• One trillion euro tax evasion to be tackled says Barroso

  BRUSSELS - Voicing concern about tax evasion that is estimated at one trillion euros, European Commission President Jose-Manuel Barroso said Tuesday that EU leaders will meet at a one-day summit on Wednesday to negotiate solution. The European Union can't afford to let tax evasion go on the way it is. Such large amounts of money, currently sitting in tax havens, would be greatly beneficial ...

• Overall economy likely to pick up in Q2 says German central bank

  FRANKFURT - Germany's central bank Deutsche Bundesbank expects the country's economy to improve "markedly" in the second quarter relying on signals of pick up in industrial orders and likelihood of weather related downturn in construction sector no longer impacting investment sentiments a development that could boost the wider eurozone as it struggles to get out of recession. "Overall ...

• Work starts on creation of new Dubai island

  Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...

• Pfizer discontinues NHL cancer drug development

  NEW YORK - Pharma major Pfizer has discontinued the development of cancer candidate inotuzumab ozogamicin, which is part of a class of therapies called antibody-drug conjugates (ADCs), in the haematological cancer non-Hodgkin lymphoma after it failed to show benefit in overall survival during phase III trials. Pfizer has notified the study investigators and appropriate regulatory authorities ...

• GrubHub and Seamless to merge

  WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry ...

• Housing market picking up in UK

  LONDON - The UK housing market seems to be picking up with gross mortgage lending up 4.3 per cent in April over previous month to 12.1 billion pounds, the highest in over four years, according to the Council of Mortgage Lenders (CML). The mortgage lending was 21% higher than April 2012, but this data is skewed by the end of the stamp duty concession on 24 March, 2012. Under the stamp duty ...

• Microsoft launches all-in-one home entertainment system Xbox One

  Microsoft has unveiled its latest video gaming console 'Xbox One' which is believed to transform games, TV and entertainment for the 21st century living room. The latest console reportedly promises a vision of the future. According to a report by the Mirror, 'Xbox One' will allow users to turn on the device with words like "Xbox On", and "snap" will allow users to watch two things at ...

• Microsoft unveils new all-in-one Xbox console

  Microsoft unveiled a new Xbox console Tuesday that represents a major upgrade on the US-market-leading Xbox 360 model. The president of the IT giant's Interactive Entertainment Business, Don Mattrick, revealed the hi-tech Xbox One entertainment and gaming console during an event at Microsoft's Redmond, Washington, campus. The Xbox One was presented as an all-in-one system for gaming, watching ...

• Microsoft Unveils New Xbox One Game Console

  REDMOND, WASHINGTON Microsoft Corp gave the world the first look at its new game console on Tuesday, hoping the Xbox One will attract existing video game fans while also becoming a hub for living room entertainment. The third-generation Microsoft console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus ...

• Why Are Homeowners Being Jailed for Demanding Wall Street Prosecutions

  May 22, 2013 3:00 PM ET A two-day long housing protest outside the Department of Justice this week has resulted in nearly 30 arrests and several instances of law enforcement unnecessarily using tasers on activists, according to eye-witnesses. The action – which was organized by a coalition of housing advocacy groups, including the Home Defenders League and Occupy Our Homes – called ...

• HPs slumps deepens in 2Q as earnings fall 32 pct

  SAN FRANCISCO -- Hewlett-Packard's slump is deepening as the world's largest personal computer maker scrambles to meet the growing demand for more versatile and less expensive mobile devices.A quarterly earnings report released Wednesday provided the evidence of Hewlett-Packard Co.'s deteriorating condition.The results included the seventh consecutive decline in HP's ...

• After Hours H-P shares jump after earnings outlook

  SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. shares soared after the computer maker reported second-quarter results and an outlook that topped Wall Street ...

• Target Cuts Full-year Forecast on Disappointing Earnings

  Target Corp., like many other retail rivals, was laid low in its first fiscal quarter by cold spring temperatures that discouraged seasonal shopping and caused the chain to underperform by even its own metrics. The Minneapolis company said sales at stores open more than a year declined 0.6% in the three months ended May 4. That's after the retailer in April amended an earlier forecast ...

• J.P. Morgan Chase Boss Keeps Both Jobs

  J.P. Morgan Chase Chairman and CEO Jamie Dimon can keep both his jobs after just 32 percent of shareholders voted Tuesday in Tampa, Fla. for a non-binding measure that would have advised the global financial giant to split the roles. Last year, 40 percent of shareholders voted for the measure. In six prior annual meetings where Dimon has been both chairman and CEO, shareholders have been ...

• Letters Paying tax is absolutely a moral issue

  Never mind morals, tax is all about the rules , 21 May). A great many ordinary people see payment - or rather non-payment - of tax as fundamentally a moral question. Perhaps it might be talked about as justice or fairness, but it boils down to the same thing. Christian Aid supporters have been campaigning on matters of tax justice for five years.At the heart of their concern is the moral ...

• Google boss calls for a rational and predictable international tax system

  Google boss Eric Schmidt, explaining his firm's tax affairs, says: 'Virtually all the American companies have tax structures like this, and UK companies operating in the US do too.' Photograph: Olivia ...

• George Osborne warned by IMF that cuts pose headwinds to growth

  George Osborne was on Wednesday urged by the International Monetary Fund to rethink his plans for a 10bn tax-and-spending squeeze this year, as part of a broad based attack on the coalition's economic policies.After a fortnight's fact-finding mission in London, the Washington-based lender warned that the planned package of spending cuts and tax rises would "pose headwinds" to ...

• Whitmans Work Continues Hewlett-Packard Rallies After Earnings Beat Outlook

  reported second-quarter earnings that beat the Street's consensus estimate Wednesday, despite falling 11% from a year ago. Earnings per share of 87 cents were above HP's outlook for 80-82 cents and the 81 cents analysts anticipated. Net revenue of $27.6 billion was 10% below the prior year (9% when excluding currency impacts). Despite the declines, HP threw off $3.6 billion in cash, ...

• NJ Cheap Booze Sold as Premium Liquor

  New Jersey officials have seized inventory and demanded records from 29 bars and restaurants that allegedly sold low-quality liquor to patrons who thought they were buying premium ...

• HP Earnings Outlook Top Expectations

  Hewlett-Packard reported fiscal second-quarter earnings excluding items of 87 cents a share on revenue of $27.58 billion. Analysts were expecting earnings of 81 cents per share on revenue of $28.01 billion, according to estimates from Thomson Reuters. For the fiscal third quarter, HP said it expects earnings of 84 to 87 cents a share vs. expectations of 83 cents a share.For the full year, HP ...

• Stanford Art Collection $2.9 Million for Victims

  Former billionaire Allen Stanford, convicted last year of running one of the biggest investment frauds in history, had particularly expensive tastes in art. Wednesday in Dallas, an auction of some of his most prized possessions brought in just over $2.9 million. The proceeds are to be turned over to victims of the $7 billion scam, who thus far have recovered next to nothing. ...

• Refuse to Testify Youre Fired

  Lois Lerner, the IRS official who headed the division that targeted Tea Party and other conservative groups for special tax scrutiny, invoked her Fifth Amendment right to refuse questions before Congress on Wednesday. The decision could cost her her job.And it doesn't mean that she won't be forced to answer questions. In fact, it's relatively easy for Congress to force her to ...

• Wall Street declines after Fed releases minutes

  Source: Reuters US stocks have fallen, with a selloff accelerating in late afternoon trade, after minutes from the latest US Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. The minutes followed comments from Chairman Ben Bernanke who said the Fed could decide to scale back the pace of bond purchases at one of ...

• Exxon Mobil Sued For Anti-Gay Employment Discrimination

  There are still 29 states where a person can be fired for being gay, but Illinois is not one of them. Nevertheless, it seems that Exxon ...

• QA Microsoft Veep Phil Harrison Talks Xbox One Used Games Always-On and More

  REDMOND, Washington — After Microsoft revealed the brand-new Xbox One console to the world yesterday, a common reaction wasn’t one of amazement or eagerness, but confusion. Since most of the presentation showcased fantasy football, Skype, and multimedia applications, anyone wanting to hear about games was left hungry for details. Wired sat down with Microsoft corporate vice ...

• Bob Lutz Chinese parts maker offer $20 million for Fisker sources

  Wanxiang and VL Automotive are looking to buy Fisker, which has not built a car since July, through a prepackaged bankruptcy deal. A separate team of investors is looking to buy out the U.S. Department of Energy's position in ...

• PepsiCo rethinks U.S. pricing to attract more everyday buyers

  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 ...

• After Hours Hewlett-Packard in focus after hours

  SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. shares will be in focus after hours Wednesday as the computer maker reports fiscal second-quarter ...

• The Wall Street cicada index

  Super Bowl to predict stock market returns, why not a plague of locusts? There are already goldbugs, so why not bug bugs? Standard & Poor's market-data guru Howard Silverblatt agrees. When MarketWatch called to sound him out this morning, it turned out he'd already thought to check out the cicada market theory and had been pleasantly surprised by the results. Of course, that ...

• H-P earnings drop but beat Street estimates

  SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. said Wednesday afternoon that earnings fell 32% for its second fiscal quarter, though the adjusted bottom line beat Wall Street's estimates. For the period ended April 30, ...

• U.S. Capital-Equipment Financing Up 23 in April-Survey

  A survey of credit providers showed that loans and leases for business equipment in the U.S. rose 23% in April from a year ago, as companies went on their largest buying spree of the year so far.Respondents to the Equipment Leasing and Finance Association's monthly survey published Thursday said they financed $7.5 billion of new equipment last month, up from $6.1 billion in April 2012. ...

• MARKET SNAPSHOT U.S. Stocks Drop On Fed Tapering Worries

  NEW YORK – U.S. stocks extended losses on Wednesday after minutes from the Federal Reserve latest meeting and comments from the Fed chief suggested the central bank may begin tapering its bond-buying program in coming months.Stocks had a wild ride during the session, as investors digested congressional testimony by Fed Chairman Ben Bernanke and the release at 2 p.m. Eastern of the minutes ...

• Long-Term Mutual Funds Inflows Total $8.51 Billion in Latest Week - ICI

  Long-term mutual funds increased by $8.51 billion in the latest week as investors put money into most fund categories, the Investment Company Institute said.Investors have generally been returning to equity mutual funds since January, after avoiding them for several years after the 2008 financial crisis.For the week ended May 15, equity funds had inflows of $2.38 billion, lower than gains of ...

• Pipeline plan to send crude from Montreal to Maine raises ire in New England

  New England is in an uproar over a pipeline reversal that would allow Canadian oil sands to be transported from Montreal to Portland in Maine, en route to global ...

• Bernankes leadership a critical factor for Fed policy

  on Bernanke's testimony , it was far from a definitive statement about the future course of policy. Chairman Bernanke's leadership, in particular his ability to prevent premature tightening, will be an important factor in determining how policy evolves in coming ...

• How commodities can help a portfolio

  (MoneyWatch) One of the most persistent mistakes made when building a portfolio is evaluating potential investments in isolation, instead of considering how their addition impacts the overall risk and return of the portfolio as a whole. The following is a great example of why this is a mistake. I happened upon it when preparing a presentation on commodities' impact on portfolios. We'll ...

• US STOCKS SNAPSHOT-Wall St extends losses SP down 1 pct

  NEW YORK | Wed May 22, 2013 3:33pm EDT NEW YORK May 22 (Reuters) - U.S. stocks extended their decline on Wednesday, with the S&P 500 falling 1 percent following remarks by Federal Reserve Chairman Ben Bernanke which suggested the central bank was not ready to pull back on its economic stimulus efforts but may act if the economy continues to improve. The Dow Jones industrial average was ...

• Europe targets Switzerland in fight against bank secrecy

  Reuters © (L-R) Greece's Prime Minister Antonis Samaras listens to Austria's Chancellor Werner Faymann and Latvia's Prime Minister Valdis Dombrovskis as they pose for a family photo during a European Union leaders summit in Brussels May 22, 2013. REUTERS/Laurent ...

• ‘Boom Town Baby’ African stock markets soaring

  The barrage of hourly tweets sent out by Aly-Khan Satchu - East Africa's version of CNBC's Mad Money host Jim Cramer - cheers on what Satchu says is a growing sentiment among investors: If you're not investing in Africa, you should be. Or as Satchu loudly proclaims on his Twitter feed or newspaper column: "IT'S BOOM TOWN ...

• Fed weighed slowing its pace of bond purchases

  Several Federal Reserve policymakers this month favored slowing the Fed's efforts to maintain record-low long-term interest rates as early as June _ if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains.Minutes of the Fed's April 30-May 1 meeting released Wednesday show "a number" of members ...

• GlaxoSmithKline US team up to make new drugs to combat antibiotic resistance terror threats

  LONDON - GlaxoSmithKline PLC says it's starting an unusual collaboration with the U.S. government to develop several antibiotics for both bioterrorism threats and bacterial infections resistant to current medicines. Antibiotic resistance will become a global crisis, experts predict, because most drug companies have cut investment in antibiotics. Instead, they're developing ...

• Existing US and Minnesota home sales flat during April prices still rising

  Home sales in Minnesota and across the country are being stifled by a shortage of inventory, though sale prices continue to rise, according to a pair of state and national reports released this morning. In Minnesota, existing home sales increased only 0.3 percent from April 2012 to April 2013, according to the Minnesota Association of Realtors. The median price of those sales increased 12 ...

• Stocks fall after Fed minutes show policymakers had weighed a pullback on its stimulus program

  NEW YORK - Stocks fell in afternoon trading Wednesday on news that several Federal Reserve policymakers in a meeting earlier this month favored cutting back on stimulus programs as early as June if the economy continued to improve. The release of minutes of the April 30-May 1 meeting reversed a surge earlier in the day on hopes that the Fed was a long way from stopping its stimulus efforts. ...

• Basile to star at Inside the Design Studio

  , multiple Orchid winner especially for restaurant design, will reveal his secrets "Inside the Design Studio," sponsored by the San Diego Architectural ...

• LRAD avoids proxy fight with big shareholder

  Under terms of the settlement, LRAD agreed to nominate two independent directors proposed by Iroquois and a third director who was mutually agreed to by the company and ...

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