Japan economy shudders after shocks, BOJ pumps cash

TOKYO (Reuters) - Japan's central bank on Monday rushed to bolster markets in the wake of the country's worst disaster since World War Two and although the authorities said it was too early to put a figure on the damage, critics said a stronger initial response had been needed.
Markets swooned at the shock of an 8.9 magnitude earthquake and

Canada Q4 industrial capacity use disappoints

OTTAWA (Reuters) - Canada's fourth-quarter industrial capacity use came in at an unexpectedly low 76.4 percent on Monday, adding to a series of soft data that has taken pressure off the Bank of Canada to raise interest rates.
Another indicator closely watched by the central bank, the ratio of household credit market debt to personal disposable income, fell to 146.75 percent from a downwardly

TSX extends fall as fears mount over Japan

TORONTO (Reuters) - Toronto's main stock index extended losses sharply on Monday morning, as worries about the impact of Japan's devastating earthquake and tsunami mounted.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 157.29 points, or

Teck cuts coal sales forecast; shares fall

TORONTO (Reuters) - Teck Resources (TCKb.TO: Quote) trimmed its first-quarter coal sales forecast on Monday, citing rail traffic disruptions and adverse weather, sending shares down 4 percent in early trade in New York.
The diversified Canadian miner said it now expects coal sales of 4.6 million to 4.9 million tonnes for

Ontario Teachers Pension Plan shops Leafs, Raptors

TORONTO (Reuters) - The Ontario Teachers' Pension Plan (OTTP), one of Canada's largest, is shopping around its 66 percent stake in Maple Leaf Sports and Entertainment, the owner of the Toronto Maple Leafs hockey team and the Toronto Raptors basketball team.
"The Ontario Teachers' Pension Plan today stated that it will explore the possibility of selling its 66 percent majority share of Maple Leaf Sports and Entertainment and will

Quake selloff wipes $287 billion off Tokyo stock market

TOKYO (Reuters) - A massive selloff on the Tokyo Stock Exchange wiped out some 23.5 trillion yen ($287 billion) from the market's value on Monday with investors dumping stocks as the country recoiled from a devastating earthquake and struggled to avert nuclear disaster.
The selloff triggered record volumes and slashed the market's value

Texas added 44,100 jobs in January, but unemployment rate was flat

The Texas job market got off to a positive start for the year, as employers added 44,100 jobs in January, the most since May of last year, the Texas Workforce Commission said Thursday.

 The state unemployment rate remained at 8.3 percent, unchanged from the previous month. The national average was 9 percent in January, and it edged down to 8.9 percent last month.

January was the fourth straight month Texas added jobs.

The gains came in nearly all major employment categories.

“I was very encouraged by this report,” said Waco economist Ray Perryman. “The broad-based nature of the comeback was also a positive sign.”

Texas gained 15,800 jobs in trade, transportation and utilities, a category that includes the retail business. Other employment categories with expanding payrolls included education and health services, with 7,600 positions; government, with 5,500; and construction, with 3,700

Shoppers shake off high gasoline costs in February

(Reuters) - Retail sales posted their largest gain in four months in February as shoppers stepped up purchases of autos, clothes and other goods even as they spent more for gasoline.

Friday's report from the Commerce Department pointed to strong consumer spending and acceleration in economic growth in the first quarter.

Total retail sales rose 1.0 percent, the Commerce Department said on Friday, the largest gain since October and the eighth straight monthly advance. The rise was in line with economists' expectations.

January sales were revised up to a 0.7 percent increase from a previously reported 0.3 percent gain. Compared to February last, sales were up 8.9 percent.

"Consumer spending is still expanding at a healthy pace. Some of the strength we saw during the holidays continued into this year. That bodes well for the economy remaining on track for recovery," said Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis.

Excluding autos, sales rose 0.7 percent last month after gaining 0.6 percent in January.
U.S. stock index futures briefly turned positive on the

OIL FUTURES:Nymex Crude Tumbles As Massive Quake Hits Japan

NEW YORK (Dow Jones)--Crude futures fell sharply Friday after a massive earthquake in Japan, the world's third-largest oil consumer, though traders kept watch for any news of spreading unrest in the Middle East and North Africa.
Light, sweet crude for April delivery recently traded $2.92, or 2.8%, lower at $99.78 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $2.40 lower at $113.03 a barrel.

Japan Issues Emergency at Nuclear Plant

TOKYO—The Japanese government issued an official emergency at one of the country's nuclear plants Friday after a massive earthquake automatically shut down its reactors and caused problems with its cooling system, but said there are currently no reports of radiation leakage.

"There are no reports of leakage from any nuclear power plants at the moment and no signs of any leakage," Chief Cabinet Secretary Yukio Edano said Friday. As a result of the state of emergency, the government will set up a special emergency task force to deal with the situation.

 As a precaution, the government ordered nearly 2,000 people living within three kilometers, or nearly two miles, of the Fukushima Daiichi nuclear power plant to evacuate Friday night.

At Tokyo Electric Power's Fukushima Daiichi plant, three reactors shut down automatically as designed after a magnitude 8.9 earthquake struck off the northeast of Japan on Friday afternoon. The quake also caused diesel-powered generators used to cool the reactors to stop operating, leaving the utility company with a shortage of coolant to bring the reactors to a safe temperature.

Huge Waves Head Toward Hawaii and California

SAN FRANCISCO — A tsunami emanating from the massive earthquake that hit Japan was roaring toward the United States on Friday morning, with huge waves expected to hit Hawaii and California.
Coastal evacuations were ordered in Hawaii, and tsunami warnings were issued along the West Coast, from central California to Alaska. A tsunami warning directs residents of low-lying regions to move inland and to higher ground.
Officials in Southern California closed beaches as a precaution, prohibiting swimming, surfing and fishing off the coast. Experts said that they did not expect flooding and did not call for mandatory evacuations. But they warned that there could be large waves and unusual changes in the currents for several hours. Several schools in the beach areas also planned to

House Republicans to push series of energy bills

(Reuters) - Republicans in the House of Representatives said on Thursday they would seek to combat oil and gasoline prices with a series of bills this year aimed at spurring domestic energy production.

For years, Republicans have urged an "all-of-the-above" approach to easing U.S. dependence on foreign oil by fostering more development of domestic oil, natural gas and nuclear power. They also have said that alternative energy sources should be part of the mix.

"The average price for a gallon of gas is on its way to $4," House Speaker

Global Markets: Asia stocks drop after big quake hits Japan

(Reuters) - Asian shares dropped after a massive earthquake hit Japan, including the capital Tokyo, darkening an already bleak mood caused by weak economic data and unrest in Saudi Arabia.

The quake struck just before the close of Tokyo stock trading. Japan's Nikkei average .N225 closed at an intraday and five-week low, down 1.7 percent on the day.

The Hong Kong's Hang Seng share index .HSI was down 1.8 percent, and Nikkei futures in Singapore tumbled more than 3 percent. At 6:50 a.m. GMT, Nikkei June futures were down 2.8 percent at 10,075.

The magnitude 8.9 quake shook buildings in Tokyo, causing "many injuries" and

Sony promotes Hirai as possible successor to CEO

(Reuters) - Sony Corp is promoting Kazuo Hirai as the head of its consumer products unit, the company's biggest division, and CEO Howard Stringer said Hirai was in the lead to be his successor.

Welsh-born Stringer, 69, who serves as the company's chairman, chief executive and president, will retain his current positions, Sony said in announcing a realignment of the business.

"It's a sign that Sony has exited the crisis mode that it's been in since the Lehman shock. It can now move on from talk of restructuring to growth," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co Ltd.

Sony has been mulling a potential successor for Stringer, the first non-Japanese to run the consumer electronics company, who is expected to step down in 2013. In January he denied he was a candidate for the chairmanship of the

Saudi braces for protests amid sweeping Arab unrest

RIYADH — Oil kingpin Saudi Arabia braced Friday for protests calling for political and economic reforms a day after police shot and wounded three protesters in the eastern province.
Online activists using the Facebook and Twitter have called for a "Day of Rage" and a "Saudi March 11 revolution" demanding fully elected parliament and ruler in this Islamic conservative monarchy where the Shura (consultative) Council is fully appointed.
Security was strongly beefed up in the capital Riyadh in the early hours of Friday.
Dozens of police cars filled the strategic Olaya commercial centre in the Riyadh, which was hit by a blinding dust storm overnight, where the protesters are supposed

Stubborn China inflation sticks at 4.9%

Inflationary pressures in China persisted in February, with consumer prices rising 4.9 per cent from a year earlier and producer prices rising 7.2 per cent, the fastest increase since October 2008.
Politically sensitive food prices, which have a disproportionate impact on low-income households, accelerated to 11 per cent in February from a year earlier, up from 10.3 per cent in January.
Inflationary pressures in China persisted in February, with consumer prices rising 4.9 per cent from a year earlier and producer prices rising 7.2 per cent, the fastest increase since October 2008.
Politically sensitive food prices, which have a disproportionate impact on low-income households, accelerated to 11 per cent in February from a year earlier, up from 10.3

Sheen Sues Warner Bros.

Actor Claims Studio, Co-Creator Conspired Against Him, Made Him Scapegoat
In the first move of what could be a long legal battle, Charlie Sheen has sued Warner Bros. and "Two and a Half Men" co-creator Chuck Lorre for $100 million plus punitive damages over his termination on the hit television show.
Mr. Sheen, who was fired from TV's most popular sitcom on Monday after a series of public outbursts and a history of drug abuse and arrests, filed a lawsuit in Los Angeles Superior Court demanding that he, the cast and the crew be paid for the show's canceled episodes, among other damages.
The suit alleges that Mr. Lorre fired him because he wanted to work on other shows and because he disliked Mr. Sheen. "Since Lorre has a better deal and stands to

Mortgage Rates Mostly Unchanged; 30-Year Fixed at 4.88% -Freddie

Mortgage rates were mostly unchanged the latest week, with the average rate on 30-year fixed-rate mortgages edging slightly upward, according to Freddie Mac's (FMCC) weekly survey of mortgage rates.
Rates had risen earlier this year, hitting their highest level since April last month. They had slumped most of last year as Treasurys had declined amid economic uncertainty. The rates generally track the yields, which move inversely to Treasury prices.
"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5% in every week but one this year, contributing to record home affordability," said Freddie

American Airlines again bumps up airfares

American Airlines has bumped up domestic fares by $10 per round trip, which could trigger the seventh fare increase this year by U.S. airlines.
American made the price change Wednesday. It also raised round-trip fares to Canada and Hawaii by $20.
It's uncertain whether other major airlines will follow American's lead going into the weekend. Carriers have been boosting fares in lockstep this year to try to keep pace with the rising cost of jet fuel. Occasionally, a price increase has been abandoned when other carriers haven't matched.
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Most recent fare increases have stuck, however, and the rapidly rising cost of airline tickets mirrors 2008, the last time oil prices soared above $100 a barrel, says Rick Seaney of FareCompare.com, who closely monitors ticket prices.
"Airlines who finally started making a profit late last year

Nervous Asian markets fall further

HONG KONG — Asian stock markets slipped further on Friday after sharp falls on Wall Street and higher-than-expected Chinese inflation data, even as oil prices eased back.
In the afternoon, a major Japanese earthquake caused the yen to fall sharply against the US dollar.
Tokyo's Nikkei ended the session down 1.72 percent, or 179.95 points, at 10,254.43, while Sydney fell 1.17 percent, or 54.90 points, to 4,644.80.
Hong Kong was down 0.60 percent in the afternoon, while the Shanghai Composite Index was off by 0.15 percent.
The falls came after steep losses on Thursday, when Shanghai lost 1.50 percent, and on Wall Street, where the Dow, Nasdaq and S&P 500 indexes all ended down more than 1.8 percent.

Couple Bilked BofA-Led Lender Group of $130 Million, U.S. Says

March 11 (Bloomberg) -- A California couple was charged by the U.S. with defrauding an eight-bank lending group led by Bank of America Corp. of about $130 million by exaggerating the financial status of their decorating business.

Thomas Chia Fu, 61, and his wife, Cheri L. Shyu, 48, were arrested at their Newport Coast home by federal authorities, according to an e-mailed statement yesterday by U.S. Attorney Andre Birotte Jr. in Los Angeles. They were indicted on nine counts of bank fraud and face as long as 30 years in prison if convicted, prosecutors said in the statement.

The couple imported home-decorating items from China and obtained a $130 million revolving line of credit from the banks, according to the indictment. They borrowed against the

Tom Walsh: New CFO must steer GM away from bad habits

Let's take Chris Liddell at his word about why he's leaving General Motors after just 15 months on the job as chief financial officer.
But then let's watch closely how the new CFO, 38-year-old Dan Ammann, deals with mounting concern that GM has relaxed its financial discipline recently by reverting to the old habit of splurging on rebates and cut-rate leases to peddle its cars and trucks.
Liddell rattled off a list of major accomplishments Thursday during his short stint in Detroit:
• Four straight profitable quarters in a weak 2010 auto market.
• Slashing GM's debt from $15.8 billion to $4.6 billion.
• Launching a successful public offering of GM stock last November.
• Removing the stain of so-called material weakness in GM's

Wal-Mart to Break Ground on Small Stores Next Week in Arkansas

Wal-Mart Stores Inc. (WMT) will next week start building its first Express stores, a format less than a tenth the size of an average supercenter, according to building permits obtained by Bloomberg News.
The world’s largest retailer will begin construction March 16 on a 14,400-square-foot store in Gentry, Arkansas, a town of 3,158 about 20 miles (32 kilometers) southwest of the company’s Bentonville headquarters, according to the permits.
While Wal-Mart has kept details of the new stores a closely guarded secret, Steve Restivo, a company spokesman, confirmed the location of the store openings and

Stocks fall sharply as economy looks less sure-footed

NEW YORK — Stocks tumbled, giving the Dow Jones industrial average its biggest drop since August, as increases in jobless claims and the trade deficit and a slowdown in China’s export growth spurred concern the economy may falter.
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Caterpillar Inc. and United Technologies Corp. slumped at least 2.4 percent, pacing declines among industrial companies.
Exxon Mobil Corp. and Chevron Corp. dropped at least 3 percent as crude oil declined a third day amid investor concern that demand for fuel will

AOL cuts jobs following HuffPo acquisition

Web portal says layoffs amount to about 900 workers in U.S., India

SAN FRANCISCO (MarketWatch) — AOL Inc. began layoffs Thursday that will involve a little more than 900 workers — amounting to about 20% of its workforce — as the company continues to transition into an online media business.
A spokesman for AOL /quotes/comstock/13*!aol/quotes/nls/aol (AOL 18.92, -0.11, -0.58%)  confirmed the layoffs on Thursday morning, which were originally reported late Wednesday on the All Things Digital blog owned by The Wall Street Journal.
The job cuts will involve about 200 workers at

Good-Bye To The $1 Bill?

Government Accountablity Office Wants To Get Rid Of The $1 Bill
 JACKSONVILLE, Fla. -- Never again would people have to struggle to get the vending machine to accept crumpled bills. If it were up to the U.S. Government Accountability Office, people would

ECB - govts have yet to convince on consolidation

FRANKFURT, March 10 (Reuters) - The European Central Bank said on Thursday that debt-strained euro zone governments are yet to be convincing about the seriousness of their deficit cutting efforts and may be weakening on their commitments.
"Overall, current (consolidation) policies and plans give rise to concern for a number of reasons," the ECB said in a section on fiscal developments in

Auction of ING Direct USA Heating Up

The auction process for ING Direct USA is gathering speed, a day after the Dutch financial services company ING confirmed it was seeking to sell its online American division.
ING is in talks with several parties to merge or divest the unit, a person familiar with the matter said. Potential bidders include Citigroup, Bloomberg News reported Thursday, as well as the

BoE set to keep rates at record low -- for now

(Reuters) - The Bank of England looks set to keep interest rates at a record low of 0.5 percent on Thursday, judging that Britain's recovery is currently too fragile to sustain a spiral of rising prices. It is not a foregone conclusion, however. Some policymakers are growing increasingly nervous about the threat of inflation, and the European Central Bank gave a

Prosecutor: NYC Hedge Fund Relied On Inside Tips

NEW YORK -- Even with the economy in a free fall in the summer of 2008, federal prosecutors say, Raj Rajaratnam managed to give new meaning to turning a quick profit.

The high-flying hedge fund manager made $1 million with a massive trade that took all of seven minutes. The prosecutors allege he had to cheat to do it.

The transaction was a glaring example of how Rajaratnam "exploited a corrupt group of people to get access to secret corporate information and then traded on it," Assistant U.S. Attorney Jonathan Streeter said in opening statements Wednesday at

Morgan Stanley Tells Brokers to Text Away

NEW YORK—Morgan Stanley Smith Barney to its brokers: U can text now.
The rule change, delivered in a memo earlier this year, allows brokers with firm-managed BlackBerrys to use them for texting. It was prompted by

Bank of Korea Raises Rate to 3% From 2.75% After Inflation Breached Target

The Bank of Korea raised interest rates for the second time this year after inflation exceeded its target ceiling for two consecutive months.
Governor Kim Choong Soo boosted the benchmark seven-day repurchase rate to 3 percent from 2.75 percent, the central bank said in a statement in Seoul today. The decision was predicted by all 15 economists surveyed by Bloomberg News.
South Korea joined Thailand and Vietnam in raising borrowing costs this week as a surge in oil prices threatens the exacerbate inflation pressures throughout the region. In South Korea, the BOK faces the challenge of taming inflation without choking off an export-led recovery that has bolstered profits at automakers including Hyundai Motor Co.

Yuan Forwards Weaken After China Reports Surprise Trade Deficit

Yuan forwards weakened the most in a month after China reported a surprise trade deficit for February, easing pressure on the currency to appreciate.
China reported an unexpected $7.3 billion trade deficit in February after a Lunar New Year holiday disrupted exports, the customs bureau said. Today’s number compares with a $6.5 billion surplus in January. Exports increased 2.4 percent from a year earlier and imports climbed 19.4 percent.
“If deficits are sustained, that would damp appreciation pressures,” said Patrick Bennett, a strategist in Hong Kong at Standard Bank Group Ltd. “With an emphasis on domestic consumption in the new five-year plan, along with continued commodity demand for infrastructure building, we might expect generally lower surpluses in the months and indeed years ahead.”

OIL FUTURES: Crude Rises On Libyan Conflict; Focus On Saudi Arabia

SINGAPORE (Dow Jones)--Crude-oil futures rose in Asia as investors factored in a possible prolonged absence of Libyan crude from the market and traders were cautious ahead of protests scheduled for Friday in Saudi Arabia.
A bearish jump in U.S. oil inventories was overshadowed by reports that an important refinery and oil terminal in Libya remained shut and some oil facilities were hit as forces loyal to Col. Moammar Gadhafi intensified their push against rebels fighting to overthrow him.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at $104.94 a barrel at 0634 GMT, up 56 cents in the Globex electronic session. April Brent crude on London's ICE Futures exchange rose 46 cents to $116.40 a barrel.

Hirai Becomes Top Sony ‘Musketeer’ as Stringer Plans Succession

March 10 (Bloomberg) -- Sony Corp. Chairman Howard Stringer’s decision to make Kazuo Hirai his top lieutenant signals the company will accelerate plans to marry its content with hardware after its products lost ground to Apple Inc. and Samsung Electronics Co.

In naming the 50-year-old executive today to oversee all of Sony’s consumer electronics -- from PlayStation game consoles to Bravia televisions and Cyber-shot cameras -- Stringer picked the only one of the “Four Musketeers” he’s been grooming who isn’t an engineer by trade. Hirai, who’s fluent in Japanese and English, was also the youngest musketeer.

The promotion will test the games chief’s ability to carry out Stringer’s vision to integrate Sony’s TVs and computers with content from the entertainment businesses. After the Walkman’s domination of portable players in the 1980s, Tokyo-based Sony lost against Apple with the iPod, failed to fend off Samsung in TVs, while Nintendo Co. took the lead in video-game consoles.

Hirai Becomes Top Sony ‘Musketeer’ as Stringer Plans Succession

March 10 (Bloomberg) -- Sony Corp. Chairman Howard Stringer’s decision to make Kazuo Hirai his top lieutenant signals the company will accelerate plans to marry its content with hardware after its products lost ground to Apple Inc. and Samsung Electronics Co.

In naming the 50-year-old executive today to oversee all of Sony’s consumer electronics -- from PlayStation game consoles to Bravia televisions and Cyber-shot cameras -- Stringer picked the only one of the “Four Musketeers” he’s been grooming who isn’t an engineer by trade. Hirai, who’s fluent in Japanese and English, was also the youngest musketeer.

The promotion will test the games chief’s ability to carry out Stringer’s vision to integrate Sony’s TVs and computers with content from the entertainment businesses. After the Walkman’s domination of portable players in the 1980s, Tokyo-based Sony lost against Apple with the iPod, failed to fend off Samsung in TVs, while Nintendo Co. took the lead in video-game consoles.

Boeing Considers Larger, New Plane

As Boeing Co. considers whether to replace its best-selling 737 model, a key executive said the plane maker is looking at introducing a new, larger airplane by the end of the decade, a move that would preserve the life of the 737 and expand the company's product line far into the future.

Renault to Yield in l'Affaire d'Espionnage

PARIS—Renault SA is prepared to exonerate the three managers fired for alleged corporate espionage, people familiar with the matter said, in what would be a major stand-down that could presage a change in the French auto maker's senior management.
As Renault faces up to what is likely to be an embarrassing conclusion to its highly touted l'affaire d'espionnage, one scenario being discussed by the firm's board is for Chief Operating Officer Patrick Pélata to tender his resignation, the people familiar with the matter said.
Jean Reinhart, a lawyer for Renault, said the company wouldn't do anything official until it had heard back from Paris prosecutors regarding the outcome of their search for alleged bank accounts in Switzerland and Liechtenstein, where Renault suspected the three fired managers had stashed bribe money.

Facebook puts six on Forbes billionaire list

(Reuters) - Facebook not only made household names out of its founders thanks to the movie "The Social Network" -- it has also minted the latest crop of the richest people on the planet.
Six of the founders and investors behind the hot Internet startup made the annual list of world's top billionaires compiled by Forbes and published on Wednesday -- and four of them are new to the roster.
They join a list of others made wealthy by the latest gold rush on the Internet, underscoring the extent of the resurgence in a sector left for dead at the turn of the millennium.
Facebook co-founder and Chief Executive Mark Zuckerberg clocked in at No. 52 with an estimated worth of $13.5 billion, up from 212 and $4 billion in 2010.

CORRECT: Moody's Downgrades Spain Debt Rating

LONDON (Dow Jones)--Moody's Investors Service Inc. Thursday downgraded Spanish government debt to Aa2 with a negative outlook from Aa1 previously, triggering sharp declines for the euro and European bond prices in early European trading.
The news fanned concerns in European financial markets that high-debt countries in the euro-zone could bring the 17-currency region closer to a new debt crisis. Earlier this week Moody's downgraded Greek government debt.

Cocoa Falls as Gbagbo Orders Companies to Export; Coffee Drops

March 10 (Bloomberg) -- Cocoa fell the most in more than two months in London after President Laurent Gbagbo ordered companies to export beans from Ivory Coast, the world’s largest producer. Coffee dropped.

Companies were told to export by the end of this month, or face sanctions, according to Ahoua Don Mello, spokesman for Gbagbo’s government. Gbagbo refuses to leave office and took control of local cocoa purchases and exports three days ago, escalating a conflict with rival Alassane Ouattara, the internationally recognized winner of a November election.

Tokyo Shares End At 5-Wk Low On Futures Selling, Weak China Data

TOKYO (Dow Jones)--Tokyo stocks fell to their lowest closing mark in five weeks on Thursday, as futures-led selling ahead of the quarterly contract rollover spurred profit-taking in the cash market, where KDDI and real estate shares such as Mitsui Fudosan fell particularly sharply.
The Nikkei Stock Average lost 155.12 points, or 1.5%, to 10,434.38, its lowest closing mark since Feb. 3. The sell-off followed Wednesday's 0.6% rise.
The Topix index of all Tokyo Stock Exchange First Section issues also slipped 13.45 points, or 1.4%, to 930.84, as all 33 Topix subindexes closed in negative territory.

Walgreens to sell pharmacy-benefit unit

Walgreen Co. is selling its pharmacy benefit management business, as the Deerfield-based drugstore giant pushes to get consumers to the pharmacy counter and away from mail order.

The nation's largest drugstore chain said Wednesday that it will sell Walgreens Health Initiatives for $525 million in cash to Catalyst Health Solutions Inc., of Rockville, Md. The deal is expected to close in June.

Walgreens and other retailers are working hard to increase foot

traffic into their stores by adding medical services such as vaccinations and primary care from nurse practitioners. But owning a pharmacy benefit manager is contrary to that strategy.

Foreclosures plunge 27% - biggest drop on record

NEW YORK (CNNMoney) -- Is our long national foreclosure nightmare ending?
The number of foreclosure notices filed in February dropped 14% compared with a month earlier and 27% compared with a year earlier, according to RealtyTrac.
That was the biggest year-over-year decline the company has ever recorded. But the improvement may be
exaggerated, according to RealtyTrac CEO James Saccacio, who traced some of the decline to the fallout over robo-signing issues.
"Allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets," he said. "The industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures."
Another contributing factor was the harsh winter weather that covered much of the country during the month. That delayed some of the paperwork processing and the serving of notices of default, notices of auction sales and other filings.

A fear of fracking may slow natural gas trend

Natural gas could be a major source of low-cost electricity nationwide, as an upsurge in domestic production drives costs down and looming environmental mandates encourage utilities to retire power plants that run on dirtier-burning coal.
But energy experts and executives at the CERAWeek conference in Houston on Wednesday described a landscape of obstacles still standing in the way of natural gas producers. Chief among them: public fears about water contamination from the hydraulic fracturing process that is essential to unlocking natural gas in U.S. shale formations.

Seniors group sues HUD over reverse mortgages

(Reuters) - The largest advocacy group for U.S. seniors sued the Obama administration on Tuesday over policy changes it says make it easier for older Americans to lose their home to foreclosure. AARP, formerly known as the American Association of Retired Persons, sued Housing and Urban Development Secretary Shaun Donovan in federal district court through its charitable arm, the AARP Foundation, on behalf of three homeowners facing foreclosure and then eviction.

Canadian moving up the ranks at Toyota

We always like to salute Canadians who have done well in the world, so today let’s give a round of applause to Ray Tanguay, now the highest-ranking non-Japanese executive at Toyota Motor Corp.
Tanguay, 61, has been running Toyota’s manufacturing operations in Canada, including attracting hundreds of millions of investment to build a new plant in Woodstock, Ontario to build RAV4s. That plant has added several thousand manufacturing jobs to Canada – good-paying ones.
As of April 1, Tanguay will be a senior managing officer, a newly created position. Four other foreigners rank one rung below him: Jim Lentz, president of Toyota Motor Sales USA; Steve St. Angelo, chairman of Toyota's Kentucky and Mississippi plants; Didier Leroy, president of Toyota Motor Europe; and Johan van Zyl, president of South African operations.
Meanwhile, Yoshi Inaba, 65, will continue to lead Toyota North America and Toyota Motor Sales U.S.A. while becoming one of 18 directors to lose board seats.

Mexican Stocks: Cemex, Telmex Shares Declines; Azteca Advances

The following companies had unusual price changes in mexico trading. Stock symbols are in parentheses and prices are as of 4 p.m. New York time.
The IPC index fell 0.7 percent to 36,450.19.
Cemex SAB (CEMEXCPO MM), the largest cement maker in the Americas, fell 2.7 percent to 10.39 pesos. Cemex yesterday announced plans to sell as much as $1.38 billion of notes convertible to its U.S. shares.

Oil Conference Discusses Price, Higher Demand

representatives of world oil and gas companies, academics and industry experts are in Houston this week for the 30th annual conference sponsored by Cambridge Energy Research Associates, or IHS-CERA. With prices rising, partly in response to unrest in North Africa and the Middle East, discussions have centered on maintaining supply and expanding production, while also avoiding accidents like last year's spill in the Gulf of Mexico.

Talk at this year's CERA WEEK conference has centered on two topics - the rapid rise of the price of crude oil and the need to venture into ever more challenging environments in order to keep up with world demand.

The risks involved became glaringly apparent to the world last year when a platform operated by BP in the Gulf of Mexico exploded and then leaked nearly five million barrels of crude oil into the water.

BP CEO Robert Dudley, making his first appearance at an international industry event since last year's accident,  stressed his London-based company's commitment to compensating those harmed by the spill in US Gulf Coast states. He told reporters BP has learned to manage risk much more carefully.

Catalyst To Buy Walgreen Drug-Benefit Unit For $525M

Walgreen Co. (WAG) sold its pharmacy benefits management operation to Catalyst Health Solutions Inc. (CHSI) in a $525 million cash deal that doubles Catalyst's membership and again raises questions about the benefits of linking a drug-store chain with its own PBM business.
For Walgreen, operator of the largest U.S. retail drug-store chain, the move allows it to focus more on broadening its offering of pharmacy, health and wellness services. Catalyst, meanwhile, continues a rapid expansion that makes the Rockville, Md., company more of a rival to larger PBMs.
"This is a significant milestone for Catalyst and an important next step in our long-term growth strategy," Catalyst Chief Executive David Blair said.
Catalyst shares rose 18.6% to $52.80.

Dynegy Names Four Directors, Including Two Icahn Nominees

Dynegy Inc. (DYN) unveiled the four directors who will play key roles restocking the board and restructuring the struggling power producer.
The move is the latest twist in the six-month saga over who will control the company.
After failed buyout bids for Dynegy, the company's top two executives resigned and the board agreed to step down in June.
The company offered the top two shareholders, billionaire investor Carl Icahn and Seneca Capital, each a seat on the interim board, but they sought two seats apiece instead. Icahn Enterprise Associates LP controls a 15% stake in Dynegy, while Seneca owns 12%.

Dollar Nearly Flat Against the Euro

The dollar was essentially flat in trading against the euro Wednesday.
The euro edged up to $1.3904 late Wednesday from $1.3903 Tuesday. The euro has fallen this week on renewed worries about Europe's debt problem after reaching $1.4036 Monday on hopes that the European Central Bank will lift interest rates.

Europe Factors-Shares set to rise as oil eases

LONDON, March 8 (Reuters) - European shares were set to edge up on Tuesday,
rebounding from losses in the previous session, as crude prices eased from highs
on reports Libya's Muammar Gaddafi was looking for a way to step down and as
OPEC discussed increasing production.

LSI Agrees To Sell External Storage Systems Unit To NetApp For $480M

LSI Corp. (LSI) agreed to sell its external storage systems business to NetApp Inc. (NTAP) for $480 million, as the storage-chip maker also said its board authorized a new stock-repurchase program of up to $750 million.

Google Gets Its Venture Groove On

Google's deep pockets, range of talents, and entrepreneurial alumni may turn its venture arm into the ultimate VC shop. Already this year, Google Ventures has backed three high-profile startups.

 

Google Ventures is not so quietly becoming one of the big kids in the venture capital game, as three investments so far this year show.
It’s not just the size of those funding rounds that are evidence of Google’s graduation to the next level. It's also the firms that the search giant is choosing to back:

HCA IPO prices at $30, sells more shares-source

(Reuters) - Private equity-owned hospital operator HCA Holdings Inc priced shares in its initial public offering at $30 per share and sold more shares than planned, a source briefed on the matter said on Wednesday.

Buffett Takes $2.25 Billion in Burlington Dividends Since Biggest Takeover

Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) took $2.25 billion in dividends from Burlington Northern Santa Fe in less than 13 months of ownership, almost triple the railroad’s payout rate prior to the February 2010 acquisition.

Gross Eliminates Government Debt From Pimco's Flagship Total Return Fund

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., eliminated government-related debt from his flagship fund last month as the U.S. projected record budget deficits.
Pimco’s $237 billion Total Return Fund last held zero government-related debt in January 2009. Gross had cut the holdings to 12 percent of assets in January, according to the Newport Beach, California-based

Exxon raises capital spending by $7 billion to $8 billion a year

Oil giant to lay out at least $33 billion a year on projects

NEW YORK (MarketWatch) -- Exxon Mobil Corp. said Wednesday it plans to increase capital spending by $7 billion to $8 billion a year to boost production through oil-sands development in Canada, natural-gas output in the U.S. and the Middle East, and oil exploration overseas.

H&R Block Posts Loss, Cites Slow Start to Tax Season

swung to a fiscal third-quarter loss, as the nation's biggest tax preparer said an "industrywide slow start to tax season" hurt revenue.
The company said last month that its tax-return preparations so far this season rose from a year ago, and that it saw strong momentum through February, even after a slow start to the tax season for the whole industry.

Men's Wearhouse 4Q Loss Narrows; Shares Up On Forecasts

Men's Wearhouse Inc.'s (MW) fiscal fourth-quarter loss narrowed, in line with company expectations, as the apparel seller reported higher sales.
The company also forecast current-quarter earnings of 27 cents to 30 cents a share and full-year earnings of $1.75 to $1.85. Analysts surveyed by Thomson Reuters expect 29 cents and $1.72, respectively.

Cattle Rally to Record as Export Demand Increases, Boosting Wal-Mart Costs

Cattle futures jumped to a record in Chicago as rising demand for U.S. beef erodes supplies of animals for slaughterhouses and boosts meat costs for food retailers, including Wal-Mart Stores Inc.
The U.S. cattle herd is the smallest since 1958 as beef exports surged 19 percent in 2010 to about 2.3 billion pounds (1.04 million metric tons), according to the U.S. Department of Agriculture. Cattle prices have jumped 27 percent in the past year, fueled by a global economic recovery that is boosting meat demand in emerging economies, including China.

GLOBAL MARKETS-Brent oil jumps on Libya, denting world stocks

* Brent jumps over 2 pct on Libya, lack of OPEC action
* Portugal sells bonds, long-term financing worries remain
* European stocks close down; IBM shares support Dow (Updates with U.S. markets close, adds Nikkei futures)

Stocks flat as investors continue to watch oil

NEW YORK (CNNMoney) -- U.S. stocks closed little changed Wednesday in what was mostly a quiet session, as investors closely tracked developments in Libya and oil prices.
The Dow Jones industrial average (INDU) lost 1 point to close at 12,213.

NYC jurors could hear inside trading case soon

NEW YORK — Jurors could soon be hearing the government's case against a man who was one of the richest Americans before he was charged in what prosecutors say is history's biggest hedge fund insider trading case.

Carlos Slim still first as world's richest list grows, spreads

If it seems like the rest of the world is getting richer, it's true, it is.
The world's wealthiest people had a record-breaking good year in 2011, says Forbes magazine, which released its list of the globe's billionaires. During the year, 214 people became billionaires, bringing the world's total to 1,210 people holding $4.5 trillion. These billionaires' wealth is larger than the Gross Domestic Product of Germany.

Ireland aims to woo Europe with fiscal obedience

(Reuters) - Ireland's new government will stick to the budget targets laid down in an 85 billion euro EU/IMF rescue package as it seeks to win European partners round to giving it easier terms on the loans.
Ireland's prime minister in-waiting Enda Kenny is under huge pressure to persuade Europe's paymaster

Stocks hit oil slick but economy to trump

(Reuters) - Stocks will take their cues from the oil market this week as unrest rumbles through the Middle East. But so far equity investors are sanguine, believing the economic recovery wins the day.

Sentiment is driving large daily swings as traders vacillate between the fear that oil prices will hit consumers and derail the recovery, and the euphoria that the U.S. labor market is turning a corner.

Glencore seen choosing chairman as banks vie for IPO

(Reuters) - Glencore is reported to have lined up one-time BP (BP.L) executive Rodney Chase as chairman, ahead of a possible flotation that has banks scrambling to resolve client conflicts in the hope of picking up hefty fees.

Deutsche Boerse will have upper hand in NYSE merger - CEO

(Reuters) - Deutsche Boerse (DB1Gn.DE) will have the upper hand in the planned mega-merger deal with NYSE Euronext (NYX.N), the exchange operators' chief executive told a paper, as fears of fading significance linger.

ECB's Gonzalez-Paramo: April rate hike possible

(Reuters) - An April rate increase is possible as the European Central Bank continues its mission to control inflation, ECB Executive Board member Jose Manuel Gonzalez-Paramo said in an interview published on Sunday.

PG&E using Cow Palace to check documents

SAN FRANCISCO -- Pacific Gas and Electric Co. said Saturday a concert venue was being used by employees searching through tens of thousands of boxes of paper records on its natural gas pipeline system.
After September's pipeline explosion in San Bruno that killed eight people and destroyed dozens of homes, PG&E is facing a state Public Utilities Commission order to produce records on its pipelines by March 15.
The utility has been shipping pallets loaded with boxes of documents to the Cow Palace in Daly City, where PG&E employees are pouring through the paper records.

Bahraini Opposition Refuses Money and Jobs Offers

MANAMA, BAHRAIN— Opposition leaders in Bahrain said Sunday that they would not be mollified by offers of money and jobs, raising the prospect of a protracted standoff between protesters and the embattled government of this strategically important island nation.

Lawmakers weigh when to phase Wash. off coal

CENTRALIA, Wash. -- Environmental groups and some legislators want the state's single largest source of greenhouse gases to stop burning coal, and the owner of the Centralia plant says it will do so by 2025....

Lawmakers weigh when to phase Wash. off coal

CENTRALIA, Wash. -- Environmental groups and some legislators want the state's single largest source of greenhouse gases to stop burning coal, and the owner of the Centralia plant says it will do so by 2025....

The Pension Problem

One big reason public employees are under siege in Wisconsin and other states is because they now enjoy more secure retirement benefits than most private-sector workers. The question is whether the right way to close that gap is by reducing security for government employees or increasing it for everyone else.

Q&A: Jumbo mortgage loans explained

I heard that the rules for jumbo mortgage loans are kind of confusing. Is there one definition for “jumbo loan” or does it vary by situation?

Government-sponsored mortgage companies Freddie Mac and Fannie Mae determine what limits will create the Jumbo versus regular mortgage amounts each year.

San Bruno pipeline that exploded was skipped over in seismic repair work

The exact corner where the San Bruno gas pipeline blew a crater in the ground was singled out by PG&E nearly two decades ago as an area of “possible slope instability” because it skirted the powerful and active San Andreas fault so closely.

But despite identifying it as a hazardous site, Pacific Gas and Electric chose not to replace that section of pipe in the mid-1990s when they replaced almost all the pipe around it.

In fact, it replaced Pipeline 132 right up to San Bruno Avenue, less than a quarter-mile south of the rupture site, and then picked up the project again a quarter-mile north of the rupture site, at Plymouth Way. Left untouched was the half-mile section through Crestmoor, the very section destined to one day turn that neighborhood into a panorama of charcoal and ash.

21 airlines fined for fixing passenger, cargo fees

WASHINGTON -- When the airline industry took a nose dive a decade ago, executives at global carriers scrambled to find a quick fix to avoid financial ruin.
What they came up with, according to federal prosecutors, was a massive price-fixing scheme among airlines that artificially inflated passenger and cargo fuel surcharges between 2000 and 2006 to make up for lost profits.

Libya turmoil drives up oil prices

CRUDE oil prices raced higher at the weekend, with the New York contract closing at a fresh two-year peak as traders watched heavy fighting in Libya, particularly in the oil-important east.
New York's light sweet crude for April delivery closed at $US104.42 a barrel, a hefty $US2.51 gain.
The benchmark WTI contract has added about $US18, or more than 21 per cent, over the past two weeks. It hit an intraday peak in the latest trading at $US104.60, the highest level since September 29, 2008.

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Beijing Can't Have it Both Ways

China's government wants to fight inflation and redistribute income, giving households a bigger slice of the pie. Higher interest rates would achieve both. That's not, apparently, how Beijing sees it.
Parsing the language in Chinese government communiqués is never easy.  But Premier Wen Jiabao's work report, delivered to the National People's Congress on Saturday, certainly didn't suggest much higher interest rates were likely.

China won't repeat errors in 2015 emissions goals: NDRC

(Reuters) - China will not repeat the mistakes made last year as it strives to meet its "tough" new 2011-2015 emissions and energy saving targets, the head of the country's state planning agency said on Sunday.
Last year, China's industrial heartlands were hit hard by last-minute efforts to meet a mandatory 2006-2010 target to improve energy efficiency by 20 percent.

Tanker deal comes at crucial time

Production for Air Force 'will span decades' for both Boeing and its suppliers

It's the jet that just won't back down.
The Boeing Co.'s 767 has been down for the count on several occasions over the past decade.

Court defers ruling on Nobel laureate's dismissal

DHAKA, Bangladesh (AP) — An official says Bangladesh's High Court has delayed its ruling on the legality of a government order dismissing Nobel laureate Muhammad Yunus as head of the microfinance bank he founded.
Attorney General Mahbub-e-Alam says the court is likely to rule Monday.
He says lawyers for Yunus made more arguments Sunday that his dismissal is illegal. The government is to respond Monday.

Drilling in forests could hurt tourism

Thanks to the conservation vision of men like Joseph Rothrock, of Mifflin County, in the late 1880s and one-time Penn State forester Maurice Goddard in the mid-1900s, Pennsylvania today has 20 state forests, 117 state parks and three conservation areas.

Hundreds of Oregon foreclosure sales stopped after judges' rulings

Sales of hundreds of foreclosed homes in Oregon have been halted or withdrawn in recent weeks after federal judges repeatedly questioned their legality, according to a number of real estate attorneys in the state.

Lenders have withdrawn more than 300 foreclosure sales since February in Deschutes County alone, one of the Oregon area's hardest hit by the housing collapse. About 130 of those notices were filed in the past week, attorneys say.

India successfully test-fires missile interceptor

BHUBANESWAR:  India on Sunday successfully tested a ballistic missile interceptor from a defence base in Orissa as part of its endeavour to create a shield against incoming enemy missiles, an official said.

The indigenous interceptor 'Ballistic Missile Defence System' was fired from Wheeler Island off the Orissa coast near Dhamra in Bhadrak district, about 170km from here at 9.37am.

It successfully destroyed an incoming ballistic missile - a variant of the Prithvi II - fired from the launch complex III of the Integrated Test Range at Chandipur on sea in Balasore district, about 70km away from Wheeler Island across the sea.

Laptops play catch up to the iPad, Xoom

Market researcher Gartner released a research note Thursday claiming that laptops are not meeting the demands of the social-networking era. So, will mobile PCs become more like the Xoom and the iPad, which are, in turn, larger versions of the smartphone? In a word, yes.

ECB Officials Signal Support for Higher Interest Rates as Inflation Climbs

European Central Bank officials signaled an interest rate increase may be necessary next month to stop surging commodity costs from fanning broader inflation.

China National People’s Congress in Asia focus

TOKYO (MarketWatch) — China’s National People’s Congress will take the Asian spotlight next week, as well as Cathay Pacific Airways Ltd.’s earnings, data on core machinery orders from Japan, and interest-rate decisions from South Korea and New Zealand.

Being mindful of driving habits can save costly gas

With gas prices so high, over $3.50 a gallon in many places, there are some simple and low-cost things motorists can do to extend the mileage they get on a tank of gas.

According to Stephanie Dembowski, public affairs coordinator for Arizona AAA Automotive, the faster you go, the more it costs you. She added that even cars that get good gas mileage can use a lot of gas when driving fast, so slow down.

As Oil Prices Surge, So Do Airfares

As the price of oil has surged because of the unrest in the Middle East, so have airline fares.

Airlines around the world are quickly boosting their fares to keep pace with higher jet fuel costs, which account for 30 percent of the carriers' operation expenses. The price of oil has risen sharply as the turmoil in oil-producing states like Libya has traders worried that the world's daily flow of oil will be diminished.

Oil's rise to 2-1/2 year high ignites inflation fears

(Reuters) - Oil jumped to 2-1/2 year highs on Friday on more violence in Libya, and more expensive crude sparked inflation worries that drove up gold but pressured copper and agricultural commodities on fears economic growth would slow.
Corn, wheat and soybean prices felt the weight of increased energy costs, as investors fretted that the impact of higher energy prices might filter through to other economic sectors at a time when growth was finally starting to take off.

UBS's Matthew Koder quits to join BofA

London-based Koder, who has nearly two decades experience in investment banking and capital markets, will relocate to Hong Kong from London to help BofA beef up its Asian franchise.
IFR, a Thomson Reuters publication, first reported Koder's move, which was confirmed by BofA. UBS was not available for comment.

DaVita earns recognition in Fortune's Most Admired Companies list

DaVita Inc. (NYSE: DVA), a leading provider of kidney care services for those diagnosed with end stage renal disease (ESRD) and chronic kidney disease (CKD), has been honored as one of the 2011 Fortune®

Insider trading: American hedge fund billionaire Raj Rajaratnam goes on trial

After wiretaps and FBI dawn raids, the Securities and Exchange Commission will this week go to court in its biggest battle against illegal sharedealing. But can it win?
Galleon hedge fund founder Raj Rajaratnam, the man at the centre of the trial, is denying the charges. Photograph: Chip East/Reuters

China to firmly curb excessive rise of housing prices in cities

BEIJING, March 5 (Xinhua) -- The Chinese government will firmly curb the excessively rapid rise of housing prices in some cities this year, Premier Wen Jiabao said Saturday, voicing the determination to cool the red-hot property market.
The government aims to "genuinely stabilize housing prices and meet the reasonable demands of residents for housing", Wen said when delivering a government report to open annual session of the National People's Congress (NPC), the top legislature.

Apple’s Jobs makes surprise appearance at iPad event

Apple CEO Steve Jobs made a surprise return from medical leave on Wednesday to unveil a new version of the iPad tablet computer, a move that bolstered the company's shares and reassured investors concerned about his health.

Has Coca-Cola’s secret recipe been discovered?

The Coca-Cola Co has dismissed a report aired by an American public radio station that it had discovered the secret formula behind the hugely popular beverage. The radio station stands by their claim and have provided photographic “evidence”.

REUTERS - Coca-Cola Co said on Tuesday that its flagship cola recipe is still secret after nearly 125 years, denying a story by a public radio show that it has uncovered the formula.

Daimler, EADS charged with insider trading

 

German auto giant Daimler has been hit by an insider trading scandal involving the European defence group EADS. Investigating French judges are pursuing charges related to share sales in 2005 and 2006.

French carmaker Renault cries foul over handling of industry spy case

Investigations into allegations of industrial espionage at French carmaker Renault have put the industry giant at odds with France’s spy agency, according to media reports.
France’s Central Directorate of Interior Intelligence (DCRI) is leaking information about the alleged industrial espionage case at Renault to the press and hurting the carmaker’s image, according to the company’s lawyer.

AOL seeks fresh start with Huffington Post takeover

Lumbering Internet giant AOL has said it will buy The Huffington Post, one of the most visited news sites in the US, for $315 million, in a move designed to revive its fortunes as an integrated media group.

Ukraine's Euro 2012 preparations: foul play?

Ukrainians are excitedly awaiting the Euro 2012 football tournament, to be co-hosted with Poland. But some suspect those close to the authorities are benefiting disproportionately from the event. Gulliver Cragg reports from Kiev.

France moves on South Africa’s nuclear jackpot

South African President Jacob Zuma wrapped up a state visit to France with a number of bilateral agreements involving French energy giants just as Pretoria prepares to expand its nuclear energy production.

Long-time energy partners France and South Africa signed a series of bilateral agreements Wednesday on President Jacob Zuma’s final day of his state visit to Paris. The deals, which involve energy giants Areva and EDF, come just before South Africa is set to expand its nuclear programme.

China says Renault spy scandal accusations are 'groundless'

China has denied any connection to the industrial espionage scandal at French carmaker Renault, a foreign ministry spokesman said on Tuesday. French intelligence services are reportedly investigating the issue.

Sacked Renault executive accused of spying to sue for defamation

 

One of the three former Renault executives accused of industrial espionage announced Thursday that he would sue for defamation over the accusations, which he denies. The trio are accused of leaking information about the French giant’s electric cars.

 

 

 

 

 

AFP - A former top Renault executive is suing over allegations he sold industrial secrets and is taking the French car maker to court for sacking him, his lawyer said Wednesday.

  

Renault braces for backlash in industrial spying case

French car marker Renault's chief operating officer, Patrick Pelata (pictured) has expressed new doubts about claims of industrial espionage that saw three employees fired and became an affair of state.

 

France’s leading car manufacturer Renault may have falsely believed it was being targeted by spies, the company’s chief operating officer, Patrick Pelata