Wednesday, January 16, 2013

Yahoo! News: Business

Yahoo! News: Business

S&P 500 ends flat as bank profits temper growth concerns

Posted: 16 Jan 2013 01:45 PM PST

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - The S&P 500 ended nearly flat on Wednesday as solid earnings from two major banks and a bounceback in Apple shares offset concerns about a lower forecast for global growth in 2013. Shares of Goldman Sachs hit their highest since May 2011 as earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses. JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record. JPMorgan shares rose 1 percent to $46.82, while Goldman climbed 4.1 percent to $141.09. ...

FAA grounds Boeing 787 over battery concerns

Posted: 16 Jan 2013 03:38 PM PST

An advertisement of Boeing Co's 787 Dreamliner jet is seen at New Tokyo international airport in NaritaWASHINGTON (Reuters) - U.S. regulators grounded Boeing Co's 787 Dreamliner passenger jet on Wednesday, saying a recent series of safety incidents meant urgent action was needed. The Federal Aviation Administration said it would require airlines to demonstrate that the plane's cutting-edge batteries were safe before allowing further flights. It has notified regulators in other countries of its action as well. ...

Exclusive: JPMorgan settles lawsuit against "Whale" boss - source

Posted: 16 Jan 2013 10:17 AM PST

The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New YorkLONDON (Reuters) - JPMorgan Chase & Co has reached an out-of-court settlement over its lawsuit against the former boss of Bruno Iksil, the trader known as the "London Whale" for huge bets he took that cost the bank $6.2 billion, a person familiar with the matter said. Javier Martin-Artajo, who was Iksil's immediate supervisor, had been named as a defendant in a lawsuit filed at London's High Court on October 22. JPMorgan said last July it was seeking to claw back pay from those people it held responsible for the losses. Details of the action against Martin-Artajo were not released. ...

EBay holiday quarter sales jump; 2013 forecast cautious

Posted: 16 Jan 2013 02:14 PM PST

File photograph of eBay headquarters in San Jose CaliforniaSAN FRANCISCO (Reuters) - EBay Inc reported holiday quarter results that just beat Wall Street expectations, but the e-commerce company also gave a cautious forecast for 2013. EBay shares climbed 1.7 percent to $53.80 in after-hours trading following the announcement. Expectations were high ahead of the results because sales data from outside sources suggested strong sales growth from eBay's online marketplace and a solid increase in transactions processed by the company's PayPal payments business. ...

Analysis: Boeing 787 output, review threatened if engineers strike

Posted: 16 Jan 2013 02:47 PM PST

Passengers walk away from All Nippon Airways' (ANA) Boeing Co's 787 Dreamliner plane which made an emergency landing at Takamatsu airport, western JapanNEW YORK (Reuters) - An escalating series of mishaps on Boeing's new 787 Dreamliner has dealt engineers pushing for a new contract a strong card to play at the negotiating table. The engineers are considered by aviation experts to be crucial to a safety review of the 787 that the Federal Aviation Administration launched last week after a fire, fuel leaks and other failures sparked widespread fears about the new jet. ...

JPMorgan blames risk management for "London Whale" loss

Posted: 16 Jan 2013 01:19 PM PST

NEW YORK (Reuters) - Peter Weiland, the most senior risk officer in JPMorgan Chase's Chief Investment Office before the "London Whale" scandal broke last April, quietly resigned in October, according to a report by the bank that emphasizes the CIO's risk-management failures. Weiland's resignation had not been previously reported in the media. The JPMorgan Chase & Co report was released on Wednesday in conjunction with its fourth-quarter earnings. It cited failures in risk management inside the CIO and by JPMorgan's senior management. ...

U.S. business executives call for raising retirement age to 70

Posted: 16 Jan 2013 03:29 PM PST

WASHINGTON (Reuters) - A business group of top executives on Wednesday proposed reforms to Social Security and Medicare that would raise the enrollment age for both programs to 70 but not raise Social Security taxes paid by upper-income Americans. The Business Roundtable, which represents more than 200 chief executives from some of the largest U.S. corporations, also urged Congress to add a "premium support" mechanism to Medicare, peg Social Security cost-of-living adjustments to a lower inflation gauge and raise Medicare charges for wealthier beneficiaries. ...

Dunkin' Donuts plans to re-enter California in 2015

Posted: 16 Jan 2013 02:43 PM PST

LOS ANGELES (Reuters) - Dunkin' Donuts said on Wednesday it would open shops in southern California in 2015 in its long-awaited return to the state it left more than a decade ago when it was under different management. Fiercely loyal Dunkin' Donuts customers have been clamoring for it to re-enter California, which the company said is the No. 1 state for grocery sales of its bagged coffee. The coffee chain expects to open 150 to 200 shops in southern California by 2020, said Nigel Travis, chief executive of Dunkin' Brands Inc and president of Dunkin' Donuts for the United States. ...

Goldman, Morgan Stanley cut $557 million foreclosure deal

Posted: 16 Jan 2013 01:27 PM PST

The exterior of the world headquarters for Morgan Stanley & Co. Incorporated is seen in New YorkWASHINGTON (Reuters) - Goldman Sachs Group Inc and Morgan Stanley will pay a total of $557 million in cash and other assistance to troubled borrowers to end a case-by-case review of past foreclosures required by U.S. regulators. The U.S. Federal Reserve said on Wednesday that the two banks will pay $232 million to eligible borrowers and $325 million in loan modifications and forgiveness. The agreement is similar to the $8.5 billion deal reached between the Fed, the Office of the Comptroller of the Currency, and 10 other bank servicers on January 7. ...

Pinnacle Airlines path from Chapter 11 may run through Delta Air

Posted: 16 Jan 2013 12:23 PM PST

(Reuters) - Pinnacle Airlines Corp won bankruptcy court approval on Wednesday for agreements that it said pave the way for the regional carrier to emerge from Chapter 11 as a unit of Delta Air Lines . U.S. Bankruptcy Court Judge Robert Gerber signed an order that allows Pinnacle to form a restructuring accord with Delta. The carrier's reorganization plan, which will allow Delta to acquire equity in Pinnacle after Pinnacle emerges from bankruptcy, must be filed by February 15. Pinnacle's new business plan calls for it to operate 81 two-class regional jets for Atlanta-based Delta. ...

After another emergency, more trouble for 787 jet

Posted: 16 Jan 2013 02:49 PM PST

In this photo taken by a passenger and distributed by Japan's Kyodo News, passengers leave an All Nippon Airways Boeing 787 after it made an emergency landing at Takamatsu airport in Takamatsu, Kagawa Prefecture, western Japan, Wednesday, Jan. 16, 2013. ANA said a cockpit message showed battery problems and a burning smell was detected in the cockpit and the cabin, forcing the 787 on a domestic flight to land at the airport. (AP Photo/Kyodo News) JAPAN OUT, MANDATORY CREDIT, NO LICENSING IN CHINA, HONG KONG, JAPAN, SOUTH KOREA AND FRANCEBoeing's troubles with its newest, flashiest airplane are getting worse.

JPMorgan's Jamie Dimon gets big pay cut

Posted: 16 Jan 2013 02:03 PM PST

FILE- In this Tuesday, June 19, 2012, file photo, Jamie Dimon, CEO of JPMorgan Chase, testifies before the House Financial Services Committee on Capitol Hill in Washington. JPMorgan Chase said Wednesday, Jan. 16, 2013, that it will dock the pay of CEO Jamie Dimon by more than half, to $11.5 million from $23 million. It's the latest fallout from an embarrassing trading loss at the bank last year, one that eventually ballooned to $6 billion. (AP Photo/Jacquelyn Martin, File)NEW YORK (AP) — America's best-known banker is getting a big pay cut.

Boeing leads Dow lower; other indexes mixed

Posted: 16 Jan 2013 01:27 PM PST

FILE - In this Thursday, Jan. 10, 2013, file photo Trader Jonathan Corpina, right, works on the floor of the New York Stock Exchange. Stocks are opening lower on Wall Street Wednesday, Jan. 16, 2013, after the World Bank said that ongoing budget fights in Washington pose a significant risk to the global economy. (AP Photo/Richard Drew, file)NEW YORK (AP) — More problems for Boeing's 787 sent the aircraft maker's stock down sharply Wednesday, dragging the Dow Jones industrial average lower.

EBay's 4Q earnings top analyst projections

Posted: 16 Jan 2013 02:25 PM PST

SAN FRANCISCO (AP) — EBay's fourth-quarter earnings topped analysts' projections as bargain-hunting holiday shoppers flocked to its Internet shopping mall and digital payment service.

Fed survey: US economy picked up at end of year

Posted: 16 Jan 2013 01:28 PM PST

In this Wednesday, Dec. 5, 2012, photo, a Honda Accord is for sale at a Honda car dealership in Des Plaines, Ill. Holiday shopping, strong auto sales and a recovering housing market helped boost the U.S. economy from the middle of November through early January, according to a Federal Reserve survey released Wednesday. (AP Photo/Nam Y. Huh)WASHINGTON (AP) — Holiday shopping, strong auto sales and a recovering housing market helped boost the U.S. economy from the middle of November through early January, according to a Federal Reserve survey released Wednesday.

CBS converting advertising unit to REIT

Posted: 16 Jan 2013 02:24 PM PST

NEW YORK (AP) — CBS Corp. said Wednesday that it is converting its U.S. outdoor advertising business to a real estate investment trust and selling the international portion of the business. Investors applauded the move and shares jumped in after-hours trading.

Germany to bring home gold stored in US, France

Posted: 16 Jan 2013 01:37 PM PST

A journalist holds a gold ingot next to a security officer of the German Central Bank, right, in Frankfurt, Germany, Wednesday Jan. 16, 2013. Germany's central bank is to bring back home some US $36 billion ( 27 billion euro) worth of gold stored in the United States and France.The Bundesbank said in a statement Wednesday that it will repatriate all 374 tons of gold it had stored in Paris by 2020. An additional 300 tons - equivalent to 8 percent of the Bundesbank's total reserves worth about $183 billion _ will also be shipped from New York to Frankfurt. Frankfurt will hold half of Germany's 3,400 tons of gold by 2020, with New York retaining 37 percent and London storing 13 percent. The move follows criticism from Germany's independent Federal Auditors' Office last year bemoaning the central bank's oversight of gold reserves abroad. (AP Photo/dpa/ Frank Rumpenhorst)BERLIN (AP) — In what sounds like the setup for a stylish Hollywood heist movie, Germany is transferring nearly 700 tons of gold bars worth $36 billion from Paris and New York to its vaults in Frankfurt.

ER visits tied to energy drinks double since 2007

Posted: 16 Jan 2013 01:37 PM PST

In this Monday, Jan. 14, 2013 photo, Dr. Steve Sun looks over a heart monitor display in the emergency room at St. Mary's Medical Center in San Francisco. A new government report shows the number of people seeking emergency treatment after consuming energy drinks has doubled nationwide over the last four years, the same period in which the supercharged industry has surged in popularity in convenience stores, bars and on college campuses. Sun said he had seen an increase in energy-drink related cases at the Catholic hospital where he works on the edge of San Francisco's Golden Gate Park. (AP Photo/Eric Risberg)SAN FRANCISCO (AP) — The young man stumbled into the emergency room late one night after a house party, saying his heart wouldn't stop pounding and he could barely breathe after downing liquor mixed with energy drinks.

Interior chief Salazar stepping down in March

Posted: 16 Jan 2013 03:11 PM PST

FILE - In this March 9 2009 file photo, Interior Secretary Ken Salazar gestures during an interview with The Associated Press in Washington. Salazar will leave the Obama administration in March, an Obama administration official said Wednesday. (AP Photo/J. David Ake)WASHINGTON (AP) — Interior Secretary Ken Salazar, who oversaw a moratorium on offshore drilling after the BP oil spill and promoted alternative energy sources throughout the nation, will step down in March.

Militants seize dozens of hostages in Algeria

Posted: 16 Jan 2013 02:51 PM PST

In this undated image released Wednesday Jan. 16, 2013, by BP petroleum company, showing the Amenas natural gas field in the eastern central region of Algeria, where Islamist militants raided and took hostages Wednesday Jan. 16, 2013. Islamist militants from Mali attacked the Amenas natural gas field partly operated by BP in Algeria early on Wednesday, killing a security guard and kidnapping at least eight people, including English, Norwegian and Japanese nationals, an Algerian security official and local media reported. Algerian forces, later caught up with and surrounded the kidnappers and negotiations for the release of the hostages are ongoing, officials said.(AP Photo/BP)ALGIERS, Algeria (AP) — As Algerian army helicopters clattered overhead deep in the Sahara desert, Islamist militants hunkered down for the night in a natural gas complex they had assaulted Wednesday morning, killing two people and taking dozens of foreigners hostage in what could be the first spillover from France's intervention in Mali.

Your Password Isn’t Safe: 90% Are Vulnerable to Hacking, Says Report

Posted: 15 Jan 2013 05:35 PM PST

Think you've got a clever, un-hackable password? You might want to tack on a few numbers to it. Global consulting firm Deloitte released a report Tuesday with an alarming prediction.
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1 comment:

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