Friday, May 4, 2012

Yahoo! News: Health News

Yahoo! News: Health News


Wall Street extends losses, Nasdaq down 2 percent

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Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - U.S. stocks extended declines on Friday, with the Nasdaq dropping 2 percent after a weaker-than-expected jobs report cast doubts on the strength of an economic recovery. The S&P 500 energy sector fell 2 percent as U.S. crude oil fell below $100 a barrel. The Dow Jones industrial average slid 158.63 points, or 1.20 percent, at 13,047.96. The Standard & Poor's 500 Index was down 20.49 points, or 1.47 percent, at 1,371.08. The Nasdaq Composite Index tumbled 60.39 points, or 2.00 percent, at 2,963.91. (Reporting by Ryan Vlastelica)


U.S. hiring slows, raising worries on recovery

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A man and woman enter a job fair at the Phoenix Workforce Connection in Phoenix,WASHINGTON (Reuters) - U.S. employers cut back on hiring in April and more people gave up the hunt for work, dimming hopes the economy was turning a corner just as President Barack Obama prepared to launch his re-election campaign. Employers added 115,000 workers last month after increasing payrolls 154,000 in March, the Labor Department said on Friday. Economists had expected to see the creation of 170,000 jobs. The unemployment rate ticked a tenth of a point lower to 8.1 percent, a three-year low, but only because people left the workforce. ...


European shares fall sharply as U.S. outlook worsens

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LONDON (Reuters) - European shares fell sharply on Friday after worse-than-expected jobs data from the United States dealt a fresh blow to recovery expectations for the world's largest economy. The pan-European FTSEurofirst 300 index provisionally closed down 17.32 points, or 1.7 percent, to 1,027.07 points and the Euro STOXX 50 index fell 37.83 points, also 1.7 percent, to 2,249.27 . Equities extended losses in the afternoon, when data showed U.S. ...

Goldman Sachs eyes CDS trading with platform

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LONDON (Reuters) - Goldman Sachs may extend its new bond trading platform to cover other fixed income products such as credit derivatives after it starts trading corporate bonds this month, sources close to the firm said on Friday. The New York-based investment bank plans to launch in the coming weeks an electronic bond trading system called GSessions. But a source close to the firm said on Friday the bank may extend the system's coverage to other asset classes, specifically credit default swaps (CDS), in a later version. "Credit derivatives could be applicable. ...

Fed's Williams "increasingly hopeful" on recovery

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DANA POINT, California (Reuters) - A top Federal Reserve official on Friday painted an improving picture of the U.S. economy but said far-too-high unemployment, a festering crisis in Europe and the year-end expiration of stimulative tax cuts make continued easy monetary policy a must. "Substantial risks remain that could cause the economy to perform worse than I expect," San Francisco Federal Reserve Bank President John Williams said in remarks prepared for delivery to an annual California bankers' meeting at a Ritz-Carlton resort about an hour's drive south of Los Angeles. ...

U.S. sets new rules for fracking on federal lands

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WASHINGTON (Reuters) - The Obama administration unveiled long-awaited rules on Friday to bolster oversight of so-called "fracking" on public lands, seeking to allay concerns over the technology that has spurred a U.S. boom in shale gas drilling. The Interior Department proposal would require that companies obtain government approval to use hydraulic fracturing, or fracking, in drilling for natural gas on federal lands. The rules would not affect drilling on private land, where the bulk of shale exploration is taking place. ...

Fund managers struggled on shift from equity funds

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BOSTON (Reuters) - In the midst of the stock market's giant first quarter, the best since 1998, investors drove up share prices of money managers expecting booming results. But as the results came in, investors headed for the exits after discovering just how reliant money managers remained on out-of-favor stock funds. Starting on April 18 with BlackRock Inc , the biggest money manager, and running through May 2 with Franklin Resources Inc , investors were disappointed with underwhelming revenue and profit growth. ...

LinkedIn jumps as results underscore growth prospects

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The sign up page of Linkedin.com is seen in Singapore(Reuters) - Shares of LinkedIn Corp rose 10 percent on Friday, after the professional networking company raised its full-year outlook helped by strong demand for its services that help corporations find and hire employees. The strong results underline the success of social and professional networking sites, as investors watch closely to see if the model is sustainable before Facebook goes public in one of the most eagerly awaited initial public offerings ever. ...


Fitch revises Chesapeake's outlook to negative, affirms ratings

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(Reuters) - Fitch Ratings revised Chesapeake Energy Corp's ratings outlook to negative, but maintained the company's current default rating at BB, Fitch said on Friday. "The revised Outlook stems from a still aggressive capital spending program for 2012 in a very weak natural gas environment," Fitch said in a statement. The ratings agency added that "corporate governance and board of director oversight" remains a concern. Shares were lately up 20 cents, or 1.2 percent, to $17.39 a share.

Former press baron Conrad Black released from U.S. prison

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A motorcade believed to be carrying former media mogul Conrad Black drives past a television camerman as it enters Krome Detention Center in MiamiMIAMI (Reuters) - Disgraced former press baron Conrad Black was released from a Florida prison on Friday after ending his sentence but he was immediately taken into custody by U.S. immigration officials. "He is in ICE custody," said Nestor Yglesias, a spokesman for U.S. Immigration and Customs Enforcement. Yglesias declined to elaborate but spoke after a vehicle believed to be carrying the 67-year-old Black was spotted by photographers at about 8:20 a.m. EDT leaving the low security Federal Correctional Institution in Miami, where he was serving his sentence. ...


Climate change ahead for seasonal investment flows

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LONDON (Reuters) - Just this once, might it be wiser to 'buy in May'? Followers of the slightly tired but remarkably prescient old stock market adage "Sell in May and stay away" are justifiably confident that history is on their side. Then again, rules are there to be broken and there's just a hint of a change in seasonal investment climate this year. Going against what have become identified as negative seasonal money flows is never terribly attractive for investors and there are no shortage of potential pitfalls looming over the coming northern summer. ...

U.S. receives new TransCanada pipeline application

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WASHINGTON (Reuters) - The U.S. State Department confirmed on Friday it has received a new application from TransCanada Corp for a pipeline to run from the U.S.-Canada border to Steele City, Nebraska. The new application includes proposed new routes through the state of Nebraska, the State Department said. Such routes are presumably designed to skirt environmentally sensitive portions of Nebraska which helped sink the earlier Keystone XL pipeline application. The fact that TransCanada has submitted a new application may help U.S. ...

Goldman plans web-based corporate bond trading platform

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A Goldman Sachs sign is seen on the floor of the New York Stock ExchangeNEW YORK, May 4 (IFR) - Goldman Sachs is set to launch by end-May or even as early as next week a single-dealer electronic corporate and high-yield bond trading platform called GSessions. The platform will look to cross trades for its customers in scheduled trading sessions through the day and promises to deliver narrower spreads than those available outside the network, according to a spokesman. Goldman would also back the platform with a guaranteed liquidity amount in order to step in, up to a certain amount, to correct supply demand imbalances. ...


TransCanada applies for Keystone XL pipeline permit

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Girling, president and CEO of TransCanada, talks to a shareholder before the company's AGM in Calgary(Reuters) - TransCanada Corp has asked the U.S. government for approval to build the $7.6 billion Keystone XL oil pipeline, which has been put on hold due to environmental concerns. The company said in a statement on Friday that it has submitted an application with the U.S. Department of State for the pipeline from the United States and Canada border in Montana to Steele City, Nebraska. TransCanada said it will choose an alternative route through Nebraska to avoid an environmentally sensitive area. The pipeline, put on hold by U.S. ...


Exclusive: Ernst, audit clients cut lobbying ties-records

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Entrances to the offices of Ernst & Young is seen in New YorkWASHINGTON/NEW YORK (Reuters) - Ernst & Young's lobbying unit is no longer listed as a lobbyist for three major U.S. companies, all of whom were 2011 audit clients of the accounting giant. The deregistration follows questions raised by two U.S. senators in March about whether the dual relationships crossed auditor independence boundaries. Documents filed last month with Congress showed that Washington Council Ernst & Young, the E&Y unit, was no longer registered as doing lobbying work for Amgen Inc , CVS Caremark Corp and Verizon Communications Inc . ...


Exclusive: Barclays loses commodities trading chief Jones to Mercuria

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Signage for Barclays bank in LondonLONDON (Reuters) - Barclays has lost its commodities trading chief Roger Jones to Swiss trader Mercuria in one of the biggest moves by commodities traders from banks, scrutinized by regulators. Dozens of traders have recently quit top commodities trading banks such as Barclays, Goldman Sachs , Morgan Stanley and Merrill Lynch to traders such as Glencore , Vitol, Gunvor and Mercuria. The outflow is driven by shrinking profits and tighter regulation of banking, which gives trading houses greater scope to trade and to reward success. ...


Misery builds for the euro zone

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ECB President Draghi addresses a news conference in BarcelonaLONDON (Reuters) - The euro zone economy worsened markedly in April, according to business surveys that clashed with the prospect of a gradual recovery augured by European Central Bank President Mario Draghi this week. Friday's purchasing managers indexes (PMIs), primarily covering services, suggested a recession across Europe's currency union could now extend to mid-year and be deeper than previously thought. They did, however, indicate better progress among Chinese companies. Still, the overall tone of economic data on Friday was gloomy, given news the U.S. ...


Analysis: Spain bad loan mess revives debate on who should pay

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LONDON (Reuters) - Spain's plan to rid banks of toxic real estate assets is reviving the politically heated debate over how creditors and taxpayers should share the vast losses still being incurred by the euro zone debt crisis. Nowhere is the issue in sharper relief than in Ireland. The government took an 85 billion euro IMF/EU rescue package to bail out the country's banks, felled by a reckless decade-long building boom, and extended a blanket guarantee to 440 billion euros of the banks' liabilities, including senior bonds. ...

Air France-KLM says won't back down on costs

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Philippe Calavia, Chief Financial Officer Air France-KLM, speaks during the presentation of the company's 2010-2011 full year results in ParisPARIS (Reuters) - Air France-KLM on Friday told both unions and the next French government it would not back down on the need for deep cuts in labor costs as its battles low-cost rivals and record fuel. Finance Director Philippe Calavia said he was confident whoever won Sunday's French presidential elections would grasp the need to "dramatically transform" the airline's labor costs and staked the management's future on seeing the cuts through. "We need higher productivity and flexibility... ...


Hong Kong graft probe nets third billionaire Kwok brother

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File photo of the three Kwok brothers smiling during a news conference in Hong KongHONG KONG (Reuters) - Walter Kwok, the ousted head of Asia's biggest developer, Sun Hung Kai Properties , has been arrested as Hong Kong's anti-graft agency widens a high-profile bribery investigation that has already netted Kwok's two younger billionaire brothers and the former No.2 in the city's government. The dynastic Kwok family, Hong Kong's second-wealthiest, has gripped the former British colony's cozy, family-run business community with a long-running saga that includes Walter's kidnapping by gangsters in 1997 and a public feud a decade later. ...


Mercuria hires Goldman commodities investment executive: source

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NEW YORK (Reuters) - Swiss-based trading house Mercuria has hired Goldman Sachs' former co-head of commodities investment, Shameek Konar, to help manage its global portfolio of energy assets, a source familiar with the firm said on Thursday. Konar, who joined Goldman Sachs two years ago from Constellation Energy, will hold a similar role at Mercuria, working from Houston, said the source. The move was first reported by SparkSpread.com. Spokespeople for Goldman Sachs and Mercuria had no comment. ...

Analysis: Central Europe walks austerity tightrope

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BUCHAREST (Reuters) - When Romania's government cut salaries by a quarter in 1931, it collapsed and the country ran through 22 different cabinets in a decade and slid into dictatorship and war. Eight decades later, another government introduced a similar austerity measure under an International Monetary Fund-led bailout. It fell and parliament threw out its successor after just two months. Voters in eastern Europe can tolerate a lot after the hardships of communism. But those politicians who pushed austerity to keep markets at bay are now feeling their wrath. ...

Fat guarantees helped weaken Dewey & LeBoeuf

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A woman walks by the Dewey & LeBoeuf LLP headquarters on 6th avenue in New YorkNEW YORK (Reuters) - In its race to become one of the world's biggest law firms, Dewey & LeBoeuf doled out rich compensation guarantees to attract and keep top-shelf legal talent. Now, as the firm bleeds partners and clients on an almost-hourly basis, these guarantees -- which Dewey appears to have issued more widely than other firms -- are being blamed for the firm's unraveling. Compensation guarantees are promises to pay attorneys a certain dollar amount no matter how the firm or the individual performs. ...


Thomson Reuters offers more EU antitrust concessions

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BRUSSELS (Reuters) - Thomson Reuters has offered additional concessions to the European Commission to end an antitrust investigation related to codes for financial data, a Commission spokesman said on Friday. Thomson Reuters owns the "Reuters Instrument Codes" system for identifying stocks, bonds and other financial instruments on its systems used by traders around the world, controlling access to these RICs, which some competitors and the EU Commission argue stifles competition in the market for financial data. ...

California pension fund sues Wal-Mart, alleges bribery

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A view of the Wal-Mart.com store in Canoga ParkThe second largest U.S. public pension fund said on Thursday it had sued current and former executives and board members at Wal-Mart Stores Inc, alleging bribery and a cover-up in the company's expansion in Mexico. The $153 billion California State Teachers' Retirement System (CalSTRS), which holds more than 5.3 million shares of Wal-Mart Stores Inc, said in a statement it had filed the derivative lawsuit in Delaware on behalf of the company. ...


Exclusive: Shell, PetroChina JV Australia LNG faces big cost overrun

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A Shell sign is seen at a petrol station in MelbourneHONG KONG/PERTH (Reuters) - The cost of Royal Dutch Shell and PetroChina's Australian joint venture LNG may rise as much as 50 percent from initial estimates, which could force the companies to delay development, a source close to the project said on Friday. Arrow LNG is one of four on Australia's east coast that aim to pump gas from coal seams to export facilities. The estimated investment for all the projects is rising rapidly from the initial price tag of around $70 billion. ...


China made significant, promising FX reform: Geithner

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To match Analysis CHINA-ECONOMY/CURRENCYBEIJING (Reuters) - China has made significant and promising reforms to its currency regime that will lead to further appreciation of the yuan against the dollar and other major currencies over time, U.S. Treasury Secretary Timothy Geithner said on Friday. Geithner, making a closing statement at the end of the annual Strategic and Economic Dialogue between the United States and China in Beijing, offered further encouragement to Chinese authorities in their efforts to liberalize the country's tightly controlled capital account and financial markets. ...


Goldman loses bid to dismiss CIFG breach of contract claims

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A Goldman Sachs sign is seen on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Goldman Sachs Group Inc. failed to win dismissal of breach of contract claims in a lawsuit brought by CIFG Assurance North America Inc over $275 million in mortgage-backed securities that it insured. CIFG sued Goldman in August, claiming the investment bank knowingly sold shaky mortgage bonds to get the risk off its books. In a ruling made public Thursday, New York state Supreme Court Justice O. Peter Sherwood dismissed some claims against Goldman, including fraudulent inducement, but refused to toss out claims for breach of contract. ...


U.S.'s Geithner says China yuan reforms promising

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To match Analysis CHINA-ECONOMY/CURRENCYBEIJING (Reuters) - U.S. Treasury Secretary Timothy Geithner told Chinese President Hu Jintao on Friday that China's moves toward a more market-oriented exchange rate system were "very promising". "We consider the broad direction of the economic reforms that you have laid out - to move to a more market oriented exchange rate system, to expand consumption and domestic demand, to open up the Chinese economy further to foreign competition, to create a more modern financial sector - we think these are very promising reforms," Geithner said in the Great Hall of the People. ...


Global shares, oil slide on U.S. payrolls

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A woman walks past an electronic stock board outside a brokerage in TokyoNEW YORK (Reuters) - Global stocks swooned and crude oil tumbled on Friday after a weak U.S. jobs report and economic data that pointed to a deeper recession across the euro zone than previously thought. Major U.S. and European stock indices fell more than 1 percent, crude oil slumped more than 3 percent and government debt prices jumped after the Labor Department said U.S. employers cut back on hiring in April. Employers added just 115,000 workers to their payrolls last month and the unemployment rate fell one-tenth of a point to 8. ...


TransCanada reapplies for oil pipeline

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The Canadian company trying to build the disputed Keystone XL pipeline in the U.S. submitted a new application for the project Friday after changing the route to avoid environmentally sensitive land in Nebraska.

Marriott Int'l lifts quarterly dividend by 30 pct.

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Marriott International Inc. is boosting its quarterly dividend by 30 percent to 13 cents per share from 10 cents per share.

US stocks sink after weak April jobs report

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Neil Catana, right, works with fellow traders on the floor of the New York Stock Exchange Thursday, May 3, 2012. Markets were on edge Friday ahead of crucial U.S. jobs figures and weekend elections in France and Greece that could have a big bearing on how Europe's debt crisis plays out over the coming months. (AP Photo/Richard Drew)U.S. stocks are falling sharply after the government reported that hiring slowed in April, confirming a slew of data during the month that showed the economy was weakening.


A modest economy seems to be keeping lid on hiring

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FILE - In this Nov. 9, 2011, file photo, a tourist from Switzerland, looks at jewelry at a Michael Kors store while shopping at Dolphin Mall, in Miami. The economy's recovery looks durable. Hiring, housing, consumer spending and manufacturing all look better but remain less than healthy. (AP Photo/Lynne Sladky, File)U.S. job growth slumped in April for a second straight month. It pointed to a steadily growing but still sluggish economy that could tighten the presidential race.


US hiring slows sharply with just 115K jobs added

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U.S. employers pulled back on hiring in April for the second straight month, evidence of an economy still growing only sluggishly, posing a threat to President Barack Obama's hopes of winning re-election.

A tale of 2 US employment surveys, at a glance

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The U.S. economy added just 115,000 jobs in April, below March's gain of 154,000 and the fewest in six months. Yet the unemployment rate fell.

Oil drops below $100 first time since February

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The price of oil dropped below $100 per barrel for the first time since February following a disappointing U.S. jobs report and some signs of a slowing world economy.

Duke Energy earnings fall on construction costs

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Duke Energy Corp. says its net income fell 42 percent in the first quarter because of cost overruns at a coal plant under construction in Indiana.

Pfizer halts late-stage study into new Lyrica use

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Drugmaker Pfizer is stopping a late-stage study of its second-best selling drug, Lyrica, as a possible treatment for a nerve pain in HIV patients.

Large-growth funds that don't invest in Apple

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Shares of Apple Inc. are having a huge impact this year on the performance of mutual funds, especially those investing primarily in large-cap growth stocks like Apple.

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