| Wall Street down as "fiscal cliff" scares investors away Posted: 27 Nov 2012 08:53 AM PST  NEW YORK (Reuters) - U.S. stocks fell on Tuesday as worries over the impact of "fiscal cliff" on the economy overshadowed progress in easing Greece's debt burden and a slew of positive U.S. economic data. A deal in Europe to release emergency aid to debt-laden Greece gave a brief, early lift to stocks, but the news was not enough to sustain the gains as investors confronted the looming "fiscal cliff" at home. As Democrats and Republicans prepared to resume efforts to bridge their sharp differences over taming the federal debt this week in Washington, the market resumed its cautious mode. ...
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| November consumer confidence hits more than four-year high Posted: 27 Nov 2012 08:00 AM PST  NEW YORK (Reuters) - Consumer confidence rose to a four-and-a-half-year high in November as consumers became more optimistic about the outlook for the economy, according to a private sector report released on Tuesday. The Conference Board, an industry group, said its index of consumer attitudes rose to 73.7 up from an upwardly revised 73.1 the month before, its highest since February 2008. Economists had expected a reading of 73.0, according to a Reuters poll. October was originally reported as 72.2. ...
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| ConAgra to buy Ralcorp for $5 billion, to be No.1 in store-brand foods Posted: 27 Nov 2012 07:50 AM PST  (Reuters) - Long-time suitor ConAgra Foods Inc finally sealed a deal to buy private-label foods maker Ralcorp Holdings Inc for $5 billion to tap into the booming business for packaged food that stores sell under their own brand. Demand for cheaper private-label foods have outpaced growth in branded packaged foods in recent years. "Clearly, consumer dynamics have changed since the recession, and we expect growth in private-label food to continue to outpace growth in branded food," ConAgra Chief Executive Gary Rodkin said in a statement on Tuesday. ...
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| Home prices rise for eighth month in September: S&P Posted: 27 Nov 2012 06:58 AM PST  NEW YORK (Reuters) - Single-family home prices rose in September for an eighth straight month in a further sign that the housing market is on the mend, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.4 percent in September on a seasonally adjusted basis, in line with economists' forecasts. The index's eighth month of gains on a seasonally adjusted basis is the longest since prices bounced in 2009 after the government unleashed stimulus measures following the market's collapse the previous year. ...
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| Business spending plans gauge up, but shipments weak Posted: 27 Nov 2012 06:13 AM PST WASHINGTON (Reuters) - A gauge of planned U.S. business spending increased by the most in five months in October, but a fourth straight month of declines in shipments underscored the damage that fears of tighter fiscal policy next year are inflicting on the economy. The Commerce Department said on Tuesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rebounded 1.7 percent last month after falling 0.4 percent the prior month. Economists had expected a 0.5 percent decline. ... |
| Greece, markets satisfied by EU-IMF Greek debt deal Posted: 27 Nov 2012 05:41 AM PST  BRUSSELS (Reuters) - The Greek government and financial markets were cheered on Tuesday by an agreement between euro zone finance ministers and the International Monetary Fund to reduce Greece's debt, paving the way for the release of urgently needed aid loans. The deal, clinched at the third attempt after weeks of wrangling, removes the biggest risk of a sovereign default in the euro zone for now, ensuring the near-bankrupt country will stay afloat at least until after a 2013 German general election. ...
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| New Bank of England boss to swap Canada growth for UK stagnation Posted: 27 Nov 2012 08:48 AM PST  LONDON (Reuters) - When Canadian Mark Carney becomes Bank of England chief next year, he won't only be swapping a vast, sparsely populated, resource-rich country for a small, crowded island on the edge of a European continent in crisis. The outgoing Bank of Canada governor will leave behind an economy which weathered the global financial crisis quite well and is now achieving respectable growth, at least by Europe's dismal standards. ...
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| Shopping malls cater to shifting demographics Posted: 27 Nov 2012 05:08 AM PST  NEW YORK (Reuters) - Macerich Co isn't usually in the business of hosting religious processions in its mall parking lots. But when it allowed a Good Friday event featuring a costumed Jesus, prisoners and Roman guards at a Phoenix mall last year, hundreds of shoppers turned out from the heavily Hispanic community, where re-enactments of the Stations of the Cross are a major occasion. The response proved to Macerich that its program to attract the surrounding population to its malls was working. ...
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| Obama to meet executives, go to Pennsylvania for fiscal push Posted: 27 Nov 2012 03:50 AM PST  WASHINGTON (Reuters) - President Barack Obama will launch a multipronged push this week to garner support for his proposals to solve U.S. fiscal problems, meeting with business executives at the White House and visiting a small business in Pennsylvania to press his case. Obama has sought to go on the offensive since his re-election on November 6 in the fight with Republicans over the "fiscal cliff" - a combination of tax increases and spending cuts that would go into effect next year if the two sides do not reach a deal to stop it. ...
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| OECD urges gradual U.S. fiscal tightening to preserve growth Posted: 27 Nov 2012 05:56 AM PST  WASHINGTON (Reuters) - Tighter fiscal policy in the United States should be implemented gradually, the Organization for Economic Cooperation and Development said on Tuesday as it predicted moderate economic growth next year. Automatic government spending cuts and tax increases, known as the "fiscal cliff", are set to begin in early 2013, draining about $600 billion from the economy unless the U.S. Congress and Obama administration agree on a plan to soften the blow. ...
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| Lines by Madonna and other celebs pop up in stores Posted: 27 Nov 2012 08:59 AM PST  This holiday season you're likely to spot singer Jennifer Lopez in Kohl's. You could get a peek at pop music icon Madonna in Macy's. You might even catch a glimpse of reality TV star Kim Kardashian in Sears.
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| Stocks fail to get boost from consumer confidence Posted: 27 Nov 2012 08:38 AM PST  Investors took little comfort from the latest deal to deliver financial aid to Greece and increases in U.S. consumer confidence and orders for machinery and equipment.
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| Home prices increase in most major US cities Posted: 27 Nov 2012 08:22 AM PST  Home prices increased in September in most major U.S. cities, more evidence of a housing recovery that is providing a lift to the fragile economy.
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| ConAgra gobbles up store brands with Ralcorp deal Posted: 27 Nov 2012 08:48 AM PST  ConAgra Foods is set to become the nation's biggest maker of store brand foods, with its $5 billion purchase of Ralcorp expanding its stake in the fast-growing market for cereals, crackers and other packaged foods sold under private labels.
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| US orders for core capital goods up 1.7 percent Posted: 27 Nov 2012 07:59 AM PST  U.S. companies in October increased their orders of machinery and equipment that signal investment plans by the largest amount in five months, a hopeful sign for future economic growth.
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| Obama to appeal to public on fiscal cliff Posted: 27 Nov 2012 04:43 AM PST  President Barack Obama plans to make a public case this week for his strategy for dealing with the looming fiscal cliff, traveling to the Philadelphia suburbs Friday as he pressures Republicans to allow tax increases on the wealthy while extending tax cuts for families earning $250,000 or less.
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| Oil lower despite brisk retail sales, Greece deal Posted: 27 Nov 2012 08:54 AM PST Oil prices are lower as traders remain unsure whether positive U.S. economic news signals an increase in demand for fuel. |
| OECD: Europe weighing on global economy Posted: 27 Nov 2012 08:05 AM PST  The global economy could easily slide back into recession if its major problems — like U.S. budget standoffs and Europe's lack of jobs — are left to fester, a leading international economic body said Tuesday.
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| Oil prices up on brisk US retail sales, Greek deal Posted: 27 Nov 2012 04:46 AM PST The price of oil inched up closer to $88 a barrel Tuesday as investors were encouraged by robust retail sales in the U.S. ahead of the Christmas holiday and a deal in Europe to give Greece a new batch of bailout funds. |
| Apple to start selling new iMacs on Friday Posted: 27 Nov 2012 07:03 AM PST Apple says the smaller version its new, slimmed-down iMac desktop computers will go on sale Friday. It will also start taking orders for the larger model, but the units won't ship until next month. |
| Just Explain It: What is the Strategic Petroleum Reserve? Posted: 26 Nov 2012 02:26 PM PST Eliminating America's dependency on foreign oil has been a policy goal for at least the last two U.S. Presidents. According to the International Energy Agency, by 2020, the U.S. will overtake Saudi Arabia as the world's number one oil producer. |
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