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Appeals court directs Ex-Im Bank to explain rationale for loan guarantee to Air India

Tue, 18 Jun 2013 17:24:35 -0400

WASHINGTON - A U.S. appeals court has upheld a decision by the U.S. Export-Import Bank to finance the sale of 30 Boeing wide-body jets to Indian state-owned carrier Air India in a legal challenge brought by Delta Air Lines to the loan guarantee. The court has however directed the government-run bank to better explain its rationale for providing loan guarantee, which Delta claimed as a victory ...

Google renews efforts wipe out child porn images from internet

Tue, 18 Jun 2013 17:23:53 -0400

LONDON - Internet giant Google said it is spending $5 million to wipe images of child abuse off the Internet and another $2 million to create tools to find the images and eradicate them. "We're in the business of making information widely available, but there's certain 'information' that should never be created or found," wrote Jacqueline Fuller, director of Google Giving, in a blog post. "We ...

GSK negotiating sale of thrombosis drug and plant to Aspen

Tue, 18 Jun 2013 17:20:31 -0400

DURBAN / LONDON - South Africa's biggest generic drug maker Aspen Pharmacare and its subsidiary Aspen Global Incorporated have made an offer to acquire thrombosis drugs and their associated manufacturing site at Notre Dame de Bondeville, France, from GlaxoSmithKline (GSK). "AGI will acquire from GSK the Arixtra and Fraxiparine/Fraxodi brands and business worldwide, except in China, Pakistan ...

Carbon trading to begin in Shenzhen in bid to cut emission

Tue, 18 Jun 2013 17:12:35 -0400

BEIJING - China, the world's biggest carbon emitter, is set to launch Tuesday its first carbon trading scheme as a pilot project in the southern city of Shenzhen as part of efforts to cut emissions in its key cities. Carbon emissions trading schemes are meant to encourage companies to reduce their carbon dioxide emissions by setting a limit or a cap, on the level of emission that can be ...

Rise in transportation costs push up UK inflation to 2.7pc

Tue, 18 Jun 2013 17:12:21 -0400

LONDON - The consumer price index (CPI) inflation increased to 2.7% in May, up from 2.4% in April, mainly due to higher fuel costs pushing up transportation costs particularly airfares, the Office for National Statistics (ONS) said Tuesday. The ONS said the rise was due to a record increase in airfares and higher fuel prices. "The inflation rate has returned to the levels seen between ...

Yahoo follows Facebook and Microsoft in publishing US govt sought snoop data

Wed, 19 Jun 2013 02:40:03 -0400

Internet corporation Yahoo has followed the league of technological companies in publishing reports about 'snoop data' requests made by the US government. According to the Guardian, Yahoo has revealed that it had received 12,000-13,000 requests, inclusive of criminal, Foreign Intelligence Surveillance Act (FISA), and other requests by the government between 1 December 2012 and 31 May 2013. ...

Nvidias stock jumps on license plan Wall Street eyes Apple

Wed, 19 Jun 2013 15:57:26 -0400

By Noel Randewich(Reuters) - Shares of chipmaker Nvidia surged nearly 6 percent on Wednesday after the company said it plans to license its graphics technology, opening the door to new business with Apple, Samsung Electronics and other mobile device makers.Chief Executive Officer Jen-Hsun Huang told the Reuters Global Technology Summit in San Francisco on Tuesday that licensing graphics cores and ...

Best Buy recalls 5100 replacement batteries for MacBook Pro due to fire risk

Wed, 19 Jun 2013 15:55:13 -0400

Best Buy is recalling 5,100 replacement batteries for the MacBook Pro due to a fire risk. The U.S. Consumer Product Safety Commission said Wednesday that there have been 13 reports that the battery caught fire. One consumer suffered a serious burn on the leg. Best Buy Co. is voluntarily recalling both black and white ATG lithium-ion replacement batteries for the notebook computers. The ...

Bernanke Fed could reduce pace of bond purchases later in year if economy keeps improving

Wed, 19 Jun 2013 15:55:11 -0400

WASHINGTON -- Chairman Ben Bernanke says the Federal Reserve could scale back its $85 billion in monthly bond purchases later this year if the economy continues to improve. Bernanke says the reductions would occur in "measured steps" and that the program could end by the middle of next year. His comments were made during a news conference Wednesday after the Fed concluded its two-day ...

Wisconsin Senate to debate state budget Thursday following quick Assembly passage

Wed, 19 Jun 2013 15:55:10 -0400

MADISON, Wis. -- The Wisconsin Senate plans to debate the state budget on Thursday, and Republican Majority Leader Scott Fitzgerald says no changes are planned. Fitzgerald said Wednesday he thinks there are enough Republican votes in the Senate to pass it in its current form. Republicans hold an 18-15 majority, but some moderates have raised concerns with the expansion of private school vouchers ...

Study Wiser medication use could save US $213 billion a year in avoidable health care costs

Wed, 19 Jun 2013 15:55:09 -0400

TRENTON, N.J. -- If doctors and patients used prescription drugs more wisely, they could save the U.S. health care system at least $213 billion a year, by reducing medication overuse, underuse and other flaws in care that cause complications and longer, more-expensive treatments, researchers conclude. The new findings by the IMS Institute for Healthcare Informatics improve on numerous prior ...

Fed Interest rates wont go up til unemployment goes down

Wed, 19 Jun 2013 15:54:39 -0400

In this Wednesday, May 22, 2013 photo, Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington. The Federal Reserve ends a policy meeting Wednesday, June 19, 2013. Investors have been nervously speculating that the Fed will soon scale back its economic stimulus and send interest rates up and stock prices down. (AP Photo/Manuel Balce ...

SEC sets tougher stance on Street wrongdoing may start requiring admissions of guilt

Wed, 19 Jun 2013 15:51:54 -0400

Hedge fund honcho Steve Cohen is suddenly looking pretty lucky.Just months after Cohen’s SAC Capital agreed to a $602 million SEC settlement over insider trading - without admitting any wrongdoing - the SEC is talking tough.Mary Jo White, the new head of the Securities and Exchange Commission, plans to hold a town hall meeting to discuss when to require some defendants to admit to ...

Take an early peek inside Microsofts new downtown Portland store

Wed, 19 Jun 2013 15:49:11 -0400

PORTLAND, Ore. - Microsoft Corp. gave reporters a preview of its gleaming new Portland store Wednesday ahead of its Thursday grand opening. Manager David Dantes leads a staff of 45 at the 3,200-square-foot store, constructed in the former Romano’s Macaroni Grill restaurant, 300 S.W. Yamhill St., at Pioneer Place in downtown Portland. The Portland store is one of seven Microsoft ...

Margate residents appeal against giant new Tesco

Wed, 19 Jun 2013 15:47:49 -0400

Angry residents of Margate have appealed to the High Court against the Government's decision to build a giant Tesco store on the ...

Papers please Microsoft creates second-class citizens with Office iPhone app

Wed, 19 Jun 2013 15:44:44 -0400

Computerworld - Microsoft erred when it decided that the new Office Mobile for iPhone would be available to Office 365 customers but not to those who purchased a traditional "perpetual" license to Office 2013, an analyst argued. "It's a mistake," said Frank Gillett of Forrester Research in an interview last week. "Any one [with Office 2013] should be able to access ...

Ex-Goldman Sachs VPs Defense Limited

Wed, 19 Jun 2013 15:44:32 -0400

Goldman Sachs vice president Fabrice Tourre can argue that he was acting on the advice of company lawyers in his defense against charges that he misled investors.The ruling could be another setback for Tourre ahead of his trial on July 15, after the judge earlier this month rejected his argument that ...

Investing to Retire Tax-Free

Wed, 19 Jun 2013 15:44:32 -0400

"Tax-free retirement" has a nice ring to it. If, like two-thirds of Americans, you are unsure you've saved enough for your out years, it's especially nice to know that Uncle Sam won't be pinching a slice of your meager pie. Or maybe you're an ample saver convinced by the tax talk in Washington that the feds will undo your careful planning by raising taxes by the time ...

Sex Toy Battle Shows Industry Growing

Wed, 19 Jun 2013 15:44:31 -0400

Is the sex toy business all grown up? In a highly watched case for the adult-entertainment crowd, a U.S. trade panel has ruled that several sex toy makers are violating a patent held by a Canadian company for a two-armed vibrator. The U.S. International Trade Commission ordered those competitors to stop making and selling products to Standard Innovation Corp.'s We-Vibe toy. While such ...

FBI Ends Search For Hoffa

Wed, 19 Jun 2013 15:44:30 -0400

The FBI has failed to find remains of ex-Teamsters leader Jimmy Hoffa in a field outside suburban Detroit, with the "Power Lunch" crew. The search goes ...

New Swine Virus Spreading Among Piglets

Wed, 19 Jun 2013 15:44:29 -0400

A swine virus never been seen in North America and deadly to young pigs is spreading rapidly across the United States, and it is proving harder to control than previously believed. The virus, with more than 100 positive cases, has spread to 13 states since it was diagnosed in the country last month, said Montserrat Torremorell, a specialist in swine health and professor at the University of ...

Tesla hints at battery swap thats faster than filling gas tank

Wed, 19 Jun 2013 15:38:57 -0400

People look at the Tesla Motors Model X electric vehicle at its unveiling at the Tesla Design Studio in Hawthorne, Calif. in February 2012. The company's CEO has hinted that it may offer a battery-swap option. Nearly a month after announcing plans to set up a high-speed network of "Supercharger" stations across the U.S. and Canada, Tesla CEO Elon Musk is hinting the start-up ...

Aldi Beats Big Four To Top Consumer Award

Wed, 19 Jun 2013 15:36:29 -0400

Discount retailer Aldi has been named the UK's best supermarket at the annual Which? awards. The consumer watchdog said Aldi took the title "for its impressive range of best buys, quality food and good pricing", trumping competition from major players such as Sainsbury's, Tesco, Asda and Morrisons. It follows Kantar figures released on Tuesday showing Aldi seized a ...

Icahn reiterates commitment for Dell buy

Wed, 19 Jun 2013 15:31:31 -0400

NEW YORK (Reuters) - Carl Icahn reiterated his interest in owning Dell Inc and said the $5.2 billion in financing he's putting together to back his bid for the company continues to move forward as planned. The comments came in a telephone interview Tuesday, echoing statements he made earlier in the day in an open letter to Dell ...

Web retailer Fab valued at $1 billion with funding from Tencent

Wed, 19 Jun 2013 15:31:30 -0400

As part of the funding round Tencent, China's largest online gaming and social networking company, will get to appoint a director to Fab's board, said Jason Goldberg, Fab's chief executive and founder, in a post on his personal blog on ...

Dassault wants Ottawa to open jet fighter contract to replace CF-18

Wed, 19 Jun 2013 15:26:55 -0400

French aircraft maker, Dassault Aviation, is urging the Canadian government to have an open contest for replacing its aging fleet of McDonnell Douglas CF-18 Hornets, arguing its Rafale fighter jet is a perfect fit. The procurement of a new fleet of fighter jets erupted into a national scandal after the Auditor General raised a red-flag on a the sole-sourced contract.The Department of National ...

First Leaside founder testifies at OSC hearing into fraud allegations

Wed, 19 Jun 2013 15:26:55 -0400

David Phillips, the founder of defunct real estate investment firm First Leaside Group of Companies, told an Ontario Securities Commission panel that he could not reveal a "viability" report at the heart of the fraud case against him to investors for fear it would result in a "Conrad Black and the boxes moment." Asked by his lawyer Alistair Crawley to explain the reference to ...

Understanding momentum in stock returns

Wed, 19 Jun 2013 15:25:54 -0400

(MoneyWatch) In 1993, Eugene Fama and Ken French released a paper explaining that stock returns are primarily due to three factors: market risk, size risk and value risk. However, this Fama-French three-factor model doesn't account for all stock returns, missing additional factors such as momentum. A recent paper sheds more light on how the momentum factor affects stock prices. Momentum ...

Microsoft will pay up to $100K for new Windows exploit techniques

Wed, 19 Jun 2013 15:24:47 -0400

Microsoft has announced that it will give security researchers cash rewards for devising novel software exploitation techniques, creating new exploit mitigation systems, and finding bugs in the beta of Internet Explorer 11 when it's released later this month. Bug bounty programs, where security researchers receive a cash reward from software vendors for disclosing exploitable flaws in those ...

Fed Votes to Maintain Stimulus Program

Wed, 19 Jun 2013 15:24:37 -0400

The Federal Reserve announced today that it won't be changing its $85 billion a month bond purchasing stimulus program, though labor market conditions have improved in recent months. It will keep its target interest near zero while unemployment remains above 6.5 percent. The Fed, which has been injected trillions of dollars into the slowly recovering American economy, made an announcement ...

Microsoft to hire computer geeks to thwart hackers offers hefty bounties

Wed, 19 Jun 2013 15:24:33 -0400

Microsoft Corp is looking to recruit computer geeks in its ongoing efforts to protect Windows PCs from attacks, offering rewards of as much as $150,000 to anybody who helps identify and fix major security holes in its software. Microsoft unveiled the rewards program, one of the most generous in the high-tech industry to date, on Wednesday as it sought ways to prevent sophisticated attackers from ...

US STOCKS-Wall St falls sharply on Bernanke comments Fed statement

Wed, 19 Jun 2013 15:11:04 -0400

Wed Jun 19, 2013 3:11pm EDT * Fed maintains pace of bond purchases * Adobe, FedEx shares rise after results * Indexes off: Dow 0.9 pct, S&P 500 0.9 pct, Nasdaq 0.8 pct By Ryan Vlastelica NEW YORK, June 19 (Reuters) - U.S. stocks fell 1 percent in a volatile session on Wednesday, with losses accelerating after Federal Reserve Chairman Ben Bernanke said a reduction in the rate of stimulus could ...

6-month-old shot at home on Alcoa Hwy.

Wed, 19 Jun 2013 14:51:13 -0400

Officers are investigating the shooting of a six-month-old child, the Knox County Sheriff's Office has confirmed. It happened Wednesday afternoon at a home on Alcoa Hwy. The child has been transported to UT Medical Center. We have a crew on the way and will have updates as soon as they are ...

Mens Wearhouse fires chairman who told millions Youre going to like the way you look

Wed, 19 Jun 2013 14:47:54 -0400

FILE - In this Thursday, May 6, 1999 file photo, George Zimmer, second from left, gestures in a meeting in Oakland, Calif. Men's Wearhouse Inc. says it has dismissed Zimmer, its founder and executive ...

Federal Reserve foresees lower US unemployment and inflation this year and next

Wed, 19 Jun 2013 14:47:53 -0400

WASHINGTON -- The Federal Reserve expects the U.S. unemployment rate to fall faster this year and next than it did in March. The Fed now predicts unemployment will fall to 7.2 percent or 7.3 percent at the end of 2013 from 7.6 percent now. It thinks the rate will be between 6.5 percent and 6.8 percent by the end of 2014, better than its previous projection of 6.7 percent to 7 percent. The 6.5 ...

Highlights of state budget passed by Assembly

Wed, 19 Jun 2013 14:47:51 -0400

MADISON, Wis. -- The two-year state budget passed by the Republican-controlled Assembly on a 55-42 vote now heads to the state Senate for an expected vote on Thursday. If it passes there in identical form, it then heads to Gov. Scott Walker who can sign it, veto all of it, or veto any individual items he opposes. The Legislature has the option to override Walker's vetoes. Here are some ...

Voters support growth control in Encinitas

Wed, 19 Jun 2013 14:47:24 -0400

Guerin said her two groups --- Encinitas Residents, Business & Taxpayers Opposing Prop. A and Homeowners to Preserve Encinitas --- made a big push in the final days before the election to encourage people to come vote at the ...

KCSO investigating shooting off Alcoa Highway

Wed, 19 Jun 2013 14:42:28 -0400

Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be ...

No Taper Tipoff Fed Keeps the Easing Going

Wed, 19 Jun 2013 14:36:52 -0400

The Federal Reserve will keep its version of the monetary printing press running a while longer, and provided few hints Wednesday that the days of extreme easing are coming to a close. In a decision eyed with a surgeon's precision on Wall Street, the central bank's Open Markets Committee tiptoed around the vaunted "tapering" question, saying it will continue watching the ...

Who Will Be the Next Fed Chairman

Wed, 19 Jun 2013 14:36:51 -0400

The question of who the president will nominate to succeed Bernanke will probably be answered sometime this summer. The president will want to make sure the Senate has plenty of time to consider and confirm his nominee--and that the markets have time to digest the ...

Kiss and Tell Hersheys SP Prediction

Wed, 19 Jun 2013 14:36:51 -0400

Brian Stutland of the Stutland Volatility Group believes that chocolate sales can tell us a great deal about where the market will go next. "Your basic thing that everybody loves is chocolate," Stutland said. "If chocolate sales are falling--if you hate chocolate--you definitely hate real estate or whatever big-ticket purchases you want to make." So to get a jump on the ...

Zimmer Doesnt Like the Way This Looks

Wed, 19 Jun 2013 14:36:50 -0400

No reason has been given yet for the departure of founder and executive chairman George Zimmer, reports CNBC's Courtney Reagan. Zimmer has long been the face of the ...

What to Expect From the Fed

Wed, 19 Jun 2013 14:31:23 -0400

CNBC's Steve Liesman discusses expectations for the Fed; and Kenny Polcari, O'Neil Securities, and CNBC's Bob Pisani, break down how the market is anticipating the ...

Whats Leon Cooperman Buying Now

Wed, 19 Jun 2013 14:31:22 -0400

Leon Cooperman, Omega Advisors chairman & CEO, discusses what he hopes to hear from the Fed later today, adding there are plenty of stocks out there with more attractive yields than 10-year Treasurys. Cooperman also explains why he filed suit against ...

DreamWorks CEOs Really Good Arrangement With Netflix

Wed, 19 Jun 2013 14:31:20 -0400

CNBC's Julia Boorstin speaks to DreamWorks Animation CEO Jeffrey Katzenberg, about his company's partnership with the Chinese government, and its deal with ...

Bernanke wont blow up bond market

Wed, 19 Jun 2013 14:30:26 -0400

The Federal Reserve may not be the big bad wolf of the bond market, despite what some say. FORTUNE -- The last of the economy's Band-Aids are coming off. The question is how much it will hurt. So far, the answer from the bond market has been quite a lot. Ever since Federal Reserve chairman Ben Bernanke indicated about a month ago that the Fed might slow its bond buying stimulus program, ...

State of the Art Microsoft Office for the iPhone Is Here. Yawn.

Wed, 19 Jun 2013 14:30:00 -0400

Anticlimax (noun) 1. An event or conclusion that is far less important, powerful or striking than expected. 2. The release of Microsoft Office for the iPhone. Office for iPhone is big news, but not because the software is ...

Apple Unveils News Content For TV Service

Wed, 19 Jun 2013 14:28:40 -0400

We no longer check to see whether Sky News displays properly in Internet Explorer version 6 or earlier. To see our content at its best we recommend upgrading if you wish to continue using Internet Explorer or using another browser such ...

Microsoft offers up a bounty for finding bugs in beta

Wed, 19 Jun 2013 14:26:38 -0400

(Credit: Microsoft) Microsoft on Wednesday announced it will launch a "bug bounty" program, designed to stamp out security vulnerabilities in its software before and after its products are launched. The software giant has previously offered as much as $250,000 for security vulnerabilities ...

Exclusive Forest interested in bidding for Irish drugmaker Elan - sources

Wed, 19 Jun 2013 14:23:45 -0400

WASHINGTON - The Federal Reserve on Wednesday said it would keep buying $85 billion in bonds per month and gave no explicit indication that it was close to scaling back the program, despite intense market speculation it could soon start drawing it to a ...

Fed keeps buying bonds at $85 billion monthly pace

Wed, 19 Jun 2013 14:23:45 -0400

WASHINGTON (Reuters) - The Federal Reserve on Wednesday said it would keep buying $85 billion in bonds per month and gave no explicit indication that it was close to scaling back the program, despite intense market speculation it could soon start drawing it to a ...

U.S. banks failed to follow mortgage standards monitor

Wed, 19 Jun 2013 14:23:44 -0400

WASHINGTON (Reuters) - Four of the largest U.S. mortgage servicers failed to adhere to some of the new standards set out in a landmark settlement meant to help consumers facing foreclosure, a court-appointed monitor said on ...

Exclusive Parmalat should cut LAG price by $151 million report to court says

Wed, 19 Jun 2013 14:23:43 -0400

PARMA, Italy (Reuters) - A court-appointed commissioner has recommended Italian dairy group Parmalat cut the price it paid to its parent company Lactalis to acquire its North American cheesemaking division by $151 million, a move that will please minority ...

U.S. judge limits ex-Goldman Sachs executives defense in fraud case

Wed, 19 Jun 2013 14:23:43 -0400

GS.N ) vice president Fabrice Tourre can argue that he was acting on the advice of company lawyers in his defense against charges that he misled ...

Full text of U.S. Fed statement

Wed, 19 Jun 2013 14:19:15 -0400

The Federal Reserve said Wednesday it will maintain the pace of its program to keep long-term interest rates at record lows, but offered a slightly more optimistic outlook for the U.S. economy and job market. Read ...

Fed gives no indication it’s ready to scale back QE

Wed, 19 Jun 2013 14:19:14 -0400

WASHINGTON -- The U.S. Federal Reserve on Wednesday said it would keep buying US$85-billion in bonds per month and gave no explicit indication that it was close to scaling back the program, despite intense market speculation it could soon start drawing it to a close. Describing the economy as expanding moderately, Fed officials cited further improvement in labour market conditions, and noted ...

Loblaw tests out smaller discount grocery store format in Calgary

Wed, 19 Jun 2013 14:19:14 -0400

Canada's largest grocer is trying out a new discount small-store format in a bid to attract more customers in urban areas. Loblaw Cos. Ltd. (TSX:L) said it opened the new 10,000-square foot store a few weeks ago in Calgary. The location, named The Box by No Frills, offers "hard discounts and an everyday low price" on groceries and other merchandise, Sarah Davis, Loblaw's ...

Bombardier books $297-million regional jet order from African carrier

Wed, 19 Jun 2013 14:19:13 -0400

Bombardier Inc. booked an order Wednesday for its regional jets and turboprops from African carrier, Arik Air. The Lagos, Nigeria-based carrier order three of the manufacturer’s CRJ1000s and four Q400 turboprops, valued at $297-million based on list price. It was a welcomed addition to Bombardier’s order book at the Paris Air Show. Until Wednesday, the plane maker had sold three ...

Microsoft Launches Security Bounty Programs for Windows 8.1 and IE 11 Preview

Wed, 19 Jun 2013 14:19:00 -0400

IDG News Service - Microsoft will pay security researchers for finding and reporting vulnerabilities in the preview version of its Internet Explorer 11 (IE 11) browser, for finding novel techniques to bypass exploit mitigations present in Windows 8.1 or later versions and for coming up with new ideas to defend against exploits. The monetary rewards will be paid ...

GM nabs two of top five spots in J.D. Power ranking

Wed, 19 Jun 2013 14:18:07 -0400

(MoneyWatch) General Motors won two of the top five brand rankings for the fewest new-car problems, with GMC second and Chevrolet fifth in the annual J.D. Power Initial Quality Study. That is an unusual showing for a Detroit-based company in a list traditionally dominated by import models, especially Honda and Toyota. Porsche was the top brand, Lexus third and Infiniti fourth. In addition to ...

Fed says it will continue $85B in bond purchases

Wed, 19 Jun 2013 14:18:07 -0400

Federal Reserve says it will maintain the pace of its program to keep long-term interest rates at record lows, but offered a slightly more optimistic outlook for the U.S. economy and job market. The brighter outlook could be a hint that the Fed is moving closer to reducing its stimulus. But the statement gave no indication of when that might happen. In a statement after its meeting, the Fed says ...

Best Toilet Papers Wipe Out Top Brands

Wed, 19 Jun 2013 14:16:58 -0400

(Image credit: Amazon.com) Consumer Reports revisited its toilet paper ratings after testing more than two dozen products, naming the worst and best brands. The results may be a surprise to those who think the top national brands are always preferred. Three Walmart products were named in its top five winner’s circle: White Cloud, which is sold only in its stores, and Walmart’s Great ...

Watch Olympian Lolo Jones Complains About Bobsledding Pay

Wed, 19 Jun 2013 14:16:58 -0400

She may have been joking but Allenby and -- -- -- video about her bobsledding paycheck has sparked some backlash. Jones who is a track and field hurdler is also a member of the USA national ...

RBS Lloyds Barclays account for most of UK capital gap

Wed, 19 Jun 2013 14:16:43 -0400

Apollo Tyres battled bankruptcy that had wiped out its entire capital base when the co started operations in the late 70s followed by a series of broken tech pacts. Read ...

Microsoft offers bounties for novel hacker tactics

Wed, 19 Jun 2013 14:16:39 -0400

SAN FRANCISCO (AFP) - Microsoft on Wednesday posted bounties of up to $100,000 for "truly novel" ways to hack the latest version of its Windows software for powering computers."For the first time ever, Microsoft is offering direct cash payouts in exchange for reporting certain types of vulnerabilities and exploitation techniques," the US software titan said in a blog ...

US STOCKS SNAPSHOT-Wall Street slips after Fed statement

Wed, 19 Jun 2013 14:08:59 -0400

NEW YORK, June 19 | Wed Jun 19, 2013 2:08pm EDT NEW YORK, June 19 (Reuters) - U.S. stocks hit session lows on Wednesday shortly after the Federal Reserve said it would keep buying $85 billion in bonds per month and gave no explicit indication that it was close to scaling back the stimulus program. The Dow Jones industrial average fell 51.38 points or 0.34 percent, to 15,266.85, the S&P ...

Western Pa. guardsman sues claiming Target fired him as no show during 2-week training stint

Wed, 19 Jun 2013 13:39:52 -0400

Target Corp., saying he was wrongly fired from one of the chain's Pittsburgh-area stores for violating its "no-call, no-show" policy while he was on a two-week training assignment in Virginia. Andrew Lanier claims in the federal lawsuit filed Wednesday in Pittsburgh that he told his supervisors about the training duty in October 2011 only to be told when he returned that he was ...

World Food Prize goes to 3 biotech researchers who made genetically modified plants possible

Wed, 19 Jun 2013 13:39:51 -0400

DES MOINES, Iowa -- This year's World Food Prize is going to a Belgian scientist and two researchers in the United States for their innovations that brought the world genetically modified crops. The prize organizers say the technology that allows for the stable transfer of genes into plant cells has improved yields, resistance to insects and disease, and tolerance of extreme climate ...

FBI director urges caution by Congress before making any changes to NSA programs

Wed, 19 Jun 2013 13:39:50 -0400

WASHINGTON -- FBI Director Robert Mueller is cautioning Congress to give careful consideration before making any changes to the National Security Agency programs for mass collection of people's phone records and information from the Internet. In an appearance before the Senate Judiciary Committee, the FBI director says there are 10 or 12 cases in which the phone records program contributed ...

Porsche GMC top survey of vehicle quality overall scores hit by glitches with tech features

Wed, 19 Jun 2013 13:39:49 -0400

DETROIT -- Porsche is the top performer in an annual survey of new vehicle quality. J.D. Power questioned more than 83,000 U.S. car owners about problems with their 2013 vehicles in the first 90 days of ownership. In the results released Wednesday, Porsche, GMC, Lexus, Infiniti and Chevrolet owners reported the fewest problems. The worst performing brands were Scion, Fiat, Mitsubishi, Nissan ...

CORRECTED-AIRSHOW-New Eurofighter chief aims to make jet cheaper

Wed, 19 Jun 2013 13:37:10 -0400

Wed Jun 19, 2013 1:37pm EDT (Corrects that EADS is representative of German and Spanish interests, not France and Spain in para 6) PARIS, June 19 (Reuters) - The new chief of the Eurofighter Typhoon will lay out plans by the end of this year to make the fighter jet cheaper and decision-making quicker, as the aircraft gears up to vie for more business in an increasingly crowded and competitive ...

Currencies Dollar broadly lower ahead of Fed outlook

Wed, 19 Jun 2013 13:34:41 -0400

NEW YORK (MarketWatch) -- The U.S. dollar fell against most rivals, including the Japanese yen, on Wednesday ahead of highly anticipated guidance from the U.S. Federal Reserve on what it plans to do with its bond-buying ...

Bond Report Treasurys edge lower ahead of Fed meeting

Wed, 19 Jun 2013 13:34:40 -0400

NEW YORK (MarketWatch) -- Treasurys took a weaker tone on Wednesday as investors waited for the Federal Reserve's policy statement and Fed Chairman Ben Bernanke's news ...

Ian Livingstons government career may be short-lived

Wed, 19 Jun 2013 13:31:22 -0400

Why does Livingston want to be an unpaid trade minister ? We will have to take him at his word: he regards the post as an honour and he is tempted by the chance to try something new. Fair enough. The interesting question is what he does after being trade minister, especially if he's out of job after the election in May 2015. He is 48 and clearly ambitious. A quiet life in ...

United Utilities and Severn Trent hit by downgrades as markets await Bernanke

Wed, 19 Jun 2013 13:31:20 -0400

, 69p lower at 16.96, saw their shares go ex-dividend. But both were also hit by negative comments from RBC Capital Markets.On United, analyst John Musk issued an underperform rating and cut his target price from 680p to 650p, suggesting its dividends were at risk and it was facing a harsher regulatory environment. He ...

Microsoft Bug Bounty Program Puts Big Bucks On The Line

Wed, 19 Jun 2013 13:30:52 -0400

new bug bounty program that could pay as much as $150,000 for a single exploit. Last year, Microsoft launched a novel approach to the bounty concept with ...

Microsoft Finally Offers To Pay Hackers For Security Bugs With $100000 Bounty

Wed, 19 Jun 2013 13:30:52 -0400

Vasilis Pappas claiming his $200,000 reward for developing a new hacking defense at Microsoft's Blue Hat Prize event last year. Now Microsoft is adding ongoing bounties for offensive hacking techniques, too. For years, Microsoft has refused to offer financial rewards to researchers who tell the company about security flaws in its software, even ...

Bulls Bet On Micron Before Earnings Bears Smell More Blood In Mens Wearhouse

Wed, 19 Jun 2013 13:30:51 -0400

Options traders were snapping up out of the money call options on Micron Technology this morning ahead of the company's third-quarter earnings report after the closing bell today. Shares in the name kicked off the trading session in rally mode, rising as much as 2.6% to a six-year high of $14.11 in the early going, but have since cooled off to $13.80 as of 1:10 p.m. ET. Micron's shares ...

Unilever fails in High Court trademark case

Wed, 19 Jun 2013 13:30:12 -0400

Global consumer goods giant Unilever, which had a worldwide turnover of $86 billion in 2012, has lost a High Court stoush over a trademark in New Zealand. The intellectual property fight involved Unilever and ASX-listed McPherson's Consumer Products. The dispute followed McPherson's applying in 2010 to register "Catwalk" as a trademark for types of goods that included corn planes, blackhead ...

Watch the Feds Economic Forecast for Taper Clues

Wed, 19 Jun 2013 13:28:41 -0400

Federal Reserve officials could carry more weight than usual when traders dissect the Fed's message Wednesday afternoon, and it may provide more clues as to when the Fed could start to wind down its bond ...

Jeep Recall Smaller Than First Sought

Wed, 19 Jun 2013 13:28:40 -0400

About 1.2 million Jeeps originally listed as part of a recall requested by federal safety authorities have been effectively excluded from the compromise ...

Santelli to Fed What Are You Afraid Of

Wed, 19 Jun 2013 13:28:40 -0400

CNBC's Rick Santelli, explains why he hears 'crickets" when he asks questions about Fed Chairman Bernanke's policies. "Enough is enough," he ...

SEC Should Target Individuals

Wed, 19 Jun 2013 13:28:39 -0400

current SEC Chairman Mary Jo White said that this is set to change for some cases. Meanwhile, a former chairman of the SEC, Harvey Pitt, told CNBC that this new development is a good one. However, Pitt thinks ultimately this stricter stance on admission of guilt should eventually be combined with a strategy that focuses more on individuals, instead of primarily going after companies. "I ...

IRS to pay $70M in employee bonuses senator says

Wed, 19 Jun 2013 13:23:33 -0400

The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of automatic spending cuts enacted this year, according to a GOP senator. The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of ...

Stocks droop as traders await Fed policy signal

Wed, 19 Jun 2013 13:23:33 -0400

52 minutes ago Stocks fluctuated on Wednesday, with global markets trading cautiously, as investors hesitated to jump in ahead of the Federal Reserve's all-important policy statement and Chairman Ben Bernanke's press briefing later in the day. "The press conference can be very important--this would be a good time to elicit some interesting information from the Fed Chairman," ...

Dont Make These Bond Mistakes Gundlach

Wed, 19 Jun 2013 13:23:32 -0400

Bond King Jeffrey Gundlach of DoubleLine Capital explains why he thinks it doesn't pay for investors looking for yield to leave bonds and buy dividend stocks or ...

Gundlach Bonds Will Rally Gold Will Hit New Low

Wed, 19 Jun 2013 13:23:31 -0400

Men's Wearhouse founder George Zimmer defends his position at the company that fired him, reports CNBC's Josh Lipton. Jeffrey Gundlach, DoubleLine Capital, explains why the Fed's tapering program makes him ...

Gundlach Bet on a Most Hated Asset

Wed, 19 Jun 2013 13:23:30 -0400

The Fed will likely signal a reduction of asset purchases, making one investment the best bet in the near future, DoubleLine Capital's Jeff Gundlach ...

Santelli To Hilsenrath Why Do We Still Need QE

Wed, 19 Jun 2013 13:23:28 -0400

Are reporters lobbing "softball" questions at the Fed chairman? CNBC's Rick Santelli and the Wall Street Journal's Jon Hilsenrath, debate whether the economy continues to need quantitative easing. I'm trying to inform the public about what the Fed is ...

Mens Wearhouse icon wont like the way he looks -- hes out

Wed, 19 Jun 2013 13:23:27 -0400

In this May 6, 1999 file photo, George Zimmer, second from left, gestures prior to a meeting, in Oakland, Calif. Men's Wearhouse Inc. says it has dismissed Zimmer, its founder and executive chairman. Men's Wearhouse has fired George Zimmer, its bearded executive chairman famous for his TV ad line: "You're going to like the way you look. I guarantee it."The announcement ...

News Corp spinoffs start preliminary trading

Wed, 19 Jun 2013 13:15:52 -0400

(Reuters) - News Corp's publishing and entertainment arms began trading separately on a preliminary basis on Wednesday, one of the last steps before Rupert Murdoch's company officially splits in two on June ...

Skys the limit for civil drones

Wed, 19 Jun 2013 13:15:40 -0400

According to the European Commission, there are more than 400 projects across 20 European countries to develop civil unmanned aerial vehicles (UAV) ranging from some weighing just a few grams to others the size of an Airbus A320 ...

Porsche plaintiffs bolstered by court ruling lawyer

Wed, 19 Jun 2013 13:15:40 -0400

A logo is seen on a wheel of a Porsche 911 Carrera 4S ahead of the annual news conference at the Porsche headquarters in Stuttgart March 15, ...

Energy Stocks Energy stocks gain modestly ahead of Fed

Wed, 19 Jun 2013 13:13:25 -0400

SAN FRANCISCO (MarketWatch) -- Energy stocks inched higher on Wednesday, going against the broad U.S. equity markets as investors awaited word from the U.S. Federal ...

Wall Street all eyes on the Fed

Wed, 19 Jun 2013 13:12:54 -0400

Federal Reserve will say about the U.S. economy and the central bank's huge stimulus program this afternoon. The U.S. central bank will release its latest policy update at 2 p.m. Eastern Daylight Time and Bernanke will speak at a press conference thirty minutes later. Comments by Bernanke last month suggesting the central bank may soon ease that support unsettled investors and caused this ...

U.S. needs oil sands as surge from shale bonanza seen overdone

Wed, 19 Jun 2013 13:11:03 -0400

The U.S. will continue to need crude from Canada's oil sands because rising production from its shale formations is too expensive to maintain. Increased crude output from U.S. shale isn't "sustainable production," Mike Tims, chairman of Canadian investment bank Peters & Co., said yesterday at a Bloomberg energy forum in Calgary. Producers need to invest too much to ...

Air Canada has array of choices to replace narrow-body fleet

Wed, 19 Jun 2013 13:11:03 -0400

The 50th International Paris Air Show is being held from June 17 -23. The Financial Post’s Scott Deveau is in Paris this week to cover the event. Read his first dispatch ...

Poloz follows Carney as he urges businesses to start spending

Wed, 19 Jun 2013 13:11:02 -0400

OTTAWA -- Stephen Poloz stepped carefully into the public spotlight Wednesday, ostensibly to begin laying the foundation of his stewardship of the Bank of Canada but offering few concrete ideas to set him apart from his ...

Did President Obama ‘essentially fire’ his head banker on national TV

Wed, 19 Jun 2013 13:11:01 -0400

President Barack Obama was showing Ben Bernanke the door with his comments this week, observers say, and that could mean tapering will begin sooner rather than ...

BG Group looking to partner up for proposed West Coast LNG project

Wed, 19 Jun 2013 13:11:00 -0400

CALGARY - The U.K.'s BG Group PLC says it expects to own less than 50% of a liquefied natural gas project proposed for Canada's West Coast. BG this week applied to Canada's National Energy Board to export up to 21.6 million tonnes of super-cooled gas per year, or roughly 2.9 billion cubic feet a day, from a proposed LNG terminal on Ridley Island near Prince Rupert, British ...

Jail ‘reckless’ bankers and kill bonuses if taxpayer bailouts needed report urges UK lawmakers

Wed, 19 Jun 2013 13:10:58 -0400

While Canadian bankers continue to win international praise for riding out the global financial crisis, a hard-hitting report in Britain, which is still recovering from a series of financial scandals, has recommend bankers ‘should face threat of jail’and tighter limits on bonuses if involved in a future banking collapse. The long-awaited commission report on banking urges the UK ...

Ousted Mens Wearhouse Founder Says He Was Silenced

Wed, 19 Jun 2013 13:08:49 -0400

After retailer Men's Wearhouse [NYSE: MW] announced that it "terminated" founder and executive chairman George Zimmer, best known to consumers for his hundreds of TV commercials pitching suits, he fired back saying the company's board "has inappropriately chosen to silence my concerns." The company said that "in light of Mr. Zimmer's termination," ...

Wipro wins large contract worth Rs 2900 crore from Citigroup

Wed, 19 Jun 2013 13:08:38 -0400

In Mumbai, rentals in sea-facing Haveli on Malabar Hill, NCPA Apts at Nariman Point and Maker Towers at Cuffe Parade, where rentals range between Rs 5.5 lakh and Rs 12 lakh a month, are down ...

CORRECTED-FEATURE-Flush with orders aerospace industry retools

Wed, 19 Jun 2013 12:34:13 -0400

Wed Jun 19, 2013 12:34pm EDT (Corrects 13th paragraph to say Pratt & Whitney is using printing technology; original version said P&W was not using the technology) * Boeing increased 737 production rates 60 percent * Airbus has cut plane assembly time 30 percent * GE testing 3-D printers to make better engine parts, faster By Alwyn Scott PARIS, June 18 (Reuters) - As airplane makers gathered ...

Stock Markets Watch Bernanke

Wed, 19 Jun 2013 12:31:18 -0400

Top officials of the U.S. central bank are discussing how much and how soon to reduce their efforts to speed up economic growth. The chairman of the Federal Reserve will report their decisions Wednesday afternoon at 2:30 p.m. Ben Bernanke has previously said the bank will cut stimulus efforts if the unemployment situation improves further or inflation rises strongly. Stock markets have been ...

Senators seek cost cuts for F-35 fighter jet Pentagon says its priciest program improving

Wed, 19 Jun 2013 12:27:20 -0400

WASHINGTON -- Senators sought cost-cutting opportunities Wednesday in the Pentagon's $400 billion program for the next-generation F-35, a fighter jet with a troubled testing record that military leaders said America couldn't afford not to build. Chairing the hearing, Sen. Dick Durbin lamented that the F-35 already has cost taxpayers billions more than what Congress signed up for more ...

Grand Forks Herald publisher to retire after 35-year career with Pulitzer-winning newspaper

Wed, 19 Jun 2013 12:27:18 -0400

GRAND FORKS, N.D. -- The publisher of North Dakota's Grand Forks Herald plans to retire next year. Mike Jacobs has been with the newspaper for 35 years and has been publisher since 2004. He was the Herald's editor when the newspaper won a Pulitzer Prize for Public Service for its coverage of the 1997 Red River flood. The Herald reports (http://bit.ly/1bVlH7z ) that he plans to step ...

Israel decides to export 40 percent of its natural gas remainder for local market

Wed, 19 Jun 2013 12:27:17 -0400

JERUSALEM -- Israel has decided to export 40 percent of the natural gas it expects to produce from offshore wells, keeping a larger amount for local use than expected. The figure, announced by Prime Minister Benjamin Netanyahu on Wednesday, is lower than the 53 percent recommended by an inter-ministerial committee last year. The remainder should provide Israel with enough gas for 25 years. The ...

Company submits sampling plan pre-application notification for mine to Wis. DNR

Wed, 19 Jun 2013 12:27:16 -0400

MADISON, Wis. -- A company looking to dig a huge iron mine just south of Lake Superior has filed new papers with the Wisconsin Department of Natural Resources outlining a bulk sampling plan and notifying the agency it plans to seek a mining permit. Gogebic Taconite filed the papers Monday. They include a plan that calls for sampling rock from five sites to assess the quality of the iron deposit. ...

Mortgage settlement monitor says banks still falling short on helping struggling homeowners

Wed, 19 Jun 2013 12:27:15 -0400

WASHINGTON -- A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, the independent monitor of last year's national mortgage settlement, said Wednesday that while the banks are doing a better job ...

Dolce and Gabbana convicted of tax evasion

Wed, 19 Jun 2013 12:27:00 -0400

Two years ago, a judge threw out a tax evasion and fraud case against the pair, whose label Dolce&Gabbana is a Milan fashion mainstay. Italy's high court later ruled the designers could be prosecuted for tax evasion, though not for ...

Mens Wearhouse ousts founder pitchman Zimmer

Wed, 19 Jun 2013 12:20:26 -0400

FILE - In this Thursday, May 6, 1999 file photo, George Zimmer, second from left, gestures to Andy Dolich prior to a meeting, in Oakland, Calif. Men's Wearhouse Inc. says it has dismissed Zimmer, its founder and executive chairman. In a terse release issued Wednesday, June 19, 2013, the company didn't give a reason for the abrupt firing of Zimmer, who built Men's Wearhouse from one ...

OECD says Ireland must apply 12.5 corporate tax rate not 2

Wed, 19 Jun 2013 12:18:01 -0400

OECD says Ireland must apply 12.5% corporate tax rate not 2% By Michael Hennigan, Finfacts founder and editor Jun 19, 2013 - 4:48 PM ...

Microsoft touts Windows 8 apps momentum heading into Build

Wed, 19 Jun 2013 12:17:28 -0400

Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times technology reporter Janet I. ...

Telecommuters Beware Boss is Watching

Wed, 19 Jun 2013 12:15:42 -0400

Even if you are thousands of miles away from the office and wearing your pajamas, your boss could still be watching you just as closely as if you were sitting in the next cubicle over. Some companies are monitoring employees' every keystroke no matter where they are working, and that's leading to more than just sniffing out who is stealing company secrets. It's also giving some ...

Cramer Too Many Fed Parlor Games

Wed, 19 Jun 2013 12:15:42 -0400

Stop trying to pick who Ben Bernanke's successor will be and start picking stocks, CNBC's Jim Cramer said Wednesday. "There are too many parlor games," Cramer said of speculation about the next Fed chairman. Instead, Cramer wants to see the market more concerned with individual stocks, adding that a tapering announcement by the Federal Reserve will be a "hiccup" for ...

Tesla Motors Issues Recall

Wed, 19 Jun 2013 12:15:41 -0400

Tesla Motors said it is recalling 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 because of a defect in the mounting bracket of the rear seat. "This reduces our confidence that the left hand seat back will be properly retained in the event of a crash," Tesla founder and Chief Executive Elon Musk said in a statement on Wednesday posted on the company's ...

HBO GO and ESPN App Come to Apple TV

Wed, 19 Jun 2013 12:15:41 -0400

Apple TV just got more interesting. The tech giant announced that the HBO GO and WatchESPN applications are now available on its Apple TV platform. However, to use both apps on the Apple TV platform, users must already have a subscription to the services via their cable service ...

Banks Eye Fed Decision on Rates

Wed, 19 Jun 2013 12:10:27 -0400

David Trone, JMP Securities analyst, and Jason Goldberg, Barclays analyst, explain how the Fed's decision on interest rates will impact the financial ...

Fed Matters I Cant See Clearly Now

Wed, 19 Jun 2013 12:10:26 -0400

CNBC's Steve Liesman takes a look at whether a new era of transparency at the Fed really has made things clearer. Jeffrey Kleintop, LPL Financial, and Jim Dunigan, PNC Wealth Management, weigh in on the Fed's next move and whether it's time for ...

What the Fed Justin Bieber Have in Common

Wed, 19 Jun 2013 12:10:23 -0400

Neil Irwin, Washington Post economics columnist, explains why he thinks our obsession with the Fed is synonymous to a teenager's obsession with idol Justin ...

FedEx Trades Higher After Q4 Earnings Beat

Wed, 19 Jun 2013 12:10:12 -0400

Shares of the economic bellwether are up after its earnings beat but revenue miss. Brandon Oglenski, Barclays analyst, and Christian Wetherbee, Citi analyst, break down the results and provide a play on the transportation ...

President Obama Speaks in Germany

Wed, 19 Jun 2013 12:10:11 -0400

President Obama, speaking in Berlin, proposes deep cuts to America's nuclear weapons and addressed the NSA surveillance program. He also discussed Ben Bernanke, reports CNBC's John ...

BlackBerry shares fall as analyst downgrades stock ahead of earnings

Wed, 19 Jun 2013 12:02:59 -0400

TORONTO (Reuters) - BlackBerry shares fell nearly 4 percent on Tuesday after a Bernstein Research analyst cut his rating on the stock to "underperform" ahead of the company's quarterly earnings release next ...

Swiss parliament rejects U.S. tax deal

Wed, 19 Jun 2013 12:02:48 -0400

At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once ...

World Bank Keeping Eye on Fed

Wed, 19 Jun 2013 11:59:12 -0400

LONDON – The World Bank is concerned about the spillover effects on developing countries of a slowing of U.S. money creation and will move to provide affordable capital when borrowing costs rise, its president said on Wednesday. The U.S. Federal Reserve has sparked a bout of financial market turmoil since its chief, Ben Bernanke, announced on May 22 that the Fed could, before the year is ...

Why analysts say Lululemon’s growth strategy is a stretch

Wed, 19 Jun 2013 11:57:50 -0400

Lululemon Inc. says it can double its size in the U.S., build an international unit almost from scratch and get men hooked on US$88 yoga pants. More and more analysts are saying those plans are a ...

Tesla recalling 1200 Model S cars on safety issue

Wed, 19 Jun 2013 11:56:56 -0400

TSLA ) is recalling as many as 1,228 of its Model S vehicles, citing a problem with a rear seat latch in the electric sports sedan. The company says no injuries or customer complaints have been reported. Chairman and CEO Elon Musk said in a blog entry Wednesday that the strength of a mounting bracket for the rear, left seat latch may be weaker than intended. The issue was discovered June 10 and ...

One reason TV has to change Mobile

Wed, 19 Jun 2013 11:56:56 -0400

new study from Ooyala , a video analytics company, highlights why the walls will break down. It's not just that consumers want to pay less for cable TV or that some are determined to stream only television programming over the Internet. One of the major deciding factors will be that video viewing goes mobile, and many traditional carriers have little to no strength in that ...

Bluebird Bio shares rocket higher in trading debut

Wed, 19 Jun 2013 11:56:48 -0400

The company’s initial public offering of 5.94 million shares had been priced Tuesday at $17 per share, above its initial expectations of $14 to $16 per ...

UPDATE 1-Commerzbank to cut around 5200 jobs

Wed, 19 Jun 2013 11:31:37 -0400

Wed Jun 19, 2013 11:31am EDT * Commerzbank to cut 12 percent of staff * Around 3,900 cuts come from German operations * Overall cuts to eliminate 5,200 jobs FRANKFURT, June 19 (Reuters) - Germany's second-largest lender Commerzbank said on Wednesday it will cut 5,200 jobs, about 12 percent of its 45,000 full-time staff, adding to job-shedding by banks across Europe. Banks including Lloyds, ...

UPDATE 2-Tesla recalls some Model S cars due to seat-mount defect

Wed, 19 Jun 2013 11:31:09 -0400

Wed Jun 19, 2013 11:31am EDT By Bernie Woodall June 19 (Reuters) - Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat. The fix will cost Tesla about $150,000 during the second quarter, company spokeswoman Shanna Hendriks said. Tesla will inspect and reinforce the bracket in ...

Tech Stocks Adobe rises but Apple Microsoft slip

Wed, 19 Jun 2013 11:11:39 -0400

SAN FRANCISCO (MarketWatch) -- Shares of Adobe Systems Inc. jumped Wednesday, but the tech sector was weighed down by sliding shares of Apple Inc. and Microsoft ...

Movers Shakers Wednesday’s movers Sprint down as Dish drags feet

Wed, 19 Jun 2013 11:11:38 -0400

SAN FRANCISCO (MarketWatch) -- Sprint Nextel Corp. fell on Wednesday after Dish Network Corp. opted not to raise its competing offer for the wireless carrier, all but effectively yielding the field to Japan's SoftBank ...

US stocks edge lower

Wed, 19 Jun 2013 11:09:47 -0400

New York - US stocks are edging lower in early trading on Wall Street as investors hold back ahead of a policy announcement from the Federal ...

Delays and high prices leave rail passengers dissatisfied

Wed, 19 Jun 2013 11:08:18 -0400

Passenger satisfaction on the railways is dipping, with value for money and how companies deal with delays being the biggest cause for complaint, according to a survey of thousands of train customers.Just one train company, Great Anglia, improved its overall satisfaction levels between spring 2012 and spring 2013, the poll by rail customer watchdog Passenger Focus found.Nationally, the percentage ...

Bernanke Ultimate Lame Duck Langone

Wed, 19 Jun 2013 11:05:27 -0400

Whatever Federal Reserve Chairman Ben Bernanke says now is temporary because it looks like he'll be leaving his post, billionaire investor Kenneth Langone told CNBC on Wednesday. In an interview with Charlie Rose that aired Monday, President Barack Obama hinted that Bernanke may be on his way out. ...

Ask Bernanke What Question Would You Pose

Wed, 19 Jun 2013 11:05:27 -0400

So here's the picture: You're sitting in the psychiatrist's chair, legs crossed and notebook ready. Across from you is Ben Bernanke, the chairman of ...

Who Will Replace Bernanke Naming Names

Wed, 19 Jun 2013 11:05:26 -0400

Adam Posen, president of the Peterson Institute for International Economics, highlights that while Janet Yellen is a strong candidate to succeed Bernanke, there are a number of other people who could do the ...

CBO Immigration Plan Would Cut Deficit

Wed, 19 Jun 2013 11:05:25 -0400

Members of United We Dream, an immigrant youth-led organization, wearing caps and gowns hold their fists in the air on the steps of the Senate to call for immigration ...

Stocks open flat traders wait on Feds policy statement

Wed, 19 Jun 2013 10:59:24 -0400

1 hour ago Stocks opened flat on Wednesday, with global markets trading cautiously, as investors hesitated to jump in ahead of the Federal Reserve's all-important policy statement and Chairman Ben Bernanke's press briefing later in the day. ...

Microsoft Qualcomm to team up on next round of Surface RTs -- report

Wed, 19 Jun 2013 10:55:11 -0400

(Credit: CNET) Microsoft and Qualcomm will work together on the next generation of Surface RT devices, a new report claims. Microsoft will use Qualcomm's Snapdragon processor in some versions of its Surface ...

Analysis Half-way to lost decade Europes growth task as tough as ever

Wed, 19 Jun 2013 10:52:10 -0400

LONDON (Reuters) - Half-way towards a lost decade for Europe's economy, pessimism persists about the political will to halt a worrying slide in the region's potential ...

Britain says reckless bankers could face jail

Wed, 19 Jun 2013 10:52:10 -0400

LONDON (Reuters) - Bankers who are reckless with customers' or taxpayers' money could face criminal charges and have bonuses and pensions clawed back, according to proposals backed by Britain's prime minister on ...

Market Snapshot U.S. stocks steady Wall Street waits for Fed

Wed, 19 Jun 2013 10:50:05 -0400

NEW YORK (MarketWatch) -- U.S. stocks traded little changed on Wednesday after a two-day rally, with investors on uncertain footing ahead of the Federal Reserve's policy decision later in the ...

MTU Aero sees at least $1.1 billion of orders at show

Wed, 19 Jun 2013 10:49:08 -0400

German aircraft engine maker MTU Aero Engines said its order intake at this year's Paris Airshow will reach at least $1.1 billion thanks to demand for Pratt & Whitney's geared turbofan model. The figure, which includes options, is well above the 600 million euros ($804 million) booked at the 2011 Paris Airshow but still short of the record 1.3 billion of orders netted at last ...

Think Twice Before Concluding ETNs are Safe

Wed, 19 Jun 2013 10:49:06 -0400

It's already been five years since the credit crisis turned the world of finance upside down. Are credit backed exchange-traded notes (ETNs) now safe? Let's examine some of the basics about these types of financial ...

Stocks Waver All Eyes on the Fed

Wed, 19 Jun 2013 10:49:05 -0400

FOX Business: Capitalism Lives Here The markets hovered about a tight range Wednesday as traders braced for the Federal Reserve's policy decision later in the day. Today's Markets As of 10:32 a.m. ET, the Dow Jones Industrial Average fell 10.9 points, or 0.07%, to 15307, the S&P 500 dipped 1.1 points, or 0.06%, to 1651 and the Nasdaq Composite rose 0.8 point, or 0.03%, to 3483. ...

North America capable of making ‘OPEC NOPEC’

Wed, 19 Jun 2013 10:47:34 -0400

"We haven't really had the time to get the infrastructure going to catch up with the vast increase in domestic production," Drevna said in an interview. "We have to educate the folks to say, 'Look, we could be that swing producer.' We have the capability here in the United States, in North America, to make OPEC NOPEC." Since 2007, oil imports have fallen, with ...

Valeant follows path set by Agrium by issuing common shares to finance a U.S. takeover

Wed, 19 Jun 2013 10:47:33 -0400

After the markets closed Tuesda, Valeant priced its US$2 offering of common shares: investors, most of whom came from outside Canada, were asked to pay US$85 for each of the 23.5 million shares that were on offer. At that price the shares were priced at a very slight premium to the close on May 24 (US$84.47), the last trading day before the news was announced. The shares -- Valeant is listed on ...

I Guarantee It Mens Wearhouse Ousts Founder

Wed, 19 Jun 2013 10:45:04 -0400

Men's Wearhouse Inc. has dismissed its founder and executive chairman George Zimmer. In a terse release issued Wednesday, the company didn't give a reason for the abrupt firing of Zimmer, who built Men's Wearhouse from one small Texas store using a cigar box as a cash register to one of the nation's largest specialty retailers in men's clothing, with 1,143 locations. ...

9 militants 3 guards killed in fighting a U.N. building in Mogadishu

Wed, 19 Jun 2013 10:39:59 -0400

An attack by al-Shabaab gunmen on a U.N. compound in the Somali capital of Mogadishu Wednesday left 12 people dead, including nine militants, officials said. A soldier in the Somali National Army told The Wall Street Journal gunmen wearing suicide vests detonated a car bomb opening up the outer wall of the compound so the militants could enter. The African Union Mission in Somalia said the ...

U.S. banks fall short on 29 rules in $25 billion settlement

Wed, 19 Jun 2013 10:39:51 -0400

Only one of five U.S. banks involved in a $25 billion mortgage-abuse settlement had reached every goal in the agreement, an independent monitor said. The deal with the national mortgage lenders included the billions in financial obligations, which a report by the settlement's appointed ...

US stocks mostly lower ahead of Fed news

Wed, 19 Jun 2013 10:19:21 -0400

US stocks have opened mostly lower as investors await the latest policy announcement from the US Federal Reserve later on Wednesday. Five minutes into trade, the Dow Jones Industrial Average dipped 20.53 (0.13 per cent) to 15,297.70. The broad-based S&P 500 slipped 2.06 (0.12 per cent) to 1,649.75, while the tech-rich Nasdaq Composite Index was up a scant 0.32 (0.01 per cent) at ...

FedEx Delivers Strong Q4 Earnings Tops Expectations

Wed, 19 Jun 2013 10:04:15 -0400

business helped offset restructuring costs. Revenues matched Wall Street forecasts. FedEx also issued initial earnings growth guidance for the full-year 2013.The performance of package shipping bellwethers like FedEx and its rival United Parcel Service, Inc. ...

Coca-Cola announces organizational changes

Wed, 19 Jun 2013 10:01:46 -0400

New Delhi, June 19 : Beverage major The Coca-Cola Company on Wednesday announced key organizational changes in the Pacific Group. These changes are effective July ...

Futures Movers Oil edges up before inventory data Fed news

Wed, 19 Jun 2013 10:00:38 -0400

NEW YORK (MarketWatch) -- Crude-oil futures were slightly higher Wednesday before a much-awaited Federal Reserve decision and weekly supply data from the ...

Local global trends boost Gulf banks as foreign rivals retrench

Wed, 19 Jun 2013 10:00:00 -0400

Wed Jun 19, 2013 10:00am EDT * GCC banks climbing regional league tables * Double-digit growth in assets * Smaller local banks also expanding business scope * Basel III regulation one reason for contrast with foreign banks * Flow of high-profile personnel shifts to local institutions By Stanley Carvalho and Dinesh Nair ABU DHABI/DUBAI, June 19 (Reuters) - When British banker Michael Tomalin took ...

Plans for new food labelling system to combat UK obesity are dealt a blow as Cadbury and Coca-Cola reject traffic light plan

Wed, 19 Jun 2013 09:58:17 -0400

Plans to tackle UK obesity by introducing a standardised traffic-light food labelling system have been dealt a blow after Cadbury and Coca-Cola failed to sign up to the ...

BSkyB investigated over BT claim it is withholding Sky Sports package

Wed, 19 Jun 2013 09:57:42 -0400

BT has complained that BSkyB is withholding its Sky Sports package, which includes live Premier League games. Photograph: Olly Greenwood/AFP/Getty ...

BAE Systems rises nearly 2 despite denial of new EADS tie-up

Wed, 19 Jun 2013 09:57:41 -0400

is climbing higher on optimism at the Paris air show and talk of a renewed tie-up with EADS.The latter was soon shot down by an EADS spokesman. According to Reuters, Rainer Ohler ...

Royal Mail staff vote against privatisation

Wed, 19 Jun 2013 09:57:40 -0400

The ballot, in which staff also voted nine-to-one in favour of a boycott of delivering competitors' mail, is likely to lead to a vote on strike action. Photograph: Christopher ...

Deferring bank bonuses for 10 years sounds extreme – its not | Nils Pratley

Wed, 19 Jun 2013 09:57:39 -0400

HSBC's sub-prime punt seemed okay for the first five years - and the disgraceful money-laundering episode which started in 2004 wasn't made public until ...

Reckless misconduct proposals will be in banking reform bill says PM

Wed, 19 Jun 2013 09:57:38 -0400

The government will amend a parliamentary bill to introduce the central recommendation of the banking commission to allow bankers to be jailed for reckless ...

Mens Wearhouse Needs New Chairman

Wed, 19 Jun 2013 09:54:47 -0400

Men's Wearhouse said it fired Executive Chairman George Zimmer, who founded the company more than 40 years ago, sending the company's shares down 7 percent before the bell.The company, which gave no reason for the termination, also said it had postponed its annual shareholder meeting to renominate the existing slate of directors without Zimmer."The board expects to discuss with Mr. ...

Get Ready for 3 Treasury Yields

Wed, 19 Jun 2013 09:54:45 -0400

Yields on 10-year Treasurys have lurched 50 basis points upwards since May on fears the Federal Reserve may start scaling back its asset purchasing program, and some economists now forecast yields could reach 3 percent by year-end. "We expect the 10-year Treasury yield to rise close to 3 percent by the end of the year," James Paulsen of Wells Capital Management said in a research note ...

FedEx 4Q profit drops as priority services lag

Wed, 19 Jun 2013 09:52:28 -0400

By DAVID KOENIGAP Business Writer DALLAS (AP) - FedEx Corp.'s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options. Excluding charges, the results still beat Wall Street expectations. But the company's forecast for the next 12 months was shy of Wall Street forecasts and shares fell in premarket trading. The world's ...

OUYA Disrupts Video Game Industry

Wed, 19 Jun 2013 09:48:58 -0400

Julie Uhrman, OUYA founder & CEO, explains how her $99 gaming console could give PlayStation and Xbox a run for their money by allowing developers to publish game apps to the ...

Cramers Stocks to Watch FedEx

Wed, 19 Jun 2013 09:48:54 -0400

Don't start your trading day without finding out what CNBC's Jim Cramer is watching ahead of the opening bell. Today Cramer explains why he thinks FedEx is a "terrific company" after reporting its quarterly ...

Rossen reports Retailers mislead with ‘sales’

Wed, 19 Jun 2013 09:48:51 -0400

When you see a sign reading 20-, 30-, or 40-percent off you assume you're getting a deal. But sale prices advertised by major retailers may not be deals at all, and customers are fighting back. NBC's Jeff Rossen ...

FedEx shares dip on growth concerns

Wed, 19 Jun 2013 09:42:05 -0400

Handlers scan and affix a courier route label onto packages moving down the belt at the Marina Del Rey, California FedEx station December 12, ...

EADS says window closed for new BAE merger attempt

Wed, 19 Jun 2013 09:41:53 -0400

At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once ...

Lockheed Mitsubushi Heavy sign deal for F-35 assembly

Wed, 19 Jun 2013 09:41:52 -0400

Workers can be seen on the moving line and forward fuselage assembly areas for the F-35 Joint Strike Fighter at Lockheed Martin Corp's factory located in Fort Worth, Texas in this October 13, 2011 handout photo provided by Lockheed ...

Mark Hulbert A contrarian take on earnings misses

Wed, 19 Jun 2013 09:39:43 -0400

This is true anytime, but it's worth remembering right now because companies are falling over themselves reducing their earnings guidance for the current quarter -- the one that will be over in just a couple of weeks. In ...

Wall Street Eyes the Fed Futures Wobble

Wed, 19 Jun 2013 09:38:47 -0400

FOX Business: Capitalism Lives Here All eyes were on the Federal Reserve Wednesday as traders waited for any clues about when the central bank will begin trimming back on its bond purchases. Today's Markets As of 8:13 a.m. ET, Dow Jones Industrial Average futures fell 7 points to 15235, S&P 500 futures dipped 1.5 points to 1643 and Nasdaq 100 futures rose 2.3 points to 2991. The big ...

Kodak Preps $406M Offering as it Eyes Bankruptcy Exit

Wed, 19 Jun 2013 09:38:46 -0400

Eastman Kodak Co on Tuesday said it will seek court approval for a $406 million rights offering that could give creditors a big equity stake in the company after it emerges from Chapter 11 bankruptcy protection. Kodak said creditors agreed to backstop an offering that would let the Rochester, New York-based company issue 34 million common shares at $11.94 each, equal to about 85 percent of the ...

Orders top $100 billion as Ryanair gives Boeing a boost

Wed, 19 Jun 2013 09:37:58 -0400

1 of 6. President and CEO of Boeing Commercial Airplanes Ray Conner (R) and Ryanair Chief Executive Michael O'Leary share a light hearted moment as they pose during a signing ceremony at the 50th Paris Air Show, at the Le Bourget airport near Paris, June 19, ...

Imperial Oil to close N.S. refinery after failing to find buyer

Wed, 19 Jun 2013 09:37:20 -0400

CALGARY - Imperial Oil Ltd. says it will convert its refinery in Dartmouth, Nova Scotia to a terminal facility after it was unable to attract a buyer for the plant. "The results of the marketing effort illustrate the challenges of operating a refinery of Dartmouth's scale in the competitive conditions of the Atlantic Basin market," Imperial chairman and chief executive Rich Kruger ...

6.19.13 Where do you invest when the Fed begins tapering

Wed, 19 Jun 2013 09:37:19 -0400

. Will the Fed begin tapering its $85 billion-a-month in bond purchases within "the next few meetings," as Bernanke suggested during his remarks to Congress? Or does the job market remain too weak for the Fed to slow its stimulus, as Bernanke said at another point?The Fed's bond purchases have been intended to hold down long-term loan rates to induce Americans to borrow and spend ...

Money pours into high-yield debt markets in early 2013

Wed, 19 Jun 2013 09:37:18 -0400

As equity markets remain relatively weak, Canadians are pouring investing dollars into high-yield products, sending debt marketssoaring. During the first four months of 2013, $10.76-billion in equity capital was raised on the S&P/TSX, down from $17.25-billion during the same period in 2012, according to a mid-year capital report issued by law firm Torys LLP. The real estate sector, namely ...

Statoil discovers oil off the coast of Newfoundland

Wed, 19 Jun 2013 09:37:17 -0400

ST. JOHN'S, N.L. -- Statoil is evaluating a new discovery of high-quality oil off the coast of Newfoundland, about 500 kilometres northeast of St. John's, N.L., the Norwegian oil giant announced Wednesday. A Statoil spokesman says the latest oil discovery is very encouraging and contributes to its understanding of the area within the Flemish Pass Basin, where the company and its ...

Ottawa ups liability for offshore oil spills in Arctic Atlantic waters to $1-billion

Wed, 19 Jun 2013 09:37:16 -0400

CALGARY o Ottawa is boosting the liability cap on oil companies with plans to drill in Atlantic and Arctic waters as it looks to rekindle interest in Canada's offshore. In changes announced Tuesday, Natural Resources Minister Joe Oliver said companies operating in the Atlantic would be on the hook for a maximum of $1-billion in the event of a spill, up from $30-million previously. Arctic ...