BUSINESS - News - Unites States Newspapers - NSBK

News Analysis: E.U.'s Big Step Toward Crisis Prevention

2010-09-03 17:28:06: The European Union has created new financial watchdogs to prevent future economic crises that have thrown the future of the euro into question.

Unemployment rises slightly in August to 9.6%

2010-09-03 13:08:03: The nation lost 54,000 net positions last month, the U.S. reports. Once-growing manufacturers shed jobs last month, as did budget-strapped state governments and the Census Bureau.

The nation's jobless rate worsened slightly last month, edging up to 9.6% from 9.5% in July, the government said Friday in a report that had little for workers to cheer about this Labor Day weekend.

Stocks extend September rally after jobs report

2010-09-03 13:08:03: NEW YORK — Stocks are on pace to break a three-week losing streak after an encouraging employment report lifted hopes about the pace of economic growth.

U.S. Lost Jobs in August, but Fewer Than Expected

2010-09-03 10:48:07: Private employers added 67,000 jobs, more than forecast, but governments shed jobs in August, the Labor Department reported, as the jobless rate rose to 9.6 percent.

Wall Street Gets a Lift From U.S. Jobs Report

2010-09-03 10:48:07: The better-than-expected jobs report, however, was moderated somewhat by a report on the services sector.

Goldcorp Outbids Rival for Andean Resources

2010-09-03 10:48:07: The Canadian gold miner said that it would buy its Australian rival for 3.4 billion dollars in cash and stock, beating an all-share offer from Eldorado Gold.

U.N. Agency Calls Meeting on Spike in Food Prices

2010-09-03 10:48:07: The announcement by the Rome-based Food and Agriculture Organization followed Russia’s decision to extend its ban on wheat exports.

Silver lining for U.S. jobs

2010-09-03 09:18:04: Businesses are hiring, but not enough to make up for the massive losses of temporary government jobs.

HP boosts 3Par offer as Dell bows out

2010-09-03 08:38:06: NEW YORK — Hewlett-Packard Co. offered to buy 3Par Inc. for about $2.3 billion, ending an 18-day bidding war with Dell Inc. for the maker of storage systems and stepping up its rivalry with EMC Corp. , of Hopkinton, Mass.

Dell - Hewlett-Packard - 3PAR - EMC Corporation - NEW YORK

Burger King seals deal for $3.26 billion sale to 3G

2010-09-03 08:38:06: CHICAGO — Burger King’s new ruler could help its empire expand. Burger King Holdings Inc. sealed a deal yesterday to sell itself for $3.26 billion to 3G Capital, an investment firm with strong ties to Latin America. The fast-food chain’s chief executive, John Chidsey, said the deal will help it expand more rapidly overseas.

John Chidsey - Burger King - Latin America - Fast food - Business

Reports give markets a lift ahead of jobs data

2010-09-03 08:38:06: Stocks rose after reports on housing and jobs indicated the economy continues to grow. Markets also got a lift as retailers reported a rise in August same-store sales, beating forecasts. But trading was somewhat muted ahead of a monthly report on employment due today. Traders want to see if jobs data “provides more of a rescue or a shark attack,’’ ...

Business - Employment - Investing - Economy - Market

Pier 1 jumps as forecast beats estimates

2010-09-03 08:38:06: Fort Worth-based Pier 1 Imports Inc. jumped after the home furnishings retailer forecast fiscal second-quarter profit of 10 cents to 12 cents a share, compared with an average estimate of 8 cents. Pier 1 said sales rose 8 percent from a year earlier on margin improvements and more foot traffic in its stores. Sales at stores open at least a ...

Pier 1 Imports - Retailing - Furniture - Fort Worth Texas - United States

Collective Brands Inc.

2010-09-03 08:38:06: Shares of the Payless ShoeSource parent slid after second-quarter profit and revenue missed Wall Street expectations. The maker of Stride Rite, Keds, and Saucony brand shoes reported net of 32 cents per share on revenue of $841.3 million, falling short of the 45 cents and $862.8 million predicted. Sales in US Payless stores fell 7 percent to $508 million, reflecting ...

Payless ShoeSource - Saucony - Stride Rite Corporation - Wall Street - Clothing

Harry Winston Diamond

2010-09-03 08:38:06: Toronto firm Harry Winston posted a second-quarter profit as rough diamond production and sales improved. The company said it earned $16.5 million, or 22 cents per share, compared with a loss of $24.5 million, or 32 cents per share, in the same period last year. The results include a foreign exchange gain of 4 cents per share, compared to a ...

Harry Winston - Toronto - Company - Business - Diavik Diamond Mine

Methode Electronics

2010-09-03 08:38:06: Methode posted a $4.1 million profit for the first quarter, helped by a nearly 10 percent revenue jump. Net income came to 11 cents per share, compared to a loss of $19,000 in the same quarter last year. Revenue climbed 9.5 percent to $98.3 million from $89.9 million a year ago. But the stock was hammered as analysts had estimated ...

Revenue - Net income - Stock - Taxation - Low Income Taxpayers

Sycamore soars as it erases year-ago loss

2010-09-03 08:38:06: Chelmsford’s Sycamore Networks Inc. reported a small profit for its fiscal fourth quarter, shifting from a loss a year ago, with a 29 percent jump in revenue. The results sent shares soaring. The communications equipment provider earned about $520,000, or 2 cents per share, in the three months ended July 31. That compares with a loss of $34.9 million, or ...

Chelmsford - Essex - England - Recreation - Health

Workers said to pay 14% more for health insurance in 2010

2010-09-03 08:38:06: WASHINGTON — American workers will pay about $4,000 to get health insurance for their families through work this year, 14 percent more than in 2009, according to a survey yesterday from the Kaiser Family Foundation.

Kaiser Family Foundation - United States - Health insurance - Insurance - Business

Bernanke’s testimony focuses on regulatory shortfalls

2010-09-03 08:38:06: WASHINGTON — Regulators fell short in using their powers “forcefully or effectively’’ to stop risky practices by banks and were slow to identify and address abuses in the US financial system that led to global economic crisis, Federal Reserve chairman Ben Bernanke told a panel investigating the financial crisis yesterday.

Ben Bernanke - Federal Reserve System - United States - Central bank - Financial crisis of 2007–2010

Heavy in Dollars, China Warns of Depreciation

2010-09-03 04:08:06: China on Friday offered a rare glimpse into its foreign exchange reserves, confirming that they are overwhelmingly allocated in dollars.

Asian Stocks Rise on Improving U.S. Data

2010-09-03 04:08:06: Most Asian stock markets climbed Friday as investors took heart from improving U.S. housing and jobs data.

Comparing Your Transportation Costs

2010-09-03 03:48:10: A new Web site estimates how much the average household in your neighborhood spends each month on transportation.

Apple-Facebook Friction Erupts Over Ping

2010-09-03 03:48:10: Apple's entry into social media has created bumps in its relationship with Facebook.

A Push on Tax Cuts?

2010-09-03 03:48:10: It's probably good news. But why has it taken the White House so long?

Brazil's New Global Deal Makers

2010-09-03 03:48:10: The acquisition of Burger King Holdings by a Brazilian-backed investment firm may herald the emergence of a new global business player.

Defacing the Laptop

2010-09-03 03:48:10: A new PC comes covered with advertising stickers even though computer companies are trying to make their laptops beautiful.

Can Chinese media rule the airwaves?

2010-09-03 02:38:03: At a time when many Western media outlets are contracting, Chinese media outlets are expanding, rapidly.

Fears grow over global food supply

2010-09-03 02:38:03: Read full story for latest details.

Obama mulls new economic measures

2010-09-03 02:38:03: After a week mostly focused on Iraq and Mideast diplomacy, it's back to the economy for President Barack Obama, who will deliver remarks Friday on the August unemployment numbers.

Stocks drift higher ahead of jobs report

2010-09-03 02:38:03: Stocks pushed higher at the end of a listless session Thursday, extending gains from the previous day, as investors prepare for a critical report on the U.S. job market on Friday.

Crowded web TV field awaits Apple

2010-09-03 02:38:03: With Wednesday's announcement that it will be revamping its web TV offerings, Apple has made its most serious push into an emerging, and increasingly crowded, field.

Cap off BP's plugged well

2010-09-03 02:38:03: Crews removed the cap from BP's ruptured Gulf of Mexico oil well late Thursday afternoon, a company spokeswoman said, an important step toward permanently sealing the well.

Mortgage rates set new record lows, might hold steady next week

2010-09-02 23:48:05: Treasury bond yields, which influence the home-loan rates, have surged since Tuesday.

Mortgage rates fell for the 10th time in 11 weeks, setting fresh record lows, Freddie Mac reported Thursday. But a rebound in Treasury yields in the last two days raises the possibility that home-loan interest costs won't fall again next week.

Value of California's properties falls 1.8% to $4.4 trillion

2010-09-02 23:48:05: Forty-eight of California's 58 counties saw totals fall this year — nine by more than 5%, the state Board of Equalization reported. The total value fell 2.4% in 2009.

More of the shine of the Golden State's real estate market lost a bit more of its luster as the total value of California's properties fell for the second year in a row — and for the second time since records were first kept in 1933 at the depths of the Great Depression.

If you're in a coma or prison, you may not lose your frequent flier miles

2010-09-02 23:48:05: Errol Segal of L.A. lost the 346,000 miles he had earned on United Airlines because of account inactivity while he was serving time for fraud. If he'd only contacted the airline earlier, he might still have them.

When it comes to airline miles, the rule is pretty clear: Use 'em or lose 'em.

Green revolution comes to urban neighborhoods

2010-09-02 23:48:05: Low-income can also be environmentally friendly, with a little help.

Kendrick Harris, a high school dropout who has been homeless and jobless, has had more pressing things to worry about than the environment.

ABM settles sexual harassment suit for $5.8 million

2010-09-02 23:48:05: The U.S. Equal Employment Opportunity Commission had alleged that 21 female janitors were sexually harassed or assaulted by male supervisors. The janitorial company admits no wrongdoing.

Teresa Sanchez, a former janitor, described being touched inappropriately by her supervisor and being fired after she complained about it.

Group pledges push for veto of California horse racing bill

2010-09-02 23:48:05: Opponents of gambling are targeting legislation that would allow bets on horses to lose.

Gambling opponents vowed Thursday to lobby Gov. Arnold Schwarzenegger to veto a bill to revive the state's slumping horse racing industry and allow betting on horses to lose starting in 2012.

'Machete,' 'Going the Distance' and 'The American' look evenly matched

2010-09-02 23:48:05: Each of the three movies is likely to have about $15 million in ticket sales this Labor Day weekend, a traditionally slow time at the box office.

Hollywood is targeting three distinct audience segments on the traditionally slow Labor Day weekend at the box office.

More lenders at risk; others see profit growing

2010-09-02 23:18:15: Lenders posted their biggest quarterly profit in almost three years, even as the number of banks at risk of failure rose to 11 percent of insured institutions, the Federal Deposit Insurance Corp. said Tuesday. Bank industry profits totaled $21.6 billion in...

Federal Deposit Insurance Corporation - Insurance - Bank - Government - Business

Samsung 3-D TV: $989.99

2010-09-02 23:18:15: Number of the day $989.99 That's how much Samsung's 50-inch 3-D plasma television costs at BestBuy.com, about 60 percent less than rival models. Samsung, the world's largest TV-maker, has unleashed a price war in the nascent market for 3-D sets, using the...

Television - Samsung Group - Plasma display - Best Buy - Samsung

CEOs who cut jobs got paid more, study says

2010-09-02 23:18:15: The CEOs who cut the most jobs during the recession earned more than their peers, according to a study being released today by a liberal think tank in Washington. "When CEOs slash jobs they are often very richly rewarded," said Sarah Anderson, lead author of...

Washington - Chief executive officer - Think tank - Author - Business

Assembly rejects foreclosure/modification bill

2010-09-02 23:18:15: State legislation to protect homeowners from foreclosure while pursuing a loan modification, widely supported by consumer groups but opposed by the banking California industry, has failed in the state Assembly. SB1275, which was rejected 36-30 late Monday,...

California - Foreclosure - Mortgage modification - United States - Bank

BP Says Curb on Drilling Would Imperil Payouts

2010-09-02 21:28:05: The company, which had committed to setting aside $20 billion for damage claims and penalties, says proposed legislation could disrupt those efforts.

News Analysis: France’s President May Have a Tough Time Selling His G-20 Goals

2010-09-02 21:28:05: As Nicolas Sarkozy prepares to take over as president of the Group of 20 on Nov. 12, analysts say many of his proposals appear to be hamstrung from the start.

Putin Extends Ban on Russian Grain Exports

2010-09-02 21:28:05: Prime Minister Vladimir V. Putin announced Thursday that Russia’s ban on grain exports would be extended well into next year because of continued uncertainty over production.

Depositors Panic Over Bank Crisis in Afghanistan

2010-09-02 21:28:05: Afghanistan’s top bank official tried to calm fears of a meltdown at Kabul Bank, while scores of Afghans were unable to withdraw money from the bank.

Bernanke Says He Failed to See Financial Flaws

2010-09-02 21:28:05: The Federal Reserve chairman also said it was impossible for the government to save Lehman Brothers in 2008.

Book Sets Off Immigration Debate in Germany

2010-09-02 21:28:05: Thilo Sarrazin, a German banker and former government official who has been criticized as espousing racist views, has sparked new discussion about the country’s immigration policy.

Burger King Agrees to $4 Billion Private Equity Offer

2010-09-02 21:28:05: The deal is the largest leveraged buyout of a fast-food chain ever and the second for Burger King in the last eight years.

Ex-Lehman CEO Says Feds Refused to Save Firm

2010-09-02 19:38:12: Former Chief of Lehman Brothers Tells Panel That the Wall Street Firm Could Have Been Rescued

Video: Meridia, Heart Attack Link

2010-09-02 19:38:12: The FDA will decide the fate of the controversial diet pill Meridia. Dr. Jon LaPook reports on a critical editorial in The New England Journal of Medicine that is calling for it to be pulled from the market.

Video: Obama and Tax Cuts

2010-09-02 19:38:12: President Obama has proposed extending tax cuts for individuals making less than $200,000. But the top two income tax rates would revert to higher levels. Anthony Mason reports.

Economists: Extending Tax Cuts Will Aid Recovery

2010-09-02 19:38:12: Many Economists Think Letting the Bush Tax Cuts Expire Will Harm the Fragile Economy

Apple Unveils New iPods, Apple TV

2010-09-02 19:38:12: Steve Jobs Showcases a Smaller Apple TV, Social Media on iTunes

Video: Google Offers Free Phone Calls

2010-09-02 19:38:12: In an effort to compete with Skype, the team behind Google has unveiled a new service which allows Gmail users to make free phone calls. CNET's Molly Wood reports.

Markets Start September with a Bang

2010-09-02 19:38:12: Dow Jones Industrial Average Jumps 255 Points on the First Day of September

World's Biggest Banking Black Hole in Ireland

2010-09-02 19:38:12: Ireland Must Carry Out Europe's Most Ambitious Bank Bailout Program at Time of Rising Deficits and Welfare Lines

Botox Maker to Pay $600M to Settle Federal Probe

2010-09-02 19:38:12: Company Allergan Inc. Says it Will Plead Guilty to Misdemeanor Charge of "Misbranding" Botulin-Based Drug for Unapproved Uses

Burger King Buyout? Reports Continue to Swirl

2010-09-02 19:38:12: Speculation Ramps up that Fast-Food Chain in Talks to Be Acquired by Private Firm

GM Auto Sales Drop 7% in August

2010-09-02 19:38:12: Fears About Shaky Economy Discouraged Customers from Buying New Cars and Trucks

Manufacturing Continues to Lead Recovery

2010-09-02 19:38:12: The Industrial Sector Grew at a Faster Pace Than Expected During August

Regulators Defend Actions on Lehman, Wachovia

2010-09-02 19:38:12: Financial Crisis Inquiry Commission Will Hear Testimony from Regulators Regarding 2008 Bank Troubles on Wednesday

Retailers report surprising August sales gains

2010-09-02 17:08:04: Sales rise 3.3% at major chain stores compared with a year earlier. Back-to-school promotions and other deep discounts help boost figures, an analyst says.

After a difficult month that raised fears that the economy could plunge into another recession, the nation's retailers offered a glimmer of hope Thursday by posting surprisingly solid August sales figures.

U.S. employers push rising cost of healthcare onto workers

2010-09-02 17:08:04: A new survey shows a family health plan in 2010 averages $4,000 a year, up 14% from 2009. Meanwhile, the average employer contribution to a family plan hasn't increased at all.

Strained by rising healthcare costs and the sour economy, U.S. employers are pressing workers to shoulder the added burden alone as employees pay higher insurance premiums and more out-of-pocket expenses for their medical care.

Bernanke says Fed had to let Lehman fail

2010-09-02 17:08:04: Lending money to the financial-services giant would have meant 'billions of dollars in losses' for taxpayers, the Federal Reserve chairman tells a panel investigating the financial crisis.

As a scholar of the Great Depression, Federal Reserve Chairman Ben S. Bernanke said Thursday that he knew the failure of Lehman Bros. in 2008 would be an economic disaster. But he believed there was no way to save the investment bank without a huge loss of taxpayer money.

Dell cedes data-storage maker 3Par to HP

2010-09-02 17:08:04: Dell Inc. is walking away from a bidding contest with rival Hewlett-Packard Co. for data-storage maker 3Par Inc.

Burger King agrees to $3.26B buyout by 3G Capital

2010-09-02 17:08:04: Burger King Holdings Inc., the nation's perennially No. 2 hamburger chain, said Thursday that it is selling itself to little-known private equity firm 3G Capital in a deal valued at $3.26 billion.

Kia recalling Soul, Sorento autos for wiring fix

2010-09-02 17:08:04: Kia Motors is recalling about 35,000 Soul and Sorento vehicles to fix wiring in the interior lighting panels that could lead to fires.

Strong Yen Helps to Fuel Germany’s Export Boom

2010-09-02 14:48:08: Europe tends to focus on the dollar exchange rate, but the yen’s recent rise is helping Germany significantly.

Toyota Feels Exchange-Rate Pinch as Rivals Gain

2010-09-02 14:48:08: For all the turmoil over Toyota's wave of recalls, the world's largest automaker may face a bigger problem: the surging yen.

R.B.S. to Cut 3,500 Jobs in Britain

2010-09-02 14:48:08: Royal Bank of Scotland, the bank controlled by the British government, also plans to close 10 offices in Britain to reduce costs.

Wall Street Wanders as Traders Sort Through Data

2010-09-02 14:48:08: Traders were slow to react to the modestly positive news Thursday. Instead they are waiting for Friday’s crucial monthly report on employment.

U.S. Retailers Depended on Discounts in August

2010-09-02 14:48:08: Retail sales rose 3.3 percent, more than forecast. But the results are measured against a weak month a year ago.

Special Report: Business of Green: A Future Built on Different Standards

2010-09-02 14:48:08: Styria, a province in southeastern Austria, is enjoying an economic boom generated in part by a project by 79 municipalities to promote local, green, self-sustaining businesses.

Advertising: Scholastic Books Revamps Its Marketing

2010-09-02 14:28:10: The company said it wanted to keep better track of teachers who were new or who had departed and use more methods of communication.

Afghan officials defend Kabul Bank

2010-09-02 13:18:05: The Central Bank of Afghanistan has said it won't allow the country's biggest private financial institution to collapse in the wake of U.S. media allegations of corruption and heavy losses.

Cuban offshore oil plans gain momentum

2010-09-02 13:18:05: While the Gulf of Mexico oil spill has sparked debate in America on the merits of deepwater drilling, 90 miles away Cuba's offshore plans are quietly taking shape.

Ferrari recalls supercars after fires

2010-09-02 13:18:05: Ferrari has been forced to recall its latest supercar after reports that several had burst into flames.

S. African unions reject government offer

2010-09-02 13:18:05: South African union officials Thursday rejected an improved wage offer from the government as a public sector strike continues to cripple the country.

UK bank RBS job cuts reach 27,000

2010-09-02 13:18:05: Read full story for latest details.

After gulf spill, BP spent $93m on ads

2010-09-02 12:38:10: WASHINGTON — Oil giant BP says it has spent more than $5 million a week on advertising since the Gulf Coast oil spill — more than three times what it spent on ads during the same period last year.

Oil spill - BP - Advertising - Gulf Coast of the United States - Gulf Coast

China imposes anti-subsidy duties on US chicken

2010-09-02 12:38:10: BEIJING — China has imposed anti-subsidy duties for five years on imports of US chicken products after concluding producers received improper support, the Commerce Ministry said yesterday amid a string of trade spats with Washington.

People's Republic of China - Washington - China - Asia - United States

Sony launches rival to iTunes

2010-09-02 12:38:10: FRANKFURT — Sony Corp. said it is starting Qriocity, a service to stream videos and music, in five European countries this fall, challenging Apple Inc.’s iTunes store.

Sony - Apple - iTunes - PlayStation 3 - Intellectual Property

Stocks fluctuate after mixed jobs report

2010-09-02 10:28:02: NEW YORK — Stocks fluctuated in a tight range Thursday after traders received one mixed report on the jobs market and prepared for a second report on the sector later this week.

Rate Decisions Highlight Diverging Growth Rates in Europe

2010-09-02 08:08:08: The European Central Bank left its benchmark interest rate unchanged Thursday as expected, but the Swedish central bank raised its rate, citing worries about inflation.

Ferrari 458 Italia Supercar Is Recalled

2010-09-02 08:08:08: A wheel-arch heat shield is too close to an exhaust pipe and causes an adhesive to burst into flame, a Ferrari spokesman said.

Monetary Fund Warns G-7 on Debt Levels

2010-09-02 01:28:07: The world’s most developed economies face record levels of debt as a result of the 2008-9 financial crisis and have little room to maneuver, the I.M.F. warned.

Maker of Botox Settles Inquiry

2010-09-02 01:28:07: Allergan agreed to pay $600 million to settle charges that it illegally promoted and sold Botox for unapproved uses.

Burger King Has Suitors From Brazil

2010-09-02 01:28:07: Burger King Holdings is in advanced talks to sell itself to 3G Capital, a Brazilian investment firm.

Manufacturing Index Rose in August

2010-09-02 01:28:07: Analysts said the unexpected increase showed that manufacturing activity is outperforming overall economic growth.

State of the Art: Your Own Hot Spot, and Cheap

2010-09-02 01:28:07: Virgin Mobile’s MiFi is nearly like the ones offered by Sprint and Verizon but with three exceptions: an unlimited data plan, no contract and a $40-a-month service fee.

Data boost from economic giants

2010-09-01 23:58:04: Read full story for latest details.

India wants Skype, Google data

2010-09-01 23:58:04: Read full story for latest details.

Eco-tourism in war-torn Sierra Leone

2010-09-01 23:58:04: For many people, the name Sierra Leone still conjures up images of the country's decade-long civil war and subsequent war crimes trials.

7 questions make interviewers cringe

2010-09-01 23:58:04: Chances are you've prepared answers to a variety of questions an interviewer might throw your way, but have you spent equal time considering the questions you want to pose to a potential employer?

Apple shines up TV, iPod lines

2010-09-01 23:58:04: In the tech world, it's become an annual rite of fall.

Banks post $21.6 billion profit in 2nd quarter

2010-09-01 23:38:12: U.S. Banks Might Have Posted a Huge Profit, but the Number of Banks in Trouble of Failing Grew by Half

Apple to offer 99-cent TV show rentals on revamped box

2010-09-01 21:08:05: The new service will initially offer only shows produced by ABC Television Group and Fox Filmed Entertainment. Other studios are reluctant to join in.

Apple is taking a bite out of online TV rental prices, in part to try to revive its Apple TV product that never caught on with consumers.

U.S. sues former execs of failed credit union WesCorp, alleging fraud

2010-09-01 21:08:05: Robert Siravo and Thomas Swedberg are accused of adding millions of dollars to retirement payouts for themselves and other top brass. They and 14 others are also accused of breach of duty.

A federal agency is accusing two former executives of a giant failed credit union in Los Angeles County of fraud for their roles in adding millions of dollars to retirement payouts for themselves and other top brass at the financial institution.

Man accused of fraud may get life in prison under California's three-strikes law

2010-09-01 21:08:05: The stiff penalty is rarely used against white-collar criminals. Timothy Barnett is charged with 23 felonies for allegedly tricking five people into unknowingly granting him title to their homes.

Timothy Barnett spent nearly five years in state prison for a 1990s foreclosure rescue scam in which he conned homeowners out of tens of thousands of dollars. Now, prosecutors say, he has been at it again, targeting residents in the same South Los Angeles neighborhood he fleeced before.