| Consumer confidence eases, inflation view jumps Posted:  NEW YORK (Reuters) - Americans this month ratcheted up their expectations on inflation to the highest level in 10 months and consumer confidence waned, though the economic recovery was still seen on track. Separate data on Tuesday showed home prices were unchanged in January from December, the first time since July the seasonally adjusted S&P/Case-Shiller 20-city index has not declined, a sign the battered housing market is slowly stabilizing. A report from industry group The Conference Board showed the index of consumer attitudes eased to 70.2 from an upwardly revised 71. ...
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| Wall Street pauses after rally, limited upside seen Posted:  NEW YORK (Reuters) - Stocks were little changed on Tuesday as momentum stalled a day after major indexes rallied to near four-year highs. Federal Reserve Chairman Ben Bernanke signaled Monday that supportive monetary policy will remain even though the job picture has begun to improve. The Fed chief said the economy needs to grow more quickly to bring the unemployment rate down further. The S&P has gained 12.6 percent so far this year, putting it near 4-year highs, which some investors believe will make further gains more difficult. ...
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| Apple, Sony, 4 others sued by Graphics Properties Posted:  (Reuters) - Apple Inc, Sony Corp and four other companies were sued by Graphics Properties Holdings Inc, formerly known as Silicon Graphics Inc, for allegedly infringing a patent through their sale of mobile phones and other electronic devices. The lawsuits against Apple, Japan-based Sony, Taiwan-based HTC Corp, South Korea-based LG Electronics Inc and Samsung Electronics Co were filed in the U.S. District Court in Wilmington, Delaware. The patent at issue relates to a computer graphics process that turns text and images into pixels to be displayed on screens. ...
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| Abu Dhabi royals involved in RBS talks: sources Posted:  ABU DHABI/DUBAI (Reuters) - Talks to sell a stake in Britain's state-owned Royal Bank of Scotland are being held at the level of the Abu Dhabi ruling family, sources told Reuters on Tuesday. A source familiar with the matter said Amanda Staveley, a businesswoman notable for her Middle Eastern connections, was advising the emirate's rulers. ...
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| Apple CEO in China mission to clear up problems Posted:  HONG KONG/BEIJING (Reuters) - Apple Inc Chief Executive Tim Cook has jetted into China for talks with government officials as he seeks to clear up a pile of problems in the firm's biggest growth market, from its contested iPad trademark to treatment of local labor. Cook is on his first trip to the country since taking over from late co-founder Steve Jobs in August, keeping to a closely guarded agenda that has included talks on Monday with Beijing's mayor and a visit to one of Apple's two stores in the capital. "Tim is in China meeting with government officials. ...
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| Analysis: Dow court case pushes limit of R&D tax credit Posted:  WASHINGTON/NEW YORK (Reuters) - Dow Chemical Co is challenging the U.S. Internal Revenue Service in a rare court case over expanding the research and development tax credit to cover the costs of supplies used to improve the ways existing products are made. Oral arguments are set for Thursday at the 2nd U.S. Circuit Court of Appeals in New York in a case that pits Union Carbide, a wholly owned subsidiary of Dow , against the IRS. A win for Dow would widen the scope of the R&D credit - a mainstay of the corporate tax code that costs U.S. ...
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| Analysis: Spain risks years without economic growth Posted:  MADRID (Reuters) - Belt tightening in the board room and the living room, deep public budget cuts and anaemic bank lending may be setting Spain up for years of economic stagnation that could eventually force it to seek a bailout. Under pressure to chop Spain's deficit to the European Union limit and stick to new fiscal rules, Prime Minister Mariano Rajoy has promised to present a budget on Friday that will be "very, very austere". ...
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| EU to fine UPS, other logistics firms over cartel Posted: BRUSSELS (Reuters) - EU antitrust regulators are set to fine 13 logistics firms, including UPS, Panalpina and Expeditors, on Wednesday for taking part in a cartel, two people familiar with the matter said on Tuesday. A European Commission document seen by Reuters also confirmed that a decision and fines would be announced on Wednesday. Deutsche Post unit DHL Global Forwarding, which took part in the cartel but alerted the regulator to the collusion, will escape a financial penalty, the people with knowledge of the case told Reuters. The company confirmed this. ... |
| Euro crisis needs "mother of all firewalls": OECD Posted:  BRUSSELS (Reuters) - Euro zone finance ministers need to impress finance markets with the size of their rescue fund for indebted countries when they meet later this week, the head of the OECD said on Tuesday, advocating "the mother of all firewalls". Investors and many European officials want ministers to agree a combination of the 17-nation currency area's two rescue funds to nudge the International Monetary Fund into backing debt-stricken European economies, should they need help. ...
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| Xstrata wins approval for Australia's biggest coal mine Posted:  PERTH (Reuters) - An Australian court ruled in favor of global miner Xstrata on Tuesday in a case which sought to halt the company's plans to build the country's largest coal mine on the grounds that it would contribute to climate change. The objection against the A$6 billion ($6.3 billion) Wandoan mine was filed by environmental group Friends of the Earth and landowners, and comes amid increasing resistance to Australia's coal industry from green campaigners. ...
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| Home prices unchanged in January: S&P Posted:  NEW YORK (Reuters) - Single-family home prices were unchanged in January, a closely watched survey said on Tuesday, suggesting the battered housing market continues to crawl along the bottom. The S&P/Case-Shiller composite index of 20 metropolitan areas was flat in January on a seasonally adjusted basis. A Reuters poll of economists forecast a decline of 0.2 percent after December's 0.5 percent drop. The flat reading broke a five-month string of declines as the market has been pressured by a low demand, distressed sales and an overhang of pending foreclosures. ...
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| March consumer confidence dips, inflation view up Posted:  NEW YORK (Reuters) - Consumer confidence dipped in March, while Americans ratcheted up their inflation expectations to the highest level in 10 months, according to a private sector report released on Tuesday. The Conference Board, an industry group, said its index of consumer attitudes eased to 70.2 from an upwardly revised 71.6 the month before. Economists had expected a reading of 70.3, according to a Reuters poll. February's figure was originally reported as 70.8. The expectations index fell to 83.0 from 88. ...
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| Australian coal workers to strike at BHP Bowen Basin mines Posted:  PERTH (Reuters) - Workers at BHP Billiton's seven Bowen Basin coal mines in Australia will go on strike beginning Tuesday night following unproductive negotiations over work conditions with the company, the workers' union said. About 3,500 unionized workers BHP Billiton-Mitsubishi Alliance (BMA) went on strike at 6 pm local time (0800 GMT) in response to what the union said was "management going back on in-principle clauses previously agreed to with its workforce. ...
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| Enbridge, Enterprise to double Seaway pipeline capacity Posted:  (Reuters) - Enbridge Inc and Enterprise Products Partners LP will more than double the capacity of the Seaway Pipeline, easing a major oil glut in the United States that has led to an unprecedented distortion in crude markets. The expansion would add 450,000 barrels per day (bpd) of capacity to the Seaway system, raising its capacity to 850,000 bpd by mid-2014, Enbridge said in a statement. The company also plans to increase the size of its Flanagan South Pipeline from Flanagan, Illinois to Cushing, Oklahoma, to a 36-inch diameter line with an initial capacity of 585,000 bpd. ...
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| Lennar posts sharp rise in Q1 orders Posted:  (Reuters) - U.S. homebuilder Lennar Corp reported its sharpest rise in orders in three quarters and said it was seeing strong signs of improvement in sales activity. Miami-based Lennar's new home orders have been increasing for four straight quarters as sentiment towards home purchases in the United States improves. Low interest rates and home prices, and rising rental rates are prompting Americans to consider owning a home. "We have seen a noticeable improvement in our sales pace per community" Lennar's Chief Executive Officer Stuart Miller said in a statement. ...
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| New Sony CEO to keep charge of troubled TV operations Posted:  TOKYO (Reuters) - Sony Corp CEO Kazuo Hirai signaled his determination to turn around the group's ailing TV business by keeping direct charge of the division, as the Japanese brand fights to regain ground against rivals such as Apple. Hirai, who formally takes over as chief executive from Howard Stringer next week, inherits a company that - like much of corporate Japan - has been outgunned in recent years by rivals like Apple and Samsung Electronics. The maker of Bravia televisions and Vaio laptops expects a 220 billion yen ($2. ...
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| Enbridge, Enterprise to double Seaway pipeline capacity Posted: (Reuters) - Enbridge Inc and Enterprise Products Partners LP will more than double the capacity of the Seaway Pipeline, easing a major oil glut in the United States that has led to an unprecedented distortion in crude markets. The expansion would add 450,000 barrels per day (bpd) of capacity to the Seaway system, raising its capacity to 850,000 bpd by mid-2014, Enbridge said in a statement. The company also plans to increase the size of its Flanagan South Pipeline from Flanagan, Illinois to Cushing, Oklahoma, to a 36-inch diameter line with an initial capacity of 585,000 bpd. ... |
| Australia regulator says Apple misleading consumers on iPad Posted:  SYDNEY (Reuters) - Apple's hot-selling new iPad hit a hurdle in Australia on Tuesday as the country's consumer affairs regulator accused the company of misleading promotions. The Australian Competition and Consumer Commission said it would ask a federal court on Wednesday to order Apple to ensure consumers were made aware of the real technical capabilities of the device, correct its advertising and refund any affected buyers. ...
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| EU investigates United Technologies bid for Goodrich Posted: BRUSSELS (Reuters) - The European Commission has opened an in-depth investigation into the proposed acquisition of Goodrich Corporation by United Technology Corporation (UTC), both U.S. aviation equipment makers, the European Union's executive said on Tuesday. The Commission said preliminary investigations showed potential competition concerns regarding the markets for engine controls and AC power generators. The parties would have very high combined market shares in these areas, the EU's competition watchdog said. ... |
| Japan's AIJ chief admits loss cover-up, apologizes Posted:  TOKYO (Reuters) - The president of Tokyo-based money manager AIJ Investment Advisors admitted to Japanese lawmakers on Tuesday to covering up losses of $1.3 billion in clients' pension money, but said he had no intention of cheating his clients. In his first public comment since the scandal broke in February, Kazuhiko Asakawa apologized to clients and the financial industry for the cover-up and said he had been confident that the losses could be recovered. AIJ lost the funds through bad bets on equity and bond derivatives, wiping out the bulk of the $2. ...
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| HP, Oracle seek pretrial wins in Itanium case Posted:  SAN FRANCISCO (Reuters) - U.S. tech giants Hewlett Packard and Oracle on Monday both sought pretrial wins in their bitter legal battle over whether Oracle can end support for Itanium, a heavy-duty microprocessor. Oracle decided to discontinue support last year, saying Intel Corp made it clear that the chip was nearing the end of its life and that Intel was shifting its focus to its x86 microprocessor. ...
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| Exclusive: Singapore's Temasek: evolution not revolution Posted:  SINGAPORE (Reuters) - Temasek Holdings, the smaller but more visible of Singapore's two sovereign funds, is moving into a new phase with its investment strategy, and could look more like Blackstone Group , another $160 billion institution, which has grown from a focused private equity firm to a global asset manager. ...
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| China Jan-Feb industry profits dip as slowdown bites Posted: BEIJING (Reuters) - China's industrial firms suffered a rare annual drop in profits in the first two months of 2012 mainly in petrochemicals, metals and auto companies, the latest signs of weakening momentum in the world's No. 2 economy. Profits fell 5.2 percent so far in 2012, according to the industrial profitability indicator, published by the National Bureau of Statistics (NBS) every month. The indicator of year-to-date profits covers industrial firms with annual revenue above 20 million yuan and showed a downward trend of industrial profitability in China. ... |
| Hitachi says aims to cut costs 5 percent by 2015/16 Posted:  TOKYO (Reuters) - Japan's Hitachi Ltd said on Tuesday that it aimed to cut annual operating costs by 5 percent in four years, enabling the company to invest more in its growing infrastructure and telecommunications businesses. The industrial electronics company has been overhauling its sprawling empire of some 900 firms and 360,000 employees - about the population of Honolulu - after plunging to a record loss for a Japanese manufacturer just three years ago. ...
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| Housing market recovery hits pothole in February Posted:  WASHINGTON (Reuters) - Contracts to purchase previously owned U.S. homes unexpectedly fell in February, suggesting a loss of momentum in the housing market after recent signs of improvement. The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed in February, slipped 0.5 percent to 96.5. Signed contracts become sales after a month or two. The report was the latest in a series to suggest a pause in the tentative housing market recovery in February and a weak start to the spring selling season. However, given that contracts were up 1. ...
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| Exclusive: Blackstone, Bain prepare Michaels Stores IPO Posted:  NEW YORK (Reuters) - Blackstone Group LP and Bain Capital LP plan to take Michaels Stores Inc public, nearly six years after they bought North America's largest retailer of arts and crafts for more than $6 billion, four people familiar with the matter said on Monday. JPMorgan Chase & Co and Goldman Sachs Group Inc are the leads on what could be one of the year's largest IPOs in the retail sector, the sources said. One of the sources said an IPO registration document is to be filed in April. Blackstone and Bain collectively own 93 percent of Michaels Stores, according to regulatory filings. ...
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| AIG CEO: Taxpayers will profit on bailout Posted:  (Reuters) - AIG expects American taxpayers to end up with a profit of $5 billion to $10 billion on the company's 2008 rescue when all is said and done, the chief executive of the bailed-out insurer said on Monday. The U.S. government saved American International Group from bankruptcy in September 2008 with a bailout that ultimately totaled $182 billion. Earlier this month, the company finished paying off the government's preferred interest in some of its assets. ...
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| NYSE short interest up 2.04 pct in early March Posted:  NEW YORK (Reuters) - Short interest on the New York Stock Exchange rose 2.04 percent in the first half of March, the exchange said on Monday. As of March 15, short interest rose to about 12.834 billion shares, compared with 12.576 billion shares as of February 29. Investors who sell securities 'short' borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference. Shorting can also be used for various hedging strategies. NYSE short interest on March 15 was equivalent to 3. ...
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| US consumer confidence is roughly flat in March Posted: Americans' rosy outlook about the U.S. economy remains resilient as they focus on the good in the barrage of conflicting economic news. |
| OECD pushes for $1.3 trillion eurozone crisis fund Posted:  The 17 countries that use the euro need to build a €1 trillion ($1.3 trillion) firewall to help the struggling currency union return to growth, the head of the Organization for Economic Cooperation and Development said Tuesday.
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| Natural gas prices fall again on supply concerns Posted: Natural gas prices fell again Tuesday amid doubts that a huge surplus of the fuel will be depleted anytime soon. |
| EU parliament panel OKs US passenger data deal Posted: A key European committee approved a new data agreement Tuesday with the United States that tightens restrictions on sharing information about passengers flying from Europe to America. |
| Recovery rally in markets runs out of steam Posted: The recovery in stock markets ran out of steam Tuesday after a big rally the previous day, when investors cheered an indication from the Federal Reserve Chairman Ben Bernanke that interest rates will remain super-low for a while yet. |
| Ireland sets May 31 date for EU treaty referendum Posted: Bailed-out Ireland will stage a referendum on the European fiscal treaty May 31 with the government poised to persuade debt-burdened voters to back the measure, the country's foreign minister announced Tuesday. |
| Harry Potter adventures go on sale in e-book form Posted:  At last, Harry Potter's adventures are available electronically.
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| Summary Box: US home prices fell in January Posted: PRICES DOWN: Home prices fell in January from December in 16 of the 19 major cities tracked by the Standard & Poor's/Case-Shiller index. It was the fifth straight decline. |
| Recall news Posted: The following recall has been announced: |
| Stocks trade mixed after consumer report Posted:  Stocks flipped between gains and losses in early trading Tuesday.
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