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Liberty Interactive to Shuffle Tracking Stocks

Wall Street Journal Online - Thu, 10/10/2013 - 9:01am
Liberty Interactive is reorganizing its tracking stocks as part of a
Categories: Financial News

Shell: New Leaks Close Major Nigerian Oil Pipeline

Time Magazine Latest Money News - Thu, 10/10/2013 - 9:00am
(LAGOS, Nigeria) — Shell Nigeria says new leaks have forced it to close the Trans-Niger Pipeline that carries 150,000 barrels of crude daily, 10 days after the pipeline was reopened following repairs for leaks. Spokesman Precious Okolobo said in a statement Wednesday night that a team has been dispatched to repair leaks at three places in the southern Niger Delta’s Ogoniland. A joint investigation including community leaders will determine the cause and impact of the spills. Shell Nigeria said in July the pipeline is safe despite suffering 25 leaks in two years — most blamed on theft estimated at 60,000 barrels a day. Human rights groups say the company sometimes blames theft to avoid paying damages to local communities and to avert criticism about corrosion on the 48-year-old pipeline.
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U.S. Jobless Claims Jump to 374,000 Due to Backlog

Time Magazine Latest Money News - Thu, 10/10/2013 - 8:57am
(WASHINGTON) — The number of people applying for U.S. unemployment benefits jumped by 66,000 last week to a seasonally adjusted 374,000. But the spike was largely because California processed a huge backlog of claims and the partial government shutdown prompted some companies to cut jobs. The Labor Department said Thursday that the less volatile four-week average rose 20,000 to 325,000. The sharp increase in both the weekly figures and the four-week average comes after applications hovered near a 6-year low the previous week. A government spokesman said that about half the weekly increase occurred in California, where officials processed applications that were delayed several weeks by a computer upgrade. One-quarter of the increase reflected applications from employees at government contractors and other workers affected by the shutdown. Applications are a proxy for layoffs. Before last week, they had declined steadily over the past three months. That’s a sign companies are cutting fewer workers. “The broader picture is still that labor market conditions are improving, albeit not quite as much as we previously thought,” Paul Ashworth, an economist at Capital Economics, said. Federal workers temporarily laid off by the shutdown may also file for benefits. But their numbers are reported separately and published a week later than the other applications. Lockheed Martin said Monday that it is furloughing about 2,400 employees. That’s lower than the 3,000 employees the company initially said it would furlough because Defense Secretary Chuck Hagel has recalled most of the Pentagon’s civilian employees to work. Falling applications are typically followed by more hiring. But there aren’t any signs that that has happened yet. Instead, job gains have slowed in recent months. It’s not clear if hiring trends changed last month. The government was unable to issue the September employment report because of the shutdown. However, last week payroll provider ADP said businesses added just 166,000 jobs in September, evidence that hiring remains sluggish. The ADP figures usually diverge from the government’s more comprehensive employment report. Analysts forecast that the economy was growing slowly before the shutdown. They
Categories: Financial News

Ex-Trader Looks Poised to Fight Libor Charges

Wall Street Journal Online - Thu, 10/10/2013 - 8:25am
Tom Hayes recently switched law firms, a likely prelude to his pleading not guilty to British charges over alleged interest-rate manipulation.
Categories: Financial News

Jobless Claims Increase

Wall Street Journal Online - Thu, 10/10/2013 - 8:11am
New unemployment claims rose by 66,000 to 374,000 last week, reflecting private workers affected by the government shutdown and a reporting problem in California.
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Quest Diagnostics Warns of Weak Results

Wall Street Journal Online - Thu, 10/10/2013 - 8:09am
Quest Diagnostics forecast weaker-than-expected third quarter results, citing softness in its diagnostic business.
Categories: Financial News

Teva to Cut Work Force by 10%

Wall Street Journal Online - Thu, 10/10/2013 - 7:46am
Teva, the Israel-based generic drug titan, ramps up cost-cutting efforts and joins the wave of downsizing in the drug industry.
Categories: Financial News

Glencore Xstrata Makes Headway in Peru

Wall Street Journal Online - Thu, 10/10/2013 - 7:44am
Two of four Chinese companies that made initial bids for a Peruvian copper project invited back to conduct due diligence and make a second bid, according to people familiar with the matter.
Categories: Financial News

Aereo eyes Android app amid war with broadcasters

USA Today Money News Feed - Thu, 10/10/2013 - 7:17am
Move comes as broadcasters plan Supreme Court appeal to shut the TV streaming service down.
Categories: Financial News

Obama adviser: Jobless claims spike related to shutdown

USA Today Money News Feed - Thu, 10/10/2013 - 7:14am
A White House official says the shutdown is partly to blame for a spike in jobless claims.
Categories: Financial News

Men’s Warehouse Rejects Takeover Bid

Time Magazine Latest Money News - Thu, 10/10/2013 - 6:52am
Men’s Warehouse doesn’t like the way Jos. A. Bank thinks it looks. Jos. A. Bank, the men’s clothing giant with 500 stores across the U.S. and more than $1 billion in revenue last year, offered $2.3 billion on Wednesday in an unsolicited takeover bid for its closest rival, Men’s Warehouse. In a statement, Men’s Warehouse quickly swatted the bid away, calling an “opportunistic” one that undervalued the company, Bloomberg reports. After rejecting the offer, Men’s Warehouse’s board adopted a shareholder rights plan as a takeover defense. The plan, which is good for one year, allows investors to buy Men’s Warehouse stock at a discounted price when someone acquires more than 10 percent of the company’s common stock in a transaction not approved by the board. Men’s Warehouse made headlines in June when the board removed the company’s founder and pitchman George Zimmer, who starred in the company’s commercials since the mid 1980s, with his famous catchphrase: “You’re gonna like the way you look.” [Bloomberg]
Categories: Financial News

Budget Optimism Buoys Stock Futures

Wall Street Journal Online - Thu, 10/10/2013 - 5:51am
A wave of optimism swept through markets, pushing U.S. stock futures higher, as investors became hopeful of progress on the political standoff that has seen a government shutdown enter its 10th day and threatens the country's abilities to pay its bills on time.
Categories: Financial News

Ways to Save: Best, worst buys at wholesale clubs

USA Today Money News Feed - Thu, 10/10/2013 - 5:32am
What to buy and what not to buy when looking for savings at Sam's Club, Costco and BJs.
Categories: Financial News

Vonage to Acquire Vocalocity for $130 Million

Wall Street Journal Online - Thu, 10/10/2013 - 5:17am
Vonage has agreed to acquire voice-over-Internet-protocol company Vocalocity for $130 million, in a deal aimed at strengthening Vonage's position in the small- and medium-size business sector.
Categories: Financial News

GM aims to grab attention with revamped Chevrolet Malibu

USA Today Money News Feed - Thu, 10/10/2013 - 5:10am
Underperforming Chevrolet midsize sedan got quick redo for 2014.
Categories: Financial News

Hong Kong Raises T-Bill Margin Requirement

Wall Street Journal Online - Thu, 10/10/2013 - 5:04am
In an effort to offset the risk of a potential U.S. government default, Hong Kong's exchange raised the discount on short-dated U.S. Treasury bills, as the Washington standoff continues.
Categories: Financial News

Jury: Toyota not liable for death of Calif. woman

USA Today Money News Feed - Thu, 10/10/2013 - 4:57am
Camry's lack of brake override system wasn't to blame for crash that killed Calif. woman.
Categories: Financial News

Fast Retailing's Annual Profit Jumps

Wall Street Journal Online - Thu, 10/10/2013 - 4:50am
Asia's biggest retailer logs a 26% rise in net profit for the year to August fueled by strong sales in Japan and at new Uniqlo clothes stores elsewhere in Asia.
Categories: Financial News

Killer Holiday Shopping Tips From the King of Bargains

Time Magazine Latest Money News - Thu, 10/10/2013 - 4:45am
Before blowing money unnecessarily in the shopping-crazed days ahead, consider the deal-finding wisdom of Mark Ellwood, author of the new book Bargain Fever: How to Shop in a Discounted World. In the Q&A that follows, Ellwood explains, among other things, why he hates shopping on Black Friday, why it’s unwise to be purchasing holiday gifts now, why in today’s retail environment it’s never, ever necessary to pay full price for anything—and why it’s probably even worse to get duped into buying something that’s “on sale” and yet still way overpriced. Like your book says, we live in a “discounted world,” in which it’s more difficult than ever to tell what’s a bargain because everything is constantly on sale. Which retailers are the worst offenders in terms of posting the most unrealistic high original prices—which seem to exist only so that the discounts can seem more impressive? Can you name some names? Mark Ellwood: I’ll be happy to name and shame the naughty discount inflaters, though I feel for them, given the pressure of the new retail world. Kohl’s, for instance. A Los Angeles judge ruled in favor of a discount-minded plaintiff who brought a suit against Kohl’s when he found out his suitcase wasn’t exactly the 50% off its $299.99 price tag implied. But that wasn’t the only, well, case. Poor J.C. Penney committed retail hara kiri by excising sales during the fleeting tenure of its CEO Ron Johnson, who had a snooty disdain for discounts and everyday shoppers that would shame Marie Antoinette. Then when it finally reintroduced the idea of a markdown, the firm was caught padding its promotions to make those discounts look heftier. How did no one at its HQ assume that JCP would be under even greater scrutiny in the few months after his exit? Frankly, though, were I to nominate a few charter members of the discount Hall of Shame, it would be outlet mall stores – especially those of department store brands. They’re not exactly artificially inflating prices, but these retailers try every
Categories: Financial News

Buying a Car Online Is About to Get Way Easier

Time Magazine Latest Money News - Thu, 10/10/2013 - 4:45am
Though online shopping has become ubiquitous in recent years, buying a new car remains a distinctly retro experience. However, a new initiative by General Motors may eventually make a visit to the local car dealership obsolete. Throughout the year GM has been quietly piloting a new online service through which people can buy cars from local dealers via the Internet. The initiative, dubbed Shop-Click-Drive, is currently being tested with around 100 dealers around the country. Through the website, customers can browse new cars, obtain pricing quotes, select add-on features, apply for financing and confirm a purchase. The dealers will even deliver the new car to a customer’s driveway. The program, which has generated 900 car sales so far, will be available to all 4,300 GM dealers in the U.S. by the end of the year. “There are some dealers out there who are Internet savvy and enable consumers to do a lot of the experience online,” says Ryndee Carney, manager of cross-brand communications for GM. “What’s different about Shop-Click-Drive is that consumers can virtually complete the whole transaction online all in one place.” (MORE: Automakers Don’t Have Enough Cars to Keep Up With Buyers) Ninety-four percent of consumers globally research cars online before they buy, and about a third would be willing to buy a car over the Internet, according to an annual survey by consulting firm Capgemini. GM says their online initiative is particularly aimed at attracting Millennials, who spend much of their time online and are driving less than their predecessors. Purchases of cars by young people took a particularly hard hit following the recession but recovered somewhat in 2012, when Millennials bought more than 1.2 million new cars, according to data from auto research firm Polk. A push to online sales could help encourage even more young people to become car owners. “This sort of evolution of use of the web in the industry has been going on for quite a while,” says Tom Libby, a senior forecasting analyst at Polk. “It’s in a seller’s best interest
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