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• Apple stock's continuing decline drags Wall Street lower
• Retail sales point to firmer consumer spending
• Fitch warns on U.S., Spain ratings, upbeat on Ireland
• Wal-Mart plans $50 billion "buy American" push
• Exclusive: Morgan Stanley to defer bonuses for high earners - sources
• Infrastructure woes could cost 3.5 million jobs by 2020: report
• Goldman backs down on bank bonus delay
• South Africa's Amplats to shed mines and 14,000 jobs
• RBS braced for up to $800 million Libor fines: sources
• Number of working poor families grows as wealth gap widens
• Chevy Volt goes upscale in new electric Cadillac
• Stocks edge lower; Apple extends decline
• US retail sales rose 0.5 percent in December
• Year-over year US home prices up sharply in Nov.
• US businesses increased stockpiles 0.3 percent
• Wal-Mart to hire vets, boost US sourcing
• Falling food, gas costs lower US wholesale prices
• Oil slips below $94 on US debt-ceiling concerns
• Wal-Mart to boost sourcing from US suppliers
• Amid gun debate, weapons trade show opens in Vegas

Apple stock's continuing decline drags Wall Street lower Posted: 15 Jan 2013 09:07 AM PST NEW YORK (Reuters) - Stocks fell on Tuesday on continued selling of tech heavyweight Apple and concerns over the brewing fight in Washington over raising the U.S. debt ceiling. Apple fell for the third day in a row as the biggest drag on both the S&P 500 and Nasdaq 100 after reports on Monday of cuts to orders for iPhone parts. Apple was down nearly 3 percent at $487.50 after hitting a session low of $485.60, its lowest level since February. ...

Retail sales point to firmer consumer spending Posted: 15 Jan 2013 07:36 AM PST WASHINGTON (Reuters) - U.S. retail sales rose solidly in December as Americans shrugged off the threat of higher taxes and bought automobiles and a range of other goods, suggesting momentum in consumer spending as the year ended. Other data on Tuesday showed inflation pressures remained muted, with wholesale prices declining for a third straight month in December. That should allow the Federal Reserve to stay on its very easy monetary policy path to nurse the recovery. Retail sales increased 0.5 percent after rising 0.4 percent in November, the Commerce Department said. ...

Fitch warns on U.S., Spain ratings, upbeat on Ireland Posted: 15 Jan 2013 04:25 AM PST LONDON (Reuters) - The United States faces a "material risk" of losing its triple-A status if there is a repeat of the wrangling seen in 2011 over raising the country's self-imposed debt ceiling, credit ratings firm Fitch said on Tuesday. Fitch also said Spain will continue to face downgrade risks even if it avoids having to ask for a bailout, while Ireland could claw its way back into the single-A rating band if a deal is struck to share the burden of its banking debts. Despite December's deal by U.S. ...

Wal-Mart plans $50 billion "buy American" push Posted: 15 Jan 2013 07:48 AM PST NEW YORK (Reuters) - Wal-Mart Stores Inc will buy an additional $50 billion in U.S.-made goods over the next decade in areas like sporting goods and high-end appliances in what the world's largest retailer called a bid to help boost the U.S. economy. Wal-Mart, the largest private employer in the United States, also said on Tuesday it plans to hire 100,000 newly discharged veterans over the next five years, at a time when the U.S. unemployment rate is at 7.8 percent. ...

Exclusive: Morgan Stanley to defer bonuses for high earners - sources Posted: 15 Jan 2013 08:58 AM PST NEW YORK (Reuters) - Morgan Stanley is deferring 100 percent of the bonuses for high-earning employees, according to three sources familiar with the situation. The deferral applies to all employees, except for financial advisers, who make more than $350,000 annually and whose bonuses are at least $50,000, one of the sources said. The deferred bonuses will be paid out over a three-year period. Employees who make less than $350,000 annually and whose bonuses total less than $50,000 will receive their cash bonuses in February, the source said. ...

Infrastructure woes could cost 3.5 million jobs by 2020: report Posted: 15 Jan 2013 08:10 AM PST WASHINGTON (Reuters) - Imagine a future of broken bridges, roads, sewer systems, power grids, airports and not enough money to fix them or to build new ones to serve an expanding population. What would that cost the United States in terms of lost jobs? A study released on Tuesday by the American Society of Civil Engineers says the cost in terms of lost jobs would be 3.5 million by 2020. It also projected a cumulative loss of $3.1 trillion in economic output over the same period without $1.1 trillion in additional funding for infrastructure projects. ...

Goldman backs down on bank bonus delay Posted: 15 Jan 2013 07:59 AM PST LONDON (Reuters) - Goldman Sachs has scrapped plans to delay paying bonuses to its bankers in Britain to exploit an income tax cut for top earners after Bank of England Governor Mervyn King criticized the move. Earlier on Tuesday, King chided the U.S. investment bank for considering a delay in bonuses until after April 6 when the top tax rate falls to 45 percent from 50 percent. "The delay had been under consideration and the decision was made today not to do it," a person familiar with the situation said. Goldman Sachs declined to comment. ...

South Africa's Amplats to shed mines and 14,000 jobs Posted: 15 Jan 2013 08:18 AM PST JOHANNESBURG (Reuters) - Anglo American Platinum, the world's top platinum producer, said it will mothball two South African mines, sell another and cut 14,000 jobs, risking a repeat of last year's strikes when about 50 people died. Reaction was swift, with a minister saying the government had not been consulted and an Amplats labor leader threatening strikes across South African operations if the closures go ahead. ...

RBS braced for up to $800 million Libor fines: sources Posted: 15 Jan 2013 05:20 AM PST LONDON (Reuters) - Royal Bank of Scotland is braced for fines of between 400 million pounds and 500 million pounds ($803 million) for its role in an interest rate rigging scandal, sources familiar with the matter said. The partly state-owned bank is expected to agree a settlement with authorities in Britain and the United States next week and will be hit with a worse punishment than rival Barclays, which was fined $450 million last June. However, the sources stressed the final number had not yet been decided by all of the regulators involved. ...

Number of working poor families grows as wealth gap widens Posted: 14 Jan 2013 09:02 PM PST WASHINGTON (Reuters) - The number of U.S. families struggling with poverty despite parents being employed continued to grow in 2011 as more people returned to work but mostly at lower-paying service jobs, an analysis released on Tuesday shows. More working parents have taken jobs as cashiers, maids, waiters and other low-wage jobs in fast growing sectors that offer fewer hours and benefits, according to The Working Poor Project, a privately funded effort aimed at improving economic security for low-income families. ...

Chevy Volt goes upscale in new electric Cadillac Posted: 15 Jan 2013 08:52 AM PST General Motors is trying to take the Chevrolet Volt's electric technology upscale with a new Cadillac.

Stocks edge lower; Apple extends decline Posted: 15 Jan 2013 09:02 AM PST NEW YORK (AP) — Stocks are edging lower on Wall Street as tensions rise in Washington over increasing the country's borrowing limit.

US retail sales rose 0.5 percent in December Posted: 15 Jan 2013 06:13 AM PST WASHINGTON (AP) — U.S. consumers increased their spending at retail businesses in December, buying more autos, furniture and clothing. Steady job growth and lower gas prices kept consumers shopping for the holidays, despite worries about potentially tax increases.

Year-over year US home prices up sharply in Nov. Posted: 15 Jan 2013 08:42 AM PST WASHINGTON (AP) — U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4 percent compared with a year ago. It was the biggest year-over-year increase in 6½ years.

US businesses increased stockpiles 0.3 percent Posted: 15 Jan 2013 07:10 AM PST WASHINGTON (AP) — U.S. companies increased their stockpiles a steady pace in November from October, responding to a solid increase in sales.

Wal-Mart to hire vets, boost US sourcing Posted: 15 Jan 2013 06:40 AM PST NEW YORK (AP) — Wal-Mart Stores Inc., the world's largest retailer and nation's largest private employer, is making a pledge to boost its sourcing from domestic suppliers and hire more than 100,000 veterans.

Falling food, gas costs lower US wholesale prices Posted: 15 Jan 2013 06:41 AM PST WASHINGTON (AP) — U.S. wholesale prices fell for the third month in a row last month, pushed down by falling food and gas costs. The drop is the latest evidence inflation is tame.

Oil slips below $94 on US debt-ceiling concerns Posted: 15 Jan 2013 08:28 AM PST The price of oil is little changed as heated rhetoric in Washington offsets forecasts for colder temperatures in areas where homeowners rely on oil for heat.

Wal-Mart to boost sourcing from US suppliers Posted: 15 Jan 2013 06:17 AM PST NEW YORK (AP) — Wal-Mart Stores Inc., the world's largest retailer, says it plans to significantly boost its sourcing from domestic suppliers over the next decade.

Amid gun debate, weapons trade show opens in Vegas Posted: 15 Jan 2013 09:00 AM PST LAS VEGAS (AP) — A weapons industry group based in the Connecticut town where a gunman killed 20 children and six adults last month is opening a Las Vegas Strip trade show Tuesday that's expected to draw tens of thousands of manufacturers and enthusiasts.

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