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Yahoo! News: Business News

Wall Street marks best month in a year in July (Reuters)
Fri, 30 Jul 2010 20:45:12 GMT

A trader works on the floor of the New York Stock Exchange July 28, 2010. REUTERS/Brendan McDermidReuters - U.S. stocks closed little changed on Friday, but Wall Street wrapped up its best month in a year after the earnings season rounded the final turn with a group of strong results that offset the impact of poor economic data.


Jobs data, earnings latest test for stocks (Reuters)
Fri, 30 Jul 2010 21:46:17 GMT
Reuters - U.S. stocks are unlikely to break above a key technical level next week unless monthly jobs data and consumer company results paint a more promising picture of the recovery.
Cuomo widens insurer probe with 6 more subpoenas (Reuters)
Fri, 30 Jul 2010 18:32:25 GMT

New York Attorney General Andrew Cuomo attends a news conference in New York in this June 30, 2010 file photo. REUTERS/Mike SegarReuters - New York Attorney General Andrew Cuomo has subpoenaed six more insurers as the state widens a probe into whether life insurance companies have defrauded families of deceased members of the military.


Imports slow Q2 growth as business spending surges (Reuters)
Fri, 30 Jul 2010 21:06:04 GMT
Reuters - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.
Goldman employees still enamored with firm and CEO (Reuters)
Fri, 30 Jul 2010 17:30:41 GMT
Reuters - Goldman Sachs Group Inc is the bank many Americans love to hate, but one group just plain loves it: its employees.
Citigroup paying $75M to settle civil charges (AP)
Fri, 30 Jul 2010 00:50:15 GMT

A man pictured at a branch of Citibank at the US banking giant Citigroup's world headquarters on Park Avenue, New York, in 2008. Citigroup on Friday said it made a 2.7 billion dollar profit in the second quarter of this year, down nearly 40 percent from the same period last year.(AFP/File/Emmanuel Dunand)AP - Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.


Dollar sinks to 8-month low vs yen as growth slows (AP)
Fri, 30 Jul 2010 20:34:31 GMT
AP - Weakening U.S. economic growth and worried comments from Federal Reserve officials drove the dollar to an 8-month low Friday against the Japanese yen.
Merck's 2Q net drops on higher costs, charges (AP)
Fri, 30 Jul 2010 23:14:26 GMT

FILE - In this file photo made April 15, 2009, the Merck logo is seen in the lobby of Merck & Company, Inc.'s world headquarters in Whitehouse Station, N.J. Drugmaker Merck & Co. on Friday, July 30, 2010, reported a 52 percent drop in second-quarter net income, due to big merger and restructuring charges and lower income from partnerships. (AP Photo/Mel Evans, File)AP - Drugmaker Merck & Co. on Friday reported a 52 percent drop in second-quarter net income, weighed down by big restructuring charges from buying Schering-Plough Corp., generic competition and other factors.


Greece turns to military to restore fuel supplies (AP)
Fri, 30 Jul 2010 18:36:30 GMT

Protesting truck drivers hold a Greek flag as they protest in central Athens on Friday, July 30, 2010. Defying an emergency government order, Greek truck drivers vowed Friday to press ahead with a protest that has halted fuel supplies across the country and is hurting tourism at peak season.The protesters rejected a compromise offer by the government to offset the financial impact of liberalizing their closed-shop profession.(AP Photo/Petros Giannakouris)AP - Greece said Friday it will use military trucks, navy vessels and commandeered fuel tankers to restore gasoline supplies cut by a strike that has hurt the country's industry and vital tourism trade at the height of vacation season.


Reverse Mortgages Aren't Catching On (U.S. News & World Report)
Fri, 30 Jul 2010 15:51:45 GMT
U.S. News & World Report - The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government's insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation's top two reverse mortgage lenders.
IMF lowers Spain growth forecast, warns of 'fragile' rebound (AFP)
Fri, 30 Jul 2010 18:54:30 GMT

People hold Union flags during a demonstration to protest the government austerity cuts in Madrid in June 2010. The IMF on Friday lowered its 2011 growth forecast for the Spanish economy to 0.6 percent from the 0.9 percent it foresaw in April and warned the recovery AFP - The IMF on Friday lowered its 2011 growth forecast for the Spanish economy to 0.6 percent from the 0.9 percent it foresaw in April and warned the recovery "is likely to be weak and fragile."


Out-of-stock Kindle may mean new version coming (Reuters)
Wed, 28 Jul 2010 17:56:07 GMT
Reuters - Amazon.com said its best-selling Kindle device was currently out of stock, leading one Internet analyst to surmise the online retailer was poised to launch a new version.
Glimcher offering raises $96M after costs (AP)
Fri, 30 Jul 2010 17:36:17 GMT
AP - Real estate investment trust Glimcher Realty Trust said Friday a recently completed public offering of 16.1 million common shares generated about $96 million, after commissions, discounts and expenses.
Cleanup of Mich. river oil spill will take months (AP)
Sat, 31 Jul 2010 07:01:28 GMT

Veterinarian Scott Ford, left, feeds a rescued goose with a liquid nutritional supplement as volunteer Sarah Klepinger assists in Marshall, Mich., Friday, July 30, 2010.  Volunteers and government officers scrambled on Friday to save geese and other wildlife damaged by an oil spill in a southern Michigan river as the Canadian company that owns the ruptured pipeline said the crude had been contained. Enbridge Inc. said its focus was shifting to cleaning up the spilled oil in the Kalamazoo River, which it estimates at 820,000 gallons. The Environmental Protection Agency puts the total at more than 1 million gallons. (AP Photo/Paul Sancya)AP - Officials investigating the cause of a huge oil spill along a major river in southern Michigan say it will take months to clean up the mess, and damage to wetlands and wildlife may last considerably longer.


Kerry says he mishandled furor over yacht taxes (AP)
Fri, 30 Jul 2010 13:52:19 GMT

'Isabel,' the 76-foot yacht owned by Democratic Sen. John Kerry of Massachusetts, is undergoing repairs at the Hinckley shipyard in Portsmouth, R.I., Friday, July 23, 2010. Kerry is docking his family's new $7 million yacht in neighboring Newport, R.I., allowing him to avoid paying roughly $500,000 in taxes to the cash-strapped Bay State. (AP Photo/Stew Milne)AP - Sen. John Kerry said he always intended to pay taxes in Massachusetts on his $7 million yacht but conceded he mishandled the public furor over his decision to dock the vessel in tax-free Rhode Island.


Obama: Detroit auto bailout was unpopular, but it worked (The Christian Science Monitor)
Fri, 30 Jul 2010 21:16:59 GMT
The Christian Science Monitor - President Obama used a visit to Michigan Friday to argue the case that despite its unpopularity, his 2009 bailout of the Detroit auto industry has worked.
The Rebirth of Prague's Vltava River (BusinessWeek)
Thu, 29 Jul 2010 12:08:41 GMT
BusinessWeek - When Petr Vojak was deciding where to settle down with his family last year, his aim was clear. He wanted somewhere peaceful yet central. Eventually, they decided on a new flat in a northern district along the Vltava river, which flows through Prague.

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 Word of the day 

Merriam-Webster's Word of the Day for July 31, 2010 is:

sirenian • \sye-REE-nee-un\  • noun
: any of an order (Sirenia) of aquatic herbivorous mammals (as a manatee, dugong, or Steller's sea cow) that have large forelimbs resembling paddles, no hind limbs, and a flattened tail resembling a fin

Example sentence:
"Looking humanlike in certain aspects, sirenians are thought to be the basis of the myth of mermaids." (Michael McCarthy, The Independent [London], February 28, 2009)

Did you know?
"Sirenian" traces back via Latin to Greek "seirēn," which is equivalent to our word for the sirens of Greek mythology. And what is the connection between sirens and sirenians? Modern sirenians do not resemble the half bird, half woman creatures who lured sailors to their doom with their sweet singing. But as our example sentence states, sirenians are considered by some to underlie the ancient legends about mermaids. In European folklore mermaids were sometimes called "sirens," and apparently this confusion resulted in the granting of sirenians the name they bear today.

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