May 20, 2013

Business News

US Treasury Reports $113B Surplus in April

Posted: 05/10/13 - The U.S. Treasury says it took in a surplus of $113 billion in April, the largest in five years. That lowered the federal deficit through the first seven months of the budget year and kept it on pace to be the smallest since 2008. Read More

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Obama Emphasizes Trade with Latin America

Posted: 05/04/13 - President Barack Obama says the U.S. places great importance on its trading relationships with Latin America and will keep working to improve those ties and help the region become more competitive. Read More

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Economic News

  • The Unthinkable: Quitting a Currency
    Can countries like Greece and Spain go on enduring the unyielding squeeze indefinitely? So far, they say yes. So, too, did Argentines in the late 1990s and early 2000s—that is, until they didn't.
  • States Bank On Online Sales Tax
    Congress hasn't yet agreed to end tax-free shopping on the Internet, but some states already are planning how they'll spend the money.
  • Chinese Credit Surge Raises Property Fears
    Surging credit has kept China's real-estate sector humming in the teeth of a renewed attempt by the government to bring prices under control, risking a destabilizing correction in prices down the line.
  • An Independent Scotland Risks Financial Shocks
    An independent Scotland would have banking assets worth more than 1,250% of Scottish gross domestic product, putting taxpayers at significant risk in the event of another banking crisis, the U.K. Treasury said Sunday.
  • BOE Chief Urges Growth Action
    The U.K. economy is in recovery but policy makers need to do more to lift growth, Bank of England Governor Mervyn King said.
  • Consumer Optimism Returns to Pre-Crisis Level
    The Thomson-Reuters/University of Michigan early-May consumer-sentiment index jumped to 83.7 from 76.4 at the end of April and a preliminary April reading of 72.3.
  • Some Banks Halt Foreclosures
    Some of the nation's largest banks, including Wells Fargo, suspended foreclosure sales in a number of states following guidance issued by federal banking regulators.
  • Soft Inflation Poses a Growth Test
    The sluggishness of the U.S. economy is driving down inflation, leaving companies unable to increase prices and raising doubts about the durability of the recovery.
  • Housing-Permit Surge Suggests Blip
    Construction of new homes sank last month far more than expected, but a surge in building permits points to a pickup in the months ahead.
  • Fed Hawks, Doves Air Views on Bond Buying
    Federal Reserve officials are deeply engaged in debating when to begin dialing back an $85 billion-a-month bond buying program, but don't appear near consensus on when to pull the trigger.

US Business News

  • Yahoo's Tumblr Deal Brings Challenges
    Yahoo will face a series of cultural challenges as it tries to make its $1.1 billion acquisition of Tumblr pay off.
  • Actavis to Buy Warner Chilcott
    Actavis agreed to acquire Warner Chilcott for about $5 billion in an all-stock deal aimed at enlarging Actavis's portfolio of specialty pharmaceutical brands and shrinking its tax burden.
  • Wanted: Miners in Brazil for Anglo American
    While rising labor costs have become almost routine for global mining firms, locals in Brazil have been willing to take lower-level jobs such as operating a conveyor belt for less than $10,000 a year.
  • New Xbox Girds for Smartphone Battle
    What's underneath the hood of the latest Xbox videogame console represents a multiyear odyssey of trying to figure out how to keep the machine "cool."
  • Chesapeake Taps Lawler as CEO
    Chesapeake Energy tapped Robert Douglas Lawler, a 46-year-old executive at Anadarko Petroleum, to succeed Chesapeake co-founder Aubrey McClendon as CEO of the nation's second-largest natural-gas producer.
  • GE Capital to Pay Parent Dividend
    General Electric said GE Capital's board approved a $6.5 billion dividend payment to the conglomerate, which reflects 30% of the financial arm's planned 2013 earnings.
  • Vista Equity Partners to Buy Websense
    Buyout firm Vista Equity Partners agreed to pay about $1 billion to acquire Websense, a maker of software and services designed to help protect companies against cyber attacks and data theft.
  • NBC News Names President
    Deborah Turness was named president of NBC News, as expected. The 46-year-old is the first woman to lead a U.S. broadcast news division.
  • Neiman Marcus Scales Back in China
    Neiman Marcus is scaling back its physical operations in China amid a broader slowdown in the country for luxury goods.
  • FCC Can Set Deadlines for Cell Tower Applications
    The Supreme Court ruled federal regulators can set deadlines for state and local authorities to act on applications for new cellphone towers.