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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 ...

Barroro voices concern over estimated one trillion euro tax evasion

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 ...

HNL cancer drug trial discontinued by Pfizer

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 ...

Mortgage lending in UK rises highest in four years

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 ...

Merger pact by GrubHub and Seamless to stave off rivals

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 ...

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 ...

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 ...

Microsoft Reveals New Xbox One Game System

Tue, 21 May 2013 17:06:48 -0400

The new Xbox One entertainment and gaming system was unveiled Tuesday by Microsoft. The console includes live TV and advanced voice ...

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 ...

Microsofts New Xbox One Offers More

Tue, 21 May 2013 17:01:55 -0400

With Microsoft's new Xbox, the next time you yell at your TV it will actually be able to respond. The Xbox One, which the software giant unveiled Tuesday, is a next-generation console that aspires to be more than just a plaything. Not only will Xbox One let users to watch live TV, rent a movie, listen to music and play games, viewers can use their voice and gestures to control the ...

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 ...

Gap willing to sign Bangladesh safety accord if tweaked

Tue, 21 May 2013 16:45:12 -0400

GPS.N ) chairman and CEO said on Tuesday the U.S. retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh's garment industry, provided there were some "very minor ...

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, ...

Fed officials dampen speculation of imminent bond tapering

Tue, 21 May 2013 16:41:46 -0400

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

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 SNAPSHOT-Dow SP end at records on Fed officials remarks

Tue, 21 May 2013 16:04:59 -0400

NEW YORK | Tue May 21, 2013 4:04pm EDT 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 comments from Federal Reserve officials eased some concerns that the central bank could start reducing its stimulus program. The Dow Jones industrial average gained 52.30 points, or 0.35 percent, to end unofficially at a record ...

Xbox One Unveiled Microsoft Promises More Intelligent TV With Snap Mode Voice Commands

Tue, 21 May 2013 16:01:09 -0400

Microsoft unveiled the Xbox One during a Tuesday video broadcast streamed on Xbox.com, featuring cameos from Steven Spielberg and the makers of "Halo" and "Call of Duty." Xbox One devices will enter the market sometime later this ...

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 ...

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 ...

Microsoft unveils Xbox One

Tue, 21 May 2013 15:38:54 -0400

From a hardware standpoint, while everything is more powerful, little is radically different from the Xbox 360. Similar to Sony's PlayStation 4, the Xbox One has a custom-built 8-core CPU, with 8 gigabytes of RAM, a 500 gigabyte hard drive, USB 3.0, 802.11n Wi-Fi, and a Blu-ray ...

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 ...

The ultimate all-in-one home entertainment system Microsoft finally unveils its Xbox ONE console

Tue, 21 May 2013 15:35:40 -0400

Don Mattrick, the software giant's president of Interactive Entertainment, told an audience of gaming journalists at Microsoft HQ in Redmond, Washington, that the new Xbox ONE was not simply a games console, but "The ultimate all-in-one home entertainment ...

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 ...

Microsoft reveals Xbox One game console

Tue, 21 May 2013 15:30:11 -0400

SAN FRANCISCO (MarketWatch) -- Microsoft Corp. unveiled a new videogame console called the Xbox One on Tuesday, though the company took great pains to tout the device as an "ultimate, all-in-one home entertainment ...

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 ...

Microsoft Unveils Xbox One An All-In-One Entertainment Console

Tue, 21 May 2013 15:27:46 -0400

Xbox gaming console: Xbox One, a cloud-powered, all-in-one home entertainment system. At a press event on Microsoft's Redmond campus Tuesday, Xbox chief Don Mattrick said Xbox One is an attempt to answer the question, "Can we improve a living room that's become too complex, too fragmented, and too slow by harmonizing your ...

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 ...

Apple CEO We pay all the taxes we owe — every single dollar

Tue, 21 May 2013 14:44:14 -0400

Apple CEO Tim Cook testifies on Capitol Hill in Washington, Tuesday, May 21, 2013, before the Senate Homeland Security and Governmental Affairs Permanent subcommittee on Investigations as lawmakers examine the methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code. Lawmakers want to know the tax strategy of how ...

Microsoft touts Xbox One as all-in-1 entertainment

Tue, 21 May 2013 14:43:53 -0400

Microsoft Corp.'s Don Mattrick unveils the next-generation Xbox entertainment and gaming console system, Tuesday, May 21, 2013, at an event in Redmond, Wash.I t's been eight years since the launch of the Xbox 360. The original Xbox debuted in 2001, and its high-definition successor premiered in 2005. (AP Photo/Ted S. ...

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 ...

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 ...

UPDATE 3-Microsoft unveils Xbox One with Spielberg Activision tie-up

Tue, 21 May 2013 14:23:48 -0400

Tue May 21, 2013 3:21pm EDT By Bill Rigby and Malathi Nayak REDMOND, Wash. May 21 (Reuters) - Microsoft Corp gave the world a first look at its new Xbox One on Tuesday, announcing that its first gaming console in eight years will come with exclusive video and software content, including a "Halo" series produced by Steven Spielberg. The Xbox One, which will be available later this year at ...

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 Xbox launch event live blog

Tue, 21 May 2013 14:18:48 -0400

Microsoft offers a glimpse Tuesday at a new-generation Xbox as videogame consoles evolve into home entertainment centres and adapt to competition from smartphones and tablets.A tented stage has been set up at the technology giant's headquarters in the city of Redmond in Washington State for an "Xbox Reveal" event to play out just weeks before a major annual E3 videogame conference ...

Microsoft Google Refused to Work With Us on Our YouTube App

Tue, 21 May 2013 14:18:30 -0400

is a crowd-sourced digital magazine made in just 48 hours, chronicling how our conversations with our things are thoroughly changing our world. Learn more ...

Herbalife hires PwC as new auditor shares up

Tue, 21 May 2013 14:17:31 -0400

They had risen 10.7 percent on Monday. S&P Capital IQ analyst Tom Graves had said on Monday that the stock was likely moving due to hopes that Herbalife was close to naming a new auditor and possible purchases by short-sellers buying back shares to cover their negative bets. Graves stood by his "hold" rating on the stock on ...

Exclusive Chinese supplier VL Automotive bid for Fisker - sources

Tue, 21 May 2013 14:17:26 -0400

The logo of an extended rage electric vehicle Fisker Karma is pictured at the start of an electric car rally from Tallinn to Monte-Carlo in Tallinn June 1, ...

Senate panel peels back Apples offshore taxes

Tue, 21 May 2013 14:17:26 -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, ...

Welcome to the new Wall Street where back-office work trumps backslapping

Tue, 21 May 2013 14:17:07 -0400

$17 billion bond, it eschewed Wall Street's traditional tactics. Instead of flying well-groomed bankers to Cupertino, Calif., to charm Apple's top executives with PowerPoint presentations, Deutsche relied on iTunes. The German bank has handled the back-office work for Apple's online store in recent years, according to people familiar with the ...

Walt Disney Co.s ESPN says it is cutting staff

Tue, 21 May 2013 14:15:04 -0400

Walt Disney Co. Earlier this year, Disney trimmed jobs in its movie and consumer products divisions. It also made cuts in its video game unit and shut down LucasArts. Cuts at ESPN are rare. The sports cable empire is known for having deep pockets and continues to spend heavily for sports rights. Just last week ESPN struck a deal with the United States Tennis Assn. for all the rights to ...

Pre-earnings bullish bets on Saks pay off as retailer rallies

Tue, 21 May 2013 14:14:56 -0400

SKS - Saks, Inc. - High-end retailer, Saks, Inc., popped up on our 'hot by options volume' market scanner this morning on heavier than usual trading traffic in upside calls. Shares in Saks are up 10% on Tuesday morning at a new 52-week high of $13.54 after the company posted first-quarter earnings in line with analyst expectations on higher-than-expected quarterly revenue. Shares in ...

MARKET SNAPSHOT U.S. Stocks Rise After Fed Officials Comments

Tue, 21 May 2013 14:14:32 -0400

NEW YORK – U.S. stocks posted decent gains in early-afternoon action Tuesday after two Federal Reserve officials made encouraging comments about the central bank's bond-buying program, with one saying it has been effective.The Dow Jones Industrial Average (DJI) rose 68 points, or 0.4%, to 15,403. The blue-chip index and the other main stock averages held at session highs after trading ...

Resolution to Split Chairman CEO at J.P. Morgan Fails

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

J.P. Morgan Chase & Co. (JPM) boss James Dimon strengthened his grip over the nation's largest bank as shareholders voted overwhelmingly against a proposal to split the chairman and chief executive roles that he's held since 2006.Roughly 68% of votes cast rejected the nonbinding recommendation that Mr. Dimon's jobs be separated, up from the 60% a similar resolution garnered ...

Loonie overvalued by as much as 10 warns BMO chief economist

Tue, 21 May 2013 14:13:09 -0400

What's in store for the loonie with Poloz steering central bank ship? There is also no urgency for the Bank of Canada to raise interest rates, Porter said, adding there is a case for the country's central bank to drop its tightening bias because the housing market has cooled. The highest inflation-adjusted yields on Canadian government bonds in almost three months suggest that ...

Jaime Dimon retains chairman and CEO roles

Tue, 21 May 2013 14:11:54 -0400

JPM ) shareholders Tuesday defeated a campaign to split the bank's CEO and chairman roles, a division of labor that Jaime Dimon, its chief, had voiced objections to. The rejection of the proposal amounted to a vote of confidence for the executive, whose dual roles had come under scrutiny after the bank's huge "London whale" trading loss. In early afternoon trading, JP Morgan ...

Microsoft announces Xbox One

Tue, 21 May 2013 14:11:53 -0400

Microsoft announced Monday its next-generation video game console, the Xbox One. "Today, we look forward," said Don Mattrick, Microsoft president of interactive business."It's time for technology to step behind the curtain and for you and entertainment to take center stage." The next-generation console's new features include: voice command, cloud integration, ...

Nostalgic Coca-Cola mural uncovered in Durham

Tue, 21 May 2013 14:10:49 -0400

Durham has a not-exactly-new addition - a recently uncovered Coca-Cola mural on East Main Street. A team of workers, armed with fingernail files, have been delicately chipping away plaster for years, and their work is almost complete. The owner of the three-story building initially discovered the mural while stripping plaster off of the walls during the building's renovation. The image is ...

EA Microsoft ink “strategic partnership” for Xbox One

Tue, 21 May 2013 14:09:30 -0400

Microsoft and EA unveiled a "new, broad, strategic partnership," at the Xbox One announcement today. EA Executive Vice President Andrew Wilson was on hand to show four ...

European stocks close higher London beats 13-year peak

Tue, 21 May 2013 14:08:43 -0400

LONDON (AFP) - Europe's main stock markets closed on an upbeat note on Tuesday as London recorded a new 13-year high amid stimulus policies from top world central banks and a barrage of company results, dealers said.Eyes were also on Fed chairman Ben Bernanke's testimony to Congress on Wednesday on the US economic outlook."Global equity markets have held their levels this morning, ...

US STOCKS-Wall Street advances as Home Depot JPMorgan buoy Dow

Tue, 21 May 2013 14:07:18 -0400

Tue May 21, 2013 2:07pm EDT * Home Depot raises outlook, shares hit record intraday high * Goldman Sachs sees S&P 500 at 1,750 by year-end * JPMorgan shares hit highest since February 2001 * Dow up 0.4 pct, S&P 500 up 0.3 pct, Nasdaq up 0.3 pct By Leah Schnurr NEW YORK, May 21 (Reuters) - U.S. stocks gained on Tuesday after Home Depot raised its profit outlook, while JPMorgan rose after its chief ...

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 ...

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 ...

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 ...

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 ...

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

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 ...

Indexes edge higher on Wall Street in early trade

Tue, 21 May 2013 12:14:51 -0400

Mizzou basketball coach Frank Haith had high hopes for versatile recruit Negus Webster-Chan. He played him extensively early on, before ...

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 ...

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. ...