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Ex-Im Bank loan guarantee to Air India upheld by US appeals court

Tue, 18 Jun 2013 17:24:35 -0400

WASHINGTON - A U.S. appeals court has upheld a decision by the U.S. Export-Import Bank to finance the sale of 30 Boeing wide-body jets to Indian state-owned carrier Air India in a legal challenge brought by Delta Air Lines to the loan guarantee. The court has however directed the government-run bank to better explain its rationale for providing loan guarantee, which Delta claimed as a victory ...

Google spending $7mn to fight child pornography

Tue, 18 Jun 2013 17:23:53 -0400

LONDON - Internet giant Google said it is spending $5 million to wipe images of child abuse off the Internet and another $2 million to create tools to find the images and eradicate them. "We're in the business of making information widely available, but there's certain 'information' that should never be created or found," wrote Jacqueline Fuller, director of Google Giving, in a blog post. "We ...

Aspen seeks to acquire GSK thrombosis drug and plant

Tue, 18 Jun 2013 17:20:31 -0400

DURBAN / LONDON - South Africa's biggest generic drug maker Aspen Pharmacare and its subsidiary Aspen Global Incorporated have made an offer to acquire thrombosis drugs and their associated manufacturing site at Notre Dame de Bondeville, France, from GlaxoSmithKline (GSK). "AGI will acquire from GSK the Arixtra and Fraxiparine/Fraxodi brands and business worldwide, except in China, Pakistan ...

Shenzen to be first Chinese city to begin carbon trading

Tue, 18 Jun 2013 17:12:35 -0400

BEIJING - China, the world's biggest carbon emitter, is set to launch Tuesday its first carbon trading scheme as a pilot project in the southern city of Shenzhen as part of efforts to cut emissions in its key cities. Carbon emissions trading schemes are meant to encourage companies to reduce their carbon dioxide emissions by setting a limit or a cap, on the level of emission that can be ...

UK inflation rises to 2.7pc in May pushed by higher transport cost

Tue, 18 Jun 2013 17:12:21 -0400

LONDON - The consumer price index (CPI) inflation increased to 2.7% in May, up from 2.4% in April, mainly due to higher fuel costs pushing up transportation costs particularly airfares, the Office for National Statistics (ONS) said Tuesday. The ONS said the rise was due to a record increase in airfares and higher fuel prices. "The inflation rate has returned to the levels seen between ...

Yahoo follows Facebook and Microsoft in publishing US govt sought snoop data

Wed, 19 Jun 2013 02:40:03 -0400

Internet corporation Yahoo has followed the league of technological companies in publishing reports about 'snoop data' requests made by the US government. According to the Guardian, Yahoo has revealed that it had received 12,000-13,000 requests, inclusive of criminal, Foreign Intelligence Surveillance Act (FISA), and other requests by the government between 1 December 2012 and 31 May 2013. ...

RBS Lloyds Barclays account for most of UK capital gap - FT

Wed, 19 Jun 2013 13:42:06 -0400

LONDON (Reuters) - Britain's financial regulator will on Thursday say capital holes at Royal Bank of Scotland, Lloyds Banking Group and Barclays account for more than 90 percent of a 25 billion-pound ($39 billion) shortfall, the Financial Times said.The shortfall was based on estimates at the end of 2012, and the Bank of England said in March about half the total amount it identified was ...

Microsoft offers hefty bounties to thwart hackers

Wed, 19 Jun 2013 13:41:58 -0400

By Jim FinkleBOSTON (Reuters) - Microsoft Corp is looking to recruit computer geeks in its ongoing efforts to protect Windows PCs from attacks, offering rewards of as much as $150,000 (95,822.15 pounds) to anybody who helps identify and fix major security holes in its software.Microsoft unveiled the rewards program, one of the most generous in the high-tech industry to date, on Wednesday as it ...

Western Pa. guardsman sues claiming Target fired him as no show during 2-week training stint

Wed, 19 Jun 2013 13:39:52 -0400

Target Corp., saying he was wrongly fired from one of the chain's Pittsburgh-area stores for violating its "no-call, no-show" policy while he was on a two-week training assignment in Virginia. Andrew Lanier claims in the federal lawsuit filed Wednesday in Pittsburgh that he told his supervisors about the training duty in October 2011 only to be told when he returned that he was ...

World Food Prize goes to 3 biotech researchers who made genetically modified plants possible

Wed, 19 Jun 2013 13:39:51 -0400

DES MOINES, Iowa -- This year's World Food Prize is going to a Belgian scientist and two researchers in the United States for their innovations that brought the world genetically modified crops. The prize organizers say the technology that allows for the stable transfer of genes into plant cells has improved yields, resistance to insects and disease, and tolerance of extreme climate ...

FBI director urges caution by Congress before making any changes to NSA programs

Wed, 19 Jun 2013 13:39:50 -0400

WASHINGTON -- FBI Director Robert Mueller is cautioning Congress to give careful consideration before making any changes to the National Security Agency programs for mass collection of people's phone records and information from the Internet. In an appearance before the Senate Judiciary Committee, the FBI director says there are 10 or 12 cases in which the phone records program contributed ...

Porsche GMC top survey of vehicle quality overall scores hit by glitches with tech features

Wed, 19 Jun 2013 13:39:49 -0400

DETROIT -- Porsche is the top performer in an annual survey of new vehicle quality. J.D. Power questioned more than 83,000 U.S. car owners about problems with their 2013 vehicles in the first 90 days of ownership. In the results released Wednesday, Porsche, GMC, Lexus, Infiniti and Chevrolet owners reported the fewest problems. The worst performing brands were Scion, Fiat, Mitsubishi, Nissan ...

Currencies Dollar broadly lower ahead of Fed outlook

Wed, 19 Jun 2013 13:34:41 -0400

NEW YORK (MarketWatch) -- The U.S. dollar fell against most rivals, including the Japanese yen, on Wednesday ahead of highly anticipated guidance from the U.S. Federal Reserve on what it plans to do with its bond-buying ...

Bond Report Treasurys edge lower ahead of Fed meeting

Wed, 19 Jun 2013 13:34:40 -0400

NEW YORK (MarketWatch) -- Treasurys took a weaker tone on Wednesday as investors waited for the Federal Reserve's policy statement and Fed Chairman Ben Bernanke's news ...

Ian Livingstons government career may be short-lived

Wed, 19 Jun 2013 13:31:22 -0400

Why does Livingston want to be an unpaid trade minister ? We will have to take him at his word: he regards the post as an honour and he is tempted by the chance to try something new. Fair enough. The interesting question is what he does after being trade minister, especially if he's out of job after the election in May 2015. He is 48 and clearly ambitious. A quiet life in ...

United Utilities and Severn Trent hit by downgrades as markets await Bernanke

Wed, 19 Jun 2013 13:31:20 -0400

, 69p lower at 16.96, saw their shares go ex-dividend. But both were also hit by negative comments from RBC Capital Markets.On United, analyst John Musk issued an underperform rating and cut his target price from 680p to 650p, suggesting its dividends were at risk and it was facing a harsher regulatory environment. He ...

Microsoft Bug Bounty Program Puts Big Bucks On The Line

Wed, 19 Jun 2013 13:30:52 -0400

new bug bounty program that could pay as much as $150,000 for a single exploit. Last year, Microsoft launched a novel approach to the bounty concept with ...

Microsoft Finally Offers To Pay Hackers For Security Bugs With $100000 Bounty

Wed, 19 Jun 2013 13:30:52 -0400

Vasilis Pappas claiming his $200,000 reward for developing a new hacking defense at Microsoft's Blue Hat Prize event last year. Now Microsoft is adding ongoing bounties for offensive hacking techniques, too. For years, Microsoft has refused to offer financial rewards to researchers who tell the company about security flaws in its software, even ...

Bulls Bet On Micron Before Earnings Bears Smell More Blood In Mens Wearhouse

Wed, 19 Jun 2013 13:30:51 -0400

Options traders were snapping up out of the money call options on Micron Technology this morning ahead of the company's third-quarter earnings report after the closing bell today. Shares in the name kicked off the trading session in rally mode, rising as much as 2.6% to a six-year high of $14.11 in the early going, but have since cooled off to $13.80 as of 1:10 p.m. ET. Micron's shares ...

Watch the Feds Economic Forecast for Taper Clues

Wed, 19 Jun 2013 13:28:41 -0400

Federal Reserve officials could carry more weight than usual when traders dissect the Fed's message Wednesday afternoon, and it may provide more clues as to when the Fed could start to wind down its bond ...

Jeep Recall Smaller Than First Sought

Wed, 19 Jun 2013 13:28:40 -0400

About 1.2 million Jeeps originally listed as part of a recall requested by federal safety authorities have been effectively excluded from the compromise ...

Santelli to Fed What Are You Afraid Of

Wed, 19 Jun 2013 13:28:40 -0400

CNBC's Rick Santelli, explains why he hears 'crickets" when he asks questions about Fed Chairman Bernanke's policies. "Enough is enough," he ...

SEC Should Target Individuals

Wed, 19 Jun 2013 13:28:39 -0400

current SEC Chairman Mary Jo White said that this is set to change for some cases. Meanwhile, a former chairman of the SEC, Harvey Pitt, told CNBC that this new development is a good one. However, Pitt thinks ultimately this stricter stance on admission of guilt should eventually be combined with a strategy that focuses more on individuals, instead of primarily going after companies. "I ...

IRS to pay $70M in employee bonuses senator says

Wed, 19 Jun 2013 13:23:33 -0400

The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of automatic spending cuts enacted this year, according to a GOP senator. The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of ...

Stocks droop as traders await Fed policy signal

Wed, 19 Jun 2013 13:23:33 -0400

52 minutes ago Stocks fluctuated on Wednesday, with global markets trading cautiously, as investors hesitated to jump in ahead of the Federal Reserve's all-important policy statement and Chairman Ben Bernanke's press briefing later in the day. "The press conference can be very important--this would be a good time to elicit some interesting information from the Fed Chairman," ...

Dont Make These Bond Mistakes Gundlach

Wed, 19 Jun 2013 13:23:32 -0400

Bond King Jeffrey Gundlach of DoubleLine Capital explains why he thinks it doesn't pay for investors looking for yield to leave bonds and buy dividend stocks or ...

Gundlach Bonds Will Rally Gold Will Hit New Low

Wed, 19 Jun 2013 13:23:31 -0400

Men's Wearhouse founder George Zimmer defends his position at the company that fired him, reports CNBC's Josh Lipton. Jeffrey Gundlach, DoubleLine Capital, explains why the Fed's tapering program makes him ...

Gundlach Bet on a Most Hated Asset

Wed, 19 Jun 2013 13:23:30 -0400

The Fed will likely signal a reduction of asset purchases, making one investment the best bet in the near future, DoubleLine Capital's Jeff Gundlach ...

Santelli To Hilsenrath Why Do We Still Need QE

Wed, 19 Jun 2013 13:23:28 -0400

Are reporters lobbing "softball" questions at the Fed chairman? CNBC's Rick Santelli and the Wall Street Journal's Jon Hilsenrath, debate whether the economy continues to need quantitative easing. I'm trying to inform the public about what the Fed is ...

Mens Wearhouse icon wont like the way he looks -- hes out

Wed, 19 Jun 2013 13:23:27 -0400

In this May 6, 1999 file photo, George Zimmer, second from left, gestures prior to a meeting, in Oakland, Calif. Men's Wearhouse Inc. says it has dismissed Zimmer, its founder and executive chairman. Men's Wearhouse has fired George Zimmer, its bearded executive chairman famous for his TV ad line: "You're going to like the way you look. I guarantee it."The announcement ...

News Corp spinoffs start preliminary trading

Wed, 19 Jun 2013 13:15:52 -0400

(Reuters) - News Corp's publishing and entertainment arms began trading separately on a preliminary basis on Wednesday, one of the last steps before Rupert Murdoch's company officially splits in two on June ...

Skys the limit for civil drones

Wed, 19 Jun 2013 13:15:40 -0400

According to the European Commission, there are more than 400 projects across 20 European countries to develop civil unmanned aerial vehicles (UAV) ranging from some weighing just a few grams to others the size of an Airbus A320 ...

Porsche plaintiffs bolstered by court ruling lawyer

Wed, 19 Jun 2013 13:15:40 -0400

A logo is seen on a wheel of a Porsche 911 Carrera 4S ahead of the annual news conference at the Porsche headquarters in Stuttgart March 15, ...

Wall Street all eyes on the Fed

Wed, 19 Jun 2013 13:12:54 -0400

Federal Reserve will say about the U.S. economy and the central bank's huge stimulus program this afternoon. The U.S. central bank will release its latest policy update at 2 p.m. Eastern Daylight Time and Bernanke will speak at a press conference thirty minutes later. Comments by Bernanke last month suggesting the central bank may soon ease that support unsettled investors and caused this ...

U.S. needs oil sands as surge from shale bonanza seen overdone

Wed, 19 Jun 2013 13:11:03 -0400

The U.S. will continue to need crude from Canada's oil sands because rising production from its shale formations is too expensive to maintain. Increased crude output from U.S. shale isn't "sustainable production," Mike Tims, chairman of Canadian investment bank Peters & Co., said yesterday at a Bloomberg energy forum in Calgary. Producers need to invest too much to ...

Air Canada has array of choices to replace narrow-body fleet

Wed, 19 Jun 2013 13:11:03 -0400

The 50th International Paris Air Show is being held from June 17 -23. The Financial Post’s Scott Deveau is in Paris this week to cover the event. Read his first dispatch ...

Poloz follows Carney as he urges businesses to start spending

Wed, 19 Jun 2013 13:11:02 -0400

OTTAWA -- Stephen Poloz stepped carefully into the public spotlight Wednesday, ostensibly to begin laying the foundation of his stewardship of the Bank of Canada but offering few concrete ideas to set him apart from his ...

Did President Obama ‘essentially fire’ his head banker on national TV

Wed, 19 Jun 2013 13:11:01 -0400

President Barack Obama was showing Ben Bernanke the door with his comments this week, observers say, and that could mean tapering will begin sooner rather than ...

BG Group looking to partner up for proposed West Coast LNG project

Wed, 19 Jun 2013 13:11:00 -0400

CALGARY - The U.K.'s BG Group PLC says it expects to own less than 50% of a liquefied natural gas project proposed for Canada's West Coast. BG this week applied to Canada's National Energy Board to export up to 21.6 million tonnes of super-cooled gas per year, or roughly 2.9 billion cubic feet a day, from a proposed LNG terminal on Ridley Island near Prince Rupert, British ...

Jail ‘reckless’ bankers and kill bonuses if taxpayer bailouts needed report urges UK lawmakers

Wed, 19 Jun 2013 13:10:58 -0400

While Canadian bankers continue to win international praise for riding out the global financial crisis, a hard-hitting report in Britain, which is still recovering from a series of financial scandals, has recommend bankers ‘should face threat of jail’and tighter limits on bonuses if involved in a future banking collapse. The long-awaited commission report on banking urges the UK ...

Ousted Mens Wearhouse Founder Says He Was Silenced

Wed, 19 Jun 2013 13:08:49 -0400

After retailer Men's Wearhouse [NYSE: MW] announced that it "terminated" founder and executive chairman George Zimmer, best known to consumers for his hundreds of TV commercials pitching suits, he fired back saying the company's board "has inappropriately chosen to silence my concerns." The company said that "in light of Mr. Zimmer's termination," ...

Wipro wins large contract worth Rs 2900 crore from Citigroup

Wed, 19 Jun 2013 13:08:38 -0400

In Mumbai, rentals in sea-facing Haveli on Malabar Hill, NCPA Apts at Nariman Point and Maker Towers at Cuffe Parade, where rentals range between Rs 5.5 lakh and Rs 12 lakh a month, are down ...

US STOCKS-Wall St edges lower as Fed statement looms

Wed, 19 Jun 2013 12:59:04 -0400

Wed Jun 19, 2013 12:59pm EDT * Fed expected to maintain pace of bond purchases * Adobe, FedEx shares rise after results * Dow, S&P off 0.1 pct, Nasdaq off 0.2 pct By Alison Griswold NEW YORK, June 19 (Reuters) - U.S. stocks dipped on Wednesday as investors awaited a Federal Reserve statement that could provide clues about the central bank's future stimulus efforts, a key to the market's ...

Stock Markets Watch Bernanke

Wed, 19 Jun 2013 12:31:18 -0400

Top officials of the U.S. central bank are discussing how much and how soon to reduce their efforts to speed up economic growth. The chairman of the Federal Reserve will report their decisions Wednesday afternoon at 2:30 p.m. Ben Bernanke has previously said the bank will cut stimulus efforts if the unemployment situation improves further or inflation rises strongly. Stock markets have been ...

Senators seek cost cuts for F-35 fighter jet Pentagon says its priciest program improving

Wed, 19 Jun 2013 12:27:20 -0400

WASHINGTON -- Senators sought cost-cutting opportunities Wednesday in the Pentagon's $400 billion program for the next-generation F-35, a fighter jet with a troubled testing record that military leaders said America couldn't afford not to build. Chairing the hearing, Sen. Dick Durbin lamented that the F-35 already has cost taxpayers billions more than what Congress signed up for more ...

Grand Forks Herald publisher to retire after 35-year career with Pulitzer-winning newspaper

Wed, 19 Jun 2013 12:27:18 -0400

GRAND FORKS, N.D. -- The publisher of North Dakota's Grand Forks Herald plans to retire next year. Mike Jacobs has been with the newspaper for 35 years and has been publisher since 2004. He was the Herald's editor when the newspaper won a Pulitzer Prize for Public Service for its coverage of the 1997 Red River flood. The Herald reports (http://bit.ly/1bVlH7z ) that he plans to step ...

Israel decides to export 40 percent of its natural gas remainder for local market

Wed, 19 Jun 2013 12:27:17 -0400

JERUSALEM -- Israel has decided to export 40 percent of the natural gas it expects to produce from offshore wells, keeping a larger amount for local use than expected. The figure, announced by Prime Minister Benjamin Netanyahu on Wednesday, is lower than the 53 percent recommended by an inter-ministerial committee last year. The remainder should provide Israel with enough gas for 25 years. The ...

Company submits sampling plan pre-application notification for mine to Wis. DNR

Wed, 19 Jun 2013 12:27:16 -0400

MADISON, Wis. -- A company looking to dig a huge iron mine just south of Lake Superior has filed new papers with the Wisconsin Department of Natural Resources outlining a bulk sampling plan and notifying the agency it plans to seek a mining permit. Gogebic Taconite filed the papers Monday. They include a plan that calls for sampling rock from five sites to assess the quality of the iron deposit. ...

Mortgage settlement monitor says banks still falling short on helping struggling homeowners

Wed, 19 Jun 2013 12:27:15 -0400

WASHINGTON -- A new report says homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, the independent monitor of last year's national mortgage settlement, said Wednesday that while the banks are doing a better job ...

Dolce Gabanna designers convicted of $1.3B tax evasion sentenced to 20 months in jail

Wed, 19 Jun 2013 12:23:58 -0400

My son Maddox gets shot in head during 'World War Z,' says Brad Pitt Adults were left terrified at the end of Brad Pitt’s zombie thriller ...

Mens Wearhouse ousts founder pitchman Zimmer

Wed, 19 Jun 2013 12:20:26 -0400

FILE - In this Thursday, May 6, 1999 file photo, George Zimmer, second from left, gestures to Andy Dolich prior to a meeting, in Oakland, Calif. Men's Wearhouse Inc. says it has dismissed Zimmer, its founder and executive chairman. In a terse release issued Wednesday, June 19, 2013, the company didn't give a reason for the abrupt firing of Zimmer, who built Men's Wearhouse from one ...

OECD says Ireland must apply 12.5 corporate tax rate not 2

Wed, 19 Jun 2013 12:18:01 -0400

OECD says Ireland must apply 12.5% corporate tax rate not 2% By Michael Hennigan, Finfacts founder and editor Jun 19, 2013 - 4:48 PM ...

Microsoft touts Windows 8 apps momentum heading into Build

Wed, 19 Jun 2013 12:17:28 -0400

Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times technology reporter Janet I. ...

Telecommuters Beware Boss is Watching

Wed, 19 Jun 2013 12:15:42 -0400

Even if you are thousands of miles away from the office and wearing your pajamas, your boss could still be watching you just as closely as if you were sitting in the next cubicle over. Some companies are monitoring employees' every keystroke no matter where they are working, and that's leading to more than just sniffing out who is stealing company secrets. It's also giving some ...

Cramer Too Many Fed Parlor Games

Wed, 19 Jun 2013 12:15:42 -0400

Stop trying to pick who Ben Bernanke's successor will be and start picking stocks, CNBC's Jim Cramer said Wednesday. "There are too many parlor games," Cramer said of speculation about the next Fed chairman. Instead, Cramer wants to see the market more concerned with individual stocks, adding that a tapering announcement by the Federal Reserve will be a "hiccup" for ...

Tesla Motors Issues Recall

Wed, 19 Jun 2013 12:15:41 -0400

Tesla Motors said it is recalling 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 because of a defect in the mounting bracket of the rear seat. "This reduces our confidence that the left hand seat back will be properly retained in the event of a crash," Tesla founder and Chief Executive Elon Musk said in a statement on Wednesday posted on the company's ...

HBO GO and ESPN App Come to Apple TV

Wed, 19 Jun 2013 12:15:41 -0400

Apple TV just got more interesting. The tech giant announced that the HBO GO and WatchESPN applications are now available on its Apple TV platform. However, to use both apps on the Apple TV platform, users must already have a subscription to the services via their cable service ...

Banks Eye Fed Decision on Rates

Wed, 19 Jun 2013 12:10:27 -0400

David Trone, JMP Securities analyst, and Jason Goldberg, Barclays analyst, explain how the Fed's decision on interest rates will impact the financial ...

Fed Matters I Cant See Clearly Now

Wed, 19 Jun 2013 12:10:26 -0400

CNBC's Steve Liesman takes a look at whether a new era of transparency at the Fed really has made things clearer. Jeffrey Kleintop, LPL Financial, and Jim Dunigan, PNC Wealth Management, weigh in on the Fed's next move and whether it's time for ...

What the Fed Justin Bieber Have in Common

Wed, 19 Jun 2013 12:10:23 -0400

Neil Irwin, Washington Post economics columnist, explains why he thinks our obsession with the Fed is synonymous to a teenager's obsession with idol Justin ...

FedEx Trades Higher After Q4 Earnings Beat

Wed, 19 Jun 2013 12:10:12 -0400

Shares of the economic bellwether are up after its earnings beat but revenue miss. Brandon Oglenski, Barclays analyst, and Christian Wetherbee, Citi analyst, break down the results and provide a play on the transportation ...

President Obama Speaks in Germany

Wed, 19 Jun 2013 12:10:11 -0400

President Obama, speaking in Berlin, proposes deep cuts to America's nuclear weapons and addressed the NSA surveillance program. He also discussed Ben Bernanke, reports CNBC's John ...

BlackBerry shares fall as analyst downgrades stock ahead of earnings

Wed, 19 Jun 2013 12:02:59 -0400

TORONTO (Reuters) - BlackBerry shares fell nearly 4 percent on Tuesday after a Bernstein Research analyst cut his rating on the stock to "underperform" ahead of the company's quarterly earnings release next ...

Swiss parliament rejects U.S. tax deal

Wed, 19 Jun 2013 12:02:48 -0400

At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once ...

World Bank Keeping Eye on Fed

Wed, 19 Jun 2013 11:59:12 -0400

LONDON – The World Bank is concerned about the spillover effects on developing countries of a slowing of U.S. money creation and will move to provide affordable capital when borrowing costs rise, its president said on Wednesday. The U.S. Federal Reserve has sparked a bout of financial market turmoil since its chief, Ben Bernanke, announced on May 22 that the Fed could, before the year is ...

Why analysts say Lululemon’s growth strategy is a stretch

Wed, 19 Jun 2013 11:57:50 -0400

Lululemon Inc. says it can double its size in the U.S., build an international unit almost from scratch and get men hooked on US$88 yoga pants. More and more analysts are saying those plans are a ...

Tesla recalling 1200 Model S cars on safety issue

Wed, 19 Jun 2013 11:56:56 -0400

TSLA ) is recalling as many as 1,228 of its Model S vehicles, citing a problem with a rear seat latch in the electric sports sedan. The company says no injuries or customer complaints have been reported. Chairman and CEO Elon Musk said in a blog entry Wednesday that the strength of a mounting bracket for the rear, left seat latch may be weaker than intended. The issue was discovered June 10 and ...

One reason TV has to change Mobile

Wed, 19 Jun 2013 11:56:56 -0400

new study from Ooyala , a video analytics company, highlights why the walls will break down. It's not just that consumers want to pay less for cable TV or that some are determined to stream only television programming over the Internet. One of the major deciding factors will be that video viewing goes mobile, and many traditional carriers have little to no strength in that ...

Bluebird Bio shares rocket higher in trading debut

Wed, 19 Jun 2013 11:56:48 -0400

The company’s initial public offering of 5.94 million shares had been priced Tuesday at $17 per share, above its initial expectations of $14 to $16 per ...

UPDATE 2-Tesla recalls some Model S cars due to seat-mount defect

Wed, 19 Jun 2013 11:31:09 -0400

Wed Jun 19, 2013 11:31am EDT By Bernie Woodall June 19 (Reuters) - Electric car maker Tesla Motors Inc will recall 1,228 of its 2013 Model S cars manufactured between May 10 and June 8 due to a defect in the mounting bracket of the rear seat. The fix will cost Tesla about $150,000 during the second quarter, company spokeswoman Shanna Hendriks said. Tesla will inspect and reinforce the bracket in ...

I like the way you look and Ive been fired. George Zimmer out at Mens Wearhouse

Wed, 19 Jun 2013 11:13:07 -0400

Men's Wearhouse Inc. has dismissed its founder and executive chairman George Zimmer.In a terse release issued Wednesday, the company didn't give a reason for the abrupt firing of Zimmer, who built Men's Wearhouse from one small Texas store using a cigar box as a cash register to one of the nation's largest specialty retailers in men's clothing, with 1,143 locations.In ...

Financial Stocks Financial stocks retreat ahead of Fed decision

Wed, 19 Jun 2013 11:11:41 -0400

"It's just some last-minute nervousness about exactly what the Fed statement will say and what Bernanke might say at his press conference this afternoon," said David Hilder, analyst at Drexel ...

Tech Stocks Adobe rises but Apple Microsoft slip

Wed, 19 Jun 2013 11:11:39 -0400

SAN FRANCISCO (MarketWatch) -- Shares of Adobe Systems Inc. jumped Wednesday, but the tech sector was weighed down by sliding shares of Apple Inc. and Microsoft ...

Movers Shakers Wednesday’s movers Sprint down as Dish drags feet

Wed, 19 Jun 2013 11:11:38 -0400

SAN FRANCISCO (MarketWatch) -- Sprint Nextel Corp. fell on Wednesday after Dish Network Corp. opted not to raise its competing offer for the wireless carrier, all but effectively yielding the field to Japan's SoftBank ...

US stocks edge lower

Wed, 19 Jun 2013 11:09:47 -0400

New York - US stocks are edging lower in early trading on Wall Street as investors hold back ahead of a policy announcement from the Federal ...

Delays and high prices leave rail passengers dissatisfied

Wed, 19 Jun 2013 11:08:18 -0400

Passenger satisfaction on the railways is dipping, with value for money and how companies deal with delays being the biggest cause for complaint, according to a survey of thousands of train customers.Just one train company, Great Anglia, improved its overall satisfaction levels between spring 2012 and spring 2013, the poll by rail customer watchdog Passenger Focus found.Nationally, the percentage ...

Bernanke Ultimate Lame Duck Langone

Wed, 19 Jun 2013 11:05:27 -0400

Whatever Federal Reserve Chairman Ben Bernanke says now is temporary because it looks like he'll be leaving his post, billionaire investor Kenneth Langone told CNBC on Wednesday. In an interview with Charlie Rose that aired Monday, President Barack Obama hinted that Bernanke may be on his way out. ...

Ask Bernanke What Question Would You Pose

Wed, 19 Jun 2013 11:05:27 -0400

So here's the picture: You're sitting in the psychiatrist's chair, legs crossed and notebook ready. Across from you is Ben Bernanke, the chairman of ...

Who Will Replace Bernanke Naming Names

Wed, 19 Jun 2013 11:05:26 -0400

Adam Posen, president of the Peterson Institute for International Economics, highlights that while Janet Yellen is a strong candidate to succeed Bernanke, there are a number of other people who could do the ...

CBO Immigration Plan Would Cut Deficit

Wed, 19 Jun 2013 11:05:25 -0400

Members of United We Dream, an immigrant youth-led organization, wearing caps and gowns hold their fists in the air on the steps of the Senate to call for immigration ...

Stocks open flat traders wait on Feds policy statement

Wed, 19 Jun 2013 10:59:24 -0400

1 hour ago Stocks opened flat on Wednesday, with global markets trading cautiously, as investors hesitated to jump in ahead of the Federal Reserve's all-important policy statement and Chairman Ben Bernanke's press briefing later in the day. ...

Microsoft Qualcomm to team up on next round of Surface RTs -- report

Wed, 19 Jun 2013 10:55:11 -0400

(Credit: CNET) Microsoft and Qualcomm will work together on the next generation of Surface RT devices, a new report claims. Microsoft will use Qualcomm's Snapdragon processor in some versions of its Surface ...

Analysis Half-way to lost decade Europes growth task as tough as ever

Wed, 19 Jun 2013 10:52:10 -0400

LONDON (Reuters) - Half-way towards a lost decade for Europe's economy, pessimism persists about the political will to halt a worrying slide in the region's potential ...

Britain says reckless bankers could face jail

Wed, 19 Jun 2013 10:52:10 -0400

LONDON (Reuters) - Bankers who are reckless with customers' or taxpayers' money could face criminal charges and have bonuses and pensions clawed back, according to proposals backed by Britain's prime minister on ...

Market Snapshot U.S. stocks steady Wall Street waits for Fed

Wed, 19 Jun 2013 10:50:05 -0400

NEW YORK (MarketWatch) -- U.S. stocks traded little changed on Wednesday after a two-day rally, with investors on uncertain footing ahead of the Federal Reserve's policy decision later in the ...

MTU Aero sees at least $1.1 billion of orders at show

Wed, 19 Jun 2013 10:49:08 -0400

German aircraft engine maker MTU Aero Engines said its order intake at this year's Paris Airshow will reach at least $1.1 billion thanks to demand for Pratt & Whitney's geared turbofan model. The figure, which includes options, is well above the 600 million euros ($804 million) booked at the 2011 Paris Airshow but still short of the record 1.3 billion of orders netted at last ...

Think Twice Before Concluding ETNs are Safe

Wed, 19 Jun 2013 10:49:06 -0400

It's already been five years since the credit crisis turned the world of finance upside down. Are credit backed exchange-traded notes (ETNs) now safe? Let's examine some of the basics about these types of financial ...

Stocks Waver All Eyes on the Fed

Wed, 19 Jun 2013 10:49:05 -0400

FOX Business: Capitalism Lives Here The markets hovered about a tight range Wednesday as traders braced for the Federal Reserve's policy decision later in the day. Today's Markets As of 10:32 a.m. ET, the Dow Jones Industrial Average fell 10.9 points, or 0.07%, to 15307, the S&P 500 dipped 1.1 points, or 0.06%, to 1651 and the Nasdaq Composite rose 0.8 point, or 0.03%, to 3483. ...

North America capable of making ‘OPEC NOPEC’

Wed, 19 Jun 2013 10:47:34 -0400

"We haven't really had the time to get the infrastructure going to catch up with the vast increase in domestic production," Drevna said in an interview. "We have to educate the folks to say, 'Look, we could be that swing producer.' We have the capability here in the United States, in North America, to make OPEC NOPEC." Since 2007, oil imports have fallen, with ...

Valeant follows path set by Agrium by issuing common shares to finance a U.S. takeover

Wed, 19 Jun 2013 10:47:33 -0400

After the markets closed Tuesda, Valeant priced its US$2 offering of common shares: investors, most of whom came from outside Canada, were asked to pay US$85 for each of the 23.5 million shares that were on offer. At that price the shares were priced at a very slight premium to the close on May 24 (US$84.47), the last trading day before the news was announced. The shares -- Valeant is listed on ...

I Guarantee It Mens Wearhouse Ousts Founder

Wed, 19 Jun 2013 10:45:04 -0400

Men's Wearhouse Inc. has dismissed its founder and executive chairman George Zimmer. In a terse release issued Wednesday, the company didn't give a reason for the abrupt firing of Zimmer, who built Men's Wearhouse from one small Texas store using a cigar box as a cash register to one of the nation's largest specialty retailers in men's clothing, with 1,143 locations. ...

Wall Street dips after recent rally as Fed statement looms

Wed, 19 Jun 2013 10:44:47 -0400

Federal Reserve statement and news conference. The Fed will release a policy statement at 2:00 p.m. EDT (1800 GMT), which will be followed soon after by a news briefing with Chairman Ben Bernanke. "The early morning action is not surprising given the fact that we've had two days of position jockeying ahead of the (Fed)announcement," ...

9 militants 3 guards killed in fighting a U.N. building in Mogadishu

Wed, 19 Jun 2013 10:39:59 -0400

An attack by al-Shabaab gunmen on a U.N. compound in the Somali capital of Mogadishu Wednesday left 12 people dead, including nine militants, officials said. A soldier in the Somali National Army told The Wall Street Journal gunmen wearing suicide vests detonated a car bomb opening up the outer wall of the compound so the militants could enter. The African Union Mission in Somalia said the ...

U.S. banks fall short on 29 rules in $25 billion settlement

Wed, 19 Jun 2013 10:39:51 -0400

Only one of five U.S. banks involved in a $25 billion mortgage-abuse settlement had reached every goal in the agreement, an independent monitor said. The deal with the national mortgage lenders included the billions in financial obligations, which a report by the settlement's appointed ...

US stocks mostly lower ahead of Fed news

Wed, 19 Jun 2013 10:19:21 -0400

US stocks have opened mostly lower as investors await the latest policy announcement from the US Federal Reserve later on Wednesday. Five minutes into trade, the Dow Jones Industrial Average dipped 20.53 (0.13 per cent) to 15,297.70. The broad-based S&P 500 slipped 2.06 (0.12 per cent) to 1,649.75, while the tech-rich Nasdaq Composite Index was up a scant 0.32 (0.01 per cent) at ...

FedEx Delivers Strong Q4 Earnings Tops Expectations

Wed, 19 Jun 2013 10:04:15 -0400

business helped offset restructuring costs. Revenues matched Wall Street forecasts. FedEx also issued initial earnings growth guidance for the full-year 2013.The performance of package shipping bellwethers like FedEx and its rival United Parcel Service, Inc. ...

Coca-Cola announces organizational changes

Wed, 19 Jun 2013 10:01:46 -0400

New Delhi, June 19 : Beverage major The Coca-Cola Company on Wednesday announced key organizational changes in the Pacific Group. These changes are effective July ...

Futures Movers Oil edges up before inventory data Fed news

Wed, 19 Jun 2013 10:00:38 -0400

NEW YORK (MarketWatch) -- Crude-oil futures were slightly higher Wednesday before a much-awaited Federal Reserve decision and weekly supply data from the ...

Local global trends boost Gulf banks as foreign rivals retrench

Wed, 19 Jun 2013 10:00:00 -0400

Wed Jun 19, 2013 10:00am EDT * GCC banks climbing regional league tables * Double-digit growth in assets * Smaller local banks also expanding business scope * Basel III regulation one reason for contrast with foreign banks * Flow of high-profile personnel shifts to local institutions By Stanley Carvalho and Dinesh Nair ABU DHABI/DUBAI, June 19 (Reuters) - When British banker Michael Tomalin took ...

Plans for new food labelling system to combat UK obesity are dealt a blow as Cadbury and Coca-Cola reject traffic light plan

Wed, 19 Jun 2013 09:58:17 -0400

Plans to tackle UK obesity by introducing a standardised traffic-light food labelling system have been dealt a blow after Cadbury and Coca-Cola failed to sign up to the ...

BSkyB investigated over BT claim it is withholding Sky Sports package

Wed, 19 Jun 2013 09:57:42 -0400

BT has complained that BSkyB is withholding its Sky Sports package, which includes live Premier League games. Photograph: Olly Greenwood/AFP/Getty ...

BAE Systems rises nearly 2 despite denial of new EADS tie-up

Wed, 19 Jun 2013 09:57:41 -0400

is climbing higher on optimism at the Paris air show and talk of a renewed tie-up with EADS.The latter was soon shot down by an EADS spokesman. According to Reuters, Rainer Ohler ...

Royal Mail staff vote against privatisation

Wed, 19 Jun 2013 09:57:40 -0400

The ballot, in which staff also voted nine-to-one in favour of a boycott of delivering competitors' mail, is likely to lead to a vote on strike action. Photograph: Christopher ...

Deferring bank bonuses for 10 years sounds extreme – its not | Nils Pratley

Wed, 19 Jun 2013 09:57:39 -0400

HSBC's sub-prime punt seemed okay for the first five years - and the disgraceful money-laundering episode which started in 2004 wasn't made public until ...

Reckless misconduct proposals will be in banking reform bill says PM

Wed, 19 Jun 2013 09:57:38 -0400

The government will amend a parliamentary bill to introduce the central recommendation of the banking commission to allow bankers to be jailed for reckless ...

Mens Wearhouse Needs New Chairman

Wed, 19 Jun 2013 09:54:47 -0400

Men's Wearhouse said it fired Executive Chairman George Zimmer, who founded the company more than 40 years ago, sending the company's shares down 7 percent before the bell.The company, which gave no reason for the termination, also said it had postponed its annual shareholder meeting to renominate the existing slate of directors without Zimmer."The board expects to discuss with Mr. ...

Get Ready for 3 Treasury Yields

Wed, 19 Jun 2013 09:54:45 -0400

Yields on 10-year Treasurys have lurched 50 basis points upwards since May on fears the Federal Reserve may start scaling back its asset purchasing program, and some economists now forecast yields could reach 3 percent by year-end. "We expect the 10-year Treasury yield to rise close to 3 percent by the end of the year," James Paulsen of Wells Capital Management said in a research note ...

FedEx 4Q profit drops as priority services lag

Wed, 19 Jun 2013 09:52:28 -0400

By DAVID KOENIGAP Business Writer DALLAS (AP) - FedEx Corp.'s fourth-quarter profit fell 45 percent as international customers traded down to less-expensive delivery options. Excluding charges, the results still beat Wall Street expectations. But the company's forecast for the next 12 months was shy of Wall Street forecasts and shares fell in premarket trading. The world's ...

OUYA Disrupts Video Game Industry

Wed, 19 Jun 2013 09:48:58 -0400

Julie Uhrman, OUYA founder & CEO, explains how her $99 gaming console could give PlayStation and Xbox a run for their money by allowing developers to publish game apps to the ...

Cramers Stocks to Watch FedEx

Wed, 19 Jun 2013 09:48:54 -0400

Don't start your trading day without finding out what CNBC's Jim Cramer is watching ahead of the opening bell. Today Cramer explains why he thinks FedEx is a "terrific company" after reporting its quarterly ...

Rossen reports Retailers mislead with ‘sales’

Wed, 19 Jun 2013 09:48:51 -0400

When you see a sign reading 20-, 30-, or 40-percent off you assume you're getting a deal. But sale prices advertised by major retailers may not be deals at all, and customers are fighting back. NBC's Jeff Rossen ...

FedEx shares dip on growth concerns

Wed, 19 Jun 2013 09:42:05 -0400

Handlers scan and affix a courier route label onto packages moving down the belt at the Marina Del Rey, California FedEx station December 12, ...

EADS says window closed for new BAE merger attempt

Wed, 19 Jun 2013 09:41:53 -0400

At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once ...

Lockheed Mitsubushi Heavy sign deal for F-35 assembly

Wed, 19 Jun 2013 09:41:52 -0400

Workers can be seen on the moving line and forward fuselage assembly areas for the F-35 Joint Strike Fighter at Lockheed Martin Corp's factory located in Fort Worth, Texas in this October 13, 2011 handout photo provided by Lockheed ...

Mark Hulbert A contrarian take on earnings misses

Wed, 19 Jun 2013 09:39:43 -0400

This is true anytime, but it's worth remembering right now because companies are falling over themselves reducing their earnings guidance for the current quarter -- the one that will be over in just a couple of weeks. In ...

Wall Street Eyes the Fed Futures Wobble

Wed, 19 Jun 2013 09:38:47 -0400

FOX Business: Capitalism Lives Here All eyes were on the Federal Reserve Wednesday as traders waited for any clues about when the central bank will begin trimming back on its bond purchases. Today's Markets As of 8:13 a.m. ET, Dow Jones Industrial Average futures fell 7 points to 15235, S&P 500 futures dipped 1.5 points to 1643 and Nasdaq 100 futures rose 2.3 points to 2991. The big ...

Kodak Preps $406M Offering as it Eyes Bankruptcy Exit

Wed, 19 Jun 2013 09:38:46 -0400

Eastman Kodak Co on Tuesday said it will seek court approval for a $406 million rights offering that could give creditors a big equity stake in the company after it emerges from Chapter 11 bankruptcy protection. Kodak said creditors agreed to backstop an offering that would let the Rochester, New York-based company issue 34 million common shares at $11.94 each, equal to about 85 percent of the ...

Orders top $100 billion as Ryanair gives Boeing a boost

Wed, 19 Jun 2013 09:37:58 -0400

1 of 6. President and CEO of Boeing Commercial Airplanes Ray Conner (R) and Ryanair Chief Executive Michael O'Leary share a light hearted moment as they pose during a signing ceremony at the 50th Paris Air Show, at the Le Bourget airport near Paris, June 19, ...

Imperial Oil to close N.S. refinery after failing to find buyer

Wed, 19 Jun 2013 09:37:20 -0400

CALGARY - Imperial Oil Ltd. says it will convert its refinery in Dartmouth, Nova Scotia to a terminal facility after it was unable to attract a buyer for the plant. "The results of the marketing effort illustrate the challenges of operating a refinery of Dartmouth's scale in the competitive conditions of the Atlantic Basin market," Imperial chairman and chief executive Rich Kruger ...

6.19.13 Where do you invest when the Fed begins tapering

Wed, 19 Jun 2013 09:37:19 -0400

. Will the Fed begin tapering its $85 billion-a-month in bond purchases within "the next few meetings," as Bernanke suggested during his remarks to Congress? Or does the job market remain too weak for the Fed to slow its stimulus, as Bernanke said at another point?The Fed's bond purchases have been intended to hold down long-term loan rates to induce Americans to borrow and spend ...

Money pours into high-yield debt markets in early 2013

Wed, 19 Jun 2013 09:37:18 -0400

As equity markets remain relatively weak, Canadians are pouring investing dollars into high-yield products, sending debt marketssoaring. During the first four months of 2013, $10.76-billion in equity capital was raised on the S&P/TSX, down from $17.25-billion during the same period in 2012, according to a mid-year capital report issued by law firm Torys LLP. The real estate sector, namely ...

Statoil discovers oil off the coast of Newfoundland

Wed, 19 Jun 2013 09:37:17 -0400

ST. JOHN'S, N.L. -- Statoil is evaluating a new discovery of high-quality oil off the coast of Newfoundland, about 500 kilometres northeast of St. John's, N.L., the Norwegian oil giant announced Wednesday. A Statoil spokesman says the latest oil discovery is very encouraging and contributes to its understanding of the area within the Flemish Pass Basin, where the company and its ...

Ottawa ups liability for offshore oil spills in Arctic Atlantic waters to $1-billion

Wed, 19 Jun 2013 09:37:16 -0400

CALGARY o Ottawa is boosting the liability cap on oil companies with plans to drill in Atlantic and Arctic waters as it looks to rekindle interest in Canada's offshore. In changes announced Tuesday, Natural Resources Minister Joe Oliver said companies operating in the Atlantic would be on the hook for a maximum of $1-billion in the event of a spill, up from $30-million previously. Arctic ...

Indiegogo mulls equity crowdfunding but only if rules won’t ‘stifle innovation’

Wed, 19 Jun 2013 09:37:16 -0400

As Canadian entrepreneurs wait for regulations in the works that could allow them to use crowdfunding to seek equity investment from the general public, one of the most popular platforms available in Canada says it may opt out of equity crowdfunding if the new rules are too ...

Service helps you use Twitter to find a job

Wed, 19 Jun 2013 09:36:08 -0400

Twitter can help you land a job by letting you connect with people and stay abreast of what's happening in your industry. But what if the microblogging service just isn't your ...

Protect yourself from serious medical conditions

Wed, 19 Jun 2013 09:36:08 -0400

recent brush with death and her encounter with our medical system confirmed insights that we've gained regarding how to protect yourself from potentially ruinous medical expenses. While my posts typically use analysis for my conclusions, in this case it's my wife's personal experience that provides support for my recommendations. While I normally write about retirement planning ...

Chrysler caves agrees to recall Jeeps

Wed, 19 Jun 2013 09:36:02 -0400

(MoneyWatch) Update, 4:36 p.m.: Chrysler reversed field today and said it would comply with federal safety officials' request to recall older Jeep SUVs to check for possible fire hazards., The National Highway Traffic Safety Administration says that gas tank placement on the Jeep Grand Cherokees and Jeep Liberty model SUVs is at fault in 51 fatalities.Chrysler had previously argued tha most ...

Royal Baby a $400 Million Bonanza

Wed, 19 Jun 2013 09:35:01 -0400

the royal baby , that's just the beginning. Beyond that, as he or she coos and wiggles, lies a cornucopia of delight: bespoke teddy bears, the imperial rattle, a Spode sippy cup, and wee slippers emblazoned with the Union Jack. Asks the world looking on: Why can't my own darling have those slippers? Well, now he ...

6 Ways to Save Money This Month

Wed, 19 Jun 2013 09:35:00 -0400

We all want to save more money. After all, none of us like the feeling of looking at our bank account (or under our mattress) and realizing that we have no money left and our next paycheck is still a week away. By saving a few dollars here and there, we can get some breathing room in our monthly budgets and hopefully start saving up for future expenses, as well. This article is for anyone ...

US STOCKS SNAPSHOT-Wall Street opens flat ahead of Fed

Wed, 19 Jun 2013 09:32:41 -0400

NEW YORK, June 19 | Wed Jun 19, 2013 9:32am EDT NEW YORK, June 19 (Reuters) - U.S. stocks opened little changed on Wednesday, holding much of the gains made over the last two days, ahead of a highly anticipated Federal Reserve statement and news conference. The Dow Jones industrial average dropped 11.34 points, or 0.07 percent, to 15,306.89. The Standard and Poor's 500 Index shed 0.68 ...

American Rights At Work Formal Complaint for FEC Investigation of Wal-Marts Unlawful Federal Election Activity

Wed, 19 Jun 2013 09:27:13 -0400

Formal Complaint for FEC Investigation of Wal-Mart's Unlawful Federal Election Activity WASHINGTON - August 14 - Today American Rights at Work, the AFL-CIO, Change to Win, and WakeUpWalmart.com will hand ...

India Resource Center Coca-Cola Plant Shut Down in India

Wed, 19 Jun 2013 09:27:13 -0400

Chinta Dewi, Coca-Cola Bhagao, Krishi Bachao Sangharsh Samiti +91 94507 79325 (Hindi) Nandlal Master, Lok Samiti +91 94153 00520 (Hindi) Amit Srivastava, India Resource Center +91 98103 46161 (India) +1 415 336 7584 ...

WakeUpWalmart.com Files Official Complaint Against Wal-Mart With The FEC and Calls For An Investigation

Wed, 19 Jun 2013 09:27:12 -0400

WakeUpWalmart.com Files Official Complaint Against Wal-Mart With The FEC and Calls For An Investigation WASHINGTON - August 14 - WakeUpWalMart.com today, along with American Rights at Work, Change to Win, and the American Federation of Labor and Congress of Industrial Organizations, jointly filed an official complaint with the Federal Election Commission. The groups filed the complaint of ...

Earnings Watch Updates advisories and surprises

Wed, 19 Jun 2013 08:51:22 -0400

+1.09% reported its fourth-quarter profit fell to $303 million, or 95 cents a share, from $550 million, or $1.73 a share, a year earlier. Earnings adjusted for business realignment and an aircraft impairment charge were $679 million, or $2.13 a share, compared with $634 million, or $1.99 a share in 2013. Revenue rose to $11.4 billion, from $11 billion a year earlier, the shipping company said ...

G8s tough talk on tax avoidance must not ring hollow | Kevin Watkins

Wed, 19 Jun 2013 08:47:38 -0400

G8 leaders and EU delegates at the summit in Lough Erne, Northern Ireland, which has produced a communique on tax evasion. Photograph: Matt Cardy/Getty ...

Diet Coke man Andrew Cooper on the return of the iconic TV advert - Cannes Lions 2013 video

Wed, 19 Jun 2013 08:47:36 -0400

Cannes Lions International Festival of Creativity to discuss the enduring appeal of the ad's concept on the 30th anniversary of the product's launch. Matthew Charlton of BETC London who produced the ad, says the video is already a social media ...

BT chief executive exits to become trade minister

Wed, 19 Jun 2013 08:47:35 -0400

Lord Green , who has served as a minister since early 2011 and is approaching retirement.The son of a Glasgow GP, Livingston's talent was spotted early by the Dixons chairman Sir Stanley Kalms, who made Livingston the youngest FTSE 100 finance director at the age of 32. He joined BT in the same role, before becoming chief executive in June 2008 at the age of 43.Having transformed the former ...

FedEx Sends Wall Street A Surprise $679M Q4 Profit Beats Expectations

Wed, 19 Jun 2013 08:45:58 -0400

(Photo credit: erikleenaars) FedEx made a surprise delivery today, reporting quarterly figures that easily beat expectations. The company earned $303 million, 95 cents a shares, in its fiscal fourth quarter, compared to $550 million, $1.73 a share, a year earlier. Excluding one-time items, FedEx made $679 million, $2.13 a share. That's considerably more than analysts' projection for ...

FedEx Earnings Blow Past Estimates

Wed, 19 Jun 2013 08:43:50 -0400

FedEx posted a bigger than expected quarterly profit as its ground shipment business did well, and the company saw benefits from lower jet fuel prices.FedEx, considered an economic bellwether because of the massive volume of goods it moves across the world, had net income of $303 million, or 95 cents a share for its fourth quarter ended May 31, compared with $550 million or $1.73 a share a year ...

Money for a Squirrel Census Nuts

Wed, 19 Jun 2013 08:43:49 -0400

GoFundMe have become the go-to resource for projects as diverse as starting a business, turning an invention into reality or funding a personal goal or need.Talked-about tech--including the Pebble smartwatch and the vibrating HAPIfork--got a start on crowdfunding sites, and after the Boston Marathon bombings, friends and family of victims used such sites to raise money to help with medical bills. ...

QE Infinity Now 6 Months Economists

Wed, 19 Jun 2013 08:43:48 -0400

Why Fed Taper Means Tighten in Markets ) "The shift in QE forever to QE for a finite period of time is the thing" the markets are focusing on, agreed Jeff Knight, head of global asset allocation at Columbia Management with $58 billion under management. "Primarily the quantitative easing has had [more of] a financial market impact than a real economy impact." Silvia said the ...

Working from home Boss may still be peeking over your shoulder

Wed, 19 Jun 2013 08:38:36 -0400

bout 13.4 million people, or about 9.5 percent of workers, were working home at least some of the time in 2010. That's up from about 9.2 million workers in 1997. Even if you are thousands of miles away from the office and wearing your pajamas, your boss could still be watching you just as closely as if you were sitting in the next cubicle over.Some companies are monitoring employees' ...

Twist-off wine cork may make corkscrews obsolete

Wed, 19 Jun 2013 08:38:35 -0400

research project developed this, a twist off wind cork that could make corkscrews obsolete. it's easy to use. developers hope it's something that wineries might start using soon. i don't know, what do you guys think of ...

FedEx posts higher than expected profit

Wed, 19 Jun 2013 08:32:06 -0400

Handlers scan and affix a courier route label onto packages moving down the belt at the Marina Del Rey, California FedEx station December 12, ...

Bank of England still divided flags market impact of Fed uncertainty

Wed, 19 Jun 2013 08:32:05 -0400

LONDON (Reuters) - Bank of England policymakers acknowledged earlier this month that further market volatility could be on the way because of uncertainty about the direction of U.S. monetary policy, but came no closer to shifting their own ...

Commerzbank to cut around 3000 jobs by 2016 trade union

Wed, 19 Jun 2013 08:32:05 -0400

The trade union was negotiating job cuts in Germany. The 3,000 cuts do not include staff reductions at Hypothekenbank Frankfurt, a unit formerly known as ...

Mortgage Applications Skid as Interest Rates Jump

Wed, 19 Jun 2013 08:29:37 -0400

Interest rates on home mortgages rose last week to hit their highest level in over a year, sapping demand from potential homeowners, data from an industry group showed on Wednesday. Rates climbed 2 basis points to average 4.17 in the week ended June 14, according to the Mortgage Bankers Association. It was the highest level since March of last year. After hovering around record lows, rates have ...

European Markets Steady Ahead of Fed

Wed, 19 Jun 2013 08:29:37 -0400

European shares were up by mid-session on Wednesday in light and volatile trade as investors looked to the U.S. Federal Reserve for clues on the duration of its equity-friendly stimulus programme. The possibility the Fed could scale back its bond purchases has spooked global equity markets in recent weeks and, as news of such a move was not expected from the meeting which ends late on Wednesday, ...

Softbank Inches Closer to Acquiring Sprint

Wed, 19 Jun 2013 08:29:36 -0400

TOKYO/NEW YORK – Japan's SoftBank Corp cleared a major hurdle in its attempt to buy U.S. wireless provider Sprint Nextel Corp, as rival bidder Dish Network Corp declined to make a new offer after SoftBank sweetened its own bid last week. SoftBank Chief Executive Masayoshi Son is now a step closer to sealing the largest overseas acquisition by a Japanese company in history, after ...

Fed Looms Large But No Action Expected

Wed, 19 Jun 2013 08:29:34 -0400

WASHINGTON – Federal Reserve policymakers will likely announce on Wednesday that they will keep buying bonds at a monthly pace of $85 billion, while keeping their options open to scale back the program later this year if the U.S. labor market continues to improve. Economic data since the 19 officials met in May has been mixed. Employment growth was steady and consumers kept spending ...

World Bank watching Fed ready to respond

Wed, 19 Jun 2013 08:28:41 -0400

LONDON (Reuters) - The World Bank is concerned about the spillover effects on developing countries of a slowing of U.S. money creation and will move to provide affordable capital when borrowing costs rise, its president said on ...

More gold investors think cost inflation has peaked

Wed, 19 Jun 2013 08:28:01 -0400

Investors are growing more bearish on the prospects for gold, as a recent survey by J.P. Morgan points out that only 44% of respondents now think bullion will move higher in the next 12 months. While that marks a sharp decline from 71% last year, investors are still bullish for the long term, with 60% of them anticipating gold will rise in the next three years. Analyst John Bridges pointed out ...

Your preview to the most anticipated Fed announcement in a long time

Wed, 19 Jun 2013 08:28:00 -0400

The whole world has been anxiously waiting for this moment. The Federal Reserve will wrap up its 2-day Federal Open Market Committee (FOMC) meeting on Wednesday. At 2:00 PM ET, it will publish its FOMC statement as well as an update to its economic forecasts. Then at 2:30 PM ET, Fed Chairman Ben Bernanke will hold a press conference, which will include a Q&A with economics ...

New Bank of Canada chief expected to signal low rate to stay in public debut

Wed, 19 Jun 2013 08:28:00 -0400

Bank of Canada Governor Stephen Poloz will probably use his first public speech since taking office Wednesday to stress that rebuilding business investment is a key challenge, suggesting he won't tighten monetary policy ...

Housing crash wouldn’t hurt Canadian banks at first

Wed, 19 Jun 2013 08:27:59 -0400

Canadian banks are well positioned to absorb credit losses arising from a housing downturn in the country, say analysts, but a collapse could have knock-on effects that will dampen future earnings growth and potentially have negative long-term implications for "Big 6" investors. "While a ‘hard’ landing for domestic housing, including a sustained decline in selling ...

Avoid social media slipups the Dunkin Donuts way

Wed, 19 Jun 2013 08:26:48 -0400

(MoneyWatch) It's increasingly common to see businesses suffer at the hands of some social media faux pas. It can come in many forms, from having ...

How to find hidden gems in real estate

Wed, 19 Jun 2013 08:26:48 -0400

(MoneyWatch) The watchword in the real estate world comes in triplicate: location, location, location. That adage can really work against you as a home buyer, particularly in today's seller's market. Homes in the most desirable locations in any city are snapped up within days of going on the market -- and at increasingly high prices. "We're already seeing multiple offers ...

Halfway through the year halfway to success

Wed, 19 Jun 2013 08:26:47 -0400

(MoneyWatch) Christmas seems is a time from now, but the end of June brings us halfway through the year. It's a good time to take stock of where you stand on your annual goals -- those things you'd like to say in a year-end performance review you'd give yourself. Are you on track? Reviewing my own list, I find I'm doing well on some things. I finished a draft of a novel. ...

Look who doesnt deserve financial aid at NYU

Wed, 19 Jun 2013 08:26:46 -0400

Commentary:(MoneyWatch) Last summer I met a woman who decided, along with her husband, to sell their home so that her daughter could attend New York University. The family concluded that this enormous sacrifice was worth it so her daughter could major in theater at a school near Broadway. I was stunned when I heard the woman confess to giving up the family home so they could afford to send their ...

Microsoft slashes Surface prices to lure buyers

Wed, 19 Jun 2013 08:26:46 -0400

MSFT ) has seen a run of poor financial results in recent years as a result of bad management choices. That seems to include the company's answer to the iPad, the Surface, which already seems to be sinking in popularity -- so much so ...

Olympian Lolo Jones Paycheck Flap

Wed, 19 Jun 2013 08:25:45 -0400

(Image credit: Jeff Kravitz/FilmMagic/Getty Images) American Olympic hurdler Lolo Jones said she wanted to show how hard bobsled athletes work when she posted a six-second clip about her paycheck on social video sharing site Vine. In the video, Jones, 30, shows her paycheck of $741.84 from her season with the USA Bobsled and Skeleton Federation, dated June 10. She says in ...

Big Boost for GM and Ford in China

Wed, 19 Jun 2013 08:25:45 -0400

Morning Business Memo … Both Ford and General Motors are revving up production in China – now the world’s largest car market. GM has started work on a new Cadillac factory as it targets China’s lucrative luxury segment. The carmaker says it hopes to triple Cadillac sales to 100,000 units by 2015. It also wants to quadruple its share of China’s luxury car market to ...

Microsoft office goes cloud to join cloud war with Google Docs

Wed, 19 Jun 2013 08:14:07 -0400

The war on cloud intensified as Microsoft Office announced its decision on Tuesday to go cloud in an attempt to compete with its immediate but not last competitor, Google Docs.Microsoft holds a virtual monopoly on office productivity software. Most computer users in the world use the Office software for word processing, spreadsheet, presentation and other purposes. However, Microsoft Office faces ...

Air France-KLM orders 25 wide-body Airbus A350s

Wed, 19 Jun 2013 07:49:32 -0400

Visitors walk among planes displayed at the 50th Paris Air Show at Le Bourget airport, north of Paris, Wednesday June 19, 2013. Visible at foreground is a Bombardier Global 6000 jet.(AP Photo/Remy de la ...

Markets steady as investors ready for Fed

Wed, 19 Jun 2013 07:49:30 -0400

The central bank wraps up a two-day policy meeting later Wednesday and investors are looking to see if policymakers are moving towards any change in its monetary policy stance. The Fed's strategy of super-low interest rates and easy money over the past few years has been designed to shore up the U.S. economy. It has also helped drive sentiment in the ...

Atul Singh Coca-Colas new deputy president Pacific Group

Wed, 19 Jun 2013 07:46:24 -0400

New Delhi, June 19 : Atul Singh, Coca-Cola's president and CEO (India and Southwest Asia), will take over as deputy president (Pacific Group) from July 1, the company said ...

Supreme court quashes Iran bank sanctions and criticises secret hearings

Wed, 19 Jun 2013 07:42:09 -0400

Supreme court president, Lord Neuberger, said: 'Having held a closed hearing, it turned out that there had been no point in the supreme court seeing the closed judgment.' Photograph: David Levene for the ...

Ed Balls calls for reform to curb bankers recklessness – video

Wed, 19 Jun 2013 07:42:09 -0400

The shadow chancellor, Ed Balls, says a report on banking standards shows the sector needs to change to dissuade bankers from 'reckless misconduct'. The report by the parliamentary commission on banking standards, suggests a new law to jail careless bankers and a 10-year delay on receiving ...

James Daviess top 10 psychiatry critiques

Wed, 19 Jun 2013 07:42:08 -0400

Cracked: Why Psychiatry Is Doing More Harm Than Good because of the huge gulf between what most people believe about psychiatric diagnoses and medications and what the evidence actually ...

AstraZeneca suffers diabetes drug disappointment

Wed, 19 Jun 2013 07:42:08 -0400

has suffered another drug trial setback.Its diabetes drug Onglyza, developed with Bristol-Myers Squibb, failed to reduce heart risks or strokes in a large scale clinical trial. Despite investor hopes, the Savor trial showed the drug was no better than placebo or standard treatments.Panmure Gordon analyst Savvas Neophytou issued a hold recommendation on the shares, which have dipped 2.5p to 32.48, ...

Ocado climbs on talk of possible interest from Amazon

Wed, 19 Jun 2013 07:42:07 -0400

reports that Boots and Amazon may be interested in Ocado.The Amazon suggestion, which is not completely out of the blue, comes from Cantor Fitzgerald. US analyst Youssef Squali said Amazon should buy Ocado, or at least consider a joint venture, as it begins its food delivery service in the US.Ocado's shares, which have been on the rise in recent months, have added another 2.7p to ...

Markets Markets wait for Federal Reserve policy meeting

Wed, 19 Jun 2013 07:41:41 -0400

Conall Mac Coille, chief economist Davy, commented -- "US indices rose on Tuesday, benefitting from a rebound in housing starts to 914,000 in June. The S&P500 rose 0.8%. But a rise in the German ZEW investor sentiment was not sufficient to buoy European markets - the Euro Stoxx 50 fell 0.1%. Ahead of the Fed's policy decision this evening, the minutes of the Bank of ...

Microsoft Samsung HP join to stop Windows piracy

Wed, 19 Jun 2013 07:39:24 -0400

IDG News Service - Hewlett-Packard and Samsung Electronics will now ensure that their PCs in China are installed with licensed Windows and Office software as part of new agreements signed with Microsoft meant to fight ...

The Real Reason Fed Will Taper Pro

Wed, 19 Jun 2013 07:39:16 -0400

Noted Nomura bear Bob Janjuah believes he knows the reason why the Federal Reserve will begin pulling back its easing program, and it's not about unemployment, inflation or anything else directly related to the economy. Instead, he believes the central bank is worried that it is creating an asset bubble that will only get worse if it keeps following the current ...

Fed Likely to Keep Options Open on Bond Buying

Wed, 19 Jun 2013 07:39:16 -0400

Federal Reserve policymakers will likely announce on Wednesday that they will keep buying bonds at a monthly pace of $85 billion, while keeping their options open to scale back the program later this year if the U.S. labor market continues to improve. Economic data since the 19 officials met in May has been mixed. Employment growth was steady and consumers kept spending despite the drag of tax ...

IRS to Pay $70 Million in Bonuses

Wed, 19 Jun 2013 07:39:15 -0400

The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of automatic spending cuts enacted this year, according to a GOP senator. Sen. Chuck Grassley of Iowa says his office has learned that the IRS is executing an agreement with the employees' union on Wednesday to pay the bonuses. ...

Should Reckless Bankers Go to Jail

Wed, 19 Jun 2013 07:39:14 -0400

The UK parliamentary banking standards report calls for jailing reckless senior bankers and handing regulators the power to claw back bonuses. Helia Ebrahimi has ...

DuckDuckGo Gets Boost from NSA Scandal

Wed, 19 Jun 2013 07:39:14 -0400

DuckDuckGo CEO Gabriel Weinberg says web traffic on his search engine, billed as an alternative to Google that doesn't store your private information, surged 33 percent after the NSA news broke. Weinberg discusses the model of his search engine, and how the company makes ...

Obama says U.S. EU free trade deal can boost jobs and growth

Wed, 19 Jun 2013 07:36:13 -0400

U.S. President Barack Obama speaks next to German Chancellor Angela Merkel during a news conference after their meeting at the Chancellery in Berlin, June 19, 2013. REUTERS/Thomas ...

Bernankes Decision Likely Data Driven Expert

Wed, 19 Jun 2013 07:33:50 -0400

Catherine Mann, Brandeis International Business School, and Julia Coronado, BNP Paribas, share their perspective on what will likely be revealed from today's FOMC minutes, and the future of the Fed's bond-buying ...

Global Markets Europe Higher in Choppy Trade

Wed, 19 Jun 2013 07:33:47 -0400

CNBC's Ross Westgate reports on all the market moving events from Europe, as investors await the Fed's policy statement following its two-day ...

Google putting consumers at risk state AGs say

Wed, 19 Jun 2013 07:33:43 -0400

Google is being accused of "assisting in the sale of prescription drugs without a prescription and intentionally ignoring reports of rogue pirate sites selling stolen music, movies, software and video ...

Chinese Go On UK Luxury Spending Spree

Wed, 19 Jun 2013 07:30:47 -0400

A Chinese conglomerate is to spend 1bn to buy British yacht maker Sunseeker and develop an upmarket London hotel. Dalian Wanda Group is taking a 91.8% stake in Sunseeker for £320m. The yacht builder, which employs 2,300 staff in Dorset, has been told its base in Poole and the workforce will be retained. Management are to purchase the remaining ...

Chancellor Orders RBS To Accelerate US Sale

Wed, 19 Jun 2013 07:30:47 -0400

George Osborne is putting pressure on Royal Bank of Scotland (RBS) to accelerate its exit from the US retail banking market, Sky News understands. People familiar with discussions between the RBS board and the Chancellor say he has urged the bank in recent weeks to accelerate a stock market flotation of Citizens, one of the largest retail banks in the US, which has been pencilled in for 2015. ...