to the Federal Reserve's bond ...

Shell says hunt for new CEO is underway

Tue, 21 May 2013 10:04:13 -0400

By Andrew CallusTHE HAGUE (Reuters) - The hunt for Royal Dutch Shell's next chief executive is underway, its chairman said on Tuesday, after CEO Peter Voser made what could be his last appearance at the oil group's annual shareholder meeting.Voser announced his surprise decision three weeks ago to step down in the first half of 2014, before his 56th birthday, and less than five years ...

Minnesota farmers plant 70 percent of corn crop

Tue, 21 May 2013 10:01:50 -0400

ST. PAUL, Minn. - Favorable weather has helped Minnesota farmers catch up from a late start to get 70 percent of their corn crop planted. The U.S. Department of Agriculture's weekly crops and weather report for Minnesota says warm, dry weather gave farmers their best week for fieldwork yet this season. Statewide, an average of 5.1 days were suitable for fieldwork last week. That let corn ...

Sneak peek at Exxon Mobils new campus

Tue, 21 May 2013 09:58:21 -0400

A view of the new Exxon Mobil campus under construction south of the Woodlands. Construction is underway on nearly 20 buildings at Exxon Mobil Corp.s (NYSE: XOM) 385-acre campus in north Houston, one of the largest construction projects in the U.S. The buildings are in various phases of construction, and every day more than 3,000 workers are on the site, which is on land Exxon owns, the company ...

Currencies Dollar higher as traders await Fed speakers

Tue, 21 May 2013 09:56:57 -0400

NEW YORK (MarketWatch) -- The U.S. dollar gained ground versus most major rivals Tuesday, with investors awaiting remarks from a pair of Federal Reserve policy makers a day ahead of congressional testimony by Fed Chairman Ben ...

Market Snapshot U.S. stocks rise with Fed speakers on tap

Tue, 21 May 2013 09:56:55 -0400

NEW YORK (MarketWatch) -- U.S. stocks rose on Tuesday, with investors expected to scrutinize speeches by two Federal Reserve officials for any clues as to when the central bank may begin to scale back its $85-billion-a-month asset-purchase ...

Movers Shakers Tuesday’s movers Medtronic Carnival

Tue, 21 May 2013 09:56:54 -0400

NEW YORK (MarketWatch) -- Shares of J.P. Morgan, Yahoo and Apple attracted investor attention in premarket trade on Tuesday. Shares of Medtronic Inc. rose while Carnival Corp. shares ...

Sprint boosts buyout offer for Clearwire

Tue, 21 May 2013 09:55:40 -0400

OVERLAND PARK, Kan. - Sprint says it has raised its buyout offer for the stake in Clearwire it does not already own by 14 percent.Sprint Nextel Corp. said Tuesday that it is offering $3.40 per share for Clearwire Corp. Its previous offer, from December, was for $2.97 per share for the wireless data operator.Sprint says this is its best and final offer. A vote on the previous offer had been ...

ITV News boss – Geoff Hill a safe bet | Media Monkey

Tue, 21 May 2013 09:52:22 -0400

barely 24 hours after her stateside adventure to run NBC News was confirmed to ITN staff in London . Ladbrokes, the bookies of choice for hifalutin media types, ...

Royal Mail is doing well in the public sector – why privatise it | Michael Burke

Tue, 21 May 2013 09:52:21 -0400

There are now 403 million reasons why Royal Mail should not be privatised. Financial results for Royal Mail just announced show that operating profits in the latest 52 weeks jumped ...

Merger Monday -- Yahoo GrubHub Websense But What About Twitter and Microsoft

Tue, 21 May 2013 09:50:59 -0400

and Tumblr, Seamless North America and GrubHub, and Vista Equity Partners announced acquisition of Websense. Stand alone deals are always interesting given the potential response - some companies do nothing, others quickly put other companies into play while others up the ante for an existing transaction. Historically, however, big acquisitions tend to realize the big synergies -- better known ...

Microsoft software satisfaction slumps

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

Customer satisfaction with Microsoft's software, primarily Windows, dropped slightly in the last year, likely part of the fallout over Windows 8, a national survey released today said. Microsoft scored 74 points, down a point from the year before, in the newest poll conducted by the American Customer Satisfaction Index (ACSI), a consumer survey started by the University of Michigan. The ...

JPMorgan Appears to Avert Split in CEOChair Roles

Tue, 21 May 2013 09:48:42 -0400

JPMorgan Chase appears to have been defeated, a source familiar with the preliminary tallies told CNBC, strengthening the hand of the bank's embattled chief Jamie Dimon.Dimon has been at the center of withering public scrutiny after a series of regulatory failures engulfed the bank. Analysts and some influential investors have called for JPMorgan to split the two top jobs, ahead of what was ...

Tornado Damage Could Hit $2 Billion

Tue, 21 May 2013 09:48:41 -0400

Gov. Mary Fallin, (R-OK), talks with CNBC's Jane Wells, about the ongoing efforts to find victims in the aftermath of yesterday's deadly tornado that left 51 people ...

Dimon Keeps Dual Role as Chairman and CEO

Tue, 21 May 2013 09:48:41 -0400

So Why did Dimon win? One answer may be that shareholders have done extraordinarily well in the past year. The bank's stock is up more than 56percent since May 2012, compared to the S&P 500's gain of 28.5percent. Long term shareholders who haveheld the stock since 2004 when JPMorgan Chase announced the merger with BankOne, then lead by Dimon, have seen a gain of just 33 percent, ...

Tech stocks Microsofts big reveal more Yahoo

Tue, 21 May 2013 09:42:42 -0400

Microsoft shares are barely moving this morning, but that could change following a major announcement. Let's take a look at the tech stocks to watch Tuesday. Microsoft welcomes the next Xbox. The tech ...

Best Buy sees investments squeezing near-term profits

Tue, 21 May 2013 09:33:43 -0400

(Reuters) - Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near ...

JPMorgan may defeat proposal to split chairman CEO roles NYT

Tue, 21 May 2013 09:33:41 -0400

NEW YORK (Reuters) - JPMorgan Chase & Co appears to have defeated a shareholder proposal to split the roles of Chairman and Chief Executive Jamie Dimon, the New York Times reported on ...

Risky Bank Debt Insurance Costs Drop as New Rules Loom

Tue, 21 May 2013 09:30:11 -0400

Traders and investors are dumping contracts designed to protect them against losses on bank bonds, not because they feel more relaxed about the risk on these bonds, but because proposed new rules on how these insurance-like instruments work could render older contracts worthless.The cost of insuring the riskier debt of European banks ended Monday at its cheapest for around two-and-a-half years on ...

Temasek Bought US$198 Million Of ICBC Shares Sold By Goldman Sachs

Tue, 21 May 2013 09:30:10 -0400

Singapore state investment company Temasek Holdings Pte. Ltd. bought part of the shares sold by Goldman Sachs Group in Industrial & Commercial Bank of China Ltd. (1398.HK), in its latest acquisition of Chinese bank stakes.On Monday, Temasek bought US$198 million worth of shares in ICBC at HK$5.50 per share, totaling 280 million shares. That increased the Singapore firm's stake in the ...

Yahoo pays ‘absurd’ dot-com premium for Tumblr but deal could be worth it

Tue, 21 May 2013 09:28:53 -0400

Marissa Mayer is buying companies like it's 1999. The Yahoo! Inc. chief executive officer yesterday announced the company will acquire blogging network Tumblr Inc., part of a plan to restore the Web portal to its heyday as an Internet darling. With US$13-million in sales last year, Tumblr's US$1.1-billion price tag represents the richest valuation for a dot-com company since 2000, ...

Canada spawns its own breed of investor activism

Tue, 21 May 2013 09:28:53 -0400

Why banks need activist investors more than new rules But Canada has produced its own breed of activist. Toronto-based West Face Capital has taken on such diverse firms as Maple Leaf Foods, Talisman Energy, and SNC Lavalin Group. The domestic trend is continuing with the launch of another firm, Smoothwater Capital Corp., which has activist strategy targeting ';small to mid-cap Canadian ...

Microsoft’s Next-Gen Xbox to be More Than a Console

Tue, 21 May 2013 09:28:51 -0400

The technology giant will unveil its latest console tonight. The company managed to keep most of the details on the new Xbox a secret. A few hours ago, however, part of the heavy curtain was lifted ...

How to tame your work week

Tue, 21 May 2013 09:27:38 -0400

(MoneyWatch) M.R. Nelson, a project manager at a biotech company, recalls being in the office kitchen once when she overheard a curious conversation. Two colleagues lamented their endless workloads. One reported working 60 hours a week for as long as he could remember. The other claimed he was there until 7 p.m. every night, even though he was working through lunch. As Nelson writes in her new ...

Housing recovery boosts Home Depots results

Tue, 21 May 2013 09:27:37 -0400

HD ) posted an 18 percent 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 climbed 4 percent in premarket ...

German central bank Economy to improve markedly

Tue, 21 May 2013 09:27:36 -0400

FRANKFURT, Germany Germany's central bank expects the country's economy to improve "markedly" in the second quarter -- a development that could boost the wider eurozone as it struggles to get out of recession. The Bundesbank said Tuesday that Europe's largest economy should expand more robustly after a weak first three months of the year. Germany grew only 0.1 percent in ...

JPMorgan Chase Shareholder Showdown

Tue, 21 May 2013 09:24:53 -0400

Morning Business Memo… A shareholder showdown today at the annual meeting of JPMorgan Chase in Tampa. A vote is expected on a proposal to separate the jobs of chairman and CEO at the big bank. If the effort started by several large pension funds is successful it would be mean a demotions for Jamie Dimon, who now holds both jobs. Under Dimon’s watch JP Morgan has been more profitable ...

US STOCKS-Wall St to drift near record high eyes on Fed

Tue, 21 May 2013 09:12:59 -0400

Tue May 21, 2013 9:12am EDT * Home Depot raises outlook, shares jump * Goldman Sachs sees S&P 500 at 1,750 by year-end * JPMorgan shareholders to decide on Dimon's chairmanship * Futures up: Dow 21 pts, S&P 1.7 pts, Nasdaq 0.75 pt By Rodrigo Campos NEW YORK, May 21 (Reuters) - U.S. stocks were set to open little changed on Tuesday after the S&P 500 hit yet another intraday record in the ...

Mayor Parker shows off Houston to Wall Street Journal

Tue, 21 May 2013 09:10:14 -0400

Houston Mayor Annise Parker recently got the chance to show The Wall Street Journal why the Petro Metro has been named the coolest place to live in the U.S. and a boomtown. Houston Mayor Annise Parker recently got the chance to show The Wall Street Journal why the Petro Metro has been named the coolest place to live in the U.S. and a boomtown. As part of The Weekend Interview piece, Parker took ...

Microsoft falls in global brand ranking Apple still No. 1

Tue, 21 May 2013 09:08:44 -0400

Microsoft is No. 7 in the ranking of worldwide brands. Microsoft Corp. fell two spots in the worldwide ranking of most valuable global brands to No. 7, while Apple Inc. retained its No. 1 ranking. Apple's brand value is now worth $185 billion. Microsoft's (NASDAQ: MSFT) brand value fell 9 percent from last year to $69.8 billion. Amazon.com Inc. (NASDAQ: AMZN) moved up four spots in the ...

Caterpillar union to resume talks on Thursday

Tue, 21 May 2013 08:42:31 -0400

Contract talks between Caterpillar Inc. and the United Steelworkers union at Caterpillar's plant in South Milwaukee will resume Thursday. Earlier this month Steelworkers Local ...

Bank of Ireland reverses mortgage rate increase for 1200 borrowers

Tue, 21 May 2013 08:39:48 -0400

In February, Bank of Ireland told 13,500 customers on tracker mortgages it planned to increase the margin on their loans. Photograph: Luke ...

UK inflation since 1948

Tue, 21 May 2013 08:39:47 -0400

Inflation in the UK has fallen for the first time since autumn 2012, hitting 2.4% in April. Get the full data over time, see how it compares with pay - and understand the new ...

Why Nick Buckles ran out of chances at G4S

Tue, 21 May 2013 08:39:46 -0400

a group-wide profits warning , delivered a fortnight ago, was far more serious in the eyes of investors. Buckles had run out of chances.His problem was that he had promised one thing (a 7% margin) but warned two months later that he would produce something different this year (6.5%). When your turnover is 7.5bn, half a percentage point matters. Of course, there was a long list of explanations: ...

At XBox Reveal Microsoft Hides A Priceless Asset

Tue, 21 May 2013 08:38:49 -0400

Xbox Live executive Marc Whitten introduces SmartGlass technology at the Microsoft Xbox E3 2012 (Image credit: AFP/Getty Images via @daylife) ...

Markets Greencore reports 6 rise in half-year profits Glanbias chief to retire

Tue, 21 May 2013 08:38:49 -0400

announced that John Moloney, group managing director, has notified the board that he wishes to retire by the end of 2013, having been due to retire in 2014. Siobhn Talbot, group finance Director, has been appointed as John Moloney's successor. She will become group managing director designate from June 1, 2013 to ensure a smooth transition of the leadership of the ...

JPMorgan on Edge Over Jamie Dimon Vote

Tue, 21 May 2013 08:36:45 -0400

JPMorgan Chase Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote. JPMorgan's annual meeting on Tuesday will bring to head a months-long and bitter shareholder campaign demanding more oversight ...

Best Buy Misses Sales Forecast

Tue, 21 May 2013 08:36:44 -0400

Best Buy reported weaker-than-expected revenue on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term. The news overshadowed a better-than-expected profit from the world's largest consumer electronics chain in the first quarter and sent its shares down in pre-market ...

Jamie Dimon Vote Should Be 75-25 Bove

Tue, 21 May 2013 08:36:44 -0400

CNBC's Kayla Tausche reports the latest details on the fate of Jamie Dimon's dual titles at JPMorgan. And, Donald Powell, former Bank of America board member; and Dick Bove, Rafferty Capital, share their thoughts on whether the role of chairman and CEO should be ...

Microsofts Xbox revamp Is the sun setting on game consoles

Tue, 21 May 2013 08:29:10 -0400

With the rise of mobile and social games, the revival of PC gaming and a general proliferation of options for both developers and players, it's understandable why some are wondering whether consoles matter anymore. ...

Best Buy beats again on earnings but profits get squeezed

Tue, 21 May 2013 08:29:08 -0400

An employee attaches price tags to displays at a Best Buy Co. store in Emeryville, California, U.S., on Tuesday, March 27, 2012. Best Buy Co., the electronics, appliance and entertainment retailer, is expected to release quarterly earnings on March 29. Photographer: Three months ago, Best Buy Co. Inc. cheered up investors with a better-than-expected show of revenue and earnings, and investors ...

Easing Inflation Likely To Be Temporary

Tue, 21 May 2013 08:28:19 -0400

Plunging fuel and air fare costs helped inflation ease for the first time in six months in April but economists warned the squeeze on earnings is set to intensify again. The Office for National Statistics (ONS) measured the annual rate of CPI inflation at 2.4% last month - dropping from 2.8% in March. It was a bigger-than-expected easing in the core measure as overall transport costs were ...

Vodafone says comfortable with Verizon Wireless status quo

Tue, 21 May 2013 08:24:01 -0400

LONDON (Reuters) - Vodafone said on Tuesday that it was very comfortable with its successful U.S. joint venture Verizon Wireless, but if an offer materialized that would benefit it more than the status quo, it would consider it. Vodafone's ...

Best Buy Profit Beats Estimates Sales Miss

Tue, 21 May 2013 08:20:17 -0400

Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term. The news overshadowed a better-than-expected profit from the world's largest consumer electronics chain in the first quarter and sent its shares down 4 percent in premarket trading. Net earnings from continuing operations ...

China Central Bank Denies Report on Capital Account Liberalization Proposal

Tue, 21 May 2013 08:20:16 -0400

The People's Bank of China Tuesday denied a local news report that the central bank governor and prominent economists have advised Chinese leaders on a plan to fully liberalize the country's capital account by the end of 2015.A bank official told the Wall Street Journal that the report was inaccurate.The 21st Century Business Herald, citing unnamed sources, said Tuesday that the ...

Italy Banks Lobby ABI 2012 Profit Falls by 80

Tue, 21 May 2013 08:20:16 -0400

Italian banks' profitability declined by 80% to 1 billion euros ($1.3 billion) in 2012 as the recession affecting the country continued to weigh on banks' bottom line, the country's association of banking, ABI, said Tuesday.ABI said that if one-off write downs, carried out by banks during last year, were taken into account, the aggregate results for the sector become a EUR1.8 ...

AutoZone profit rises as costs fall

Tue, 21 May 2013 08:20:16 -0400

AutoZone Inc , the largest U.S. auto parts retailer, reported a 7 percent rise in quarterly profit as costs fell. Net income rose to $265.6 million, or $7.27 per share, in the third quarter, from $248.6 million, or $6.28 per share, a year earlier. Revenue rose 4.5 percent to $2.21 billion. (Reporting by Bijoy Koyitty in ...

Economy Could Put European Rally in Jeopardy

Tue, 21 May 2013 08:20:15 -0400

Central bank cash may not be enough to keep European stocks rising beyond the end of the year in the face of the region's weak company and economic performance. The euro zone's longest recession and a weak earnings season have yet to erode double-digit stock gains, but investors' willingness to overlook the grim data is being tested. A breakdown in the link between stocks and a ...

Bank Indonesia Allows DBS to Buy 40 of Danamon

Tue, 21 May 2013 08:20:14 -0400

Bank Indonesia Tuesday approved the sale of 40% of PT Bank Danamon to DBS Group, but Governor Darmin Nasution said DBS would be allowed to acquire additional stake only if Indonesian banks get the green light to open full-fledged branches in Singapore.Mr. Nasution told a parliamentary committee that Bank Indonesia has permitted DBS to buy up to 40% in Indonesia's sixth-largest lender by ...

Best Buy profit tops estimates sales miss

Tue, 21 May 2013 08:19:31 -0400

(Reuters) - Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near ...

In complex world investing should be simple

Tue, 21 May 2013 08:17:49 -0400

Conventional Investing in a Complex World " (Journal of Investing, Spring 2013), cautions investors who are thinking about abandoning traditional investment plans. He advocates "policies that are simple, transparent, and focused rather than the increasingly popular alternative tactics, such as illiquid instruments and vehicles, leverage, and complex, opaque investment ...

Crucial resume advice for new college grads

Tue, 21 May 2013 08:17:49 -0400

(MoneyWatch) My daughter is graduating from college in just a few weeks, and she has been peppering me with questions about how to find her first real job as a college graduate. (She completed her associates degree while still in high school, and thus is graduating two years early. OK, enough bragging.) The first job search with a degree in hand but little or no experience can be daunting, and ...

Top five 529 college plans

Tue, 21 May 2013 08:17:48 -0400

(MoneyWatch) For those of us saving for our children's college expenses, finding the best 529 plan available is a top priority. Since my son's college money is in the Utah 529 plan, and I can have those funds moved once a year, I do an annual assessment of the best 529 college plans around to ensure his money is parked at the right place. Here's my assessment for this year. My ...

Report Kentucky at bottom of muni bond market Indiana 17th

Tue, 21 May 2013 08:03:20 -0400

Kentucky and Rhode Island are the two lowest-ranked states in the municipal bond market. According to The Wall Street Journal, those are the findings of a recent report done by asset manager Conning. North Dakota and South Dakota top the list. Indiana comes in at No. 17. The report shows that the economic recovery is stronger in some places than others, the Journal ...

Best Buy reports 1Q loss on restructuring costs

Tue, 21 May 2013 07:39:20 -0400

Best Buy Co. is reporting a loss in 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. The electronics retailer says net loss for the three months ended May 4 after paying preferred dividends totaled $81 million, or 24 cents per share. That compares with net income of $158 million, or 46 cents per ...

Markets choppy ahead of Bernanke testimony

Tue, 21 May 2013 07:38:56 -0400

A man under an umbrella walks past an electronic stock board of a securities firm in Tokyo Monday, May 20, 2013. Japan's Nikkei 225 index jumped 1.4 percent to 15,352.84 as evidence of a steady economic recovery in the U.S. helped push Asian stock markets higher Monday. (AP Photo/Koji ...

Assault on Wall Street - A Review

Tue, 21 May 2013 07:37:04 -0400

Assault on Wall Street glorifies the revenge killing of Wall Street big wigs by a seemingly decent man who lost everything, including his wife, due to the manipulation and fraud of those he gunned down. Combat veteran and armored car driver, Jim Baxford reaches a hefty body for this sort of thing. He's got nothing on the last three presidents of the United States who bear ...

Corrections U.K. stocks extend gains to 12-year high

Tue, 21 May 2013 07:34:50 -0400

A previous headline for this story stated that the FTSE 100 was heading for a 12-month high, although the index is on track for a 12-year high. The story has been ...

Why falling inflation matters

Tue, 21 May 2013 07:30:50 -0400

Inflation falls in April 2013. There is still a gap between what individuals are earning and the price of goods and services they are purchasing; it is just that this gap is getting smaller. Photograph: Dominic ...

Mortgage lending up 4 – the highest level for four years

Tue, 21 May 2013 07:30:49 -0400

Mortgage lending increased by 4% in April to the highest level in more than four years, but the Council of Mortgage Lenders said the average value of new home loans was "still barely half" what it was before the financial crisis.The CML's gross lending figures, which reveal the value of loans advanced during the month without taking into account repayments, showed 12.1bn worth ...

Homeserve jumps 12 after it unveils lower than expected mis-selling provision

Tue, 21 May 2013 07:30:49 -0400

, the insurance and household repairs business, has set aside 6m to cover the costs of an investigation into past mis-selling, including any potential fines.The company said an investigation by ...

Transforming finance What would a democratic financial system look like - video

Tue, 21 May 2013 07:30:47 -0400

Speakers from the Transforming Finance conference - including James Featherby of the Church of England Ethical Investment Advisory Group and Louis Brookes of the Move Your Money campaign offer a variety of perspectives on what it means to 'democratise finance' and how we might go about ...

Home Depot Beats Helped by Housing

Tue, 21 May 2013 07:27:38 -0400

Home Depot reported higher-than-expected quarterly results and boosted its sales and profit outlook for the year, as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. Shares of the company rose 4.1 percent to $79.90 in trading before the market opened. Despite cooler-than-usual weather in many parts of the United States at the start of ...

US Economy Is on the Move—And So Are We

Tue, 21 May 2013 07:27:37 -0400

Map: Tracking the US Real Estate Recovery ) "In the single family construction market, they're out there building those houses for a reason. They think people are going to buy them and move into them," said John Bisney, a spokesman for the American Moving and Storage Association. If you are planning to join the thundering herds of relocating Americans, you can take a variety of ...

IBMs Watson The Consumer Answer

Tue, 21 May 2013 07:27:37 -0400

IBM computing system that won Jeopardy!, Big Blue is aiming to help businesses not just to answer customers' questions, but to maintain a conversation with the Watson Engagement ...

Carnival lowers earnings forecast after Triumph disaster

Tue, 21 May 2013 07:25:26 -0400

Carnival Corp. has lowered earnings forecasts in a turbulent year for the cruise line. Carnival Corp. has lowered its earnings forecast for 2013 in what continues to be a rough year for the cruise company. Miami-based Carnival cited a need to lower its ticket prices in order to entice customers to take cruises amid a string of negative news events, The Miami Herald reported. The company has ...

Home Depot quarterly profit sales rise

Tue, 21 May 2013 07:14:55 -0400

HD.N ) report higher quarterly sales and earnings on Tuesday, prompting the world's largest home improvement chain to boost its sales outlook for the ...

Therese Polettis Tech Tales H-P investors ignore dour view on Wall Street

Tue, 21 May 2013 07:12:48 -0400

Hewlett-Packard CEO Meg Whitman faces a downbeat mood on Wall Street, but investors have still sent the tech giant's shares up more than 80% over the last six ...

CIMB Group 1Q Net MYR1.39 Billion Vs MYR1.01 Billion

Tue, 21 May 2013 07:11:48 -0400

CIMB Group Holdings Bhd (1023.KU), Malaysia's second-largest bank by assets, said Tuesday that net profit in the first three months of the year surged 38%, boosted by a one-time gain from its sale of a stake in a joint venture.Net profit for the quarter ended March was 1.39 billion ringgit ($461.6 million) compared with MYR1.01 billion a year earlier, CIMB Group said in a statement to the ...

VTB SPO Will Make Banks Capital Sufficient For Next 3 Years - Report

Tue, 21 May 2013 07:11:48 -0400

Russia's second-largest bank (VTBR.RS) will have sufficient capital for the next three years after it conducts a secondary public offering, the lender's first deputy president said Tuesday, Interfax news agency reported.VTB is planning to issue 2.5 trillion new ordinary shares worth 102.5 billion rubles ($3.23 billion) this year to meet capital adequacy targets and provide funding for ...

Lanxess S Africa Mine Security Disperse Striking Employees With Rubber Bullets

Tue, 21 May 2013 07:11:46 -0400

Security officials used rubber bullets to help disperse a crowd of striking miners at the South African Lanxess chrome Mine Tuesday, where employees have been on strike since last week.A spokeswoman for Lanxess said between 200 and 400 employees out of its roughly 700 workforce embarked on a wildcat strike last Thursday over a bonus dispute at its Rustenburg mine, northwest of Johannesburg.On ...

14 Best Jobs With No Need for College

Tue, 21 May 2013 07:07:06 -0400

While one's earning potential increases with a college degree, you don't necessarily need to spend $40,000 a year for a diploma for a job that pays as much. Jobs search site CareerCast.com released a list of 14 of the best jobs without a college degree. Tony Lee, publisher ...

Apple Circumvents U.S. Tax Code Feds Claim

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

Apple and congressional investigators both tried to get in a preemptive kidney-punch or two in advance of Apple CEO Tim Cook's testimony later today in Washington on the way Apple avoids paying U.S. taxes on money it earns overseas. Apple ...

Photos Frontman Buys Home From Soap Star

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

The frontman of Foster The People, Mark Foster, bought a ranch-style 3-bed home in Hollywood Hills from "General Hospital" actor Maurice Benard, according to the Real Estalker blog. Foster paid $2.155 million lower than the original listing of $3.599 million in 2008. Benard and his wife snagged the home for $420,000 in 1997. The home spans 4,637-square feet and sits on more than 1.2 ...