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Barroro voices concern over estimated one trillion euro tax evasion

Tue, 21 May 2013 16:12:09 -0400

BRUSSELS - Voicing concern about tax evasion that is estimated at one trillion euros, European Commission President Jose-Manuel Barroso said Tuesday that EU leaders will meet at a one-day summit on Wednesday to negotiate solution. The European Union can't afford to let tax evasion go on the way it is. Such large amounts of money, currently sitting in tax havens, would be greatly beneficial ...

German central bank sees signals of economic pick up in Q2

Tue, 21 May 2013 16:04:27 -0400

FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...

HNL cancer drug trial discontinued by Pfizer

Tue, 21 May 2013 16:06:43 -0400

NEW YORK - Pharma major Pfizer has discontinued the development of cancer candidate inotuzumab ozogamicin, which is part of a class of therapies called antibody-drug conjugates (ADCs), in the haematological cancer non-Hodgkin lymphoma after it failed to show benefit in overall survival during phase III trials. Pfizer has notified the study investigators and appropriate regulatory authorities ...

Merger pact by GrubHub and Seamless to stave off rivals

Tue, 21 May 2013 17:27:51 -0400

WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry diners ...

Corero appoints high tech executive to lead worldwide sales

Tue, 21 May 2013 12:00:00 -0400

%image%HUDSON, MA, May 21, 2013 – Corero Network Security, the First Line of Defense for enterprises globally against Distributed Denial of Service (DDoS) attacks and other unwanted traffic at the perimeter, has announced the appointment of David Ahee ...

Mortgage lending in UK rises highest in four years

Tue, 21 May 2013 16:23:44 -0400

LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...

Construction begins on new island off Jumeirah Beach in Dubai

Mon, 20 May 2013 04:26:18 -0400

Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...

Microsoft launches all-in-one home entertainment system Xbox One

Wed, 22 May 2013 03:40:02 -0400

Microsoft has unveiled its latest video gaming console 'Xbox One' which is believed to transform games, TV and entertainment for the 21st century living room. The latest console reportedly promises a vision of the future. According to a report by the Mirror, 'Xbox One' will allow users to turn on the device with words like "Xbox On", and "snap" will allow users to watch two things at once. ...

Microsoft unveils new all-in-one Xbox console

Wed, 22 May 2013 03:10:01 -0400

Microsoft unveiled a new Xbox console Tuesday that represents a major upgrade on the US-market-leading Xbox 360 model. The president of the IT giant's Interactive Entertainment Business, Don Mattrick, revealed the hi-tech Xbox One entertainment and gaming console during an event at Microsoft's Redmond, Washington, campus. The Xbox One was presented as an all-in-one system for gaming, watching ...

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Microsoft Unveils New Xbox One Game Console

Tue, 21 May 2013 18:15:05 -0400

REDMOND, WASHINGTON Microsoft Corp gave the world the first look at its new game console on Tuesday, hoping the Xbox One will attract existing video game fans while also becoming a hub for living room entertainment. The third-generation Microsoft console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus ...

Whats best U.S. city for engineering jobs

Wed, 22 May 2013 09:15:41 -0400

A study released Tuesday by the job-search engine Monster.com listed San Diego as the fourth best place in the country for engineers, based on the frequency of job ads from February to ...

Stocks Moving Modestly Higher On Upbeat Earnings News - U.S. Commentary

Wed, 22 May 2013 09:15:01 -0400

Stocks have moved modestly higher in early trading on Tuesday, benefiting from a positive reaction to some upbeat earnings news. The major averages have all moved to the upside, offsetting the slim losses posted in the previous session.The major averages are currently posting modest gains, near their highs for the young session. The Dow is up 59.36 points or 0.4 percent at 15,394.64, the Nasdaq ...

Bond Report Treasurys edge up ahead of Bernanke testimony

Wed, 22 May 2013 09:11:38 -0400

NEW YORK (MarketWatch) -- Treasurys traded slightly higher on Wednesday as the market waited for Federal Reserve Chairman Ben Bernanke to appear before ...

Movers Shakers Wednesday’s movers NetApp Saks

Wed, 22 May 2013 09:11:36 -0400

NEW YORK (MarketWatch) -- Earnings results drove premarket action on Wednesday as NetApp Inc. rose while Staples Inc. and Lowe's Cos. ...

Lloyds and RBS get thumbs up from watchdog on capital

Wed, 22 May 2013 09:09:19 -0400

Britain's taxpayer-bailed-out banks today reassured the City that they will not need to raise fresh capital despite the Bank of England recently saying that the UK banking sector had a 25 billion capital ...

Five Ways Microsoft Can Fix Windows 8

Wed, 22 May 2013 09:07:57 -0400

I like Windows 8. Let's just start there. I've used Windows 8 since before the Consumer Preview version. I have Windows 8 installed on a Samsung Series 7 Slate which is docked on my desk, and I invested 30 days exploring ...

Microsoft Answers Xbox One Questions Used Games Always On and More

Wed, 22 May 2013 09:07:57 -0400

debuted their new console , the Xbox One, at long last. We saw the controller, the box itself, a redesigned Kinect and some new features and games over the course of an hour. But afterward, it was what we did not see or hear about that became the story. The presentation left out answer to many of the most common questions surrounding the new console. The press and the PR reps went to war in a ...

Eight Reasons To Buy Microsofts New Xbox One

Wed, 22 May 2013 09:07:56 -0400

Xbox One is powered by an eight-core processor. The processor is based on Jaguar design by AMD. The processor is customized for DirectX 11.1 graphics and contains 32 MB ESRAM memory. The system supports 8 GB of RAM, but RAM does not appear to be GDDR5 as in PlayStation 4 ...

Duracell Breaks New Ground in Wireless Charging Market

Wed, 22 May 2013 09:05:47 -0400

Duracell is making a push in wireless charging, working with partners to try and do for public gadget power what Intel did for public WiFi. The idea: get popular restaurants to install special charging surfaces that will charge phones while patrons eat. Duracell, in partnership with PowerMat, already has wireless charging pilots running in New York's Madison Square Garden and at 17 Starbucks ...

Microsoft Xbox Takes on Apple Google With TV

Wed, 22 May 2013 09:05:46 -0400

Microsoft unveiled its long-anticipated next generation console Xbox One on Tuesday, but it was its inclusion of live TV, rather than its gaming capabilities that set tongues wagging. "I think what Microsoft is doing here is taking on not just Sony Playstation and Nintendo; it is taking ...

The Biggest Carry Trades

Wed, 22 May 2013 09:05:46 -0400

The Bank of Japan's plan to double the country's money supply over the next two years has put the spotlight back on the global carry trade. Japan's lost decade served as the breeding ground for the development of "the mother of all carry trades" in the yen. These trades are seen as "no-brainers": borrow money in a currency where interest rates are low and invest ...

Dont Expect Fed Taper Talk...Yet Pro

Wed, 22 May 2013 09:05:46 -0400

Federal Reserve is still months away from beginning the process of scaling back its $85 billion a month bond-buying program, JPMorgan Chase's chief economist told CNBC on Wednesday, ahead of Fed Chairman Ben Bernanke's economic testimony on Capitol Hill. "Bernanke is pretty much going to keep the course here and tell us the Fed is open-minded. It's feeling a little better ...

Probe Puts Spotlight on Oil Firms Trading Desks

Wed, 22 May 2013 09:05:45 -0400

Europe's energy price manipulation probe has turned regulatory attention to secretive trading units at oil companies with huge turnover and millionaire staff with risk appetite higher than at Wall Street's biggest banks.Regulators have scrutinized banks, trading houses and commodities markets more closely following the Libor benchmark rigging scandal but trading desks at oil majors have ...

SAP Puts Faith in Autistic Tech Specialists

Wed, 22 May 2013 09:05:45 -0400

SAP will start to employ people with autism as software testers, programmers and data quality assurance specialists across the world as it teams up with Denmark's Specialisterne. The Danish company was formed in 2004 to ensure that the talents of autistic people were utilized in technology-oriented jobs, which are particularly suited to individuals with autism. Specialisterne, which already ...

Sterling Slides on Data IMF Warns UK Over Growth

Wed, 22 May 2013 09:05:44 -0400

Sterling tumbled following minutes released by the Bank of England and disappointing retail sales, as the IMF warned the U.K. is at risk of "permanent damage" if its growth remains persistently slow. Sterling fell by as much as 0.5 percent as retail sales missed expectations, with total food sales plunging 4.1 percent - the largest monthly fall in almost two years. ...

Insanely durable smartphone ... from Caterpillar

Wed, 22 May 2013 08:58:50 -0400

Watch out Apple and Samsung? Caterpillar launched a drop-proof, water-proof, dust-proof smartphone Monday that you actually wouldn't be embarrassed to carry around with ...

AirAsia earnings dive but expansion continues

Wed, 22 May 2013 08:53:49 -0400

(25 mins ago) AirAsia, Asia's largest low-cost carrier by fleet size, said first quarter net profit fell 39 percent year-on-year due to a foreign exchange loss on borrowings. The airline said in a filing to the Malaysian stock exchange that profit for the three months ending March 31 was 104.79 million ringgit (US$34.79 million) compared with 172.44 million ringgit in the same quarter last ...

Kohls names Starbucks Gass chief customer officer

Wed, 22 May 2013 08:51:42 -0400

Michelle Gass, president of Starbucks Europe, Middle East and Africa (EMEA), speaks to shareholders during Starbucks' Annual Meeting of Shareholders in Seattle, Washington in this file March 21, 2012 ...

Zale taps rivals ex-CEO as chairman same-store sales edge up

Wed, 22 May 2013 08:51:42 -0400

ZLC.N ) on Wednesday reported a modest bump in third-quarter same-store sales and said the former chief executive of its biggest rival, Kay Jewelers parent Signet Jewelers Ltd ...

Target cuts full-year forecast after weak first quarter

Wed, 22 May 2013 08:51:41 -0400

A woman pulls shopping carts through the aisle of a Target store on the shopping day dubbed ''Black Friday'' in Torrington, Connecticut November 25, ...

Boeing CEO McNerney says interest in 777X is high

Wed, 22 May 2013 08:51:40 -0400

BA.N ) Chief Executive Officer Jim McNerney said on Wednesday that customer interest in the 777X wide-body airplane is "high and still growing," and that he expects to formally launch the aircraft program later this ...

UK wine retailer First Quench in $242 million pension risk deal

Wed, 22 May 2013 08:51:39 -0400

LONDON (Reuters) - British alcoholic drinks retailer First Quench is insuring a chunk of its pension liabilities with specialist provider Pension Insurance Corporation, improving retirement benefits for its 1,966 ...

Government needs clear strategy to privatise Lloyds and RBS says IMF

Wed, 22 May 2013 08:48:31 -0400

There is mounting speculation the government is preparing to kickstart a sell-off of part of its 39% Lloyds stake. Photograph: Stefan ...

Target first-quarter profit down on weather-related sales weakness

Wed, 22 May 2013 08:48:14 -0400

Target Corp posted a 0.6 percent decline in first-quarter sales at U.S. stores open at least a year on Wednesday after warning investors one month ago that its results would be disappointing as a chilly start to spring kept shoppers from buying seasonal items such as clothing. Target earned $498 million, or 77 cents per share, in the first quarter ended on May 4, compared with a profit of $697 ...

Lowes results miss estimates underperforming Home Depot

Wed, 22 May 2013 08:48:14 -0400

Lowe's Cos Inc reported a weaker-than-expected quarterly profit on Wednesday, hurt by colder-than-usual weather at the start of the spring selling season and strong competition from larger rival Home Depot Inc . The results contrasted sharply with those of Home Depot and signaled that Lowe's, the world's No. 2 home improvement chain, was still struggling to narrow the performance ...

Futures Tick Up Fed News on Tap

Wed, 22 May 2013 08:48:13 -0400

FOX Business: Capitalism Lives Here U.S. stock-index futures pointed higher as traders awaited the latest clues on when the Federal Reserve could start tapering its bond-buying program. Today's Markets As of 8:11 a.m. ET, Dow Jones Industrial Average futures climbed 24 points to 15379, S&P 500 futures advanced 3.8 points to 1669 and Nasdaq 100 futures jumped 8 points to 3030. ...

Correction to WBMS Aluminum Market Balance Headline

Wed, 22 May 2013 08:48:13 -0400

"WBMS: Global Aluminum Market In 359,700-ton Surplus Jan-March," at 1111 GMT, misstated the size of the market surplus in the headline. The market surplus in Jan-March was 376,500 tons.(MORE TO FOLLOW) Dow Jones NewswiresCopyright © 2013 Dow Jones ...

Oil pipelines to drive Canadian economy like 1800s railway track

Wed, 22 May 2013 08:47:02 -0400

Canada, which depended on railroads to build the nation in the 1880s, is counting on pipelines to drive future economic growth, Enbridge Inc. Chief Executive Officer Al Monaco said. "Pipelines are very similar to railroads," Monaco said at the Bloomberg Canada Economic Summit in Toronto yesterday. "When you really get down to it, Canada is an export-driven resource economy. This ...

5.22.13 Housing slowdown Canadians don’t seem to think so

Wed, 22 May 2013 08:47:01 -0400

nearly half of Canadian homeowners intend to buy a property in the next five years, despite a cooling off in the housing market. And that 48% is mostly unchanged from late 2012, suggesting that Canadians remain confident in their housing market. The BMO poll found that Vancouver and Atlantic Canada are particularly bullish, with both showing an increase in buying intentions, while Calgary slid ...

Capital Pool Companies navigate rocky market

Wed, 22 May 2013 08:47:00 -0400

Capital pool companies are one of the great innovations to emerge from Canadian capital markets. The idea is simple. Rather than pitch investors on a specific business plan, a management team can hit the market based on its proven ability to locate a business with upside potential. The CPC raises between $200,000 and $4.75-million through the sale of ';seed shares'; which are listed on ...

Sears Canada reports earnings loss falling sales in first quarter

Wed, 22 May 2013 08:47:00 -0400

Falling sales at struggling Sears Canada Inc. led to a net loss in the first quarter. The department store chain, which has seen seven straight years of falling revenue, said it lost $31.2-million or 31 per share in the period ended May 4 compared with net earnings of $93.1-million or (91) in the same period last year. In last year's quarter the company booked a pre-tax gain of ...

Drew Hasselback Bill C-60 introduces more uncertainty on foreign takeovers

Wed, 22 May 2013 08:46:57 -0400

For the better part of last year, the business community fretted over what the federal government would ultimately do to clarify or modernize the way it reviews takeovers of large Canadian companies by foreign state-owned enterprises or SOEs. The rules ultimately emerged on Dec. 7, and they came with their own share of uncertainty. For example, what, pray tell, are the famed ';exceptional ...

FP Legal Post Oil and Gas League Tables and Methodology

Wed, 22 May 2013 08:46:54 -0400

Our special Legal Post report on oil and gas deals published May 22 contains most2012 FP Legal Post Oil and Gas league tables. The table for debt deals couldn’t fit in the paper, but you’ll find it here, along with electronic copies of all the other ...

Lawyers fear new Canadian tax rule could scare away foreign companies

Wed, 22 May 2013 08:46:52 -0400

All is not quiet on the Western Canadian tax front. The Conservative federal government has enshrined into law a controversial policy that could dissuade foreign owned resource companies from establishing mining and energy subsidiaries in Canada, corporate tax lawyers say. The new law is a response to something called ';foreign affiliate dumping'; transactions. The federal government ...

LNG The race for the next ‘Fort McMurray’

Wed, 22 May 2013 08:46:52 -0400

You’ve been hearing about the many liquefied natural gas projects that are planned for British Columbia’s west coast over the next few years. What you might not know is the degree to which LNG is already dominating the work done by energy lawyers in Calgary. The oil sands are still chugging along, and the battle to build oil pipelines won’t end soon — especially with the ...

Drew Hasselback Hunting for Calgary’s missing MA deals

Wed, 22 May 2013 08:46:49 -0400

Energy stocks are lower today than they were a couple of years ago, but there are signs that some parts of the commodities business have hit bottom and turned the corner. You could argue that conditions are ripe for buying opportunities. So where are all the M&A deals? Talk to lawyers in the energy patch, and there appears to be unanimous agreement that there’s a disconnect in the ...

Microsoft’s Home 2.0 Will Connect Xbox One To The Internet Of Things

Wed, 22 May 2013 08:46:47 -0400

In an exclusive interview, Microsoft teases the Xbox One's predestined future: A service they're dubbing Home 2.0 that will become the hub for all your interconnected ...

U.S. auto factories cutting back on summer downtime

Wed, 22 May 2013 08:45:47 -0400

DETROIT The Detroit automakers are largely forgoing the traditional two-week summer break at their factories and speeding up production to meet buyers' growing demand for new cars and trucks. Ford Motor Co. said Wednesday that 21 of its North American factories will shut for only one week this summer. That includes the Chicago plant that makes the Ford Explorer SUV and the Mexican plant that ...

Making your smartphone battery last longer

Wed, 22 May 2013 08:45:46 -0400

(MoneyWatch) We're a smartphone society now -- people do everything on their phones, from checking e-mail and Facebook posts to watching video and surfing the Web. All that comes at a price, ...

Student loan defaults rising despite a way out

Wed, 22 May 2013 08:45:45 -0400

(MoneyWatch) Although levels of household debt have steadily receded in the U.S. since the housing bubble burst, Americans are conspicuously falling behind in one area -- student loans. The number of people who are at least 90 days late on student loan payments has jumped 3.2 percent in only two years, rising from 8.5 percent in 2011 to 11.7 percent today, according to a recent study by the New ...

No Summer Slowdown for GM Ford

Wed, 22 May 2013 08:43:15 -0400

Morning Business Memo… Thousands of US auto workers may have to cancel their vacation plans. Growing consumer demand for cars and trucks has the industry changing its usual summer vacation schedule. Ford says the traditional two-week summer break is being cut to a single week. General Motors isn’t doing any shut downs. Chrysler plans a two-week break at only four of its 10 North ...

LT shares tank 6 over disappointing Q4 earnings

Wed, 22 May 2013 08:43:07 -0400

MUMBAI: Shares of Larsen & Toubro today slumped by 6 per cent after the company reported 6.9 per cent decline in standalone net profit for the fourth quarter ended March, 2013. The infrastructure conglomerate's scrip tanked over 6 per cent to Rs 1,503 in intra-day trade and finally ended the day at Rs 1,517.10, down 5.57 per cent on the BSE. At NSE, the scrip settled 6.05 per cent lower ...

European stocks drop amid British data before Fed

Wed, 22 May 2013 08:42:44 -0400

LONDON (AFP) - Europe's main stock markets fell on Wednesday, with London and sterling in focus following Bank of England minutes and mixed British data, and ahead of key testimony by US Federal Reserve chief Ben Bernanke later in the day.In midday deals, London's benchmark FTSE 100 index showed a loss of 0.19 percent to 6,790.90 points, a day after hitting a 13-year closing high point ...

GLOBAL MARKETS-Dollar steadies before Bernanke Wall St seen higher

Wed, 22 May 2013 08:19:09 -0400

* Dollar index steady before Bernanke testimony * U.S. stock futures signal more Wall St gains * German bond yields ease, Treasuries firm * European shares ease off multi-year highs By Richard Hubbard LONDON, May 22 (Reuters) - The dollar hovered near a three-year high and German debt yields eased on Wednesday as expectations hardened that the head of the U.S. central bank later in the day would ...

US STOCKS-Futures up ahead of Bernanke testimony

Wed, 22 May 2013 08:10:53 -0400

Wed May 22, 2013 8:10am EDT * Saks rallies on report it could sell itself * Bernanke seen hitting dovish note in testimony * Futures up: Dow 18 pts, S&P 3.4 pts, Nasdaq 7 pts By Rodrigo Campos NEW YORK, May 22 (Reuters) - U.S. stock index futures rose in thin trading on Wednesday, ahead of highly anticipated Congressional testimony by Federal Reserve Chairman Ben Bernanke on the economy and ...

Ireland feels the heat from Apple tax row

Wed, 22 May 2013 08:07:15 -0400

Reuters © Apple Operations International, a subsidiary of Apple Inc, is seen in Hollyhill, Cork, in the south of Ireland in this October 6, 2011 file photo. Ireland said on May 21, 2013 it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits stashed in Irish subsidiaries. ...

Stock to watch Hewlett-Packard a bargain despite recent gains

Wed, 22 May 2013 08:06:40 -0400

: After enduring a roller-coaster ride, shares of the Palo Alto, Calif.-based personal computer giant are basically flat over the past year. Its stock, however, has been roiled in recent years by a revolving door of chief executive officers as its personal computer and printing businesses continued to face competition from smartphones and tablets. Meg Whitman, who took over as CEO in late 2011 ...

Targets 1st-qtr profit drops 26 pct on weak sales as weather financial pressures take toll

Wed, 22 May 2013 08:05:07 -0400

Target Corp. is reporting a 26 percent drop in first-quarter profits as cool temperatures and financial pressures limited customers' appetite for spending. The company, based ...

Investors edgy ahead of Bernanke testimony

Wed, 22 May 2013 08:04:46 -0400

LONDON -; Investors were edgy Wednesday ahead of the appearance of U.S. Federal Reserve chairman Ben Bernanke before lawmakers in ...

Raytown paves way for Wal-Mart grocery in 3 a.m. vote

Wed, 22 May 2013 07:59:20 -0400

After meeting for about seven and a half hours, the the Raytown Board of Aldermen voted 6-4 early Wednesday to allow a change that paves the way for a Walmart grocery store in its ...

EU leaders shine spotlight on Apple Amazon Google over tax policy

Wed, 22 May 2013 07:58:22 -0400

Britain , France and the United States exposing how little tax major international companies have been paying by carefully structuring their European operations has forced the issue to the top of the agenda.France and Britain in particular have grown concerned by the sheer scale of the legal tax schemes, with a U.S. investigation revealing on Monday ...

Google tax avoidance is wrong insists Ed Miliband

Wed, 22 May 2013 07:57:40 -0400

Ed Miliband has said Google is "wrong" to avoid paying taxes on UK revenues, citing its founders' 2004 promise to forgo short-term gains in order to do good things.At an event hosted by the search giant near London, Miliband also pledged that a future Labour government would change laws unilaterally to stop "transfer pricing" by which companies such as Amazon shift ...

Google tackled by Nick Clegg on tax avoidance at No10 meeting

Wed, 22 May 2013 07:57:39 -0400

The Google chairman, Eric Schmidt, arrives at 10 Downing Street. Nick Clegg told Schmidt that it was in multinationals' interests to pay their fair share of tax. Photograph: Suzanne ...

BBC may charge Sky for content as retransmission fee row escalates

Wed, 22 May 2013 07:57:37 -0400

The BBC may charge BSkyB for content from its channels if the satellite broadcaster does not drop retransmission fees. Photograph: Kieron ...

Has the IMF pulled its punches in its verdict on the UK economy

Wed, 22 May 2013 07:57:36 -0400

IMF experts appear to have softened their view after spending a fortnight in London talking to officials at the Bank of England and the Treasury - and amid signs of life from the ...

Urturn raises $13.4m for social self-expression service and launches its official iPhone app

Wed, 22 May 2013 07:57:34 -0400

If the thought of an iPhone app for people to slap virtual stickers and slogans onto photos -often of One Direction - share them with the world and then remix one another's creations makes you angry, you'd best click away now.Urturn's app does exactly that. ...

IMF annual health check on UK economy – reaction in full

Wed, 22 May 2013 07:57:33 -0400

IMF managing director Christine Lagarde signed off on the report, which is being presented by first deputy managing director of the IMF, David Lipton, in London. Photograph: ...

HH Gregg stock tumbles after poor earnings report

Wed, 22 May 2013 07:55:40 -0400

The Indianapolis-based electronics and appliances retailer hh gregg, which has three stores in the Louisville area according to the companys web site, saw its stock drop nearly 12 percent Tuesday after a poor fourth-quarter earnings report. According to The Indianapolis Star, the company had reported an 82 percent drop in net income for the three months ending March 31. The report is impacted by ...

The Market Rally Has to Stop Sometime. Doesnt It

Wed, 22 May 2013 07:55:01 -0400

Stock market rallies have to end sometime for sure, but history suggests the current one, despite its seemingly bloated nature, doesn't have to end anytime soon. Previous years that have started off this strongly, in fact, most often have ended strongly, with gains coming despite strong obstacles and pullbacks shallow rather than sharp. "The bears keep getting steamrolled and the bulls ...

Target Earnings Beat but Sales Decline

Wed, 22 May 2013 07:55:01 -0400

Target reported quarterly earnings that beat analysts' expectations on Wednesday, but sales were lower. After the earnings announcement, the company's shares fell more than 2 percent in premarket ...

IRS Scandal Official Wont Testify

Wed, 22 May 2013 07:55:00 -0400

Internal Revenue Service official at the center of a scandal about the targeting of conservative groups for extra tax scrutiny, plans to assert her constitutional right not to answer questions from a congressional committee on Wednesday. "She has not committed any crime or made any misrepresentation but under the circumstances she has no choice but to take this course," Lerner's ...

US Autos Cut Back on Summer Downtime

Wed, 22 May 2013 07:55:00 -0400

The Detroit automakers are largely forgoing the traditional two-week summer break at their factories and speeding up production to meet buyers' growing demand for new cars and ...

Merck Inks $5 Billion Deal With Goldman

Wed, 22 May 2013 07:54:59 -0400

Goldman Sachs , as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics. Under the accelerated share repurchase agreement (ASR), Merck has agreed to repurchase about 99.5 million shares from Goldman Sachs based on current market prices. "We don't have consensus share count post-Q1 earnings to quantify the impact of the ...

Suffolk mayor Terry Buckle drives car into Tesco Express store in Moreton Hall

Wed, 22 May 2013 07:48:05 -0400

Shoppers watched in amazement as Mr Buckle, mayor of St Edmundsbury, drove his silver Vauxhall Vectra through the doors of the supermarket in Lawson Place, Bury St Edmunds, yesterday.He was taken to West Suffolk Hospital suffering from minor injuries and shock but was later released.Suffolk Police said noone was injured and no serious damage was caused.Mr Buckle's wife Pam told the East ...

IMF Eases Pressure On Osborne Strategy

Wed, 22 May 2013 07:45:43 -0400

Rather than saying that Mr Osborne should replace his plans with an alternative, it says he should consider "Further modifying the composition of consolidation to boost growth." It mentions a couple of possible options on this front: "reducing marginal effective corporate tax rates" or "introducing tax allowances for raising equity." However, crucially it ...

Google Wrong To Avoid Tax Declares Miliband

Wed, 22 May 2013 07:45:42 -0400

Labour leader Ed Miliband has declared it is wrong for Google to go to such "extraordinary lengths" to avoid paying its taxes. Mr Miliband weighed into the row over multi-national firms not paying enough tax at a major conference staged by the internet giant. He highlighted how Google had only paid £10m in corporation tax in the UK between 2006 and 2011, despite revenues of ...

Regulator Lukewarm About Banks Coco Plans

Wed, 22 May 2013 07:45:42 -0400

The Bank of England's new regulatory arm has cooled its enthusiasm for a new form of capital that could be used to shore up lenders' balance sheets in a future financial crisis. I understand that the Prudential Regulation Authority (PRA) has privately informed Britain's big banks that it would prefer them to use alternative methods for raising capital because of a dispute about ...

A rerun Microsoft returns to TV programming with Halo show

Wed, 22 May 2013 07:43:38 -0400

The software giant's new show, produced by Steven Spielberg, brings the company back to creating original content, a business where it's had some ...

Microsoft talks Xbox One naming privacy and more

Wed, 22 May 2013 07:43:37 -0400

CNET sits down with Microsoft's Jeff Henshaw to talk about the new Xbox One, including how long it will last, and whether the name's going to be ...

SeaWorld reports first-quarter earnings as public company

Wed, 22 May 2013 07:42:03 -0400

SeaWorld is scheduled to release its first-quarter earnings after the stock market closes this afternoon. That will be followed by a 5 p.m. conference call between SeaWorld management and stock analysts, where the new ...

Toll Brothers profit rises 46 percent

Wed, 22 May 2013 07:40:52 -0400

TOL.N ) posted a 46 percent rise in quarterly profit as the largest U.S. luxury homebuilder sold more homes at higher prices, indicating that the housing recovery is spreading across the ...

Lowes net misses view underperforms Home Depot again

Wed, 22 May 2013 07:40:45 -0400

A specially designated parking spot for Lowes.com shoppers is pictured in the parking lot at the Lowe's Home Improvement Warehouse in Burbank, California August ...

BNY Mellon to add up to 100 positions at wealth management unit

Wed, 22 May 2013 07:40:45 -0400

BK.N ), the world's largest custody bank, said it would add up to 100 positions at its wealth management unit, expanding the sales force at the unit by 50 percent in the next two ...

Staples quarterly profit misses analysts estimates

Wed, 22 May 2013 07:40:44 -0400

SPLS.O ) reported a slightly lower-than-expected quarterly profit on Wednesday, hurt by a stronger dollar and weak sales in Europe and ...

Too soon to dial back Fed stimulus Dudley

Wed, 22 May 2013 07:40:44 -0400

William Dudley, President and CEO of the Federal Reserve Bank of New York, speaks during the Asia Society and Economic Club of New York luncheon, in New York, September 24, ...

Earnings Outlook H-P expected to post big drop in sales earnings

Wed, 22 May 2013 07:38:30 -0400

SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. is expected to report a sharp drop in revenues and earnings on Wednesday afternoon, as analysts brace for the impact of a weakening PC market and some level of uncertainty about the broader corporate technology ...

Consumer Cyclical Stocks Pressure Euro Markets

Wed, 22 May 2013 07:37:24 -0400

European shares fell from multi-year highs on Wednesday, with luxury goods stocks among the worst performers, as some investors sold in anticipation of a near-term pull-back in the market. Federal Reserve chief Ben Bernanke is due to speak later in the day and the U.S. central bank is also due to release minutes of its May policy meeting. Investors are concerned that the Fed will start scaling ...

Starwood Capital Goes Shopping for Malls

Wed, 22 May 2013 07:37:24 -0400

Starwood Capital Group is in talks to buy seven U.S. shopping malls from Westfield Group for more than $1 billion, a deal that would mark the latest in a flurry of big-ticket acquisitions of retail property.Starwood's talks with Westfield aren't yet in the final stages and still could collapse, according to people familiar with the matter.The discussions come as retail property ...

Polish PKO BP Issues PLN500 Million of 6-Month Bonds

Wed, 22 May 2013 07:37:24 -0400

PKO BP (PKO.WA), Poland's top lender by assets, issued 500 million zlotys ($154 million) of six-month corporate bonds at a 2.77% yield, the bank said Wednesday.The issue is part of the bank's PLN5 billion bond-issue program dating back to 2011 that is aimed at diversifying the bank's financing sources.So far the bank issued three-month paper in 2011 and 2012.Write to Patryk ...

Bank of New York Mellon to Increase Wealth-Management Sales Force by 50

Wed, 22 May 2013 07:37:23 -0400

Bank of New York Mellon Corp. (BK) plans to increase its wealth-management sales force by 50%, or up to 100 new positions, under a two-year recruiting campaign.The trust bank said it intends to add private bankers and mortgage bankers, portfolio managers and wealth strategists as well as additional sales support staff."Building on our expansion efforts of recent years, we intend to establish ...

RBS Expects To Further Improve Core Tier 1 Cap Ratio

Wed, 22 May 2013 07:37:22 -0400

Royal Bank of Scotland Group PLC (RBS.LN) said Wednesday that it expects to further improve its Core Tier 1 capital ratio and meet its capital requirement through continued delivery against its business plan.MAIN FACTS:-Company remains committed to a prudent approach to capital and to support for economic growth in the U.K. real economy.-Shares at 0955 GMT, up 2 pence, or 0.6%, at 344 pence ...

Deutsche Bank Issues $1.5 Billion Tier 2 NotesOver Half Of Planned Subordinated Debt

Wed, 22 May 2013 07:37:22 -0400

Germany's Deutsche Bank AG (DB) Wednesday said it issued $1.5 billion of subordinated Tier 2 capital Tuesday, placing more than half of the planned issuance of EUR2 billion in subordinated debt the bank announced in April.MAIN FACTS:-The transaction was priced at a spread of 237.5 bps over the 10 year US Treasury.-Strong investor interest allowed the bank to increase the volume from $1 ...

Look out realtors Rogers Communications is after your business

Wed, 22 May 2013 07:35:59 -0400

Rogers Communications Inc. subsidiary Zoocasa plans a further incursion into the territory of organized real estate. Zoocasa said it will roll out a new platform that will allow consumers to sign up with agents through its website and ultimately get a rebate on their commission. Zoocasa has tapped lawyer Lawrence Dale — a founder of Realtysellers whose complaint to the Competition Bureau ...

Feedback How to give -- and get -- more of it

Wed, 22 May 2013 07:35:08 -0400

(MoneyWatch) Over the years, I've noticed three things about feedback: 1. Constructive feedback is incredibly useful, and 2. More is better than less, yet 3. People are remarkably stingy with it That last point was driven home once when I was on a panel exploring different generations' work styles. I spoke positively about Gen Y's seemingly constant need for feedback, noting that I ...

FEMA Insurance to Give Some Relief in Okla.

Wed, 22 May 2013 07:32:54 -0400

An American flag blows in the wind at sunrise atop the rubble of a destroyed home in Moore, Okla., on May 21, 2013, a day after a tornado roared through the Oklahoma City suburb, flattening entire neighborhoods and destroying an elementary school with a direct blow as children and teachers huddled against winds up to 200 ...

Goodbye Pension Hello Cash Danger Ahead

Wed, 22 May 2013 07:32:48 -0400

The Bible says Jacob's brother sold his birthright for a mess of stew. Today, warn financial watchdogs, America's pensioners are in danger of accepting what can sometimes be a comparably smelly deal: "Sell us your pension benefits," say advertisements, "and we'll give you one big lump sum now, up front." For somebody who's facing doctor bills or has ...

Photos Drew Barrymore Lists Home

Wed, 22 May 2013 07:32:48 -0400

Actress Drew Barrymore listed her home in the Santa Barbara, Calif. area for $7.5 million just a year after getting married to husband Will Kopelman. Barrymore reportedly bought the 6-bed home in June 2010 for $5.705 million, as first reported by the Real Estalker and Zillow. The secluded home has a separate guest house with two vintage refrigerators, plus citrus and avocado trees ...

Stock Futures Point Higher Ahead of Bernanke Testimony

Wed, 22 May 2013 07:23:16 -0400

) -- U.S. stock futures were trading higher Wednesday as investors awaited testimony from Federal Reserve Chairman Ben Bernanke on the economy and awaited a report that's expected to show stronger existing home ...

Lowes 1Q profit rises chilly spring hurts sales

Wed, 22 May 2013 06:59:39 -0400

Lowe's first-quarter net income rose almost 3 percent, even as a wet and cool spring dampened sales of gardening products.Spring is the biggest season for home improvement retailers. While the weather was chilly in the quarter, the improving housing market has helped such businesses.Lowe's Cos. earned $540 million, or 49 cents per share, for the period ended May 3. That compares with ...

Regulator says satisfied with Lloyds RBS capital plans

Wed, 22 May 2013 06:58:13 -0400

and was comfortable with their plans.The Prudential Regulation Authority said it would release more information when it had concluded discussions with all banks, including, where necessary, if banks need to take steps to meet any shortfalls.Lloyds and RBS each said on Wednesday they did not need to issue more equity, and would meet extra capital needs by selling assets and through retained ...

Morrisons falls after UBS confirms placing

Wed, 22 May 2013 06:58:02 -0400

LONDON (Reuters) - Shares in Britain's No.4 grocer Wm Morrison Supermarkets fell 3 percent on Wednesday after UBS confirmed it had placed around 100 million shares in the firm at 280 pence for an institutional seller.The sale represents a 4.4 percent stake in Morrisons and is equivalent to eight days worth of volume. The shares, which closed at 289.30 pence on Tuesday, traded at 280.9 pence ...

Indications Stock futures edge up ahead of Bernanke data

Wed, 22 May 2013 06:51:34 -0400

MADRID (MarketWatch) -- U.S. stock market futures were pointing to a slightly firmer start for Wall Street on Wednesday ahead of a key appearance from Federal Reserve Chairman Ben Bernanke, along with minutes of the recent Fed ...

Bank of England as confused as the rest of us about state of UK economy | Larry Elliott

Wed, 22 May 2013 06:48:39 -0400

Mervyn King has been at the Bank long enough to be on the losing side in votes - but it would be damaging for Mark Carney to come in and be immediately outvoted. Photograph: David ...

Arm loses out on growth worries despite upbeat investor day

Wed, 22 May 2013 06:48:38 -0400

one of the main fallers.The highly rated shares have dropped 47p to 10.18 - more than 4% - as worries about the chip maker losing market share outweighed a relatively positive investor day on Tuesday.Analysts believe it could be time to take some profits after Arm's recent strong run, suggesting much of the company's prospects were already in the price. It numbers Apple among its key ...

UK retail sales slump as shoppers balk at higher prices and cold weather

Wed, 22 May 2013 06:48:37 -0400

Retail sales slumped in April after shoppers balked at rising prices and were reluctant to venture out to the high street in one of the coldest springs on record.The Office for National Statistics said retailers reported a 1.3% decline in the amount of goods sold, with food shops the worst affected. Sales of food plunged 4.1% on the month, the weakest showing in almost two years. Shops also ...

Live QA Starting up - and surviving - in the fashion industry

Wed, 22 May 2013 06:48:36 -0400

recently ranked fashion capital of the world for the second consecutive year by the American analytics company Global Language Monitor.You can see why: students flock from all over the world to study at institutions such as Central Saint Martins, London College of Fashion and the new Conde Nast College of Fashion and Design, and the capital's thriving design scene makes it hard for fashion ...

Ex Coca-Cola Employee Wants Justice

Wed, 22 May 2013 06:46:52 -0400

James Adongo Akologo A former employee of Coca-Cola Bottling Company of Ghana Limited is crying for justice after the multinational failed to pay his redundancy package after forcing him to resign about three years ago. James Adongo Akologo, a father of eight, was a former Depot Clerk at the Sunyani Depot. He toldCITY & BUSINESS GUIDEthat he worked with the company for over 14 years before ...

Two Global Companies Just Moved for Tax Reasons

Wed, 22 May 2013 06:46:03 -0400

Even as Apple faced a grilling from lawmakers over its tax avoidance schemes, two more companies revealed they would move jurisdictions to lighten their tax burden. U.S. drugs ...

EU Bank Bonus Cap to Put Pressure on US Schulz

Wed, 22 May 2013 06:46:03 -0400

As EU regulators mull introducing the world's strictest bonus cap, the president of the European parliament told CNBC that the plan could put pressure on the U.S. to follow suit. "If we cut bank bonuses,if we decouple bonuses from short-term speculation in Europe, that puts pressure on the government in the United States to do the same," European Parliament President Martin Schulz ...

Lowes Earnings Fall Short of Estimates

Wed, 22 May 2013 06:46:02 -0400

Lowe's reported quarterly earnings and revenue that missed analysts' expectations on Wednesday, with the company blaming softer sales on unseasonably cool, rainy weather. Spring is the biggest season for home improvement retailers. While the weather was chilly in the quarter, the improving housing market has helped such businesses. The company's shares fell in pre-market trading ...

Fiat Industrial May Move Tax Base To UK

Wed, 22 May 2013 06:37:14 -0400

Fiat Industrial has confirmed it is planning to move its tax base to the UK from Italy to save it money. The Italian truck and tractor manufacturer said it was mulling the idea of a move to the UK, where corporate tax rates are being lowered to 20% by 2015. In Italy, the company’s effective tax rate was 36% last year. If the proposal goes ahead it would be considered a coup for the ...

RPT-Fitch Spain Restructured Loan Provisions May Hit Bank Earnings

Wed, 22 May 2013 06:36:46 -0400

Wed May 22, 2013 6:36am EDT (Repeat for additional subscribers) May 22 (Reuters) - (The following statement was released by the rating agency) Additional loan-impairment charges from a review of Spanish banks' restructured loans could cause a further dent to earnings which are already feeble, Fitch Ratings says. This could ultimately filter through to capital, and leave some thinly ...

SE Asia Stocks-Singapore up on earnings hopes Thai shares fall

Wed, 22 May 2013 06:35:54 -0400

BANGKOK, May 22 (Reuters) - Most Southeast Asian stock markets rose to new highs on Wednesday on light to moderate volume and ahead of U.S. Fed Chairman Ben Bernanke's testimony in Congress, with expectations of improved earnings forecasts supporting Singapore shares. Singapore's Straits Times Index was up 0.3 percent at 3,454.37, reversing Tuesday's fall, led by ...

SocGen CEO to face shareholders after Rosbank arrest

Wed, 22 May 2013 06:32:42 -0400

SOGN.PA ) management will face investors later on Wednesday for the first time since the shock arrest of the French bank's top Russian executive on charges of ...

DBS-Danamon deal hinges on Singapores invite to Indonesian banks

Wed, 22 May 2013 06:32:41 -0400

SINGAPORE/JAKARTA (Reuters) - Southeast Asia's largest bank merger now depends largely on cooperation between Singaporean authorities and Indonesian ...

Staples earnings sales shy of forecasts

Wed, 22 May 2013 06:30:43 -0400

+0.55% on Wednesday reported sales and earnings for the first quarter that slightly fell short of forecasts, though the company kept its 2013 outlook unchanged. Staples posted first-quarter earnings per share of 26 cents, versus 28 cents in the same period a year ago. Sales for Staples fell 3% to $5.815 billion versus $6.025 billion in the year-ago period. A survey of analysts polled by FactSet ...

Lowes Q1 earnings $540mln vs. year-ago $527mln

Wed, 22 May 2013 06:30:43 -0400

A Forward Look, The Year Ahead - Research Report on Honeywell International Inc., Liberty Global Inc., Charter Communications, Inc., The Home Depot, Inc. and Lowe's Companies, ...

Petronas Defers $20 Billion Petrochemical Plant Decision to 2014

Wed, 22 May 2013 06:29:41 -0400

KUALA LUMPUR, Malaysia – Malaysia's Petroliam Nasional Bhd. has deferred for another three quarters a decision to proceed with what the government describes as one of the country's most important oil-and-gas projects.A decision about building the $20 billion petrochemical complex in the southern state of Johor has been deferred until the first quarter of 2014, Petronas Chief ...

Larsen Toubro Posts Lower January-March Profit

Wed, 22 May 2013 06:29:40 -0400

Larsen & Toubro Ltd. (500510.BY), India's biggest engineering and construction company by sales, Wednesday posted a 7% fall in its January-March net profit as a slowdown in the economy affected new infrastructure projects.Net profit for the period, the company's fiscal fourth quarter, fell to 17.88 billion rupees ($322 million) from 19.20 billion rupees a year earlier. Sales rose ...

Uganda Students to Compete for Microsoft Spot

Wed, 22 May 2013 06:22:51 -0400

Kampala - Two Ugandan secondary school students will compete in this year's Certport Microsoft Office Specialist World Championship set to begin on July 31 and end on August 3 in Washington D.C. Majaso Limited, a long standing partner of Certport Inc the lead organizers, said students from twelve secondary schools will sit a qualifying Microsoft Office Specialist exam in Microsoft W0rd 2010 ...

Mercedes dealer review opens home front in luxury war

Wed, 22 May 2013 05:51:05 -0400

Reuters © Dieter Zetsche, CEO of German carmaker Daimler, poses in a new Mercedes-Benz S-class car during a presentation in Hamburg, May 15, 2013. REUTERS/Fabian ...

Asian Stocks Rise On Fed Speculation

Wed, 22 May 2013 05:47:42 -0400

Asian stocks rose broadly on Wednesday, encouraged by a positive lead from Wall Street, after comments from two Federal Reserve officials suggested the Federal Reserve is unlikely to taper its $85 billion-per-month bond-buying program anytime soon. Investors look forward to a speech from the Fed Chairman Ben Bernanke and the release of FOMC May minutes due out later in the day for clues on the ...

Stocks to Watch H-P Target Saks are Wednesday’s stocks to watch

Wed, 22 May 2013 05:44:17 -0400

SAN FRANCISCO (MarketWatch) -- Dow component Hewlett-Packard Co. and Target Corp. are among the high-profile companies in the queue to report quarterly results on Wednesday. But the scene stealer may be Saks Inc,. which reportedly hired Goldman Sachs to shop the luxury ...

Britvic to close two factories and warehouse with loss of up to 400 jobs

Wed, 22 May 2013 05:41:26 -0400

Britvic in the UK and Ireland are under threat, after the maker of Robinsons squash and R White's lemonade said it would close two factories and a warehouse.The company, which employs some 3,300 people, is reducing its staff by up to 15% as part of an attempt to cut annual costs by 30m over the next three years.Britvic's chief executive, Simon Litherland, said: "It's always ...

Xbox One unveiled by Microsoft – video

Wed, 22 May 2013 05:41:25 -0400

Microsoft gives customers their first look at its Xbox One, which comes eight years after the release of the Xbox 360. The company is hoping to draw in non-games fans with extra features such as television, Skype calling and heartbeat measuring. The Xbox One is expected to go on sale by the end of ...

JP Morgan CEO Jamie Dimon remains the Indiana Jones of corporate America | Heidi Moore

Wed, 22 May 2013 05:41:23 -0400

needn't have suffered any trepidation . Like a roomful of capitalist Beliebers, the shareholders that came to the microphone often had nice things to say. The few critical stockholders - who argued about LIBOR interest-rate setting ...

Wednesday Newspaper Review - Irish Business News and International Stories - - May 22 2013

Wed, 22 May 2013 05:40:54 -0400

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management ...

Property Drives Wealth of China’s Rich Women

Wed, 22 May 2013 05:38:17 -0400

Real estate in China is the main source of wealth for China's wealthiest women, a sign that the sector remains one with huge growth potential even as it contends with cooling measures, shows a survey by research firm Wealth-X released Wednesday. Total wealth attributed to real estate accounts for more than 60 percent of the combined net worth of the 15 wealthiest women in China, which is ...

Hedge Funds Ditch News Corp for Boeing

Wed, 22 May 2013 05:38:16 -0400

The world's largest hedge funds have bolstered their equity holding so far this year, increasing their exposure by over 5 percent and adding more ...

Cold Weather Puts Freeze On Retail Sales

Wed, 22 May 2013 05:29:29 -0400

Retail sales suffered their biggest monthly drop in a year in April as cold weather and restricted household budgets combined to damage demand on the high street. The Office for National Statistics (ONS) said retail sales volumes including automotive fuel fell 1.3% during the month compared to March, compounding economists' forecasts for a flat performance. Compared with a year ...

Airbus wins Oman Air order for three A330 planes

Wed, 22 May 2013 05:25:10 -0400

A visitor looks at replica aircrafts on the Airbus booth during the Annual European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva May 21, ...

London Markets U.K. stocks drop from 13-year high

Wed, 22 May 2013 05:23:21 -0400

LONDON (MarketWatch) -- U.K. stocks retreated from a 13-year high on Wednesday, after minutes from the Bank of England's latest meeting showed only a minority of members wanted to increase the bank's asset ...

Hong Kong Regulator Says Former Deutsche Bank Trader Violated Code of Conduct

Wed, 22 May 2013 05:22:19 -0400

The Securities and Futures Commission said late Tuesday a former trader at Deutsche Bank AG violated the regulator's code of conduct, which resulted in a sudden fall in the price of HSBC Holdings PLC's (0005.HK) Hong Kong-listed shares four years ago.The regulator's statement follows a multi-year investigation that aimed to uncover whether there was any market manipulation involved ...

Swedish Riksbank Appoints New Deputy Governors

Wed, 22 May 2013 05:22:18 -0400

The Swedish Riksbank said Wednesday it has decided to appoint Martin Floden and Cecilia Skingsley as new deputy governors of the central bank's executive board, succeeding Lars E.O. Svensson and Barbro Wickman-Parak whose terms of office expired May 20."We are very pleased to be able to present another two such highly qualified people as members of the executive board. The General ...

Wal-Marts S.Africa unit Massmart cautions on soft sales growth

Wed, 22 May 2013 05:20:12 -0400

Wed May 22, 2013 5:20am EDT JOHANNESBURG May 22 (Reuters) - South Africa's Massmart Holdings said on Wednesday it expects lacklustre sales growth this year, as the unit of Wal-Mart Stores Inc battles with weak consumer demand in Africa's top economy. Massmart, majority owned by the world's largest retailer, said comparable store sales increased by 5.6 percent for the first 21 weeks ...

UPDATE 2-Lloyds says to meet capital demands without extra funds

Wed, 22 May 2013 05:09:23 -0400

Wed May 22, 2013 5:09am EDT * To meet requirements from cash generation, non-core sales * Lloyds informed of regulator's requirements this week * RBS, regulator to issue statements later on Wednesday * Lloyds reaffirms targets for core tier 1 ratio * Lloyds shares up 1.6 pct, outperform rivals By Matt Scuffham and Steve Slater LONDON, May 22 (Reuters) - State-backed Lloyds Banking Group said ...

Metals Stocks Gold edges higher ahead of Bernanke’s testimony

Wed, 22 May 2013 04:36:37 -0400

HONG KONG (MarketWatch) -- Gold prices edged higher on Wednesday as the U.S. dollar weakened in the run-up to Federal Reserve Chairman Ben Bernanke's testimony before Congress later in the ...

Lloyds and RBS no need to tap investors for fresh capital

Wed, 22 May 2013 04:33:41 -0400

There is mounting speculation the government is preparing to kickstart a sell-off of part of its 39% Lloyds stake. Photograph: Stefan ...

Big banks are still gaming the state but whos got the courage to say it | Richard Paton

Wed, 22 May 2013 04:33:40 -0400

A demonstration by Occupy Economics in Canary Wharf, London, last week. 'Who do [banks] think we are? ... This is money they're only able to make at our expense.' Photograph: Ben Stansall/AFP/Getty ...

German economy set to improve Spanish jobless offered jobs apprenticeships

Wed, 22 May 2013 04:33:17 -0400

Germany's Bundesbank on Tuesday said it expects the economy to improve markedly in the second quarter. Also on Tuesday, Germany agreed to provide jobs or apprenticeships to about 5,000 young unemployed Spaniards each year under a deal signed by labour ministers from both countries in ...

Move Into Junk Stocks Powers Bull Run

Wed, 22 May 2013 04:31:12 -0400

S&P 500 into record territory.The best performing U.S. stocks in the current quarter are those that lagged the market from January to March, according to an analysis by Bespoke Investment Group. That includes companies that were targeted by short sellers, have the smallest market value and those with the worst analyst ratings.The 50 companies with the smallest market capitalization in the ...

Oklahoma Where the Relief Will Come From

Wed, 22 May 2013 04:31:11 -0400

Once the dust settles and the victims have been accounted for, Moore, Okla., will begin the gargantuan task of rebuilding itself, after an F-5, the highest possible in terms of wind speed and intensity, touched down there Monday, leveling everything in its path. It's a task that, based on similar disasters, will take billions of dollars in federal and state aid, insurance claims, and ...

Why BOJ Was Right Not to Talk Up Bonds

Wed, 22 May 2013 04:31:11 -0400

Bank of Japan (BOJ) ended a two-day meeting on Wednesday, taking some market participants by surprise with a decision not to take any steps to ease heightened uncertainty in bond markets following the radical monetary policy it unveiled last month.Speaking at the central bank's news conference, Governor Haruhiko Kuroda said the BOJ would closely monitor the bond market and respond with ...

SSE Energy Bills Must Rise As Profits Leap

Wed, 22 May 2013 04:22:57 -0400

The energy firm SSE has warned of more bill increases to come despite the bitterly cold start to the year helping profits leap 28% at its household energy arm. The firm - one of the so-called Big Six providers of gas and electricity to UK homes - made £410.1m in the 12 months to March in its residential business as gas consumption leaped by a fifth. The group's overall pre-tax ...

Dollar dips shares mixed ahead of Bernanke testimony

Wed, 22 May 2013 04:18:20 -0400

LONDON (Reuters) - The dollar dipped and benchmark Bund futures rose on Wednesday as expectations hardened that the head of the U.S. central bank will later in the day signal no tapering off of the bank's ultra-easy monetary ...

Europe Markets Europe stocks weak ahead of Bernanke comments

Wed, 22 May 2013 04:16:27 -0400

LONDON (MarketWatch) -- European stock markets slipped from multiyear highs in downbeat action on Wednesday, as investors stayed cautious ahead of comments from the U.S. Federal Reserve Chairman Ben ...

BOJ Kuroda Will respond to JGB moves with flexibility in market operations

Wed, 22 May 2013 04:15:34 -0400

TOKYO – Bank of Japan Governor Haruhiko Kuroda said on Wednesday that the central bank would closely monitor moves in the government bond market and respond with flexibility in its purchases of government debt and in its market operations. Kuroda said that he did not expect JGB yields to spike and that a recent increase in JGB yields was not having a major impact on Japan's economy. ...

Iluka Resources Considers Spinoff of Iron-Ore Royalty

Wed, 22 May 2013 04:15:33 -0400

Iluka Resources Ltd. (ILU.AU) said it is considering a spinoff of an iron-ore royalty worth around 850 million Australian dollars (US$833 million), underscoring how mining companies are taking a hard look at their assets amid subdued demand for commodities.Iluka is the world's largest producer of zircon, which makes ceramic products opaque and is used in everything from wash basins to ...

UniCredit Says Terna Shares Sale Completed

Wed, 22 May 2013 04:15:32 -0400

UniCredit SpA (UCG.MI) said Wednesday an aggregate sale of 107,704,353 shares of Terna SpA (TRN.MI) was successfully completed.The bank said the transaction, which was launched May 21 and carried out as an accelerated bookbuilding process addressed to institutional investors, was priced at 3.35 euros ($4.33) per share and will be settled May 27.The share sale generated proceeds of around EUR361 ...

Russian banker has his eye on Europe

Wed, 22 May 2013 04:15:29 -0400

MOSCOW – Igor Kim snapped cast-off assets from foreign banks pulling out of Russia and now the banker says he wants to expand into Europe. Kim, 47, emerged with his partners as an asset consolidator after the global crash of 2008 forced Western banks to downsize, buying the Russian commercial banking units of Barclays, WestLB, Morgan Stanley and Santander. "We are looking at different ...

Microsofts new Xbox faces wider range of competition

Wed, 22 May 2013 04:10:24 -0400

On the strength of stylish new showroom offerings, GM, Ford and Chrysler all gained market share in the first quarter for the first time in 20 ...

Bernanke testimony follows charge he withheld information

Wed, 22 May 2013 04:05:32 -0400

Ben Bernanke 's Capitol Hill testimony Wednesday follows lawmakers charging he purposely withheld strategic information from them. Bernanke is to appear before the House-Senate Joint Economic Committee at 10 a.m. This will be followed 4 hours later by the release of the minutes of the central bank's most recent policy meeting. The testimony and the minutes release could alter the ...

Lloyds says wont need to issue new equity CoCos

Wed, 22 May 2013 03:36:31 -0400

LONDON (Reuters) - Lloyds Banking Group said on Wednesday that it would be able to meet new capital requirements without having to issue new equity or contingent capital, after Britain's financial regulator updated the bank on its position.Lloyds said it was confident in its capital position and re-affirmed previous targets for its core tier 1 ratio."Our strong capital position enables ...

David Camerons Today programme interview Politics live blog

Wed, 22 May 2013 03:26:55 -0400

Rolling coverage of all the day's political developments, including David Cameron's Today programme interview, Nick Clegg's speech and Ed Miliband's speech at a Google ...

How best to effectively sell your product

Wed, 22 May 2013 03:26:54 -0400

As a new business, breaking into a market and trying to encourage people to buy your product can be a daunting task - and, yet, it's your business's lifeline. How you approach sales is therefore pivotal when it comes to making your startup business a success.You must think carefully about the sales journey and how you are going to go about getting your product to market. Ultimately, ...

Co-operative myths all co-operatives rotate jobs

Wed, 22 May 2013 03:26:54 -0400

Staff rotation plays an important role in many lines of work. But, contrary to popular belief, not all co-operatives rotate. Photograph: Tom ...

Apple shifted golden goose and 64 of 2011 income to Irish shell corporation

Wed, 22 May 2013 03:26:29 -0400

Apple shifted "golden goose" and 64% of 2011 income to Irish "shell corporation" By Michael Hennigan, Finfacts founder and editor May 22, 2013 - 7:51 AM ...

Microsoft Reveals The Xbox One

Wed, 22 May 2013 03:26:27 -0400

Microsoft promises the Xbox One will be more than just a game console, but a "living room" with a TV tuner and cable box. Users will be able to switch between watching TV and gaming instantly through the Kinect ...

Kids Turn to Twitter Shun Facebook Drama

Wed, 22 May 2013 03:24:04 -0400

Facebook is losing market share to its quick-messaging rival. Research from the think tank Pew Research Center revealed that 24 percent of online teens use Twitter now, up from 16 percent in 2011. Of the 802 teens aged 12-17 that were surveyed by Pew, 80 percent said that they used social networking sites and one in four online teens are using Twitter, a social network previously perceived as ...

EU Casts Wider Net for Bank Bonuses

Wed, 22 May 2013 03:24:03 -0400

EU regulators confirmed on Tuesday that they will cap bonuses of bankers earning more than 500,000 euros a year and added other conditions to make the pay ceiling harder to smash. The headline figure was leaked last Friday, triggering warnings by banks in the European Union that they may lose staff to other parts of the world, and that London, the bloc's top financial centre, could be ...

EU Leaders Battle Over Tax Avoidance

Wed, 22 May 2013 03:24:02 -0400

Growing concern in Europe about aggressive tax avoidance by high-profile corporations such as Amazon, Google and Apple looks set to steal the agenda at the European Union summit in Brussels. Julia Chatterley has more from the ...

A new social platform for Microsoft channel partners

Wed, 22 May 2013 03:22:08 -0400

Microsoft partner network (MPN) is Microsoft's 'official'body for channel partners. A Microsoft partner is one of the 640,000 companies worldwide that build, sell, or consult with Microsoft products. Most of these companies operate in the small-medium enterprise (SME) space, selling services related to Azure, .NET and SQL, Office 365, and SharePoint. The MPN isn't a revenue ...

Ghana hires Barclays and Citigroup for bond

Wed, 22 May 2013 03:18:30 -0400

By Sudip Roy Wed May 22, 2013 3:18am EDT LONDON, May 22 (IFR) - Ghana has appointed Barclays and Citigroup as lead managers on a planned Eurobond, likely in dollars, according to banking sources away from the deal. The sovereign, which is rated B by Standard & Poor's and B+ by Fitch, would be the latest African sovereign to issue a bond in recent months, following sales by Rwanda, Tanzania ...

Tax Dodgers Could End Extreme Poverty Twice

Wed, 22 May 2013 03:15:52 -0400

People who avoid paying tax by stashing their money in tax havens could have contributed enough to end extreme poverty across the world twice over, a charity has ...

Factbox Foreign banks in Russia

Wed, 22 May 2013 03:15:51 -0400

Russia as an undiscovered country where easy money could be made are now finding it a cut-throat market tougher than some bargained for. To follow is some background about foreign banks in Russia: Austria's biggest ...

Rolls-Royce wins engine order from U.S. lessor CIT

Wed, 22 May 2013 03:11:52 -0400

LONDON (Reuters) - Britain's Rolls-Royce (RR.L) has won a contract to supply engines to power 23 Airbus (EAD.PA) aircraft ordered by U.S. leasing company CIT Aerospace, it said on Wednesday. Rolls, the world's second-largest maker of aircraft ...

Asia Markets Japan stocks rally after central-bank meet

Wed, 22 May 2013 03:09:31 -0400

HONG KONG (MarketWatch) -- Japanese stocks stayed on course for a fresh multiyear high Wednesday after the country's central bank raised its economic outlook, even as it left other elements of the monetary policy ...

Lloyds Expects to Meet Additional Capital Requirements

Wed, 22 May 2013 03:08:55 -0400

Lloyds Banking Group PLC (LLOY.LN) said Wednesday it expects to meet its additional capital requirements without issuing further equity or additional contingent capital securities, citing the outcome of the Prudential Regulation Authority's (PRA) considerations of the 39% U.K. government-owned bank's capital position.MAIN FACTS:-Says can met requirements through its capital generative ...

Freeport Indonesia CEO Uncertain When Mining Operations to Resume

Wed, 22 May 2013 03:08:53 -0400

PT Freeport Indonesia is uncertain when it will restart operations at its mines in the eastern province of Indonesia after a tunnel collapse in an underground training room last week killed 28 workers, its Chief Executive Rozik Soetjipto said Wednesday."At this moment we [haven't decided] when to resume operations. We are reviewing the safety at all mines, both open pit and ...

Australia Mining Magnates Lose A$11 Billion as Commodities Fade

Wed, 22 May 2013 03:08:51 -0400

After riding the resources boom into the realms of Australia's ultra rich, the wealthiest mining tycoons Down Under have lost more than 11 billion Australian dollars (US$10.77 billion) from their fortunes over the past year as commodity prices have fallen.Hardest hit is the richest Australian of all time, mining heiress Gina Rinehart, with slumping iron-ore prices gouging more than A$7 ...

Insight No more easy pickings in Russias banking market

Wed, 22 May 2013 03:08:11 -0400

MOSCOW (Reuters) - Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained ...

Iluka earnings to fall

Wed, 22 May 2013 03:02:32 -0400

Iluka Resources says lower prices for its mineral sands will cause a fall in earnings in 2013. But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting. Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics. Its key markets are China and ...

Microsoft cuts five-year deal to upgrade NFLs technology

Wed, 22 May 2013 02:56:57 -0400

Envision Peyton Manning sitting on the bench and dissecting the last series from a variety of camera angles on his hand-held device instead of looking at still photos. Imagine Sean Payton holding up a Surface tablet instead of a cardboard playsheet on the sideline.It's coming.The NFL and Microsoft, through its next-generation Xbox device, are combining to upgrade interactive TV viewing of ...

Iluka earnings to fall

Wed, 22 May 2013 02:27:29 -0400

Iluka Resources says lower prices for its mineral sands will cause a fall in earnings in 2013.But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting.Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics.Its key markets are China and the ...

HudBayThompson Creek combo would be earnings monster--Ecclestone

Wed, 22 May 2013 02:24:01 -0400

If a HudBay/Thompson Creek combine was achieved the entity would have a significant option on the future of the moly price, contends Hallgarten analyst Christopher ...

Asian stocks buoyed by Wall Street

Wed, 22 May 2013 02:21:38 -0400

Sydney - Asian stocks rose on Wednesday following a positive lead from Wall Street with Japan's Nikkei reaching a five-and-a-half-year high, while the yen took a defensive stance ahead of the outcome of the Bank of Japan's (BOJ) policy ...

ESPN cutting hundreds of jobs - report

Wed, 22 May 2013 02:21:33 -0400

New York - ESPN, the sports channel that is Walt Disney’s most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts ...

Reunert to ‘plan for and pursue earnings growth’

Wed, 22 May 2013 02:21:31 -0400

The electronics firm report a 14 percent dive in normalised headline earnings a share from R2.98 to R2.57 while revenue declined eight percent to R5.3 billion from R5.7 billion. Photo ...

GLOBAL MARKETS-Asian stocks supported by Fed reassurance BOJ stands pat

Wed, 22 May 2013 02:20:55 -0400

Wed May 22, 2013 2:20am EDT * Some Asian stock markets buoyed by record highs on Wall St * Fed officials play down speculation of ending stimulus anytime soon * BOJ keeps policy unchanged as expected * JGB futures dip after BOJ, Nikkei stays firm By Masayuki Kitano and Vidya Ranganathan SINGAPORE, May 22 (Reuters) - Some Asian stock markets rose on Wednesday following a positive lead from Wall ...

BRIEF-Cable Wireless Comms core earnings edge up

Wed, 22 May 2013 02:20:53 -0400

LONDON | Wed May 22, 2013 2:20am EDT LONDON May 22 (Reuters) - Cable & Wireless Communications PLC : * Auto alert - Cable & Wireless Communications Plc final dividend 0.0267 usd per share * Auto alert - Cable & Wireless Communications Plc total dividend 0.04 usd per share * C&w comms FY core earnings $ US$589 million million (company poll $584 million) * Total group EBITDA of ...

George Osborne may not be dead in the water after all. What will Labour do then | Gaby Hinsliff

Wed, 22 May 2013 02:20:09 -0400

It has been a truth universally acknowledged for some time in politics that George Osborne is a busted flush. After all, the chancellor is relentlessly hammered from left and from right these days, by those who want less austerity and those desperate for more of it. Tellingly, polling shows voters ...

One in five retiring in 2013 will be below poverty line

Wed, 22 May 2013 02:20:08 -0400

Prudential , which also found that nearly a quarter of women will enter retirement entirely dependent on the basic state pension.Prudential's Class of 2013 research, based on interviews with 8,676 over 45-year-olds and another 1,007 people retiring this year, found that many are facing a bleak financial outlook.One in seven (14%) people planning to retire in 2013 will depend on the state ...

BlackBerry Shifts Emphasis From Smartphones to Services

Wed, 22 May 2013 02:17:09 -0400

BlackBerry no longer owns the fast-paced, innovative smartphone world but the company, whose email-on-your-hip devices once revolutionized the industry, now aims to run it. The change in focus was hard to miss at the company's well-attended annual conference in Florida last week, even as news of a new smartphone model and its plans to offer the popular BlackBerry Messaging (BBM) instant ...

STOCKS NEWS SINGAPORE-Earnings seen improving in H2 - Citi

Wed, 22 May 2013 02:11:21 -0400

Wed May 22, 2013 2:11am EDT Singapore-listed firms are likely to see more earnings upgrades than downgrades in the second half of this year, as company results are set to improve with the city-state's economic growth expected to recover towards 2014, Citi said. First-quarter results still showed more misses than beats, but Citi expected the situation to improve in the second half, with large ...

Iluka earnings to fall

Wed, 22 May 2013 02:02:57 -0400

But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting.Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics.Its key markets are China and the United States."Based on lower weighted average prices, at least as they stand at the moment, ...

Futures Movers Oil futures fall as inventories unexpectedly rise

Wed, 22 May 2013 02:02:18 -0400

LOS ANGELES (MarketWatch) -- U.S. crude-oil futures fell Wednesday in electronic trade following an unexpected rise in weekly oil inventories, setting investors up to look for signs about future energy demand during congressional testimony by U.S. Federal Reserve Chairman Ben ...

Iluka earnings to fall

Wed, 22 May 2013 01:55:49 -0400

Iluka Resources says lower prices for its mineral sands will cause a fall in earnings in 2013.But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting.Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics.Its key markets are China and the ...

Iluka earnings to fall

Wed, 22 May 2013 01:32:20 -0400

ILUKA Resources says lower prices for its mineral sands will cause a fall in earnings in 2013. But prices have stabilised and demand is increasing, the company's managing director, David Robb, told its annual general meeting. Iluka is a major producer of zircon, used mainly in ceramics, and rutile and synthetic rutile, which are used in paints and plastics. Its key markets are China and the ...

Iluka earnings to fall

Wed, 22 May 2013 01:32:20 -0400

Iluka earnings to fall

Wed, 22 May 2013 01:32:20 -0400

Saks hires Sachs eyes possible sale

Wed, 22 May 2013 01:16:14 -0400

Saks is gearing up for its biggest sale ever - but it won’t be happening at your local mall.The owner of the swanky Saks Fifth Avenue chain has hired Goldman Sachs to explore strategic alternatives, including a possible sale of the company, The Post has learned.The news, first reported yesterday at nypost.com, sent Saks shares surging in after-market trades to their highest levels in more ...

NYU prexy slammed again

Wed, 22 May 2013 01:16:14 -0400

NYU’s Tisch School of the Arts - whose famous alumni include Martin Scorsese, Spike Lee and Alec Baldwin - became the latest school to submit a vote of no confidence in the university’s president, John Sexton.In March, the university’s College of Arts & Sciences gave Sexton a thumbs-down, followed by the Steinhardt and Gallatin schools earlier this month. The Tisch vote ...