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Jun
18th
Former UBS Trader Charged in Libor Scandal
By Betty
Former UBS Trader Charged in Libor Scandal
A former trader with UBS and Citigroup was charged Tuesday in relation to an ongoing investigation into the fixing of so-called Libor rates. 33 year-old Tom Hayes was charged with eight counts of fraud in England as authorities look to begin prosecuting traders associated with the Libor scandal. Hayes was arrested last December and will likely be the first to stand trial for the scandal, though certainly not the last. Libor, or the London interbank offered rate, is a benchmark rate published and used by banks when loaning each other money. According to officials, a number of the world's largest banks conspired to fix Libor rates, impacting hundreds of trillions of dollars in loans around the globe.
A former trader with UBS and Citigroup was charged Tuesday in relation to an ongoing investigation into the fixing of so-called Libor rates. 33 year-old Tom Hayes was charged with eight counts of fraud in England as authorities look to begin prosecuting traders associated with the Libor scandal. Hayes was arrested last December and will likely be the first to stand trial for the scandal, though certainly not the last. Libor, or the London interbank offered rate, is a benchmark rate published and used by banks when loaning each other money. According to officials, a number of the world's largest banks conspired to fix Libor rates, impacting hundreds of trillions of dollars in loans around the globe.
Jun
18th
European Auto Sales Hit 20-Year Low In May
By Frank Galvano
European Auto Sales Hit 20-Year Low In May
Conditions within the European economy continue to be strained, according to a report issued Tuesday, as auto sales within the European Union fell to their lowest level in 20 years in May. Issued by the European Automobile Manufacturers' Association, the report shows that sales dipped 5.9 percent from May 2012 to right around a million vehicles sold. The last time less than a million vehicles were sold in Europe in a month, the group said, was May 1993. And the decline didn't just come about in May, either, as European auto sales for the first five months of the year were down nearly 7 percent from a year ago, particularly in Germany, France and Italy, where sales slipped right around 10 percent. England represented the lone bright spot on the report, as sales there were actually up 11 percent.
Conditions within the European economy continue to be strained, according to a report issued Tuesday, as auto sales within the European Union fell to their lowest level in 20 years in May. Issued by the European Automobile Manufacturers' Association, the report shows that sales dipped 5.9 percent from May 2012 to right around a million vehicles sold. The last time less than a million vehicles were sold in Europe in a month, the group said, was May 1993. And the decline didn't just come about in May, either, as European auto sales for the first five months of the year were down nearly 7 percent from a year ago, particularly in Germany, France and Italy, where sales slipped right around 10 percent. England represented the lone bright spot on the report, as sales there were actually up 11 percent.
Jun
18th
Housing Starts Rebound from April Decline
By Kelly Curtis
Housing Starts Rebound from April Decline
The US Commerce Department reported Tuesday that home construction rebounded in May from a steep decline in April, providing optimism about the market considered so vital to the broader US economy. In addition, according to the report, permits for future housing starts reached their highest level in five years, hinting that the trend will continue over the next few months. A Commerce spokesman noted that starts are still well below where they were in March, but noted that that months starts represented a five year high of its own. After starts plunged nearly 15 percent between March and April, the total number of single-family homes starts rose 6.8 percent last month to a seasonally adjusted annual pace of 914,000.
The US Commerce Department reported Tuesday that home construction rebounded in May from a steep decline in April, providing optimism about the market considered so vital to the broader US economy. In addition, according to the report, permits for future housing starts reached their highest level in five years, hinting that the trend will continue over the next few months. A Commerce spokesman noted that starts are still well below where they were in March, but noted that that months starts represented a five year high of its own. After starts plunged nearly 15 percent between March and April, the total number of single-family homes starts rose 6.8 percent last month to a seasonally adjusted annual pace of 914,000.
Jun
18th
Starbucks to Post Calorie Counts On Menus
By Betty
Starbucks to Post Calorie Counts On Menus
The world's largest coffee chain announced Tuesday it will begin posting calorie counts for its popular coffee drinks on menu boards in its stores. The company is beating the government to the punch with the move, as the US Food and Drug Administration is currently finalizing a new regulation that will require food chains with more than 20 locations to post calorie info on menus. Several other large chains, such as McDonald's, have also decided to begin posting nutrition info in stores prior to the government making it mandatory. Of course, in some cities such as New York City calorie counts are already required for chain restaurants.
The world's largest coffee chain announced Tuesday it will begin posting calorie counts for its popular coffee drinks on menu boards in its stores. The company is beating the government to the punch with the move, as the US Food and Drug Administration is currently finalizing a new regulation that will require food chains with more than 20 locations to post calorie info on menus. Several other large chains, such as McDonald's, have also decided to begin posting nutrition info in stores prior to the government making it mandatory. Of course, in some cities such as New York City calorie counts are already required for chain restaurants.
Jun
14th
Microsoft Unveils Plan for Mini Stores Inside Best Buy
By Kelly Curtis
Microsoft Unveils Plan for Mini Stores Inside Best
Buy
Microsoft revealed Friday a plan to open 500 mini stores inside existing Best Buy locations in an attempt to boost sales of its Surface tablet devices, Windows-based laptop and desktop computers and other products. The software giant already has a chain of just over 70 stores and kiosks in malls peddling its wares, but sales of its own products have lagged. The company recently unveiled the latest incarnation of its flagship operating system, Windows 8, and has sold over a hundred million since releasing it in October. But according to a spokesman, sales of Microsoft-branded computers have been disappointing in stores like Best Buy because those stores lack the expertise to steer customers to the products.
Microsoft revealed Friday a plan to open 500 mini stores inside existing Best Buy locations in an attempt to boost sales of its Surface tablet devices, Windows-based laptop and desktop computers and other products. The software giant already has a chain of just over 70 stores and kiosks in malls peddling its wares, but sales of its own products have lagged. The company recently unveiled the latest incarnation of its flagship operating system, Windows 8, and has sold over a hundred million since releasing it in October. But according to a spokesman, sales of Microsoft-branded computers have been disappointing in stores like Best Buy because those stores lack the expertise to steer customers to the products.
Jun
14th
Airbus Celebrates Successful Maiden Flight of New A350 Airliner
By Ronnie
Airbus Celebrates Successful Maiden Flight of New A350
Airliner
Over the last few years, the global airline industry has been in dire need of a way to cut costs without raising airfares as jet fuel prices have pressured profit and airlines have been reluctant to raise fares in light of the global economic atmosphere. The carriers' biggest hopes lies with developments in airliner technology, particularly newly developed materials that allow manufacturers to build lighter aircraft. With this push for more fuel-efficient aircraft, the world's two largest plane makers have been in a race to develop the better lightweight airliner. US-based Boeing got a head start on European rival Airbus, introducing the 787 Dreamliner several years ago, but problems with the plane shelved it earlier this year, allowing Airbus to bridge the gap. With Airbus unveiling the A350 Friday, the battle for lightweight, fuel-efficient airliner supremacy is in full swing.
Over the last few years, the global airline industry has been in dire need of a way to cut costs without raising airfares as jet fuel prices have pressured profit and airlines have been reluctant to raise fares in light of the global economic atmosphere. The carriers' biggest hopes lies with developments in airliner technology, particularly newly developed materials that allow manufacturers to build lighter aircraft. With this push for more fuel-efficient aircraft, the world's two largest plane makers have been in a race to develop the better lightweight airliner. US-based Boeing got a head start on European rival Airbus, introducing the 787 Dreamliner several years ago, but problems with the plane shelved it earlier this year, allowing Airbus to bridge the gap. With Airbus unveiling the A350 Friday, the battle for lightweight, fuel-efficient airliner supremacy is in full swing.
Jun
14th
Detroit Opts for Debt Default over Bankruptcy Filing
By Frank Galvano
Detroit Opts for Debt Default over Bankruptcy
Filing
The city of Detroit decided on Friday that it makes more sense to default on a handful of debt, risking a downgrade of its credit rating, than to file what would be the largest municipal bankruptcy in US history. The Motor City has been hemorrhaging money in recent years due to poor management, a dwindling population and a declining tax base as companies have moved facilities out of the city. Detroit's Emergency Manager Kevin Orr, placed in control of Detroit's finances by state officials to avert a bankruptcy, opened negotiations with Detroit's creditors Friday by announcing a moratorium on certain debt payments, including one due on Friday.
The city of Detroit decided on Friday that it makes more sense to default on a handful of debt, risking a downgrade of its credit rating, than to file what would be the largest municipal bankruptcy in US history. The Motor City has been hemorrhaging money in recent years due to poor management, a dwindling population and a declining tax base as companies have moved facilities out of the city. Detroit's Emergency Manager Kevin Orr, placed in control of Detroit's finances by state officials to avert a bankruptcy, opened negotiations with Detroit's creditors Friday by announcing a moratorium on certain debt payments, including one due on Friday.
Jun
14th
US Industrial Output Rises for 1st Time in Three Months
By Dave Simmons
US Industrial Output Rises for 1st Time in Three
Months
In a sign that the recent industrial slump in the US may be coming to an end, factory output in the world's largest economy rose for the first time in three months in May, according to a report issued Friday by the Federal Reserve. Following declines of 0.4 percent in April and 0.3 percent in March, output rose 0.1 percent last month, fueled primarily by gains in automobile production. Economists welcomed the news, saying the accelerated production bodes well for the US economy in the third quarter, when they say the economy should resume growth following a projected slowdown in the current quarter. That sentiment was further supported by a separate report issued Friday showing improvement in consumer confidence.
In a sign that the recent industrial slump in the US may be coming to an end, factory output in the world's largest economy rose for the first time in three months in May, according to a report issued Friday by the Federal Reserve. Following declines of 0.4 percent in April and 0.3 percent in March, output rose 0.1 percent last month, fueled primarily by gains in automobile production. Economists welcomed the news, saying the accelerated production bodes well for the US economy in the third quarter, when they say the economy should resume growth following a projected slowdown in the current quarter. That sentiment was further supported by a separate report issued Friday showing improvement in consumer confidence.
Jun
10th
Bristol-Myers Exec Pleads Guilty to Insider Trading
By Mike Goldman
Bristol-Myers Exec Pleads Guilty to Insider
Trading
46 year-old Robert Ramnarine, a former executive with pharmaceutical giant Bristol-Myers Squibb Co, plead guilty to insider trading charges Monday, admitting to taking profits from inside information gained from his employment with the company. According to court documents, Ramnarine purchased stock in a company called Amylin Pharmaceuticals last year, just weeks before his firm acquired the smaller company for $5.3 billion. According to the charges, Ramnarine made a total of just over $300,000 through insider trading in the Amylin deal and two other companies purchased by Bristol-Myers. The former exec faces a maximum of 20 years in prison for his crimes in addition to a fine of up to $5 million. Sentencing in the matter has been scheduled for September 26th. Ramnarine also agreed to surrender his profits from the venture.
46 year-old Robert Ramnarine, a former executive with pharmaceutical giant Bristol-Myers Squibb Co, plead guilty to insider trading charges Monday, admitting to taking profits from inside information gained from his employment with the company. According to court documents, Ramnarine purchased stock in a company called Amylin Pharmaceuticals last year, just weeks before his firm acquired the smaller company for $5.3 billion. According to the charges, Ramnarine made a total of just over $300,000 through insider trading in the Amylin deal and two other companies purchased by Bristol-Myers. The former exec faces a maximum of 20 years in prison for his crimes in addition to a fine of up to $5 million. Sentencing in the matter has been scheduled for September 26th. Ramnarine also agreed to surrender his profits from the venture.
Jun
10th
Standard & Poor's Raises Outlook on United States
By Kelly Curtis
Standard & Poor's Raises Outlook on United
States
Credit rating agency Standard & Poors upgraded its outlook on the sovereign credit rating for the United States, shifting from an outlook of “negative” to “stable.” the upgrade means that the agency believes the chances of a further downgrade to the nation's AA+ rating is unlikely. In August 2011, S&P reduced its rating on the US from AAA, marking the first time in the nation's history its credit rating has taken a hit. The other two major ratings firms, Moody's and Fitch, have not followed suit with a downgrade, though both have been monitoring recent developments and had placed the nation on notice for possible downgrade.
Credit rating agency Standard & Poors upgraded its outlook on the sovereign credit rating for the United States, shifting from an outlook of “negative” to “stable.” the upgrade means that the agency believes the chances of a further downgrade to the nation's AA+ rating is unlikely. In August 2011, S&P reduced its rating on the US from AAA, marking the first time in the nation's history its credit rating has taken a hit. The other two major ratings firms, Moody's and Fitch, have not followed suit with a downgrade, though both have been monitoring recent developments and had placed the nation on notice for possible downgrade.
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