Yahoo! News: Business

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• Wall Street climbs as China data puts S&P back at five-year high
• American Express to cut 5,400 jobs, take charges in fourth quarter
• Exclusive: Private equity eyed Legg Mason but were spurned
• Wal-Mart CEO knew of Mexico bribe claim: lawmakers
• Boeing to cut 40 percent jobs at El Paso plant
• Jobless claims rise, but jobs market recovery intact
• Ford doubles dividend to highest in seven years
• Consumer watchdog strikes balance with mortgage rules
• Ex-Centaurus trader finds profitable swings in natgas
• ICE would weigh Euronext sale for right offer: sources
• Gasoline prices predicted to fall in 2013
• Obama picks Lew for Treasury as fiscal issues loom
• Stocks gain, pushing S&P 500 to five-year high
• Lawmakers release documents on Wal-Mart bribery
• FDA requires lower doses for sleep medications
• Carmakers let app developers drive innovation
• American Express to cut 5,400 jobs
• Ford's souped-up dividend could lure new investors
• Banks prepare for earnings; mortgages cast a pall
• Gadget Watch: Samsung shows bendable phone screen

Wall Street climbs as China data puts S&P back at five-year high Posted: 10 Jan 2013 03:18 PM PST NEW YORK (Reuters) - Stocks rose on Thursday and the S&P 500 ended at a fresh five-year high as stronger-than-expected exports from China spurred optimism about global growth prospects. Buying accelerated late in the day after the S&P 500 broke through technical resistance at 1,466.47, which was the market's closing level last Friday and the highest level since December 2007. "Historically, January is a positive month for the market and you're seeing that play out," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut. ...

American Express to cut 5,400 jobs, take charges in fourth quarter Posted: 10 Jan 2013 02:28 PM PST (Reuters) - American Express Co said it would cut about 5,400 jobs, mainly in its travel division, and would take about $600 million in after-tax charges in the fourth quarter, which will halve its net income for the period. The company said some of the cuts would be offset by new hiring but expects to reduce its workforce 4 to 6 percent by the end of 2013. It currently employs 63,500 people. New York-based AmEx said the reductions would be spread proportionately between the U.S. and international markets. ...

Exclusive: Private equity eyed Legg Mason but were spurned Posted: 10 Jan 2013 02:03 PM PST NEW YORK (Reuters) - Legg Mason Inc has been approached in recent months by some of its senior managers and private equity firms with plans to take the struggling asset manager private, but the board has decided against exploring that option at least until the company has a new chief executive, three sources said. At least two large private equity investors have shown interest in financing a buyout led by the leaders of the money manager's largest affiliates, but the board has refused to engage in such discussions, the sources familiar with the situation said. ...

Wal-Mart CEO knew of Mexico bribe claim: lawmakers Posted: 10 Jan 2013 12:11 PM PST WASHINGTON/CHICAGO (Reuters) - Lawmakers increased public pressure on Wal-Mart Stores Inc on Thursday by releasing company emails they said contradicted prior statements about when senior executives knew of bribery allegations tied to its Mexican affiliate. The emails show that senior Wal-Mart executives including current Chief Executive Mike Duke knew as far back as 2005 of allegations that company representatives had bribed officials in Mexico. Wal-Mart quickly refuted the characterization of the emails saying they were consistent with the company's prior comments. ...

Boeing to cut 40 percent jobs at El Paso plant Posted: 10 Jan 2013 02:25 PM PST (Reuters) - Boeing Co said it will cut a little more than 40 percent of jobs, or 160 positions, at its El Paso plant as it looks to reduce the impact of planned U.S. defense budget cuts. The company said it will reduce occupied square footage 50 percent at the plant by moving from three buildings to one. The plant in Texas manufactures electronics for a variety of Boeing products. The reductions will be completed by the end of 2014, the company said. ...

Jobless claims rise, but jobs market recovery intact Posted: 10 Jan 2013 09:18 AM PST WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits rose last week, the Labor Department said on Thursday, but details of the report suggested the jobs market continued to grow at a moderate pace. Other data suggested the economy remained on a steady growth path, with sales at wholesalers rising by the most in more than 1-1/2 years in November, keeping inventories balanced. Initial claims for state jobless aid increased 4,000 to a seasonally adjusted 371,000. The prior week's figure was revised to show 5,000 fewer applications than previously reported. ...

Ford doubles dividend to highest in seven years Posted: 10 Jan 2013 01:06 PM PST (Reuters) - Ford Motor Co doubled its quarterly dividend on Thursday to 10 cents per share, its highest in seven years, betting it can boost earnings even as it tries to staunch losses in Europe and deal with flagging market share in the United States. The automaker's move, which could attract yield-hungry investors, reflects Ford's belief that it has the firepower to overhaul its European unit. Ford expects to lose at least $3 billion in Europe over the next two years. ...

Consumer watchdog strikes balance with mortgage rules Posted: 10 Jan 2013 03:24 PM PST WASHINGTON/BALTIMORE (Reuters) - The U.S. consumer watchdog on Thursday finalized new mortgage rules that are expected to have little short-term impact on the housing market but could prevent banks from returning to the pre-crisis practice of churning out risky subprime mortgages. The Consumer Financial Protection Bureau, in one of its most sweeping moves to date, struck a balance with the new rules that drew guarded praise from both consumer groups and lenders. The rules will force banks to verify a potential borrower's income, the amount of debt they have, and their employment. ...

Ex-Centaurus trader finds profitable swings in natgas Posted: 10 Jan 2013 01:37 PM PST NEW YORK (Reuters) - Prominent banks and hedge funds have fled the natural gas market due to the sharp decline in prices but Bill Perkins, a trader at the now-defunct commodity hedge fund Centaurus Energy, says there is still plenty of money to be made there. Perkins, a protege of billionaire energy trader John Arnold, launched Skylar Capital Management in Houston in October to trade U.S. gas futures, options and swaps, and has raised at least $102.4 million, according to a securities filing that month. ...

ICE would weigh Euronext sale for right offer: sources Posted: 10 Jan 2013 12:56 PM PST LONDON/FRANKFURT (Reuters) - IntercontinentalExchange would consider selling Euronext as an alternative to floating it if bids for the European stock market emerge during ICE's planned $8.2 billion takeover of NYSE Euronext, three sources close to the exchange said. "Today, the plan is work on an IPO. But, of course, if some parties offered to acquire all or part of Euronext, then why not? We'll be pragmatic," a source familiar with ICE's plans said on Thursday. ICE said last month it planned to float Euronext after it completes its acquisition of NYSE Euronext in the second half of this year. ...

Gasoline prices predicted to fall in 2013 Posted: 10 Jan 2013 12:41 PM PST NEW YORK (AP) — At least gasoline should cost you less in 2013.

Obama picks Lew for Treasury as fiscal issues loom Posted: 10 Jan 2013 03:35 PM PST WASHINGTON (AP) — For 30 years, Jack Lew has had a hand in some of the biggest economic deals negotiated in Washington. What awaits him if he's confirmed as treasury secretary could far exceed any challenge of the past — a triple-decked potential crisis that will test his experience the moment he opens his office door on the third floor of the Treasury Building

Stocks gain, pushing S&P 500 to five-year high Posted: 10 Jan 2013 01:47 PM PST NEW YORK (AP) — The Standard and Poor's 500 closed at another five-year high Thursday after the stock market got a boost from reports suggesting the outlook for economic growth may be improving.

Lawmakers release documents on Wal-Mart bribery Posted: 10 Jan 2013 03:13 PM PST NEW YORK (AP) — Wal-Mart Stores Inc.'s CEO Mike Duke found out in 2005 that the retailer's Mexico unit was handing out bribes to local officials, according to emails obtained by lawmakers.

FDA requires lower doses for sleep medications Posted: 10 Jan 2013 03:05 PM PST WASHINGTON (AP) — The Food and Drug Administration is requiring makers of Ambien and similar sleeping pills to lower the dosage of their drugs, based on studies suggesting patients face a higher risk of injury due to morning drowsiness.

Carmakers let app developers drive innovation Posted: 10 Jan 2013 02:38 PM PST LAS VEGAS (AP) — Googling the nearest gas station, sending email from your smartphone, or booking a table at a restaurant: Those are all things you shouldn't do while driving. But so many drivers have grown accustomed to their on-the-go tasks that automakers are increasingly trying to make those things easier to pull off with both hands on the wheel and both eyes on the road.

American Express to cut 5,400 jobs Posted: 10 Jan 2013 03:40 PM PST LOS ANGELES (AP) — American Express Co. said Thursday that it will slash about 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations as more of its customers shift to online portals for booking travel plans and other needs.

Ford's souped-up dividend could lure new investors Posted: 10 Jan 2013 02:29 PM PST Ford may get a longer look from curious investors after rolling out a more muscular, souped-up dividend on Thursday.

Banks prepare for earnings; mortgages cast a pall Posted: 10 Jan 2013 12:12 PM PST NEW YORK (AP) — Legal troubles and regulatory scuffles keep piling up for the banking industry, a fact that's sure to drag down results when the banks start reporting fourth-quarter earnings beginning Friday.

Gadget Watch: Samsung shows bendable phone screen Posted: 10 Jan 2013 12:33 PM PST LAS VEGAS (AP) — By showing off a phone with a flexible screen, Samsung is hinting at a day when we might fold up our large phone or tablet screens as if they were maps.

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