| Wall Street dips on Wells Fargo, Boeing; S&P up on week Posted: 11 Jan 2013 08:05 AM PST  NEW YORK (Reuters) - Stocks dipped on Friday after a record profit at Wells Fargo failed to attract buyers and Boeing shares were pressured by two further problems with its new Dreamliner aircraft. The benchmark S&P 500 index fell slightly but was still up on the week and just a few points shy of a five-year high set Thursday. Wells Fargo , the first major U.S. bank to post earnings this season, reported a record fourth-quarter profit as it set aside less money to cover bad loans and made more fees from mortgages. Its shares fell 2 percent to $34.70, erasing Thursday's gains but up 1. ...
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| Imports point to soft fourth-quarter growth but firmer spending Posted: 11 Jan 2013 07:45 AM PST  WASHINGTON (Reuters) - The U.S. trade deficit unexpectedly widened in November due to a surge in imports, pointing to a sharp slowdown in economic growth during the last three months of 2012. Still, the trade gap's growth was driven by imports of consumer goods, a potentially positive sign for household spending if the gains in imports were not a one-time rebound following a disruptive storm. America's trade deficit widened 16 percent in November to $48.7 billion, the Commerce Department said on Friday. Analysts were expecting the deficit to shrink to $41. ...
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| JPMorgan faces U.S. order to improve compliance: sources Posted: 11 Jan 2013 07:22 AM PST  NEW YORK (Reuters) - U.S. regulators are likely to order JPMorgan Chase & Co to correct lapses in how it polices suspect money flows, in an action expected as soon as Friday, people familiar with the situation said. The order would be the latest action that U.S. regulators have taken this year to force banks to tighten their anti money- laundering systems, which are supposed to flag suspect transactions from sanctioned countries or those from customers with ties to drug trafficking or terrorism. ...
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| U.S. to review Boeing 787 safety issues Posted: 11 Jan 2013 08:12 AM PST  WASHINGTON/NEW YORK (Reuters) - The United States ordered a wide review of Boeing's latest passenger jet, the 787 Dreamliner, citing "concern" over a spate of technical problems in recent weeks. Regulators said the Dreamliner remained safe to fly but a thorough examination was needed to identify the root cause of the problems including a fire on a parked 787 on Monday. "There are concerns about recent events involving the Boeing 787. That is why today we are conducting a comprehensive review," Transportation Secretary Ray LaHood told a news conference. ...
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| Wells Fargo profit jumps but mortgage lending slips Posted: 11 Jan 2013 08:22 AM PST  (Reuters) - Wells Fargo & Co on Friday said fourth-quarter profit rose 24 percent to a record high as the bank set aside less money to cover bad loans and made more fees from mortgages. But net interest margin declined and the bank made fewer mortgage loans than in the third quarter, and its shares fell 1 percent in mid-morning trading. Wells Fargo, the fourth-biggest U.S. bank and the nation's largest home lender, said fees from mortgages climbed nearly 30 percent from a year ago to $3.1 billion as homeowners continued to refinance their homes at low interest rates. ...
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| Global car industry sharpens U.S. focus for 2013 Posted: 11 Jan 2013 08:41 AM PST  PARIS/DETROIT (Reuters) - The U.S. car market's rebound may be slowing - but it still looks like the best bet to many of the global industry's top brass as they converge on Detroit for the 2013 auto show. With Europe in a protracted meltdown and some emerging markets flagging, the United States will increase its share of world auto sales this year even as its economy cools, analysts and executives predicted ahead of Monday's media opening. American light vehicle sales are expected to rise 4 to 7 percent with prices remaining strong, according to most estimates. That would outpace the 2. ...
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| Merck steers doctors away from HDL cholesterol drug Posted: 11 Jan 2013 07:53 AM PST  (Reuters) - U.S. drugmaker Merck & Co said it is taking steps to suspend availability of its drug Tredaptive after the medicine, used to raise "good" HDL cholesterol, failed to prevent heart problems in a large study. The medicine is not approved in the United States but is sold in about 40 countries. Merck said it is recommending that doctors stop prescribing Tredaptive, based on negative findings from the trial which were announced last month. The study followed more than 25,000 patients in Europe and China for almost four years. ...
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| Best Buy key U.S. sales rebound, shares leap 12 percent Posted: 11 Jan 2013 07:33 AM PST  (Reuters) - Best Buy Co Inc on Friday showed the first concrete signs of a turnaround in its U.S. stores, with flat same-store sales during the key holiday season, surprising analysts who had expected a decline. Shares of Best Buy, which is in the midst of a restructuring and faces a looming buyout proposal by founder and former chairman Richard Schulze, jumped 12.1 percent to $13.69. Best Buy's total revenue slipped 0.4 percent to $12.8 billion in the nine weeks ended January 5, while sales at stores open at least 14 months declined 1.4 percent, versus a 0. ...
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| RBS to slash bonuses to pay Libor fines: source Posted: 11 Jan 2013 04:54 AM PST  LONDON (Reuters) - Royal Bank of Scotland is preparing to slash bonuses for its investment bankers this year to help pay fines for its role in an interest rate rigging scandal, a source familiar with the situation said. The part state-owned bank is expected to face a worse punishment than the $450 million paid by rival Barclays following an investigation into the alleged manipulation of the London interbank offered rate (Libor) and other benchmark rates, said the source, who declined to be named. ...
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| Walmart names new Latam leader, Solorzano still Walmex chairman Posted: 11 Jan 2013 08:37 AM PST (Reuters) - Wal-Mart Stores Inc said on Friday that Enrique Ostale will become president and chief executive of Walmart Latin America, succeeding Eduardo Solorzano, who will continue to serve as chairman of the board of directors at Wal-Mart de Mexico . The move comes as the world's largest retailer remains under fire following a New York Times report in April 2012 that said Wal-Mart had intentionally stifled an early internal probe into allegations that Walmex officials had paid bribes to help build stores in Mexico. ... |
| FAA to review of Boeing 787, but calls plane safe Posted: 11 Jan 2013 08:12 AM PST  WASHINGTON (AP) — The Federal Aviation Administration is conducting a comprehensive review of the design, manufacture and assembly of the Boeing 787, even while government officials declared the plane safe despite recent incidents including a fire and a fuel leak earlier this week.
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| Stocks inch lower; S&P 500 slips from 5-year high Posted: 11 Jan 2013 08:51 AM PST  NEW YORK (AP) — Stocks edged lower on Wall Street Friday, pulling the Standard & Poor's 500 index below a five-year high reached the day before.
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| US trade gap hit $48.7 billion in November Posted: 11 Jan 2013 06:22 AM PST  WASHINGTON (AP) — The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports.
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| Wells Fargo's net rises, but mortgages slow Posted: 11 Jan 2013 07:34 AM PST  NEW YORK (AP) — Wells Fargo, the country's biggest mortgage lender, reported a 25 percent increase in fourth-quarter earnings Friday, beating analysts' expectations for both profit and revenue. The bank made more loans, set aside less money for potential defaults and enjoyed above-average returns from the investments made by its private equity business.
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| Gadget Watch: Long-battery watch talks to iPhone Posted: 11 Jan 2013 06:25 AM PST  LAS VEGAS (AP) — "Smart" watches that talk to cellphones have been around for some time, but they've been hampered by their high battery drain — usually needing recharging every few days. At this week's International CES electronics trade show in Las Vegas, a startup launched a smart watch, the Cookoo, that runs for a year on a standard button cell.
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| Merck warns docs to stop prescribing Tredaptive Posted: 11 Jan 2013 08:05 AM PST Drugmaker Merck & Co. is suspending its sale of the cholesterol drug Tredaptive after initial results from a study showed that it wasn't effective and could raise the risk of some serious side effects. |
| Best Buy shares jump on holiday results Posted: 11 Jan 2013 08:32 AM PST NEW YORK (AP) — Shares of Best Buy Co. jumped on Friday after the electronics chain showed signs of starting to reverse declining sales during the critical holiday selling season, a better-than-expected result. |
| Apple CEO: China will be biggest market Posted: 11 Jan 2013 03:36 AM PST BEIJING (AP) — Apple expects China to overtake the United States as its biggest market, CEO Tim Cook told a Chinese government news agency. |
| USDA's crop report for 2012 to show drought impact Posted: 11 Jan 2013 07:57 AM PST DES MOINES, Iowa (AP) — The U.S. Department of Agriculture is releasing its final crop report for 2012, providing a glimpse of what last year's drought cost the nation's farmers and others. |
| Warner wins legal victory for control of Superman Posted: 11 Jan 2013 05:48 AM PST SAN FRANCISCO (AP) — Superman belongs to Warner Bros., according to the latest legal victory granting the film and television studio complete commercial control of the lucrative Superman franchise. |
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