| Fed minutes short-circuit Wall Street rally Posted: 03 Jan 2013 01:34 PM PST  NEW YORK (Reuters) - U.S. stocks dipped on Thursday after signs the Federal Reserve has growing concern about its highly stimulative monetary policy, giving investors reason to pull back after a two-day rally. The minutes from the Fed's December policy meeting, released on Thursday, showed increasing reticence about adding to the central bank's $2.9 trillion balance sheet, which it expanded sharply in response to the financial crisis and recession of 2007-2009. ...
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| Fed becoming worried about stimulus side effects Posted: 03 Jan 2013 01:27 PM PST  WASHINGTON (Reuters) - Federal Reserve officials are increasingly concerned about the potential risks of the U.S. central bank's asset purchases on financial markets, even if they look set to continue an open-ended stimulus program for now. In a surprise to Wall Street, minutes from the Fed's December policy meeting, published on Thursday, showed a growing reticence about further increases in the central bank's $2.9 trillion balance sheet, which it expanded sharply in response to the financial crisis and recession of 2007-2009. ...
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| Private sector job gains offer hope for labor market Posted: 03 Jan 2013 01:18 PM PST  WASHINGTON (Reuters) - Private-sector employers shrugged off a looming budget crisis and stepped up hiring in December, offering further evidence of underlying strength in the economy as 2012 ended. While other data on Thursday showed an increase in the number of Americans filing new claims for unemployment benefits, the trend remained consistent with steady job growth. "The underlying economy has momentum, and the employment data confirms that. The hope and prayer of the market is that our political leaders don't screw it up," said John Brady, managing director at R.J. ...
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| Auto industry posts best U.S. sales year since 2007 Posted: 03 Jan 2013 02:32 PM PST  DETROIT (Reuters) - U.S. auto sales rose 9 percent in December, led by foreign manufacturers, capping off the best year for the industry since before the recession. The year's sales were driven by a slowly recovering economy, more available credit and the need for consumers and businesses to replace aging cars and trucks. General Motors Co posted December U.S. sales growth of 5 percent compared with the year-earlier month, Ford Motor Co increased sales 2 percent and Chrysler Group LLC's sales rose 10 percent. ...
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| GM could face $918 million hit from bankruptcy-related lawsuit Posted: 03 Jan 2013 01:05 PM PST  (Reuters) - A U.S. bankruptcy judge could soon rule on whether the 2009 government-led restructuring of General Motors Co improperly favored hedge funds, and an adverse ruling could cost the automaker nearly $1 billion. Judge Robert Gerber must decide whether a "lock-up agreement" in the restructuring sent $367 million to a group of hedge fund noteholders at the expense of other creditors. A trust representing unsecured creditors has sued to undo the lock-up agreement, arguing that it was a last-minute deal secretly folded into GM's bankruptcy to ensure the hedge funds' support. ...
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| Boeing jet orders surge; on track to be top planemaker Posted: 03 Jan 2013 11:29 AM PST  (Reuters) - Boeing Co appeared to recapture bragging rights as the world's largest planemaker for the first time in a decade, after saying it delivered 601 jets in 2012, well ahead of a target set by rival Airbus . Chicago-based Boeing's tally of 601 planes delivered to customers puts it ahead of Airbus' stated goal of 580 deliveries for the year. Airbus' final figures won't be announced until January 17, but a Reuters analysis suggests its deliveries won't surpass Boeing's. ...
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| Lockheed wins $755 million contract for PAC-3 missiles: Pentagon Posted: 03 Jan 2013 02:28 PM PST WASHINGTON (Reuters) - Lockheed Martin Corp has won a contract valued at $755 million for procurement of Patriot Advanced Capability-3 (PAC-3) missiles, including support for foreign military sales, the Pentagon announced on Thursday. The contract runs through July 31, 2015, the Defense Department said in its daily digest of major arms contracts. Lockheed describes the PAC-3 missile as the world's most advanced and powerful terminal air defense missile, which can be used against tactical ballistic missiles, cruise missile and aircraft. The missile defeats targets through a direct hit. ... |
| U.S. ends long Google probe with only mild reprimand Posted: 03 Jan 2013 03:41 PM PST  WASHINGTON (Reuters) - In a major victory for Google Inc, U.S. regulators on Thursday ended their investigation into the giant Internet company and concluded that it had not manipulated its Web search results to hurt rivals. The Federal Trade Commission did, however, win promises from Google that it would end the practice of "scraping" reviews and other data from rivals' websites for its own products, and to allow advertisers to export data to independently evaluate advertising campaigns. ...
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| Transocean to pay $1.4 billion for role in BP oil spill Posted: 03 Jan 2013 01:13 PM PST  WASHINGTON (Reuters) - Offshore rig contractor Transocean Ltd has agreed to pay $1.4 billion to settle U.S. government charges arising from BP Plc's massive oil spill in the Gulf of Mexico in 2010. The settlement unveiled on Thursday by the U.S. Department of Justice includes $1 billion in civil penalties and $400 million in criminal penalties. The company had set aside $1.95 billion in potential losses related to the Macondo well disaster, including $1.5 billion for its anticipated DoJ settlement. ...
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| Cliffs, Anglo American to sell Brazil Amapa stakes to single entity Posted: 03 Jan 2013 03:37 PM PST (Reuters) - Cliffs Natural Resources Inc and miner Anglo American Plc will sell their Amapa iron ore operation in Brazil to a single entity, the largest producer of iron ore pellets in North America said on Thursday. At least four companies including Glencore International Plc , Russia's Severstal and Australia's Centaurus Metals Ltd were in the race to buy Anglo American's 70 percent stake in the operation, Reuters reported on November 2. An internal valuation by Anglo American last year put the value of Amapa, in which Cliffs has a 30 percent stake, at $1.5 billion. ... |
| US job market resilient despite budget fight Posted: 03 Jan 2013 01:24 PM PST  WASHINGTON (AP) — The U.S. job market showed resilience in three reports Thursday, suggesting it may able to withstand a federal budget battle that threatens more economic uncertainty in coming months.
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| Stocks fade after Fed discloses split on stimulus Posted: 03 Jan 2013 01:35 PM PST  NEW YORK (AP) — A two-day rally in the stock market came to an end Thursday afternoon when an account of the Federal Reserve's last meeting revealed a split between bank officials over how long the Fed should keep buying bonds to support the economy.
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| Google emerges from FTC probe relatively unscathed Posted: 03 Jan 2013 03:34 PM PST  SAN FRANCISCO (AP) — Google has settled a U.S. government probe into its business practices without making any major concessions on how the company runs its Internet search engine, the world's most influential gateway to digital information and commerce.
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| Fiscal-cliff deal no recipe for a robust economy Posted: 03 Jan 2013 01:47 PM PST  WASHINGTON (AP) — Housing is rebounding. Families are shrinking debts. Europe has avoided a financial crackup. And the fiscal cliff deal has removed the most urgent threat to the U.S. economy.
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| Economy, year-end sales help auto industry in 2012 Posted: 03 Jan 2013 03:21 PM PST  DETROIT (AP) — A steadily improving economy and strong December sales lifted the American auto industry to its best performance in five years in 2012, especially for Volkswagen and Japanese-brand vehicles, and experts say the next year should be even better.
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| Retailers report higher December sales Posted: 03 Jan 2013 12:37 PM PST  NEW YORK (AP) — A last-minute surge in spending saved the holiday shopping season.
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| Huge gadget show gears up in Vegas Posted: 03 Jan 2013 03:18 PM PST  Think your high-definition TV is hot stuff — as sharp as it gets? At the biggest trade show in the Americas, which kicks off next week in Las Vegas, TV makers will be doing their best to convince you that HDTVs are old hat, and should make room for "Ultra HDTV."
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| Lunch meat maker Hormel orders up Skippy sandwich Posted: 03 Jan 2013 03:18 PM PST  NEW YORK (AP) — Hormel Foods apparently has a hankering for a peanut butter and bacon sandwich. The company primarily known for Spam and other cured, smoked and deli meats said Thursday that it's buying Skippy, the country's No. 2 peanut butter brand, in its biggest-ever acquisition.
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| Congress members want Shell barge investigated Posted: 03 Jan 2013 02:56 PM PST  ANCHORAGE, Alaska (AP) — Calls for federal scrutiny of Royal Dutch Shell PLC drilling operations in Arctic waters swelled Thursday with a request for a formal investigation by members of Congress.
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| Al-Jazeera pays $500M for Current TV Posted: 03 Jan 2013 02:52 PM PST  LOS ANGELES (AP) — Al-Jazeera has a growing reputation for serious news gathering and its reporters have won some of the biggest awards in journalism. What the Pan-Arab news network doesn't have is a significant presence in the U.S.
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