Tuesday, October 23, 2012

Yahoo! News: Health News

Yahoo! News: Health News

Wall Street drops as earnings, Spain's debt spark fears

Posted: 23 Oct 2012 07:32 AM PDT

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Stocks slid more than 1 percent on Tuesday as poor earnings from major multinationals confirmed fears about the slowing global economy and Moody's downgraded credit ratings for regions in Spain. A number of the disappointing results including Dupont and United Technologies came from companies with operations across the globe and in many industries. The weak earnings and dwindling revenues have led to cost-cutting that will add to lost jobs in order to protect profits. ...

Bernanke probably won't stand for third term at Fed: NYT

Posted: 23 Oct 2012 09:02 AM PDT

U.S. Federal Reserve Chairman Ben Bernanke is seen prior to the International Monetary and Financial Committee at the annual meetings of the IMF and the World Bank Group in Tokyo(Reuters) - U.S. Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Barack Obama wins the November 6 election, the New York Times reported. Republican presidential nominee Mitt Romney has already said he would not re-nominate Bernanke if he wins the presidency. Bernanke's term as chairman ends in January 2014. Bernanke, who was first appointed to run the U.S. central bank by former president George W. ...

Companies sharpen job-cutting shears as sales slow

Posted: 23 Oct 2012 08:09 AM PDT

BOSTON (Reuters) - Faced with weakening revenue, two big companies warned on Tuesday that they would cut jobs as a way of protecting their profits. DuPont Co said it planned to lay off about 1,500 workers - roughly 2 percent of its global headcount - as the chemical company grapples with weakening demand from the construction and renewable energy sectors. United Technologies Corp did not specify the magnitude of the cuts it was considering but said it would raise its full-year restructuring budget by 20 percent to $600 million as demand for its military equipment declines. ...

Apple set to unwrap mini-iPad to take on Amazon, Google

Posted: 23 Oct 2012 08:29 AM PDT

Customers gather outside an Apple store before the release of iPhone 5 in MunichSAN JOSE (Reuters) - Apple Inc is expected to make its biggest product move on Tuesday since debuting the iPad two years ago, launching a smaller, cheaper tablet into a market staked out by Amazon.com Inc and Google Inc. Apple hopes to beat back their charge onto its home turf of consumer electronics hardware, while safeguarding its lead in the larger 10-inch tablet space that even deep-pocketed rivals like Samsung Electronics have found tough to penetrate. ...

Fair housing group adds to its BofA discrimination complaint

Posted: 23 Oct 2012 08:00 AM PDT

WASHINGTON (Reuters) - A nonprofit group has accused Bank of America Corp of maintaining foreclosed homes in white neighborhoods in the U.S. Midwest much better than those it owns in nearby black and Latino neighborhoods, and of marketing the homes in white neighborhoods more effectively. The National Fair Housing Alliance filed the accusations with the U.S. Department of Housing and Urban Development on Tuesday. ...

UPS profit drops, shares rise on outlook

Posted: 23 Oct 2012 08:45 AM PDT

The emblem of of United Parcel Service is seen at the cargo center at the Cologne/Bonn airport near Cologne(Reuters) - United Parcel Service Inc reported lower quarterly profit on Tuesday, citing slowing global trade, and said there was "some uncertainty" about the strength of the coming holiday season. The share price rose 2.7 percent after UPS slightly revised its 2012 forecast, signaling to Wall Street it would top the consensus estimate for the fourth quarter, which includes the important holiday shipping season. Third-quarter earnings per share at the world's largest package delivery group, matched estimates, but quarterly revenue fell from a year ago and missed the Wall Street view. ...

Yahoo's new CEO Mayer takes on the mobile challenge

Posted: 23 Oct 2012 06:16 AM PDT

A Yahoo! billboard is seen in New York's Time's SquareSAN FRANCISCO (Reuters) - Yahoo Chief Executive Marrisa Mayer promised to modernize Yahoo's websites and make them more smartphone-friendly in her debut appearance at the helm of the struggling company, faulting it for underinvesting in the "mobile wave". Mayer, once a rising star at Google Inc who took charge at Yahoo in July, told analysts on a conference call that she wanted to focus Yahoo's efforts around the "daily habits" of users such as email, the home page, Internet search and mobile devices. ...

Goldman says "never seriously" looked at selling commodities biz

Posted: 23 Oct 2012 08:41 AM PDT

(Reuters) - Goldman Sachs Group Inc said on Tuesday the bank's senior management had never "seriously" looked at spinning off all or part of its commodities business, as the bank faces tougher regulations that restrict its trading. The Wall Street Journal reported on Tuesday that Goldman had held "preliminary internal discussions" in recent years about splitting off its commodities business. The newspaper cited people briefed on the discussions in its report. ...

France backs Airbus in funding row with Germany

Posted: 23 Oct 2012 07:10 AM PDT

The vertical tail wing of the first Airbus A350 is seen on the final assembly line in ToulouseTOULOUSE, France (Reuters) - France backed Airbus on Tuesday in a row with Germany over funding for its next jetliner, in a sign of lingering tension following the collapse of a European aerospace industry merger. Germany is unhappy about its share of work on the $15 billion A350 aircraft project and has withheld half of a roughly 1.2 billion euro ($1.6 billion) development loan, sources close to the matter say. ...

Goldman Sachs removes Monster Beverage from conviction buy list

Posted: 23 Oct 2012 08:22 AM PDT

Two cans of Monster Energy drink are pictured in this photo-illustration shot in Los Angeles(Reuters) - Goldman Sachs removed Monster Beverage Corp from its conviction buy list after the U.S. Food and Drug Administration said it was investigating reports of five deaths that may be linked to the company's namesake energy drinks. Shares of the company, which makes drinks such as Java Monster, Monster Rehab, and X-Presso Monster, fell 7 percent to $42.38 in late morning trade on Tuesday. Monster is also being sued by the family of a 14-year-old Maryland girl with a heart condition who died after drinking two cans of its Monster energy drink in a 24-hour period. ...

Stocks hammered by weak earnings reports

Posted: 23 Oct 2012 07:51 AM PDT

Trader Thomas Donato looks at a screen as he works on the floor of the New York Stock Exchange Tuesday, Oct. 23, 2012. Stocks are falling sharply at the opening of trading on Wall Street after 3M and DuPont slashed their earnings forecasts. (AP Photo/Richard Drew)Stocks opened sharply lower Tuesday, driving major indexes to their lowest point since early September, after big-name companies reported weak quarterly earnings and lowered their expectations for the rest of the year.

Smaller iPad expected Tuesday, but at what price?

Posted: 23 Oct 2012 04:17 AM PDT

FILE -In this Wednesday, March 7, 2012, file photo, Apple CEO Tim Cook announces a new iPad during an Apple announcement in San Francisco. Those who follow Apple believe they have figured out most of the particulars of a smaller iPad expected to be revealed on Tuesday, Oct. 23, 2012. Apple hasn't said anything about the device, but the veil of secrecy it throws over unreleased products has been a see-through affair this year. Most of the details of the iPhone 5 were known well in advance of its launch a month ago. (AP Photo/Paul Sakuma, File)The price tag remains a big question mark as Apple prepares Tuesday to unveil what is expected to be a smaller iPad.

Oil price drops near $86 on global growth concerns

Posted: 23 Oct 2012 08:38 AM PDT

Oil is falling to three-month lows as big corporations around the globe cut earnings forecasts, raising concerns about economic growth and oil demand.

UPS 3Q profit falls on charge; narrows forecast

Posted: 23 Oct 2012 06:46 AM PDT

In this Monday, Oct. 22, 2012, photo, a UPS driver drives after a delivery in North Andover, Mass. In this Monday, Oct. 22, 2012, photo, a UPS driver makes a delivery in North Andover, Mass. UPS said Tuesday, Oct. 23, 2012, its third-quarter earnings sank on a huge penalty to withdraw from a pension plan. Without that charge, net income fell slightly but matched expectations on Wall Street. The world's largest package delivery company is also narrowing its earnings forecast for the full year. (AP Photo/Elise Amendola)UPS says it's uncertain how strong the holiday shopping season will be, and that the pace of global growth remains uneven.

3M cuts 2012 guidance, citing "economic realities'

Posted: 23 Oct 2012 07:39 AM PDT

FILE - In this file photo made Jan. 26, 2010, the 3M Co. logo is seen on some of their products in Philadelphia. 3M Co. annouced Tuesday, Oct. 23, 2012, that it is reducing its profit expectations for this year because of what it calls "current economic realities." 3M makes everything from Post-it notes and Scotch tape to roofing granules, coatings for LCD screens, and traffic sign coatings. The variety of its businesses and its worldwide footprint make it an economic bellwether. And CEO Inge Thulin said what it's seeing right now is a "slow-growth economy." (AP Photo/Matt Rourke, file)3M Co. is reducing its profit expectations for this year because of what it calls "current economic realities."

DuPont to cut 1,500 jobs after 3Q profit slide

Posted: 23 Oct 2012 04:26 AM PDT

Chemical maker the DuPont Co. will cut 1,500 jobs and take other steps to increase competitiveness after a third quarter in which earnings fell sharply.

Reynolds American 3Q profit up nearly 7 percent

Posted: 23 Oct 2012 09:08 AM PDT

FILE - This file photo made Oct. 21, 2009, shows Camel cigarettes, a Reynolds American brand, in Philadelphia. Reynolds American Inc.'s third-quarter profit grew nearly 7 percent as higher prices and smokeless tobacco gains helped offset a decline in the number of cigarettes it sold. The nation's second-biggest tobacco company on Tuesday, Oct. 23, 2012 reported net income of $420 million, or 74 cents per share, for the three-month period ended September 30. That's up from $394 million, or 67 cents per share, a year ago. Adjusted earnings were 79 cents per share, matching beating analysts' expectations.(AP Photo/Matt Rourke, File)Reynolds American Inc.'s third-quarter profit grew nearly 7 percent as higher prices and smokeless tobacco gains helped offset a decline in the number of cigarettes it sold.

Disabled patients to benefit from Medicare change

Posted: 23 Oct 2012 09:19 AM PDT

Thousands of Medicare patients with severe chronic illnesses like Alzheimer's would get continuing access to rehab and other services under a change agreed to by the Obama administration, advocates said Tuesday.

Roche probed for not reporting side effects

Posted: 23 Oct 2012 08:59 AM PDT

FILE - In this June 6, 2011 file picture, the logo of Swiss drugmaker Roche is photographed in Rotkreuz, Switzerland. The European Medicines Agency has started an infringement procedure against pharmaceutical giant Roche for allegedly failing to properly report side effects in patients in the U.S. (AP Photo/Keystone/Urs Flueeler, File)Europe's top drug regulator announced Tuesday it is taking action against pharmaceutical giant Roche for allegedly failing to properly report the side effects of 19 drugs being used by U.S. patients.

NY top court says lap dance isn't art, is taxable

Posted: 23 Oct 2012 08:00 AM PDT

Lap dances are taxable because they don't promote culture in a community the way ballet or other artistic endeavors do, New York's highest court concluded Tuesday in a sharply divided ruling.

Disabled patients to benefit from Medicare change

Posted: 23 Oct 2012 09:19 AM PDT

Thousands of Medicare patients with severe chronic illnesses like Alzheimer's would get continuing access to rehab and other services under a change agreed to by the Obama administration, advocates said Tuesday.

Markets slide after weak US earnings reports

Posted: 23 Oct 2012 09:12 AM PDT

Goldman Sachs specialist Edward Loggie works on the floor of the New York Stock Exchange Tuesday, Oct. 23, 2012. Stocks are falling sharply at the opening of trading on Wall Street after 3M and DuPont slashed their earnings forecasts. (AP Photo/Richard Drew)Stocks suffered one of their worst sessions in weeks on Tuesday following another batch of weak U.S. corporate earnings and uncertainty over the outcome of the race for the White House.

Royal Bank of Canada to buy Ally auto finance unit

Posted: 23 Oct 2012 09:11 AM PDT

Royal Bank of Canada logo is seen at a branch in TorontoTORONTO (Reuters) - Royal Bank of Canada has agreed to buy the Canadian auto finance and deposit arm of Ally Financial Inc in a $4.1 billion deal to expand its vehicle-lending business at a time when loan growth overall is slowing in the country. Canada's largest bank said on Tuesday the deal would give a big boost to its existing domestic consumer and commercial auto financing business, and position it as a leader in the segment. Ally, majority-owned by the U.S. ...

Reynolds American 3Q profit up nearly 7 percent

Posted: 23 Oct 2012 09:08 AM PDT

FILE - This file photo made Oct. 21, 2009, shows Camel cigarettes, a Reynolds American brand, in Philadelphia. Reynolds American Inc.'s third-quarter profit grew nearly 7 percent as higher prices and smokeless tobacco gains helped offset a decline in the number of cigarettes it sold. The nation's second-biggest tobacco company on Tuesday, Oct. 23, 2012 reported net income of $420 million, or 74 cents per share, for the three-month period ended September 30. That's up from $394 million, or 67 cents per share, a year ago. Adjusted earnings were 79 cents per share, matching beating analysts' expectations.(AP Photo/Matt Rourke, File)Reynolds American Inc.'s third-quarter profit grew nearly 7 percent as higher prices and smokeless tobacco gains helped offset a decline in the number of cigarettes it sold.

WHY IT MATTERS: The Economy

Posted: 23 Oct 2012 09:02 AM PDT

FILE - In this Tuesday, Aug. 21, 2012 file photo, job seekers wait in line at a construction job fair in New York. The U.S. economy is weak and the job market brutal. President Barack Obama wants to create jobs with government spending on public works and targeted tax breaks to businesses. Mitt Romney aims to generate hiring by keeping income taxes low, slashing corporate taxes, relaxing or repealing regulations on businesses and encouraging production of oil and natural gas. (AP Photo/Seth Wenig, File)The issue: The U.S. economy is weak and the job market brutal. Nearly 13 million Americans can't find work. The national unemployment rate is 8.1 percent, three years after a recession supposedly ended. A divided Washington has done little to ease the misery.

Bernanke probably won't stand for third term at Fed: NYT

Posted: 23 Oct 2012 09:02 AM PDT

U.S. Federal Reserve Chairman Ben Bernanke is seen prior to the International Monetary and Financial Committee at the annual meetings of the IMF and the World Bank Group in Tokyo(Reuters) - U.S. Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Barack Obama wins the November 6 election, the New York Times reported. Republican presidential nominee Mitt Romney has already said he would not re-nominate Bernanke if he wins the presidency. Bernanke's term as chairman ends in January 2014. Bernanke, who was first appointed to run the U.S. central bank by former president George W. ...

Roche probed for not reporting side effects

Posted: 23 Oct 2012 08:59 AM PDT

FILE - In this June 6, 2011 file picture, the logo of Swiss drugmaker Roche is photographed in Rotkreuz, Switzerland. The European Medicines Agency has started an infringement procedure against pharmaceutical giant Roche for allegedly failing to properly report side effects in patients in the U.S. (AP Photo/Keystone/Urs Flueeler, File)Europe's top drug regulator announced Tuesday it is taking action against pharmaceutical giant Roche for allegedly failing to properly report the side effects of 19 drugs being used by U.S. patients.

Botswana cbank keeps bank rate at 9.5 percent

Posted: 23 Oct 2012 08:55 AM PDT

JOHANNESBURG (Reuters) - Botswana's central bank left its main lending rate unchanged at 9.5 percent on Tuesday, saying this was consistent with achieving the 3-6 percent inflation target in the medium term. "The Bank's Monetary Policy Committee ... observed that the medium-term outlook for inflation was positive. However, price developments imply that inflation will continue to be above the 3-6 percent objective range in the short term, albeit with a downward trend," the Bank of Botswana said in a statement.

RBC to launch mobile wallet by late November: executive

Posted: 23 Oct 2012 08:55 AM PDT

TORONTO (Reuters) - Royal Bank of Canada plans to launch a "mobile wallet" payment system within the next month, the head of the bank's Canadian banking division told Reuters. RBC, Canada's largest bank, is racing Canadian Imperial Bank of Commerce to be first to market in Canada with a system that will allow clients to make cash and credit card payments using their smartphones. RBC had been aiming to have the product out in October. However, the bank ran into "partner difficulties," said Dave McKay. "We're almost there; it's close. It's going to be out in the next 3 or 4 weeks. ...

WHY IT MATTERS: Wall Street regulation and reform

Posted: 23 Oct 2012 08:54 AM PDT

FILE This April 21, 2006 file photo shows the statue of the bull, on Wall Street in Downtown Manhattan, New York. The 2008 financial crisis roiled the banking system and swamped the global economy, leaving millions of Americans jobless, underemployed or facing foreclosure. In its wake, Congress set out to overhaul how the government oversees Wall Street. The result was a sprawling law, the Dodd-Frank Act, which aims to prevent future crises by giving the government new tools and restricting banks' activities. The law may make future crises less likely, but it increases costs for companies, especially banks, and their customers. (AP Photo/David Karp, File)The issue:

Ally to sell Canada auto finance operations

Posted: 23 Oct 2012 08:54 AM PDT

Ally Financial Inc., the former finance arm of General Motors that was bailed out by the U.S. government, is selling its Canadian auto finance unit to Royal Bank of Canada for $4.1 billion.

UPS profit drops, shares rise on outlook

Posted: 23 Oct 2012 08:45 AM PDT

The emblem of of United Parcel Service is seen at the cargo center at the Cologne/Bonn airport near Cologne(Reuters) - United Parcel Service Inc reported lower quarterly profit on Tuesday, citing slowing global trade, and said there was "some uncertainty" about the strength of the coming holiday season. The share price rose 2.7 percent after UPS slightly revised its 2012 forecast, signaling to Wall Street it would top the consensus estimate for the fourth quarter, which includes the important holiday shipping season. Third-quarter earnings per share at the world's largest package delivery group, matched estimates, but quarterly revenue fell from a year ago and missed the Wall Street view. ...

Goldman says "never seriously" looked at selling commodities biz

Posted: 23 Oct 2012 08:41 AM PDT

(Reuters) - Goldman Sachs Group Inc said on Tuesday the bank's senior management had never "seriously" looked at spinning off all or part of its commodities business, as the bank faces tougher regulations that restrict its trading. The Wall Street Journal reported on Tuesday that Goldman had held "preliminary internal discussions" in recent years about splitting off its commodities business. The newspaper cited people briefed on the discussions in its report. ...

Hawkish central bank supports C$, hits some debt

Posted: 23 Oct 2012 08:40 AM PDT

TORONTO (Reuters) - The Canadian dollar held steady versus the U.S. currency while short-term debt prices fell on Tuesday after the Bank of Canada surprised markets by largely retaining its hawkish view that interest rates should be raised over time. The central bank, highlighting soaring household debt, repeated much of the rate-hike language that has made it an outlier among major economies, while making the time frame for rate hikes less definite. The Canadian dollar had weakened after Governor Mark Carney omitted reference to the central bank's tightening bias in a speech a week ago. ...

TSX sinks 2 percent, hit by earnings, commodities

Posted: 23 Oct 2012 08:40 AM PDT

A general view of the TSX (Toronto Stock Exchange) Broadcast Centre in TorontoTORONTO (Reuters) - Canada's main stock index dived as much as 2 percent on Tuesday, with energy and mining shares leading the retreat after a downgrade of five Spanish regions and lackluster U.S. corporate earnings rekindled worries about the global economy. "It's everything. Everything is down. The mood in the United States has been pretty black. Everything is red across the board," said John Ing, president of Maison Placements Canada. Energy stocks, already hit hard in the previous session, fell another 2.5 percent. Suncor Energy, one of the most heavily weighted decliners, dropped 2. ...

Oil price drops near $86 on global growth concerns

Posted: 23 Oct 2012 08:38 AM PDT

Oil is falling to three-month lows as big corporations around the globe cut earnings forecasts, raising concerns about economic growth and oil demand.

Greek junior gov't partner blocks reforms deal

Posted: 23 Oct 2012 08:36 AM PDT

A junior partner in Greece's governing coalition has refused to lift its opposition to a new package of austerity measures, which bailout creditors have been demanding for months in exchange for more rescue loans.

More BBC staff probed on sex claims post-Savile

Posted: 23 Oct 2012 08:36 AM PDT

BBC Director-General George Entwhistle leaves his home in south west London Tuesday Oct. 23, 2012. The director general of the BBC is set to face a lawmaker committee to explain why the broadcaster pulled an expose unmasking one of its most popular entertainers as a pedophile. George Entwistle will face lawmakers on the Culture Media and Sport Select Committee on Tuesday. The appearance comes a day after BBC reporters put their own bosses in the hot seat over their role in the expanding pedophilia scandal. (AP Photo/Stefan Rousseau/PA Wire) UNITED KINGDOM OUTA sexual abuse scandal shaking the BBC broadened Tuesday, with the broadcaster's chief saying the corporation was investigating claims of abuse and harassment against as many as 10 former and current staff.

Apple set to unwrap mini-iPad to take on Amazon, Google

Posted: 23 Oct 2012 08:29 AM PDT

Customers gather outside an Apple store before the release of iPhone 5 in MunichSAN JOSE (Reuters) - Apple Inc is expected to make its biggest product move on Tuesday since debuting the iPad two years ago, launching a smaller, cheaper tablet into a market staked out by Amazon.com Inc and Google Inc. Apple hopes to beat back their charge onto its home turf of consumer electronics hardware, while safeguarding its lead in the larger 10-inch tablet space that even deep-pocketed rivals like Samsung Electronics have found tough to penetrate. ...

Nigeria to hold oil licensing round by year-end: minister

Posted: 23 Oct 2012 08:28 AM PDT

Nigeria's Minister of Petroleum Diezani Allison-Madueke speaks at a media briefing on a new gas price regime in the capital of AbujaABUJA (Reuters) - Nigeria will hold its first oil exploration bidding round for five years by the end of this year, while licence renewal talks with Shell and Chevron over existing onshore fields are in their final stages, the oil minister said on Tuesday. Nigeria is Africa's biggest oil producer, exporting around 2 million barrels per day (bpd) and it also holds the world's ninth largest gas reserves, which are largely untapped. The country's light, low sulphur crude oil is popular with U.S. ...
Posted by Harshad at 9:27 AM

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