March 31st, 2012 by InvestorPoint
TAMPA, Fla., March 31 (UPI) — The mayor of Tampa, Fla., said in court he was hard pressed to recall a contract he signed that allowed Wachovia Bank to take larger risks with city funds. Former Mayor Rick Baker, although a former corporate attorney, said he delegated many of the city’s financial decisions to staff members or simply allowed financial managers at Wachovia Global Securities to oversee the city’s $400 million investment portfolio, the Tampa Bay Times of St. Petersburg, Fla., reported Satu…continued
March 31st, 2012 by InvestorPoint
CHICAGO, March 31 (UPI) — Online discount company Groupon Inc. said that an audit had found it did not set aside enough funds for refunds to customers in the fourth quarter. The audit was done by accounting firm Ernst & Young. The accountants blamed Groupon’s “material weakness in its internal controls.” Groupon went public in November and raised $11 billion in market capitalization. In a regulatory filing, however, the firm said it lacked “adequate policies and procedures,” to assess its fin…continued
March 31st, 2012 by InvestorPoint
HARRISBURG, Pa., March 31 (UPI) — David Unkovic, Pennsylvania’s receiver for the city of Harrisburg has resigned his post, court papers say. Unkovic submitted his resignation to the Commonwealth Court, but the reasons have not be made public, The Patriot News of Harrisburg, Pa., reported Saturday. Governor’s office spokesman Kevin Harley said the state would move “as quickly and as responsibly as we can,” to replace Unkovic, who had developed a reputation as thorough and someone who was listening t…continued
March 31st, 2012 by InvestorPoint
Today is Saturday, March 31, the 91st day of 2012 with 275 to follow. The moon is waxing. The morning stars are Neptune, Mercury, Uranus and Saturn. The evening stars are Mars, Jupiter and Venus. Those born on this date are under the sign of Aries. They include French philosopher Rene Descartes in 1596; Austrian composer Franz Joseph Haydn in 1732; poet Edward FitzGerald in 1809; boxer Jack Johnson, the first African-American to hold the heavyweight title, in 1878; comedian Henry Morgan in 1915;…continued
March 30th, 2012 by InvestorPoint
NEW YORK, March 30 (UPI) — Verizon Wireless says it could have the beginnings of a wireless video network in place by the holidays and is beginning negotiations with content providers. Content appropriate for mobile devices will be one of the areas discussed, Verizon Chief Executive Officer Lowell McAdam said. “Most content providers realize that the number of channels and the layout that you have within your home may not be appropriate for the mobile environment, and those discussions are just beg…continued
March 30th, 2012 by InvestorPoint
CHICAGO, March 30 (UPI) — Grain futures shot sharply higher Friday on the Chicago Board of Trade on news of record corn plantings that could help help replenish dwindling supplies Corn was up 16 to up 40, soybeans were up 47 to up 49 3/4, wheat was up 45 1/4 to up 48 1/4 and oats were up 2 1/4 to up 7 1/2. USDA estimated this year’s corn plantings for 2012 at 96 million acres, which would be the highest level of corn planted in 75 years, analysts said. The May future was limit up at 40 cents higher…continued
March 30th, 2012 by InvestorPoint
MADRID, March 30 (UPI) — Protesters spilled into central Madrid and other Spanish cities to vent their anger at $36 billion of budget cuts the government sees essential to staving off a Greek-style economic meltdown. Thousands of people joined a general strike, shutting down airports, train services, factories and offices. About 180 people courted arrest in clashes with police that authorities said had left about 200 people, half of them police, injured. Protesters set debris on fire in Valencia an…continued
March 30th, 2012 by InvestorPoint
WASHINGTON, March 30 (UPI) — Gold futures ended a three-day skid, gaining $17 and closed at $1,671.90 an ounce Friday on the Comex division of the New York Mercantile Exchange. Silver added 50 cents and settled at $32.48 an ounce. The dollar index fell to 78.983 from 79.176 on the International Exchange. The euro was 1.3337 from Thursday’s $1.3302. Against the yen, the dollar was 82.84 from 82.46 yen Thursday. The British pound was $1.5998 from $1.5956 Thursday. The dollar was 7.7640 Hong Kong …continued
March 30th, 2012 by InvestorPoint
LOS ANGELES, March 30 (UPI) — The mayor of Los Angeles says he wants to raise the retirement age for new city employees from as early as 55 to 67 to save the city money. Mayor Antonio Villaraigosa said Thursday if the City Council doesn’t take the action he will try to have it put on the ballot for a vote by city residents, the Los Angeles Times reported. The general retirement age for municipal employees now is 60, though employees as young as 55 can retire with full benefits if they have 30 years o…continued
March 30th, 2012 by InvestorPoint
BRUSSELS, March 30 (UPI) — The 12-month consumer price index in the 17-member eurozone rose 2.6 percent in March, the European Union’s data office estimated Friday. The report is termed a “flash estimate,” which is a preliminary figure with “no detailed breakdown” available. However, the figure has been spot on, exactly anticipating the inflation rate in 18 times over the past two years. It has not been off by more than 0.1 percentage points in that time. The estimate covers the 17 nations that sha…continued
March 30th, 2012 by InvestorPoint
NEW DELHI, March 30 (UPI) — India’s defense and aerospace needs and manufacturing capabilities are attracting the interest of European companies seeking to plumb its potential. Naval defense company DCNS of France, munitions-maker Nexter and Eurocopter this week have all touted operations and deals with India worth millions. DCNS announced that through its subsidiary, DCNS India, it has signed an agreement with India’s SEC Industries to locally manufacture equipment for the Indian Navy’s P75 Scorpe…continued
March 30th, 2012 by InvestorPoint
CHICAGO, March 30 (UPI) — The Chicago Business Barometer showed business growth slowed in March after February’s 10-month high, the Institute for Supply Management said Friday. With numbers above 50 indicating expansion, the Chicago association’s headline business barometer for February, compiled by Kingsbury International Ltd., slipped from 64 in February to 62.2 in March. March marked the 30th month of expansion for manufacturing activity in the area. Furthermore, the index remained above 60 for …continued
March 30th, 2012 by InvestorPoint
WASHINGTON, March 30 (UPI) — Consumer spending rose 0.8 percent in February after an upwardly revised gain of 0.4 percent in January, the U.S. Commerce Department said Friday. Personal incomes rose by $28.2 billion or 0.2 percent. Disposable incomes rose by less than 0.1 percent or by $5 billion, the agency said. Personal savings in February fell slightly from January with the savings rate — savings as a percentage of disposable income — at 3.7 percent compared with January’s revised rate of 4.3 …continued
March 30th, 2012 by InvestorPoint
MADISON, Wis., March 30 (UPI) — The recall election of Wisconsin Gov. Scott Walker and Lt. Gov. Rebecca Kleefisch can be scheduled, election officials said Friday. The state’s Government Accountability Board, which oversees election matters, found recall petitioners collected 900,939 valid signatures in its recall effort against Walker and 808,990 in the recall petition for Kleefisch, the Wisconsin State Journal in Madison reported. The minimum number of valid signatures needed to force a recall wa…continued
March 30th, 2012 by InvestorPoint
COPENHAGEN, Denmark, March 30 (UPI) — European Union finance ministers said Friday they had reached an accord to increase the size of the region’s financial firewall to more than $1 trillion. “Finally, robust firewalls have been established,” the 17-member the eurozone said in a statement. The New York Times reported the firewall, to be used to help countries facing overwhelming financial issues, would be permanent. It would have a starting point of $1.067 trillion available but that figure include…continued
March 30th, 2012 by InvestorPoint
NEW YORK, March 30 (UPI) — Stock indexes turned higher early Friday after finance leaders in Europe agreed to increase the size of the continent’s financial firewall. In Copenhagen, financial leaders of the European Union agreed to create a permanent bailout fund for countries facing a financial crisis. The fund’s lending capacity would be $1 trillion, at least as a starting point, The New York Times reported. Gains were held in check by U.S. consumer spending figures that fell short of expectation…continued
March 30th, 2012 by InvestorPoint
OTTAWA, March 30 (UPI) — Canada recorded a razor-thin 0.1 percent gain in gross domestic product in January, dragged down by the oil and gas sector, Statistics Canada said Friday. “Oil and gas extraction declined 0.9 percent as a notable decrease in natural gas extraction outweighed the gain in crude petroleum production,” the agency said. That more than offset a 0.7 percent gain in manufacturing, which posted its fifth consecutive monthly increase, StatsCan said. “The utilities sector was up 1.1…continued
March 30th, 2012 by InvestorPoint
Last year at about this time the word “recovery” was on everyone’s lips. This year, not so much. The lesson has been learned, it seems. The pattern of late 2010 to mid-2011 was a cruel lesson of dashed hopes. Financial firms were looking stronger; corporate profits were rising. Hiring was building momentum. By late spring, however, hiring was losing traction. Gains in the manufacturing sector, it turns out, were a reflection of how bad things had gotten; it was not growth so much as gasping for brea…continued
March 30th, 2012 by InvestorPoint
NEW DELHI, March 30 (UPI) — U.S. and Indian companies are working together to produce third-generation night vision devices in India for local customers. ITT Exelis and Tata Advanced Systems Ltd. said that under the strategic agreement, Tata will provide the manufacturing capability. Initially, Exelis will provide TASL with the latest night vision image intensifier tubes, kits and other materials required to build night vision devices and speed their delivery to customers in India. Tata Advanced Sy…continued
March 30th, 2012 by InvestorPoint
MELBOURNE, Fla., March 30 (UPI) — Australia’s Department of Defense has contracted the Harris Corp. to provide field support for tactical radio systems purchased from the company. The contract is worth about $15.2 million. Harris, a U.S. company, recently opened an office in Australia for the Asia-Pacific region. “Harris is committed to delivering best-in-class products and systems as well first-rate support to our military and public safety customers around the world,” said Brendan O’Connell, pr…continued
March 29th, 2012 by InvestorPoint
NEW YORK, March 29 (UPI) — Scholastic says there are more than 36.5 million copies of Suzanne Collins’ “The Hunger Games” trilogy of books in print in the United States. The publisher said there are more than 17.5 million copies of “The Hunger Games,” more than 10 million copies of “Catching Fire” and more than 9 million copies of “Mockingjay” currently in circulation. “Suzanne Collins has created a vivid and compelling future world that has captivated both teen and adult readers and is sure to bec…continued
March 29th, 2012 by InvestorPoint
MEXICO CITY, March 29 (UPI) — Mexico, buoyed by success in wind energy expansion, is launching a giant solar energy project that sees a U.S. firm’s role in its primary development. Soaring crude oil prices have skewed national budgets throughout Central and Latin America and the ongoing row between Argentina and Spain’s YPF Repsol is an indication of tension over rising energy costs. Mexico will aim to circumvent the challenge of punishing oil prices by installing high-capacity solar power generati…continued
March 29th, 2012 by InvestorPoint
SEOUL, March 29 (UPI) — The prime ministers of Vietnam and South Korea have signed agreements to increase commercial and industrial cooperation. Vietnamese Prime Minister Nguyen Tan Dung met with Prime Minister Kim Hwangsik after the two-day Nuclear Security Summit in Seoul, the Yonhap News Agency reported Thursday. The prime ministers signed deals covering solar energy and waste treatment projects in Vietnam. Dung also met with South Korean President Lee Myung-bak to discuss trade, nuclear power…continued
March 29th, 2012 by InvestorPoint
LONDON, March 29 (UPI) — The Organization of Economic Cooperation and Development signaled Thursday the British economy may have slipped back into a recession. The OECD, which monitors economic activity among 30 developed nations, said the British gross domestic product fell 0.1 percent from the fourth quarter of 2011 to the first quarter this year. The annual rate of decline January through March was minus 0.4 percent. The Daily Telegraph reported Thursday the Royal Bank of Scotland has estimate…continued
March 29th, 2012 by InvestorPoint
WASHINGTON, March 29 (UPI) — Average long-term U.S. mortgage rates slipped under 4 percent in the week ending Thursday, the Federal Home Loan Mortgage Corp. said. Rates for 30-year contracts spent just one week above 4 percent before diving back down to 3.99 percent with 0.7 point for the week. A year earlier, 30-year mortgage rates averaged 4.86 percent. Prior to last week, rates for 30-year loans had not risen above 4 percent since the week ending Oct. 27. Average rates for 15-year fixed-rate c…continued