Friday, March 23, 2012

Yahoo! News: Health News

Yahoo! News: Health News


Dow, S&P flat as energy, materials gain

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An NYSE sign is seen over the trading floor of the New York Stock ExchangeNEW YORK (Reuters) - Stocks pared losses on Friday, with the Dow industrials and S&P 500 trading flat as energy and basic materials shares, the sectors that suffered the worst hit on Thursday, rebounded. The Dow Jones industrial average edged up 3.14 points, or 0.02 percent, to 13,049.28. The S&P 500 Index dipped 0.13 point, or 0.01 percent, to 1,392.65. The Nasdaq Composite fell 7.95 points, or 0.26 percent, to 3,055.37. At the day's low, the S&P 500 fell more than 0.4 percent. (Reporting by Rodrigo Campos; Editing by Theodore d'Afflisio)


New home sales slip, prices at 8-month high

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A newly constructed home available for sale is pictured in a new housing development area in VistaWASHINGTON (Reuters) - New single-family home sales fell in February while prices jumped to their highest level in eight month, according to a government report on Friday that was the latest to paint a mixed picture of the housing market. The Commerce Department said sales slipped 1.6 percent to a seasonally adjusted 313,000-unit annual rate. January's sales pace was revised down to 318,000 units from the previously reported 321,000 units. Economists polled by Reuters had forecast sales at a 325,000-unit rate in February. ...


Analysis: Do not panic: The rally in risk assets is for real

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Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - If you're waiting for the next meltdown in U.S. stocks or in commodities, you may want to get over it. After several false dawns following the global financial crisis, more investors are starting to believe the current rally in stocks, commodities and emerging markets could be a long-lasting one. The S&P 500 closed above 1,400 points last week for the first time since the 2008 financial crisis. Investors piled into U.S. equity funds, with the biggest weekly inflows since mid-September. ...


Fed should not over-commit to easy policy: Bullard

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Reuters reporter interviews President and CEO of the Federal Reserve Bank of St. Louis Bullard during the Federal Reserve Bank of Kansas City Economic Policy Symposium in Jackson HoleHONG KONG (Reuters) - The Federal Reserve should be wary about "over-committing" to an ultra-easy monetary policy that has served the economy well in recent years but could be detrimental eventually, a top Fed official said on Friday. "Some of the further actions that could be undertaken at this juncture would have effects far into the future, in an environment of continual improvement and repair for the U.S. economy," St. Louis Fed President James Bullard said in remarks prepared for delivery at the Credit Suisse Asian Investment Conference in Hong Kong. ...


Price war heralds investment banking shake-out

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LONDON (Reuters) - Investment banks fighting for survival in a world of stricter regulation and more expensive funding are embroiled in a price war as they battle to hang on to clients. Some are offering ultra-low prices across a range of their most prominent activities such as equity and debt sales, advice on mergers and acquisition (M&A), and more arcane - but widely used - derivative instruments. Rivals are left with the choice of following suit and losing money, or sticking to their guns and hoping that the cut-price banks will eventually be forced out of the market. ...

BofA testing investment advisers in mortgage offices

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CHARLOTTE, North Carolina (Reuters) - Bank of America Corp is putting investment advisers in mortgage offices, an unusual move that shows how far banks will go to "cross-sell" products and services to their customers. The pilot program, in seven offices in California, is part of the second-largest U.S. bank's effort to target its more profitable "preferred" customers, who have $50,000 to $250,000 in investable assets. For Bank of America, the pilot program could bring new revenue and aid larger efforts to turn around its disastrous Countrywide Financial mortgage unit, which it acquired in ...

KB Home Q1 net orders fall on higher cancellations

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(Reuters) - KB Home posted a surprise fall in net orders as cancellations rose in the first quarter, a sharp contrast to the recent upbeat forecasts by rivals, sending its shares down 14 percent. Homebuilders such as D. R. Horton Inc , Pulte Group Inc and Lennar Corp have forecast an improving housing market. Also, data released on Tuesday showed permits to build homes rose to a near 3-1/2 year high in February. However, new U.S. single-family home sales fell in February, but reported a jump in prices to their highest level in eight months. ...

Opel labor urges management to return to talks

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A General Motors logo is seen on a Denali vehicle for sale at the GM dealership in CarlsbadFRANKFURT (Reuters) - Labor leaders at Opel, General Motors' loss-making European unit, on Friday urged management to return to the negotiating table and thrash out a compromise before a board meeting next week that could otherwise result in a move to close two vehicle plants. Management will on Wednesday present Opel's supervisory board with a mid-term business plan that currently foresees the closure of two plants, according to labor sources. Unions would vote against any plan to approve closures put to the board, which could threaten talks over a restructuring of the business. ...


Jobless rates fall in most metro areas

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WASHINGTON (Reuters) - The unemployment rates in almost all metropolitan areas dropped in January from a year earlier, and a majority were lower than the national rate, the Labor Department said on Friday. Jobless rates decreased in 345 of the 372 areas, which typically include a city and its surrounding suburbs, and those in Decatur, Alabama, and Monroe, Michigan, dropped the most. At the same time, 201 areas recorded January unemployment rates below the U.S. rate of 8.8 percent, not seasonally adjusted. ...

Zynga shareholders to sell 43 million shares

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The corporate logo for Zynga is seen on a screen outside the Nasdaq Market Site in New York(Reuters) - Zynga Inc shareholders will sell Class A shares worth about $591 million, with founder and CEO Mark Pincus alone set to reap about $227 million based on Thursday's closing price. Shareholders will sell a total of 43 million shares in the online game maker, including 16.5 million from Pincus, the company said in a regulatory filing on Friday. Private equity firm Union Square Ventures is among the selling stockholders. Zynga waived a lock-up arrangement to facilitate the offering. ...


Government to appeal WTO meat ruling in Canada, Mexico case

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WASHINGTON (Reuters) - The United States will appeal a World Trade Organization ruling against a U.S. law on meat labeling in a case brought by Canada and Mexico, a U.S. trade official said on Friday. The U.S. law requiring mandatory country of origin labeling, or COOL, went into effect in 2008, resulting in a sharp drop in U.S. cattle and hog imports. A WTO dispute settlement panel in November ruled the provision violated WTO rules on technical barriers to trade. "Although we were pleased that the COOL panel report ... ...

Euro zone seeks middle ground on rescue fund size

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BRUSSELS (Reuters) - Euro zone finance ministers are moving closer to agreeing a combined rescue fund of around 700 billion euros ($924 billion) in Copenhagen next week and anything higher would probably be too ambitious, euro zone diplomats said on Friday. The EU's top economic official, Olli Rehn, is pushing for a big fund capable of bailing out indebted euro zone countries such as Italy and Spain, should they be cut off from the markets, despite resistance in Germany, the bloc's paymaster. So far, Germany has refused to countenance any combination of the various rescue funds. ...

Economic growth gauge held 7-month high last week: ECRI

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NEW YORK (Reuters) - A measure of future economic growth edged up last week to hold a seven-month high, while the annualized growth rate also improved, a research group said on Friday. The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index rose to 125.7 in the week ended March 16 from a downwardly revised 125.0 the previous week. That was originally reported as 125.1. Last week's reading was the highest level since early August. The index's annualized growth rate gained to minus 0.4 percent from minus 1.4 percent a week earlier. ...

New home sales slip, prices at eight month high

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WASHINGTON (Reuters) - New single-family home sales fell in February, but a jump in prices to their highest level in eight months kept hopes alive of a recovery in the housing market. The Commerce Department said on Friday sales slipped 1.6 percent to a seasonally adjusted 313,000-unit annual rate. January's sales pace was revised down to 318,000 units from the previously reported 321,000 units. Sales for November and December were revised up a bit. Economists polled by Reuters had forecast sales at a 325,000-unit rate in February. Compared to February last year, new home sales were up 11. ...

Bank regulators agree more leeway on liquidity rule: sources

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(Reuters) - Global regulators are expected to allow banks greater flexibility to meet new short-term liquidity rules, according to sources with knowledge of the discussions. The Basel Committee on Banking Supervision met on Tuesday and Wednesday this week to discuss how banks will have to build up new liquidity buffers to withstand rocky markets for up to a month without help. It is part of a wider reform of bank safety buffers known as Basel III which will be phased in from next year. ...

IEA sees no disruptions in oil markets

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IEA Executive Director Maria van der Hoeven shakes hands with India's Oil Minister Jaipal Reddy during the Asia Gas Partnership Summit in New DelhiNEW DELHI (Reuters) - The International Energy Agency (IEA) said on Friday it did not believe there would be any disruptions to global oil supply as Saudi Arabia and other Gulf producers will bring more oil to the market. Brent crude prices have risen 15 percent since the beginning of the year to more than $123 a barrel amid concern that much of Iran's 2.5 million barrels a day of exports will be lost to the market because of European and U.S. sanctions, which are aimed at punishing Iran for its nuclear programme. ...


Analysis: Global oil outages at 1.2 million bpd in March: survey

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File photo of a motorist holding a fuel pump at a Gulf petrol station in LondonLONDON (Reuters) - Global oil supply outages are running at more than a million barrels a day, a Reuters survey has found, helping provide justification for the United States and Britain should they release strategic reserves in a bid to cut oil prices. Civil unrest, adverse weather and technical glitches disrupted 1.2 million barrels per day (bpd) of global oil output in March on the 90 million bpd world market, according to a Reuters calculation from information provided by companies, government agencies and traders. ...


Fed officials clash on view of economy

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Ben Bernanke testifies before the Senate Banking Housing and Urban Affairs committee in WashingtonCHICAGO (Reuters) - The gap between the Federal Reserve's dovish core and its hawkish wing was on display on Thursday as a top Fed official said the economy is in better shape even as Fed Chairman Ben Bernanke focused on a source of weakness. While growing "slower than we would like," the U.S. economy is expanding fast enough that it does not need further help from the central bank, Dallas Fed President Richard Fisher told Fox Business Network. ...


Financier Allen Stanford loses bid for new trial

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Allen Stanford leaves the Federal Courthouse where the jury found him guilty, in Houston(Reuters) - The financier Allen Stanford on Thursday lost his bid for a new trial, 16 days after being convicted for running an estimated $7 billion Ponzi scheme. District Judge David Hittner in Houston turned down Stanford's request for a new trial in a brief order, without explaining his reasons. Stanford, who turns 62 on Saturday, was convicted on March 6 by a Houston federal jury on 13 of 14 counts related to what prosecutors called the sale of bogus certificates of deposit from his Antigua-based Stanford International Bank Ltd. ...


T-Mobile USA closing call centers, cutting staff

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Signage for a T-Mobile store is pictured in downtown Los Angeles, CaliforniaNEW YORK (Reuters) - T-Mobile USA is cutting 1,900 jobs, or about 5 percent of its workforce, as it closes seven call centers, and the company said it may cut more jobs in coming months. The unit of Deutsche Telekom is cutting costs to preserve cash for investment in its network as part of a bigger restructuring following the failure of its proposed $39 billion purchase by AT&T Inc late last year due to regulatory opposition. Since Deutsche Telekom has signaled its readiness to exit the U.S. market, T-Mobile USA is looking at ways to make itself more financially independent of its parent. ...


L'Oreal heiress's ex-wealth manager held in custody

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BORDEAUX, France (Reuters) - L'Oreal SA heiress Liliane Bettencourt's former wealth manager was remanded in custody on Friday after a judge heard new allegations in a long-running investigation into illicit political party financing, prosecutors said on Friday. Patrice de Maistre, who had already been placed under investigation in December over allegations of fraud, conspiracy, money laundering and possession of stolen goods, was previously alleged to have made a 150,000 euro ($198,000) payment to former French budget minister Eric Woerth on Bettencourt's behalf. ...

AIG says repaid government $1.5 billion

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The American International Group (AIG) building is seen in New York's financial districtWASHINGTON (Reuters) - American International Group said on Thursday it has repaid the Treasury its remaining $1.5 billion preferred equity investment, but the insurer still owes taxpayers an estimated $45 billion for the bailout it received during the financial crisis. The insurer, which received a total of $182 billion from the government during the crisis, paid down what it owed in a special purpose vehicle called AIA Aurora more than one year ahead of schedule. ...


Brazil oil regulator: Chevron leak not "negligence"

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An aerial view is seen of oil that seeped off the coast of Rio de Janeiro, caused by a well drilled by Chevron at Frade, on the water in Campos Basin in Rio de Janeiro stateBRASILIA (Reuters) - Brazil's oil regulator said Chevron was not negligent in the drilling of a well that caused an offshore oil spill in November, a finding that may help the company to fight criminal charges and an $11 billion lawsuit. Chevron and its drilling contractor Transocean committed operational and safety violations and improperly designed the well that led to the leak, according to a four-month investigation by the regulator known as the ANP. ...


Share issuance of volatility product to resume: Credit Suisse

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The logo of Swiss bank Credit Suisse is seen at the company's headquarters in Zurich(Reuters) - Credit Suisse said it will resume issuance of shares of a controversial leveraged exchange-traded product that roiled markets a month ago. The announcement on Thursday came just after the VelocityShares Daily 2X Long VIX Short-Term exchange traded note saw its price fall by 29 percent in its heaviest day of trading since mid-February. Volumes in the ETN surged in mid-February as investors increasingly turned to exchange-traded products as a way to bet on or hedge against volatility. ...


Securities watchdog probes high-frequency trading firms: report

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(Reuters) - The U.S. securities watchdog is looking at whether some high-frequency trading firms have used their close links to computerized stock exchanges to gain an unfair advantage over other investors, the Wall Street Journal said. The Securities and Exchange Commission is focusing on computer-driven trading platforms of exchanges, including BATS Global Markets Inc , the paper said, citing people familiar with matter. Specifically, it will examine whether firms collude to limit competition or manipulate markets, it quoted a person with knowledge of the matter as saying. ...

Fed should not over-commit to easy policy: Bullard

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President and CEO of the Federal Reserve Bank of St. Louis James Bullard poses during an interview at the Federal Reserve Bank of St. LouisHONG KONG (Reuters) - The U.S. Federal Reserve should be wary about "over-committing" to an ultra-easy monetary policy that has served the economy well in recent years but could be detrimental down the line, a top Fed official said on Friday. "Some of the further actions that could be undertaken at this juncture would have effects far into the future, in an environment of continual improvement and repair for the U.S. economy," St. Louis Fed President James Bullard said in remarks prepared for delivery at the Credit Suisse Asian Investment Conference in Hong Kong. ...


Three-way World Bank race seen as deadline looms

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Nigerian Finance Minister Ngozi Okonjo-Iweala speaks during a media briefing in PretoriaWASHINGTON (Reuters) - The United States faces an unprecedented challenge to its grip on the World Bank presidency, with emerging economies poised to nominate at least one candidate on Friday to set up the first contested bid for the top job at the global development lender. Less than a day before the deadline to nominate, Washington has yet to announce its candidate. South Africa is set to confirm the candidacy of Nigerian Finance Minister Ngozi Okonjo-Iweala, a respected economist, diplomat and former World Bank managing director. ...


Hot Topic gets Hunger Games lift but may not last

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File photo of cast member Wes Bentley signing autographs at the premiere of (Reuters) - Teen retailer Hot Topic Inc said it has sold out some of its merchandise for "The Hunger Games" even before the highly anticipated, post-apocalyptic film opens in theaters on Friday. The movie, based on the book by author Suzanne Collins, is about children forced into a fight to the death and is touted to be one of the year's biggest hits. Companies like eBay Inc and Toys R Us Inc are also selling related merchandise but Hot Topic, which makes most of its money from such licenses, has the broadest assortment including T-shirts, wallets, bags, jewelry, watches and even nail polish. ...


Spain's Iberia unveils low cost Iberia Express

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Spanish carrier Iberia on Friday unveiled a new low-cost airline, Iberia Express, which aims to claim a stake in the highly competitive no-frills sector of the European market.

Stocks bounce around on global economic worries

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In a Feb 27, 2012 photo traders Christopher Cornette, left, and Gregory Rowe work on the floor of the New York Stock Exchange. Wall Street futures rose early Friday March 23, 2012 as traders awaited the release of U.S. housing data. (AP Photo/Richard Drew)Stocks are bouncing between small gains and losses as investors weigh the prospects of a global economic slowdown even as several U.S. companies report strong earnings. New home sales fell last month.


Obama taps Jim Yong Kim for World Bank

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President Barack Obama stands with Jim Yong Kim, his nominee to be the next World Bank President, in the Rose Garden of the White House in Washington, Friday, March 23, 2012. Kim is currently the president of Dartmouth College. (AP Photo/Charles Dharapak)President Barack Obama on Friday nominated Dartmouth College president and global health expert Jim Yong Kim to lead the World Bank, an unconventional pick that could help to quell criticism in the developing world of the U.S. stranglehold on the international organization's top post.


Electric cars risk losing green sheen in Japan

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In this Sunday, March 18, 2012 photo, Nissan Leaf zero-emission electric vehicles are parked as the automaker held 'The New Owner's Meeting' in Tokyo. The electric car owners who prided themselves on being green now find themselves in a bind as Japan's government maneuvers to restart dozens of nuclear power plants idled after last year's meltdowns.(AP Photo/Itsuo Inouye)Electric car owners who prided themselves on being green now find themselves in a bind as Japan's government maneuvers to restart dozens of nuclear power plants idled after last year's meltdowns.


Spain moves toward freedom of information law

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Freedom of information in Spain came one step nearer Friday after the recently-elected government agreed to introduce a bill in response to widespread disgust over corruption and mismanagement by elected officials of both main political parties.

For long-unemployed, hiring bias rears its head

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Michelle Chesney-Offutt poses in her home in Sandwich, Ill., before leaving for work as an insurance customer service representative, Thursday, March 22, 2012. Chesney-Offutt, who was unemployed for nearly three years before landing a job, said a recruiter who responded to her online resume two years ago liked her qualifications and was set to schedule an interview. But he backed away, she said, when he learned she had been out of work for 13 months. The employer he represented would not consider applicants who were unemployed for more than six months, she said. More than a dozen states are considering legislation that would forbid employers from refusing to hire workers just because they've been unemployed for months or years. (AP Photo/M. Spencer Green)Few job seekers who fail to get an interview know the reason, but Michelle Chesney-Offutt said a recruiter told her why she lost the chance to pitch for an information technology position.


Mounting global growth concerns push markets lower

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Tokyo Stock Exchange employees work at the computer terminal in Tokyo, Japan, Friday, March 23, 2012. Asian stock markets fell Friday, dragged down by reports of a manufacturing slowdown in China and a deepening economic malaise in Europe. Japan's Nikkei 225 index dropped 1 percent to 10,027.72 as the country's formidable export sector faded amid fears of slowing overseas demand. (AP Photo/Itsuo Inouye)Fears of an intensifying global economic slowdown pushed markets lower on Friday, when new surveys showed a contraction in the manufacturing sector in China, a bellwether for world demand as it produces and exports a huge amount of consumer goods.


Milestones in the price of gasoline

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Milestones in the price of gasoline. Price is the nationwide average for a gallon of unleaded regular.

US new-home sales fell in February for 2nd month

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Sales of U.S. new homes fell in February for the second straight month, a reminder that the depressed housing market remains weak despite some improvement.

Oil jumps on Iran export report

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Oil prices briefly spiked near $108 per barrel following a report that Iranian oil exports dropped significantly this month.

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