Business Topics Overviews

Automatically compiled digests of BUSINESS news stories
(originally aggregated by the Google News)

Thursday (Update 1)

May-24 -- Jobless Claims in U.S. Were Little Changed at 370000 Last Week
Continuing Jobless Claims measures the number of unemployed individuals who continue to be eligible for unemployment benefits.
A Labor Department official said there was nothing unusual in the state-level claims data. More...

May-24 -- Durable goods orders edge up after decline in previous month
Bookings for non-military goods excluding aircraft decreased 1.9 percent after falling 2.2 percent in March, the first back- to-back decline in a year, data from the Commerce Department showed today in Washington.
Revised and recently benchmarked seasonally adjusted March figures for all manufacturing industries were: new orders, $470.1 billion (revised from $469.7 billion); shipments, $476.0 billion (revised from $475.7 billion); unfilled orders, $986.0 billion (revised from $986.3 billion); and total inventories, $607.9 billion (revised from $608.1 billion). More...

May-24 -- Analysts back Hewlett Packard's layoff plans
HP CEO Meg Whitman said Wednesday that the Palo Alto tech titan will cut 27,000 jobs through 2014, the largest planned job cuts in recent Silicon Valley history, in an effort to "streamline our operations, improve our processes, and remove complexity from our business."
Hewlett-Packard Company (NYSE:HPQ) shares climbed 8.63% to $22.90 in the pre-market hour trading after the company said it expects third quarter non-GAAP diluted EPS to be in the range of $0.94 to $0.97 and GAAP diluted EPS to be in the range of $0.00 to $0.03. More...

May-24 -- Negative equity remains a drag on housing market
Got that sinking feeling? Amid signs that the U.S. housing market is finally rising from a long slumber, real estate Web site Zillow reports that homeowners are still under water.
More than 31 percent of Baltimore homeowners were carrying negative equity on their mortgages at the end of the first quarter, a number on par with the national average. More...

May-24 -- Dudley Tells CNBC He Doesn't See Need for More Easing Now
Expectations for U.S. economic growth, while "pretty disappointing" at around 2.4%, is sufficient to keep the central bank from easing monetary policy, Federal Reserve Bank of New York President William Dudley said.
The New York Fed chief, who has a permanent vote on the rate-setting FOMC, acknowledged that his views have hardened a bit from his more dovish comments a year ago. More...

May-24 -- Tiffany, Signet forecasts disappoint investors
" he Americas region underperformed, continuing a soft trend that began in the last quarter of 2011 and compounded by the difficult comparison to substantial sales growth in last year's first quarter," commented CEO Michael J. Kowalski.
On a constant-exchange-rate basis, total Americas sales rose 3 percent and comparable store sales were flat (comparable branch store sales increased 1 percent and sales in the New York flagship store declined 4 percent) on top of a 17 percent increase in comparable store sales in last year's first quarter. More...

May-24 -- UK recession deepens as GDP shrinks
The British economy shrank more than first thought between January and March, after the deepest fall in construction output in three years, while government spending made the biggest contribution to growth, official data showed today.
In the U.K., consumer-spending growth slowed to 0.1 percent in the three months through March from 0.4 percent in the previous quarter, the statistics office said. More...

May-24 -- Chinese manufacturing shows no signs of rebounding
China's manufacturing sector was predicted to deteriorate at a faster rate in May because of the further contraction of new orders and exports, HSBC Holdings Plc said.
Resources stocks held up despite disappointing Chinese manufacturing data showing a contraction for the seventh consecutive month as exports deteriorated according to global bank HSBC. More...

May-24 -- Heinz Posts Lower Profit
PITTSBURGH -- H.J. Heinz Company /quotes/zigman/229153 /quotes/nls/hnz HNZ -1.35% today reported strong fourth-quarter results, including 5.6% sales growth and 17.4% growth in earnings per share to $0.81 excluding special charges for productivity initiatives ($0.54 reported).
Excluding pre-tax charges, the company earned $0.81 per share. More...

May-24 -- Costco profit up better-than-expected 19%
Costco's fiscal third-quarter net income climbed 19 percent on lower asset charges and the wholesale club pulled in more money from membership fees.
Costco Wholesale Corp.' s (COST) fiscal third-quarter earnings rose 19% as the wholesale-club operator's revenue grew slower than expected. More...

May-24 -- Dow wins $2.2 billion in dispute with Kuwait company
The award by the International Court of Arbitration of the London-based International Chamber of Commerce doesn't include costs or interest and is final and binding, Midland, Michigan- based Dow said today in a statement.
More...

May-24 -- German business confidence drops more than expected amid eurozone concerns
The intensification of the Greek crisis and the resulting resurgence in uncertainty in the eurozone as a whole "is impacting the German economy," warned Ifo chief Hans-Werner Sinn.
FRANKFURT: Exports and consumer demand are cushioning Germany against recession, data showed Thursday, but crisis clouds are gathering over Europe's biggest economy as business confidence fell sharply. More...

May-24 -- US Stock Futures Extend Gains After Jobless Claims Data
U.S. stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.85 percent, Dow Jones futures up 0.49 percent and Nasdaq 100 futures up 0.79 percent at 0842 GMT.
NEW YORK (Dow Jones)--The Nasdaq Composite index rose the most since December as hopes of political progress in Greece and talk of government efforts to buoy China's economy trumped a steep decline in Facebook's newly public stock. More...

May-24 -- RBC, Toronto-Dominion Post Higher Profits on Loans
Adjusted net income was $838 million, an increase of $105 million, or 14%, compared with the second quarter last year, primarily driven by good loan and deposit volume growth, favourable credit performance and an elevated contribution from MBNA. The reported annualized return on common equity for the quarter was 42.0%, while the adjusted annualized return on common equity was 43.4%.
Total revenue in the segment was C$1.59 billion, up from C$1.38 billion a year earlier. More...

May-24 -- Obama Courts Colorado, California Donors in Money Race
A senior White House official, who asked to speak on condition of anonymity, also noted the point of the jobs council was to have a group of only job creators but an independent, outside advisory board that represented all the different sectors of the economy.
The president tops the presumptive GOP presidential nominee, 47% to 43%, when Americans are asked their choice today for president, a lead little changed from last month and within the poll's margin of error. More...

May-24 -- PICC Group Seeks "Hard Underwriting" On Its US$6 Billion Hong Kong, Shanghai IPO
"The government is now considering measures to cool it down," said Ronald Cheung, chief executive officer of Midland in Macau, adding that projects like Chinese Estates' La Scala will continue to attract buyers.
The Ontario Securities Commission charged Sino-Forest Corp, parent of Greenheart Group Ltd, and some of the Chinese forestry company's former executives with fraud on Tuesday, nearly a year after the allegations surfaced and its stock imploded. More...

May-24 -- Iran navy saves US cargo ship from pirates
In a statement quoted by the official IRNA news agency, the navy said an Iranian warship responded to a distress signal from the ship "Maersk Texas," which was attacked by pirate boats on May 23.
Iran's navy provided guidance to the crew of the Maersk Texas by radio, Speers said, declining to comment further pending a debriefing. More...

May-24 -- Southwest to Pour $100M Into Houston Airport Expansion: Hot Trends
News media are reporting that Houston Mayor Annise D. Parker endorsed Southwest Airlines' proposal for international service, including construction of five international gates, at Houston Hobby Airport.
United argues it would cost more jobs than it would create, saying that Houston doesn't need a second international airport, just IAH. United said earlier this month it might cancel $700 million in improvements to Terminal B at IAH and it might drop some service from Houston. More...

Thursday

May-24 -- HP to lay off 27000, profit slides 31 percent |
The multiyear restructuring plan, which aims to save $3 billion to $3.5 billion, is the biggest in HP's 73-year history and "absolutely critical for the long-term success of the company," CEO Meg Whitman said in a conference call.
The 8 percent workforce reduction, taking place through firings and early retirement offers, will generate annual savings of as much as $3.5 billion starting in 2014. More...

May-24 -- Asian stock markets mixed after Europe summit adjourns without concrete plan ...
The broader Topix (TPX) Index gained 1.1 percent to 733.33, with more than twice as many shares advancing as falling.
The Nasdaq Composite Index was up 36.30 points, or 1.31 percent, at 2,815.09. More...

May-24 -- Silicon Valley shrugs off Facebook IPO woes
NEW YORK (CNNMoney) -- While Wall Street freaks out about an IPO it views as a disaster, the view of Facebook's rocky public debut is much sunnier in Silicon Valley.
"I don't know," the veteran investor replied after a long pause. More...

May-24 -- Southwest to pay for Hobby expansion
Mayor Annise Parker's administration and Southwest Airlines have a deal on how to finance a $100 million expansion of Hobby Airport to give Houston a second international airport, according to City Hall sources.
"Dividing the air service between the two airports … will mean that Houston is competing with itself for international connecting traffic rather than competing with very successful cities that have one international airport, like Atlanta and Dallas," says United spokeswoman Mary Clark. More...

May-24 -- Brent climbs above $106 but euro zone worries remain
Benchmark U.S. crude lost 13 cents to $92.44 per barrel in New York while Brent crude added 27 cents to $109.08 per barrel in London.
Without reinsurance, JPIA's liability insurance would cover only up to $8 million in damages, instead of the current maximum $7.6 billion, discouraging shipping companies from taking on Iranian oil, the Nikkei said. More...

May-24 -- Indiana: In Deal, BP Will Install Pollution Controls at Oil Refinery
WASHINGTON May 23 (Reuters) - BP PLc has agreed to install more than $400 million in pollution controls at its Whiting, Indiana, oil refinery and pay an $8 million fine, the Environmental Protection Agency said on Wednesday.
A 2008 permit issued by the Indiana Department of Environmental Management assumed the Whiting refinery's flares would emit virtually no toxic fumes when the expansion project was completed -- something federal regulators and activists found difficult to believe given the industry's long history of pollution problems. More...

May-24 -- Hong Kong Billionaire Joseph Lau To Face Bribery Charges; Chinese Estates ...
Lau, who chairs Hong Kong-listed real estate developer Chinese Estates, ranked No. 5 on the 2012 Forbes Hong Kong Rich List with wealth of $6.5 billion.
Lau will be tried in the Court of First Instance "in due course," Chinese Estates said in the statement. More...

May-24 -- Autonomy founder Lynch to leave HP
Autonomy hasn't been the killer software product that HP pumped it up to be.
Workforce reduction plans will vary by country, based on local legal requirements and consultation with works councils and employee representatives, as appropriate. More...

May-24 -- China Manufacturing May Contract for 7th Month
The World Bank's recommendations come just a day after a top Chinese financial paper cited unnamed sources as saying China will fast track approvals for infrastructure to combat an economic downturn.
"The region's authorities should remain flexible to shift monetary policy gears should growth gain traction and inflationary pressures build up," the World Bank said. More...

May-24 -- Macy's Joins China E-Commerce Craze
Macy's Inc. is pairing up with Omei.com, a new Chinese e-commerce site, to sell some of its private brand items to consumers in the growing Asian market.
Macy's, Inc. has made an equity investment of $15 million in VIPStore Co., a Chinese e-commerce firm and parent company of omei.com. More...

May-24 -- Pandora Media raises outlook as more people tune in
"We are making excellent progress on all fronts - consumer adoption continues at an extraordinary pace," Pandora Chief Executive Joe Kennedy said in an interview with Reuters.
The total number of hours listened to for the quarter hit 3.09 billion. More...

May-24 -- State pension fund climbs to highest level since 2008 as its value hits $150.3 ...
Tonawanda News -- ALBANY -- The New York pension fund for state and local government employees has grown to an estimated $150.3 billion with a nearly 6 percent return on investment this fiscal year, despite losses in international stocks, state Comptroller Thomas DiNapoli said Wednesday.
The hedge fund category, called Absolute Return Strategies, lost 2.4 percent and made up 2 percent of the fund. More...

May-24 -- China Stock Futures Rise on Government Pledges to Favor Growth
Shanghai Pharmaceuticals Holding Co. (601607) hasn't received any notice of a probe by regulators in mainland China or Hong Kong, the company said in a response to a newspaper report that had caused its shares to plunge.
PREVIOUS STORY US stock index futures signal losses; Dell eyed U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.65 percent. More...

May-24 -- P&G to Refocus on Main Markets to Stem Decline in Sales
Since becoming chief executive officer in 2009, Robert McDonald has pushed P&G to invest more in emerging markets to tap a projected growth in middle-class consumers.
"We may have overextended ourselves a bit with the pace of our portfolio and geographic expansions," Chief Financial Officer Jon Moeller said today at a conference hosted by Citigroup Inc. in New York. More...

May-24 -- Knight Capital hit by Facebook loss, wants Nasdaq to pay
The actions of the underwriters, led by Morgan Stanley, will be tested by the regulators and the law suits, but the embarrassing and costly technology glitches that marred the listing and generated massive confusion on that opening morning are perhaps the most significant issues to emerge from the float, given the inexorable increase in automated and high-frequency trading occurring in global markets.
Lawsuits and falling share prices are somebody else's problems. More...

May-24 -- NetApp's Europe Exposure Leads To Warning, Stock Selloff
NetApp estimates that first quarter fiscal year 2013 non-GAAP earnings per share will be approximately $0.34 to $0.39 per share. -- NetApp estimates that share count for the first quarter of fiscal year 2013 will decrease to approximately 380 million shares, including an estimated 7 million shares from the Company's outstanding convertible notes.(3) Share count does not include the Company's outstanding note hedges which are expected to offset 80% of the dilution from the convertible notes at maturity or conversion.
With me on today's call are our CEO, Tom Georgens; and our CFO, Nick Noviello. More...

May-24 -- First test flight of Dreamliner for Air India successful
Washington: A new Boeing 787 Dreamliner aircraft - which is to be delivered to Air India -has successfully completed its first test flight in South Carolina, the plane manufacturing company has said.
Turkish Airlines could not be reached for comment Monday. More...

May-24 -- Stuck ketchup problem solved by MIT engineers
Doug Menuez/Thinkstock (BOSTON) -- The days of tirelessly smacking the ketchup bottle, only to have it explode on your plate, are finally over.
Someone on the MIT team came up with the idea of using LiquiGlide on food bottles, and the rest is, almost, history. More...

Wednesday (Update 2)

May-24 -- HP to cut 27000 jobs
In a major overhaul, one of Silicon Valley's largest employers announced it was laying of 27,000 employees, or 8 percent of its staff.
News of the job losses overshadowed the release on Wednesday of HPs latest quarterly results. More...

May-24 -- Pressure on EU leaders to solve Greek crisis
Euro bonds would be the equivalent of U.S. Treasuries, and guaranteed by the credit ratings of all 17 euro zone countries.
BRUSSELS May 23 (Reuters) - European leaders are to explore ways to revive their stricken economies in talks on Wednesday evening, but the issue of euro-zone bonds and whether they can help alleviate two years of debt turmoil will dominate their summit. More...

May-24 -- Tech sell-off, Greece worries hit stocks
U.S. stock index futures pointed to a slightly higher Wall Street open on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.1 to 0.2 percent.
Former Greek prime minister Lucas Papademos told Dow Jones Newswires late Tuesday that Greece is considering preparations to leave the eurozone. More...

May-24 -- NetApp 4Q Net Up 13%, But Shares Slide On Weak 1Q View
The Sunnyvale-based company (NASDAQ:NTAP) provides storage and data management solutions.
Analysts had been modeling $1.68 billion and 63 cents. More...

May-24 -- OIL FUTURES: Crude Ends At 2012 Low On Supply Rise, Demand Drop
Cracking the $90 level may set the stage for prices to fall to $85 a barrel or lower, several traders said.
Brent oil traded in Europe advanced as much as 14 percent after the embargo was first announced. More...

May-24 -- US sales of new homes rose 3.3 percent in April
The National Association of Realtors said sales of previously owned homes increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million.
Signs of life in the housing market were also bolstered by a 0.7 percent rise in the median price of a new home last month to $235,700 from March. More...

May-24 -- Macy's Buys Stake in Chinese E-Retailer
LOS ANGELES -- Macy's Inc. is pairing up with Omei.com, a new Chinese e-commerce site, to sell some of its private brand items to consumers in the growing Asian market.
Macys Chief Executive Officer Terry Lundgren said in a statement that the partnership will help Macys gain experience in the "fast-growing Chinese market," and that he "continues to believe there is significant long-term opportunity internationally for both Macys and Bloomingdales." More...

May-24 -- Ban on plastic bags at LA markets is approved
Think of all the jobs we'd create here in California if everyone were allowed to have their own nuclear bomb.
Councilman Paul Koretz, who pushed for the ban, said city officials would conduct a study in two years to determine whether the prohibitionshould be expanded to include paper. More...

May-24 -- United Airlines Ends Coach Preboarding For Children
The carrier says it will no longer allow families with small children to pre-board their planes before other passengers, and it has some people crying foul over the decision.
More...

May-24 -- Spain struggles to meet regions' 36 bln-euro debts
MADRID (Reuters) - Spain said on Wednesday its rescue of problem lender Bankia ( BKIA.MC ) would cost at least 9 billion euros ($11 billion), as the government tries to clean up a banking system that threatens to drag the country deeper into the euro zone crisis.
Economy Minister de Guindos is expected to give details on the government's plans for Bankia in parliament at 1600 GMT but economists said the focus was on the banking sector as a whole. More...

May-24 -- SBA head Karen Mills looks beyond loans, focuses on advice, mentoring to help ...
Small business owners believe credit standards have tightened, while lenders say standards have not changed or have eased.
Awards were presented in nine different categories during Tuesday afternoon's 3rd annual Small Business Day Awards Luncheon at Lake Storey Pavilion. More...

May-24 -- Nebraska Landowners Challenge Pipeline Law, Lawyer Says
By 2004, average diesel prices exceeded gasoline prices.
The first part of the Keystone system already has safely and reliably delivered tens of millions of barrels of oil to refineries in Wood River and Patoka, Ill., since opening in 2010. More...

May-24 -- European debt crisis concerns jolt commodities
A great example comes from the Junior Gold Miners ETF (NYSEARCA:GDXJ).
A measure of net-longs for 11 U.S. farm goods dropped 18 percent to 358,940 contracts, the biggest slide since mid- January. More...

May-24 -- Prepaid debit cards often a risky choice for cosumers
Consumer advocates have been pushing for regulation of the cards, which look like conventional credit cards or debit cards tied to bank accounts.
Reloadable prepaid cards are not regulated, which makes it difficult for people to understand the fees and compare cards, the consumer bureau said. More...

May-24 -- Seagate to Buy LaCie in $186 Million Deal
Seagate Technology plc (NASDAQ: STX) the worldwide leader in hard disk drives and storage solutions, and LaCie S.A. (Euronext: LAC), a leading manufacturer of consumer storage products, today announced an exclusive agreement with the intent for Seagate to acquire a controlling interest in LaCie.
Seagate has bought French high-quality digital storage company LaCie for a reported 186 million. More...

May-24 -- Brazil Counters Outflows, Depreciation With Swap Contracts
Subway workers went on strike in Brazil's biggest city on Wednesday, grinding to a halt a system used daily by more than 4 million people.
The gridlock was so total that police on motorcycles had to clear the way for ambulances to get through on the Marginal Pinheiros, the highway running alongside the financial district. More...

May-24 -- Medvedev cozies up to US cowboys - in Russia
MOSCOW -- Russia's prime minister paid a visit Wednesday to a farm that has imported cattle from the United States and also some American cowboys to help the Russians develop their struggling meat industry.
MOSCOW — Russian Prime Minister Dmitry Medvedev cut short a meeting Wednesday as wind nearly collapsed the pavilion where it was held, forcing his delegation to run through the storm for shelter. More...

May-24 -- Sun-Times owner buys Chicago Reader
The owners of the Chicago Sun-Times said Wednesday that they have acquired the Chicago Reader, bringing an enduring part of the alternative press under the same corporate umbrella as daily and weekly papers that span the Chicago region.
It just got harder to call the Chicago Reader an "alternative weekly." More...

Wednesday (Update 1)

May-23 -- German Central Bank: Greek Exit Would be Big, but 'Manageable'
In a toughly worded monthly report, the German central bank also said euro zone member states should have a say on further payments of aid to Greece under its 130 billion euro bailout program funded by the IMF and the European Union.
"Attempting to kick-start the economy in the short term and putting off consolidation efforts in the long term are not conducive to regaining lost confidence." More...

May-23 -- Social Media Marketer Vitrue Has Been Bought By Oracle For $300 Million
TechCrunch has discovered and confirmed that software giant Oracle has bought social marketing platform Vitrue for $300 million.
Atlanta-based Vitrue has entered into an agreement to be acquired by Oracle. More...

May-23 -- American Eagle shares fall early after outlook
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
The Pittsburgh-based company reported first quarter net income of $39.7 million, or 20 cents per share, compared with $28.32 million, or 14 cents per share, in the year-ago period. More...

May-23 -- China in hardest private-sector push in decade
The World Bank's recommendations come just a day after a top Chinese financial paper cited unnamed sources as saying China will fast-track approvals for infrastructure to combat an economic downturn.
"The policy response would need to be crafted with longer-term effects and objectives in mind," the World Bank report said. More...

May-23 -- Ford credit rating boost: 'The Blue Oval is back'
The 'Mustang' name and even the company's iconic Blue Oval that had been given as collateral on Ford's 2006 line of credit are now back under the automaker's control.
Fords North American break-even level has fallen to 1.8 million units from 3.4 million in 2009. More...

May-23 -- Big Lots 1Q Net Sinks 22% On Same-Store Sales Decline
It was revealed on Wednesday that Big Lots (NYSE: BIG ) reported a lower-than-expected profit for the first quarter, falling some distance below Wall Street estimates for the current quarter.
The average estimate for the second quarter is 54 cents per share, down from 59 cents ninety days ago. More...

May-23 -- Seeing Strongest Spring in Years, Toll Bros. Swings to 2Q Profit
The Company reported FY 2012 second-quarter net income of $16.9 million, or $0.10 per share, compared to a FY 2011 second-quarter net loss of $20.8 million, or $0.12 per share.
Toll Brothers said it anticipates delivering 2,700 to 3,200 units in fiscal 2012. More...

May-23 -- Dell Drops as Profit, Forecast Miss Estimates on PC Slump
The Round Rock, Texas, company said its profit fell 33 percent in the fiscal first quarter, as it reported decreased sales to big businesses, consumers, and the public sector.
Computer maker Dell ( DELL ) late Tuesday badly missed Wall Street's targets for its fiscal first quarter and provided sales guidance for the current quarter that was well below what analysts were forecasting. More...

May-23 -- Premier: Spain Urgently Needs Financing, Liquidity
PARIS Spain's prime minister says his country urgently needs financing and liquidity and can't continue much longer with its current high borrowing rates.
With less than an hour of trading left, news hit that Greece's former prime minister said the country was considering dropping the euro. More...

May-23 -- SAP to Buy Ariba for $4.3 Billion in Biggest Push Into Cloud
SAP's $4.3 billion offer for Ariba nearly a 20% premium over the company' Monday closing price of $37.64 per share is a strategic shot across the bows of incumbent software makers and a defensive maneuver against cloud software providers.
At a Netsuite customer conference I attended in San Francisco last week, SAP was one of the competitors that Netsuite claimed was lagging behind. More...

May-23 -- Mass Layoffs Are Looming at Hewlett-Packard
Hewlett-Packard is planning to cut as many as 30,000 jobs, in one of the world's biggest redundancy programmes in recent years.
By some estimates, the savings would top $1-billion, money that Ms. Whitman would love to direct back into R&D. HP's innovation channel been starved relative to rivals such as IBM Corp., Oracle Corp. and Cisco Systems Inc. In addition, industry trends have started to work against HP. Today, smartphones and tablets are infringing on the traditional role of PCs. More...

May-23 -- Lenovo confident of growth in China
For the full fiscal 2012, revenues were $29.6bn, up 37 per cent, while net pre-tax income came in at $582m, up 63 per cent on the year.
Last year, Lenovo rose from the world's fourth largest PC maker to surpass Acer and Dell and take the second spot behind HP. The company did well despite a slowdown in the PC market and the rise of Apple's iPad, according to analysts. More...

May-23 -- India, Pakistan Sign Gas Pipeline Pact
Turkmenistan -- which holds more than 4 per cent of the world's natural gas reserves -- Afghanistan, Pakistan and India will sign the gas sales and purchase agreement (GSPA) for TAPI pipeline during an international gas conference in the Caspian Sea resort of Avaza.
New Delhi: Kicking-off work on the long discussed US-backed Turkmenistan-Afghanistan-Pakistan-India gas pipeline, India and its new energy partners today signed agreements that will pave way for laying of the 1,680-km line. More...

May-23 -- Hormel profit rises on lower pork, beef costs
"We are particularly encouraged by the continued growth of our Jennie-O Turkey Store value-added sales and our MegaMex Foods joint venture."
For fiscal year 2012, the company maintained its earnings guidance range of $1.79 - $1.89 per share, while twelve analysts project earnings of $1.81 per share for the year. More...

May-23 -- US Treasurys Rally As Greece Exit Fears Return
The wave is causing the $3.7 trillion municipal market to trail U.S. government securities. 10-year tax-exempt yields rose to 108 percent of those on federal debt last week, the highest since Dec. 2.
The seven-year note reached a record low of 1.135 percent yesterday. More...

May-23 -- MKS Employee Charged With Selling Uranium-Enrichment Gear To China
ANDOVER, Mass., May 23, 2012 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (Nasdaq: MKSI ), has been informed by the U.S. Attorney's Office in Boston that an employee from its Shanghai, China subsidiary has been arrested as part of a U.S. government investigation into violations of U.S. law, including providing false information to obtain U.S. export licenses for certain MKS pressure transducers.
The company added that it is cooperating with the probe and that "U.S. government authorities have made it clear that MKS is not a target of the investigation." More...

May-23 -- Oppenheimer: Chesapeake Energy Is a Buy
Chesapeake Energy Corp. doubled down Tuesday on a plan that has drawn criticism from shareholders over its aggressive approach to expand during a major cashflow crunch.
A pay cut isn't going to do it. More...

May-23 -- Fla. woman doesn't steal $1800...honestly
BOYNTON BEACH, FL (WFLX) A Boca Raton woman is being credited with turning in $1,800 she found sticking out of an ATM machine at a Chase bank in Boynton Beach.
"I just hope the person who left it will find it. More...

Wednesday

May-23 -- China to boost private energy investment to bolster economy
The World Bank's recommendations come just a day after a top Chinese financial paper cited unnamed sources as saying China will fast track approvals for infrastructure to combat an economic downturn.
Conversations about Asia's -- and particularly China's -- economic ascent often end in lamentations about our economy here at home. More...

May-23 -- Ford to get blue oval back after second upgrade
May 22 (Bloomberg) -- Ford Motor Co. was raised to investment grade by Moody's Investors Service, enabling Chief Executive Officer Alan Mulally to reclaim assets including its blue oval logo put up as collateral to obtain $23.4 billion in loans in late 2006.
Ford Chairman and CEO Alan Mulally told reporters. More...

May-23 -- California teachers pension fund to vote against Wal-Mart board
CalSTRS is the biggest public pension fund to publicly announce that it would vote against the Wal-Mart board's reelection ahead of the June 1 annual meeting in Fayetteville, Ark. CalSTRS' even larger cousin, the California Public Employees' Retirement System, said it was still deciding which current Wal-Mart directors it would oppose.
CEO Jack Ehnes said in the interview that a "breakdown in internal controls" apparently played a role in a bribery scandal playing out in Mexico. More...

May-23 -- Oil falls to near $91 as Iran allows nuclear probe
The European benchmark contract was at a $16.32 a barrel premium to West Texas Intermediate crude, up from $15.95 yesterday.
The U.N.' s International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on atom bombs in the oil-producing country, increasing the prospect of a resolution to a conflict over the issue. More...

May-23 -- Dell Misses Estimates as Computer Sales Slump
The Round Rock, Texas, company said its profit fell 33 percent in the fiscal first quarter, as it reported decreased sales to big businesses, consumers, and the public sector.
Sales to consumers took a particularly sharp decline of 12 percent, while sales to the public sector fell 4 percent and revenue from large businesses decreased by 3 percent. More...

May-23 -- Europe Could Trip Up Wall Street Bulls
The Standard & Poor's 500 Index (SPXL1) added 0.1 percent in New York yesterday.
The Bloomberg China-US Equity Index of the most-traded Chinese shares in the U.S. dropped 7.2 percent in New York last week to 90.7, the biggest five-day decline since September. More...

May-23 -- Hollande set for EU summit showdown with Merkel
At nearly all previous summits over the past two years, Hollande's predecessor Nicolas Sarkozy met German Chancellor Angela Merkel beforehand to fix a strategy, prompting criticism from other leaders about diktats from Paris and Berlin.
The growth measures that are on the table - including boosting the paid-in capital of the European Investment Bank and plans for "project bonds" underwritten by the EU budget to finance infrastructure - will help. More...

May-23 -- Japan Faces No Urgency in Dealing with Rising Debt
TOKYO -- Fitch has downgraded Japan's credit rating to A-plus with a negative outlook, reflecting risks from its ballooning government debt.
Given current amortization and current concentrations, Fitch believes the trusts have an increased risk exposure in the near term to additional obligor defaults. More...

May-23 -- SAP Acquires Business Collaboration Company Ariba for $4.3 billion
SAP's $4.3 billion offer for Ariba nearly a 20% premium over the company' Monday closing price of $37.64 per share is a strategic shot across the bows of incumbent software makers and a defensive maneuver against cloud software providers.
At $4.3 billion, SAP is paying just under 10 times Ariba's 2011 revenue of $443.9 million and about 8 times the average analyst sales forecast of $533 million for 2012. More...

May-23 -- North Alabama Home Sales Spike As Prices Stay Low
Sales of existing single-family homes, townhomes, condominiums and co-ops were up 3.4 percent from March to April, NAR said, to a seasonally adjusted annual rate of 4.62 million.
The graph below does not use seasonally adjusted data in displaying home prices. More...

May-23 -- Japan Exports Rise at Fastest Pace in Over a Year
Exports also rose in the period, up 7.9 percent from a year earlier to 5.57 trillion yen, boosted by shipments of automobiles and vehicle parts, with US-bound trade jumping from a year earlier.
FXstreet.com (Barcelona) - The Japanese economy has shown a sizeable trading deficit for April, with exports up 7.9% y/y vs 12.7 expected. More...

May-23 -- Blackstone Buys Motel 6 for $1.9 Billion in Lodging Push
French hotel company Accor Tuesday sold its budget hotel chain Motel 6 to asset manager Blackstone Group ( NYSE:BX ) for $1.9 billion, in an effort to cut debt and shift its focus to emerging markets.
Hennequin is expanding Accor through franchises and management contracts rather than buying more real estate. More...

May-23 -- SEC Focusing on JPMorgan's Disclosure of Risk Models
Senate Banking Committee Chairman Tim Johnson said the losses bolster the case for the regulations included in the Dodd-Frank Act and serves as a "wake up call for many opponents" of the law's provisions.
What a difference a $2 billion trading loss can make. More...

May-23 -- LA City Council to vote on plastic bag ban
Mark Daniels of Hilex Poly called to answer my questions.
The comprehensive policy would ban plastic carryout bags and also address paper carryout bags by phasing in a fee and ban. More...

May-23 -- Benihana accepts $296-million offer
Under the terms of the merger agreement, which has been approved by the Company's Board of Directors, Angelo Gordon will acquire all of the outstanding shares of Benihana's common stock for $16.30 per share in cash, a premium of 46 percent percent over the average closing share price for the 30 days ended March 13, 2012, when the Company announced it was exploring strategic alternatives, including a possible sale of the Company.
The go-private deal comes in the wake of a review of strategic alternatives for Miami-based Benihana, which has nearly 7,000 employees and generates 2011 sales of $326 million. More...

May-23 -- News Summary: Argentine president warns of what's to come as once-booming ...
THE SLOWDOWN: Analysts predict Argentina's economy will grow 2.5 percent to 3 percent this year, half the 5.1 percent projected by the government's 2012 budget and far below last year's 8.9 percent rise.
BUENOS AIRES, May 22 (Reuters) - Argentina's trade surplus expanded 23 percent in April from a year earlier after protectionist policies prompted the biggest decline in imports since October 2009. More...

May-23 -- RailAmerica in early talks on potential sale of company
RailAmerica owns 45 individual railroads with about 7,500 miles of track in 28 states in the United States and three Canadian provinces.
The company will incur charges of about $6.5 million pretax, or $3.5 million after tax, through the early retirement of the debt. More...

May-23 -- BOJ on hold, keeps powder dry as Europe clouds darken
TOKYO May 23 (Reuters) - The Bank of Japan kept monetary policy steady on Wednesday, preferring to save its ammunition as Europe's deepening debt crisis may warrant further action in the coming months to fend off damage to the fragile economy.
Forexpros - The euro edged up to a three-day high against the yen on Tuesday, as speculation for more easing measures by the Bank of Japan weighed on demand for the yen while investors turned to a key European Union summit to be held on Wednesday. More...

Tuesday (Update 2)

May-23 -- US Recovery Hits Home
Sales of existing single-family homes, townhomes, condominiums and co-ops were up 3.4 percent from March to April, NAR said, to a seasonally adjusted annual rate of 4.62 million.
Spring is traditionally a strong selling season, but the low home prices and interest rates that are nearly a full percentage point below April 2011 levels are sending clear signals to buyers that they need to move now, Alonzo said. More...

May-23 -- Moody's Lifts Ford Rating To Investment Grade On Strong N American Position
Moody's Investors Service raised its rating on Ford Motor's debt to investment grade this afternoon, an important milestone that will allow the carmaker to get its Blue Oval trademark out of hock.
"We are so proud of today's decision by Moody's and the resulting release of all collateral - particularly the Ford Blue Oval. More...

May-23 -- Dell revenue lower than Street view
SAN FRANCISCO (Reuters) - Dell Inc forecast disappointing second-quarter revenue as U.S. and European corporate tech-spending weakens and consumer personal computer sales continue to shrink, hammering its shares.
For the past four quarters, Dell has generated $4.9 billion in cash flow. More...

May-23 -- Calif. pension fund to vote against Wal-Mart board
Law360, New York (May 22, 2012, 4:24 PM ET) -- The U.S.' s largest teacher pension fund pledged Tuesday to vote against Wal-Mart Stores Inc.' s board of directors in the wake of bribery allegations at the retail giant's Mexico unit, but Wal-Mart's strong first-quarter results and surging stock price could stifle a broader shareholder revolt.
In advance of the company's upcoming board meeting, the New York City Pension fund will be voting no on the re-election of five of Wal-Mart's directors. More...

May-23 -- General Mills to cut 850 jobs
Net income for the third quarter that ended February 26 totaled $391.5 million, almost flat with $392.1 million a year earlier.
The total restructuring charges will be approximately $109 million pre-tax. More...

May-23 -- SAP to buy Ariba for $4.5B, extending cloud push
SAP is dead serious about turning itself from an old-school enterprise software company into a cloud company.
With Thomson Reuters having a consensus estimate of $0.99 EPS for 2012, SAP is effectively paying 45-times earnings for Ariba. More...

May-23 -- OECD Says Tackle Gender Gap to Boost Economic Growth
OECD: The eurozone crisis is the biggest risk to the global economy.
While sovereign debt gets much of the attention from political and economic leaders, high levels of consumer and business debt are also putting a cap on worldwide growth. More...

May-23 -- Apple once again the world's most valuable brand
The BrandZ rankings, commissioned by WPP and conducted by Millard Brown Optimor, show Apple leading the top 100 list (with $182.9 billion in global brand value) for the second consecutive year, followed by IBM ($115.9 billion), Google ($107.8 billion), McDonald's ($95.2 billion), Microsoft ($76.7 billion), Coca-Cola ($74.3 billion), Marlboro ($73.6 billion), AT&T ($68.9 billion), Verizon ($49.1 billion, jumping up four places versus 2011) and China Mobile ($47 billion).
Microsoft (NASDAQ: MSFT) has a brand worth an estimated $76.6 billion, down 2 percent from last year. More...

May-23 -- JPMorgan lobbied CFTC a day after losses revealed
Derivatives losses of at least $2 billion at JPMorgan Chase & Co. (JPM) ( JPM ) show the need for extending Dodd-Frank Act swap regulations to overseas trades, said Gary Gensler, chairman of the U.S. Commodity Futures Trading (RTSIX) ( RTSIX ) Commission.
Stabenow added that the committee plans to hold more hearings on the implementation of financial reforms mandated under the 2010 Dodd-Frank Act. More...

May-23 -- Southwest finds taker for AirTran 717s in Delta
If ratified, a new tentative agreement between Delta Air Lines and its pilot union will allow Delta to acquire up to 70 more two-class, 76-seat regional jets as well as the 88 Boeing 717s that Delta has agreed in principle to sublease from Southwest Airlines.
The tentative agreement was approved on May 21 by the Master Executive Council (MEC) of the Delta Air Line Pilots Association (ALPA), and now will be presented to pilots for review and ratification through June 30. More...

May-23 -- Corn Falls as Rain May Ease Dry U.S. Soil; Soybeans Drop
The contract earlier rose as high as $7.22 a bushel, the highest level for the most active contract since Sept. 13.
Often by September if a large crop of corn is expected, merchandisers will widen wheat to discourage movement during the harvesting of corn and soybeans. More...

May-23 -- JPMorgan: Bank Bounce Winner
Moynihan has disclosed plans to trim as much as $8 billion from expenses and announced 30,000 job cuts last year to boost profit and restore capital.
A secretive trading operation whose ostensible purpose is to hedge risks that actually makes a quarter of the giant bank's total profits doing just the opposite. More...

May-23 -- Stocks turn higher after housing report
NEW YORK (Dow Jones)--The Nasdaq Composite index rose the most since December as hopes of political progress in Greece and talk of government efforts to buoy China's economy trumped a steep decline in Facebook's newly public stock.
The SPX closed up by 0.6 point, or 0.05%. More...

May-23 -- CREDIT MARKETS: Hopes Return, Helping Corporates As Treasurys Fall
Yields on U.S. 10-year bonds may drop another 10 basis points, or rise another 30 basis points, Pacific Investment Management Co.' s Mohamed El-Erian in an interview on Bloomberg Radio's "Bloomberg Surveillance" with Tom Keene and Ken Prewitt.
The 10-year TIPS sale on May 17 drew a yield of negative 0.391 percent, compared with a forecast of negative 0.329 percent, according to a Bloomberg News survey of nine of the Federal Reserve's 21 primary dealers. More...

May-23 -- TEXT-Fitch affirms Goldcorp Inc at 'BBB'
The company has suspended share repurchases through at least the first three quarters of 2012 and plans to keep share repurchases at reduced levels for two years thereafter.
While the debt reduction would be a positive, Fitch believes leverage and interest coverage would remain weak for the ratings. More...

May-23 -- Best Buy Saying the Right Things, but Is It Enough?
Even though we agree with management that some of the international segment pressures will abate in the periods to come, management's fiscal 2013 outlook (including revenue between $50 billion and $51 billion, comparable-store sales declines of 2%-4%, a 4%-11% decrease in operating income dollars--after adjusting for restructuring costs, discontinued operations, and one-time items--and adjusted earnings of $3.50-$3.80 per share) now appears slightly aggressive amid increasing industry price competition, and we plan to adjust our model accordingly.
Mikan took over last month after veteran CEO Brian Dunn was forced out after disclosure of an "inappropriate relationship" with a female employee. More...

May-23 -- Oil Price Likely to Stay Buoyed by Marginal Costs
The European benchmark contract was at a $16.32 a barrel premium to West Texas Intermediate crude, up from $15.95 yesterday.
"Forties is a very good replacement for Iranian barrels. the latest fixture may not have been finalized but there's a lot in it," said a second trader. More...

Tuesday (Update 1)

May-22 -- Eurozone warned'severe recession' looming
OECD: The eurozone crisis is the biggest risk to the global economy.
If the slump is not curbed, the global economy might be dragged down too. More...

May-22 -- Stocks higher despite Japan credit downgrade
Fitch Ratings said Tuesday that the downgrade and negative outlook underline growing risks for Japan from high and rising public debt.
TOKYO (Dow Jones)--A senior official with Japan's finance ministry said Tuesday that the government should interpret the credit downgrade by Fitch Ratings earlier in the day to mean. More...

May-22 -- Consumer Reports survey: Fuel economy trumps quality
Quality was a distant second at 17% followed by safety at 16%, value at 14% and performance at just 6%.
While gasoline costs (90 percent) were the number one reason cited for wanting a more fuel-efficient vehicle, more than half of respondents also had other reasons, including a desire to be more environmentally friendly (62 percent) and concern about dependence on foreign oil (56 percent). More...

May-22 -- GLOBAL MARKETS: European Stocks Build On Gains Ahead Of EU Summit
The broader Topix (TPX) Index gained 1.1 percent to 733.33, with more than twice as many shares advancing as falling.
PARIS May 22 (Reuters) - European stocks rose early on Tuesday, extending the previous day's tentative recovery from a two-month slump as expectation of new measures to fight the euro zone debt crisis and reports about Chinese infrastructure investments boosted sentiment. More...

May-22 -- Greek paradox: Majority believe Greece can stay in euro but reject bailout
"Germany is likely to insist that the highly indebted and uncompetitive economies most affected by the debt crisis continue to reduce public spending and implement structural reforms to make labor and product markets more flexible," Martin Koehring, an economist at the Economist Intelligence Unit, wrote in a report today.
"We need decisive action from euro zone countries in terms of strengthening euro zone banks, in terms of a strong euro zone firewall and decisive action over Greece. More...

May-22 -- General Mills Unveils Restructuring, Including 850 Job Cuts
General Mills continues to target fiscal 2012 adjusted diluted earnings per share of $2.53 to $2.55 per share.
The remaining costs will be recorded in fiscal 2013. More...

May-22 -- Best Buy 1Q Net Down 25% On Restructuring
Best Buy's total comparable store sales for the quarter declined 5.3 percent on top of a 3 percent drop in the same period last year.
Revenue in stores open at least one year, a key retail metric, fell 5.3 percent during the quarter, dragged down by weakness in Europe and China. More...

May-22 -- Gridlock eases in many metro areas
The recent study found that traffic congestion dropped 30 percent last year from 2010 in the USA's 100 largest metropolitan areas, driven largely by higher gas prices and a spotty economic recovery.
INRIX credits a slow economy with high gas prices keeping drivers off the roads. More...

May-22 -- Is Yahoo! Taking the Right Steps?
Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo Inc for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing.
Temasek bought Alibaba Group shares from the Chinese company's employees in September 2011 in a tender offer in which DST Global, Silver Lake and Yunfeng Capital also participated. More...

May-22 -- American Eagle rises on CFO departure, 77kids exit
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
Urban Outfitters owns the Free People, Anthropologie, Terrain and BHLDN brands. More...

May-22 -- OIL FUTURES: Crude Higher In Asia On Optimism Before EU Summit, Fundamentals
NEW YORK May 21 (Reuters) - U.S. crude oil futures climbed more than $1 a barrel on Monday on prospects of more growth in China and in reaction to G8 leaders backing Greece to stay in the euro zone while keeping pressure on Iran over its disputed nuclear program.
The U.S. labor market will strengthen significantly next year, with monthly job growth expected to average 200,000 and the unemployment rate at 7.5 percent, a forecast from the National Association of Business Economics showed. More...

May-22 -- Blackstone Moves Into Motel 6
French hotel company Accor Tuesday sold its budget hotel chain Motel 6 to asset manager Blackstone Group ( NYSE:BX ) for $1.9 billion, in an effort to cut debt and shift its focus to emerging markets.
Accor, one of the world's biggest hotel groups, said last year it plans to open more than 200 new properties in Asia within three years as it looks to cash in on the region's increasing affluence. More...

May-22 -- Aer Lingus welcomes UK court victory over Ryanair
The Court Of Appeal has ruled that the investigation can go ahead, rejecting Ryanair's argument that the probe was "out of time".
As a customer I find Aer lingus as completive if not cheaper. More...

May-22 -- Medtronic 4Q Profit Rose 28% On Fewer Charges, Sales Growth
For the new fiscal year, the world's largest maker of medical devices said it expects earnings of $3.62 to $3.70 per share on revenue growth of 2 percent to 4 percent from fiscal 2012 revenue of $16.18 billion.
As reported, fourth quarter net earnings were $991 million, or $0.94 per diluted share, an increase of 28 percent and 31 percent, respectively, over the same period in the prior year. More...

May-22 -- Cree Finance Chief Kurtzweil Resigns To Join Extreme Networks
May 22 (Reuters) - LED maker Cree Inc named its corporate controller, Michael McDevitt, as interim CFO after John Kurtzweil resigned to join network equipment maker Extreme Networks Inc. Cree shares, which have lost 38 percent of their value in the last year, fell 13 percent to $25.30 in early trading on the Nasdaq on Tuesday.
"We appreciate John's contributions in helping grow Cree from $400 million in revenues in fiscal 2007 to over a billion dollars in annualized revenues today," said Chuck Swoboda, Cree chairman and chief executive officer. More...

May-22 -- Higher prices push Cracker Barrel quarterly profit up
On a GAAP basis, the company now expects to report earnings for the year in the range of $4.14 - $4.24 per share, versus the previously communicated range of $4.04 - $4.19 per share.
Cochran also raised Cracker Barrel's guidance for fiscal 2012 to a range of $4.35 to $4.45 after adjustments. More...

May-22 -- Shoe retailer DSW beats expectations
The company in March expected earnings of $0.46 to $0.49 per share.
Williams-Sonoma's quarterly profit fell to $30.7 million, from $31.6 million, in the year-ago period. More...

May-22 -- Spain Closes Botin Family Tax Case Without Charges
Post Forum members consistently offer thought-provoking, timely comments on politics, national and international affairs.
Madrid (dpa) - Spain's National Court has shelved an investigation into tax evasion allegations against Emilio Botin, the chief of the country's biggest bank, Santander, and his family, judicial sources said Tuesday. More...

Monday (Update 2)

May-22 -- Facebook shares close near $34 on 2nd day of trading
SAN JOSE, Calif. -- After Facebook stock narrowly stayed above the initial public offering price during its first day of trading, the price fell hard and fast Monday, knocking more than 10 percent off the company's record-breaking initial valuation.
What followed was "ridiculous," says Brady. More...

May-22 -- Stocks Bounce Back After Bleak Week
The Nasdaq Composite Index was up 36.30 points, or 1.31 percent, at 2,815.09.
SPI futures are up 38 points to 4110 and the dollar has risen above 99 U.S. cents - it was recently trading at 99.09 U.S. cents, up from 98.36 cents on Monday. More...

May-22 -- BofA Chief Says Dimon Will Do What's Needed to Cap Losses
Moynihan has disclosed plans to trim as much as $8 billion from expenses and announced 30,000 job cuts last year to boost profit and restore capital.
I want you to tell us first how it evolved - how it had evolved under Jamie Dimon's leadership. More...

May-22 -- Chinese company to buy U.S. movie theater chain AMC
BEIJING/HONG KONG, May 21 (Reuters) - Chinese conglomerate Dalian Wanda Group agreed to buy AMC Entertainment for $2.6 billion, including debt, making it the biggest theatre operator in the United States.
Previous attempts by Chinese companies to invest in the U.S. that ran into trouble included the 2005 plan by Cnooc Ltd. to pay $18.5 billion in cash for Unocal Corp., which was withdrawn after lawmakers raised energy and security concerns; plans by China's Anshan Iron and Steel Group Corp. last summer to invest in Mississippi-based Steel Development Co., a deal restructured after some lawmakers pressured CFIUS to block it; and Huawei Technologies Co. Ltd.' s 2011 plan to purchase assets from 3Leaf Systems Inc. of Santa Clara, Calif. More...

May-22 -- Yahoo seals Alibab deal, kicks turnaround into high gear
Analysts Monday said Yahoo's ( YHOO ) $7.1 billion deal to sell half of its stake in the Chinese e-commerce business Alibaba Group provides rare good news for the struggling Sunnyvale company and should please its investor critics, since most of the money from the deal is going to its shareholders.
Yahoo acquired approximately 40% stake in Alibaba in 2005 with 1 billion dollars and Yahoo's Chinese operations. More...

May-22 -- TEXT-S&P revises Eaton Corp outlook to negative
Complementary Products and Markets Create Opportunities for Growth in Global Electrical Industry Cooper Shareholders to Receive $39.15 per Share in Cash and 0.77479 in Ordinary Shares for 29% Premium; Transaction Equity Value of $11.8 Billion Transaction Expected to be Accretive to EPS in 2014 CLEVELAND, OHIO and DUBLIN, IRELAND - (May 21, 2012) - Diversified industrial manufacturer Eaton Corporation (NYSE: ETN) ("Eaton") and electrical equipment supplier Cooper Industries plc (NYSE: CBE) ("Cooper") today announced they have entered into a definitive agreement under which Eaton will acquire Cooper in a transaction that will significantly increase the capabilities and geographic breadth of the combined company's power management portfolio and electrical business.
Cooper is almost the same size as Eaton, which has a market capitalization of about $14.3-billion. More...

May-22 -- Gupta 'Threw Away His Duties,' Prosecutor Says in Opening
NEW YORK (AP) -- A former Goldman Sachs board member brazenly committed securities fraud by feeding confidential information about the investment bank to a high-flying hedge fund manager, who used it to make a killing on the stock market, a federal prosecutor said Monday at a closely watched insider trading trial.
Gupta is in part accused of passing hugely sensitive -- and lucrative -- insider information about Goldman Sachs to Rajaratnam, founder of the Galleon Group. More...

May-22 -- Sequoia Capital's Moritz discloses rare illness, management changes
Sequoia Capital's Michael Moritz , one of Silicon Valley's best known and most successful venture capitalists, disclosed that he has a rare and incurable medical condition and is stepping back from daily management at the firm.
Over the last two decades, the Welsh-born Moritz has been a fixture in Silicon Valley, first as a journalist and author, and then as one of the most successful investors on Menlo Park's Sand Hill Road. More...

May-22 -- ISS Steps Up Heat On Wal-Mart Board With 'No' Votes For 4 Directors
Walmart reported first quarter diluted earnings per share from continuing operations of $1.09, which is above guidance of $1.01 to $1.06.
"Customers count on us for one-stop shopping and our merchandising priorities are aligned with that in mind. More...

May-22 -- Investors wary as Chesapeake's finances deteriorate
Chesapeake and its board have come under fire in recent weeks after Reuters reported, among other things, that Chesapeake CEO Aubrey McClendon had taken out more than $1 billion in previously undisclosed loans using his interest in company wells.
Chesapeake Energy Corp, the Natural Gas producer that's shares fell 36% this year cut board pay by about 20 percent and eliminating members' use of company airplanes for personal travel. More...

May-22 -- Regulator spurred in push for swaps rules
May 21 (Bloomberg) -- Derivatives losses of at least $2 billion at JPMorgan Chase & Co. show the need for extending Dodd-Frank Act swap regulations to overseas trades, said Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission.
Commodity Futures Trading Commission Chairman Gary Gensler said Monday his agency will forge ahead in writing rules to govern international swaps transactions despite calls from the industry and Congress for regulation to stop at the U.S. border. More...

May-22 -- Breakingviews: Houghton Mifflin is a textbook case of bad timing
Law360, New York (May 21, 2012, 2:32 PM ET) -- Boston-based textbook publisher Houghton Mifflin Harcourt Publishing Co. and 23 affiliates filed for Chapter 11 protection with a prepackaged plan in a New York bankruptcy court Monday, in a move designed to slash $3.1 billion in debt.
The restructuring is Houghton Mifflin's second in 2-1/2 years. More...

May-22 -- Radian shareholder seeks more information to help sale
The investor request was made in a letter released Monday by the Clinton Group, which owns 1.87 million Radian shares, or about 1.4 percent of the company, according to Bloomberg News.
As Mark Twain said: "Always do right. More...

May-22 -- Lowe's 1Q profit up, but cuts 2012 profit outlook
The performance beat the expectations of analysts polled by FactSet, who forecast earnings of 42 cents per share on revenue of $12.99 billion.
The company reported an EPS of $0.44 vs $0.42 estimates and revenues of $13.2 billion vs $12.99 billion estimates. More...

May-22 -- Only in NYC: A $90-million penthouse and a $1-million parking spot
New York has reached a real estate milestone - its first million dollar parking spot.
That's a lot of money to spend on privacy, though, from what I understand, New York City doesn't have opportunities like this popping up every day. More...

May-22 -- Best Buy Hires Recruiter for CEO Search
Best Buy interim CEO G. "Mike" Mikan is being paid $127,000 every two weeks, until a permanent chief executive takes the reins at the Richfield-based electronics chain.
Best Buy's board has hired Spencer Stuart to help it find its next chief executive following the resignation of former CEO Brian Dunn. More...

May-22 -- DaVita to buy HealthCare Partners in $4.42B deal
DaVita Inc, a dialysis clinic operator in the U.S., today said that it will acquire HealthCare Partners, an operator of medical groups and physician networks, for about $4.42 billion in a cash and stock deal.
The purchase price is about 8.4 times HealthCare Partners' 2011 earnings before interest, tax, depreciation and amortization of $527 million. More...

May-22 -- Chipotle May Incur Fines After SEC Probe, Anderson Says
Chipotle Mexican Grill was slapped with a subpoena from the U.S. Securities and Exchange Commission, which is investigating whether or not the Denver -based burrito slinger is hiring undocumented workers.
The popular chain is the highest profile U.S. company to come under the scrutiny of ICE since it shifted enforcement to employers rather than workers in 2009. More...

May-22 -- The making of the term 'pink slime'
NEW YORK (AP) -- "Pink slime" was almost "pink paste" or "pink goo."
I don't feel too sorry for the people in an industry who surreptitiously added processed byproducts to a product most people assumed was quality meat. More...

Monday (Update 1)

May-21 -- Facebook Shares Retreat Below IPO Price
Facebook stock fell as much as 13 percent below the price it sold for in the company's record-breaking initial public offering in the first minutes of trading Monday, the second day of public trading for the world's most popular social network.
A reporter waits for the share price of Facebook to start trading at the NASDAQ stock market moments before it went public on May 18, 2012 in New York, United States. More...

May-21 -- Eurobond clash set for EU summit
LONDON May 21 (Reuters) - German government bond futures opened slightly lower on Monday as investors took profits from Friday's rally to new highs but uncertainty over Greece's future in the euro zone meant a major sell-off was unlikely ahead of elections there next month.
"Markets will be sidelined, and will wait for Wednesday." More...

May-21 -- Yahoo Agrees to Sell Back Partial Stake to Alibaba
Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo Inc for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing.
Temasek bought Alibaba Group shares from the Chinese company's employees in September 2011 in a tender offer in which DST Global, Silver Lake and Yunfeng Capital also participated. More...

May-21 -- Chinese company buys AMC movie theater chain
BEIJING/HONG KONG, May 21 (Reuters) - Chinese conglomerate Dalian Wanda Group agreed to buy AMC Entertainment for $2.6 billion, including debt, making it the biggest theatre operator in the United States.
The U.S. company also held discussions with other buyers, including private- equity firms. More...

May-21 -- Why is Jamie Dimon on a Federal Reserve board?
Following the humiliating disclosure of a $2 billion trading loss at their bank, JPMorgan Chase executives are being ordered to do the demeaning menial work at the offices and homes of other financial chiefs that was once thought to be the province only of the nation's less fortunate 99.9 percent.
The perfect storm at JPMorgan Chase shows not only how talented individuals can make major blunders, as Jamie Dimon unhappily concedes, but also that the current system of misapplied incentives is practically guaranteed to cause financial calamities. More...

May-21 -- Stocks set to rebound
Newly issued shares in Facebook Inc may have a hard time in the coming week if lead underwriter Morgan Stanley stops supporting the stock and managers lower down in the IPO book who were hoping for an early surge decide to get out before going underwater.
Autodesk slumped 13% after the design-software maker reported fiscal first-quarter earnings that matched estimates but provided a somewhat downbeat second-quarter outlook. More...

May-21 -- JPMorgan CIO Risk Chief Had Trading-Loss History
JPMorgan is investigating whether anyone at the firm sought to hide trading risks, people familiar with the matter have said.
Top U.S. banks such as JPMorgan Chase & Co. (NYSE:JPM) and investment banks including Goldman Sachs Group, Inc. (NYSE:GS) are expected to report their share prices and profit decline significantly this year because of the increasing woes in Europe, said JMP Securities. More...

May-21 -- US Treasurys Pull Back After Recent Rally, Ahead Of Supply
With the European crisis heating up and concerns about economic growth in the U.S. and China, money once again is pouring into safe U.S. government debt, sending Treasury prices higher and yields, which move in the opposite direction, to near-record lows.
"But from a risk-reward perspective, the Treasury market doesn't hold much value." More...

May-21 -- Gold Climbs If Greece Crisis Gets Fixed: Pro
"The potential for a secession in Europe and/or a U.S. fiscal crisis represent significant upside risks to gold prices ," says the latest Commodities Weekly from French investment-and-bullion bank Natixis, forecasting a major monetary response should fiscal and political problems worsen.
In the nine-week period between July 1 and September 6, 2011, gold prices shot up by 30 per cent, from $1,478/oz on July 1 to $1,920 on September 6, 2011. More...

May-21 -- US Job Growth Seen Accelerating in 2012, 2013: NABE
WASHINGTON -(Dow Jones)- Growth in the job market should strengthen this year, sending the unemployment rate below 8% in 2013, according to a National Association for Business Economics survey released Monday.
The latest NABE Outlook Survey shows improved expectations for the economy. More...

May-21 -- Barclays Quits BlackRock
BlackRock shares were near $182 at the time of the BGI deal and rallied over $220 in early 2010, but have since fallen back.
The sale of Barclays Global Investors (BGI) in 2009 came at a time when British banks were desperately trying to repair balance sheets. More...

May-21 -- Campbell Soup Profit Falls More Than 5%
For the three months ended April 29, Campbell said it earned $177 million, or 55 cents per share.
Revenue for the three months ended April 29 was $1.82 billion, up slightly from $1.81 billion a year ago, virtually matching the Street's view. More...

May-21 -- Splunk: Ex-Yahoo CEO Thompson Resigns As Board Member
Scott Thompson Resigns From Board of Directors of Splunk Inc. SAN FRANCISCO, CA(Marketwire May 21, 2012) Splunk® Inc. (NASDAQ: SPLK), the leading provider of software for real-time operational intelligence, today announced that Scott Thompson has resigned from its board of directors, effective May 18, 2012.
Ironically, the Wall Street Journal just last week published an article entitled ‘After Yahoo, Thompson Still Has Splunk’ . More...

May-21 -- Lowe's Profit Rises but Sales Are Tepid
The performance beat the expectations of analysts polled by FactSet, who forecast earnings of 42 cents per share on revenue of $12.99 billion.
Lowe's Cos. (LOW) ( LOW ), the second-largest U.S. home-improvement retailer, reduced its full-year profit forecast after comparable-store sales rose less than analysts had projected in the first quarter. More...

May-21 -- Spain to sink further into recession but says will hit deficit goal
"I am fairly confident that the valuations will not reveal further requirements," the minister said.
Megan Greene, director of European economics at Roubini Global Economics, said while there did not appear to be a Greece-inspired bank run in Spain, the sector would eventually need an injection of government money to stay afloat, forcing Madrid to turn to the EU for help. More...

May-21 -- Oil rises to near $92 ahead of Iran nuclear talks
Offers remain valid until May 29.
"SK Energy won't lift Iranian crude oil after lifting a 2 million barrel cargo in early June," one of the two sources said. More...

May-21 -- Eaton Agrees To Acquire Cooper Industries In $11.8B Cash-And-Stock Deal
Complementary Products and Markets Create Opportunities for Growth in Global Electrical Industry Cooper Shareholders to Receive $39.15 per Share in Cash and 0.77479 in Ordinary Shares for 29% Premium; Transaction Equity Value of $11.8 Billion Transaction Expected to be Accretive to EPS in 2014 CLEVELAND, OHIO and DUBLIN, IRELAND - (May 21, 2012) - Diversified industrial manufacturer Eaton Corporation (NYSE: ETN) ("Eaton") and electrical equipment supplier Cooper Industries plc (NYSE: CBE) ("Cooper") today announced they have entered into a definitive agreement under which Eaton will acquire Cooper in a transaction that will significantly increase the capabilities and geographic breadth of the combined company's power management portfolio and electrical business.
Eaton also has a large electrical power transmission division alongside hydraulic and other mechanical components businesses. More...

May-21 -- DaVita acquires HealthCare Partners
DaVita Inc, a dialysis clinic operator in the U.S., today said that it will acquire HealthCare Partners, an operator of medical groups and physician networks, for about $4.42 billion in a cash and stock deal.
HealthCare Partners had $2.4 billion in revenue last year. More...

May-21 -- Better Business Bureau recognizes National Small Business Week
Q: The Federal Deposit Insurance Corp. and U.S. Small Business Administration have announced new resources to support small businesses across the nation.
In communist countries, there was no small business, save for the black markets that provided goods that the state could not offer, because a state-run system provides few incentives to create, innovate, grow, and produce. More...

May-21 -- MTS Advances Most in Week as Net Surges 59%, Beating Estimates
The company was expected to report a 24 percent increase in first-quarter net profit to $399.5 million compared to the same period last year on the back of foreign exchange gains, a Reuters poll showed last week.
Andrei Dubovskov, President and CEO of MTS, commented, ". More...

Monday

May-21 -- At Long Last, Yahoo Sets Plan To Unload Alibaba Group Stake
On Sunday night, Ma's Alibaba Group and Yahoo! announced a deal under which the Chinese e-commerce company would buy back a roughly 20% stake in itself from the struggling U.S. web portal for about $7.1 billion.
A press release has just announced that Yahoo! Inc. (NASDAQ:YHOO) and Alibaba Group Holding Limited (HKSE: 1688; 1688.HK) have agreed upon Yahoo!'s stake in the company. More...

May-21 -- Rajat Gupta, Corporate Wise Man, Set for Trial in Insider Case
MANHATTAN (CN) - A federal judge warned defense attorneys for former Goldman Sachs board member Rajat Gupta that they could not beat insider trading charges by trumpeting their client's history of philanthropy any more than Mother Teresa could use her missionary work to fend off bank robbery charges.
Gupta's lawyers have asked U.S. District Judge Jed Rakoff, who is presiding over the trial, to exclude the wiretap as well as others made of Rajaratnam where Gupta isn't a participant on the call. More...

May-21 -- JPMorgan Chase loss only going to get worse
Following the humiliating disclosure of a $2 billion trading loss at their bank, JPMorgan Chase executives are being ordered to do the demeaning menial work at the offices and homes of other financial chiefs that was once thought to be the province only of the nation's less fortunate 99.9 percent.
The chief investment office, or CIO, was organized to make investments to help the bank manage a broad set of economic risks. More...

May-21 -- Where the Stock and Bond Bargains Are Hiding
The U.S. sold $13 billion of 10-year inflation-indexed notes at a record negative yield with investors willing to pay a premium to guard against the threats of rising consumer prices and Europe 's worsening debt crisis.
The so-called core measure, which excludes more volatile food and energy costs, rose 0.2 percent for a second month. More...

May-21 -- Wen Growth Pledge Spurs Speculation of China Stimulus
Wen's remarks cited in the report, which did not mention concern about inflation, indicate the government may take more aggressive economy-boosting steps after last month's data showed the slowdown may be sharper than expected.
"I support the socialist system." More...

May-21 -- German Wages Are on the Upswing
A record-breaking pay deal will give millions of German workers their biggest rise in wages in two decades, boost consumption in Europe's biggest economy and help towards adjusting the regional imbalances that have caused severe tensions within the euro zone, analysts said on Sunday.
Germany's largest industrial union IG Metall will get its biggest pay rise in 20 years after agreeing to a 4.3-percent pay increase deal with employers at the end of marathon talks that ended just before dawn on Saturday. More...

May-21 -- Crude Oil Falls for a Seventh Day in Longest Decline Since 2009
Foreign Ministry spokesman Ramin Mehmanparast reiterated Tehran's assertion that the sanctions had no legal basis and added that "no one in Iran is happy about the sanctions."
Iran is prepared to weather the sanctions, Hosseini said. More...

May-21 -- Chesapeake Director's Firm Paid $343 Million Amid Ties
Chesapeake and its board have come under fire in recent weeks after Reuters reported, among other things, that Chesapeake CEO Aubrey McClendon had taken out more than $1 billion in previously undisclosed loans using his interest in company wells.
Chesapeake plans to repay the new loan by the end of the year with proceeds from the sale of oilfields in Texas' Permian Basin and a joint-venture to develop the Mississippi Lime formation that straddles the Oklahoma-Kansas border. More...

May-21 -- OCI Leads Solar Cell Declines on Investment Delay: Seoul Mover
South Korea's won rebounded from a five-month low and government bonds fell on speculation European leaders will come up with a strategy to ease the region's debt crisis when they meet this week.
About 8.37 percent of loans held by banks in March were unpaid for more than three months. More...

May-21 -- US Gasoline Falls to $3.78 a Gallon
The average price for a gallon of regular gasoline in the United States fell 6.2 cents to $3.78 in the last two weeks due to a drop in crude oil prices, partly on concerns about Europe's economy, according to the nationwide Lundberg Survey.
Prices fell 18.4 cents during the six week period, which survey editor Trilby Lundberg said was "enough" for consumers to feel. More...

May-21 -- Wheat Rallies to Three-Month High as Dry Spell Hurts Crop
As of May 13th, there was already 20% of the crop turning yellow, compared to less than 1% for last year and the five year average.
MDA EarthSat Weather said dryness remains extensive across south central Ukraine, central and northern North Caucasus, western Kazakhstan and north central and western Volga Valley. More...

May-21 -- Consumers celebrate Sunday alcohol sales in Connecticut
We're catering to the customers."
Less than 10 minutes after the bill took effect, Connecticut was already stealing customers from neighboring New York. More...

May-21 -- Rural Lodi woman will serve as state's agricultural ambassador as the next ...
Ripp, who was a 2009 graduate of UW-Platteville and an Alice finalist in 2010, is an associate marketing executive for the Madison-based Filament Marketing, where she utilizes strategic marketing and innovative communications to promote agricultural products, services and initiatives.
More...

May-21 -- Japan, Korea stocks up, but China shares fall
Art Basel's name has increased credibility for the Hong Kong fair and attracted a higher caliber of international galleries and buyers, but the domestic art market remains very small and the city is a vastly different place when the fair closes.
Esprit still ranks among the year's top performers among Hang Seng Index components, climbing 25 percent. More...

May-21 -- Cocke County boy attacked by dogs gives advice
Working with animal behavior experts, we've developed tips to avoid dog attacks, and for dog owners, tips for practicing responsible pet ownership."
On average it comes out to nearly $30,000 per claim because a bite can be traumatic. More...

May-21 -- May 20, 2012 posted by: Mari Lou-WGMD News
Higher gas prices this year won't deter 2.7 million people in Colorado and surrounding states from hitting the roads for Memorial Day weekend getaways, according to an AAA travel forecast.
Spending per person is expected to rise just $10, to $702, although falling gas prices could give travelers a few extra bucks to spend. More...

May-21 -- Callaway Gardens' financial landscape in despair
Edward Callaway, head of the Ida Cason Callaway Foundation, asked the Harris County Commission last week to close the unpaved portion of Nelson Road, a 1.8-mile stretch that bisects the property Callaway is shopping.
For Yellow Sign, it presumably is an opportunity to make money off the retirement of the loan note through the sale of the property to a buyer Callaway would not disclose. More...

May-21 -- Consortium's Biofuel Stove Aims To Restore African Environment, Health
Besides cassava for ethanol production, local farmers also provide beans, sorghum, pulses and soybeans.
A final piece of the project is carbon credits, which the consortium plans to sell at an undisclosed price to Bank of America Merrill Lynch . More...

May-21 -- Clal Industries to be sold to US-Russian mogul
"We will soon have enough available liquid cash to meet all our needs through the end of 2014," IDB Holding Corp. Ltd. (TASE: IDBH ) chairman Nochi Dankner told "Globes" today.
IDB Holding shares plunged 21 percent last week, also as shares of Cellcom Israel Ltd. (CEL) ( CEL ), a unit of Discount Investment Corp. (DISI), dropped 27 percent amid growing competition in the wireless market. More...

Sunday (Update 1)

May-20 -- Facebook: How (NOT) to Price and Trade and IPO. Thoughts from a Capital ...
Facebook bankers like Morgan Stanley ( MS ), J.P. Morgan ( JPM ) and Goldman Sachs ( GS ) might have priced the company just about perfectly.
The stock was paused at 11:37 a.m. New York time after dropping as much as 14 percent from yesterday's close to $7.08. More...

May-20 -- Gold rises but falls short of $US1600
SINGAPORE (Reuters) - Gold extended losses on Wednesday to slip to its weakest level since late December after efforts to form a new government in Greece collapsed, prompting investors to cut their exposure to the precious metal.
Forexpros - Gold prices rose in U.S. trading on Friday, still buoyed on recent reports the U.S. Federal Reserve won't rule out stimulating the economy via monetary easing measures should recovery wane. More...

May-20 -- Even $3 Trillion Can't Buy China Love or Good PR
An alarming batch of economic indicators from China in the past 10 days has cast a pall over the country's economic growth prospects, rekindling debate about whether one of the few bright spots in the world economy may be heading for a hard landing.
痞痞兔: Should also clean up those "foreign nationals' fathers" (alluding to Chinese cadres whose children are naturalized foreign citizens) who engage in illegal activities in China. More...

May-20 -- Clal Industries Surges On Stake Sale To Access: Tel Aviv Mover
IDB Development Corp. signed an accord to sell 49.9 percent of Clal Industries in an all-cash transaction that values the company at 2.55 billion shekels to Access Industries Holdings Inc. "This is a great deal for all sides concerned," said Zach Herzog, head of international sales at Psagot Investment House Ltd. in Tel Aviv said by phone today.
The natural gas exploration company said the Swiss VNG Capital Fund I agreed to invest $20 million in the company in exchange for a 9.33 percent stake. More...

May-20 -- Seaway pipeline sends oil to Texas in historic reversal
Transatlantic arbitrage widens by 64 cents By Janet McGurty NEW YORK, May 16 (Reuters) - U.S. cash crude differentials were slightly stronger with the exception of Light Louisiana Sweet, which fell ahead of the reversal of the Seaway pipeline expected to begin on Thursday, with some traders wondering weakness in West Texas Intermediate pricing will spread to the Gulf Coast cash crudes.
Bakken oil's discount to the U.S. benchmark widened 10 cents to $2 a barrel. More...

May-20 -- TN's jobless rate falls for ninth straight month
Florida's unemployment rate dropped to 8.7 percent even though the state lost jobs in April because thousands of people left the labor force.
A drop in the share of working-age Americans either with a job or looking for one to near a 30-year low pushed the jobless rate down to 8.1 percent last month from 8.2 percent in March. More...

May-20 -- GM to Forgo Pricey Super Bowl Ads
CBS is selling 30-second spots for about $3.8 million for the championship game of the National Football League, according to the Wall Street Journal.
Volkswagen, Toyota, Chrysler, Audi, Acura and Hyundai were among the other car marques that shelled out $3.5 million or more for each 30 seconds of air time during Super Bowl XLVI, which reached more than 100 million Americans. More...

May-20 -- 10000 march at Frankfurt Occupy protest rally
FRANKFURT (Reuters) - German police began peacefully removing anti-capitalist protesters from outside the European Central Bank's headquarters on Wednesday at the start of a planned four-day long 'Blockupy' demonstration.
Police said people marched through the city center to protest against the dominance of banks and "untamed capitalism." More...

May-20 -- China protests US ruling on cheap solar gear
Under the decision, 59 Chinese solar companies that petitioned Washington in the case will also face an import duty of about 31 percent, including Yingli Green Energy, LDK Solar, Canadian Solar, Hanwha solar One, JA Solar Holding and Jinko Solar.
Intervening to reduce the supply of solar panels will cause prices to rise and rising prices (particularly in light of abundant cheap alternatives like natural gas) will cause demand to fall. More...

May-20 -- Premier Wen Says China Will Focus on Growth, Xinhua Reports
"We should continue to implement a proactive fiscal policy and a prudent monetary policy, while giving more priority to maintaining growth," Wen said.
The European Commission recently announced a draft regulation allowing retaliatory closures of the EU public procurement market to the Chinese -- rules that could endanger Central European infrastructure projects, for example. More...

May-20 -- Report: Hewlett-Packard To Slash 25000 Workers
It sounds like the tough times may be continuing for HP -- according to Bloomberg , the company is considering laying off approximately 25,000 employees due to declining demand for its computers and services.
Really? What constitutes as "way too many" in your book? HP had roughly 250k employees World Wide prior to the EDS merger a few years ago. More...

May-20 -- Chicago trading plans scaled back
The CME statement made it clear that the Chicago exchanges had become sensitive to the issues raised by agricultural groups, particular the National Grain and Feed Association.
Change for trading hours announced by CME Group was enough for now, but they are still concerned about report releases during trading hours. More...

May-20 -- Listeria Scare Prompts Salad Recall
River Ranch Fresh Foods, LLC of Salinas, CA is initiating a voluntary recall of retail and foodservice bagged salads, because they have the potential of being contaminated with Listeria monocytogenes following routine random retail salad finished product tests conducted in the marketplace by the Food & Drug Administration. Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems.
Giant Eagle is one of numerous organizations impacted by today's River Ranch Fresh Foods, LLC bagged salad recall. More...

May-20 -- Yahoo Said in Talks to Sell 20% of Alibaba for $7 Billion
Alibaba Group, which has been trying to buy back the stake in itself for more than a year, may announce a deal as soon as next week, said the person, who asked not to be identified because the matter is private.
The reported deal comes shortly after Yahoo went through another round of dramatic changes, highlighted by the departure of Chief Executive Scott Thompson, and the triumph of activist shareholder Third Point led by CEO Daniel Loeb. More...

May-20 -- Penney's pricing puzzles customer
Jan Rogers Kniffen, J. Rogers Kniffen Worldwide founder, discusses re-invigorating the customer to turn the stock around.
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May-20 -- Argentina's Currency Black Market Expands
Those who want to swap pesos for dollars follow him through a run-down mall to a lingerie store.
The Pampas was parched by a six-week dry spell in December and January that has reduced soy and corn yields, conjuring up memories of an even worse drought in 2009. More...

Sunday

May-20 -- GM to Forgo Pricey Super Bowl Ads
CBS is selling 30-second spots for about $3.8 million for the championship game of the National Football League, according to the Wall Street Journal.
"We're in the Super Bowl for 2013," Steve Shannon, the company's U.S. chief marketing officer, said yesterday in a statement. More...

May-20 -- Facebook Dashes Faith
Friday's market was all about Facebook.
Facebook now has some proving to do. More...

May-20 -- Cramer: Earnings to Watch Next Week
Jim Cramer is a former hedge fund manager who has gained popularity as host of CNBC's "Mad Money" show.
The price range is now from $34 to $38 a share. More...

May-20 -- Gold rises but falls short of $US1600
SINGAPORE (Reuters) - Gold extended losses on Wednesday to slip to its weakest level since late December after efforts to form a new government in Greece collapsed, prompting investors to cut their exposure to the precious metal.
Gold rose to a one-week high on renewed speculation that the Federal Reserve will announce additional stimulus to boost the U.S. economy, increasing demand for the precious metal as an inflation hedge. More...

May-20 -- China's secret? It owes Americans nearly $1 trillion
The crackdown on foreigners follows China's first known expulsion of an accredited foreign journalist since 1998, when officials refused to renew the visa and accreditation of Melissa Chan, an American reporter for al-Jazeera English in Beijing.
Inevitably, with increasing numbers of foreign visitors to a prospering China, there comes a rise in the number who break the laws of the country. More...

May-20 -- Thousands March Against Austerity in Frankfurt
FRANKFURT (Reuters) - German police began peacefully removing anti-capitalist protesters from outside the European Central Bank's headquarters on Wednesday at the start of a planned four-day long 'Blockupy' demonstration.
Frankfurt city authorities had shut down adjacent commuter train stations, obtained court rulings to prohibit access to the ECB and numerous other events planned by "Blockupy" protesters, bringing the central city almost to a standstill. More...

May-20 -- Crude down, hits biggest 3-wk loss since Aug '11
Transatlantic arbitrage widens by 64 cents By Janet McGurty NEW YORK, May 16 (Reuters) - U.S. cash crude differentials were slightly stronger with the exception of Light Louisiana Sweet, which fell ahead of the reversal of the Seaway pipeline expected to begin on Thursday, with some traders wondering weakness in West Texas Intermediate pricing will spread to the Gulf Coast cash crudes.
Increasing oil production in Canada and the U.S. Midwest and limited transportation out of Cushing, the delivery point for the New York contract, have bolstered supplies. More...

May-20 -- WASHINGTON -- The unemployment rate fell in two-thirds of US- 4:46 am
Florida's unemployment rate dropped to 8.7 percent even though the state lost jobs in April because thousands of people left the labor force.
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May-20 -- Colorado Springs to Stay Open, Despite Frozen Cows
National Forest officials decided to cut up 11 dead cows that were found frozen around Conundrum Hot Springs and inside a nearby cabin.
The Aspen Daily News ( http://bit.ly/JFn6qs ) reports Saturday that Forest Service officials also were concerned the carcasses would attract bears. More...

May-20 -- US Slaps High Tariffs on Chinese Solar Panels
Under the decision, 59 Chinese solar companies that petitioned Washington in the case will also face an import duty of about 31 percent, including Yingli Green Energy, LDK Solar, Canadian Solar, Hanwha solar One, JA Solar Holding and Jinko Solar.
In this photo taken Wednesday March 21, 2012, Chinese workers examine solar panels at a manufacturer of photovoltaic products in Huaibei in central China's Anhui province. More...

May-20 -- Nationwide Recall of Dozens of Salad Brands
River Ranch Fresh Foods, LLC of Salinas, CA is initiating a voluntary recall of retail and foodservice bagged salads, because they have the potential of being contaminated with Listeria monocytogenes following routine random retail salad finished product tests conducted in the marketplace by the Food & Drug Administration. Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems.
Review the below list for the specific salad products, size, package type, UPC codes and states of distribution. More...

May-20 -- Two smaller unions agree deals with Lockheed
The contracts take effect Monday.The union members will each receive a $3,000 contract ratification bonus and general wage increases over the term of the agreements, cost of living adjustments and a sizable increase in future pension benefits for existing employees.
As of May 14, the company reported that the flight line completed 33 ground engine flight run tests, almost double the 17 planned for the period. More...

May-20 -- Report: Hewlett-Packard To Slash 25000 Workers
It sounds like the tough times may be continuing for HP -- according to Bloomberg , the company is considering laying off approximately 25,000 employees due to declining demand for its computers and services.
Marshall says the cuts will be across the board. More...

May-20 -- Refloat of Italy's Concordia wreck to be biggest ever
Washington: A US-owned marine salvage company chosen to remove the wreck of the capsized Costa Concordia, the cruise ship that ran aground off the Italian coast in January, is predicting that the vessel will be ready for towing by early 2013.
Updated: 10:42 a.m. Pompano Beach-based Titan Salvage in partnership with its Italian partner Micoperi outlined plans for the salvage and removal of the capsized Costa Concordia ship at a press conference in Italy Friday. More...

May-20 -- Reports: Yahoo Close To Selling 20% Stake In Alibaba
Alibaba Group Holding Ltd. is near an agreement to buy back a 20 percent stake in itself from Yahoo!
Alibaba's other shareholders include Temasek Holdings Pte., Digital Sky Technologies and Silver Lake. More...

May-20 -- CFTC Said to Open Inquiry Into JPMorgan Loss
Length in silver cut for sixth week in a row May 18 (Reuters) - Money managers slashed their net long positions in gold futures and options further to fresh multiyear lows in the week of May 15 when prices fell to critical levels, data from the Commodity Futures Trading Commission (CFTC) showed on Friday.
Net longs held by hedge funds and other money managers across 24 U.S. futures markets fell by nearly $8 billion, to settle at around $62 billion for the week to May 15. More...

May-20 -- Loans at lower rates, harder to get
Fixed rate loans, spurred by historically low mortgage rates, continued to be the overwhelming choice with borrowers who refinanced their home loans in the first quarter of 2012 according to Freddie Mac's Quarterly Product Transition Report.
The average 15-year fixed rate mortgage fell one basis point to 3.270 percent. More...

Saturday (Update 2)

May-20 -- Another shot at GM as Hyundai re-ups for Super Bowl
CBS is selling 30-second spots for about $3.8 million for the championship game of the National Football League, according to the Wall Street Journal.
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May-20 -- New York penthouse sells for a record $90 million
There, he provided details on the priciest apartment sale in city history.
At nearly 11,000 square feet, the apartment takes up the top two floors of the 90-story One57 building, which will include 92 residences and a Park Hyatt hotel when it opens next year. More...

May-20 -- Gold jumps, heads for biggest 2-day gain since October
SINGAPORE (Reuters) - Gold extended losses on Wednesday to slip to its weakest level since late December after efforts to form a new government in Greece collapsed, prompting investors to cut their exposure to the precious metal.
Gold and silver prices have recovered smartly in the past two days, with prices here up three to four per cent. More...

May-20 -- Cramer: Earnings to Watch Next Week
Jim Cramer is a former hedge fund manager who has gained popularity as host of CNBC's "Mad Money" show.
The price range is now from $34 to $38 a share. More...

May-20 -- G8, raising pressure on Iran, puts oil stocks on standby
CAMP David., Md (Reuters) - The Group of Eight leaders are committed to keeping global oil markets supplied as sanctions on Iran's crude supply take force, but did not discuss a specific trigger that would prompt action, a U.S. official said on Saturday.
CAMP DAVID, Md. The United States and other members of the Group of Eight industrial nations say they are ready to respond to oil supply disruptions as Iran faces sanctions aimed at crippling its oil exports. More...

May-20 -- April Miss. jobless rate falls as labor force dips
TALLAHASSEE, Fla. -- Florida's unemployment rate dropped to 8.7 percent even though the state lost jobs in April because thousands of people left the labor force.
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May-20 -- Occupy Protest Draws 20000 in Frankfurt
FRANKFURT (Reuters) - German police began peacefully removing anti-capitalist protesters from outside the European Central Bank's headquarters on Wednesday at the start of a planned four-day long 'Blockupy' demonstration.
About 5,000 police officers will be deployed each day to protect the ECB, banks and demonstrators, Harald Schneider, who is leading the police operation, said at the press conference yesterday. More...

May-20 -- Loans at lower rates, harder to get
Freddie Mac says 30-year mortgage rates have fallen below 3.8% for the first time to average 3.79%, down from a then-record 3.83% a week ago.
Bankers say phones aren't ringing off the hook because rates -- which historically average around 7.5 percent -- have been low for a long time. More...

May-20 -- Seaway pipeline sends oil to Texas in historic reversal
Transatlantic arbitrage widens by 64 cents By Janet McGurty NEW YORK, May 16 (Reuters) - U.S. cash crude differentials were slightly stronger with the exception of Light Louisiana Sweet, which fell ahead of the reversal of the Seaway pipeline expected to begin on Thursday, with some traders wondering weakness in West Texas Intermediate pricing will spread to the Gulf Coast cash crudes.
Canadian Natural's Horizon project is capable of producing about 110,000 barrels a day of refinery-ready crude from oil- laden sand mined in northeastern Alberta. More...

May-20 -- Nasdaq Investigating Glitch In Confirming Facebook Trades
New York: Some investors who thought they had bought Facebook shares at the opening of trading were left without knowing for hours whether they had received the shares.
Individual investors were left guessing for more than two hours on Friday about whether their buy and sell orders for newly issued Facebook shares were actually executed. More...

May-20 -- US Slaps High Tariffs on Chinese Solar Panels
Under the decision, 59 Chinese solar companies that petitioned Washington in the case will also face an import duty of about 31 percent, including Yingli Green Energy, LDK Solar, Canadian Solar, Hanwha solar One, JA Solar Holding and Jinko Solar.
Wrong focus may be pressured by U.S. solar makers who are in trouble dealing with the rapid decline in material cost. More...

May-20 -- Regulators Close Alabama Bank
Alabama Trust Bank had total assets of $51.6 million and $45.1 million in deposits.
The Federal Deposit Insurance Corporation says online services will remain available. More...

May-20 -- Fitch Downgrades Chesapeake Energy's IDR to 'BB-'; Outlook Negative
NEW YORK, May 17 (IFR) - Credit markets are signaling steadily growing concerns about troubled oil and gas producer Chesapeake Energy, raising pressure on the company to deliver on its strategy of planned asset sales.
In the following weeks, it was revealed that McClendon and Chesapeake co-founder Tom Ward -- now CEO at SandRidge Energy Inc. -- ran a $200 million hedge fund that traded in commodities, including natural gas. More...

May-20 -- American Eagle abandons kids line
The brand produced sales of $40 million in fiscal 2011 and an after-tax loss of about $24 million, the company said.
Abercrombie & Fitch Co (NYSE:ANF) reported in a proxy filed with the Securities and Exchange Commission on Monday that Chief Executive Officer Michael Jefferies, who also holds the post of chairman at the teen retailer, got reward package above doubled in previous year, to $48 million. More...

May-20 -- Oil well in Cuba comes up dry, raises questions about future exploration
Spanish oil company Repsol YPF SA said Friday that an exploratory well in Cuban waters wasn't successful and will be capped.
HAVANA - An exploratory oil well off the northern coast of Cuba has proved a failure and will be capped and abandoned, Spanish company Repsol said Friday, a disappointment for a cash-strapped nation hoping for an economic lifeline. More...

May-20 -- Facebook Banker Morgan Stanley Props Up Price It Helped Boost
NEW YORK (Dow Jones)--Lead underwriter Morgan Stanley (MS) received about 38% of the shares in Facebook Inc.' s (FB) initial public offering to distribute to investors, while Goldman Sachs Group Inc.' s (GS) allotment was roughly 15%, according to people familiar with the situation.
The Facebook IPO will aim to raise $5 billion, and will value the company at between $75 billion and $100 billion, insiders tell Reuters. More...

May-20 -- Black market emerges in Argentina as government imposes controls to curb ...
Those who want to swap pesos for dollars follow him through a run-down mall to a lingerie store.
Fernandez's strongest supporters want to end the legal ban on third presidential terms. More...

Saturday (Update 1)

May-19 -- New York penthouse sells for a record $90 million
There, he provided details on the priciest apartment sale in city history.
At nearly 11,000 square feet, the apartment takes up the top two floors of the 90-story One57 building, which will include 92 residences and a Park Hyatt hotel when it opens next year. More...

May-19 -- Gold rises but falls short of $US1600
NEW YORK/LONDON, May 18 (Reuters) - Gold rose more than 1 percent o n Friday, on track for its largest two-day gain since October, boosted by investors' consolidation of positions ahead of the weekend and a stronger euro.
U.S. gold for June delivery hardly moved at $1,574.30 an ounce. More...

May-19 -- Unemployment Dropped In April
TALLAHASSEE, Fla. -- Florida's unemployment rate dropped to 8.7 percent even though the state lost jobs in April because thousands of people left the labor force.
The rate dropped from 9.7 percent in March and a percentage point from April a year ago, according to the figures from the state Division of Labor and Economic Analysis. More...

May-19 -- Oil prices slide to 6-month low on Greece turmoil
Transatlantic arbitrage widens by 64 cents By Janet McGurty NEW YORK, May 16 (Reuters) - U.S. cash crude differentials were slightly stronger with the exception of Light Louisiana Sweet, which fell ahead of the reversal of the Seaway pipeline expected to begin on Thursday, with some traders wondering weakness in West Texas Intermediate pricing will spread to the Gulf Coast cash crudes.
SINGAPORE May 18 (Reuters) - U.S. crude prices hovered above $92 a barrel on Friday, supported by the planned start of a U.S. pipeline that will help ease a Midwest oil glut. More...

May-19 -- GM to Forgo Pricey Super Bowl Ads
CBS is selling 30-second spots for about $3.8 million for the championship game of the National Football League, according to the Wall Street Journal.
GM, which ranks behind Procter & Gamble Co and AT&T Inc in advertising spending, spent $1.1 billion on U.S. ads last year, according to ad-tracking firm Kantar Media. More...

May-19 -- Thousands march in Frankfurt against austerity measures
FRANKFURT (Reuters) - German police began peacefully removing anti-capitalist protesters from outside the European Central Bank's headquarters on Wednesday at the start of a planned four-day long 'Blockupy' demonstration.
Police said they detained 40 activists elsewhere in Frankfurt. More...

May-19 -- Fitch Downgrades Chesapeake Energy's IDR to 'BB-'; Outlook Negative
NEW YORK, May 17 (IFR) - Credit markets are signaling steadily growing concerns about troubled oil and gas producer Chesapeake Energy, raising pressure on the company to deliver on its strategy of planned asset sales.
In the following weeks, it was revealed that McClendon and Chesapeake co-founder Tom Ward -- now CEO at SandRidge Energy Inc. -- ran a $200 million hedge fund that traded in commodities, including natural gas. More...

May-19 -- Facebook Banker Morgan Stanley Props Up Price It Helped Boost
Facebook bankers like Morgan Stanley ( MS ), J.P. Morgan ( JPM ) and Goldman Sachs ( GS ) might have priced the company just about perfectly.
Raymond James, based in St. Petersburg, Florida, also has an independent division in the United States and small brokerage units in Canada and Britain. More...

May-19 -- Wrecked Costa Concordia to be raised from Italian sea bed
Washington: A US-owned marine salvage company chosen to remove the wreck of the capsized Costa Concordia, the cruise ship that ran aground off the Italian coast in January, is predicting that the vessel will be ready for towing by early 2013.
A magazine has highlighted the blunders which were made by the captain of Costa Concordia, Francesco Schettino, before and after the accident Even though it has been many months since the time Costa Concordia sank, yet surprising details about Francesco Schettino, the captain of the ship, still keep on emerging. More...

May-19 -- Exclusive: Repsol comes up dry in Cuba offshore well
MADRID Spanish oil firm Repsol YPF SA (REP.MC) said Friday that an exploratory well in Cuban waters was not successful and will be capped.
The Scarabeo 9, on contract for Repsol, is currently sitting at, or very close to, "TD" or total depth on the first deepwater well ever drilled off Cuban shores. More...

May-19 -- Explorers Find 200-Year-Old Shipwreck in Gulf of Mexico
A 200-year-old shipwreck has been found in the Gulf of Mexico by scientists using an underwater robot and camera - as well as by enthusiasts following the mission online.
The joy of discovery was palpable when a nearly 200-year-old wooden shipwreck was found on the bottom of the ocean in the Gulf of Mexico, along with three other wooden ship sites, according to Fred Gorell of the National Oceanographic and Atmospheric Administrations Office of Ocean Exploration. More...

May-19 -- Winnebago leery, says takeover offer isn't credible
The deal, however, lapsed and the Swedish firm said it was in talks with another company.
FOREST CITY -- Winnebago Industries officials say they haven't made a decision on whether to accept or reject an offer from a private equity firm to purchase the company because they don't have enough information. More...

May-19 -- US Solar Tariffs on Chinese Cells May Boost Prices
Under the decision, 59 Chinese solar companies that petitioned Washington in the case will also face an import duty of about 31 percent, including Yingli Green Energy, LDK Solar, Canadian Solar, Hanwha solar One, JA Solar Holding and Jinko Solar.
The U.S. says Chinese exporters were dumping cut-price solar panels in the U.S. market. More...

May-19 -- Dow, S&P drop for 3rd straight week
NEW YORK, May 17 (Reuters) - U.S. stocks fell on Thursday, with the S&P on track for a fifth straight day of declines as weak economic data spooked investors already concerned about the ongoing situation in Europe.
Facebook advanced 0.6 percent to $38.23. More...

May-19 -- Yahoo soap opera features new cast of leaders
Analysts say the former News Corp executive will bring a track record of digital media experience and deal making to Yahoo's top job.
Yahoo's stock price has traded in a tight range for the past few years as the company has had a hard time gaining momentum even as the tech sector has had a blockbuster start to the year. More...

May-19 -- American Eagle Shopping Options for 22-Store 77kids
The brand produced sales of $40 million in fiscal 2011 and an after-tax loss of about $24 million, the company said.
Abercrombie & Fitch Co (NYSE:ANF) reported in a proxy filed with the Securities and Exchange Commission on Monday that Chief Executive Officer Michael Jefferies, who also holds the post of chairman at the teen retailer, got reward package above doubled in previous year, to $48 million. More...

Saturday

May-19 -- Dow Swoons for Sixth Day
Nasdaq OMX Group Inc. shares fell 4.4 percent, the most since October.
The Nasdaq composite index fell 34.90 points, or 1.2%, to close at 2,778.79. More...

May-19 -- April job losses end state's eight months of gains
The unemployment rate fell from 9 percent in March to 8.7 percent in April, dipping to the lowest point in more than three years, but the state lost 2,700 jobs.
The number of jobs in Florida was 7,325,300 in April, up 52,600 jobs compared to a year ago. More...

May-19 -- New York penthouse sells for a record $90 million
The 11,000-square-foot (1,000-square-meter) unit, spanning the 89th and 90th floors of the building known as One57 , sold at a price between $8,000 and $9,000 a square foot, Gary Barnett , president of developer Extell Development Co., said in a telephone interview.
Apartments in the tower, located across West 57th Street from Carnegie Hall , begin at about $16.75 million, Extell said in a statement today. More...

May-19 -- Oil prices slide to 6-month low on Greece turmoil
Transatlantic arbitrage widens by 64 cents By Janet McGurty NEW YORK, May 16 (Reuters) - U.S. cash crude differentials were slightly stronger with the exception of Light Louisiana Sweet, which fell ahead of the reversal of the Seaway pipeline expected to begin on Thursday, with some traders wondering weakness in West Texas Intermediate pricing will spread to the Gulf Coast cash crudes.
Light Louisiana Sweet's discount to Brent oil widened to the largest margin since December 2008 as the first shipments of similar low-sulfur grades may begin arriving in Texas via the Seaway pipeline this month. More...

May-19 -- Chesapeake Energy to Cut Directors' Pay
NEW YORK, May 17 (IFR) - Credit markets are signaling steadily growing concerns about troubled oil and gas producer Chesapeake Energy, raising pressure on the company to deliver on its strategy of planned asset sales.
The source of the executive's financing, EIG Global Energy Partners , also has big investments in Chesapeake, a situation that analysts and academics argue could put the executive's interest ahead of his shareholders. More...

May-19 -- GM to Forgo Pricey Super Bowl Ads
In the latest in a series of surprise moves, General Motors has decided to boycott next January's Super Bowl advertising extravaganza in protest over a huge increase in advertiser rates.
The move comes just days after the news that GM pulled back on $10 million in annual buys on social media platform Facebook. More...

May-19 -- Facebook's A Flop For Flippers: Stock Holds The Line At $38
The big news today was Facebook's ( FB ) tremendously hyped initial public offering.
Nay-sayers also suggest Google made more money per user, faster. More...

May-19 -- US imposes heavy tariffs on Chinese solar panels
Under the decision, 59 Chinese solar companies that petitioned Washington in the case will also face an import duty of about 31 percent, including Yingli Green Energy, LDK Solar, Canadian Solar, Hanwha solar One, JA Solar Holding and Jinko Solar.
The moves come as the U.S. steps up efforts to protect domestic manufacturers from Chinese imports that it alleges benefit from deep subsidies and an artificially undervalued currency. More...

May-19 -- United Continental Holdings pilots' unions to vote on potential strike
Leaders of the pilots for Continental and United Airlines called for a strike vote at a union meeting in Washington, DC today.
"There has been more than ample time to reach agreement on a new contract," Captain Jay Pierce, chairman of the ALPA unit representing the Continental pilots, said in a statement. More...

May-19 -- Luxury Liner's Removal to Begin Off Italian Coast
Rome - Italy's top appeals court ruled on Wednesday that Francesco Schettino, the captain of the Costa Concordia, was unfit to command the cruise liner which ran aground and capsized off the Tuscan island of Giglio in January, causing at least 30 deaths.
"We are now launching a salvage operation with characteristics and technical complexities that have never been faced before," said Gianni Onorato, the president of the company. More...

May-19 -- CFTC opens probe into JPMorgan trading loss: NYT
Length in silver cut for sixth week in a row May 18 (Reuters) - Money managers slashed their net long positions in gold futures and options further to fresh multiyear lows in the week of May 15 when prices fell to critical levels, data from the Commodity Futures Trading Commission (CFTC) showed on Friday.
Net longs held by hedge funds and other money managers across 24 U.S. futures markets fell by nearly $8 billion, to settle at around $62 billion for the week to May 15. More...

May-19 -- Explorers Find 200-Year-Old Shipwreck in Gulf of Mexico
Scientists aboard the NOAA ship Okeanos Explorer, the vessel used in the expedition, used underwater robots and high definition cameras to reveal the remains of the anchor and navigational instruments-laden ship.
It was the only shipwreck of the four that was previously unknown and described by one NOAA scientist as the most historically significant. More...

May-19 -- Morgan Stanley made big bet on Facebook
Today should have been a big day for Morgan as the lead underwriter for Facebook as it beat out Goldman Sachs and JPMorgan Chase for the top job. The Wall Street Journal reports that Morgan Stanley received 38% of shares in FacebookIPO to distribute to investors, while Goldman Sachs had just roughly 15%.
"We believe investors have over penalized" Morgan Stanley, Susquehanna's Sipkin said, recommending investors buy the bank's shares and sell Jefferies Group Inc. (JEF) ( JEF ) stock. More...

May-19 -- American Eagle to Exit 77Kids Brand After Unit Has Loss
Effective immediately, Scott Hurd, AEO's vice president and controller, will lead day-to-day management of the finance team, and assume the roles of interim principal accounting officer and interim principal financial officer until a successor is appointed, the company said.
The company's former CEO James O'Donnell retired in January and Robert Hanson, a former Levi's executive, took over as head of the retailer. More...

May-19 -- Winnebago Industries Rejects $322 Mln Offer To Take It Private
The deal, however, lapsed and the Swedish firm said it was in talks with another company.
The offer is the second from the Greenwich, Conn. -based North Street in less than a month. More...

May-19 -- Where the Sweet Spots Are in Stocks and Bonds Right Now
You may decide to buy an asset purely because it is a sure and safe haven in troubled times.
Treasury prices rose Monday, pushing yields to the lowest since early October as political turmoil in Greece, an anti-austerity vote in Germany and concern of slower growth in China drove a bid for safety. More...

Friday (Update 2)

May-19 -- Facebook's A Flop For Flippers: Stock Holds The Line At $38
There was a line drawn in the sand during Facebook 's first day as a publicly-traded company: $38 per share.
The problems could threaten the Nasdaq's reputation as the premier platform to list big blue-chip technology companies. More...

May-19 -- US STOCKS-Messy Facebook debut marks weak day on Wall Street
NEW YORK, May 17 (Reuters) - U.S. stocks fell on Thursday, with the S&P 500 poised for a fifth straight day of declines as already nervous investors were greeted by a round of weak domestic economic data while the euro zone remained turbulent.
American depositary receipts of BHP Billiton Ltd. (BHP), the world's largest mining company, fell 2 percent from the closing share price in Sydney as investors sold stocks with profits tied to economic growth. More...

May-19 -- Fla. April jobless rate drops to 8.7 percent, state loses jobs but thousands ...
Massachusetts continued its long slog out of the recession in April, as employers added jobs for the fifth consecutive month and the state unemployment rate fell to its lowest level in more than three years.
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May-19 -- Chesapeake Cuts Outside Board Compensation
NEW YORK, May 17 (IFR) - Credit markets are signaling steadily growing concerns about troubled oil and gas producer Chesapeake Energy, raising pressure on the company to deliver on its strategy of planned asset sales.
Some of the loans came from private equity firms that were doing business, or planned to, with the company. More...

May-19 -- GM passes on running TV ads during 2013 Super Bowl
In the latest in a series of surprise moves, General Motors has decided to boycott next January's Super Bowl advertising extravaganza in protest over a huge increase in advertiser rates.
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May-19 -- MF Global Trustee Seeks to Get $700 Million in UK Suit
The $168 million is the proceeds of excess collateral that JPMorgan held at the beginning of the brokerage's liquidation, said the trustee, James Giddens, in a statement today.
Investigators have scrutinized a $175 million transfer the brokerage firm made from customer accounts to JPMorgan the day before it collapsed. More...

May-19 -- Alarm delay 'critical' says Concordia probe
ROME (Reuters) - Italy's top appeals court ruled on Wednesday that Francesco Schettino, the captain of the Costa Concordia, was unfit to command the cruise liner which ran aground and capsized off the Tuscan island of Giglio in January, causing at least 30 deaths.
"We are now launching a salvage operation with characteristics and technical complexities that have never been faced before," said Gianni Onorato, the president of the company. More...

May-19 -- Repsol: Exploratory Well Off Cuba Not Successful
MADRID Spanish oil firm Repsol YPF SA (REP.MC) said Friday that an exploratory well in Cuban waters was not successful and will be capped.
The Scarabeo 9, on contract for Repsol, is currently sitting at, or very close to, "TD" or total depth on the first deepwater well ever drilled off Cuban shores. More...

May-19 -- Backers of health insurance rate regulation edge closer to ballot
Consumer Watchdog Campaign Thanks to your help this morning we are submitting 800,000 signatures of California voters to qualify our ballot petition that forces health insurance companies to justify their rates and get permission before raising rates.
According to Vargas, who is running for Congress, one group has dominated the Insurance Department's intervenor program since Proposition 103 was passed. More...

May-19 -- MONEY WEEK AHEAD: Eying A New Low In 10-Year Treasury Yield
The so-called core measure, which excludes more volatile food and energy costs, rose 0.2 percent for a second month.
Fear of a Greek exit from the euro zone and JPMorgan Chase & Co's unexpected $2 billion trading loss have ignited a rush out of bank stocks and other risky assets and into low-yielding Treasuries, sending the benchmark 10-year yield to 1.78 percent. More...

May-19 -- The Developer Behind a $90 Million Penthouse
The buyer will be paying more than $90 million but less than $100 million for the apartment - but at that level, how much does the exact price matter, anyway? The building's developer Extell's Gary Barnett, tells the Times the buyer is "'a very nice family' who plans to use the penthouse as a residence, and as'someone that people would recognize.'"
Apartments in the tower, located across West 57th Street from Carnegie Hall, begin at about $16.75 million, Extell said in a statement today. More...

May-19 -- U.S. Gulf Oil Premiums Mixed Ahead of Seaway Pipeline Shipments
Transatlantic arbitrage widens by 64 cents By Janet McGurty NEW YORK, May 16 (Reuters) - U.S. cash crude differentials were slightly stronger with the exception of Light Louisiana Sweet, which fell ahead of the reversal of the Seaway pipeline expected to begin on Thursday, with some traders wondering weakness in West Texas Intermediate pricing will spread to the Gulf Coast cash crudes.
The choppy trading trajectories widened the Brent/U.S. crude spread, with Brent's premium higher at $15.34 a barrel based on July contract settlements. More...

May-19 -- Winnebago RV maker rejects $321.5 million takeover bid
The deal, however, lapsed and the Swedish firm said it was in talks with another company.
Forest City-based Winnebago Industries has confirmed that it has received a buyout offer from a private equity company in Connecticut. More...

May-19 -- United Continental Holdings pilots' unions to vote on potential strike
Leaders of the pilots for Continental and United Airlines called for a strike vote at a union meeting in Washington, DC today.
"There has been more than ample time to reach agreement on a new contract," Captain Jay Pierce, chairman of the ALPA unit representing the Continental pilots, said in a statement. More...

May-19 -- Scientists astonished by well-preserved 200-year-old shipwreck, cargo found in ...
A 200-year-old shipwreck has been found in the Gulf of Mexico by scientists using an underwater robot and camera - as well as by enthusiasts following the mission online.
The scientists stumbled upon a wooden-hulled vessel during a recent NOAA-funded 56-day expedition, while diving in unknown or lesser-known areas in the west of Gulf of Mexico. More...

May-19 -- German, French Finance Ministers To Meet Monday In Berlin -German Fin Min
AACHEN, Germany (Reuters) German Finance Minister Wolfgang Schaeuble called for the introduction of a directly elected president in the European Union on Thursday, a move he said would help strengthen the bloc's political union and overcome the debt crisis.
Europe being in crisis has become "practically normal," Schaeuble said in a recorded interview broadcast today on France's Europe 1 radio. More...

May-19 -- As its banking woes mount, Spain ponders where to go from here
News of the increase followed a downgrading by credit ratings agency Moody's late Thursday of the country's banking industry.
U.S. banks increased sales of protection against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the last quarter of 2011 as the European debt crisis escalated. More...

Friday (Update 1)

May-18 -- US STOCKS SNAPSHOT-Wall St opens higher, Facebook awaited
U.S. stock index futures were higher Friday, struggling to recover from a string of recent declines, and ahead of Facebook's widely-anticipated trading debut later this morning.
Dow Jones industrial average futures rose 59 points, and Nasdaq 100 futures added 12 points. More...

May-18 -- Solar Installers Caught In Cross Fire Of Escalating China Trade War
Under the decision, 59 Chinese solar companies that petitioned Washington in the case will also face an import duty of about 31 percent, including Yingli Green Energy, LDK Solar, Canadian Solar, Hanwha solar One, JA Solar Holding and Jinko Solar.
Growing demand outside the U.S. for solar panels may offset losses caused by the tariffs, according to the Bloomberg Government report. More...

May-18 -- Bund Yields Climb From Record Lows Before G-8; Spain Bonds Rise
World shares slid and German borrowing costs hit record lows on Friday as a deepening Spanish banking crisis, uncertainty about Greece's future in the euro zone and lacklustre U.S. data bolstered safe-haven assets.
German bonds rose, pushing two-, five- and 10-year yields to record lows, as Spain's borrowing costs jumped at a debt sale a day after Prime Minister Mariano Rajoy said the nation risked losing access to market funding. More...

May-18 -- Spain hit by rise in bad bank loans
The nation's lenders carry 184 billion euros of what the Bank of Spain terms "problematic" real estate-linked assets and the ratio of bad loans to total lending has surged to 8.16 percent in February compared with less than 1 percent in 2007.
Small investors who had bought into the bank's July stock market listing were dumping Bankia stock, traders said. More...

May-18 -- Postal Service moves ahead with closing mail-sorting hubs, though closures ...
The Postal Service agreed in late 2011 to a moratorium on closings, which ended on Tuesday.
The new rule would further tighten the overnight delivery standard in 2014 and enable further consolidation of the Postal Service mail processing network absent any congressional action. More...

May-18 -- Ann Taylor parent's profit beats estimates
Quoting Management: Kay Krill, President and CEO, said, "We are very pleased that our 2012 fiscal year is off to a strong start.
At LOFT, total brand comparable sales increased 11.3 percent, in comparison with a 2.4 percent increase a year ago. More...

May-18 -- CANADA FX DEBT-C$ rallies on risk recovery, inflation surprise
Canada's dollar appreciated against its U.S. counterpart as American equity futures advanced before a government report that economists predict will show inflation held below the central bank's 2 percent target.
Canada inflation data due at 8:30 a.m.(12:30 GMT By Claire Sibonney TORONTO, May 18 (Reuters) - The Canadian dollar recovered from a more than four-month low against the U.S. currency on Friday, tracking U.S. stock futures slightly higher after a steep selloff in riskier assets this week on the back of Europe's escalating debt crisis. More...

May-18 -- Euro Reaches Four-Month Low as Schaeuble Says Crisis May Last
"For others, the competition is tougher."
Europe being in crisis has become "practically normal," Schaeuble said in a recorded interview broadcast today on France's Europe 1 radio. More...

May-18 -- Groupon's Pre-Earnings Spike Spurs FINRA Investigation
The Wall Street Journal reported Friday that a regulator with the Financial Industry Regulatory Authority, or Finra, is reviewing trading in Groupon stock that boosted the Chicago daily deal site's share price hours before Groupon announced its earnings on Monday.
Finra's examination is at an early stage and the Wall Street self-regulator has yet to decide whether to refer the matter to the Securities and Exchange Commission, which has the power to launch civil investigations, the paper said. More...

May-18 -- India's Bonds Complete Third Weekly Advance on RBI's Purchases
Offshore investors bought a net 415 million rupees ($7.6 million) of Indian stocks yesterday, taking total investment in equities this year to 432.6 billion rupees, according to the nation's market regulator.
India's oil ministry has sought cash compensation of 490 billion rupees from the finance ministry to compensate state fuel retailers for selling fuels at government-set cheaper rates in the Jan-March quarter, an oil ministry source said on Thursday. More...

May-18 -- Reports: HP poised to eliminate up to 30000 jobs
It sounds like the tough times may be continuing for HP -- according to Bloomberg , the company is considering laying off approximately 25,000 employees due to declining demand for its computers and services.
Update : Bloomberg reports that the company is considering cutting as many as 25,000 jobs, including 10,000-15,000 from the enterprise service group. More...

May-18 -- NYC penthouse sold for $90 million
The developer of a new high-rise building under construction on 157 West 57th Street would not reveal the exact price for the 11,000-square foot, two-story penthouse, but did tell The New York Times that it was below the elusive $100 million mark that real estate watchers expect to be broken any day now.
The 10,923-square-foot penthouse on the 89th and 90th floors of the building had a price-hike in December to $110 million , but failed to peak over the $100 million mark upon selling. More...

May-18 -- California home prices, sales rise in April
Home prices in Southern California climbed last month from a year earlier for the first time in 16 months as sales of distressed properties, which usually sell at a discount, dropped to the lowest level in four years.
The median paid for houses and condominiums was $390,000 in the nine-county region, up 8.3 percent from $360,000 in April 2011 and 8.9 percent from $358,000 in March, the San Diego-based data firm said in a statement. More...

May-18 -- Copper Open Interest Falls to Two-Year Low on Greece Worries
Copper hit four-month lows on Wednesday, notching up a fourth session of losses, as fresh worries emerged about the solvency of some Greek banks, while investors were also concerned about a slowdown in big metals consumer China's economy.
Copper steadied on Thursday after hitting four-month lows the previous session, but sentiment was cautious given worries Spain might be hard hit if Greece leaves the euro and defaults on its debt. More...

May-18 -- Eleven more Washington state liquor stores shutting down
OLYMPIA Opponents of Initiative 1183 made their last stand at keeping the state in the liquor business today, telling the state Supreme Court the ballot measure had too many subjects and hid new taxes by calling them fees.
A decision is expected by June 1, the day the state is to be out of the liquor business, and private retailers including the initiative's main sponsor, Costco Wholesale will begin selling spirits. More...

May-18 -- Ahead of the Bell: Analyst keeps Gap as top pick
First quarter diluted earnings per share increased 18 percent to $0.47 compared with $0.40 last year.
Banana Republic North America was positive 5 percent versus negative 1 percent last year. More...

May-18 -- Stocks to Watch: Facebook, Gap, Salesforce
Twenty-five analysts had a consensus revenue estimate of $3.47 billion for the first quarter.
Shortly before 5 p.m., the stock rocketed higher, rising about 8.3%. More...

May-18 -- Kirkland's 1Q Net Falls 38% On Weak Same-Store Sales; Cuts Year View
Kirkland's Inc.' s (KIRK) fiscal first-quarter earnings fell 38% as the discount home-decor retailer saw the return of weak same-store sales.
More...

Friday

May-18 -- Hewlett-Packard Said to Consider Cutting as Many as 25000 Jobs
It sounds like the tough times may be continuing for HP -- according to Bloomberg , the company is considering laying off approximately 25,000 employees due to declining demand for its computers and services.
The company could achieve the overall job reduction number through a mix of layoffs, early-retirement offers and simple attrition. More...

May-18 -- News Summary: Spanish banking sector's confidence slammed by report of bank run
Spain's third-biggest bank needs to make 4.72 billion euros of pretax provisions to cover real-estate losses under new government rules aimed at bolstering the nation's financial- services industry.
Spain's banks, saddled with bad loans after a property boom collapsed, lie at the heart of the euro zone crisis as markets fear any major rescue would strain Madrid's already stretched finances and possibly require an international bailout. More...

May-18 -- Moody's downgrades Spanish banks
May 17 - Moody's Investors Service has today downgraded by one to three notches the long-term debt and deposit ratings for 16 Spanish banks and Santander UK PLC, a UK-domiciled subsidiary of Banco Santander (Spain) SA. The rating downgrades primarily reflect the concurrent downgrades of most of these banks' standalone credit assessments, and in five cases also Moody's assessment that the Spanish government's ability to provide support to the banks has reduced.
The role of smaller and regional banks is declining as the sector consolidates. More...

May-18 -- US Solar Tariffs on Chinese Cells May Boost Prices
Some companies worry that it might.
CASE U.S. manufacturing sources include REC Group, GT Solar, Suntech Americas, MEMC, et al. CASM's manufacturing jobs come from SolarWorld, MX, and Helios. More...

May-18 -- Kleiner Perkins Closes $525 Million New Fund
Just two (Deshpande and Hsieh) are focused on greentech.
"The company's unique model moves with the market to provide the best available power generation technology and financing available through strategic partnerships. More...

May-18 -- Japan raises assessment of economy for first time in 9 months amid disaster ...
The Japanese economy is showing signs of a recovery, with official figures released by the government today showing that gross domestic product (GDP) increased by one per cent in the first quarter of 2012.
Exports, which marked a sharp drop in the previous quarter, logged 2.9 percent growth, thanks to improvement in the U.S. economy and Thailand's steady reconstruction from the flooding last year. More...

May-18 -- Warren Buffett backs future of newspapers with Media General deal
Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) agreed to buy almost all the newspapers owned by Media General Inc. (MEG) for $142 million while also offering financing to the company, the Oracle of Omaha's latest investment in the U.S. newspaper publishing industry.
Berkshire Hathaway, the billionaire's conglomerate, will pay $142 million for papers including the Richmond Times-Dispatch in. More...

May-18 -- Facebook Underwriters Said to Split About $176 Million in Fees
NEW YORK (Reuters) - Santa - or scrooge - has come early for advisers at Bank of America Merrill Lynch and Morgan Stanley Smith Barney.
Barclays said Tuesday that it hired four investment representatives with a total of $8 million in yearly fees and commissions and about $1.7 billion in assets under management. More...

May-18 -- Pinterest raises $100 million, lifting its value to $1.5 billion
Apparently, numerous people love the cat pics so much that Rakuten, a company that has the largest e-commerce site in Japan and among the world's largest by sales has raised $100 million in a funding round that had existing investors Andreessen Horowitz, Bessemer Venture Partners, and FirstMark Capital and a number of other angel investors participating as well.
Pinterest is now the third most-popular social network in the U.S., behind Facebook and Twitter, according to Experian. More...

May-18 -- Carl's Jr. parent firm CKE files for $100-million IPO
Less than two years after a $1 billion buyout by Apollo Management, CKE Restaurants, the Carpinteria-based parent of burger chains Carl's Jr. and Hardees, is preparing to go public again in a $100 million offering.
In 2010, private-equity firm Apollo Management bought it and took it private. More...

May-18 -- Foreclosures decline in US, King County in April
Brandon Moore, RealtyTrac CEO, said the decline was due in part to a larger share of foreclosures being resolved through short sales, rather than completing the process through a bank repossession.
Existing home inventories already are on the decline, dropping 40 percent over the year to reach 5.2 months worth in March, pushing median sales prices north by 19 percent during that same time. More...

May-18 -- Gap 1Q profit flat but outlook bright, shares rise
First quarter diluted earnings per share increased 18 percent to $0.47 compared with $0.40 last year.
"During the quarter, we improved sales, grew earnings per share, and continued investing in the business to drive performance," said Glenn Murphy, chairman and chief executive officer of Gap Inc. More...

May-18 -- Treasury Yield Close to Record Low on Europe Debt Crisis
U.S. 10-year TIPS sale sets record negative yield By Richard Leong NEW YORK, May 17 (Reuters) - U.S. Treasury debt prices rose on Thursday as disappointing data on regional U.S. business activity and worries about Greece's political turmoil and the health of Spanish banks stoked safe-haven bids.
The most bullish bond investors are betting the yield on the 10 year will tumble to 1 percent before it hits bottom. More...

May-18 -- Weekly Claims Hold Steady as Jobs Picture Still Murky
Theoretically, less people applying for initial unemployment benefits, the better it is for the U.S. economy.
Investors didn't react much to the unemployment claims report, economists said. More...

May-18 -- Salesforce.com Swings To 1Q Loss; Core Results Beat View
The company on Thursday reported profit, excluding certain items, of 37 cents per share, in its fiscal first quarter, which ran until end-April, beating the 34 cent average estimate of analysts polled by Thomson Reuters I/B/E/S. Quarterly revenue rose 38 percent from a year earlier to $695 million compared with the $678.2 million expected by analysts.
Salesforce earnings and revenues for the quarter came in ahead of analysts' expectations. More...

May-18 -- Intuit hopes to tack on more online customers
"With only a quarter left to play, and a relatively small quarter for us, we think we're on track to have a good year," Williams said.
Net income increased 6.7 percent to $734 million, or $2.42 a share, beating expectations. More...

May-18 -- Geithner Defends His Support for Tough Regulations
WASHINGTON — U.S. Treasury Secretary Timothy Geithner hit out at advocates of austerity treatment for the U.S. economy, paralleling the attacks on the severe spending cuts that are pushing Europe's growth lower.
" Geithner refuted the GOP's call for spending cuts without tax increases. More...

May-18 -- Asian Shares Slide; Japan Hits 4-Month Low
The MSCI Asia Pacific Index (MXAP) rose 0.6 percent to 114.97 as of 7:59 p.m. in Tokyo, after falling as much as 0.2 percent.
Heavyweight mining stocks led the market lower, tracking weakness in metals prices as the political crisis in Greece added to investor concerns about the global economy in the aftermath of discouraging data out of the U.S. and China. More...

Thursday (Update 2)

May-18 -- ETFs can't 'like' Facebook IPO
Being a fan of Facebook doesn't mean you have to be a fan of the IPO, and realistically most people won't get the chance to participate.
Keep in mind that Facebook is an eight-year-old company compared to Google, which was only five years old when it went public. More...

May-18 -- MGIC sues Freddie Mac in insurance dispute
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, "The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week.
At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. More...

May-18 -- Benchmark Treasury Yield On Brink Of Historic Low; TIPS Sale Sets Record
Central banks, led by the Fed, have also taken Treasuries out of the market.
The 10-year yield rose as high as 1.81 percent earlier as traders exited short bets against Spanish and Italian sovereign debt. More...

May-18 -- U.S. slams Chinese solar panels with new tariffs
HILLSBORO, Ore., May 17, 2012 (BUSINESS WIRE) -- The U.S. head of SolarWorld voiced confidence that today's announcement of preliminary U.S. anti-dumping duties on imports of solar cells and panels from China's state-sponsored manufacturers could begin to help restore legal and fair global competition and revive growth in U.S. solar-industry manufacturing and jobs.
The fact is that whether or not China is violating trade rules, low-priced imported panels are not the only factor driving U.S. market growth. More...

May-18 -- Postal Service to move forward with consolidations
The latest announcement comes just over a week after USPS announced a plan that would likely keep thousands of local post offices open at shorter hours, and save about $500 million a year in total.
"To return to long-term profitability and financial stability while keeping mail affordable, we must match our network to the anticipated workload," Donahoe said. More...

May-18 -- Airlines make less on checked bags last year
U.S. airlines collected $3.36 billion in baggage fees last year, down 1 percent from 2010 despite a slight increase in the number of passengers, according to figures released today by the Bureau of Transportation Statistics.
AirTran, which still charges for bags, collected $164.7 million in baggage fees in 2011, up from $152.1 million in 2010. More...

May-18 -- Fitch: 29 biggest banks may have to raise $566B
NEW YORK & LONDON -- In a report published today, Fitch Ratings estimates that the 29 global systemically important financial institutions (G-SIFI) might need to raise approximately $566 billion in common equity to satisfy new Basel III capital rules by end-2018.
May 17 - Fitch Ratings says UK credit card master trusts remain resilient against a hypothetical severe economic deterioration in three stress tests the agency has conducted. More...

May-18 -- Heat, wind sap wheat crop's potential in key grower Kansas
The Illinois winter wheat crop is expected to yield 62 bushels per acre based on conditions as of May 1, 1 bushel above last year's yield.
Choice was down 63 cents and select was down $1.98. More...

May-18 -- HP may cut 25000 jobs
It sounds like the tough times may be continuing for HP -- according to Bloomberg , the company is considering laying off approximately 25,000 employees due to declining demand for its computers and services.
Consulting firm McKinsey & Co is helping HP come up with the plan, according to the Bloomberg report. More...

May-18 -- Berkshire Hathaway buying Richmond Times-Dispatch, other Media General papers
Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) agreed to buy almost all the newspapers owned by Media General Inc. (MEG) for $142 million while also offering financing to the company, the Oracle of Omaha's latest investment in the U.S. newspaper publishing industry.
The 63 daily and weekly newspapers scattered throughout the U.S. Southeast, including the Richmond Times-Dispatch, will be operated under a subsidiary of Berkshire Hathaway, BH Media Group. More...

May-18 -- TEXT-Fitch affirms Province of Ontario, Canada ratings
May 17 - Fitch Ratings has affirmed Byblos Bank's Long-term Issuer Default Rating (IDR) at 'B' with a Stable Outlook, Short-term IDR at 'B' and Viability Rating (VR) at 'b'.
Rating Drivers: --Given the secular challenges facing the company's business, Fitch does not expect any positive rating momentum in the near term. --Increased share buyback activity or revenue declines in the low to mid single digits, whether due to secular/cyclical issues, would pressure the ratings. More...

May-18 -- Spain beset by bank crisis, recession, bond pressure
Moody's Investors Service has today downgraded by one to three notches the long-term debt and deposit ratings for 16 Spanish banks and Santander UK PLC, a UK-domiciled subsidiary of Banco Santander (Spain) SA. The rating downgrades primarily reflect the concurrent downgrades of most of these banks' standalone credit assessments, and in five cases also Moody's assessment that the Spanish government's ability to provide support to the banks has reduced.
"The auctions have gone OK, probably better than the market feared," said Peter Chatwell, interest rate strategist at the French bank, Credit Agricole. More...

May-18 -- City's Jobless Rate Dips After Steady Rise
New York City continued to add jobs in April, and this time the gain was big enough to lower the city's stubbornly high unemployment rate, the state's Labor Department reported on Thursday.
Unemployment has officially dropped from 8.2 percent to 8.1 percent. More...

May-18 -- Pinterest's $100 Million Infusion: It's the E-Commerce, Stupid
Apparently, numerous people love the cat pics so much that Rakuten, a company that has the largest e-commerce site in Japan and among the world's largest by sales has raised $100 million in a funding round that had existing investors Andreessen Horowitz, Bessemer Venture Partners, and FirstMark Capital and a number of other angel investors participating as well.
The investment means the site, which started in 2010 , is now worth $1.5 billion, the Financial Times reported . More...

May-18 -- Gap beats Wall Street's profit estimates
First quarter diluted earnings per share increased 18 percent to $0.47 compared with $0.40 last year.
"During the quarter, we improved sales, grew earnings per share, and continued investing in the business to drive performance," Gap CEO Glenn Murphy said in a statement. More...

Thursday (Update 1)

May-17 -- US unemployment aid applications stay at 370000
Theoretically, less people applying for initial unemployment benefits, the better it is for the U.S. economy.
The four-week rolling average of new unemployment claims, a figure that eases some of the week-to-week volatility in the reports, showed a decrease of 4,750 new claims to 375,000 - down from the previous average of 379,750. More...

May-17 -- Bankia Shares Plummet On Concerns About Deposit Drain
Spain's third-biggest bank needs to make 4.72 billion euros of pretax provisions to cover real-estate losses under new government rules aimed at bolstering the nation's financial- services industry.
Shares have now fallen by as much as 26% on the Madrid stock market, following reports of customers withdrawing funds. More...

May-17 -- Berkshire Bets Again on Newspapers With Media General Deal
The move also follows Berkshire's acquisition of the Omaha World-Herald in late 2011 and its long-time top share stake in The Washington Post ( WPO ).
Berkshire Hathaway ( BRK.A ) said it is buying the newspapers of Media General ( MEG ) for $142 million or a near 100% premium to the company's market cap as of Wednesday trading. More...

May-17 -- Spanish And Italian Bond Yields Jump On Bank Woes
Greece's political stalemate and Spain's ailing banking sector heightened investor fears about a fresh eruption of the euro zone debt crisis, hiking Spanish 10-year yields 18 basis points to 6.21 percent.
Spain's 10-year yield premium over bunds climbed as much as 19 basis points to 507 basis points. More...

May-17 -- Japan's economic growth nearly doubles US
I expect the economy to achieve an annualized growth rate of around 1 percent in the second quarter.
A weaker yen and a pick-up in overseas demand also allowed exports to contribute 0.1 percentage point to Japan's growth in January-March. More...

May-17 -- US Stocks Little Changed Amid Europe Fears; Jobless Claims Flat
U.S. stock futures on Tuesday rose after investors received some encouraging news about the German economy and awaited a deluge of economic reports from the U.S., including the closely watched consumer-price-inflation and retail-sales numbers.
The PHLX housing index rose 1.8 percent. More...

May-17 -- Sears Swings To 1Q Profit; To Spin Off Part Of Canada Units
Separately Sears Holdings reported net income of $189 million, or $1.78 per share, for the quarter ended April 28, compared with a $170 million loss, or $1.58 per share.
A year earlier, it lost $170 million, $1.58 a share. More...

May-17 -- Report: Fewer US home foreclosures in April
"Rising foreclosure activity in many states and local markets in April was masked at the national level by sizable decreases in hard-hit foreclosure states like California, Arizona and Nevada," said Brandon Moore, CEO of RealtyTrac.
The share of home loans in the foreclosure process increased to 4.39 percent in the first quarter from 4.38 percent in the previous three months, indicating that lenders are limiting repossessions, according to the Mortgage Bankers Association data released yesterday. More...

May-17 -- Berlin airport opening delayed to March
Berlin Brandenburg Willy Brandt Airport, built at a cost of 2.5 billion euros ($3.2 billion), will commence services on March 17 following the completion of fire-safety tests that had already led to the cancellation of a June 3 start date.
"However, the fact that a stable and safe operation of the airport can only be ensured in March 2013 means that it was the right move to delay the opening," a spokesman said. More...

May-17 -- Pinterest gets $100 mn, led by Japan's Rakuten
While there were concerns that its popularity would fall once growth slowed down, the social media site has the backing of investors after raised $100 million in a financing round that values the start-up at $1.5 billion, a huge jump from the $200 million valuation it was given late last year.
Cupcake and kitten-laden photo site Pinterest has bagged $100m in funding from a bunch of investors led by Japanese online retailer Rakuten. More...

May-17 -- Human Genome in Talks With Potential Suitors
The Board believes that the Offer is inadequate and undervalues Human Genome Sciences because it does not capture the inherent value in the company's assets, operations and growth opportunities, including the significant upside potential represented by BENLYSTA and the company's valuable pipeline.
HGS says the $13 per share offer is insufficient and urged shareholders not to sell shares to GSK. More...

May-17 -- Skechers Fitness Claims Shot Down; Turns Out You Really Have to Exercise
The Federal Trade Commission announced Wednesday that the California-based company had agreed to pay $45 million to settle charges it deceived consumers.
The company, based in Manhattan Beach, Calif., said it has received overwhelmingly enthusiastic feedback about the shoes from thousands of customers. More...

May-17 -- Oil Trades Near Six-Month Low as ECB Curtails Greek Banks
Crude oil inventories at the Cushing, Oklahoma storage hub reached a record 45.1 million barrels on May 11 (Figure 1), after rising 16.9 million barrels since January 13, a marked contrast to the relatively flat level of inventories over January through April in recent years.
Even here there was little physical understanding of what would actually happen when the pipeline started moving oil out of Cushing to Houston. More...

May-17 -- Dollar Tree profit up but forecast disappoints
On average, analysts predict that Dollar Tree will post $0.95 earnings per share next quarter.
Over that span, the company has averaged growth of 12.5%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 14.3% from the year earlier quarter. More...

May-17 -- Wal-Mart 1Q Net Rises 10%; US Same-Store Sales Up
NEW YORK -- Wal-Mart Stores ( WMT ), the world's biggest retailer, is expected to report first-quarter results before the opening bell Thursday, and analysts are looking for a profit of $1.04 a share in the April-ended period on sales of $110.54 billion.
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of $1.44 versus a mean estimate of net income of $1.45 per share. More...

May-17 -- Geithner Says U.S. Economy Faces Challenges From Europe
Treasury Secretary Timothy F. Geithner said JPMorgan Chase & Co opnbrktJPMclsbrkt 's. $2 billion trading loss was a "pretty significant risk-management failure" and will prompt close scrutiny by regulators.
WASHINGTON — U.S. Treasury Secretary Timothy Geithner hit out at advocates of austerity treatment for the U.S. economy, paralleling the attacks on the severe spending cuts that are pushing Europe's growth lower. More...

May-17 -- CP Rail CEO Quits After Proxy Fight With Bill Ackman
New York hedge fund Pershing Square Capital Management, led by activist investor Bill Ackman, began buying shares in Canadian Pacific last fall.
On the corporate front, Canadian Pacific Railway shares rose almost two per cent after chief executive Fred Green stepped down just ahead of the start of CP's annual meeting. More...

Thursday

May-17 -- Asian Stocks, Oil, Yen Fall on Greek Talks, Japan Orders
The MSCI Asia Pacific Index (MXAP) rose 0.4 percent to 114.77 as of 12:36 p.m. in Tokyo, after falling as much as 0.2 percent.
Greece will hold new elections after President Karolos Papoulias failed to form a ruling coalition, threatening spending cuts required to secure 240 billion euros ($306 billion) in bailouts. More...

May-17 -- Singapore Economy Expands 10%, But Warns on 'Disorderly' Europe
The problems in the U.S. and Europe will have an impact on the trade-dependant economy and quarter-on-quarter annualized growth could be close to zero," said Robert Prior-Wandesforde, the regional economist at Credit Suisse.
Separately, the Ministry of Trade and Industry said that the economy grew 10.0% in the January-March period compared with the previous quarter, revising an earlier estimate of 9.9% expansion released last month. More...

May-17 -- Short-seller Einhorn targets Amazon and Martin Marietta
NEW YORK (Reuters) - Investor David Einhorn built his reputation as a hedge fund industry superstar through targeted presentations that took on companies like Lehman Brothers, MBIA ( MBI.N ) and Green Mountain Coffee Roasters ( GMCR.O ).
Einhorn also said Martin Marietta Materials shares are overvalued, benefiting from a one-time stimulus. More...

May-17 -- Greece worries weigh on US stocks
U.S. stock futures on Tuesday rose after investors received some encouraging news about the German economy and awaited a deluge of economic reports from the U.S., including the closely watched consumer-price-inflation and retail-sales numbers.
The FTSEurofirst closed down 4.89 points, or 0.5 percent, at 992.81, falling for a third consecutive trading day and hovering around 4-1/2 months lows. More...

May-17 -- Fed officials open to more efforts to stimulate economy if recovery worsens
According to the minutes of the Federal Reserve meeting held on April 24-25, 2012, " several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great enough ".
Fed officials also said Europe's financial problems pose a significant threat to the economy -- and that was before the latest concerns about political and financial disarray in Greece. More...

May-17 -- 'London Whale' Said to Be Leaving JPMorgan
The London-based trader at the center of JPMorgan Chase 's $2 billion trading loss will be leaving the bank, according to reporting by The New York Times , although he still remains employed there .
Born in France, Iksil started working for JPMorgan in London in 2005, becoming a trading force in the so-called City. More...

May-17 -- JC Penney stock has worst fall ever
The move pushed the stock well below the $30.11 closing price on June 13, the day before it named Apple Inc ( AAPL.O ) retail store head Ron Johnson as chief executive.
Per the deal, J. C. Penney acquired the global rights for the Liz Claiborne portfolio of brands and the U.S. and Puerto Rico rights for Monet, a fashion jewelry brand, for $267.5 million. More...

May-17 -- Last-Minute Investors Shut Out Of Facebook IPO
Investors who want Facebook Inc shares when the No. 1 online social network goes public later this week may have lost the opportunity.
More...

May-17 -- Skechers agrees to $40 million settlement for claims about shoes' benefits
"The FTC's message, for Skechers and other national advertisers, is to shape up your substantiation or tone down your claims," FTC consumer protection bureau director David Vladeck said in a statement.
The study did not produce the results claimed in the ad, the FTC said. More...

May-17 -- Growth figures show Japan on recovery track
A key driver in the quarterly growth data released Thursday was public investment, which rose 5.4 percent, amid strong reconstruction spending, while exports rose 2.9 percent on quarter.
While an annualised growth rate of 4.1 per cent is striking -- more than three times better than forecast 2012 real average growth in the G10 economies -- Japan is unlikely to keep it up, say analysts. More...

May-17 -- North Korea 'resumes work' on light water reactor
Commercial satellite images, taken on April 30 and analyzed by Johns Hopkins University's US-Korea Institute, showed advances at the site of a new reactor at the Yongbyon complex with added concrete, steel and roof work.
The GeoEye image shows progress in construction of the containment building for the light-water reactor at the Yongbyon facility, according to the institute, but that the reactor is unlikely to become operational before 2014 or 2015. More...

May-17 -- Oil rises above $93 as traders mull Europe turmoil
Brent crude, which helps set the price of oil imported into the U.S., fell by 87 cents to $110.58 per barrel in London.
The first sweet crude on offer from the long-awaited first of several pipelines to ease the Cushing glut has compressed the price difference between Mars sour, a light sour blend with Louisiana Light Sweet. More...

May-17 -- LIFELONG HEALTH- PSAs Ill-Advised in Men of Warren Buffett's Age
Berkshire Hathaway, the investment firm of 81-year-old mega market mogul Warren Buffett, has enough faith in General Motors to pull the buying trigger for 10 million shares of the company's stock.
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May-17 -- Target Shines, but Forecasts Are Dim for 2 Other Retailers
Including the significant items above, reported first quarter earnings per share were $0.41 compared to $0.50 last year; operating income was $293.2 million compared to $216.8 million last year; and net income was $124.6 million compared to $165.2 million last year.
The company expects to report second quarter EPS of $0.40 to $0.45 and between $2.63 and $2.83 for the full year. More...

May-17 -- FBI keeping NYPD out of the loop on terror
FBI Director Robert Mueller told the Senate Judiciary Committee the bureau has launched a preliminary investigation into JPMorgan Chase & Co. following its disclosure of a $2 billion trading loss.
Certain that the mutineers have damaged the barbs. More...

May-17 -- Judge May Permit Wiretaps as Evidence in Insider Case
The judge presiding over Rajat Gupta's trial for insider trading said he's inclined to let prosecutors introduce a secretly recorded July 2008 phone call.
Mr. Rajaratnam is serving an 11-year jail term at a federal prison in Massachusetts. More...

May-17 -- Clash Among Ultra-Orthodox at a Rally
NEW YORK (CBSNewYork) The controversial fundraiser that became a divisive issue in the Hasidic community was held Wednesday night in Brooklyn.
Weberman's attorney said everyone is entitled to a strong defense. More...

May-17 -- Leading insurer pays $109M for dog bite claims
State Farm Insurance, one of the nation's largest home insurers, paid more than $109 million on about 3,800 dog bite claims nationwide last year, spokesman Eddie Martinez said Wednesday.
More than a third of all homeowners insurance claims are from dog bite incidents, according to the Insurance Information Institute. More...

Wednesday (Update 2)

May-17 -- US STOCKS-Europe drags down Wall Street a fourth day
U.S. stock futures on Tuesday rose after investors received some encouraging news about the German economy and awaited a deluge of economic reports from the U.S., including the closely watched consumer-price-inflation and retail-sales numbers.
The Nasdaq Composite Index fell 8.82 points, or 0.30 percent, to close at 2,893.76. More...

May-17 -- Several on FOMC Said Easing May Be Needed If Recovery Slows
Central bank officials overall thought the U.S. economy was still on a path of "moderate" growth that would gradually pick up, according to minutes of the Federal Open Market Committee's April 24-25 meeting, released after the customary three-week lag.
About half of the participants expected that the rates would continue to be low at least through late 2014. More...

May-17 -- FTC: Skechers deceived consumers with shoe ads
Kim Kardashian was part of the Skechers ad campaign called "deceptive" by the FTC. Skechers, the company that makes those extremely popular Shape-ups toning shoes, has agreed to pay $40 million in refunds to settle charges of deceptive advertising brought by the Federal Trade Commission.
The federal settlement is part of a broader agreement that resolves an investigation conducted by 44 states and the District of Columbia. More...

May-17 -- ECB presses Athens over banks
The ECB, too, has much at stake.
Canadian stocks erased gains and traded weaker after the latest news from Europe, led by declines in banks and other financial services companies. More...

May-17 -- OIL FUTURES: Crude Down 1.2% To New 2012 Low Of $92.81 A Barrel
Transatlantic arbitrage widens by 64 cents By Janet McGurty NEW YORK, May 16 (Reuters) - U.S. cash crude differentials were slightly stronger with the exception of Light Louisiana Sweet, which fell ahead of the reversal of the Seaway pipeline expected to begin on Thursday, with some traders wondering weakness in West Texas Intermediate pricing will spread to the Gulf Coast cash crudes.
The first sweet crude on offer from the long-awaited first of several pipelines to ease the Cushing glut has compressed the price difference between Mars sour, a light sour blend with Louisiana Light Sweet. More...

May-17 -- Boyd Gaming to Buy Peninsula Gaming for $1.45 Billion
NORTHWOOD, IA -- Las Vegas-based Boyd Gaming Corporation announced today they've agreed to buy the company that owns Diamond Jo Casino and several other casinos.
"Acquiring Peninsula Gaming is a transformative transaction that fits perfectly into our growth strategy by expanding our Company's scale, diversifying our platform, strengthening our financial profile, and generating meaningful value for our shareholders," said Keith Smith, President and Chief Executive Officer of Boyd Gaming. More...

May-17 -- Fund managers reveal "best ideas" at Ira Sohn event
Herbalife stock fell 20 percent on May 1 after Greenlight Capital's Einhorn showed up on the company's conference call and asked questions about its business model and distributor groups.
Who made him the puppet master of Wall Street? This Einhorn affiar says more about the idiots trading stock than about the actual world of business. More...

May-17 -- 'London Whale,' Who Lost $2 Billion, to Leave JPMorgan
The London-based trader at the center of JPMorgan Chase 's $2 billion trading loss will be leaving the bank, according to reporting by The New York Times , although he still remains employed there .
Last week, JPMorgan revealed the trading loss in the bank's 10-Q filing. More...

May-17 -- Virgin Atlantic to let passengers on some flights use cellphones
Beyond the technical reasons for not allowing cellphone use in-flight in the United States is that passengers and crew alike have made it clear the skies are the last escape they have from constant conversation.
Passengers will be able to send text messages, make a call or access email on mobile devices. More...

May-17 -- JC Penney Stock Drops As Questions On Strategy Grow
Jan Rogers Kniffen, J. Rogers Kniffen Worldwide founder, discusses re-invigorating the customer to turn the stock around.
The loss was worse than even Wall Street's already-low estimates and illustrates just how risky the strategy is. More...

May-17 -- CREDIT MARKETS: Fed Raises Stimulus Hopes, Treasurys Soar
Opinion polls show the vote would favor anti-austerity, left-wing parties which do not plan to adhere to Greece's bailout conditions.
Central banks, led by the Fed, have also taken Treasuries out of the market. More...

May-17 -- Legg Mason Rises Most in Two Years After KKR Repurchase
Legg Mason said it has drawn about $250 million from a revolving credit facility, and plans to use other debt and cash to buy back the $1.25 billion of convertible senior notes that private equity firm Kohlberg Kravis Roberts & Co. holds.
Legg Mason's Board of Directors has authorized $1.0 billion for additional share repurchases. More...

May-17 -- YPF will replace auditors, avoid NYSE delisting
The suit was filed on Tuesday by Repsol and another YPF shareholder, U.S. firm Texas Yale Capital, a Repsol spokesman told AFP. Argentine President Cristina Kirchner on May 4 signed a bill expropriating 51 percent of YPF's stock from Repsol, its majority shareholder, arguing Repsol had failed to make agreed investments needed to expand domestic production.
Repsol said the Treaties of Investment Promotion and Protection involve "measures containing clauses designed to protect, in terms of international law, the investments made by investors" in states. More...

May-17 -- Southwest Delays 30 Jet Deliveries to Save $1 Billion
DALLAS - Southwest Airlines Co. is doubling its $500 million share buyback program to $1 billion and raising its quarterly dividend to 1 cent per share.
Southwest in December agreed to buy 208 Boeing 737s with a list value of $19 billion, the largest aircraft order ever and the first to include the more fuel efficient MAX model. More...

May-17 -- Judicial States Continue to Skew Foreclosure Statistics
WASHINGTON, D.C. May 16, 2012 (RealEstateRama) The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 7.40 percent of all loans outstanding as of the end of the first quarter of 2012, a decrease of 18 basis points from the fourth quarter of 2011, and a decrease of 92 basis points from one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.
Mortgage delinquencies normally fall during the first quarter of the year, but the declines we saw were even greater than the normal seasonal adjustments would predict, so delinquencies are clearly continuing to improve. More...

May-17 -- Investors want Chesapeake annual meeting delayed
The company has arranged for a $3 billion unsecured loan from Goldman Sachs ( NYSE:GS ) and affiliates of Jefferies Group ( NYSE:JEF ).
McClendon and Chief Financial Officer Nick Dell'Osso talked about Chesapeake's financial situation in a conference call Monday morning before the market opened. More...

May-17 -- Spain Urges EU to Provide More Support
Greece's political stalemate and Spain's ailing banking sector heightened investor fears about a fresh eruption of the euro zone debt crisis, hiking Spanish 10-year yields 18 basis points to 6.21 percent.
France is still rated triple-A by Moody's and Fitch, but was downgraded to AA+ by Standard & Poor's in January as part of a mass downgrade of euro zone states. More...

May-17 -- Coty Picks Underwriters for IPO
On April 2, Coty announced an unsolicited offer of $23.25 per share, which Avon rejected as inadequate, and on May 9 lifted the bid to $24.75, or $10.7 billion.
Avon has rebuffed or sidestepped Coty's past courtship efforts. More...

May-17 -- Industrial output rebounds
Production at mines rose 1.6 percent, and the output of utilities gained 4.5 percent after unseasonably warm weather in the first quarter held down demand for heating.
Economists surveyed by Dow Jones Newswires had forecast an 0.6% rise in output and capacity utilization of 79.0%. More...

Wednesday (Update 1)

May-16 -- Housing starts, industrial production both rose in April
Despite a sluggish economy and high levels of unemployment, home builders are feeling more optimistic.
In a speech Tuesday, Federal Reserve Gov. Elizabeth Duke cited several positive signs for the housing market, including stabilization in home prices and a decline in newly delinquent borrowers. More...

May-16 -- US energy independence is no longer just a pipe dream
We will continue to spare no effort in getting our customers energy fit by insulating homes, installing smart meters and providing advice that makes a real difference.
Already, U.S. electricity generation from natural gas has jumped 12 percent in the past year. More...

May-16 -- Stocks to weigh Greece, US economy
U.S. stock futures on Tuesday rose after investors received some encouraging news about the German economy and awaited a deluge of economic reports from the U.S., including the closely watched consumer-price-inflation and retail-sales numbers.
Japan's Nikkei share average fell 0.8 percent to a 3-1/2 month closing low on Tuesday, weighed by exporters with exposure to Europe after Greece struggled to form a coalition government, raising fears that it may exit the euro zone. More...

May-16 -- Industrial Production in US Climbs More Than Forecast
Production at mines rose 1.6 percent, and the output of utilities gained 4.5 percent after unseasonably warm weather in the first quarter held down demand for heating.
Manufacturing output increased 0.6 percent in April after having decreased 0.5 percent in March. More...

May-16 -- Needy States Use Housing Aid Cash to Plug Budgets
The bills were proposed by state Attorney General Kamala Harris, who helped secure $18 billion for California in the bank settlement, and are awaiting action in a conference committee.
The $410 million now being tussled over is the cash portion of the settlement. More...

May-16 -- BMC Investor Elliott Nominates Directors to Push for Sale
Elliott has also notified the company of its intent to nominate a slate of five nominees to stand for election at the company's 2012 Annual Meeting of Stockholders.
With respect to the consideration of director candidates, the Corporate Governance & Nominating Committee of BMC's Board of Directors will follow the Company's policies and procedures for considering director candidates recommended by stockholders and will respond in due course. More...

May-16 -- Staples international sales fall on weak Europe demand
Total company sales for the first quarter of 2012 were $6.1 billion, a decrease of 1 percent in U.S. dollars and flat on a local currency basis compared with the first quarter of 2011, Staples said in a press release .
In the fourth quarter of the last fiscal year, net income rose 3.2% from the year earlier, while the figure increased 13.1% in the third quarter of the last fiscal year, 36% in the second quarter of the last fiscal year and 5% in the first quarter of the last fiscal year. More...

May-16 -- Atlanta: World's busiest airport opens new international terminal
ATLANTA, May 15, 2012 /PRNewswire/ -- Delta Air Lines (NYSE: DAL) flight 295 to Tokyo-Narita will become the first flight to depart Concourse F at the new Maynard H. Jackson Jr. International Terminal when it opens tomorrow at Atlanta's Hartsfield-Jackson International Airport.
Both domestic and international passengers will use the same airport stop. A shuttle bus will take passengers from the airport MARTA station to the international terminal. More...

May-16 -- US Treasurys Hold At Session Lows After Housing Report
The inability of the U.S. government to reduce record debt and deficits is being rewarded in the bond market.
"Treasuries are higher as fears about new political realities in Germany and Greece, global growth, and Spanish banks drive investors into safe-haven debt markets," said William O'Donnell, managing director and head of U.S. Treasury strategy at RBS Securities in Stamford, Connecticut. More...

May-16 -- Target Raises Profit Outlook
As for the numbers, TGT earned $697 million, or $1.04 per share, in the first quarter ending in April, which is up from $689 million, or 99 cents per share, the previous year.
Analysts are currently looking for earnings of 99 cents, according to a survey conducted by Thomson Reuters. More...

May-16 -- Deere fiscal 2Q profit rises, beats expectations
Net sales of equipment operations rose to $9.4 billion from $8.33 billion a year earlier.
The quarter was Deere's eighth consecutive record quarter as the equipment manufacturer has taken advantage of the farm cash boom in the U.S. and worldwide. More...

May-16 -- IMF says Italy on right track, must not let up on reform
Italy has pulled out of the near-terminal spiral it was caught in late last year when soaring borrowing costs threatened to push it to a Greek-style meltdown.
Monti agreed on Wednesday that "much remains to be done to deal with the delays which have built up for years, and with the structural weaknesses. More...

May-16 -- Rajoy warns Spain faces lock-out from markets
MADRID -Spain's prime minister warned Wednesday that the country faced the danger of being locked out of international markets as investors continued to fret about the future of the euro and Greece's place in the 17-country eurozone.
Madrid, May 16 (Xinhua-ANI): Spanish Prime Minister Mariano Rajoy on Wednesday called on the European Union (EU) to speak out in defense of the euro. More...

May-16 -- GE Capital Resumes Paying Dividend to Parent
Multinational conglomerate General Electric Company ( ]] ]] ) on Wednesday announced its finance arm, GE Capital, will resume its quarterly dividend payout to its parent company.
GE historically received a dividend from GE Capital, but halted that practice in the fourth quarter of 2008, when the business was hard-hit by the global credit crisis. More...

May-16 -- Spain's Repsol sues Argentina over YPF takeover
BUENOS AIRES (Reuters) - Argentina's Petersen Group will not make a roughly $400 million syndicated loan payment to banks that helped it buy a stake in energy company YPF ( YPFD.BA ), a source with direct knowledge of the situation said on Tuesday.
May 15 (Bloomberg) -- Eton Park Capital Management LP, the hedge fund run by Eric Mindich, raised its stake in YPF SA in the first quarter before Argentina took. More...

May-16 -- Oil falls to 6-month low near $92 on US supplies
Coming up: EIA oil stocks data 10:30 a.m. EDT Wednesday (Adds API oil data paragraphs 3-4, 17-19) By Robert Gibbons NEW YORK, May 15 (Reuters) - Brent oil edged higher on Tuesday, snapping three days of declines and lifting its premium to slumping U.S. crude back above $18 a barrel, as supportive German economic growth helped counter political turmoil in Greece.
Nymex crude for June delivery fell below $93 a barrel, reaching a six-month low ahead of a closely watched Department of Energy survey of weekly U.S. oil stockpiles, due at 1430 GMT. More...

May-16 -- Ahead of the Bell: GM stock on the rise
It's not a large stake for Buffett's Berkshire Hathaway, which also announced it currently holds 10 million shares of GM, but it could be an indication that Buffett and his team believe there is growth potential in Viacom stock, which is down 5.9% in the last year.
The Berkshire investment is a just a tiny slice of the 1.57 billion GM shares outstanding. More...

May-16 -- J.C. Penney Declines After Posting Loss Amid Slumping Sales
"We do not claim to have extremely creative minds," Lejuez says, "so we are sure J.C. Penney management will come up with ideas that surprise us--maybe all of us."
Yesterday, as the aging department-store chain reported a $163 million loss on a steep sales decline, execs were forced to admit that getting rid of coupons likely drove a 10-percent drop in customer traffic. More...

Wednesday

May-16 -- US energy independence is no longer just a pipe dream
We will continue to spare no effort in getting our customers energy fit by insulating homes, installing smart meters and providing advice that makes a real difference.
The most important number may be $70 -- the estimated cost to produce a barrel of oil from shale or tar sands, the heart of the new U.S. supplies. More...

May-16 -- Needy States Use Housing Aid Cash to Plug Budgets
The bills were proposed by state Attorney General Kamala Harris, who helped secure $18 billion for California in the bank settlement, and are awaiting action in a conference committee.
Some attorneys general disagreed over the scope of the final mortgage accord, including California Attorney General Kamala Harris. More...

May-16 -- Global stocks drop as Greece heads to another election
U.S. stock index futures pointed to a lower open on Wall Street on Monday, with S&P 500 futures down 1 percent and contracts for the Dow Jones and Nasdaq 100 down 0.9 percent at 0853 GMT. European shares hit new four-month lows on Monday as Greece's failure to form a government heightened fears it could quit the euro zone, while signs that China was struggling to shore up its economy cast a shadow on global growth prospects.
The PHLX housing index rose 1.8 percent. More...

May-16 -- Penney has 1Q loss as new pricing repels shoppers
"We do not claim to have extremely creative minds," Lejuez says, "so we are sure J.C. Penney management will come up with ideas that surprise us--maybe all of us."
Shares are down 12% in late trading at $29.20. More...

May-16 -- China's Stocks Fall for 4th Day on Economy Concern, Greek Crisis
Asian stocks fell, with a regional index posting its worst week in five months, amid concern Greece could be forced out of the euro and that austerity plans needed to contain the eurozone debt crisis will be derailed.
Gold stocks fell after gold futures for June delivery dropped 1.5 percent to US$1,561 an ounce in New York, the contract's lowest since December 29. More...

May-16 -- Oil Drops a Fourth Day on Rising US Supplies, Greek Elections
Benchmark West Texas Intermediate crude gave up 80 cents to end the day at $93.98 per barrel in New York.
Brent oil for June settlement gained 67 cents, or 0.6 percent, to end the session at $112.24 a barrel on the London- based ICE Futures Europe exchange. More...

May-16 -- Treasury Yield Is 10 Basis Points From Low on Greece
Despite Tuesday's dip in prices, investors were the most bullish on U.S. Treasuries holdings since late February as Greece's political turmoil fed safe haven demand for less risky U.S. and German bonds, a survey released on Tuesday showed.
NEW YORK (Dow Jones)--U.S. Treasury bonds fell on Tuesday, stung by a round of U.S. data that eased worries over the economic outlook. More...

May-16 -- Harold A. Poling, 86, a Chairman of Ford, Dies
"Red Poling was an extraordinary leader who had a profound impact on Ford Motor Company and everyone who worked with him," Ford executive chairman Bill Ford Jr. said.
In 1950, Poling worked at Ford on a summer internship. More...

May-16 -- Petrobras Quarterly Profit Beats Estimates on Oil Export Growth
Brazilian oil and gas producer Petroleo Brasileiro SA (PBR, PETR4.BR) may "rapidly" raise its oil and gas reserves to 30 billion barrels of oil equivalent as a result of massive presalt oil discoveries, a Petrobras executive said Tuesday.
RIO DE JANEIRO, May 15 (Reuters) - Brazil's state-led oil company Petrobras is unable to predict how much oil it will produce this year, Chief Financial Officer Almir Barbassa told reporters in Rio de Janeiro on Tuesday. More...

May-16 -- As One JPMorgan Trader Sold Risky Contracts, Another One Bought Them
Hedge fund managers on the other side of the trades that resulted in over $2 billion in losses at JPMorgan Chase are worried about reports that the Justice Department is investigating the matter, according to a person familiar with the matter.
In filings that represent a snapshot of each fund's holdings at the end of the first quarter, or March 31, Moore Capital Management reported it bought roughly 6.5 million JPMorgan shares worth a total of $297.3 million. More...

May-16 -- Buffett's Berkshire invests in GM, boosts Wal-Mart stake
It's not a large stake for Buffett's Berkshire Hathaway, which also announced it currently holds 10 million shares of GM, but it could be an indication that Buffett and his team believe there is growth potential in Viacom stock, which is down 5.9% in the last year.
Buffett makes most of Berkshire's investment decisions, but the filing may show what the company's two new investment managers, Todd Combs and Ted Weschler, have been buying and selling. More...

May-16 -- THQ slips into the red in fourth quarter, more pain ahead
For fiscal year 2012, THQ reported a net loss of $240 million, or $3.51 per share, compared with a net loss of $136 million, or $2 per share, for 2011.
The Los Angeles-based company is trimming staff and whittling down non-core businesses. More...

May-16 -- Sina Swings to Loss
Actual vs. Wall St. Expectations: Sina Corporation beat the mean analyst estimate of a loss of 27 cents per share.
Sina noted that non-GAAP revenue was $101.5 million, consistent with guidance of $101 million to $104 million. More...

May-16 -- Americans spending a bit more as gas prices fall
WASHINGTON May 15 (Reuters) - U.S. consumer prices were flat in April as households paid less for gasoline and natural gas, possibly giving the U.S. Federal Reserve more room to help economic growth should the recovery stumble.
Sales at clothing stores dropped 0.7%. More...

May-16 -- Chesapeake's Permian assets get a look from Anadarko
Chesapeake plans to repay the new loan by the end of December with proceeds from the sale of oilfields in Texas' Permian Basin and a joint-venture to develop the Mississippi Lime formation that straddles the Oklahoma-Kansas border.
The price of the company's junk-rated bonds dropped sharply in heavy trading, as bondholders digested the steep interest rates on the new loan and the large funding gap that led Chesapeake to agree to it. More...

May-16 -- Relational Investors Reveals Nearly $600 Mln Stake In PepsiCo
NEW YORK -- Activist investor Ralph Whitworth says his firm has taken a $600 million stake in PepsiCo Inc., a move that could ramp up pressure on the company to make changes.
PepsiCo, home to Tropicana orange juice, Gatorade sports drink and Frito-Lay snacks, came under fire late last year as many on Wall Street were dismayed with its stagnant stock price and a domestic soda business that was losing market share to rival Coca-Cola Co ( KO.N ). More...

May-16 -- Los Angeles adopts 'responsible banking ordinance'
According to the ordinance, tents in parks pose health and safety issues, "cause visual clutter and blight," and can ruin the experience for other park visitors.
Some homeless advocates worry that the ban could have broader implications beyond keeping the protesters from returning. More...

May-16 -- GE to buy Australia mining supplier Industrea
The industrial conglomerate also agreed to acquire privately held equipment maker Fairchild International, a U.S. mining supplier, for an undisclosed amount.
GE Transportation signed a binding Letter of Intent (LOI) to acquire Virginia-based, independently owned and operated Fairchild International. More...

Tuesday (Update 2)

May-16 -- Greek Woes Pressure Stocks in Choppy Session
U.S. stock index futures pointed to a lower open on Wall Street on Monday, with S&P 500 futures down 1 percent and contracts for the Dow Jones and Nasdaq 100 down 0.9 percent at 0853 GMT. European shares hit new four-month lows on Monday as Greece's failure to form a government heightened fears it could quit the euro zone, while signs that China was struggling to shore up its economy cast a shadow on global growth prospects.
NEW YORKConcerns about Greece's possible exit from the single-currency euro area helped push U.S. stocks to three-month lows, as the Dow industrials lost ground for the eighth time in nine sessions. More...

May-16 -- Warren Buffett's Berkshire Hathaway Adds GM to Holdings
I saved my favorite U.S. bank stock for last.
If you have not yet heard of him, I suspect that you will. More...

May-16 -- JC Penney Posts Loss; Stock Slumps
"We do not claim to have extremely creative minds," Lejuez says, "so we are sure J.C. Penney management will come up with ideas that surprise us--maybe all of us."
On average, analysts expect the retailer to post a loss of $0.10 a share, way down from the year-ago quarter's profit of $0.30. More...

May-16 -- US energy independence is no longer just a pipe dream
We will continue to spare no effort in getting our customers energy fit by insulating homes, installing smart meters and providing advice that makes a real difference.
Customers are starting to worry about higher prices, so you need to compare and switch gas and electricity supplier quickly before everyone else has the same idea. More...

May-16 -- Geithner Says Regulators to Take Close Look at JPMorgan
Treasury Secretary Timothy F. Geithner said JPMorgan Chase & Co (JPM) ( JPM )'s. $2 billion trading loss was a "pretty significant risk-management failure" and will prompt close scrutiny by regulators.
"And we're going to make sure that we meet that basic test." More...

May-16 -- Park Avenue co-op sells for record $52.5 million
The duplex was owned by Courtney Sale Ross, the widow of the late Time Warner CEO Steve Ross.
The couple paid $52.5 million for the eight bedroom, 10 bathroom spread in 740 Park Avenue. More...

May-16 -- After Coty Bid Dies, Avon Faces Hard Slog
Avon Products said Sunday it will respond to Coty Inc.' s latest offer within a week, more time than Coty's Monday deadline to decide whether to hold talks on a possible deal.
Coty Inc. offered $23.25 for Avon on March 30, or about $10 billion. More...

May-16 -- News Summary: Summer travel expected to be slightly more active in 2012
Washington (CNN) -- Drivers are expected to encounter jam-packed highways during the upcoming Memorial Day holiday weekend, according to a survey released Tuesday by AAA. Approximately 30.7 million Americans plan to drive to their destination this year, an increase of more than 500,000 travelers on the road compared to 2011, according to the organization, which provides roadside and travel services.
The number of people traveling by air is expected to decline 5.5 percent from last year's 2.7 million air travelers. More...

May-16 -- Groupon Shares Surge On 1Q Results, Though Questions Remain
Groupon Inc.' s stock jumped more than 16 percent Tuesday as its first-quarter revenue and its customer base grew.
Benchmark analyst Clayton Moran noted that international segments proved profitable for the first time, with an operating profit of more than $27 million. More...

May-16 -- Ex-Ford chairman, CEO Harold (Red) Poling dies; he turned losses into boom ...
"Red Poling was an extraordinary leader who had a profound impact on Ford Motor Company and everyone who worked with him," Ford executive chairman Bill Ford Jr. said.
Poling was elected chairman on March 1, 1990, after almost 11 years on the board of directors. More...

May-16 -- Boeing says prepping for further US budget cuts
Once we get to 10, we'll look at where we want to go from there."
Boeing Co. (BA) said it was prepared for more steep Pentagon spending cuts, though it expects to maintain the profitability of its big military business by securing more overseas sales. More...

May-16 -- Treasury Yields Dip Toward Historic Lows On Greece
If Greek political leaders cannot agree on a coalition, a fresh election is likely next month, which opinion polls have shown will favor anti-austerity, left-wing parties which do not plan to adhere to Greece's bailout conditions.
The March 2015 bond traded on Friday at around 3.6 percent. More...

May-16 -- Inflation in Seattle area climbs, while national price index shrinks
The report, from the Labor Department, showed that the overall consumer price index, or CPI, remained unchanged in April after advancing 0.3 percent in March, matching economists estimate.
Fed Chairman Ben Bernanke contends that the boost in inflation should be temporary and will recede as energy prices retreat. More...

May-16 -- Yahoo, AOL veteran Garlinghouse takes helm of startup YouSendIt
YouSendIt Inc. said Tuesday it has hired former AOL products chief Brad Garlinghouse as CEO. He will replace long-time CEO Ivan Koon, who left the Campbell-based company in April.
Dropbox, which is focused on consumers, has snagged a $4 billion valuation. More...

May-16 -- Relational expected to disclose PepsiCo stake: source
PepsiCo has faced investor dissatisfaction in recent years over its underperforming stock price and loss of market share to Coca-Cola Co. That's led to ongoing speculation that CEO Indra Nooyi will step down and that the company will split up its soda and snacks businesses.
PepsiCo Inc. (PEP) ( PEP ) said activist shareholder Ralph Whitworth has taken a stake in the company and has held "constructive" meetings with executives. More...

May-16 -- Repsol moves toward arbitration in dispute with Argentina
BUENOS AIRES, May 15 (Reuters) - Argentina's Petersen Group will not make a roughly $400 million syndicated loan payment to banks that helped it buy a stake in energy company YPF, a source with direct knowledge of the situation said on Tuesday.
"Argentina has violated the obligation to ensure a "fair and equitable treatment" to investments…the measures taken have completely altered the legal framework and economic investment in Repsol YPF, and Repsol and Repsol YPF Repsol Butano Gas. More...

May-16 -- April retail sales hint at slower spending pace
April sales at furniture and home furnishing stores increased 7.6 year over year, and total retail sales excluding food and auto rose 6.1 percent, seasonally adjusted.
U.S. retail and food services sales for the month, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $408 billion, an increase of 0.1% from the previous month and 6.4% above the year-ago period. More...

May-16 -- EU finance ministers agree on new bank rules
The amendments will be part of the EU assembly's negotiation position in talks with governments on the legislation.
"I think in general terms today's compromise does achieve that balance." More...

Tuesday (Update 1)

May-15 -- April retail sales hint at slower spending pace
Retail sales edged up 0.1 percent, held back by a decline in receipts from building materials and clothing stores, the Commerce Department said on Tuesday.
So-called core retail sales, which exclude autos, gasoline and building materials, rose 0.3 percent after increasing 0.6 percent in March. More...

May-15 -- Retail sales show weak growth in April, price index flat
The report, from the Labor Department, showed that the overall consumer price index, or CPI, remained unchanged in April after advancing 0.3 percent in March, matching economists estimate.
WASHINGTON May 15 (Reuters) - U.S. consumer prices were flat in April as households paid less for gasoline and natural gas, possibly giving the U.S. Federal Reserve more room to help economic growth should the recovery stumble. More...

May-15 -- Stock Futures Gain As European Economic Data Tops Views
U.S. stock futures on Tuesday rose after investors received some encouraging news about the German economy and awaited a deluge of economic reports from the U.S., including the closely watched consumer-price-inflation and retail-sales numbers.
NEW YORKConcerns about Greece's possible exit from the single-currency euro area helped push U.S. stocks to three-month lows, as the Dow industrials lost ground for the eighth time in nine sessions. More...

May-15 -- Home Depot sales disappoint
Home Depot shares fell more than 2% in early Tuesday trading.
The company expects sales to pick up later in the year. More...

May-15 -- With Avon not calling, Coty slams the door
Coty Inc withdrew its $10.7-B takeover bid for Avon Products Inc Monday, the stated reason; the World's largest cosmetics direct seller missed the deadline to start discussing a deal Coty proposed in March.
Last month Avon rejected Coty's original bid of about $10 billion, saying the offer undervalued the company. More...

May-15 -- Dick's Sporting 1st-qtr beats market expectations
"We had an exceptionally strong first quarter as we generated record earnings with a 50 percent increase in earnings per share on 15 percent sales growth," Edward W. Stack, chairman and chief executive officer, said in a prepared statement.
In a report to the council, Weir said under the city's Economic Development Incentive Policy Guidelines, the maximum amount the city can share with any business is 50 percent and the longest the pact can run is a decade. More...

May-15 -- Soybeans, Wheat, Corn Called to Open Higher on Weather
The notion of feeding wheat to livestock is an apostasy in Iowa, but it is common practice in most of the world.
Feed and residual use is projected at 230 million bushels, up 50 million from the 2011/12projection as favorable wheat prices relative to corn and larger HRW supplies boost summer quarter wheat feed and residual disappearance. More...

May-15 -- Europe dodges recession
Despite sovereign debt worries and unemployment raising to 10.9% in the eurozone, the EU and eurozone avoided falling into recession in the first quarter.
Lahnstein told Healey that the idea of a fixed exchange rate arrangement (then called the European Monetary System) was that other European countries, with higher rates of wage increases, would progressively become uncompetitive relative to the German export machine. More...

May-15 -- Carlyle Group 1Q Economic Earnings Down 26.5%
The Carlyle Group reports Q1 earnings.
WASHINGTON -- The Carlyle Group LP, which went public earlier this month, said Tuesday that its first-quarter net income fell 30 percent as expenses climbed and revenue fell. More...

May-15 -- Saks 1Q Net Rises 13%, Sales Growth Less Than View
The year-over-year earnings improvement was driven by a 4.8% comparable store sales increase, on top of a 10.2% comparable store sales increase in last year's first quarter, and continued gross margin rate improvement.
Adjusted earnings per share beat analysts' estimates, while revenues missed their estimates. More...

May-15 -- Google's offshore wind cable moves forward
After conducting a comprehensive review of input from stakeholders and the public, the U.S. Department of the Interior (DOI) has announced a major step forward for the development of the Atlantic Wind Connection (AWC), an offshore transmission system proposed for the Mid-Atlantic coast that would allow the integration of up to 7 GW of offshore wind energy onto the power grid.
The project would provide 7,000 megawatts of renewable energy to the heavily used power grid between Washington, D.C. and New York City. More...

May-15 -- EU Ministers Reach Deal To Boost Bank Capital Rules
The amendments will be part of the EU assembly's negotiation position in talks with governments on the legislation.
Under one model, Britain would be able to raise a bank's minimum capital from the 7 percent core tier 1 capital ratio - set by the so-called Basel III code - to 12 percent. More...

May-15 -- Hungary Heads for Recession as Austerity Shackles Growth
"So I expect the second quarter is going to be worse."
BRITAIN: Exports rose a sharp 5.8 percent in March, outpacing a 4.2 percent increase in imports, but the trade balance figure was little changed from February at -£8.6bn. More...

May-15 -- Intesa's risky loan provisions jump
The downgrade, which Moody's pinned on a weakening operating environment made worse by Prime Minister Mario Monti's tough austerity cure, came amid growing calls within the euro zone for a shift towards growth after months of strict fiscal discipline.
Two banks, UniCredit and Intesa Sanpaolo, together account for almost one-third of the Italian market. More...

May-15 -- SEC halts trading in 379 stocks to cut shell-company fraud
The trading suspensions, the most by the SEC in a single day, stem from the work of an agency task force that identified clearly dormant microcap stocks in 32 states and at least six countries, the SEC said today in a statement.
Federal stock regulators suspended trading in three Kansas City area companies’ stocks on Monday amid a crackdown on investment fraud. More...

May-15 -- Groupon shares jump on upbeat Q1 results
Its revenue surpassed Wall Street's expectations, and Groupon's stock shot up 17 percent after hours.
Groupon options are very expensive, implying about a 20 percent move in either direction on the earnings report. More...

May-15 -- US May Empire State Manufacturing Index (Text)
The New York Fed noted that the future indexes remained positive but were generally lower, suggesting a less optimistic outlook for the next six months.
Future indexes were noticeably lower than last month, indicating a positive but somewhat less optimistic view of the six-month outlook. More...

Tuesday

May-15 -- Coty withdraws $10.7 bln offer to buy Avon
Avon Products said Sunday it will respond to Coty Inc.' s latest offer within a week, more time than Coty's Monday deadline to decide whether to hold talks on a possible deal.
"We would expect Avon's step in breaking the stalemate to provide some (at least short-term) relief to the stock." More...

May-15 -- Market Preview: Risk Appetite Spoiled
U.S. stocks futures were trading lower, pointing to a weaker start on Wall Street as political gridlock continued in Greece, shaking investors' confidence in the troubled monetary union even as Germany's ruling conservative party lost a state election, underpinning widespread discontent among people in the euro-zone.
May 14 (Bloomberg) -- U.S. stock futures dropped, indicating the Standard & Poor's 500 Index will extend a two- month low, as Greece struggled to form a government amid growing speculation the nation may leave the euro region. More...

May-15 -- Groupon Soars Afterhours; China Rebounds and Mobile Rockets
The revenue figure exceeded the company's previously disclosed guidance of $510 million to $550 million.
Sales rose 89% to $559.3 million, up from $295.5 million a year earlier. More...

May-15 -- SEC halts trading in 379 stocks to cut shell-company fraud
The trading suspensions, the most by the SEC in a single day, stem from the work of an agency task force that identified clearly dormant microcap stocks in 32 states and at least six countries, the SEC said today in a statement.
The SEC named the three companies among 379 that it found to be “clearly dormant shell companies” that were “ripe for potential fraud. More...

May-15 -- Asian Stocks, Oil, Euro Fall on Europe Debt
Asian stocks fell, with a regional index posting its worst week in five months, amid concern Greece could be forced out of the euro and that austerity plans needed to contain the eurozone debt crisis will be derailed.
Chongqing Taiji Industry, Henan Topfond Pharmaceutical Co, and NanJing Pharmaceutical Co all surged the daily limit of 10 percent to 8.14 yuan, 7.50 yuan and 5.08 yuan respectively. More...

May-15 -- Oil Falls for Third Day as U.S. Stockpiles Seen Rising in Survey
Concerns that headwinds facing two major global economies, Europe and China, sent oil dropping in Asia early Tuesday.
June heating oil futures fell 3.41 cents to settle at $2.9295 a gallon, the lowest since Dec. 29, 2011. More...

May-15 -- Mid-Atlantic wind transmission line clears hurdle
After conducting a comprehensive review of input from stakeholders and the public, the U.S. Department of the Interior (DOI) has announced a major step forward for the development of the Atlantic Wind Connection (AWC), an offshore transmission system proposed for the Mid-Atlantic coast that would allow the integration of up to 7 GW of offshore wind energy onto the power grid.
The project would provide 7,000 megawatts of renewable energy to the heavily used power grid between Washington, D.C. and New York City. More...

May-15 -- Ex-Sprint partner LightSquared files for bankruptcy
WASHINGTON: Lightsquared, a firm whose an ambitious high-speed wireless broadband venture was thwarted by U.S. regulators, filed for bankruptcy protection on Monday, documents showed.
LightSquared, the ill-fated USD7 billion open-access Long Term Evolution (LTE) spearheaded by hedge-fund manager Philip Falcone, is teetering on the brink of bankruptcy, the Wall Street Journal (WSJ) reports, after talks with the start-ups lenders faltered. More...

May-15 -- Best Buy Chairman steps down after CEO probe
NEW YORK -- Best Buy said Monday its founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and failed to alert the audit committee.
The electronics retailer also unveiled the results of an "independent' investigation into the allegations that Dunn had an improper relationship with a female employee. More...

May-15 -- Chesapeake Energy's Chief, Under Investor Pressure, Seeks to Win Over Skeptics
Chesapeake plans to repay the new loan by the end of December with proceeds from the sale of oilfields in Texas' Permian Basin and a joint-venture to develop the Mississippi Lime formation that straddles the Oklahoma-Kansas border.
McClendon didn't have much choice but to look for a lifeline. More...

May-15 -- Gold briefly touches 4-1/2 month low on euro
Gold prices fell to a 4-1/2-month low on Monday, hit by concerns about a worsening debt crisis in the euro zone following political deadlock in Greece which fuelled risk aversion and put pressure on the euro.
Now, however, the U.S. dollar is slowly but surely emerging as the go-to instrument for risk-averse investors. More...

May-15 -- Moody's Says More Offshore Funding Risk For Australian Banks
The agency also downgraded the hybrid ratings of Axis Bank and ICICI Bank to Ba3 from Ba2.
Kirsten Knight, a Moody's spokeswoman, said that the firm's schedule for "concluding bank rating reviews" hadn't changed. More...

May-15 -- Adobe Adds Cisco, Comcast Executives To Board
The company said on Monday that it added Cisco Systems Inc chief financial officer Frank Calderoni, Comcast Venture's managing director, Amy Banse, and Laura Desmond, global head of the Starcom MediaVest Group, to the board.
Adobe Systems Inc. (ADBE) added three more directors from the technology field to its board, including Cisco Systems Inc.' s (CSCO) finance chief and a senior vice president at Comcast. More...

May-15 -- Government approves 4 cities for new DC flights
DOT said Monday, American Airlines is trading a round-trip flight from Washington to Dallas for a flight to Los Angeles, Delta Airlines will trade a flight to LaGuardia for a round-trip flight to Salt Lake City, United Airlines will trade a flight to Chicago for a flight to San Francisco and U.S. Airways will trade a flight to Dallas for a trip to San Diego.
Alaska Air Group Inc., JetBlue Airways Corp., Southwest Airlines Co. and Virgin America were granted rights to each start a single daily flight. More...

May-15 -- Francesca's CFO fired over use of social media
Francesca's Holdings Corporation (Nasdaq: FRAN ) today announced that it has terminated for cause the employment of Chief Financial Officer Gene Morphis, based on an investigation by the Board of Directors with the assistance of outside counsel, which has found that he improperly communicated Company information through social media.
On Facebook, Morphis refers to himself as "a long-time financial guy" who has held chief financial officer positions at "eight (!) companies." More...

May-15 -- Rubber Plunges to 4-Month Low as Greek Impasse Saps Demand
Japan's Nikkei share average inched up 0.2 percent.
The president must call a new election if a compromise isn't reached, putting Athens closer on the brink of bankruptcy and possibly out of the euro bloc. More...

May-15 -- Chicagoans like Emanuel's job performance, though not overwhelmingly
Military land at O'Hare Airport acquired by the city in 1996 for private development that never happened will finally get the international cargo center that former Mayor Richard M. Daley envisioned when he made that $104 million investment.
Aeroterm LLC, the city's designated developer, will contribute $130 million to the project. More...

Monday (Update 2)

May-15 -- Groupon Earnings Top Forecast; Shares Jump
Analysts predicted a strong quarter for the deals company and pegged revenue at $530 million and operating profit, or earnings after operating costs, at $32.7 million.
According to FactSet, Street consensus is for second-quarter revenue of $560.3 million. More...

May-15 -- LightSquared Files Chapter 11 "To Resolve Regulatory Issues"
LightSquared has until 5 p.m. ET today to work out a deal with lenders that would keep it from being forced into bankruptcy, but reports say the company is drawing up its own plans for voluntary Chapter 11 bankruptcy protection in case those negotiations falter.
Falcone also had served on LightSquared's board. More...

May-15 -- Wall Street Gripped by Euro Dread; S&P Hits February Closing Low
U.S. stocks fell for a second straight week, driving the Dow Jones Industrial Average to the biggest loss of 2012, as political tension in Greece heightened concern about Europe 's debt crisis and JPMorgan Chase & Co. opnbrktJPMclsbrkt 's $2 billion trading loss weighed on shares of banks.
Shortly after Friday's opening bell, JPMorgan Chase & Co. shares dropped more than 9 percent, while Citigroup Inc. shares fell 4 percent. More...

May-15 -- Icahn turns up the heat on Chesapeake Energy
"We will get our assets sales done," Chief Executive Aubrey McClendon told analysts and investors on a conference call.
Last year, Chesapeake sold gas assets to Australian mining firm BHP Billiton for $4.75 billion. More...

May-15 -- Ally aims to end mortgage woes with ResCap filing
Fallen subprime mortgage lender Residential Capital LLC filed for Chapter 11 bankruptcy protection Monday as parent Ally Financial Inc., an auto lender that's majority-owned by U.S. taxpayers, struggles to pay back its $17.2 billion bailout.
Ally also will make the first bid on up to $1.6 billion worth of troubled mortgages that will be auctioned. More...

May-15 -- Avon Products to mull Coty's $10.7 billion takeover bid
Avon Products said Sunday it will respond to Coty Inc.' s latest offer within a week, more time than Coty's Monday deadline to decide whether to hold talks on a possible deal.
Besides, the revenue from Asia Pacific fell to 15.4 per cent in first quarter of 2012 from 23 per cent in same period last year. More...

May-15 -- Groupon Generates 89% Leap in Sales, 1Q EPS Beat
Online deals company Groupon is reporting a smaller net loss and sharply higher revenue for the first quarter, helped by increased demand from a growing customer base.
"Revenue came in much higher than expected and margins were higher," said Sameet Sinha, an analyst at B. Riley & Co. "The domestic side of Groupon's business did well," he added. More...

May-15 -- SEC Halts Trades in 379 Shell Companies in Fraud-Prevention Push
Posted by Paul Murphy ]] Paul Murphy on May 14 16:35.
Once a company is suspended from trading, it cannot be quoted again until it provides updated information including accurate financial statements. More...

May-15 -- 'Au'-sterity for gold as prices plunge
Gold has all but lost its shine with the yellow metal plunging to $1,559 per ounce this afternoon, a day after witnessing its worst weekly drop this year.
Crude oil futures prices were solidly lower Monday and hit another 4.5-month low of $93.65 overnight. More...

May-15 -- Best Buy founder to step down as chairman
The Richfield, Minn. -based retail giant said Schulze is stepping down as a reflection of that and will be replaced by 14-year Best Buy director and current audit committee chairman Hatim Tyabji at the conclusion of Best Buy's annual meeting on June 21.
The board publicly released the results of an independent investigation into personal conduct allegations involving former CEO Brian Dunn, who resigned in April. More...

May-15 -- Stronger greenback drives oil prices lower
Oil fell to the lowest price in almost five months in New York and Brent crude slid in London after Saudi Arabia's oil minister said the European benchmark grade should trade at about $US100 a barrel.
In 2035, the average real price of crude oil in the Reference case is about $145 per barrel in 2010 dollars, or about $230 per barrel in nominal dollars. More...

May-15 -- Mid-Atlantic wind transmission line clears hurdle
After conducting a comprehensive review of input from stakeholders and the public, the U.S. Department of the Interior (DOI) has announced a major step forward for the development of the Atlantic Wind Connection (AWC), an offshore transmission system proposed for the Mid-Atlantic coast that would allow the integration of up to 7 GW of offshore wind energy onto the power grid.
Hayes and other officials have urged Congress to extend a production tax credit for wind energy that expires at the end of the year. More...

May-15 -- Coca-Cola tries again with mid-calorie sodas
The Coca-Cola Co. is trying out mid-calorie versions of its Sprite and Fanta sodas months after competitor PepsiCo Inc. launched its own limited-calorie Pepsi Next.
To accomplish the calorie cut, the beverages will be sweetened with sugar (presumably from HFCS), Truvia and artificial sweeteners. More...

May-15 -- Dominion to face extra oversight at Va nuke plant
The North Anna nuclear power plant in Louisa County faces increased oversight from the U.S. Nuclear Regulatory Commission as the result of a violation of low to moderate safety significance linked to the maintenance of the plant's emergency diesel generators.
Neither type of Green energy will ever replace a coal or gas or nuclear plant. More...

May-15 -- Corn, Soybean, Wheat Seeding Accelerates on Drier US Weather
Some traders who are turning bearish on Corn may perhaps wish to explore bear spreads in Corn futures for example, buying December 2012 Corn and selling July 2012 Corn.
December wheat futures traded on ICE were down 2-3/4 cents at $6.32-3/4 a bushel. More...

May-15 -- US airlines March on-time rate down from February
There were no tarmac delays of more than four hours on international flights in March.
Chicago's No. 3 carrier, Southwest Airlines, performed far better. More...

May-15 -- Banks set to argue MBIA split was unreasonable
As I feared, the entire three-hour kick-off hearing was consumed with arguments on what shape the special state-law proceeding, known as Article 78, should take, as well as tedious back-and-forth about whether certain evidence should be admitted.
The bank could well be right. More...

Monday (Update 1)

May-14 -- Euro Worries Knock Stocks Lower
Financial spreadbetters expected Britain's FTSE 100 to open 39 to 43 points lower, or as much as 0.8 percent.
Germany has not opposed the idea but insists it cannot be funded by extra government spending that would drive debt back up. More...

May-14 -- Best Buy Probe Finds Dunn Didn't Misuse Funds
Best Buy admitted in the release that Dunn violated company policy "by engaging in an extremely close personal relationship with a female employee that negatively impacted the work environment."
The Board also publicly released the results of an independent investigation into personal conduct allegations involving former CEO Brian Dunn, who resigned in April. More...

May-14 -- Crude Hits New 2012 Low
At the time, WTI was trading at just under $100 while Brent Crude, which makes up 60 percent of the world oil market, was trading $20 higher.
The price of oil fell Friday after reports that China's economy appears to be slowing down. More...

May-14 -- Avon Rallies as Board Requests Week to Respond to Coty
AVON said last night it is considering Coty's $10.7bn (£6.66bn) takeover bid and expects to respond to the smaller firm's advances within a week.
Coty sent Avon a letter raising the price about 6.5% to $24.75 a share, or almost $10.7 billion. More...

May-14 -- Mexico March Industrial Output Growth Slows Sharply
The figures stood in contrast with German data last week showing output in the eurozone's largest economy up 2.8% for the month, underlying the division in the bloc.
Economists polled by Reuters last week estimated the euro zone economy shrank 0.2 percent in the first quarter, after shrinking 0.3 percent in the fourth quarter of last year. More...

May-14 -- Ally's mortgage unit files for bankruptcy
Ally Financial, a bank holding company that is 74 percent owned by the U.S. Treasury as part of a $17.2 billion bailout, said the company expects to lose $1.3 billion as part of ResCap's bankruptcy restructuring.
Ally still owes the government about $12 billion, counting dividend payments by the lender and sale of some securities by the Treasury. More...

May-14 -- Golfsmith Agrees To $97M Buyout By Canada's Golf Town
TORONTO and AUSTIN, Texas, May 14, 2012 (GLOBE NEWSWIRE) -- Golf Town, Canada's largest specialty golf retailer, and Golfsmith International Holdings, Inc. (Nasdaq:GOLF), announced today that they have signed a definitive merger agreement, pursuant to which Golf Town will acquire Golfsmith, a leading specialty golf retailer in the United States, for U.S. $6.10 per share in cash.
Sue Gove, President, COO and CFO of Golfsmith will become the President and COO of the combined company and Ron Hornbaker will assume the role of EVP-Stores. More...

May-14 -- US stocks drop sharply as Europe woes deepen
NEW YORK - U.S. stock futures dipped Monday as Europe wrestles with what to do next about the financial crises in Greece and more disconcerting economic data emerges from China.
More...

May-14 -- Spain Raises Nearly $3.8 Billion In Debt Auction
MADRID (AP) -- Spain managed to raise 2.9 billion ($3.8 billion) in a short-term bond auction on Monday, but concerns over the future of the euro currency union pushed investors to demand higher interest rates to lend the money and caused the Madrid stock market to plummet.
The country's benchmark Ibex stock index plunged 2.8 per cent in morning trade. More...

May-14 -- Gannett Searches For New Financial Chief As Saleh Resigns
Saleh will report to CSC President and CEO Mike Lawrie, and will be responsible for CSC's global financial operations.
Before joining Walt Disney, Saleh had a 12-year career at Honeywell, Inc. (HON) where he was vice president and treasurer from 1994 to 1997 and held other various leadership positions in finance, treasury, investor relations, strategic planning and operations. More...

May-14 -- US STOCKS-S&P 500 faces key test, Wall St set to slide
U.S. stock index futures pointed to a lower open on Wall Street on Monday, with S&P 500 futures down 1 percent and contracts for the Dow Jones and Nasdaq 100 down 0.9 percent at 0853 GMT. European shares hit new four-month lows on Monday as Greece's failure to form a government heightened fears it could quit the euro zone, while signs that China was struggling to shore up its economy cast a shadow on global growth prospects.
U.S. Stocks: Wall Street fell driving the Standard & Poor's 500 Index to a 2 month low, as an early decline in banks led by JPMorgan (NYSE:JPM) Chase & Co.' s $2-B trading loss overshadowed an increase in a gauge of consumer confidence. More...

May-14 -- BMC Software rebuffs Elliott with poison pill
Elliott has also notified the company of its intent to nominate a slate of five nominees to stand for election at the company's 2012 Annual Meeting of Stockholders.
Houston-based BMC Software , the developer of IT management software, is looking to stave off what looks like a hostile takeover of the company this morning. More...

May-14 -- Silver Wheaton profit jumps 20%
The company, which helps finance mine construction by giving miners upfront cash in exchange for receiving a portion of the asset's future silver production at a set price, said quarterly revenue had risen 26 percent to $199.6 million.
Silver equivalent sales were 6.1 million ounces, higher than 5.9 million ounces of silver a year ago. More...

May-14 -- China Yuan Down Late On PBOC Guidance; Investors Turn Bearish
SHANGHAI stocks may rise this week as the People's Bank of China cut the amount of cash that banks must set aside as reserves, pumping money into the financial system to bolster a slowing economy.
Bank of America-Merrill Lynch has cut China's second-quarter GDP growth forecast to 7.6percent, from the previous 8.5percent. More...

May-14 -- Chesapeake Energy receives $3 billion loan
Chesapeake plans to repay the new loan by the end of December with proceeds from the sale of oilfields in Texas' Permian Basin and a joint-venture to develop the Mississippi Lime formation that straddles the Oklahoma-Kansas border.
Prices have risen 32 percent as power generators used it as a substitute for coal. More...

May-14 -- Brazil Real Opens Weaker As Euro-Zone Troubles Rattle Markets
Tombini told O Estado de Sao Paulo that Brazil's economy, which almost slid into recession in late 2011, is entering a warm-up phase and should pick up steam in the second half of 2012, but a recently worsened outlook abroad will hurt exports.
SAO PAULO (Dow Jones)--Financial market analysts and economists reduced their forecasts for the benchmark Selic interest rate for the end of this year and also for the next year, as the monetary authority gave strong signs that it will continue reducing the base rate. More...

May-14 -- Stocks fall in Europe, Asia amid Greek turmoil
Wall Street also appeared set for a lower opening, with Dow Jones industrial futures down 0.8 percent to 12,686 and S&P 500 futures losing 0.9 percent to 1,337.30.
Copper declined to a four-week low on concerns China's bank reserve cut signaled a slowdown in the world's second-largest economy may be steeper than expected and amid speculation Greece may exit from the euro area. More...

May-14 -- J.P. Morgan shares extend drop, pulling down banks
Besides marking a weekly decline of 11.5%, it also wiped $14.4 billion off the company's market value.
The total market capitalization reached $141.26 billion. More...

Monday

May-14 -- Big Changes Ahead for Yahoo After the CEO Resigns
Ross Levinsohn, the company's global media head, has been appointed as interim CEO. Fred Amoroso was also named as Yahoo's nonexecutive chairman, replacing Roy Bostock.
The appointment of the new directors ends a potentially disruptive battle with Loeb, who was waging a campaign to gain four seats on the company's board. More...

May-14 -- China May Cut Reserve Ratio Further To Boost Economy - Paper
Beijing, May 13 (TruthDive) : China took a decision to cut banks reserve requirement ratio (RRR), effective from May 18.
BEIJING, May 14 (Xinhua) -- The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, opened at 725.52 points on Monday, up 0.62 percent from the previous close. More...

May-14 -- FOREX-Euro hits 4-month low on Greece uncertainty
BRUSSELS - The European Union says that a recession brought on by a crippling debt crisis could give way to a modest recovery later this year - provided governments persevere on the tough austerity track.
Greek withdrawal "is not necessarily fatal, but it is not attractive," European Central Bank Governing Council member Patrick Honohan said in Tallinn on May 12. More...

May-14 -- China RRR Cut May Limit Oil's Fall This Week: Survey
At the time, WTI was trading at just under $100 while Brent Crude, which makes up 60 percent of the world oil market, was trading $20 higher.
IEA also said that increased production in Iraq, Nigeria and Libya helped boost world oil supplies by 600,000 barrels per day in April. More...

May-14 -- Stocks: A Facebook effect?
As Facebook winds down an obligatory pre-IPO road show and prepares for its first day of public stock trading May 18 as "FB" on the NASDAQ exchange, investors and potential investors are thinking way beyond just how high the stock price will jump on the first day.
On Friday of course, all eyes will be on the Nasdaq when trading in Facebook stock is expected to kick off. More...

May-14 -- Asian Shares Mixed After China Easing; Euro Drops On Political Worries
HONG KONG May 14 (Reuters) - Hong Kong shares could start the week higher on Monday, with China growth proxies in focus after the Chinese central bank moved to bolster lending to counter signs of a slowdown in the economy.
Asian stocks fell, with a regional index posting its worst week in five months, amid concern Greece could be forced out of the euro and that austerity plans needed to contain the eurozone debt crisis will be derailed. More...

May-14 -- Sub-Saharan Africa's `Strong' Growth to Risks, IMF Says
JOHANNESBURG (Reuters) - Sub-Saharan Africa's economies will expand at a slower rate in 2012 than earlier projected, undermined by global financial distress and a sluggish recovery in South Africa, the International Monetary Fund (IMF) said on Monday.
Economies reliant on non-renewable resources are experiencing faster growth but are also suffering the worst volatility in exports, revenues and GDP expansion, the IMF said. More...

May-14 -- Florida postal worker says Yemen mystery package made him ill
ORLANDO, Fla. A postal worker says a mysterious leaking package from Yemen has left him seriously ill, but the U.S. Postal Service denies the package existed.
Within two weeks of the Feb. 4, 2011, incident, Lill came down with flu symptoms. More...

May-14 -- Spain short-term debt costs to stay high after bank plan
MADRID, May 13 (Reuters) - Spanish banks unveiled fresh funds on Sunday to meet new government demands aimed at cleaning up the country's sickly property market and easing international markets' concerns about the troubled financial sector.
The jitters reflect wider fears over the state of Spain's banking system and the council's nervousness after it was hit by the Icelandic banks' collapse in 2008. More...

May-14 -- Report: Fire at Cuba charter flight company in South Fla. was deliberately set
The Coral Gables Fire Department said in a report that investigators found a disposable lighter, the remains of a green bottle, and a piece of asphalt after the April 27 fire at the Airline Brokers Co. Those items indicate the "potential use of a projectile to breach the building window, and the use of a liquid accelerant incendiary device in this fire," the report says.
Coral Gables fire officials referred all inquiries to the state fire marshal's office, which did not return requests for comment by phone or e-mail Sunday. More...

May-14 -- Avon to consider Coty's $10.7 bln takeover bid
REUTERS - Avon Products Inc ( AVP.N ) on Sunday said it told Coty Inc that it would consider the smaller company's $10.7 billion takeover bid and it expected to respond within a week.
Avon had rejected all prior offers from Coty, saying the company's value could rise under a new CEO rather than as part of Coty. More...

May-14 -- LightSquared Moves Toward Bankruptcy
There were also a number of other terms separating the two sides, the people said.
Hedge-fund manager Philip Falcone's LightSquared Inc. venture was preparing Sunday to file for bankruptcy protection after negotiations with lenders to avoid a potential debt default faltered, said people familiar with the matter. More...

May-14 -- Questions and answers about Horseshoe Casino Cleveland
Joshua Gunter, The Plain Dealer The Horseshoe Casino Cleveland is approaching opening day, and some compulsive gamblers are worried about having table games and slot machines close at hand.
As the public face of the state's first casino, Glover has become a regular fixture at gatherings around town, talking up the tables, the casino's role in the community and much-discussed job potential. More...

May-14 -- Infineon Names Reinhard Ploss To Succeed Peter Bauer As CEO
The supervisory board of Infineon Technologies AG named Reinhard Ploss as Peter Bauer's successor to the post of CEO. Ploss is a member of the Infineon Management Board and is currently responsible for production, development, technology and human resources.
Infineon Technologies AG (IFX), Europe's second-largest semiconductor maker, said Chief Executive Officer Peter Bauer will step down because of "severely worsening" osteoporosis and appointed a board member as successor. More...

May-14 -- Japan May Face Power Shortages This Summer
TOKYO (Kyodo) -- The government is considering asking companies and households in wide areas of central and western Japan to cut electricity use by around 5 percent of the maximum demand recorded during the very hot summer of 2010, sources close to the issue said Saturday.
The recent signing of the contract by the Prime Minister with the French company EDF for the Hinkley nuclear reactor is a welcome indication of the Government's intent to make clear that low carbon nuclear power is high on the Government's energy policy agenda. More...

May-14 -- Total CEO Says UK North Sea Gas Leak Could End Within Days
LAGOS, Nigeria -- French oil company Total SA said Sunday it stopped a natural gas leak at one of its plants in Nigeria's crude-rich southern delta after 54 days, an emergency that forced the firm to shut down the field and evacuate the area.
Washingtologists consistently post thought-provoking, timely comments on events, communities, and trends in the Washington area. More...

May-14 -- Unit of Ally, ResCap, Said to Plan Bankruptcy
ALLY Financial's Residential Capital unit is nearing a bankruptcy filing, sources familiar with the situation said yesterday, in a move that could help the U.S. taxpayer-owned car lender shed its troubled mortgage business but also spur drawn-out legal fights.
ResCap has secured a so-called debtor-in-possession loan of about $1.45 billion from Barclays PLC, which would allow it to keep operating under bankruptcy protection while it works to sell assets. More...

May-14 -- Habitat workers mark National Women Build Week
Saws, drills and hammers were brand new concepts for some Habitat for Humanity volunteers.
Habitat is always looking for volunteers and always need donations. More...

May-14 -- Nigeria fines mobile phone carriers Airtel, Etisalat, Globacom and MTN $7.3M ...
Nigeria has fined four mobile phone carriers a total of $7.3 million over poor service and call quality in Africa's dominant market.Reuben Muoka of the Nigeria Communications Commission said Sunday that Bharti Airtel Ltd. of India, Abu Dhabi-based Etisalat, local firm Globacom Ltd. and South Africa-based MTN Group Ltd. all had been fined.
The fines come for poor service, dropped calls and bad line quality in March and April, Muoka said. More...

Sunday (Update 2)

May-14 -- Yahoo confirms CEO is out after resume scandal
Fred Amoroso will take over as chairman of the company's board in place of Roy Bostock.
Third Point LLC, a hedge fund that owns 5.8% of Yahoo's common stock, was the most aggressive at trying to get Thompson ousted. More...

May-14 -- Global Economy Weekahead: Back into the euro-zone storm
BRUSSELS - The European Union says that a recession brought on by a crippling debt crisis could give way to a modest recovery later this year - provided governments persevere on the tough austerity track.
The European Commission downgraded growth forecasts for Spain and Greece; China reported weak retail sales, bank lending and industrial output; and India's industrial output slumped for the first time in five months. More...

May-14 -- Graduates get a degree in debt
Just a few years prior, borrowing money for school was at an all-time low at 3.4 percent, which many perceived as a good investment, especially when compared with other types of investments at the time, according to Mary Bruce in the ABC News article, "Obama Highlights "Good News' In Jobs Report, Renews Student Loan Push."
On April 25, 2012, the unprecedented debt of American students surpassed the trillion-dollar mark. More...

May-14 -- WSJ: As Beijing Moves To Spur Growth, Its Tools Are Limited
Beijing, May 13 (TruthDive) : China took a decision to cut banks reserve requirement ratio (RRR), effective from May 18.
Whatever Beijing's fiscal response, few expect stimulus spending modeled on the 4 trillion yuan ($635 billion) splurge unveiled in the wake of the 2008-09 global financial crisis, which buoyed growth but triggered spikes in inflation and real estate speculation that the government spent two years correcting. More...

May-14 -- Apple-Dow 30 marriage? One's too hot for the other
U.S. stocks fell for a second straight week, driving the Dow Jones Industrial Average to the biggest loss of 2012, as political tension in Greece heightened concern about Europe 's debt crisis and JPMorgan Chase & Co. opnbrktJPMclsbrkt 's $2 billion trading loss weighed on shares of banks.
Banks continued to lose ground following Thursday's announcement of a $2 billion trading loss from JPMorgan. More...

May-14 -- Amid Signs of Economic Weaknesses, China to Free Cash for Lending
China also said Friday that the consumer price index, the main gauge of inflation, rose 3.4 percent year on year in April, easing from 3.6 percent in March.
China's economy had grown 8.1 percent in the first quarter, the weakest pace since 2009. More...

May-14 -- Saudi says $100 per barrel great price for oil
At the time, WTI was trading at just under $100 while Brent Crude, which makes up 60 percent of the world oil market, was trading $20 higher.
Real GDP grew by 6.8 per cent last year compared to 4.6 per cent in 2010, the report said, adding that the sharp expansion in nominal and real terms was driven by the surge in oil prices, higher crude production, robust domestic demand, and prudent macroeconomic policies. More...

May-14 -- Cosmetics seller Avon says it's now considering buyout offer from smaller Coty ...
"Avon's Board expects to respond within a week."
The fragrance and beauty company first unveiled a $10 billion bid for Avon in early April. More...

May-14 -- Postal worker claims Yemen package leaked, made him sick -- but Post Office ...
ORLANDO, Fla. -- A postal worker says a mysterious leaking package from Yemen has left him seriously ill, but the U.S. Postal Service denies the package ever existed.
Lill headed toward the center of the sorting floor -- an area workers call "the belly" -- to investigate. More...

May-14 -- A Facebook effect?
After last weekend's elections in Greece yielded political chaos there, global investors are worried that instability could jeopardize Greece's bailout agreement and its place in the eurozone.
More...

May-14 -- EU's Rehn: Spain banking plan should dispel doubts
The 2012-13 spring forecasts, to be issued at 5:00 a.m. EDT (0900 GMT), will set out expectations on growth, inflation, employment and public finances for each state individually, as well as the aggregate expectations for the EU and euro zone.
As well as concerns about Spain's deficit, the forecasts are likely to show unemployment in the country, already hovering just below 25 percent, is set to go on climbing at least in the short-term, compounding the recession. More...

May-14 -- Infineon CEO to step down over health troubles
I feel that I have a duty to my health, my family and the company to step down from my current position.
"Peter Bauer stands for the turnaround of Infineon," said Sandeep Deshpande, an analyst at JPMorgan in London. More...

May-14 -- LightSquared edges closer to bankruptcy filing: sources
Negotiations between LightSquared and its lenders remained "far apart" over the weekend, leaving the beleaguered would-be data carrier likely to file for bankruptcy protection Monday, The Wall Street Journal reported Sunday, citing anonymous sources involved in the negotiations.
The deadline has been extended twice. More...

May-14 -- Spaniards keep up anniversary rally against crisis
Masses of chanting "indignant" activists poured into the streets across Spain on Saturday in a vast show of strength one year on from igniting a global protest against economic injustice.
Spanish indignant protesters take part in a "siesta" nap at the Cibeles square in Madrid during a national strike in March. More...

May-14 -- Women build and celebrate Mother's Day
Women volunteers worked on nine new Habitat for Humanity houses in Liberty City, Saturday.
Mortgage payments made by families are then used to build more homes in the community. More...

May-14 -- Japan Facing Power Shortfall This Summer
The government plans to ask households and businesses in the service areas of four electric power companies in western Japan to cut electricity consumption by 5 percent this summer to assist in supplying surplus electricity to Kansai Electric Power Co., according to government sources.
If things had reached that level, not only would the public have had to face hardships but Japan's very existence would have been in peril." More...

May-14 -- New Rules May Curtail Some Fees in Mortgage
Some experts say the rules could end up backfiring on borrowers.
The CFPB's interest in Corinthian is likely to draw plenty of attention, mostly because of expectations by consumer advocates (and fears of for-profit officials) that the agency would pursue the sector. More...

May-14 -- Nvidia Soars After Forecast Tops Estimates: San Francisco
Currently, Tegra makes up only 14 percent of the company's overall revenue.
On the strength of the company's current business practices Nvidia expected Q2 sales of $990 million to $1.05 billion, that number would beat analyst expectations of $976 million. More...

Sunday (Update 1)

May-13 -- It's Time to Solve the Student Loan Crisis
Just a few years prior, borrowing money for school was at an all-time low at 3.4 percent, which many perceived as a good investment, especially when compared with other types of investments at the time, according to Mary Bruce in the ABC News article, "Obama Highlights "Good News' In Jobs Report, Renews Student Loan Push."
College pricing is complicated by constant tuition increases, a vast array of grants and loans and a financial-aid system that discounts tuition for most students based on opaque formulas. More...

May-13 -- China moves to spur growth
Analysts said the cut should help pump an additional 400 billion yuan ($63 billion) of liquidity into the economy.
"We are still optimistic that China will pick up later in the year, especially since low inflation gives policymakers room to loosen policy further," said Daniel Martin, an economist with Capital Economics in Singapore. More...

May-13 -- Apple-Dow 30 marriage? One's too hot for the other
U.S. stocks fell for a second straight week, driving the Dow Jones Industrial Average to the biggest loss of 2012, as political tension in Greece heightened concern about Europe 's debt crisis and JPMorgan Chase & Co. opnbrktJPMclsbrkt 's $2 billion trading loss weighed on shares of banks.
Stocks closed lower after JPMorgan's surprise $2 billion trading loss. More...

May-13 -- Facebook IPO Said to Get Weaker-Than-Forecast Demand
May 7 (Bloomberg) -- Arvind Bhatia, an analyst at Sterne Agee & Leach Inc., talks about the outlook for Facebook Inc.' s initial public offering, the company and its shares.
Facebook has arranged a meeting in Palo Alto , California , for the end of the week. More...

May-13 -- Naimi: Brent better around $100 a barrel
At the time, WTI was trading at just under $100 while Brent Crude, which makes up 60 percent of the world oil market, was trading $20 higher.
Oil supply outweighs demand by 1.3 million to 1.5 million barrels a day, al-Naimi said today. More...

May-13 -- Etisalat Nigeria: lack of power, sabotage affects service
LAGOS, Nigeria (AP) -- Regulators in Nigeria have fined four mobile phone carriers a total of $7.3 million over poor service in a nation that depends on cellular phones for communications, a spokesman said Sunday.
Airtel, Etisalat, MTN and Glo are expected to pay up the fines by May 21 or face further pernalties of N2.5 million daily, according to the Vanguard. More...

May-13 -- Euro was troubled from birth, experts say
Now the crisis can best be viewed in macro terms - the European future is being delineated with a broad brush.
European officials identified Greece as a problem from Day One of eurozone discussions. More...

May-13 -- Wholesale prices down
WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken.
The core index has increased 2.7 percent during the 12 months ended in April, down only slightly from March.Modest wholesale inflation reduces pressure on manufacturers and retailers to raise prices. More...

May-13 -- Newton hosts bike ride to benefit Habitat for Humanity
PITTSFIELD -- Forget bouquets -- dozens of locals honored their mothers this weekend with dirt.
Women Build is a program that encourages women to learn construction skills. More...

May-13 -- Speak up on mortgage points and fees
Some experts say the rules could end up backfiring on borrowers.
The CFPB has managed to put up some good information on mortgages, credit cards and student debt. More...

May-13 -- Osberg out as PMN CEO, Hall in
Gregory J. Osberg stepped down as publisher and chief executive of Philadelphia Media Network on Friday afternoon, less than six weeks after the company was purchased by a group of local owners.
More...

May-13 -- What Yahoo CEO's false bio tell us about resume fraud
Saying that "we take no joy in witnessing this carnage," activist investor Daniel Loeb repeated his demand Wednesday that Yahoo dump CEO Scott Thompson over discrepancies in his academic record and replace him with an interim CEO. "It appears very clear to us - and to many corporate governance experts, Yahoo! employees, and fellow Yahoo! shareholders - that Mr. Thompson's fantasy degree was in no way an 'inadvertent error,' " Loeb said in a letter from his Third Point LLC hedge fund addressed to Yahoo's board of directors.
Yahoo CEO apologizes over degree misstatement as angry investor demands more information. More...

May-13 -- Dying TV Biz: Panasonic Views $10B Annual Net Loss
The $9.67 billion shortfall, one of the worst-ever losses for a non-financial Japanese firm, comes as the consumer electronics giant reshuffles its boardroom and overhauls its business in a bid to return to profitability.
Returning to profitability is the first priority for Energy Company, which will shift to a profitable management structure. More...

May-13 -- Walgreen's Loss Is CVS's Gain
THE QUARTER: Overall, Express Scripts earnings fell 18 percent compared to last year's first quarter.
Motley Fool newsletter services have recommended buying shares of Express Scripts Holding and SXC Health Solutions. More...

May-13 -- Nvidia Soars After Forecast Tops Estimates: San Francisco
Currently, Tegra makes up only 14 percent of the company's overall revenue.
On the strength of the company's current business practices Nvidia expected Q2 sales of $990 million to $1.05 billion, that number would beat analyst expectations of $976 million. More...

May-13 -- Gas drillers wrangle over NY limitations; opponents argue for more limits or ...
The report, " Marcellus Shale and Local Collection of State Taxes: What the 2011 Pennsylvania Tax Data Say ," suggests that areas of shale development outperform sales tax collections in countries with little or no drilling activity.
The average rise in income in high-activity Marcellus counties was fueled by increases in salaries and wages (3.3 percent); rights, royalties and patents (441.5 percent), which reflects gas lease and royalty payments; and net profits (1.4 percent). More...

May-13 -- Kaiser Permanente, unions agree to 3-year national contract
MANHATTAN BEACH, Calif. -- SEIU-UHW members are celebrating a tentative national agreement reached with Kaiser Permanente early this morning that provides raises and maintains workers’ full benefits, but also contains unique new provisions to promote better health among Kaiser employees as a way of lowering costs and modeling healthy lifestyles to the public.
The agreement, struck about 3 a.m., affects some 100,000 members of the Coalition of Permanente Unions, including nurses, pharmacists, service workers, technicians, psychologists and lab scientists, according to a joint statement from the company and its unions. More...

Sunday

May-13 -- Student loan blues
Just a few years prior, borrowing money for school was at an all-time low at 3.4 percent, which many perceived as a good investment, especially when compared with other types of investments at the time, according to Mary Bruce in the ABC News article, "Obama Highlights "Good News' In Jobs Report, Renews Student Loan Push."
The Chancellor's 'charge more' instate tuition skyrocketed fees by an average 14% per year from 2006 to 2011-12 academic year. More...

May-13 -- Amid Signs of Economic Weaknesses, China to Free Cash for Lending
China also said Friday that the consumer price index, the main gauge of inflation, rose 3.4 per cent year on year in April, easing from 3.6 per cent in March.
China's trade with foreign countries has also slowed recently, feeling the impact of Europe's woes and the U.S. economy's sluggish growth. More...

May-13 -- Dow Suffers Worst Week This Year
Dow up 0.05 pct, S&P up 0.11 pct, Nasdaq up 0.52 pct By Ryan Vlastelica NEW YORK, May 11 (Reuters) - U.S. stocks were little changed on Friday but remained on track for a second week of declines after JPMorgan Chase & Co revealed a trading loss of at least $2 billion from a failed hedging strategy.
The news sent shares of the Dow component down 8 percent to $37.47 in premarket trading, and is the latest hurdle for a sector already besieged by the sovereign debt crisis in Europe and fears of slowing growth globally. More...

May-13 -- Investment community gives Tesla Motors vote of confidence
Tesla Motors ( TSLA ) isn't expected to turn a profit for a year.
As Of June 30, 2011, Tesla Had Lost $522.8 Million, has borrowed $465 million from the dept of energy and now we are going to subsidize the purchase of the vehicles to the tune of $7500 each?? Wow, that's a business plan that only the federal government could love. More...

May-13 -- Here's Why Procter & Gamble Is Moving Its Beauty Business From The US To Singapore
Cincinnati-based P&G, whose products include Olay creams and cleansers, CoverGirl makeup, Secret deodorant and SK-II skin-care, said it was making the move to be closer to Asia's booming beauty market, according to Fox News .
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May-13 -- Spain, France get EU budget alert, Greece agonises
The 2012-13 spring forecasts, to be issued at 5:00 a.m. EDT (0900 GMT), will set out expectations on growth, inflation, employment and public finances for each state individually, as well as the aggregate expectations for the EU and euro zone.
Compared to the autumn forecast, annual growth has been revised down by 1.8 pps. to 0.5% for the current year and by 1.1 pps. to 1.9% in 2013. More...

May-13 -- Speak up on mortgage points and fees
Some experts say the rules could end up backfiring on borrowers.
The CFPB has managed to put up some good information on mortgages, credit cards and student debt. More...

May-13 -- Kaiser Permanente, unions agree to 3-year national contract
The three-year agreement, reached between Kaiser Permanente and the Coalition of Kaiser Permanente Unions (CKPU), provides for annual pay raises of 3 percent, maintains fully paid family health coverage, defined-benefit pensions, and retiree healthcare for the life of the agreement, and improves dental care.
Use of this Site constitutes acceptance of our User Agreement (updated 3/14/12) and Privacy Policy (updated 3/14/12). More...

May-13 -- CREDIT MARKETS: Global Firms Sell Bonds As Treasury Rally Ends
NEW YORK: U.S. Treasuries prices fell on Thursday, pulling benchmark yields up from three-month lows, as the flow of bad news from Europe eased and a lower-than-expected number of claims for U.S. jobless benefits dimmed the allure of low-risk government bonds.
Thirty-year Treasury yields dropped three basis points to 3.01 percent. More...

May-13 -- Contingency plan for Southern California power back on track
San Diego Gas & Electric and Southern California Edison will pay $2.5 million a month for electricity capacity from the Huntington Beach plant operated by AES Corp., the California ISO reported.
A thorough review by the NRC, which regulates nuclear plant safety in the United States, typically isn't required unless the company running the plant concludes that the changes create a safety risk. More...

May-13 -- Wholesale prices down
WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken.
The core index has increased 2.7 percent during the 12 months ended in April, down only slightly from March.Modest wholesale inflation reduces pressure on manufacturers and retailers to raise prices. More...

May-13 -- US sees surge in corn stocks, fewer soybeans
The reason for the projection of lower prices is right out of Econ 101; while U.S. and world corn supplies have been tight the last two years, leading to record prices in the U.S., expected surges in production here and abroad are likely to almost double U.S. surplus stocks to 1.9 billion bushels after the 2012 crop is harvested.
Some analysts are now predicting that 2012/13 world wheat ending stocks will be equal to or slightly higher than 2011/12 ending stocks. More...

May-13 -- Rate on 30-year mortgage hits record 3.83 percent
The scaled-down pay package came in response to mounting political pressure over controversial multi-million dollar salaries given to executives at the companies, which have soaked up about $151 billion in taxpayer aid.
In some higher cost areas, borrowers may be tempted to take an FHA mortgage which now has higher loan limits up to $729,500. More...

May-13 -- Asia Currency Options Least Bearish in Year on Yuan Risk
Asian stocks fell, with a regional index posting its worst week in five months, amid concern Greece could be forced out of the euro and that austerity plans needed to contain the eurozone debt crisis will be derailed.
Sony Corporation (6758) propped 11% to the lowest in more than 30 years following the maker of PlayStation game consoles and Bravia televisions predict profit that wrapped analyst projections by half. More...

May-13 -- What Yahoo CEO's false bio tell us about resume fraud
Saying that "we take no joy in witnessing this carnage," activist investor Daniel Loeb repeated his demand Wednesday that Yahoo dump CEO Scott Thompson over discrepancies in his academic record and replace him with an interim CEO. "It appears very clear to us - and to many corporate governance experts, Yahoo! employees, and fellow Yahoo! shareholders - that Mr. Thompson's fantasy degree was in no way an 'inadvertent error,' " Loeb said in a letter from his Third Point LLC hedge fund addressed to Yahoo's board of directors.
Producing a crisp, clear explanation should have taken all of five minutes, if that. More...

May-13 -- Local women join Habitat for Humanity's 'Women Build Week'
The leader for the local Women Build project is Habitat volunteer coordinator JoAnne Gorski.
More than 50 women in Columbus showed off their handyman skills all for a good cause. More...

May-13 -- Nvidia Soars After Forecast Tops Estimates: San Francisco
Currently, Tegra makes up only 14 percent of the company's overall revenue.
The company will make a 10-year, one-time donation to Stanford Hospital of $25 million. More...

May-13 -- Argentina's renationalization of YPF: A push to manage oil on its own terms
HIGHER PRICES HELPED: Spanish oil company Repsol's first-quarter profits rose 12.4 percent to €643 million ($833 million), excluding results from YPF and Repsol YPF Gas, the units nationalized by Argentina.
Investment treaties provide protection to foreign investors by guaranteeing national and most-favoured nation treatment, and usually protect against expropriation without compensation. More...

Saturday (Update 2)

May-13 -- A Generation Hobbled by the Soaring Cost of College
Just a few years prior, borrowing money for school was at an all-time low at 3.4 percent, which many perceived as a good investment, especially when compared with other types of investments at the time, according to Mary Bruce in the ABC News article, "Obama Highlights "Good News' In Jobs Report, Renews Student Loan Push."
To counter another financial bubble bursting, Sharif offers Moody Analytics advice of limiting the debt burden by selecting demand careers, and completing degrees on time. More...

May-13 -- Banks hit by JPMorgan; Wall Street ends week lower
U.S. stocks fell for a second straight week, driving the Dow Jones Industrial Average to the biggest loss of 2012, as political tension in Greece heightened concern about Europe's debt crisis and JPMorgan Chase & Co. (JPM) ( JPM )'s $2 billion trading loss weighed on shares of banks.
The Nasdaq was up, outperforming the broader market, as Nvidia Corp shares rose 7.5 percent to $13.34 after the company reported adjusted first-quarter earnings that beat expectations. More...

May-13 -- Investment community gives Tesla Motors vote of confidence
Tesla Motors ( TSLA ) isn't expected to turn a profit for a year.
The new contract to supply components for an electric Mercedes-Benz model may be worth more than $280 million, Chief Financial Officer Deepak Ahuja said on a conference call. More...

May-13 -- Four years after crash, many new rules aren't yet in effect
As Matt Yglesias explained , "Remember the 'Volcker Rule' that was supposed to stop systemically significant financial institutions from racking up huge losses on proprietary speculative bets? Well.
Dimon is one of the leading critics of Frank's landmark Dodd-Frank Bill regulating Wall Street. More...

May-13 -- China acts to boost loans, bolster flagging economy
China also said Friday that the consumer price index, the main gauge of inflation, rose 3.4 percent year on year in April, easing from 3.6 percent in March.
The nation is more likely to pursue market-friendly policies without Bo's influence, Lee said. More...

May-13 -- P&G to Move Skin Care, Cosmetics Group to Singapore
Cincinnati-based P&G, whose products include Olay creams and cleansers, CoverGirl makeup, Secret deodorant and SK-II skin-care, said it was making the move to be closer to Asia's booming beauty market, according to Fox News.
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May-13 -- Chesapeake Energy receives $3 billion loan
Prior to the new deal, the Oklahoma City-based company had paid nearly $1 billion in investment banking fees since 2000, with Jefferies taking in $118 million of that money.
"We urge the company to take action in three areas: debt targets, management focus and strategic options," Hawkins wrote. More...

May-13 -- Tam net profit falls 22%
Fuel costs rose 19.8 percent, to 1.27 billion reais.
The company saw spending on fuel rise 19 percent to 1.27 billion reais, while plane rental costs soared 26 percent year-on-year. More...

May-13 -- China risks fresh demand downturn, trade data shows
Analysts expect more measures following the release of Thursday's data.
Chinese stocks reversed gains following the report, while the yuan weakened a fifth day. More...

May-13 -- US sees surge in corn stocks, fewer soybeans
The reason for the projection of lower prices is right out of Econ 101; while U.S. and world corn supplies have been tight the last two years, leading to record prices in the U.S., expected surges in production here and abroad are likely to almost double U.S. surplus stocks to 1.9 billion bushels after the 2012 crop is harvested.
For close to two and a half weeks the charts illustrated wheat was cheaper than corn. More...

May-13 -- What Yahoo CEO's false bio tell us about resume fraud
Saying that "we take no joy in witnessing this carnage," activist investor Daniel Loeb repeated his demand Wednesday that Yahoo dump CEO Scott Thompson over discrepancies in his academic record and replace him with an interim CEO. "It appears very clear to us - and to many corporate governance experts, Yahoo! employees, and fellow Yahoo! shareholders - that Mr. Thompson's fantasy degree was in no way an 'inadvertent error,' " Loeb said in a letter from his Third Point LLC hedge fund addressed to Yahoo's board of directors.
A special committee of the Yahoo board is investigating the situation in which a fake computer science degree somehow got on the resume of the former president of eBay's PayPal payments unit and later into official Yahoo regulatory filings. More...

May-13 -- Panasonic Posts Record Annual Net Loss
TOKYO (Reuters) - Shares in Japan's consumer electronics giant Sony Corp ( 6758.T ) slipped quietly to a quarter century low this week, a sign of how the Walkman and PlayStation maker has lost its innovative edge and fallen far behind rivals Apple ( AAPL.O ) and Samsung Electronics ( 005930.KS ).
Hirai, who succeeded Welsh-born Howard Stringer last month, hopes to reduce Sony's TV costs after exiting a joint LCD panel venture with Samsung. More...

May-13 -- Publisher of 2 Philadelphia newspapers steps down
Even as the publications have been decimated by layoffs and declining revenues, the Inquirer and Daily News have won Pulitzer Prizes, journalism's highest honor, in the past two years.
Osberg isn't going anywhere, at least not yet. More...

May-13 -- CREDIT MARKETS: Global Firms Sell Bonds As Treasury Rally Ends
Benchmark 10-year Treasury notes were trading 7/32 higher in price to yield 1.86 percent, down from 1.89 percent late Thursday, while 30-year bonds were yielding 3.05 percent compared with a high yield of 3.09 percent in a bond auction on Thursday.
Thursday's $16 billion auction of 30-year bonds met with firm demand, at a yield below market expectations at the final round of this week's $72 billion of debt sales this week under the Treasury's quarterly refunding. More...

May-13 -- Nvidia Announces Quarterly Results, Profits Dropped by 55%
Currently, Tegra makes up only 14 percent of the company's overall revenue.
Nvidia's "consumer graphics" revenue was down almost 7%, quarter over quarter, as the company said demand for the Kepler processors outstripped supply, and that revenue in notebook computer graphic, while still a record, was contained by limits in the supply of chips with 28-nanometer features at Taiwan Semiconductor (TSM), Nvidia's manufacturing supplier. More...

May-13 -- NYMEX-Crude dips, posts biggest 2-wk loss since Sept 2011
The Energy Information Administration said that increased oil imports and weaker domestic demand for petroleum helped boost U.S. oil inventories last week to 379.5 million barrels, the highest since 1990.
Analysts were expecting crude oil inventories to gain 2 million barrels last week. More...

May-13 -- New Rules May Curtail Some Fees in Mortgage
Some experts say the rules could end up backfiring on borrowers.
Structure and Leadership Richard Cordray, former Ohio Treasurer and Attorney General, leads the CFPB. The leadership team includes former leaders and experts from the Federal Reserve, Fannie Mae, the White House, various state and federal regulatory agencies and private firms in the financial services industry. More...

May-13 -- Producer Prices in U.S. Decrease for First Time in Four Months
WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken.
Modest wholesale inflation reduces pressure on manufacturers and retailers to raise prices. More...

Saturday (Update 1)

May-12 -- Banks hit by JPMorgan; Wall Street ends week lower
Dow up 0.05 pct, S&P up 0.11 pct, Nasdaq up 0.52 pct By Ryan Vlastelica NEW YORK, May 11 (Reuters) - U.S. stocks were little changed on Friday but remained on track for a second week of declines after JPMorgan Chase & Co revealed a trading loss of at least $2 billion from a failed hedging strategy.
For the week, the S&P is down 1.1 percent, the Dow is off 1.8 percent and the Nasdaq is down 1.2 percent. More...

May-12 -- Chesapeake shares fall 2 pct
Chesapeake faces a funding gap that Fitch Ratings estimated at $10 billion this year.
Over that period, Chesapeake's stock has plunged 41 percent. More...

May-12 -- Investment community gives Tesla Motors vote of confidence
Tesla Motors ( TSLA ) isn't expected to turn a profit for a year.
The car's $57,400 base price, before a $7,500 U.S. tax credit, is half that of the Roadster, which Tesla has sold since 2008. More...

May-12 -- Stanchart's Li Says China Is 'Gearing Up' Pro-Growth Policy
LOWER THAN expected industrial output data in China, ebbing retail sales and weak growth in fixed asset investment, coming on top of weak trade data earlier in the week, combined to paint a gloomy picture for the world's second largest economy.
The world's second-largest economy witnessed industrial production growth of 9.3 percent last month - the lowest in three years - while retail sales growth slowed to 14.1 percent year-on-year from 15.2 percent in March. More...

May-12 -- P&G to Move Skin Care, Cosmetics Group to Singapore
Cincinnati-based P&G, whose products include Olay creams and cleansers, CoverGirl makeup, Secret deodorant and SK-II skin-care, said it was making the move to be closer to Asia's booming beauty market, according to Fox News.
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May-12 -- Analysis: Turning point emerges for Chinese central bank's market operations
As the economy has slowed, the central bank has been less accommodating, cutting the RRR only twice to 20.5 percent and injecting less than 800 billion yuan.
Chinese banks lent 242.7 billion yuan (S$47.3 billion) worth of property loans between January and March, down 54 per cent from a year earlier. More...

May-12 -- Monster Worldwide soars on sale report
Silver Lake, Stone Key Partners and Bank of America had no immediate comment.
Professional social network LinkedIn (LNKD) reportedly has "expressed interest" in buying up Monster (MWW), sending the job-board company's shares up 19% Friday. More...

May-12 -- News Summary: PBM Express Scripts details 1st-quarter prescription growth ...
THE QUARTER: Overall, Express Scripts earnings fell 18 percent compared to last year's first quarter.
Express also reiterated that it expected $1 billion in cost savings once Medco was fully integrated. More...

May-12 -- U.S. wholesale energy prices dip
WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken.
Energy prices were down by -1.4%, with crude goods at -4.4%. More...

May-12 -- Third Point Asks Yahoo to Replace Thompson With Interim
Saying that "we take no joy in witnessing this carnage," activist investor Daniel Loeb repeated his demand Wednesday that Yahoo dump CEO Scott Thompson over discrepancies in his academic record and replace him with an interim CEO. "It appears very clear to us - and to many corporate governance experts, Yahoo! employees, and fellow Yahoo! shareholders - that Mr. Thompson's fantasy degree was in no way an 'inadvertent error,' " Loeb said in a letter from his Third Point LLC hedge fund addressed to Yahoo's board of directors.
regulatory filings at two companies where Mr. Thompson is a director, Splunk Inc. and F5 Networks, also list only the accounting degree. More...

May-12 -- Consumer Sentiment in U.S. Climbed in May to Four-Year High
In a potential harbinger of increased spending, consumers' buying plans for vehicles and durable goods improved at the beginning of the month, with 65 percent saying buying conditions were favourable, the highest level in more than a year.
WASHINGTON -- Consumer sentiment edged higher in May to the best reading since the beginning of the recession, as declining gasoline prices appear to have offset slowing growth in job markets. More...

May-12 -- Commodity prices retreat on eurozone, China woes
The Energy Information Administration said that increased oil imports and weaker domestic demand for petroleum helped boost U.S. oil inventories last week to 379.5 million barrels, the highest since 1990.
Crude prices fell below $112 a barrel after a weak reading of industrial growth in China sparked worries that demand may slow from the world's No. 2 oil consumer. More...

May-12 -- LegalZoom.com files to raise up to $120 million in IPO
Online legal services company LegalZoom filed an S-1 form this morning declaring its intention to raise up to $120 million in an IPO.
The Glendale, California-based company said it had previously submitted its registration statement to the U.S. Securities and Exchange Commission on a confidential basis under the Jumpstart Our Business Startups (JOBS) Act. More...

May-12 -- Spain, France get EU budget alert, Greece agonises
The 2012-13 spring forecasts, to be issued at 5:00 a.m. EDT (0900 GMT), will set out expectations on growth, inflation, employment and public finances for each state individually, as well as the aggregate expectations for the EU and euro zone.
Despite the higher figure, Rehn said the commission has "full confidence in the determination of the Spanish government" to meet the deficit target. More...

May-12 -- US sees surge in corn stocks, fewer soybeans
The reason for the projection of lower prices is right out of Econ 101; while U.S. and world corn supplies have been tight the last two years, leading to record prices in the U.S., expected surges in production here and abroad are likely to almost double U.S. surplus stocks to 1.9 billion bushels after the 2012 crop is harvested.
The projected size of the current Argentine corn harvest was unchanged from the forecast of last month, while the projected size of the Brazilian crop was increased by almost 200 million bushels (8 percent). More...

May-12 -- German Finance Minister eyes growth measures for Greece
"The future of Greece in the euro zone now lies in Greece's hands," German Foreign Minister Guido Westerwelle said in a speech in the lower house of parliament in Berlin today.
The danger of contamination for other countries in the eurozone have become weaker and the eurozone as a whole has become more resistant." More...

May-12 -- Publisher of 2 Philadelphia newspapers steps down
Even as the publications have been decimated by layoffs and declining revenues, the Inquirer and Daily News have won Pulitzer Prizes, journalism's highest honor, in the past two years.
Osberg isn't going anywhere, at least not yet. More...

Saturday

May-12 -- CORRECT: Dow Drops After JP Morgan Trading Loss; Consumer Sentiment Rises
The initial weakness on Wall Street came on the heels of troubling news from JP Morgan (JPM), which revealed a $2 billion trading loss after an "egregious" failure at the Chief Investment Office that manages the bank's synthetic credit portfolio.
Even the subject of whether the trades that produced the losses were hedges, and whether they would comply with the Volcker rule's ban on proprietary trading, is the subject of debate. More...

May-12 -- Goldman Moves to Comply With Volcker Rule
Wall Street reforms ushered in with the Dodd-Frank Act limit risk associated with the big banks by requiring larger capital cushions and shining a light on trading of derivatives, which are currently unregulated.
When asked if had any message for J.P. Morgan Chief Executive Jamie Dimon, Merkley said, "If you want to be the head of a hedge fund, be a hedge fund." More...

May-12 -- Chesapeake Energy Might Delay Asset Sales
Prior to the new deal, the Oklahoma City-based company had paid nearly $1 billion in investment banking fees since 2000, with Jefferies taking in $118 million of that money.
Even Janney Capital, which rates it neutral, admits Chesapeake Midstream had a strong first quarter thanks to a "strong start" in Pennsylvania's Marcellus shale and "a healthy level of well connections." More...

May-12 -- JPMorgan and the politics of financial reform
U.S. Representative Barney Frank said Friday that JPMorgan Chase's disclosure that it lost more than $2 billion from a flawed hedging strategy underscores the need for tighter federal regulation of trading by banks.
Four existing banks -- JPMorgan Chase, Bank of America, Citigroup and Wells Fargo -- are currently above the size cap, and would need to be shrunk down if the bill became law, according to Miller's office. More...

May-12 -- Asian Stocks Post Worst Week Since November on Europe, China
Asian stocks fell, with a regional index posting its worst week in five months, amid concern Greece will be forced out of the euro and that austerity plans needed to contain the Europe's debt crisis will be derailed.
Analysts expect the Nikkei to keep gaining, finishing the year up 30 percent and snapping a two-year losing streak lengthened by the effects of the disastrous earthquake and tsunami in March 2011. More...

May-12 -- Producer Prices: Cheaper Gas Drives US Wholesale Index Lower
WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken.
Excluding the volatile food and energy sectors, the so-called "core" wholesale prices rose 0.2 percent in April from the previous month. More...

May-12 -- 'Geopolitical Risks' Keep Oil Expensive, but Plentiful
The Energy Information Administration said that increased oil imports and weaker domestic demand for petroleum helped boost U.S. oil inventories last week to 379.5 million barrels, the highest since 1990.
Refining fell to 9.03 million barrels a day last month, the least since October, according to Bloomberg calculations from a statement by the National Bureau of Statistics in Beijing today. More...

May-12 -- Spain, France get EU budget alert, Greece agonises
The 2012-13 spring forecasts, to be issued at 5:00 a.m. EDT (0900 GMT), will set out expectations on growth, inflation, employment and public finances for each state individually, as well as the aggregate expectations for the EU and euro zone.
Compared to the autumn forecast, annual growth has been revised down by 1.8 pps. to 0.5% for the current year and by 1.1 pps. to 1.9% in 2013. More...

May-12 -- EXCLUSIVE - Monster deal heats up, LinkedIn to pass - sources
Silver Lake, Stone Key Partners and Bank of America had no immediate comment.
What: Shares of job matchmaker Monster Worldwide ( NYS: MWW ) are roaring higher today by upward of 23% on reports that the company has attracted potential buyers. More...

May-12 -- Panasonic Posts Record Annual Net Loss
TOKYO (Reuters) - Shares in Japan's consumer electronics giant Sony Corp ( 6758.T ) slipped quietly to a quarter century low this week, a sign of how the Walkman and PlayStation maker has lost its innovative edge and fallen far behind rivals Apple ( AAPL.O ) and Samsung Electronics ( 005930.KS ).
Sony said it may lose about 80 billion yen selling TVs, a ninth straight year of losses in that business. More...

May-12 -- CREDIT MARKETS: Fallout From JP Morgan Losses Dominates Action
NEW YORK: U.S. Treasuries prices fell on Thursday, pulling benchmark yields up from three-month lows, as the flow of bad news from Europe eased and a lower-than-expected number of claims for U.S. jobless benefits dimmed the allure of low-risk government bonds.
Additional note: If you are curious what I mean by riding the yield curve, consider reading an article I wrote in January, " Trading the Yield Curve ." More...

May-12 -- China Gets Surprise Slowdown
The Producer Price Index, the factory-gate measurement of inflation and a harbinger of consumer prices, lost 0.7 percent in April, following a decrease of 0.3 percent in March.
China has cut the required reserve ratio by 100 basis points from a record high of 21.5 percent in two steps, the last a 50 bp cut in February. More...

May-12 -- Nvidia Soars After Forecast Tops Estimates: San Francisco
Currently, Tegra makes up only 14 percent of the company's overall revenue.
Revenue for the quarter declined 4 percent to $924.88 million from $962.04 million in the prior-year period, but beat analysts' consensus estimate of $916.17 million. More...

May-12 -- Publisher of 2 Philadelphia newspapers steps down
Even as the publications have been decimated by layoffs and declining revenues, the Inquirer and Daily News have won Pulitzer Prizes, journalism's highest honor, in the past two years.
In April, the media properties were bought for $55 million by a group headed by influential New Jersey business executive George Norcross III, former New Jersey Nets owner Lewis Katz and cable TV mogul H.F. "Gerry" Lenfest. More...

May-12 -- PRECIOUS METALS: Gold At 2012 Low On Slow Inflation, Dollar Gains
NEW YORK (Reuters) - Gold dropped below $1,600 an ounce in heavy trading on Wednesday, nearly wiping out gains for 2012 as political uncertainty in Greece and Spanish bank worries prompted investors to sell bullion for a third straight daily decline.
O'Neill said the $1,630 area should provide technical support, and the metal could rebound if it held above the resistance level which was in line with recent lows. More...

May-12 -- Brazil's TAM profit drops as financial expenses rise
Fuel costs rose 19.8 percent, to 1.27 billion reais.
"The reduction in cargo capacity expansion reflects a more challenging demand and competitive environment in the global cargo markets," Lan said. More...

Friday (Update 2)

May-12 -- JP Morgan Losses Raise Questions On Large Banks, Mayo Says
The initial weakness on Wall Street came on the heels of troubling news from JP Morgan (JPM), which revealed a $2 billion trading loss after an "egregious" failure at the Chief Investment Office that manages the bank's synthetic credit portfolio.
The case may well bring into focus once more how bank VaR models can hinder as well as aid risk management. More...

May-12 -- Chesapeake Shares Crunched After Filing Warns Of Delayed Asset Sales
The Oklahoma City-based natural gas exploration and production company has been in the news under less-than-stellar headlines since it came to light that CEO Aubrey McClendon had taken more than $1 billion in loans using his stakes in Chesapeake wells as collateral.
May 9 (Bloomberg) -- A Chesapeake Energy Corp. shareholder accused the company of underreporting the use of company corporate jets by executives and directors for. More...

May-12 -- Exclusive: Monster deal heats up, LinkedIn to pass: sources
The company's model of job ads is facing new competition from social media such as Facebook and LinkedIn, and the company said in January it would cut 7 percent of its staff, or 400 jobs.
More...

May-12 -- GLOBAL MARKETS-Stocks, euro slip as Europe concerns mount
U.S. stock index futures are pointing to a lower open on Wall Street today as investors fretted about Greece's political deadlock and disappointing Chinese trade data.
The FTSEurofirst index of top European stocks pared losses to trade near break-even, up 0.05 percent to 1019.59 points. More...

May-12 -- American to cut flights 1.5% next month
The No. 3 U.S. airline is weighing a transaction with U.S. Airways or another suitor and has agreed with creditors to investigate whether the merger will create more value than if American were to remain a standalone company, according to a report by Reuters, citing a person close to the matter.
While Friedman said the changes and upgrades would cost "hundreds of millions of dollars, each year" the company isn't disclosing the exact price tag for the improvements. More...

May-12 -- CNBC Explains: Dodd-Frank Act
As Matt Yglesias explained , "Remember the 'Volcker Rule' that was supposed to stop systemically significant financial institutions from racking up huge losses on proprietary speculative bets? Well.
Given how many hedge fund managers and other investment pros dislike the mega-banks, Romney probably wouldn't even take a fundraising hit. More...

May-12 -- News Summary: EU hopeful for European recovery from recession, provided budget ...
The 2012-13 spring forecasts, to be issued at 5:00 a.m. EDT (0900 GMT), will set out expectations on growth, inflation, employment and public finances for each state individually, as well as the aggregate expectations for the EU and euro zone.
The budget shortfall will widen to 8.4 percent of gross domestic product in 2013 from a projected 7.3 percent this year, compared with a target deficit of 4.6 percent, the European Commission said in a report today. More...

May-12 -- Early-May Reuters/UMich Sentiment Up To 77.8 From 76.4 In Late-April
The Thomson Reuters/University of Michigan's preliminary May reading on the overall index on consumer sentiment improved to 77.8 from 76.4 in April, topping forecasts for a small decline to 76.2.
The Standard & Poor's 500 Index climbed 0.3 percent to 1,362.09 at 12:28 p.m. in New York. More...

May-12 -- Spain in new bid to clear property assets
The hangover from the property sector crash extends across the financial sector.
Spain wants lenders to set aside more money to protect against losses on loans that are currently sound but may slip into default in a deteriorating economy, financial sources and a government source told Reuters late on Tuesday. More...

May-12 -- Option Watch: Express Scripts Risk Reversal
THE QUARTER: Overall, Express Scripts earnings fell 18 percent compared to last year's first quarter.
The conference highlighted our industry-leading Drug Trend Report, which provided cost -- cutting-edge solutions for most effectively managing a pharmacy benefit. More...

May-12 -- Treasury Bonds Post Longest Weekly Winning Streak Since 1998
NEW YORK: U.S. Treasuries prices fell on Thursday, pulling benchmark yields up from three-month lows, as the flow of bad news from Europe eased and a lower-than-expected number of claims for U.S. jobless benefits dimmed the allure of low-risk government bonds.
The bank announced a $2 billion trading loss, prompting a rush to the exits. More...

May-12 -- China's Economy May Soon Get a Loosening
The Producer Price Index, the factory-gate measurement of inflation and a harbinger of consumer prices, lost 0.7 percent in April, following a decrease of 0.3 percent in March.
The government said China's urban fixed asset investments rose 20.2 percent in the first four months of 2012 compared with a year earlier, weakening from 20.9 percent in the first three months. More...

May-12 -- Nvidia's New Graphics Chip Drives Strong 1Q Results
Currently, Tegra makes up only 14 percent of the company's overall revenue.
Overall revenue for Nvidia's consumer products business rose 21% to $132.6 million compared to Q4 2011, while revenue in the desktop and notebook sector fell by 6.7% to $579.7 million. More...

May-12 -- Cheaper gas drives US wholesale price index lower
WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken.
Remember that Keynesian economists have been howling about deflation for years now, and central bankers have been listening and pumping masses of liquidity into the global economy. More...

May-12 -- Again? Wal-Mart's rep takes another beating
Wal-Mart declined to comment on the possibility of an independent monitor and said it was committed to cooperating with ongoing federal investigations.
The Washington Post recently reported that the U.S. Department of Justice has been conducting a criminal investigation since December. More...

May-12 -- More Bad News For Jamie Dimon, Fitch Clips JPMorgan Credit Rating
May 11 - Fitch Ratings has taken the following rating actions on Banco Pine S.A. (Pine): --Long-term foreign and local currency Issuer Default Ratings (IDRs) upgraded to 'BB' from 'BB-'; Outlook Stable; --Short-term foreign and local currency IDRs affirmed at 'B'; --Viability rating upgraded to 'bb' from 'bb-'; --Support rating affirmed at '5'; --Support rating floor affirmed at 'NF'; --Long-term national rating upgraded to 'A+(bra)' from 'A(bra)'; Outlook Stable; --Short-term national rating affirmed at 'F1(bra)'; --Banco Pine S.A. USD 125 million Subordinated notes to 'B+' from 'B'.
Absent deleveraging equity offerings, Fitch expects Mack-Cali's metrics to weaken going forward though remain consistent with the rating. More...

May-12 -- Baker Hughes: Weekly US Gas Rig Count Falls By 8 To 598
NEW YORK May 11 (Reuters) - The number of rigs drilling for natural gas in the U.S. fell by eight to a 10-year low of 598, data from oil services firm Baker Hughes showed on Friday.
Front-month gas futures hit a 10-year low of $1.90 per mmBtu three weeks ago, a level that makes most dry gas drilling uneconomic, but have since rebounded to about $2.50. More...

May-12 -- Chicago's Metra rail service plans strict security during NATO summit: No ...
Inbound trains (except Blue Island trains) are scheduled to arrive downtown until noon, with the following stations closed: On the main line, trains will not stop at 111th Street (Pullman), 107th Street, 103rd Street (Rosemoor), 95th Street (Chicago State University), 91st Street (Chesterfield), 87th Street (Woodruff), 83rd Street (Avalon Park), 79th Street (Chatham), 75th Street (Grand Crossing), 63rd Street, 47th Street (Kenwood), 27th Street, McCormick Place, 18th Street and Museum Campus/11th Street.
During the three days of the summit, all Metra riders will be allowed to carry only one bag and it cannot exceed 15 inches square and 4 inches deep. More...

Friday (Update 1)

May-11 -- Dow Slips as JPMorgan Plunges 9%
Futures off: Dow 54 pts, S&P 7 pts, Nasdaq 15.25 pts By Ryan Vlastelica NEW YORK, May 7 (Reuters) - U.S. stock index futures fell on Monday as elections in France and Greece stirred up new uncertainties about how the region will tackle its ongoing debt crisis.
S&P 500 Index futures dropped 1.5 points to 1349.50, while Nasdaq 100 futures fell 9 points to 2610.25. More...

May-11 -- Wholesale prices drop in April on falling gas prices
WASHINGTON (Reuters) - Producer prices unexpectedly fell in April as energy costs dropped by the most in six months, a sign of easing inflation pressures that could give the Federal Reserve more room to help the economy should growth weaken.
Lower inflation also gives the Federal Reserve room to hold interest rates at record-low levels. More...

May-11 -- FOREX-Euro near 3-1/2 month low vs dlr as Greece wrangles
The Hang Seng China Enterprises Index (HSCEI) of mainland stocks, known as the H-share index, dropped 1.2 percent to 10,231.05.
The China Enterprises Index of top mainland listings in Hong Kong was indicated to start up 0.52 percent. More...

May-11 -- P&G Unit Bids Goodbye to Cincinnati, Hello to Asia
Cincinnati-based P&G, whose products include Olay creams and cleansers, CoverGirl makeup, Secret deodorant and SK-II skin-care, said it was making the move to be closer to Asia's booming beauty market, according to Fox News.
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May-11 -- Spain and France raise budget flags, Greek talks stall
The 2012-13 spring forecasts, to be issued at 5:00 a.m. EDT (0900 GMT), will set out expectations on growth, inflation, employment and public finances for each state individually, as well as the aggregate expectations for the EU and euro zone.
BRUSSELS -- The European Union says that a recession brought on by a crippling debt crisis could give way to a modest recovery later this year -- provided governments persevere on the tough austerity track. More...

May-11 -- Spain to approve new financial reform
May 11 (Bloomberg) -- Spain will force the country's banks to increase provisions against losses on real estate loans by 30 billion euros ($38 billion) and will hire two auditors to gauge all the assets of lenders in the government's fourth attempt to clean up the financial system.
Troubled Spanish lender Bankia is to be partly nationalised, the central bank has confirmed . More...

May-11 -- China Industrial Output Boosts Easing Odds: Economy
The Producer Price Index, the factory-gate measurement of inflation and a harbinger of consumer prices, lost 0.7 percent in April, following a decrease of 0.3 percent in March.
The government said China's urban fixed asset investments rose 20.2 percent in the first four months of 2012 compared with a year earlier, weakening from 20.9 percent in the first three months. More...

May-11 -- Panasonic loss balloons for record red ink
TOKYO (Reuters) - Shares in Japan's consumer electronics giant Sony Corp ( 6758.T ) slipped quietly to a quarter century low this week, a sign of how the Walkman and PlayStation maker has lost its innovative edge and fallen far behind rivals Apple ( AAPL.O ) and Samsung Electronics ( 005930.KS ).
The projection missed the 106 billion- yen average of 18 analyst estimates compiled by Bloomberg. More...

May-11 -- Italy one-year debt costs fall at auction
Italy also sold 3 billion euro of a three-month bill at an average 0.87 percent rate, down from 1.249 percent a month ago.
Spain will tap bond markets on Thursday. More...

May-11 -- Nvidia Revenue, Outlook Beat Street; Shares Jump
"Supply is still constrained," a company executive told analysts, noting that Nvidia and its manufacturing partner TSMC ( 2330.TW ) had not planned for enough 28 nanometer capacity.
From time to time, we will send you e-mail announcements on new features and special offers from The Wall Street Journal Online. More...

May-11 -- Digital 'wallets' proliferate at CTIA cellphone show
Billed as a new global offering for banks, merchants and other partners, the service is said to make it faster and easier for customers to make purchases in stores or online.
In about 2 hours, we're going to be demonstrating the PayPass Wallet Services to probably a few thousand people as part of Gary Flood's keynote here at the conference. More...

May-11 -- Dismal data from China, India, signal slowing growth for emerging economies
SHANGHAI -- Dismal data from China and India on Friday may signal a further weakening of the global recovery, undermining hopes the dynamic emerging economies of Asia can help prop up growth.
On Friday Chinese retail sales for April are expected to come in flat at around 15.3 percent year on year versus 15.5 percent last year. More...

May-11 -- Supply/demand report bullish for soybeans
CHICAGO -- Corn futures fell about 2% on Thursday, after the U.S. government unexpectedly raised its forecast for near-term corn supplies and projected a record corn harvest this autumn.
While U.S. farmers have approached current yield estimates in the past, indeed yields were 165 bu. More...

May-11 -- Oil Heads for Weekly Drop on Chinese Output, Europe Debt
The agency said global oil supply rose 600,000 barrels per day (bpd) to 91 million bpd in April and was now 3.9 million bpd over year ago levels, with 90 percent of the increase coming from OPEC. Saudi Arabia has said it pumped 10.1 million bpd last month, its highest for more than 30 years, in a bid to meet growing demand and curb oil prices, which hit a three-and-a-half-year high in March.
Crude oil output from the Organization of the Petroleum Exporting Countries (OPEC) climbed 320,000 barrels per day (b/d) to 31.71 million b/d in April from 31.39 million b/d in March, a just-released Platts survey of OPEC and oil industry officials and analysts showed. More...

May-11 -- CORRECT: Nissan Expects Another Strong Year On Record Global Sales
Nissan Motor Co. (IW 1000/29) on Friday reported a $4.28 billion full-year net profit and record sales as the Japanese automaker shrugged off the devastating impact of last year's natural disasters on production.
Profits at Nissan jumped sharply in the January to March quarter as the carmaker pushed aggressively into fast-growing markets. More...

May-11 -- Cisco: The fault lies in the stars, not the man
Shares in the company, which relies on government and corporate spending on Internet gear, slid more than 8 percent after hours, despite beating analysts' third-quarter earnings estimates by a penny.
Shares of Cisco Systems ( CSCO ) retreated 8% Thursday morning as Wall Street frowns at the tech bellwether's gloomy guidance. More...

May-11 -- Ford says CEO Alan Mulally won't retire soon
The automaker March 14 declared a second- quarter dividend of 5 cents a share payable June 1 to shareholders of record on May 2.
Jane Garcia of Detroit, whom Bill Ford described as a "human dynamo" in the community, thanked Ford for being a strong company and taxpayer. More...

Friday

May-11 -- JPMorgan Loses $2 Billion as 'Mistakes' Trounce Hedges
JPMorgan Chase & Co. (JPM) ( JPM ) Chief Executive Officer Jamie Dimon said the firm suffered a $2 billion trading loss after an "egregious" failure in a unit managing risks, jeopardizing Wall Street banks' efforts to loosen a federal ban on bets with their own money.
Spencer Platt/Getty Images A massive trading bet left J.P. Morgan Chase with at least $2 billion in trading losses; its chief executive, James Dimon, called the trade an 'egregious, self-inflicted,' mistake. More...

May-11 -- Asian Stocks Lower as Traders Eye Greece, China
China's Shanghai Composite index fell 1.7 percent ahead of trade, inflation and industrial output data due in the next two days, while Hong Kong's Hang Seng index ended 0.8 percent lower.
Asian economies are stabilizing. More...

May-11 -- China Inflation Eases In April; Provides Room For Easing
The key food component of inflation rose 7 percent year on year - contributing more than two percentage points to overall inflation - but eased from a 7.5 percent rise in March.
Trade data on Thursday highlighted the risks to China's factory-focused economy of a fresh downturn in demand, with annual export growth of just 4.9 percent in April, below a forecast of 8.5 percent, while headline import growth stalled. More...

May-11 -- P&G to move some beauty units to Singapore
The decision shows a shift in the fortunes of two high profile women at P&G--Henretta, who has guided Asia to strong results, and Drosos, 49, who has been one of Fortune's Most Powerful Women for some time but who has struggled as the beauty business in developed economies has slowed.
Procter & Gamble and other consumer goods companies are increasingly looking to emerging markets in Asia and elsewhere for growth as developed markets like North America slow. More...

May-11 -- Monti Seeks Mediator Role in Europe
Germans have a deep-seated aversion to inflation stemming from the national experience of hyperinflation in the 1920s and the Bundesbank has traditionally pushed for tighter ECB monetary policy to choke off price pressures.
The ECB said it expects a "gradual recovery" in the Eurozone over the coming year, and cited foreign demand as a major contributor to the recovery process in the 17-member Euro bloc. More...

May-11 -- Facebook's IPO Already Oversubscribed: Source
'There's that much buzz that people are going to trip over themselves to get in.' Top hedge fund manager Anthony Scaramucci says much the same.
Don't compare Facebook with the recent LinkedIn ( LNKD ) offering a year ago. More...

May-11 -- Cisco, Jobless Claims Could Sway Market as Investors Watch Europe
The tech industry bellwether reported profits of 48 cents per share on revenue of $11.59 billion, while analysts had forecast 47 cents per share on earnings of $11.58 billion, according to Thomson Reuters.
The data was better than economists had expected, with a forecast of the deficit climbing to $53 billion. More...

May-11 -- Riding With the Cisco Skid
The results released Wednesday also may help ease worries that Cisco Systems Inc.' s comeback might be derailed by a sluggish economy, particularly in Europe.
Cisco is having trouble closing major sales with corporate customers who are becoming more concerned about the state of the economy, particularly in Europe. More...

May-11 -- Bernanke warns lawmakers on looming fiscal risks
Bernanke said, some analysis has indicated that, all else being equal, banks with lower supervisory ratings tend to lend less ; so the Fed has directed supervisors to issue appropriate upgrades promptly.
Notwithstanding the various headwinds, credit conditions in the United States have improved significantly in a number of areas. More...

May-11 -- China moves to local control of foreign auditors
"Foreign firms auditing U.S. issuers should not be permitted to shield themselves from regulatory scrutiny to the detriment of U.S. investors," said Robert Khuzami , Director of the SEC's Division of Enforcement.
Lauren Mistretta, a Deloitte spokeswoman, said that Chinese law prohibits the firm from handing over documents to a foreign regulator without approval from the government. More...

May-11 -- Sony Falls to 31-Year Low as Forecast Misses Estimates
Kazuo Hirai, 51, who took over as chief executive officer last month, is eliminating about 10,000 jobs, or 6 percent of the workforce, at Japan's largest electronics exporter after losing customers to Samsung Electronics Co. opnbrkt005930clsbrkt and Apple Inc. opnbrktAAPLclsbrkt Hirai is turning to mobile devices, games and digital imaging to revive Sony.
Sony's Consumer Products and Services division has suffered an operating loss of ¥229.8 billion (NZD $3.67 billion) for the full year ended March 2012. More...

May-11 -- Canada trade surplus rises despite oil-price dip
Imports from the U.S. declined 1.4 per cent to $24.1 billion as Canada's trade surplus with the Americans decreased to $4.6 billion in March from $4.9 billion in February.
Imports from China, the United States' largest foreign supplier, rose 12 percent in March to $31.5 billion. More...

May-11 -- Digital 'wallets' proliferate at cellphone show as companies jockey for position
Consumers wary of smartphone shopping will probably feel more at ease knowing the wallets are being serviced by two of the largest credit companies in the world.
The content of a physical wallet provides an endless list of items that could be digitized including: ID cards, loyalty and gift cards, receipts, vouchers and credit cards as well as preferred places, products and people. More...

May-11 -- News Summary: FDIC head says strategy for seizing failing firms would aid ...
The aim is to avoid another taxpayer bailout of Wall Street banks in another financial crisis.
Federal and state banking regulators have closed six banks in the past two weeks having total combined assets of more than $1.5 billion. More...

May-11 -- Deutsche Bank will pay $202 million to US over bad loans
NEW YORK (Reuters) - A Deutsche Bank AG ( DBKGn.DE ) mortgage unit has agreed to pay $202.3 million to settle one of the biggest U.S. government civil fraud lawsuits over reckless mortgage lending practices.
Thursday's agreement settles a case brought last year, in which the Justice Department alleged the Deutsche unit "recklessly" lied about the quality of loans made by the unit of the German bank and guaranteed by the U.S. government. More...

May-11 -- Oklahoma wheat harvest under way, and USDA predicts bumper crop
CHICAGO -- Corn futures fell about 2% on Thursday, after the U.S. government unexpectedly raised its forecast for near-term corn supplies and projected a record corn harvest this autumn.
The U.S. 2012/13 long-grain rice season-average farm price is projected at $14.50 to $15.50 per cwt, compared to a revised $13.20 to $13.60 for the previous year. More...

May-11 -- Initial jobless claims fall to lowest in a month
Continuing Jobless Claims measures the number of unemployed individuals who continue to be eligible for unemployment benefits.
Economists polled by Reuters had expected the trade gap to widen to about $50.0 billion. More...

May-11 -- REFILE-NYMEX-Crude slips as OPEC pumps above target
At 3:39 p.m. on Thursday, crude oil futures fell 0.71 percent, an 80 cent loss to $112.40 per barrel.
Data released by the U.S. Energy Information Administration on Wednesday showed crude inventories rose by 3.65 million barrels last week in the world's biggest economy, higher than market expectations for a two-million-barrel gain. More...

Thursday (Update 2)

May-11 -- US STOCKS-Dow ends losing streak with gain, Cisco a drag
The market today is tame compared with last summer, when the Dow routinely swung by hundreds of points a day.
In a positive development, euro-zone officials said the bloc's countries are prepared to keep financing Greece until the country forms a new government, either after Sunday's election or if new elections are needed next month. More...

May-11 -- FDIC's Gruenberg outlines new strategy for failing banks
The aim is to avoid another taxpayer bailout of Wall Street banks in another financial crisis.
The FDIC has put together a new format for how they would wind down a systemically important financial institution that got itself into trouble. More...

May-11 -- Madrid's central banker blamed for woes
The euro zone's fourth-largest economy is widely considered the next weak link in the bloc's debt crisis after the rescue of Portugal, Greece and Ireland, and Bankia is at the core of market concerns over the potential cost of a Spanish bank bailout.
Investors in Spain's larger banks were relieved that the government was itself stepping in to sort out Bankia rather than forcing healthier banks to foot the bill. More...

May-11 -- P&G moves personal-care hub to Asia
Beauty is a big business for the consumer products giant.
The change will impact about 20 jobs in Cincinnati, which will transfer to Singapore over the next two years. More...

May-11 -- Nordstrom 1Q Profit Up 2.8% As Sales Improve
Net sales in the first quarter were $2.53 billion, an increase of 13.7 percent compared with net sales of $2.23 billion during the same period in fiscal 2011.
Nordstrom's shares fell more than 5 percent after hours following the report. More...

May-11 -- Bernanke Expresses Fiscal Concerns To Senate Democrats
CHICAGO The banking system has strengthened since the financial crisis, making some loans more available, but mortgage lending will likely be slow to recover, Federal Reserve Chairman Ben Bernanke said in remarks prepared for a speech Thursday morning.
Speaking via satellite to a banking conference in Chicago, Bernanke highlighted ongoing problems in mortgage finance availability, even though banks are much healthier now as the 2007-2009 financial crisis has receded. More...

May-11 -- US sees surge in corn stocks, fewer soybeans
CHICAGO -- Corn futures fell about 2% on Thursday, after the U.S. government unexpectedly raised its forecast for near-term corn supplies and projected a record corn harvest this autumn.
The first U.S. Department of Agriculture outlook for this year's corn crop is calling for record yields and record production, while corn use for ethanol is expected to remain the same. More...

May-11 -- Riding With the Cisco Skid
Although management didn't look beyond the current quarter, investors are likely wondering whether the business climate for Cisco will be even worse in the late summer and early fall.
The prospect of weak revenue covers Cisco's fiscal fourth quarter typically the company's busiest period. More...

May-11 -- Freddie Mac names former E*Trade chief as CEO
Freddie Mac has tapped Donald Layton to head up the mortgage giant in its efforts to shore up housing finance.
Layton, 62, spent 30 years working at JPMorgan Chase and its predecessor companies. More...

May-11 -- Home Prices Are Stabilizing, Signifying A Housing Market Bottom
Home prices in the Madera-Chowchilla metro area have plummeted more than 53% since the third quarter of 2006.
For a conventional mortgage, the payment for a median-priced home represents just 12 percent of median-family income, the lowest percentage on record (since 1971). More...

May-11 -- FedEx officially inks deal to acquire TATEX
FedEx's latest acquisition will give FedEx Express access to a nationwide domestic ground network which carries 19 million shipments and produces close to $200 million in revenue annually.
Tatex, formerly known as TAT Express, has annual sales of about 150 million euros ($194 million) and focuses on heavy shipments between businesses, FedEx said. More...

May-11 -- Sony posts $5.6-billion loss, 10% drop in sales
TOKYO (Reuters) - Shares in Japan's consumer electronics giant Sony Corp ( 6758.T ) slipped quietly to a quarter century low this week, a sign of how the Walkman and PlayStation maker has lost its innovative edge and fallen far behind rivals Apple ( AAPL.O ) and Samsung Electronics ( 005930.KS ).
Japanese sales of Sony's handheld have been especially poor, dropping to just over 10,000 a week even during Japan's Golden Week holiday period. More...

May-11 -- US jobless claims fall slightly
Continuing Jobless Claims measures the number of unemployed individuals who continue to be eligible for unemployment benefits.
Economists say that when claims drop consistently below 375,000, job creation is hitting a fast enough pace to lower the unemployment rate. More...

May-11 -- Post-Auction Rally In US Treasurys Fails To Put Prices In Black
Treasury to auction $72 billion of debt this week By Burton Frierson NEW YORK, May 7 (Reuters) - U.S. Treasuries rose on Monday, pushing benchmark yields to three-month lows, after voters in France and Greece rejected leaders linked to austerity measures used to fight the euro zone debt crisis.
Investors will receive an average $99.4 billion of cash monthly from maturing debt, up from $68.1 billion in 2011, CRT said. More...

May-11 -- trade gap widens sharply
Analysts expect more measures following the release of Thursday's data.
Economists at Societe Generale said that China's low import figure could be partly explained by price movements, as inflation in import prices "probably" turned negative in April. More...

May-11 -- Deutsche Bank pays $202M in NY mortgage fraud deal
NEW YORK (Reuters) - A Deutsche Bank AG ( DBKGn.DE ) mortgage unit has agreed to pay $202.3 million to settle a civil fraud case brought by the U.S. Justice Department, one of the biggest government lawsuits over risky mortgage practices.
The settlement was approved Thursday by a federal judge in New York, the government said. More...

May-11 -- US downs missile with new interceptor
A missile launched from the Pearl Harbor-based USS Lake Erie intercepted a short-range ballistic missile target in a successful test of an upgraded missile defense system over the Pacific Wednesday night, the Missile Defense Agency announced this morning.
Riki Ellison, a prominent missile-defense advocate with close ties to military forces involved in the project, said the test on Wednesday could be viewed as a scenario involving North and South Korea. More...

May-11 -- Want More Money? Move to the Mid-Atlantic or New England, Study Finds
"When it comes to achieving the American Dream, it matters where you live," said Erin Currier, project manager of Pew's Economic Mobility Project.
Virtually every state ranked near the bottom in education/income/upward mobility are from heavily Republican states. More...

May-11 -- Express Scripts Earnings Down 18% As Expenses Rise
Analysts forecast earnings of 77 cents per share on $11.47 billion in revenue.
Lower incidence of flu affected the prescriptions filled by 0.2 percentage point. More...

Thursday (Update 1)

May-10 -- Oil Rises for First Time in Seven Days on Jobless Claims
Continuing Jobless Claims measures the number of unemployed individuals who continue to be eligible for unemployment benefits.
All in all, Thursday's report from the Labor Department suggests that the job market probably isn't as dour as last week's report showing a second straight month of mediocre job growth in April. More...

May-10 -- Stocks Look to Snap Losing Streak
Futures off: Dow 54 pts, S&P 7 pts, Nasdaq 15.25 pts By Ryan Vlastelica NEW YORK, May 7 (Reuters) - U.S. stock index futures fell on Monday as elections in France and Greece stirred up new uncertainties about how the region will tackle its ongoing debt crisis.
The Nasdaq Composite Index was off 1.84 points, or 0.06 percent, at 2,954.50. More...

May-10 -- Avon: Coty's back with a higher bid
May 10 (Reuters) - Coty Inc raised its bid for Avon Products Inc, with the backing of Warren Buffett's Berkshire Hathaway, and the beauty products company gave Avon until the close of business May 14 to start talking or the offer would be withdrawn.
Avon spurned the offer terming it opportunistic and against shareholder interest. More...

May-10 -- China's Trade Surplus Widens in April
Chinese imports rose 5.3 percent in March while exports increased 8.9 percent from a year earlier, leaving a trade surplus of $5.35 billion.
Imports of automotive products rose 4.7% to $6.5 billion as volumes and prices increased. More...

May-10 -- Unemployment claims stay low in latest week, down 1000
A separate Labor Department report released last week showed that the U.S. unemployment rate edged down to 8.1 percent in April, with the total number of unemployed Americans standing at 12.5 million.
The rates below mean the number of openings, hires, fires percentage of the total employment. More...

May-10 -- Spain Takes Control of Its Top Real Estate Lender
Spain said it would take over Bankia (BKIA) SA and prepared to inject public funds into the banking group with the most Spanish real estate as part of government efforts to bolster confidence in the country's lenders.
Spanish Defense Minister Pedro Morenes, in an interview with TVE today, referred to a government "intervention" in Bankia. More...

May-10 -- Cisco's Tepid Outlook Sparks 8% Selloff
Chambers sought to reassure analysts.
For the first quarter, adjusted earnings were $4.28 a share and revenue rose 28% to $1.04 billion. More...

May-10 -- Reports say home price declines are slowing
Home prices in the Madera-Chowchilla metro area have plummeted more than 53% since the third quarter of 2006.
Readers: What do you think? Is the housing bottom here? What are home prices doing in your area? Let me know in the Comments section below. More...

May-10 -- Banks are healing, Bernanke says
CHICAGO-(Dow Jones)- The banking system has strengthened since the financial crisis, making some loans more available, but mortgage lending will likely be slow to recover, Federal Reserve Chairman Ben Bernanke said in remarks prepared for a speech Thursday morning.
"Current standards may be limiting or preventing lending to many creditworthy borrowers," Bernanke said. More...

May-10 -- Bed Bath & Beyond adds room to grow
NEW YORK (Reuters) - Home goods chain Bed Bath & Beyond Inc ( BBBY.O ) has agreed to buy smaller rival Cost Plus Inc ( CPWM.O ) for about $495 million in cash, giving Bed Bath access to new markets, customers and more unique products.
The company, which grew sales roughly 10% to $9.5 billion and profits roughly 25% to $990 million in 2011, expects that after the deal, it will post high single digit to a low double digit earnings growth in 2012. More...

May-10 -- Honda wins reversal of small-claims loss over hybrid mileage
According to the Los Angeles Times, California Superior Court Judge Dudley W. Gray II rejected a February decision that awarded Heather Peters $9,867 in damages, close to the maximum $10,000 allowed, saying Honda lawfully advertised that the vehicle conformed to Environmental Protection Agency fuel economy ratings.
Although Honda's victory on appeal will prompt others considering the Peters strategy to take "a second look," the approach still could be valid depending on the circumstances, said Donald Earl Childress III, who teaches civil procedure at Pepperdine University School of Law. More...

May-10 -- OPEC Says 'Plentiful' Global Oil Supplies Outpace Demand
VIENNA (AFP) OPEC revised its 2012 world oil demand outlook slightly upwards on Thursday citing a stable U.S. economy and the shutdown of nuclear plants in Japan, which boosted demand.
The extra OPEC oil is filling gaps caused by an unusually large number of supply outages globally. More...

May-10 -- Rural post offices to remain open, cut hours
The U.S. Postal Service, following pressure from U.S. senators to keep rural post offices open, said it plans to cut hours at as many as 13,000 locations to save $500 million a year, rather than close the smallest ones.
The plan still needs to be reviewed by the postal regulatory commission, which is expected to take about 90 days, Rupert said. More...

May-10 -- Treasury Prices At Session Lows After Data, Ahead Of Supply
Treasuries rose, pushing 10-year yields to the lowest level since February, as Greek leaders struggled to form a government, underscoring political risk in the euro region and adding demand for the safest assets.
In addition to today's three-year auction, the government will sell $24 billion of 10-year debt tomorrow and $16 billion of 30-year bonds on May 10. More...

May-10 -- Deutsche Telekom: In Talks To Improve Economies Of Scale In The US
Shares of MetroPCS Communications Inc. ( NYSE: PCS ) and Leap Wireless International Inc. ( NASDAQ: LEAP ) are shooting up today following a report at Bloomberg News that German phone company Deutsche Telekom AG (OTC: DTEGY.PK) is considering a merger of its T-Mobile USA unit with MetroPCS that would give DT a controlling interest in the combined company.
T-Mobile USA's operating income rose 7.2 percent to $1.3 billion. More...

May-10 -- Sony Striving to Cut Its Way From Record Loss to Profit
TOKYO, May 10 (Reuters) - Sony Corp predicted a return to profit this year as it looks to halve the losses in its TV business that pushed the Japanese consumer electronics giant to a record loss of $5.74 billion in the year just ended.
"We consider fiscal year 2012 to be the very important year to rehabilitate the electronics division," said Sony's Chief Financial Officer Masaru Kato. More...

May-10 -- UniCredit Net Profit Up 13%; Trading Offsets Fee Decline
MILAN (Reuters) - Net profit at UniCredit ( CRDI.MI ), Italy's biggest bank by assets, soared above forecasts in the first quarter, helped by hefty trading gains on its own bonds as well as improved profitability in its recession-hit Italian home market.
The lender raised 7.5 billion euros in a rights offer in January to meet capital targets set by the European Banking Authority. More...

May-10 -- India May Export Wheat from Government Stocks
Four bumper harvests over the past five years have swelled food grain production across the northern states of Punjab and Haryana, collectively known as the "granary of India."
More...

Thursday

May-10 -- Green Mountain founder feeling burned by stock flap
A representative for Krispy Kreme could not immediately be reached for comment.
On March 9, Green Mountain shares fell 16 percent to $52.59 on Starbucks' introduction of a machine for home-brewing single cups of espresso and coffee, a challenge to Green Mountain 's Keurig system. More...

May-10 -- Cisco Forecasts Fourth-Quarter Sales, Profit Below Estimates
Chambers sought to reassure analysts.
The growth has come after CEO John Chambers refocused Cisco away from the consumer markets it had pursued and back onto the core networking business. More...

May-10 -- Spain takes 45% stake in Bankia
RODRIGO RATO stepped down yesterday as chairman of Spanish lender Bankia, helping clear the way for a rescue plan that the government hopes will persuade international investors of the country's financial stability.
The government will demand banks raise provisions to a level equivalent to 30 percent of loans to housebuilders, one of the sources told Reuters, up from a current 7 percent. More...

May-10 -- Fiserv Case-Shiller Home Price Insights: US Housing Markets Stabilizing ...
Home prices in the Madera-Chowchilla metro area have plummeted more than 53% since the third quarter of 2006.
Prices are expected to improve next year with an average annualized increase of 4.2 percent by 2013. More...

May-10 -- Bed Bath & Beyond to Acquire Cost Plus
NEW YORK (Reuters) - Home goods chain Bed Bath & Beyond Inc ( BBBY.O ) has agreed to buy smaller rival Cost Plus Inc ( CPWM.O ) for about $495 million in cash, giving Bed Bath access to new markets, customers and more unique products.
The deal, which is expected to close during Bed Bath & Beyond's second quarter subject to customary conditions, is expected to be slightly accretive to the company's net earnings for 2012, after transaction and integration costs. More...

May-10 -- Postal Service drops plans to close thousands of post offices, proposes ...
The U.S. Postal Service, following pressure from U.S. senators to keep rural post offices open, said it plans to cut hours at as many as 13,000 locations to save $500 million a year, rather than close the smallest ones.
BILLINGS - An announcement Wednesday from the Post Master General could save 85 Montana post offices at risk of closing, but representatives for Montana say the new plan isn't much better. More...

May-10 -- Drop in homes for sale is strengthening prices in many spots
In the West the median price was down 0.9 percent to $196,200 while sales rose 5.9 percent in the first quarter and are up 1.4 percent from the previous year.
Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized. More...

May-10 -- ICBC Gets Fed Nod as Chinese Banks Seek US Growth
The U.S. central bank said Industrial and Commercial Bank of China (ICBC), the biggest bank in China and 70.7pc owned by the government of China, will become a bank holding company.
The bank, which is 71pc owned by the Chinese government, already has two branches in New York and a limited branch in Los Angeles. More...

May-10 -- Federal Regulators May Propose Rules For Mortgage Lending Fees In Summer
WASHINGTON The Consumer Financial Protection Bureau is considering new rules on mortgage fees, including banning origination charges based on the size of the loan.
Congress created the Consumer Financial Protection Bureau as part of the Dodd-Frank act, drafted in reaction to the housing bubble and financial collapse of 2007. More...

May-10 -- Tesla Motors' CEO Discusses Q1 2012 Results - Earnings Call Transcript
PALO ALTO, Calif. Electric vehicle maker Tesla Motors Inc. on Thursday said its sales fell and its first-quarter loss increased, but investors pushed its shares up 8 percent after hours, given the company's brightening revenue outlook.
Analysts had been modeling $32.2 million and a net loss of 71 cents. More...

May-10 -- Asian Shares Little Changed As Europe Worries Resurface; Toyota Gains
Hong Kong shares lost 0.8 percent on Wednesday, extending a losing streak into a fifth day on worries that political uncertainty in Greece could lead the unravelling of its hard-won bailout deal.
Hong Kong-listed Zijin Mining Group Co., China's largest gold miner, dropped 4.5 percent. More...

May-10 -- Toyota quarterly profit quadruples on recovery
In the current fiscal year, Toyota expects to sell 8.7 million vehicles.
An increase of 158,000 units sold in Japan helped offset a 159,000 decrease in North America. More...

May-10 -- Michigan: Ex-Mayor Is Accused in Scheme Involving Pension Fund
Former Detroit Mayor Kwame Kilpatrick is once again under scrutiny as the U.S. Securities and Exchange Commission filed a civil suit Wednesday alleging the exiled Kilpatrick, former city Treasurer Jeffrey W. Beasley and the investment adviser to Detroit's public pension funds were involved in an unethical investment scheme involving lavish kickbacks in exchange for influence over the city's investments.
Build 16: 125 ms (NewsList).Completed macro ody_bottom_caro_eight.Build 9: 953 ms (Content).Build 9: 0 ms (Content).Completed macro ody_conveyor.Parsing macro c4_inteltxt.Build 9: 0 ms (Content).Completed macro c4_inteltxt.Parsing macro ody_footer.Parsing macro ody_analytics. More...

May-10 -- Fannie Mae posts biggest profit since 2007
Fannie Mae reports $2.7 billion in net profits for the first quarter of 2012, compared to net losses of $6.5 billion for the first quarter of 2011, and net losses of $2.4 billion in the fourth quarter of 2011.
After preferred stock dividends, net loss to common shares for the quarter was $98 million or $0.02 per share, compared to net loss of $8.7 billion or $1.52 per share last year. More...

May-10 -- Protesters rally against Bank of America
Moynihan said people could call the bank for help, which also elicited laughter.
The bank hired off-duty Charlotte police officers to sit inside the meeting, as well as a private security firm to work outside. More...

May-10 -- House Votes Overwhelmingly to Extend Export-Import Bank
House Majority Leader Eric Cantor, a Virginia Republican, and House Minority Whip Steny Hoyer, a Maryland Democrat, reached the deal on Friday, signaling a likely end to months of uncertainty about the future of the government bank.
"While supporters of the Ex-Im Bank claim that it is self-sufficient and doesn't add to the federal deficit, the real problem is that the bank's financing helps some companies to the detriment of other firms and taxpayers," Club for Growth Vice President Andy Roth told The Hill. More...

May-10 -- GlaxoSmithKline to take Human Genome Sciences buyout offer to shareholders
LONDON (Reuters) - GlaxoSmithKline will take its $2.6 billion bid for long-time partner Human Genome Sciences direct to shareholders this week, after its takeover offer was rejected last month by the U.S. biotech group's board.
The drug's sticker price is $35,000 annually. More...

May-10 -- Activision's first-quarter profit and revenue beat forecasts
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in millions, except per share data) Three Months Ended March 31, 2012 2011 Net revenues: Product sales $874 $1,061 Subscription, licensing and other revenues (1) 298 388 Total net revenues 1,172 1,449 Costs and expenses: Cost of sales - product costs 257 299 Cost of sales - online subscriptions 59 63 Cost of sales - software royalties and amortization 31 61 Cost of sales - intellectual property licenses 7 29 Product development 124 142 Sales and marketing 79 60 General and administrative 102 102 Restructuring - 19 Total costs and expenses 659 775 Operating income 513 674 Investment and other income (expense), net 1 2 Income before income tax expense 514 676 Income tax expense 130 173 Net income $384 $503 Basic earnings per common share $0.34 $0.42 Weighted average common shares outstanding 1,120 1,173 Diluted earnings per common share (2) $0.33 $0.42 Weighted average common shares outstanding assuming dilution 1,127 1,182 (1) Subscription, licensing and other revenues represents revenues from World of Warcraft subscriptions, Call of Duty Elite memberships, licensing royalties from our products and franchises, value-added services, downloadable content, and other miscellaneous revenues. (2) The company calculates earnings per share pursuant to the two-class method which requires the allocation of net income between common shareholders and participating security holders.
Net income (post-tax/expenses profit) was also down year over year, with the pub/dev reporting a remainder of $384 million for Q1 2012, as compared with $503 million in Q1 2011. More...

May-10 -- Chinese Stocks Fall on Export Data While Aussie Climbs on Jobs
NTT Data Corp. tumbled 12 percent to 242,400 yen after the network service provider forecast net income will rise 25 percent to 38 billion yen ($476 million) for the fiscal year, missing analysts' estimate of a 47.3 billion yen gain.
Capcom jumped 5.3 percent in Tokyo after the video-game developer said full-year net income will increase 46 percent. More...

Wednesday (Update 2)

May-10 -- US STOCKS-S&P 500 flirts with two-month low before rebound
The market today is tame compared with last summer, when the Dow routinely swung by hundreds of points a day.
U.S. -listed shares of Banco Santander SA dropped 5.5 percent to $6.02 in premarket trading. More...

May-10 -- Bank Of Spain Confirms Request To Rescue Bankia-BFA
RODRIGO RATO stepped down yesterday as chairman of Spanish lender Bankia, helping clear the way for a rescue plan that the government hopes will persuade international investors of the country's financial stability.
MADRID, May 8 (Reuters) - Spain has owned up to the extent of its banking problem with a $10 billion euro rescue plan for Bankia SA, the country's fourth-biggest lender that is saddled with a huge toxic property portfolio, but investors want more details to be convinced that the financial system is recovering. More...

May-10 -- 10 housing markets set for double-digit price gains
The housing market is more affordable than it has been in the last 40 years and house prices are expected to bottom later this year (down 36 percent from 6 years ago), Business Insider’s (BI) Mamta Badkar reports.
Fiserv's Stiff forecasts that Madera, Calif., will produce the largest home price gain over the next two years. More...

May-10 -- Three Chinese banks expanding in US
The U.S. central bank said Industrial and Commercial Bank of China Ltd (ICBC), the biggest bank in China and 70.7 percent owned by the government of China, will become a bank holding company.
In other decisions, the Fed approved a bid by Bank of China Ltd, the third largest Chinese bank, to expand its U.S. presence by setting up a branch in Chicago. More...

May-10 -- Protests mark Bank of America meeting; four arrested
Associated Press May 8, 2012, 1:03 p.m. Homeowners with a Bank of America mortgage have good reason to check their mailbox.
The main speaker at the protest was the Green Party Congressional Candidate Ursula Rozum, who is running against Ann Marie Buerkle and Daniel Maffei for New York's 24th district. More...

May-10 -- Hamlet, Pop. 400, You Have Mail
The U.S. Postal Service , following pressure from U.S. senators to keep rural post offices open, said it plans to cut hours at as many as 13,000 locations to save $500 million a year, rather than close the smallest ones.
The Postal Service plans to meet with communities to talk about a range of options for cutting costs at local offices. More...

May-10 -- Honda hybrid owner's gas mileage claim win overturned
According to the Los Angeles Times, California Superior Court Judge Dudley W. Gray II rejected a February decision that awarded Heather Peters $9,867 in damages, close to the maximum $10,000 allowed, saying Honda lawfully advertised that the vehicle conformed to Environmental Protection Agency fuel economy ratings.
Peters, who has practiced law, claimed that Honda could owe more than $2 billion had all affected owners opted out of the class-action settlement and sued in small-claims court. More...

May-10 -- Cisco Third-Quarter Profit Rises as Networking Spending Gains
After the close of trading this afternoon, Cisco is expected to post a third-quarter profit of 47 cents per share on revenue of $11.6 billion, with Wall Street analysts targeting modest growth from earnings of 42 cents per share on $10.9 billion in sales last year.
Update: Cisco just got to the fiscal fourth-quarter guidance on the conference call. More...

May-10 -- Yahoo investor escalates pressure for management change
SAN JOSE, Calif. _ The major Yahoo Inc. investor who exposed an incorrect degree in CEO Scott Thompson's background demanded on Monday the company release more information on the appointment of Thompson and some board members.
Yahoo has acknowledged that Thompson does not have a computer science degree, initially calling the discrepancy an "inadvertent error." More...

May-10 -- Volcker: Big Banks are too big, but that's OK
A proposal doing almost exactly that known as the Volcker Rule , after former Federal Reserve Chairman Paul Volcker was part of the Dodd-Frank financial reform law and has been opposed by most Republicans in Congress.
Ever since the financial crisis there has been much talk about whether the federal government should go further to break up the big banks that dominate the U.S. financial services industry. More...

May-10 -- Oil prices fall for sixth straight day
The benchmark contract fell 2.5 percent on Friday.
NEW YORK (AP) -- The nation's crude oil supplies increased last week, the government said Wednesday. More...

May-10 -- Fannie Mae earns $2.7B in Q1, will pay gov't $2.8B
May 9 (Bloomberg) -- Fannie Mae, the biggest backer of U.S. home loans, said it won't need Treasury Department aid to balance its books for the first time since the company was seized by federal regulators in 2008 amid losses that pushed it to the brink of collapse.
Fannie, along with sister firm Freddie Mac , was put into conservatorship by the federal government at the height of the financial crisis in 2008, and has been steadily infused with cash since. More...

May-10 -- Activision Blizzard's Call Of Duty And Subscriber Trends The Focus Of Earnings
ACTIVISION BLIZZARD, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in millions, except per share data) Three Months Ended March 31, 2012 2011 Net revenues: Product sales $874 $1,061 Subscription, licensing and other revenues (1) 298 388 Total net revenues 1,172 1,449 Costs and expenses: Cost of sales - product costs 257 299 Cost of sales - online subscriptions 59 63 Cost of sales - software royalties and amortization 31 61 Cost of sales - intellectual property licenses 7 29 Product development 124 142 Sales and marketing 79 60 General and administrative 102 102 Restructuring - 19 Total costs and expenses 659 775 Operating income 513 674 Investment and other income (expense), net 1 2 Income before income tax expense 514 676 Income tax expense 130 173 Net income $384 $503 Basic earnings per common share $0.34 $0.42 Weighted average common shares outstanding 1,120 1,173 Diluted earnings per common share (2) $0.33 $0.42 Weighted average common shares outstanding assuming dilution 1,127 1,182 (1) Subscription, licensing and other revenues represents revenues from World of Warcraft subscriptions, Call of Duty Elite memberships, licensing royalties from our products and franchises, value-added services, downloadable content, and other miscellaneous revenues. (2) The company calculates earnings per share pursuant to the two-class method which requires the allocation of net income between common shareholders and participating security holders.
Activision's beloved franchise may be crushing Star Wars: The Old Republic , but this MMO is no longer a cash cow. More...

May-10 -- Hostess says jobs of 856 Indiana workers in danger
Hostess Brands warned its 250 employees in Washington state they could lose their jobs in 60 days, a spokesman for the state Employment Security Department said Tuesday.
Build 9: 0 ms (Content).Completed macro ody_sponsoredlinks.Build 9: 47 ms (Content).Completed macro ody_article2.Parsing macro ody_emailmodalcontentwrapper.Build 9: 31 ms (Content).Completed macro ody_emailmodalcontentwrapper.Parsing macro ody_conveyor.Parsing macro ody_bottom_caro_two.Completed macro ody_bottom_caro_two.Parsing macro ody_bottom_caro_three. More...

May-10 -- Wells Fargo: Feds may seek penalties in lending probe
San Francisco-based Wells Fargo is the largest servicer and originator of home loans in the United States.
Just last quarter it reported earnings of $1.3 billion up more than 27% from the same quarter last year. More...

May-10 -- News Corp. Tops Profit Estimates, Boosts Buyback to $10 Billion
British lawmakers declared Rupert Murdoch unfit to run a major international company.
Net income in the three months to March 31 rose to $937 million, or 38 cents per share, from $639 million, or 24 cents per share, a year ago. More...

May-10 -- Russian plane goes missing in Indonesia, dealing blow to aviation industry (+ ...
Moscow: The Sukhoi Superjet 100, the Russian jet which has gone missing in Indonesia, is a brand new passenger plane built by Russia in a bid to lift its civil aviation industry from a post-Soviet crisis.
Indonesian media reports put the number on board as high as 50, noting that there were "other guests" taken on the flight. More...

May-10 -- NY man admits illegal stock trades for second time
The SEC alleges that David Blech established more than 50 brokerage accounts in the names of family members, friends, and even a private religious institution.
More...

May-10 -- S&P bulletin on Bed Bath & Beyond
NEW YORK (Reuters) - Home goods chain Bed Bath & Beyond Inc ( BBBY.O ) has agreed to buy smaller rival Cost Plus Inc ( CPWM.O ) for about $495 million in cash, giving Bed Bath access to new markets, customers and more unique products.
The home-goods retail giant will pay $22 a share for the Oakland, Calif. -based company. More...

Wednesday (Update 1)

May-09 -- Stocks tumble 1% on Europe woes
Futures off: Dow 54 pts, S&P 7 pts, Nasdaq 15.25 pts By Ryan Vlastelica NEW YORK, May 7 (Reuters) - U.S. stock index futures fell on Monday as elections in France and Greece stirred up new uncertainties about how the region will tackle its ongoing debt crisis.
The Dow closed off 76.44 points (0.59 percent) at 12,932.09, while the broader S&P 500 fell 5.86 (0.43 percent) to 1,363.72. More...

May-09 -- Spanish bond yields cross 6% again
Prime Minister Mariano Rajoy said the debt agency is the only borrower left in Spain that can finance itself on markets as banks, companies and regional administrations have been shut out.
MADRID, May 8 (Reuters) - Spain has owned up to the extent of its banking problem with a $10 billion euro rescue plan for Bankia SA, the country's fourth-biggest lender that is saddled with a huge toxic property portfolio, but investors want more details to be convinced that the financial system is recovering. More...

May-09 -- Glaxo's Bid for Human Genome Turns Hostile: Hot Trends
LONDON (Reuters) - GlaxoSmithKline is to take its unsolicited $2.6 billion takeover bid for Human Genome Sciences direct to shareholders in the U.S. biotech group by launching a tender offer at $13 a share this week.
GlaxoSmithKline, which has profit-sharing agreements with HGS on three drugs but a minimal shareholding, said Wednesday it is offering $13 cash per share for the company. More...

May-09 -- Russian Aircraft Vanishes From Radar During Promotional Flight
JAKARTA (Reuters) - A Russian Sukhoi passenger plane with 46 people on board, including businessmen and Russian envoys, has gone missing during a demonstration flight over West Java in Indonesia, officials said on Wednesday.
A Russian Sukhoi SuperJet with about 44 people onboard has disappeared from radar, The Associated Press reports. More...

May-09 -- Macy's 1Q Profit Up 38% On Higher Sales, Flat Overhead
Macy's Inc.' s (M) fiscal first-quarter earnings rose 38% as appealing merchandise and keeping a cap on costs helped the department store operator's results exceed expectations.
Sales in the quarter ended April 28 increased 4.3 percent to $6.14 billion, the 840-store chain operator said. More...

May-09 -- Fannie Mae Posts Profit, Doesn't Need More Taxpayer Aid
For the first time since the third quarter of 2008, the government-run company did not require taxpayer aid to stay afloat, and it paid the U.S. Treasury $2.8 billion in dividends for the government's stake.
Fannie's total loss reserves declined to $74.6 billion as of March 31, from $76.9 billion at the end of 2011. More...

May-09 -- AOL reports higher profit, says revamp is working
AOL reported first quarter earnings this morning, which saw it posting higher revenues than expected by analysts, with $529.4 million in revenue during the quarter, beating the $527 million consensus.
Profits grew a healthy 349 percent to $21.1 million, up from $4.7 million a year ago. More...

May-09 -- UPDATE 3-Disney earnings rise despite 'John Carter' loss
On an adjusted basis, earnings rose 18% to 58 cents a share, up from 49 cents a share, one year ago.
Consumer products gained 8% to $679 million with operating income up 4% to $148 million. More...

May-09 -- Washington not a 'friendly' state for small business: Report
Dallas earned an A+ in Thumbtack.com's entrepreneur survey.
For all the emphasis placed on taxation, the Thumbtack survey found that small businesses care almost twice as much about licensing regulations as tax rates. More...

May-09 -- Should Yahoo's CEO be fired for lying?
SAN JOSE, Calif. _ The major Yahoo Inc. investor who exposed an incorrect degree in CEO Scott Thompson's background demanded on Monday the company release more information on the appointment of Thompson and some board members.
T he heat is on Yahoo CEO and Stonehill College graduate Scott Thompson, who is facing intense scrutiny over inaccuracies on his resume about the degree he earned there. More...

May-09 -- Stocks to Watch: Macy's, Green Mountain, Demand Media
PORTLAND, Ore. (AP) -- Green Mountain Coffee removed its founder and another board member from their leadership roles on Tuesday after they sold company shares in violation of internal policies.
ElanAir, a South Burlington, Vermont-based company that operates under the name Heritage Aviation, provides travel services to Green Mountain employees, an arrangement that is reviewed and approved by the audit committee for Green Mountain's board, SEC filings show. More...

May-09 -- Bank of America offering thousands of homeowners 6-figure loan discounts
LOS ANGELES -- Homeowners with a Bank of America mortgage have good reason to check their mailbox.
Although the borrower doesn't have to live in the home, the home is required to have been owner-occupied when the loan was awarded. More...

May-09 -- Toyota profits accelerate on disaster recovery
Toyota projects a group net profit of 760 billion yen for the fiscal year ending next March, up 168 percent from the year before, on sales of 22 trillion yen, up 18.4 percent.
Sales for latest quarter rebounded 23% to 5.7 trillion yen, or $71.3 billion. More...

May-09 -- TREASURIES-European crisis worries push yields lower
Treasuries rose, pushing 10-year yields to the lowest level since February, as Greek leaders struggled to form a government, underscoring political risk in the euro region and adding demand for the safest assets.
Should the 10-year yield drop below 1.785 percent it would then target the record low of 1.67 percent reached on Sept. 23, David Sneddon, head of technical analysis in London, wrote today in a note to clients. More...

May-09 -- Comex Gold Lower, at 17-Week Low, on another Commodity-Bearish Risk-Off Day
Political disarray in Greece, a change in the French presidency and renewed concerns about the resilience of the Spanish banking sector sent the euro to a 15-week low against the dollar and propelled German bond futures to record highs.
Silver for July delivery dropped as much as 2.7 percent to $28.675 an ounce, the lowest price since Jan. 9, and was last at $28.895. More...

May-09 -- Japan to provide $12.55 billion to operator of tsunami-ravaged nuclear plant
TOKYO (Kyodo) -- Tokyo Electric Power Co. decided Tuesday to appoint managing director Naomi Hirose as the next president of the ailing utility, which is expected to be effectively nationalized following last year's Fukushima Daiichi nuclear power plant disaster.
In the wake of the Fukushima disaster , the Japanese public has quite understandably turned against nuclear power, and the government has dropped plans to expand nuclear energy from 30 percent to 50 percent of the nation's electricity supply. More...

May-09 -- Crude Oil Falls for Sixth Day in Longest Drop Since 2010
Brent crude lost $1.88, or 1.7 percent, to $111.28 per barrel in London.
U.S. oil stockpiles as of April 27 were the highest since 1990, according to Energy Department data. More...

May-09 -- Dean Foods 1Q Net Jumps 50% On Cost Cuts, Pricing, Volumes
Gregg Engles, chairman and CEO of the company said, "Our financial performance was further bolstered by declining interest expense, resulting in first quarter adjusted diluted earnings per share of $0.31, more than double the previous year and the sixth straight quarter we have delivered adjusted EPS at or above our guidance."
Volumes were also supported by warmer weather, which helped drive ice cream mix sales. More...

May-09 -- Cathay Pacific to reduce costs, flags weak H1
The Hong Kong-based carrier, which already warned of a very challenging 2012, said fuel prices have remained high, the cargo business has shown no sign of a sustained recovery and pressure on economy class yields has continued.
In line with the lowered target, the airline will trim the frequencies on some long-haul routes to North America and Europe. More...

Wednesday

May-09 -- Walt Disney profit jumps 21% despite 'John Carter' flop
On an adjusted basis, earnings rose 18% to 58 cents a share, up from 49 cents a share, one year ago.
Income for Disney's broadcasting rose 37 percent to $229 million. More...

May-09 -- In Greece, coalition government proves elusive amid impasse
Alexis Tsipras, leader of the Coalition of the Radical Left, known as SYRIZA, was given a mandate from President Karolos Papoulias to try to form a government Tuesday, after the front-runner, Antonis Samaras, leader of New Democracy, failed to do so Monday.
Following is a timeline of changes in European governments from the election of Greece 's Pasok Party in October 2009 to votes in France , Germany , Greece and Italy yesterday and key dates for bailouts. More...

May-09 -- Green Mountain chair out after trading violation
PORTLAND, Ore.-- Green Mountain Coffee removed its founder and another board member from their leadership roles on Tuesday after they sold company shares in violation of internal policies.
In all, 127,000 puts and 141,000 calls had changed hands with less than an hour until the close, according to options analytics firm Trade Alert. More...

May-09 -- Occupy Bank of America?
The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.
What about consumer loan growth? Bank of America has, understandably, backed off from residential mortgage lending in a big way, further emphasizing what a terrible decision it was to purchase Countrywide, despite acquiring an industry leading mortgage origination platform. More...

May-09 -- U.S. Stocks Pare Losses After S&P 500 Touches Two-Month Low
Futures off: Dow 54 pts, S&P 7 pts, Nasdaq 15.25 pts By Ryan Vlastelica NEW YORK, May 7 (Reuters) - U.S. stock index futures fell on Monday as elections in France and Greece stirred up new uncertainties about how the region will tackle its ongoing debt crisis.
Stocks in the Asian benchmark are valued at 12.4 times estimated earnings on average, compared with a multiple of 13 for the S&P 500 and 10.4 times for the Stoxx 600. More...

May-09 -- Idaho, Texas among friendliest for SMBs, finds survey
Dallas earned an A+ in Thumbtack.com's entrepreneur survey.
Idaho, Nevada and Delaware had the most small-business-friendly tax codes; California and New Mexico had the last-friendly tax codes. More...

May-09 -- Prepaid Calling Cards Not The Bargain Many Immigrants Think
J.P. Morgan's Chase retail unit is the largest big bank so far to pitch prepaid monthly debit cards, which typically target consumers who can't afford fees that are being tacked onto regular checking accounts.
Chase's prepaid users aren't charged extra fees for withdrawing money from Chase branches or using tellers or checking balances within the bank's network -- all features that come at a cost at other prepaid-service providers. More...

May-09 -- Yahoo Director Patti Hart to leave board amid flap
"The board intends to make the appropriate disclosures to shareholders promptly upon completion of the review."
Last fall, Ms. Hart was charged with leading the company's efforts to find a new leader after the board ousted Carol A. Bartz as chief executive. More...

May-09 -- Special counsel: FAA's delays 'not unusual'
Special Counsel Carolyn Lerner, whose job is to protect from retaliation government employees who expose mismanagement or wrongdoing, detailed seven FAA whistleblower cases in letters to the White House and Congress.
On Dec. 25, 2009, a landing Northwest Airlines flight came within 0.3 miles horizontally and 200 feet vertically of a departing American Eagle flight. More...

May-09 -- Anadarko wins approval for Utah drilling
Approval for the Greater Natural Buttes project in the Uintah Basin, announced by Interior Secretary Ken Salazar, comes as the Obama administration is supporting natural-gas production as a way to create jobs with a cleaner-burning fuel than coal or oil.
U.S. Sen. Orrin Hatch says Salazar will approve drilling for about 3,500 natural gas wells on public lands in eastern Utah. More...

May-09 -- Oil falls to below $97 as US crude supplies jump
In 2013, diesel fuel retail prices are projected to decline to $4.03 per gallon, 8 cents per gallon lower than the previous outlook.
Retail gas prices have followed, falling 17 cents since reaching $3.936 on April 5. More...

May-09 -- Apollo Earnings Top Views; Portfolio Value Rises 16%
Apollo Global Management LLC (APO) ( APO ), the private-equity firm that went public last year, rose the most in five months after it reported a 20 percent increase in first- quarter profit.
Alternative asset managers have had a hard time convincing investors of their value. More...

May-09 -- Oil Falls a Sixth Day as Stockpiles Gain, Al-Naimi Sees Surplus
"In addition to our spare capacity of 2.5 million barrels per day, we have on the ground, in tanks and in pipelines, about 80 million barrels of inventory.
Mr Qamsari rejected the claim that Iran's oil export to Japan has been reduced by 80%, saying currently Japan imports about 220 thousands barrels of oil per day from Iran. More...

May-09 -- Mexican Tycoon Fixes on KPN
AMSTERDAM (Reuters) - Dutch telecom KPN NV hit back at a surprise move by America Movil to raise its stake in the group, saying the Mexican company's 3.2 billion euro ($4.2 billion) offer was substantially undervalued.
The Hague-based telecoms operator said Tuesday that the Mexican offer of eight euros per share "substantially undervalues the company. More...

May-09 -- After Taking Pay Cut, Sprint CEO Still Defends Apple Deal
Forfeit two million performance units (valued at $2 million) granted to Hesse on February 22, 2012 under the 2012 Long-Term Incentive Compensation Plan.
On paper, Dan Hesse got a 31 percent pay raise last year from 2010. More...

May-09 -- Borrowers Face Big Delays In Refinancing Mortgages
Freddie Mac has released the results of its first quarter refinance analysis showing that 79 percent of homeowners who refinanced their first-lien home mortgage either maintained about the same loan amount or lowered their principal balance by paying-in additional money at the closing table.
The net dollars of home equity converted to cash as part of a refinance, adjusted for inflation, was at the lowest level in nearly 17 years (since the third quarter of 1995). More...

May-09 -- New Mexico: Lea County Is Chosen for $1 Billion Ghost Town for Research
LAS CRUCES - Hobbs, and not Las Cruces, will be the location of a $1 billion Center for Innovation, Testing and Evaluation.
I congratulate Lea County on being selected, and I commend Pegasus for bringing jobs to New Mexico." More...

May-09 -- 1300 radioactive tubes at California nuclear plant damaged beyond repair
"Despite some erroneous reports in the media, there is no NRC timetable for restart of the San Onofre nuclear reactors, which have been shut down over safety issues affecting the steam generators.
Traces of radiation escaped at the time, but officials said there was no danger to workers or neighbors. More...

May-09 -- Chesapeake's Private Jets in Cross Hairs
Chesapeake and Chief Executive Aubrey McClendon have been under pressure in recent from investors who are advocating for change in the company's leadership and now its business model.
The lawsuits are brought against McClendon, Chesapeake and the company's board of directors. More...

Tuesday

May-08 -- Markets Watch Europe Amid Flurry of Earnings
Futures off: Dow 54 pts, S&P 7 pts, Nasdaq 15.25 pts By Ryan Vlastelica NEW YORK, May 7 (Reuters) - U.S. stock index futures fell on Monday as elections in France and Greece stirred up new uncertainties about how the region will tackle its ongoing debt crisis.
Ten- year Treasury yields fell two basis point to 1.86 percent after losing six points earlier. More...

May-08 -- Spain to spend billions on bank rescue
RODRIGO RATO stepped down yesterday as chairman of Spanish lender Bankia, helping clear the way for a rescue plan that the government hopes will persuade international investors of the country's financial stability.
Later, an official from the economy ministry told the AFP news agency, "We are finalising a plan to clean up the bank," referring to Bankia. More...

May-08 -- Too broke to go bankrupt
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CHILLICOTHE --One of the owners of Floral Hills Memory Gardens has filed for bankruptcy in Nevada and has requested to surrender the cemetery properties to pay property tax debts. More...

May-08 -- DJIA Slides For Fourth-Straight Session On France, Greece Worries
The Nasdaq and S&P 500 turned positive in early afternoon trading Monday even after election results in Greece and France raised concerns about those countries' commitment to budget cuts aimed at easing Europe's debt crisis.
Bank of America led the gainers on the blue-chip Dow, adding 2.8 percent. More...

May-08 -- Pink Slime plants close - handing out pink slips
"Last month, Beef Products Inc. made the difficult business decision to suspend operations at our three plants in Amarillo, Texas; Garden City, Kansas; and Waterloo, Iowa while we attempted to rebuild markets following the unfounded and misguided attacks on our Boneless Lean Beef Trimmings.
I continue to encourage you to visit www.BeefIsBeef.com for the facts about Boneless Lean Beef Trimmings and for up-to-date news and information." More...

May-08 -- GAO: Taxpayers could turn $15.1 billion profit on AIG bailout
The U.S. Treasury has announced a sale of $5 billion worth of American International Group, Inc. (NYSE:AIG) shares, $2 billion of it will be repurchased by AIG. This is the third offering by the Treasury off American International Group, Inc. (NYSE:AIG shares in the last year which has decreased the government's stake from 70% to 63%.
The U.S. government Sunday had announced that it had agreed to sell $5 billion in AIG stock. More...

May-08 -- Yahoo CEO apologizes to employees for allowing inaccuracy in bio without ...
A disgruntled Yahoo shareholder questioned the qualifications and integrity of recently hired CEO Scott Thompson after exposing a misrepresentation about the executive's education.
Your article suggests that Thompson breached Yahoo's code of conduct by potentially fibbing about his education and serving on 2 outside boards, when you state "Fibbing about his education wasn't Thompson's only breach of Yahoo!'s code of conduct." More...

May-08 -- Reflecting on Buffett, Business and Politics
Record earnings at Berkshire's largest units have helped build the company's cash holdings ( 2FA ) to $37.8 billion.
"Toyota will be a major auto company far beyond my lifetime." More...

May-08 -- Electronic Arts Shares Fall on Weak Outlook
Excluding deferred revenue and certain costs, including stock options charges, EA would have earned $56 million, or 17 cents a share, on sales of $977 million.
Total revenues for the quarter grew to $1.37 billion from $1.09 billion in the prior-year quarter. More...

May-08 -- Facebook shares elusive for small investors
Wall Street executives estimate that small investors could get a bigger piece when it comes to Facebook's offering -- between 20% and 25%, according to a report in the New York Times.
Retail investors' first crack at Facebook stock will come after it starts trading, perhaps at a market capitalization north of $100 billion if underwriters successfully engineer a first-day pop. Even if Facebook increases earnings through next year at the same pace it did in 201165%the $100 billion figure translates to 36 times 2013 earnings. More...

May-08 -- Hey you guys, MasterCard has a digital strategy too: PayPass Wallet Services
Toward that end, the financial company today announced PayPass Wallet Services, an agnostic suite of tools designed to simplify the digital payments industry.
MasterCard will make PayPass Wallet Services available to partners in the third quarter of 2012, initially in Australia, the U.S., Canada and U.K. and, subsequently, will include other countries. More...

May-08 -- Greece could drop euro but tragedy won't follow
Instead of sparking growth, the eurozone has lapsed back into recession.
Photograph: Getty Images. More...

May-08 -- Consumers Raised Debt in March
Consumer borrowing on credit cards, car loans, student loans and other types of installment debt grew at a seasonally adjusted 10.2% annual rate to $2.54 trillion in March from February, the Federal Reserve said Monday.
Now that the economy is showing signs of life again, cardholders and banks are beginning to reconcile and that's good news for economic growth, say experts. More...

May-08 -- Groupon stock gets a lift from CEO Andrew Mason's letter
Tomorrow, we aim to move upstream and serve as the entry point for local transactions."
In the letter, Mason noted how the company has grown to 11,000 employees and 48 countries in just a few years. More...

May-08 -- Electronic Arts Posts a Loss and Loses Big Game Subscribers
EA expects non-GAAP revenue of only $500 million (versus the expectation of $925 million) and a non-GAAP loss per share of 40 cents to 45 cents.
You can shave at least 100K of the Old Republic numbers when Diablo is released. More...

May-08 -- Temasek, RRJ Capital invest $468 mln in Cheniere
Cheniere said Monday it plans to use the proceeds from Temasek and RRJs investments with cash on hand to buy $500 million of the $2 billion of equity securities anticipated to be issued by Cheniere Energy Partners LP. The move will help finance the Sabine Pass LNG liquefaction project, which will cool natural gas into a liquid form so it can be shipped on specially designed tankers.
Cheniere Energy, Inc. (NYSE:LNG) stock's trade at beginning with a price of $16.75 and throughout the trading session climbed at a high of $16.91 other than when day-trade ended the stock finally fell -2.72% to $16.46. More...

May-08 -- Babe Ruth's Sudbury home for sale
Some of the changes include a dream kitchen, a detailed family room and master suite with vaulted ceilings, according to the listing.
Though the home has been "meticulously renovated throughout," Adamson said, touches of the Sultan of Swat can still be found, including burn marks from Ruth's cigar ashes in the wooden floor of the living room, and a third-floor memorabilia room containing several photographs of the Hall of Fame slugger who played 22 seasons in the Major Leagues. More...

May-08 -- GE to buy 15% of China XD Electric
GE, which is expanding in China as the growing middle class requires more electricity, said the companies will deliver electric transmission and distribution (TD) and grid automation solutions to customers globally.
GE's digital energy business supplies smart grid secondary equipment, and state-controlled conglomerate China XD is a global supplier of smart grid primary equipment. More...

May-08 -- Diamond Foods Names Food Industry Veteran Driscoll As President, CEO
Driscoll, 53, began his career in 1980 in sales with Procter & Gamble, and joined Nestle Foods in 1985.
Diamond Foods interim CEO Rick Wolford will hand the reins to Brian Driscoll, who joins the San Francisco company on May 8 as president and CEO. More...

May-08 -- Safeway grocery says moving to crate-free pork supply
The Humane Society of the United States supports the move.
Safeway's decision places the company on one side of a brewing fight that pits U.S. farmers and agribusiness against food safety groups and animal-rights organizations. More...

Monday (Update 2)

May-08 -- US consumers upped their borrowing in March
The much bigger than expected increase in consumer credit in March reflected the biggest increase in credit since November of 2001.
The total for both revolving accounts (mostly credit cards) and non-revolving accounts (primarily auto, student and personal loans) reached $2.54 trillion. More...

May-08 -- Amid the Facebook Frenzy, Some Caveats--and Some Alternatives
Wall Street executives estimate that small investors could get a bigger piece when it comes to Facebook's offering -- between 20% and 25%, according to a report in the New York Times.
The penalty? You may not be invited to participate in future IPOs. More...

May-08 -- Babe Ruth's home in Sudbury, Mass., is for sale: $1.65M
Some of the changes include a dream kitchen, a detailed family room and master suite with vaulted ceilings, according to the listing.
The third floor houses a room devoted to the storied baseball player complete with pictures and baseball memorabilia. More...

May-08 -- Electronic Arts Shares Skid as Outlook Disappoints
EA expects non-GAAP revenue of only $500 million (versus the expectation of $925 million) and a non-GAAP loss per share of 40 cents to 45 cents.
NEW YORK ( TheStreet ) --Shares of Electronic Arts ( EA ) are slumping in extended trading after the video game maker forecast a wider than anticipated loss for its fiscal first quarter ending in June. More...

May-08 -- Bankia chief Rato steps down as Spain readies bailout
The euro zone's fourth-largest economy is widely considered the next weak link in the bloc's debt crisis after the rescue of Portugal, Greece and Ireland, and Bankia is at the core of market concerns over the potential cost of a Spanish bank bailout.
There has been concern recently over the financial health of Bankia, which groups seven Spanish savings banks. More...

May-08 -- Buffett sees tough times for Europe, but won't stop investing
Record earnings at Berkshire's largest units have helped build the company's cash holdings to $37.8 billion.
OMAHA, Neb. -- Billionaire Warren Buffett said Monday that Europe will have a hard time resolving its fiscal problems because of the structure of the European Union and this weekend's election results in Greece and France. More...

May-08 -- US STOCKS-S&P ends almost flat; investors shrug off Europe
Futures off: Dow 54 pts, S&P 7 pts, Nasdaq 15.25 pts By Ryan Vlastelica NEW YORK, May 7 (Reuters) - U.S. stock index futures fell on Monday as elections in France and Greece stirred up new uncertainties about how the region will tackle its ongoing debt crisis.
Jiangxi Copper Co., China's biggest producer of the metal, slid 3.3 percent to HK$18.30. More...

May-08 -- Government Watchdog Says AIG Bailout Could Turn $15.1B Profit For Taxpayers
WASHINGTON — The U.S. Treasury is to sell $5 billion worth of shares in American International Group Inc. (AIG) in a stock offering, with the bailed-out insurer buying $2 billion.
Don't get too excited because the TARP program is currently showing a loss of $60 billion despite the belief that TARP is going to turn a profit for taxpayers. More...

May-08 -- Empire State Building cuts energy use 20%
NEW YORK May 7 (Reuters) - An upgrade of New York's Empire State Building has reduced the skyscraper's energy use by more than expected, the project's partners said on Monday.
NEW YORK (Reuters) - The Empire State Building has long been a signature feature of Manhattan's skyline. More...

May-08 -- Greece could drop euro but tragedy won't follow
One of the big fears is that the new Greek leadership will block cuts necessary for desperately needed bailout funds, which could ultimately send the Εurozone into chaos.
Many investors were doing just that on the belief that Greece would be forced to exit the union, leaving the euro stronger over the long term. More...

May-08 -- Barneys New York Taken Over by Perry Capital in Debt Swap
Under a debt-for-equity swap with Perry Capital, as well as other lenders, Ron Burkle's Yucaipa Cos and current owner Istithmar World, the chain's long-term debt will fall to $50 million from $590 million, Barneys said on Monday.
In 2011, comparable sales rose by a double-digit percentage, Barneys said. More...

May-08 -- Warren Buffett: Yahoo has a trust problem
A disgruntled Yahoo shareholder questioned the qualifications and integrity of recently hired CEO Scott Thompson after exposing a misrepresentation about the executive's education.
Jackson agrees with Loeb that the Yahoo board has a dearth of experience in advertising, and dealing with broadcasters and content providers. More...

May-08 -- Exxon Mobil tops Fortune 500 list
Click the image to the right for specifics on Arizona's Fortune 500 companies.
While Wal-Mart's recent bribery scandal has dealt a short-term fiscal blow to the retailing behemo, the oil giant's ascension was driven by the simple fact of making an awful lot of money. More...

May-08 -- Citigroup Pays $41 Million to Sponsor NYC Bike-Share Program
New York's latest transportation initiative got an official color on may 7 -- plus $41 million sponsorship from Citi.
May 7 (Bloomberg) -- Citigroup Inc. agreed to pay $41 million to sponsor New York City's bicycle-rental program,. More...

May-08 -- High-Grade Bond Yields Hit Record Low
NEW YORK; U.S. Treasuries rose on Monday, pushing benchmark yields to three-month lows, after voters in France and Greece rejected leaders linked to austerity measures used to fight the euro zone debt crisis.
Average junk-bond yields hit 6.95% at the end of last week, matching the all-time low set in 2005, according to the Bank of America Merrill Lynch High-Yield Master II Index. More...

May-08 -- Shareholder Calls for Chesapeake to Be Open to Offers
In a letter to Chief Executive Aubrey McClendon, Southeastern Asset Management, holder of a 13.6 percent stake in Chesapeake, acknowledged the "dangers of opening such conversations" as the company struggles with concerns about McClendon's business dealings, on top of the low natural gas prices.
Chesapeake Energy Corp. said its board will name an independent, nonexecutive chairman, as well as renegotiate the terms of the company's Founder Well Participation Program (FWPP) with Chairman and Chief Executive Officer Aubrey K. McClendon. More...

May-08 -- OIL FUTURES: Crude Off For 4th Day; Below $98/Bbl On Demand Woes
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD97.61 a barrel during U.S.afternoon trade, giving back 0.90%.
The euro fell as much as 1 percent against the dollar to the lowest level since January. More...

May-08 -- Groupon: 30% of North America transactions mobile
Groupon CEO, Andrew D. Mason sent out a letter to the stockholders today addressing what the company accomplished in 2011 and what they have planned for 2012 and beyond.
Based in Silicon Valley, Tom Taulli is in the heart of IPO land. More...

May-08 -- Wynn Resorts 1Q Net Slips 19% On Softer Take In Vegas
Food and beverage revenues increased 2.6% to $108.9 million, retail revenues were $19.8 million in the quarter, down 1.2% from last year, and entertainment revenues increased 2.2% to $21.1 million from the first quarter of 2011.
SJM's gaming revenue for the first quarter increased 8.5 percent to HK$19.7 billion, accounting for 27 percent of Macau's casino market. More...

May-08 -- Pimco Says Wells Fargo Not to Blame for Record Mortgage Share
Fellow credit ratings agency, Fitch also expressed criticism last week but it was less harsh.
Lenders including Bank of America Corp., the former market leader whose share fell to 4.2 percent, have scaled back after losses and lawsuits sparked by faulty home lending and servicing, as well as so-called Basel III regulations that are set to require banks to hold more capital when owning relatively large amounts of servicing contracts. More...

Monday (Update 1)

May-07 -- Warren Buffett says buying stocks amid market dip
Record earnings at Berkshire's largest units have helped build the company's cash holdings ( 2FA ) to $37.8 billion.
The Fed's proposed 10 percent limit in counterparty risk to an entity is meant to contain the damage from the collapse of a large financial institution or government. More...

May-07 -- Little Lies; Big Lies - Yahoo! CEO Scott Thompson's Revisionist History
When Yahoo appointed former PayPal President Scott Thompson as CEO, it could not have imagined that things would get so out of hand so quickly.
Imagine the high-ranking Yahoo executives who perhaps viewed themselves as viable candidates for the corner office. More...

May-07 -- Treasury to Sell $5 Billion in AIG Stock
The U.S. Treasury has agreed to cut its ownership stake in American International Group Inc. to 63 percent by selling 163.9 million shares for approximately $5 billion, with the insurer agreeing to buy back about $2 billion worth.
AIG has said that it intends to buy up to $2 billion worth of the offering. More...

May-07 -- Allscripts adopts defense against takeover
One trigger of the plan is if a person or entity acquired 10 percent or more of the company's stock without board approval.
NASDAQ:MDRX shares fell in mid-2010 to slightly under $16 per share but climbed in the first half of 2011 to over $22 per share. More...

May-07 -- Oil Slumps to 2012 Low as European Elections Stir Concern
The benchmark contract fell 2.5 percent on Friday.
NYMEX June heating oil fell 7.81 cents, or 2.53 percent, to settle at $3.0088 a gallon. More...

May-07 -- Rato Steps Down at Bankia as Spain May Use Public Cash for Banks
The euro zone's fourth-largest economy is widely considered the next weak link in the bloc's debt crisis after the rescue of Portugal, Greece and Ireland, and Bankia is at the core of market concerns over the potential cost of a Spanish bank bailout.
The Bankia group, formed from seven savings banks and led by former International Monetary Fund Managing Director Rodrigo Rato, held 38 billion euros ($49 billion) of real estate at the end of 2011, more than any other Spanish lender. More...

May-07 -- Coming to an airport near you: Faster security screenings
In the same time that the PreCheck program screened 1 million passengers since it launched in October, the TSA has processed nearly 335 million passengers.
The TSA acknowledges that the new security program, dubbed PreCheck, has served only a small fraction of the nation's air travelers. More...

May-07 -- TREASURIES-European austerity uncertainty pushes yields lower
Between the Japanese tsunami, political unrest in the Middle East, the U.S. credit downgrade and the European debt crisis, the market repeatedly retreated to the safety of U.S. Treasuries despite the paltry yields and the increasingly ugly financial condition of the U.S. Just 12% of managers of intermediate bond funds outperformed the Barclays index last year.
Multisector funds also may have some holdings of non-U.S. bonds. More...

May-07 -- Comex Gold Lower Amid a "Risk-Off Trading Day, But Some Safe-Haven Buying Seen
For the week, the gold price fell 1.2 percent, from $1,662.80 an ounce to $1,642.10, and the silver price dropped 3.0 percent, from $31.27 an ounce to $30.34.
Silver fared slightly worse than the price of gold yesterday, as it retreated $0.49, or 1.6%, to $30.20 per ounce. More...

May-07 -- Carl Icahn Wins CVR Energy After $2.6 Billion Offer
Carl Icahn won control of oil refiner CVR Energy Inc as shareholders backed his $2.6 billion takeover, ending a three-month long tussle with the company's board.
Icahn, who is one of the company's largest shareholders, in February launched. More...

May-07 -- Washington state: Eight on 2012 Fortune 500 list
Washington state has eight companies on the 2012 Fortune 500 list that came out on Monday; Exxon Mobil regained the top spot in the country with nation-leading revenues of $453 billion last year.
It was No. 3 in terms of profits - earning $25.9 billion on revenues of $108.2 billion. More...

May-07 -- Avis Budget posts Q1 loss on acquisition costs
May 7, 2012 (GlobeNewswire via COMTEX) -- -- Revenue grew to $1.6 billion, a 31% increase from first quarter 2011. -- Adjusted EBITDA increased 43% to $119 million, excluding certain items, the Company's highest-ever first quarter result. -- Net income grew 17%, to $14 million, excluding certain items, and GAAP net loss was $23 million.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share on revenues of $1.59 billion for the quarter. More...

May-07 -- Jump in Subscribers Carries Dish Network to 1Q Beat
Net income attributable to Dish Network declined to $360.31 million or $0.80 per share from $549.39 million or $1.22 per share.
The decrease in profit is partly due to the fact that last year's results had a $341M boost from a reversal of litigation expenses following the settlement of the patent infringement lawsuit with TiVo. More...

May-07 -- Tyson beats estimates despite weak beef demand
"We were pleased with the rate of improvement in our Chicken business.
"We still think we have the potential for earnings per share of $2 for the year if we execute as planned," Tyson Chief Executive Officer Donnie Smith said in a statement on Monday. More...

May-07 -- BroadSoft Shrs Crushed As Q2 Guidance Misses Street Estimates
BroadSoft's definition of "non-GAAP net income," "non-GAAP net income per share," "non-GAAP gross margin," "non-GAAP income from operations" and other non-GAAP financial measures may differ from similarly titled non-GAAP measures used by other companies and may differ from period to period.
Shares of telecom software maker BroadSoft ( BSFT ) fell sharply in pre-market trading Monday after the company reported Q1 results ahead of views but gave revised guidance that lagged forecasts. More...

May-07 -- German Manufacturing Orders Surge Outside Euro Zone
German factory orders rose more than economists forecast in March as demand from outside the euro area helped Europe 's largest economy weather the debt crisis.
One potential area is using the bailout fund to help the continent's beleaguered banks. More...

May-07 -- Chirpy Angry Birds maker eyes IPO golden egg
Rovio has just announced its calendar 2011 financial results, and according to Reuters, the studio is also preparing itself for an IPO. Yearly revenue totaled €75.4 million (around $106.3 million), generating €48 million ($67.6 million) in pre-tax profit.
The company's employee count grew from 28 to 224 staffers. More...

May-07 -- LIN TV Unit To Buy Certain New Vision Television Assets For $330 Mln
Following the New Vision Television transaction, LIN on a combined basis will operate or service 50 network affiliates in 23 markets, reaching 10.6% of U.S. television households.
Providence-based LIN Media, owner of WPRI-Channel 12, said on Monday it agreed to buy 13 network affiliates from New Vision Television in eight U.S. markets for $330.4 million and the assumption of $12 million of debt. More...

May-07 -- Sycamore Partners Ups Offer for Talbots to $215 Million
The company announced that it has entered into an exclusivity agreement with Sycamore Partners in connection with the non-binding proposal, which will terminate on May 15, 2012.
Talbots board of directors rejected the bid, saying it significantly undervalued the company, and instead decided to explore strategic options. More...

Monday

May-07 -- Euro tanks to three-month low after Greek vote upsets
TOKYO (Reuters) - Japan's Nikkei average shed 2.6 percent to hit a three-month low on Monday after elections in France and Greece raised concerns on whether struggling euro zone economies will continue to pursue austerity measures and as U.S. jobs data came in weaker than expected.
U.S. crude futures dropped more than $3 a barrel while Brent crude fell more than $2.50 after elections and U.S. jobs data. More...

May-07 -- Oil plunges to below $97 in Asia amid signs of weakening US demand, Europe ...
The benchmark contract fell 2.5 percent on Friday.
Besides European political uncertainties, weak U.S. economic data also weighed heavily on crude oil. More...

May-07 -- US to Sell More of AIG
NEW YORK--(BUSINESS WIRE)-- American International Group, Inc. (NYSE: AIG) today announced that the U.S. Department of the Treasury has priced an offering of 163,934,426 shares of its AIG common stock at the public offering price of $30.50 per share.
No assurance can be given that the offering or purchase will be completed. More...

May-07 -- DigitalGlobe Rejects GeoEye Takeover Bid
The offer involves $8.50 per share in cash and $8.50 in GeoEye stock, or 0.3537 shares of GeoEye stock for each share of DigitalGlobe stock.
The director of the Central Intelligence Agency, George Tenet, issues a directive requiring the U.S. intelligence community to rely on commercial satellite imagery to the greatest extent possible. More...

May-07 -- I-215 project months ahead of schedule
Commuters on Interstate 215 in San Bernardino got some early relief Saturday morning with part of the route reopening as constructions crews made progress on the widening project.
Construction crews closed the northbound 215 lanes from the Fifth Street bridge to the 259 Freeway, the connector to the eastbound 210 Freeway, at 11 p.m. Friday, while the southbound lanes remained open. More...

May-07 -- Classic U.S. snacks getting international makeovers
The company, based in Battle Creek, Michigan, already sells products in more than 180 countries.
The green tea version sold well, and a year later, Kraft rolled out Oreos in flavours that are popular in Asians desserts raspberry-and-blueberry and mango-and-orange. More...

May-07 -- Help Letter Carriers Stamp Out Hunger on May 12
The Postal Service, the National Association of Letter Carriers, Campbell Soup Co., Feeding America and other partner organizations are working together to collect food donations on May 12.
Since the letter carriers are doing all the legwork, it makes it very convenient for people to help. More...

May-07 -- Business Journal wins 14 Calif. Newspaper Publishers Association awards
SAN JOSE -- The Sentinel was recognized today with four awards, including two first-place prizes, in the statewide 2011 California Newspaper Publishers Association Better Newspapers Contest.
Cynthia Schur, publisher of the Santa Maria Times and other Lee Central Coast Newspapers since 2003, has been installed as president of the California Newspaper Publishers Association (CNPA), the state's largest newspaper trade organization. More...

May-07 -- Metro-North signal problem causes commuter headaches
Metro-North is reporting scattered delays on the New Haven Line after service to Grand Central Terminal was suspended this morning due to signal problems.
"I came all the way from Virginia only to find out I couldn't take a cab from where the greyhound station dropped me off. More...

May-07 -- AAA: Midlands Bridges Among State's Worst
CHARLESTON, S.C. (WCSC/AP) - An interstate bridge in Richland County again tops AAA Carolinas' list of substandard bridges in South Carolina, while Charleston County has 6 of the 20 bridges on the list.
Four upstate bridges rank among the worst in the state, according to a study conducted by AAA of the Carolina's. More...

May-07 -- Tax relief on tap for New York breweries
In 1980, Ken Grossman founded the Sierra Nevada Brewing Co. and over the years turned it into one of the first and most successful craft breweries ever built.
You need to choose what kind of bottle to use. More...

May-07 -- Report claims wind power benefits
Looking at 18 case studies of wind farms of different sizes drawn from across the UK, the study analyses the contribution of wind farm development, construction, operation and maintenance to the economy at a local, regional and national level.
Mr Upson said the wind industry worldwide had grown by more than 25per cent each year for the past 15 years. More...

May-07 -- Report: Law on credit-reporting fails consumers
Credit cards that had been paid off and closed years earlier showed as delinquent.
Send by mail all documents and supporting evidence to each of the credit-reporting agencies reporting inaccurate information and keep a copy for your records: Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; Experian, P.O. Box 2104, Allen, TX 75013-0949; and TransUnion, P.O. Box 1000, Chester, PA 19022. More...

May-07 -- State Wineries Can Now Ship
Wineries that have direct shipping licenses in other states can also ship up to 12 cases out of state each year.
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May-07 -- Japan Nuclear Power Free After Shutdown of Last Reactor
TOKYO -- The Fukushima crisis is eroding years of Japanese efforts to reduce greenhouse gas emissions blamed for global warming, as power plants running on oil and natural gas fill the electricity gap left by now-shuttered nuclear reactors.
As technicians closed down the No. 3 unit at Tomari in Hokkaido at 11:03 pm local time, the debate over whether Japan needs nuclear power has been reignited, amid increasingly shrill warnings of potential power blackouts during the northern summer. More...

May-07 -- Breaking News: ULA Union Will Not Strike
The new contract covers ULA union members employed in Decatur, Alabama, Cape Canaveral Air Station in Florida and Vandenberg Air Force Base in California.
Carr said the workers keep the plant running. More...

May-07 -- Barclays Plans Online U.S. Bank: Reports
British bank Barclays is moving into the U.S. retail banking market for the first time in decades with the launch of an online savings account, the Financial Times reported.
It will be the London-based bank's first foray into U.S. retail banking in decades, the FT added. More...

May-07 -- Comcast's NBCUniversal Exercises Option To Unload Bulk Of Stake In A&E
Joint venture partners Walt Disney and Hearst will acquire the holding, which analysts have valued at around $2 billion.
Disney's cable networks, including ESPN and Disney Channel, contributed 46 percent of the company's revenue and 70 percent of profit in fiscal 2011. More...

May-07 -- NRC Skimps on Financial Oversight, Audit Says
Nuclear Regulatory Commission staff will conduct a public meeting and open house on Thursday, May 17, regarding the agency's annual assessment of safety performance for the Indian Point nuclear power plant.
Entergy Nuclear Operations, Inc., owns and operates Indian Point , which is the site of two operating pressurized-water reactors and is located in Buchanan (Westchester County), N.Y. More...

May-07 -- WGFD offers training
A law requiring boaters in Minnesota to affix decals outlining the state's aquatic invasive species laws on their boats and trailers will be rescinded July 1, but a new regulation that mandates the completion of an online course aimed at preventing the spread of invasive species goes into effect in July 2015.
In the meantime, Smith said, conservation officers won't be issuing citations to boaters who don't have the boat and trailer decal that's required until July 1. More...

Sunday (Update 2)

May-07 -- Spirit Airline takes heat but keeps growing
Until that time, Spirit will continue to charge $45.
LOS ANGELES (KABC) -- Storing a bag in an overhead bin may soon cost Spirit Airlines fliers more than they bargained for. More...

May-07 -- Yahoo, Alibaba Working on New, Taxable Deal
Reports in early February indicated the 2 sides were restarting discussions for the buy-out with more realistic expectations, after a previous round of talks faltered and stalled out late last year.
Meanwhile, the Alibaba talks are a sideshow. More...

May-07 -- Nuclear-free Japan braces for severe power shortages
The Fukushima crisis is eroding years of Japanese efforts to reduce greenhouse gas emissions blamed for global warming, as power plants running on oil and natural gas fill the electricity gap left by now-shuttered nuclear reactors.
Japan's cabinet said last year that the country needed a new nuclear safety agency that is "trusted domestically and internationally," and Prime Minister Yoshihiko Noda had hoped to have the new agency in place by April 1. More...

May-07 -- DigitalGlobe Rejects Unsolicited Purchase Proposal by GeoEye
Longmont-based DigitalGlobe is mulling a buyout offer from its chief U.S. rival in the satellite imagery business, Virginia-based GeoEye.
More...

May-07 -- Oil Falls Below $100 For First Time Since February
NEW YORK (AP) -- Oil prices have dropped to below $100 per barrel following a disappointing U.S. jobs report and warnings of a weakening world economy.
Oil fell by more than four percent after a weak jobs report added to recent signs that the global economy is weakening, meaning demand for oil should slacken. More...

May-07 -- Yen Gains Versus Peers as Jobs, Elections Fuel Concern
The euro weakened for a fifth day against the dollar after a European report showed the region's manufacturing and services industries shrank in April more than economists predicted.
The dollar has traded in a range of $1.30 to $1.35 per euro since the start of February. More...

May-07 -- Familiar echoes in shale gas boom
Click here to read an account from the Guardian, describing how Chesapeake's shady dealings have now drawn the curiosity of the Securities and Exchange Commission.
McClendon also ran a private hedge fund within Chesapeake that traded energy and other commodities independently of the company's risk managers for several years during the last decade. More...

May-07 -- Fracturing rule offers a concession
The proposed rules require companies, once drilling is complete, to disclose the chemicals used during hydraulic fracturing, or fracking.
The proposal lets gas producers exclude trade secrets and confidential information, Interior Secretary Ken Salazar said today on a conference call. More...

May-07 -- Woman sues Southwest after told she's 'too fat to fly'
An airline in the U.S. is being sued after employees told a passenger that she was too fat to fly.
'The best case scenario is for the customer to notify us of any special needs ahead of time,' said Brandy King. More...

May-07 -- TransCanada files new application for permit to build Keystone XL pipeline ...
The new application includes proposed new routes through the state of Nebraska, the State Department said.
Under Executive Order 13337, it is the Department's responsibility to determine if granting a permit for the proposed pipeline is in the national interest. More...

May-07 -- Rosneft agrees Arctic deal with Statoil
Norway's Statoil ASA (STO, STL.OS) signed on Saturday a cooperation agreement with Rosneft to develop Russia's Arctic offshore fields, joining two other global majors, Exxon Mobil Corp. (XOM) and Italy's Eni SpA (E, ENI.MI), which signed similar deals in April.
The Norwegian oil giant will finance all geological prospecting of the Perseyevsky deposit in the Barents Sea in Russia's north and the Lisyansky, Kashevarovsky and Magadan-1 fields in the Sea of Okhotsk in the Russian Far East. More...

May-07 -- Mansfield Food Pantry Preparing for Stamp Out Hunger Day
The Postal Service, the National Association of Letter Carriers, Campbell Soup Co., Feeding America and other partner organizations are working together to collect food donations on May 12.
"Previous Stamp Out Hunger food drives have brought in 5,000 to 6,000 pounds of food to the pantry," said pantry volunteer Maria Smith. More...

May-07 -- Pension Plan Sues Wal-Mart Officials Over Failures
NEW YORK (AP) One of the nation's largest public pension funds has filed a lawsuit against current and former Wal-Mart executives and board members, saying they had breached their responsibility in handling an alleged bribery scheme.
The pension group owns 5.6 million shares of Wal-Mart, which has more than 3.4 billion shares outstanding. More...

May-07 -- Comcast to Sell Part of Stake in A&E
Three years after NBCUniversal's stake in A&E Television Networks was diluted following the addition of Lifetime, NBCUniversal is cashing out to the tune of several billion dollars.
The Journal cited an analyst who valued NBCUniversal's stake at around $2 billion. More...

May-07 -- UBS loses bid to dismiss FHFA mortgage debt case
The total decreased from $3.4 billion in the first quarter of last year.
Freddie Mac has reported net income for the first quarter of 2012 of $577 million and comprehensive income of $1.79 billion. More...

May-07 -- Share via e-mail
Treasury still owns about 70 percent of AIG's common stock.
AIG said pretax profit at the U.S. life insurance and retirement-services division fell to $862 million from $967 million a year earlier. More...

May-07 -- NRC Skimps on Financial Oversight, Audit Says
Nuclear Regulatory Commission staff will conduct a public meeting and open house on Thursday, May 17, regarding the agency's annual assessment of safety performance for the Indian Point nuclear power plant.
Entergy Nuclear Operations, Inc., owns and operates Indian Point , which is the site of two operating pressurized-water reactors and is located in Buchanan (Westchester County), N.Y. More...

May-07 -- Argentina Congress Backs Takeover of YPF From Repsol
BUENOS AIRES May 3 (Reuters) - The nationalization of Argentina's biggest oil company is expected to sail to final congressional approval on Thursday, reflecting broad domestic support for a measure that has rattled foreign investors.
Some observers have warned that the nationalisation may have negative consequences for foreign investment in Argentina, but Ms Fernandez insists the move is necessary to reduce the states energy bill. More...

May-07 -- Is It Really the 'Thought That Counts'?
MUNCIE, IN - Mothers across America are looking forward to Mother's Day 2012 - the date of which is May 13, 2012.
I am blessed beyond measure in having my Mom. More...

Sunday (Update 1)

May-06 -- Hitting Argentina for Oil Seizure Can Hurt US Interests
BUENOS AIRES May 3 (Reuters) - The nationalization of Argentina's biggest oil company is expected to sail to final congressional approval on Thursday, reflecting broad domestic support for a measure that has rattled foreign investors.
Fernandez made the announcement after signing into law a bill to take over a majority stake in YPF from Spain's Repsol. More...

May-06 -- Two-Notch Debt Downgrade For Citi Could Require $4.7B In Extra Collateral
A two-level downgrade of long-term senior debt ratings ( BAC ) would have prompted the bank to post about $5.1 billion of collateral tied to derivatives contracts and other trading agreements as of March 31, the Charlotte, North Carolina-based firm said yesterday in a regulatory filing.
More...

May-06 -- California, U.S. to bank millions in taxes on Facebook IPO
Facebook founder Mark Zuckerberg plans to sell stock worth around $1 billion in Facebook's IPO. NEW YORK (CNNMoney) -- It's the day techies and investors have been waiting for: Facebook set a price range of $28 to $35 per share for its initial public offering.
Just a sampling for you: In the U.S.and Canada, Facebook earns $9.51 per user. More...

May-06 -- Yahoo, Alibaba Working on New, Taxable Deal
Reports in early February indicated the 2 sides were restarting discussions for the buy-out with more realistic expectations, after a previous round of talks faltered and stalled out late last year.
Meanwhile, the Alibaba talks are a sideshow. More...

May-06 -- Nuclear-free Japan braces for severe power shortages
The Fukushima crisis is eroding years of Japanese efforts to reduce greenhouse gas emissions blamed for global warming, as power plants running on oil and natural gas fill the electricity gap left by now-shuttered nuclear reactors.
Before the Fukushima accident, Japan operated 54 commercial reactors , which accounted for about one-third of the country's energy supply. More...

May-06 -- Putting Our Slow Jobs Recovery Into Perspective
In 2011, roughly 2.7 million people left the job market, and only 945,000 came into it.
The labor force shrank by 164,000 in March. More...

May-06 -- Rosneft and Statoil in Arctic exploration deal
MOSCOW, May 5 (Reuters) - Norway's Statoil will drill in Russian Arctic waters thought to contain 2 billion tonnes of oil in partnership with Rosneft, marking the third deal of its kind for the Russian state company.
Putin last month vowed to win $500 billion in investment for offshore field development over 30 years through new tax and duty incentives that would also grant Arctic access to Russia's private players. More...

May-06 -- Next up to take on Europe's debt crisis: Democracy
The euro weakened for a fifth day against the dollar after a European report showed the region's manufacturing and services industries shrank in April more than economists predicted.
Voting in France and Greece is likely to provide a litmus test of popular tolerance for further austerity, a day after the European Central Bank ended near-term hopes of more policy easing to boost the ailing economy. More...

May-06 -- Carry-ons to cost as much as $100 on Spirit Airlines
Until that time, Spirit will continue to charge $45.
Build 9: 0 ms (Content).Completed macro ody_bottom_caro_two.Parsing macro ody_bottom_caro_eight.Completed macro ody_bottom_caro_eight.Build 9: 31 ms (Content).Build 9: 16 ms (Content).Completed macro ody_conveyor.Parsing macro ody_inteltxtwrapper.Build 9: 0 ms (Content).Completed macro ody_inteltxtwrapper.Parsing macro ody_footer.Parsing macro ody_customcontent. More...

May-06 -- Fracturing rule offers a concession
The proposed rules require companies, once drilling is complete, to disclose the chemicals used during hydraulic fracturing, or fracking.
The move is part of a broader administration effort to increase rules for the controversial practice. More...

May-06 -- TransCanada files new application for permit to build Keystone XL pipeline ...
The new application includes proposed new routes through the state of Nebraska, the State Department said.
Anthony Swift of the Natural Resources Defense Council called Friday for a thorough review of the new application that examines the proposed pipeline as well as the merits of tar sands oil development. More...

May-06 -- LinkedIn raises outlook, beats on profit
SAN FRANCISCO — Career-oriented social network LinkedIn on Thursday announced a $118.75 million deal to buy a SlideShare service for online hosting of PowerPoint, Keynote and other presentations.
Eight Wall Street analysts expected LinkedIn to generate revenues of $178.58 million for the quarter. More...

May-06 -- • Stamp Out Hunger to collect food May 12
Stamp Out Hunger is the world's largest single-day food drive, collecting more than 70 million pounds of food across the U.S. The National Association of Letter Carriers partners with food banks and pantries on a local level to collect bags of food donated on the doorsteps of carriers' normal routes.
Build 9: 890 ms (Content).Completed macro ody_bottom_caro_seven.Parsing macro ody_bottom_caro_eight.Completed macro ody_bottom_caro_eight.Build 9: 1062 ms (Content).Build 9: 16 ms (Content).Build 16: 0 ms (NewsList).Completed macro ody_conveyor.Parsing macro ody_inteltxtwrapper.Build 9: 0 ms (Content).Completed macro ody_inteltxtwrapper.Parsing macro ody_footer.Parsing macro ody_analytics. More...

May-06 -- Rate on 30-year mortgage hits record 3.84 percent
Last year, a 15-year fixed rate averaged 3.89 percent.
Just before reaching fresh multi-month lows, Mortgages Rates rose slightly today after a stronger than expected read on the manufacturing sector. More...

May-06 -- FCC rejects Liberty Media bid for Sirius XM control
May 5 (Reuters) - A federal regulator dismissed John Malone's Liberty Media Corp's application to take control of Sirius XM Radio Inc with its current stake of 40 percent.
"We ended the first quarter with $747 million of cash, after the repurchase of approximately $57 million in aggregate principal amount of our debt during the first quarter. More...

May-06 -- Brazil expects rates below 8 pct by year's end-paper
The rate currently stands at 9 percent annually.
A stampede to savings accounts would likely to raise the government's financing costs. More...

May-06 -- Pension Plan Sues Wal-Mart Officials Over Failures
NEW YORK (AP) One of the nation's largest public pension funds has filed a lawsuit against current and former Wal-Mart executives and board members, saying they had breached their responsibility in handling an alleged bribery scheme.
The suit also alleges that some senior Wal-Mart executives sold shares of company stock before the New York Times story was published April 21. More...

May-06 -- UBS loses bid to dismiss FHFA mortgage debt case
The total decreased from $3.4 billion in the first quarter of last year.
Freddie Mac has reported net income for the first quarter of 2012 of $577 million and comprehensive income of $1.79 billion. More...

May-06 -- Oil drops below $100 for first time since February
NEW YORK (AP) -- Oil prices have dropped to below $100 per barrel following a disappointing U.S. jobs report and warnings of a weakening world economy.
Oil closed down $4 at $98.54 in New York trading today. More...

Sunday

May-06 -- Hitting Argentina for Oil Seizure Can Hurt US Interests
BUENOS AIRES May 3 (Reuters) - The nationalization of Argentina's biggest oil company is expected to sail to final congressional approval on Thursday, reflecting broad domestic support for a measure that has rattled foreign investors.
There is word of more capital destruction in South America. More...

May-06 -- Two-Notch Debt Downgrade For Citi Could Require $4.7B In Extra Collateral
A two-level downgrade of long-term senior debt ratings ( BAC ) would have prompted the bank to post about $5.1 billion of collateral tied to derivatives contracts and other trading agreements as of March 31, the Charlotte, North Carolina-based firm said yesterday in a regulatory filing.
More...

May-06 -- Yahoo, Alibaba Working on New, Taxable Deal
Reports in early February indicated the 2 sides were restarting discussions for the buy-out with more realistic expectations, after a previous round of talks faltered and stalled out late last year.
The two companies have been in talks for a month, the person said, but cautioned that there is no guarantee a deal will be reached. More...

May-06 -- Japan Nuclear Power-Free as Sole Reactor Shuts
The Fukushima crisis is eroding years of Japanese efforts to reduce greenhouse gas emissions blamed for global warming, as power plants running on oil and natural gas fill the electricity gap left by now-shuttered nuclear reactors.
With the four reactors at Fukushima crippled by the natural disaster public suspicion of nuclear power grew, so much so that no reactor shut for routine safety checks has since been allowed to restart. More...

May-06 -- Statoil, Rosneft To Jointly Explore Offshore Frontier Areas Of Russia, Norway
MOSCOW, May 5 (Reuters) - Norway's Statoil will drill in Russian Arctic waters thought to contain 2 billion tonnes of oil in partnership with Rosneft, marking the third deal of its kind for the Russian state company.
Statoil will receive 33.3 percent in a joint exploration venture and finance geological work. More...

May-06 -- Next up to take on Europe's debt crisis: Democracy
The euro weakened for a fifth day against the dollar after a European report showed the region's manufacturing and services industries shrank in April more than economists predicted.
The jobless rate fell to 8.1 percent, from 8.2 percent. More...

May-06 -- Los Angeles Times named California's Newspaper of the Year for 2011
A sister paper of the Tribune, the San Jose Mercury News, was named the best large newspaper in the state.
The San Jose Mercury News wins first place among large papers for general excellence. More...

May-06 -- Steve Coll on Exxon Mobil's oil empire
Perhaps you recall Milo Minderbinder, the ambitious World War II mess hall officer from Catch-22.
COLL: Yeah, I think that's right. More...

May-06 -- Pension Plan Sues Wal-Mart Officials Over Failures
NEW YORK (AP) One of the nation's largest public pension funds has filed a lawsuit against current and former Wal-Mart executives and board members, saying they had breached their responsibility in handling an alleged bribery scheme.
CalSTRS isnt collaborating with other shareholders, but other shareholders may take action as well. More...

May-06 -- Spirit bows to pressure: Airline CEO to refund dying veteran's fare
Until that time, Spirit will continue to charge $45.
"There just wasn't a way we could do that without essentially cheating all the other customers at the airline," Baldanza said. More...

May-06 -- Fracturing rule offers a concession
The proposed rules require companies, once drilling is complete, to disclose the chemicals used during hydraulic fracturing, or fracking.
Oil-field workers drill into the Gypsum Hills near Medicine Lodge, Kan., using horizontal drilling and a technique known as hydraulic fracturing -- or fracking -- to coax out oil and gas. More...

May-06 -- Gloom builds for euro zone, United States
LONDON (AP) -- Stocks turned lower on Thursday after the European Central Bank indicated it would not, for now, take further steps to fight the debt crisis and U.S. economic data disappointed expectations.
The euro hit session highs at $1.3179 after falling to two-week lows at $1.3097. More...

May-06 -- Private survey shows US hiring slowed last month
The four-week average, a less volatile measure, ticked up to 383,500 last week, the highest level since December.
New claims for unemployment benefits tumbled more than expected in the latest week, raising hopes that the job market remains on the mend. More...

May-06 -- Jobs report won't move Fed, analysts say
In 2011, roughly 2.7 million people left the job market, and only 945,000 came into it.
U.S. unemployment has remained above the 8% mark since February 2009. More...

May-06 -- LinkedIn raises outlook, beats on profit
SAN FRANCISCO — Career-oriented social network LinkedIn on Thursday announced a $118.75 million deal to buy a SlideShare service for online hosting of PowerPoint, Keynote and other presentations.
LinkedIn has just announced it plans to acquire San Francisco-based startup SlideShare for about $119 million. More...

May-06 -- Keystone pipeline controversy returns to dog Obama
The new application includes proposed new routes through the state of Nebraska, the State Department said.
Obama rejected the pipeline after Nebraska state ( STONE1 ) officials and environmental groups objected to the route that crosses the Ogallala aquifer, a drinking-water source for 1.5 million people. More...

May-06 -- GM rakes in big profits, avoids US income tax
GM reported operating earnings of $1.7 billion in its North American auto unit when excluding special items, up from $1.3 billion on that basis in the first quarter of last year.
Overall, GM reported a $1 billion profit in the first quarter of 2012 , down $2.2 billion before taxes from a year ago. More...

May-06 -- Woman sues Southwest over large passengers policy
Kenlie Tiggeman, the overweight passenger who garnered national attention last May after she claimed a Southwest gate agent told her she was "too fat to fly," is now suing the airline.
The woman at the centre of a 'too fat to fly' controversy has announced that she is suing Southwest Airlines, which refused to allow her on a flight because of her size. More...

May-06 -- Oil drops below $100 for first time since February
Retailers appeared to be enjoying comfortable margins with gasoline selling for nearly $4 a gallon in most places.
Fri, May 04 03:19 PM Crude oil futures drop after release of disappointing U.S. jobs data : Underwhelming economic data about job growth in the U.S. pulled down the price of crude oil futures on Friday. . More...

Saturday (Update 2)

May-06 -- No escaping European risks
EUROPEAN stock markets fell sharply and the euro lost ground ahead of weekend elections in France and Greece.
Looking at market capitalization within the MSCI All Country World Index, the European Economic and Monetary Union (EMU) index, which covers stocks in the 11 major developed markets in Europe Union, now represents just 10 percent of the total, down from a peak in 1998 of about 17 percent. More...

May-06 -- Why a Partial Yahoo-Alibaba Sale Must - And I Underscore Must - Not Get Done ...
Reports in early February indicated the 2 sides were restarting discussions for the buy-out with more realistic expectations, after a previous round of talks faltered and stalled out late last year.
New reports suggest that China's e-commerce leader is near finalizing a $3 billion bank loan it will need to complete the buy-back. More...

May-06 -- Two-Notch Debt Downgrade For Citi Could Require $4.7B In Extra Collateral
A two-level downgrade of long-term senior debt ratings ( BAC ) would have prompted the bank to post about $5.1 billion of collateral tied to derivatives contracts and other trading agreements as of March 31, the Charlotte, North Carolina-based firm said yesterday in a regulatory filing.
More...

May-06 -- Thousands march as Japan shuts off nuclear power
The Fukushima crisis is eroding years of Japanese efforts to reduce greenhouse gas emissions blamed for global warming, as power plants running on oil and natural gas fill the electricity gap left by now-shuttered nuclear reactors.
A vocal critic of Japan's business establishment for years, Son has publicly blasted Japan's regulators and utilities for working together to block new entrants and keep the power rates consumers pay high. More...

May-06 -- Yahoo: Pay no attention to that man behind the curtain
Yahoo Inc.investor Third Point, which is fighting for representation on the Internet company's board, criticized Chief Executive Scott Thompson for inaccuracies in his educational record.
SAN FRANCISCO -- A disgruntled Yahoo shareholder questioned the qualifications and integrity of recently hired CEO Scott Thompson after exposing a misrepresentation about the executive's education. More...

May-06 -- Statoil to drill with Rosneft on Russian shelf
The agreement also offers Rosneft, Russia's largest oil producer, an opportunity to acquire stakes in Statoil projects in the North Sea and in the Norwegian sector of the Barents Sea.
Statoil is part of an international consortium, together with Total SA (TOT, FP.FR) and Gazprom (OGZPY, GAZP.RS), to develop the Shtokman liquefied natural gas project off the Russian Arctic Circle, but the project has suffered a number of delays on the investment decision. More...

May-06 -- Share via e-mail
Treasury still owns about 70 percent of AIG's common stock.
AIG said pretax profit at the U.S. life insurance and retirement-services division fell to $862 million from $967 million a year earlier. More...

May-06 -- Spirit Airlines caves, agrees to refund dying veteran's ticket
In the Philadelphia region, Spirit operates out of Atlantic City International Airport, the only scheduled carrier now flying from that airport.
In 2010, 20 airlines collected $3.4 billion in bag fees and $2.3 billion in rebooking fees. More...

May-06 -- Hacking homelessness: San Franciscans hope startup approach can ease ...
Post Forum members consistently offer thought-provoking, timely comments on politics, national and international affairs.
Optimism reigns in San Francisco, especially when it comes to the promise of technology to improve people's lives. More...

May-06 -- House reaches agreement on Export-Import Bank
According to The Hill , it looks like the House will take up a Export-Import bank reauthorization, including a massive $40 billion increase in loan authority, as early as next week.
In late April, 30 House Republicans wrote Cantor and House Speaker John Boehner that "as conservatives, we believe it is imperative that Congress move forward with a multiyear reauthorization of Ex-Im that provides certainty and stability for U.S. manufacturers and exporters as soon as possible." More...

May-06 -- FCC rejects Liberty Media bid for Sirius XM control
May 5 (Reuters) - A federal regulator dismissed John Malone's Liberty Media Corp's application to take control of Sirius XM Radio Inc with its current stake of 40 percent.
Sirius strenuously protested with the FCC, and Karmazin in a recent call with investors mocked Liberty's argument as "40 is the new 50." More...

May-06 -- Pension Plan Sues Wal-Mart Officials Over Failures
NEW YORK (AP) One of the nation's largest public pension funds has filed a lawsuit against current and former Wal-Mart executives and board members, saying they had breached their responsibility in handling an alleged bribery scheme.
The Times reported that top Wal-Mart officials in the U.S. learned of the bribery allegations in 2005 but didn't then alert U.S. or Mexican authorities. More...

May-06 -- Fracturing rule offers a concession
The proposed rules require companies, once drilling is complete, to disclose the chemicals used during hydraulic fracturing, or fracking.
Fridays draft rule affects drilling operations on the 700 million acres of public land administered by the Interior Departments Bureau of Land Management as well as 56 million acres of Indian lands. More...

May-06 -- Florida's Security Bank, National Assn. fails
The deal gives Banesco branches in North Lauderdale, Doral and on Coral Way in Miami.
You can withdraw some or all of your funds from your deposit accounts without penalty until you enter into a new agreement with Banesco USA, provided that you are not using your deposits to secure a loan. More...

May-06 -- Dollar drops on jobs data, euro sinks before elections
The euro was steady in European hours Friday as currency traders absorbed more evidence of a European economic slowdown but held off from betting aggressively ahead of U.S. jobs data, elections in France and Greece, and an extended weekend in London.
From Ireland to the Czech Republic, people are balking at the German-led approach, which recently prompted the European Community to adopt a new "growth" pact that was actually a reaffirmation of austerity. More...

May-06 -- Oil drops below $100 for first time since February
Retailers appeared to be enjoying comfortable margins with gasoline selling for nearly $4 a gallon in most places.
Fri, May 04 03:19 PM Crude oil futures drop after release of disappointing U.S. jobs data : Underwhelming economic data about job growth in the U.S. pulled down the price of crude oil futures on Friday. . More...

May-06 -- ECB-Loan Profits, Carry Trades, Basel Boundaries: Compliance
LONDON (AP) -- Stocks turned lower on Thursday after the European Central Bank indicated it would not, for now, take further steps to fight the debt crisis and U.S. economic data disappointed expectations.
"I certainly agree with your question when you say we have to put growth back at the centre of the agenda, without any contradiction with the need to continue, persevere in fiscal consolidation," he said. More...

May-06 -- Brazil expects rates below 8 pct by year's end-paper
The rate currently stands at 9 percent annually.
The Selic is currently 9 percent. More...