Friday, January 4, 2013

Yahoo! News: Business

Yahoo! News: Business

S&P 500 finishes at 5-year high on economic data

Posted: 04 Jan 2013 01:48 PM PST

Traders work on the floor of the New York Stock Exchange in New YorkNEW YORK (Reuters) - The benchmark Standard & Poor's 500 index ended at a five-year high on Friday, lifted by reports showing employers kept up a steady pace of hiring workers and the vast services sector expanded at a brisk rate. The gains on the S&P 500 pushed the index to its highest close since December 2007 and its biggest weekly gain since December 2011. Most of the gains came early in the holiday-shortened week, including the largest one-day rise for the index in more than a year on Wednesday after politicians struck a deal to avert the "fiscal cliff. ...

Mediocre job growth points to slow grind for U.S. economy

Posted: 04 Jan 2013 11:05 AM PST

Job seekers attend large career fair at Rutgers University in New BrunswickWASHINGTON (Reuters) - U.S. employers kept their pace of hiring steady in December, falling short of the levels needed to bring down a still lofty unemployment rate and pointing to lackluster economic growth in 2013. Other data on Friday gave stronger signals on the health of the economy, with the U.S. service sector activity expanding the most in 10 months. Payrolls, excluding farm jobs, grew by 155,000 last month, the Labor Department said. That was a touch more than analysts' expectations and only slightly below the revised gain of 161,000 reported for November. ...

Fed officials eye timeline for ending asset purchases

Posted: 04 Jan 2013 02:37 PM PST

President and CEO of the Federal Reserve Bank of St. Louis James Bullard gestures during an interview at the Federal Reserve Bank of St. LouisSAN DIEGO (Reuters) - The Federal Reserve could halt its asset purchases this year if the economy improves and unemployment drops, two top Fed officials said on Friday, a view seconded by most economists at Wall Street's top financial institutions. Meanwhile, another top Fed official warned the U.S. central bank's aggressive easing plan threatens the Fed's credibility. St. Louis Fed President James Bullard, a voting member of the Fed's monetary policy panel this year, said a drop in the unemployment rate to 7. ...

U.S. senators seek probe into royalties on coal exports

Posted: 04 Jan 2013 01:06 PM PST

A haul truck is pictured at a coal seam at a coal mine in the Powder River Basin in Wyoming in this undated handout photoWASHINGTON (Reuters) - Two influential U.S. senators have asked the Interior Department to examine whether coal companies are dodging hundreds of millions of dollars in royalty payments on lucrative sales to Asia, citing a Reuters investigation into the matter. The lawmakers who lead the Senate Energy and Natural Resources Committee want officials to find out whether miners are short-changing taxpayers when they tap the coal-rich Powder River Basin in eastern Montana and Wyoming. The basin is mainly federal land and so taxpayers are due a share of those sales. ...

Exclusive: U.S. House panel probes SEC spending on consultants

Posted: 04 Jan 2013 01:41 PM PST

A sign for the SEC is pictured in the foyer of the Fort Worth Regional Office in Fort WorthWASHINGTON (Reuters) - The U.S. House Oversight Committee is probing the Securities and Exchange Commission's spending on outside consultants from Booz Allen Hamilton, saying it is concerned about possible waste. In a January 3 letter to SEC Chairman Elisse Walter, shown to Reuters, House Oversight Chairman Darrell Issa gave the agency until January 17 to turn over a lengthy set of documents laying out payments made to Booz Allen and details on how the SEC chose to hire the consulting firm, among other matters. ...

U.S. public schools cut 11,000 jobs in December

Posted: 04 Jan 2013 01:44 PM PST

WASHINGTON (Reuters) - Local U.S. governments cut jobs for the fourth straight month in December, including 11,000 in public schools, dragging down the nation's fragile economic recovery, jobs data showed on Friday. Local government jobs are now at their lowest level since October 2005, with the bulk of the decline coming from layoffs of teachers and other school employees, according to the Labor Department. ...

American Airlines entering critical period in restructuring

Posted: 04 Jan 2013 01:53 PM PST

An American Airlines McDonnell Douglas MD-83 is pictured in New York(Reuters) - As American Airlines' board meets next week, expectations are high that it will give more concrete shape to the airline's plans to either merge with US Airways or stay independent. The directors of parent AMR Corp plan to review a tie-up with its smaller rival against an alternative plan to exit bankruptcy as a standalone company, several people familiar with the matter said. ...

U.S. to continue helicopter purchase even if only 1 bidder

Posted: 04 Jan 2013 02:08 PM PST

WASHINGTON (Reuters) - The U.S. Air Force on Friday declined to confirm that it had received only one bid for a $6.8 billion helicopter competition, but said it had procedures in place that would allow the acquisition to continue regardless of the number of bidders. All but one of the contractors expected to bid to build a new combat search and rescue helicopter for the Air Force announced last month that they would not compete, raising the prospect that the Air Force would have to adopt a different approach to the acquisition program. ...

Clearwire investor seeks to block sale to Sprint

Posted: 04 Jan 2013 01:48 PM PST

People walk past a Sprint store in New York(Reuters) - A large Clearwire Corp shareholder on Friday stepped up its campaign against the planned sale of the wireless service provider to its majority owner, Sprint Nextel Corp, saying it plans to ask the U.S. telecoms regulator to block the deal. Crest Financial's general counsel also said on a call with reporters that it will ask the U.S. Federal Communications Commission to block Sprint's plan to sell 70 percent of itself to Softbank Corp of Japan for $20 billion. ...

U.S. regulator sues JPMorgan over WaMu mortgage securities

Posted: 04 Jan 2013 03:08 PM PST

Commuters are reflected in stone as they walk past the JP Morgan headquarters in New YorkWASHINGTON (Reuters) - The U.S. credit union regulator sued JPMorgan and Washington Mutual late Friday over $2.2 billion in mortgage securities sold to credit unions that collapsed because of losses from the securities. The suit is the third the regulator, the National Credit Union Administration, has filed against JPMorgan involving mortgage losses, and the second in the past month. In December, it sued the bank over $3.6 billion in securities sold by Bear Stearns, which JPMorgan acquired during the financial crisis. In June 2011, the NCUA sued over some $1. ...

US job market shrugs off fears of 'fiscal cliff'

Posted: 04 Jan 2013 02:29 PM PST

In this Wednesday, Dec. 12 2012 photo, Taneshia Wright, of Manhattan, fills out a job application during a job fair in New York. U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff. The solid job growth wasn't enough to push down the unemployment rate, which remained 7.8 percent last month, the Labor Department said Friday, Jan. 4, 2013. The rate for November was revised up from an initially reported 7.7 percent. (AP Photo/Mary Altaffer)WASHINGTON (AP) — The U.S. job market proved resilient in December despite fears that a budget impasse in Washington would send the economy over the fiscal cliff and trigger growth-killing tax hikes and spending cuts.

Stocks gain, pushing the S&P 500 to 5-year high

Posted: 04 Jan 2013 02:18 PM PST

In this Friday, Dec. 28, 2012, photo, a trader works on the floor at the New York Stock Exchange in New York. Wall Street stocks tumbled on Thursday Jen. 3. 2013 after a transcript of the last meeting of the U.S. Federal Reserve unveiled a divided opinion among central bankers over how long the Fed should keep buying bonds to support the economy. (AP Photo/Seth Wenig)NEW YORK (AP) — The Standard & Poor's 500 closed at its highest level in five years Friday after a report showed that hiring held up in December, giving stocks an early lift.

'McDreamy' says he beat Starbucks for coffee chain

Posted: 04 Jan 2013 01:31 PM PST

FILE - In this June 28, 2011 file photo, actor Patrick Dempsey attends the "Transformers: Dark Of The Moon'" premiere in Times Square in New York. Late Thursday night Jan. 3, 2013, Dempsey announced that his company, Global Baristas LLC, made the winning bid for Tully's Coffee. (AP Photo/Evan Agostini, File)SEATTLE (AP) — "Grey's Anatomy" star Patrick Dempsey may be the real "McSteamy."

Target ad campaign puts food in the spotlight

Posted: 04 Jan 2013 02:08 PM PST

This screen grab provided by Target shows an advertisement from the company featuring a model interacting with baking products. Target is pushing its food, laundry detergent and other groceries in a national ad campaign that pokes fun at high-fashion advertising by featuring models interacting with everyday products. (AP Photo/Target)NEW YORK (AP) — Is Target's grocery aisle ready for its close up?

FDA proposes sweeping new food safety rules

Posted: 04 Jan 2013 03:34 PM PST

FILE - This Sept. 28, 2011 file photo shows the sign leading to the Jensen Farms near Holly, Colo. The U.S. Food and Drug Administration on Friday proposed the most sweeping food safety rules in decades, requiring farmers and food companies to be more vigilant in the wake of deadly outbreaks in peanuts, cantaloupe and leafy greens. (AP Photo/Ed Andrieski, File)WASHINGTON (AP) — The Food and Drug Administration on Friday proposed the most sweeping food safety rules in decades, requiring farmers and food companies to be more vigilant in the wake of deadly outbreaks in peanuts, cantaloupe and leafy greens.

Congress approves $9.7 billion in Sandy flood aid

Posted: 04 Jan 2013 02:34 PM PST

Crews work work to replace the Superstorm Sandy destroyed boardwalk in Seaside Heights, N.J., Thursday, Jan. 3, 2013. Under intense pressure from angry Republicans, House Speaker John Boehner has agreed to a vote this week on aid for Superstorm Sandy recovery. (AP Photo/Mel Evans)The new Congress on Friday rushed out $9.7 billion to help pay flood insurance claims to 115,000 people and businesses afflicted by Superstorm Sandy, two days after New Jersey's governor and other Northeast Republicans upbraided Speaker John Boehner for killing a broader package for state and local governments in the storm's path.

Indian court to rule on generic drug industry

Posted: 04 Jan 2013 04:44 AM PST

FILE - In this March 13, 2012 file photo, Indian scientists work inside a laboratory of the Research and Development Centre of Natco Pharma Ltd. in Hyderabad, India. From Africa's crowded AIDS clinics to the malarial jungles of Southeast Asia, the fate of millions of people awaits a ruling by India's highest court that could determine whether the country's drug companies can continue to provide cheap versions of many life-saving medicines. (AP Photo/Mahesh Kumar A., File)NEW DELHI (AP) — From Africa's crowded AIDS clinics to the malarial jungles of Southeast Asia, the lives of millions of ill people in the developing world are hanging in the balance ahead of a legal ruling that will determine whether India's drug companies can continue to provide cheap versions of many life-saving medicines.

Lilly 2013 profit forecast tops expectations

Posted: 04 Jan 2013 03:25 PM PST

INDIANAPOLIS (AP) — Eli Lilly and Co. unveiled a better-than-expected 2013 earnings forecast Friday, in part because the pharmaceutical company expects growth from several established drugs to help make up for revenue lost to generic competition.

US service firms grow by most in 10 months

Posted: 04 Jan 2013 08:23 AM PST

WASHINGTON (AP) — A gauge of U.S. service firms' activity expanded in December by the most in nearly a year, driven by a jump in new orders and hiring.

Iowa: Convicted exec owes $14.1M in taxes, fines

Posted: 04 Jan 2013 03:16 PM PST

IOWA CITY, Iowa (AP) — Russ Wasendorf Sr. duped customers, regulators and his colleagues as he pulled off a 20-year, $100 million fraud at his Iowa-based brokerage. The state's tax collectors say he and his ex-wife also duped them, and that the former couple owes Iowa more than $14.1 million in unpaid taxes, interest and penalties.

US economy adds 155K jobs, rate stays at 7.8 pct.

Posted: 04 Jan 2013 06:26 AM PST

WASHINGTON (AP) — U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff.
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