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Business
Wall Street Week Ahead: Correction talk gets old as rally sails along
Sat, 18 May 2013 04:29:23 -0400
By Angela Moon NEW YORK (Reuters) - With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old. Concerns about a technical correction have been a hot topic for weeks, especially as the rally accelerated in May - the S&P 500 is up 4.4 percent so far this month and up nearly 17 percent for the year. But as the three major U.S. stock indexes inch higher and higher to set record after record, many analysts are shrugging off the pullback worries. ...
Bernanke upbeat on innovation outlook in commencement address
Sat, 18 May 2013 11:14:07 -0400
WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke painted an upbeat picture on Saturday for the potential of innovation to lift living standards, delivering a sweeping look at the last 100 years that included memories of his 1963 South Carolina home. Bernanke made no reference to monetary policy or the immediate outlook for the U.S. economy in prepared remarks to graduates of Bard College at Simon's Rock, Massachusetts. But the die-hard baseball fan did manage to work in a reference to one of the sport's greats. ...
New Xbox more than a game console for Microsoft
Sat, 18 May 2013 11:17:07 -0400
By Malathi Nayak and Bill Rigby SAN FRANCISCO/SEATTLE (Reuters) - Microsoft Corp is set to make a splash this week with the eagerly awaited unveiling of its new Xbox game console, eight years after the last version, as it seeks a larger share of the $65 billion a year global computer gaming industry. But the small device faces some big competition from the PlayStation 4 by Sony Corp and the Wii U by Nintendo Co Ltd in a shifting market. ...
Google's wearable Glass gadget: cool or creepy?
Sat, 18 May 2013 11:16:28 -0400
By Alexei Oreskovic SAN FRANCISCO (Reuters) - Google staged four discussions expounding on the finer points of its "Glass" wearable computer during this week's developer conference. Missing from the agenda, however, was a session on etiquette when using the recording-capable gadget, which some attendees faithfully wore everywhere - including to the crowded bathrooms. Google Glass, a cross between a mobile computer and eyeglasses that can both record video and surf the Internet, is now available to a select few but is already among the year's most buzz-worthy new gadgets. ...
Independent Scotland open to Cyprus-style bank risks, says Britain
Sun, 19 May 2013 04:33:57 -0400
By William James LONDON (Reuters) - An independent Scotland would have a vastly oversized financial sector that would leave it vulnerable to a Cyprus-style banking crisis, Britain's finance ministry says. Before a referendum due in September 2014 on whether Scotland should split from the United Kingdom, the British government is analyzing the impact of independence on Scotland, which has a population of about 5 million. ...
US Airways plane makes unusual belly landing at Newark airport
Sat, 18 May 2013 13:51:40 -0400
By David Jones NEWARK, New Jersey (Reuters) - A US Airways flight made an emergency landing on its belly at Newark Liberty International Airport early on Saturday after the plane's landing gear failed to deploy, but no one was injured, airline and government officials said. Piedmont Airlines flight 4560, operating for US Airways from Philadelphia with 34 passengers and three crew members, landed safely at 1 a.m., and passengers were evacuated on the tarmac and transported to the terminal, a Federal Aviation Administration spokeswoman said in an email. ... BoE governor King warns of euro risk to British recovery
Sun, 19 May 2013 05:28:39 -0400
LONDON (Reuters) - The single biggest risk to Britain's nascent economic recovery is continued eurozone weakness, the Bank of England's outgoing governor Mervyn King said in a television interview on Sunday. He called for a "credible medium term plan" to get the economy back on track and said automatic economic stabilizers should be allowed to work. He also predicted that North Sea oil output would recover in the next couple of years. King last week predicted that UK growth would be faster and inflation lower than expected three months earlier. ...
Exclusive: EU cites Chinese telecoms Huawei and ZTE for trade violations
Sat, 18 May 2013 03:25:41 -0400
By Daniel Bases NEW YORK (Reuters) - Europe's top trade official for the first time late on Friday officially cited Chinese mobile telecommunications equipment makers Huawei and ZTE Corp for violating anti-dumping and anti-subsidy guidelines. European Union Trade Commissioner Karel De Gucht said he was prepared to launch a formal investigation into anti-competitive behavior by these Chinese companies in order to protect a "strategic" sector of Europe's economy. ...
Kuwait replaces oil officials at KPC after $2.2 billion Dow payment
Sun, 19 May 2013 02:30:16 -0400
KUWAIT (Reuters) - State-run Kuwait Petroleum Company (KPC) appointed a new chief executive and suspended other top officials after the country paid $2.2 billion in damages to Dow Chemical Co over a scrapped plastics joint venture. Nizar Mohammad al-Asani replaced Farouk Zanki as CEO at the oil firm and the cabinet approved the nomination of six board members, a statement on state news agency KUNA said. Newspaper al-Rai said that two of the board members were new. The government also suspended officials at KPC unit Petrochemical Industries Co. which pulled out of the $17. ... Switzerland close to deal in U.S. tax dispute: finance minister
Sat, 18 May 2013 11:45:43 -0400
ZURICH (Reuters) - Switzerland is on the brink of a deal to settle a long-running dispute with U.S. authorities over Swiss banks accused of helping wealthy Americans evade billions of dollars of tax, the finance minister said on Saturday. "We hope that we will shortly be at the finishing line," Eveline Widmer-Schlumpf told Swiss radio in an interview. "The banks won't get it for nothing." Widmer-Schlumpf declined to say how high fines might be, but added: "It is clear that it will not be a pleasant solution. ...
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