U.S. Economy » 2012 » July

July 2012
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Wall Street Week Ahead: Correction talk gets old as rally sails along

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

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

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?

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. ...

US Airways plane makes unusual belly landing at Newark airport

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. ...

Exclusive: EU cites Chinese telecoms Huawei and ZTE for trade violations

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. ...

Switzerland close to deal in U.S. tax dispute: finance minister

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. ...

Kuwait replaces oil officials at KPC after $2.2 billion Dow payment

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. ...

LATAM Airlines to resume Argentina flights later Saturday

SANTIAGO (Reuters) - LATAM Airlines Group SA said on Saturday it will resume flights to, from and within Argentina by 1530 GMT after state company Intercargo unilaterally decided on Friday to stop providing services to the carrier. Argentine state company Intercargo manages services for the loading and unloading of luggage on airplanes, the transportation of passengers on buses to terminals, and provides the jet bridge services that connect aircraft to the airport, allowing passengers to embark and disembark. ...

China April housing inflation quickens to two year high

By Xiaoyi Shao and Michael Martina BEIJING (Reuters) - China's housing inflation accelerated to its fastest pace in April in two years, driven by a jump in prices in Beijing and Shanghai, complicating the task of policymakers trying to cool the property sector while supporting economic expansion. Average new home prices rose 4.9 percent last month from a year ago, after a year-on-year increase of 3.6 percent in March, according to Reuters calculations from data released by the National Bureau of Statistics(NBS) on Saturday. The rise was the sharpest since April 2011. ...

Archive for July 22nd, 2012

22 Jul

Asian stock markets slide on Europe, China woes

Asian stock markets slid Monday as investors fretted about Europe’s debt crisis and worries persisted over a slowdown in China.
Original post by Associated Press and software by Elliott Back

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Archive for July 22nd, 2012

Asian stock markets slide on Europe, China woes