Latest Breaking Business News
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HP beats the Street
Hewlett-Packard raised its 2013 earnings outlook after beating expectations, as CEO Meg Whitman’s turnaround plan shored up profits and offset shrinking PC sales with enterprise computing services.Fiscal second quarter profit fell 32 percent, less than feared. Shares gained 14 percent, or $2.86, to $24.09, in extending trading after HP projected full-year earnings per share of $3.50 to ...
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Bloomberg checked out flacks for flak
Bloomberg LP, as its Spygate scandal spilled across papers around the world, sought professional help, The Post has learned.The data company weighed hiring crisis p.r. consultants, sources said.Bloomberg reached out to at least one New York-based external communications firm to get help addressing reports that its reporters were using its ubiquitous Wall Street terminals to spy on clients, the ...
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Clearwire board call for Sprint
Clearwire’s board recommended Sprint Nextel’s higher takeover bid of $3.40 a share, or about $2.5 billion, saying it’s the best offer available to the struggling wireless-service provider.The bid, which Sprint boosted from $2.97 a share, tops a $3.30 contender from Dish Network. After the terms were changed, Clearwire rescheduled the shareholders’ vote until a week from ...
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Tumblr spins $13M into $192M for lucky VCs
Tumblr’s $1.1 billion purchase by Yahoo! returned $192 million to two of its biggest venture backers, a person familiar with the matter said, disputing an estimate by PrivCo. Spark Capital and Union Square Ventures invested $13 million apiece, according to the source. That represents about a 15-fold return for Spark, based in Boston, and Union Square, in New York. PrivCo, which earlier ...
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Saks shares spike on heels of sale scoop
For Saks investors, it’s like the financial crisis never happened.Shares in the owner of Saks Fifth Avenue spiked 13 percent yesterday, after The Post first reported late Tuesday that the luxury retailer had hired Goldman Sachs to explore options, including a possible sale of the company.The stock gained $1.83 yesterday to settle at $15.50 after hitting an intraday high of $16.17 - the ...
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Farmers Demand GrainCorp Sell Assets Ahead of ADM Takeover
Australian farmers have written to the government demanding the sale of some GrainCorp Ltd. (GNC.AU) assets as a condition to its takeover by Archer Daniels Midland Co. (ADM), fearing the U.S. grain giant could squeeze the few remaining competitors out of the market.GrainCorp late last month accepted a sweetened A$3.4 billion (US$3.3 billion) takeover offer from ADM. The deal--ADM's largest ...
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China Construction Bank Buys Stake in Russian Bank
China Construction Bank Corp. (0939.HK), China's second-largest bank by assets, said Thursday that it purchased a $100 million stake in Russia's VTB Bank (VTBR.RS).The Chinese bank said in a statement on its website that it bought the newly issued shares in the Russian bank through a placement.The state-controlled Russian bank's share offer raised about $3.3 billion, China ...
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Berkshire Seeks ResCap Ally Financial Report
Berkshire Hathaway Inc. (BRKA) wants an independent examiner's report on dealings between mortgage company Residential Capital LLC and its government-owned parent Ally Financial Inc. released.Berkshire Hathaway says the report's findings can help it determine if a bankruptcy settlement involving the companies is fair. ResCap creditors including Berkshire want to see the report because ...
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Pfizer takes its shot at a vaccine for evasive superbug
Kathrin Jansen, senior vice president of Vaccine Research and Early Development at Pfizer Inc, poses for a portrait in one of her labs at Pfizer headquarters in Pearl River, New York, April 19, ...
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Exxon Mobil accused of anti-gay bias
The complaint, filed Wednesday with the Illinois Department of Human Rights by Freedom to Work, said Exxon was sent two nearly identical resumes for an opening in Illinois. The only major differences: one applicant made clear she was a gay-rights activist, and had higher grades than the other ...
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Ford grows in America shrinks in Australia
Ford Motor Co. is adding production, and 3,500 jobs, in North America as it tries to keep up with Americans’ appetite for new cars and trucks. But the automaker will end production in Australia, cutting 1,200 jobs by 2016, as high costs left it unable to ...
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Metals Stocks Gold falls after Fed talk boosts dollar
LOS ANGELES (MarketWatch) -- Gold futures fell Thursday, weighed by strength in the U.S. dollar after the head of the U.S. Federal Reserve indicated the central bank could start tapering stimulus efforts in the coming ...
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In a 3 a.m. vote Raytown gives green light to downtown Wal-Mart grocery store
After meeting for about seven and a half hours, the Raytown Board of Aldermen voted 6-4 early Wednesday to allow a change that paves the way for a Wal-Mart grocery store in its ...
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Ignore Fed Hawks Bernanke in Driving Seat
Federal Reserve Chairman Ben Bernanke would not risk a premature withdrawl of the stimlus that has underpinned the U.S. economic recovery, former vice chairman of the Fed Alan Binder told CNBC. In a testimony to Congress on Wednesday, Bernanke sounded a dovish tone, remarking that the premature tightening of monetary policy carries a "substantial risk" of slowing the economic recovery. ...
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Hackers Find China Is Land of Opportunity
Name a target anywhere in China, an official at a state-owned company boasted recently, and his crack staff will break into that person's computer, download the contents of the hard drive, record the keystrokes and monitor cellphone communications, too. Pitches like that, from a salesman for Nanjing Xhunter Software, were not uncommon at a crowded trade show this month that brought together ...
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Average U.S. 401 balance tops $80000 up 75 percent since 2009
BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its ...
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SoftBank would appoint security director to Sprint board
S.N ) board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed ...
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Mitsubishi Motors weighs capital shift dividends sources
7211.T ) is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the ...
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JGB yields surge markets spooked by Bernanke remarks
SINGAPORE (Reuters) - Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary ...
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Delta will wait for new planes to mature CEO
DAL.N ) is letting a wave of orders for the newest planes on the market roll by, giving the jets time to prove themselves before buying, its chief executive told Reuters on ...
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High costs currency push Ford out of Australia car manufacturing
F.N ) will shut its two Australian auto plants in October 2016, blaming a strong currency and costs that are hitting manufacturers just as the country looks for other sectors of its economy to cushion the end of a mining ...
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US stocks edge higher before Bernanke test
US stocks have opened slightly higher as the market looked ahead to congressional testimony by Federal Reserve Chairman Ben Bernanke. Five minutes into trade on Wednesday, the Dow Jones Industrial Average rose 16.11 (0.10 per cent) to 15,403.69. The broad-based S&P 500 added 1.37 (0.08 per cent) at 1,670.53, while the tech-rich Nasdaq Composite Index increased 0.68 (0.02 per cent) to ...
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BASF To Spend EUR300 Million A Year Globally to Raise Capacity for Agricultural Products
Germany-based chemicals company BASF SE Thursday said it plans to spend an average of EUR300 million annually to build additional production capacity for agricultural products.The company announced plans to set up a new formulation and packaging plant for crop protection products in China. The new plant, which will have an annual production capacity of 10,000 metric tons, will be set up in ...
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Newcrest Says Exploration License to be Reconsidered
Australia's largest listed gold miner, Newcrest Mining Ltd. (NCM.AU), said an exploration license near one of its biggest mines is being reviewed by the state government after a court upheld objections from a small private explorer to it being renewed in full.The New South Wales Land and Environment Court ruled the government hadn't provided sufficient reasons to support the full ...
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Metrobank Gets Central Bank OK for 3-For-10 Stock Dividend
The central bank has approved Metropolitan Bank & Trust Co.'s (MBT.PH) 3-for-10 stock dividend, Metrobank said on Thursday.The country's second-largest lender by assets is now waiting for the securities regulator to approve a plan to double its authorized capital to 100 billion Philippine pesos ($2.4 billion). At present Metrobank has 1.5 billion common and 1 billion preferred ...
Seattle Feature
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Seattle fixing Mercer Mess
Seattle’s Department of Transport has plans to improve the Mercer Corridor or Mercer Mess as it is known to many residents of the city, Seattle news media have been reporting on the plans for some time, but a groundbreaking ceremony now marks the beginning of the major project.
The Mercer Corridor was built over forty years ago when the city’s transportation needs and traffic volumes were entirely different to present day. Mercer Street is a primary artery for the city of Seattle and over 80,000 people drive along it every day, but because of increased traffic and inefficient infrastructure, major bottlenecks occur at peak rush hour and limit access to the South Lake Union area, the Seattle Waterfront, the port, major highways and the Seattle Center. Read more
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