U.S. Economy » 2012 » April

April 2012
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HP raises 2013 outlook as Whitman's plan takes hold

By Poornima Gupta SAN FRANCISCO (Reuters) - Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing services. While fiscal second-quarter profit plummeted 32 percent, Wall Street had braced for worse. HP shares gained 14 percent after the company projected full-year earnings per share of $3.50 to $3.60, raising the lower end by 10 cents, and fiscal third-quarter profit that topped analyst estimates. ...

Wall Street falters in volatile session on Fed worries

By Angela Moon NEW YORK (Reuters) - Stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. Trading was volatile - the Dow and the S&P indexes both rose more than 1 percent during the morning, but fell more than 1 percent in the afternoon. ...

Bernanke says more progress needed before stimulus pullback

By Pedro da Costa and Alister Bull WASHINGTON (Reuters) - The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on Wednesday. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain momentum, Bernanke told Congress. But minutes from the Fed's most recent meeting released on Wednesday showed the bar was still relatively high. ...

Home sales close in on three-and-a-half year high

By Lucia Mutikani WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years and prices surged, offering the economy a buffer from the stiff headwinds posed by belt-tightening by Washington. The National Association of Realtors said on Wednesday existing home sales advanced 0.6 percent to an annual rate of 4.97 million units, the highest level since November 2009. The data underscored the housing market's improving fortunes as it starts to regain its footing. Resales were 9.7 percent higher than in the same period last year. ...

Apple, former Washington wallflower, now at center of tax fight

By Andy Sullivan, Gabriel Debenedetti and Poornima Gupta WASHINGTON (Reuters) - For years, Apple Inc kept a low profile in Washington as it grew into one of the most valuable companies in the world. Now the iPad maker has taken the lead, perhaps inadvertently, on a top priority for U.S. business: simplifying America's tax code. Chief Executive Tim Cook, who was called before the Senate Permanent Subcommittee on Investigations on Tuesday to answer questions about Apple's alleged tax avoidance, used his appearance to plead for an overhaul of corporate taxes. ...

GM recalls more than 27,000 Cadillac crossovers with wheel issue

(Reuters) - General Motors Co is recalling worldwide more than 27,000 Cadillac crossover vehicles whose wheels could fall off due to potentially loose wheel nuts. GM said on Wednesday it knows of no crashes or injuries due to the issue and that no wheels have separated from the sport utility vehicles built on car-based platforms. The recall by the largest U.S. automaker affects certain 2013 Cadillac SRX models equipped with 18-inch wheels. About 18,871 of the affected vehicles are in the United States, 913 are in Canada, and 7,397 have been exported beyond North America, a GM spokesman said. ...

U.S. House votes to force approval of Keystone pipeline

By Ros Krasny WASHINGTON (Reuters) - The House of Representatives approved a bill as expected on Wednesday declaring that a presidential permit was not needed to approve the Canada-to-Nebraska leg of the Keystone XL oil pipeline, a move that would take a decision on the project away from the Obama administration. The Republican-controlled House voted 241-175 with support from some Democrats. The bill faces an uphill battle because it would have to pass the Senate with enough votes to overcome a promised veto from President Barack Obama. ...

Electric carmaker Tesla pays off U.S. loan

By Ben Klayman DETROIT (Reuters) - Electric carmaker Tesla Motors Inc on Wednesday paid off its U.S. Department of Energy loan nine years earlier than required, using money raised last week in a stock and debt offering. The automaker said on Wednesday that it wired $451.8 million to repay the full loan with interest. ...

Ford to close Australia auto plants: reports

CANBERRA (Reuters) - Ford Motor Co is set to announce it is closing its two Australian auto plants and will cease production in the country by 2016 as it struggles with sliding sales, high costs and a strong Australian dollar, local media reported on Thursday. Ford plans to close its engine plant in Geelong and its assembly plant in Broadmeadows, both in the state of Victoria, by 2016, News Ltd reported. Ford was not immediately available for comment but had planned an announcement for later on Thursday, and unions were bracing for bad news. ...

PepsiCo rethinks U.S. pricing to attract more daily buyers

(Reuters) - PepsiCo Inc said it is tweaking its drink-pricing strategy in some parts of the United States, as it aims to wean consumers off the habit of buying soda only when it is on sale. The strategy, which PepsiCo refers to as "hybrid everyday value," involves narrowing the gap between soda prices on holidays and regular days. It aims to lessen the discounts on holidays, when a 12-pack of 12-ounce cans can cost as little as $2.50 to $3, and lower prices throughout the rest of the year, when the same package can cost as much as $5.99. ...

Archive for April 25th, 2012

25 Apr

Analysis: China’s ailing bad debt market cries for change

BEIJING (Reuters) - Veteran investor Jack Rodman has had enough. After waiting 11 years for China to sell its rising pile of bad bank loans, he is quitting and going to Spain instead. His pull-out exposes a pressing failing in China’s booming financial sector: it does not properly dispose of a growing store of bad [...]

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Archive for April 25th, 2012

Analysis: China’s ailing bad debt market cries for change