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Young Invincibles on Obamacare: ‘We’re Not Impressed’
The White House’s beleaguered attempts to woo young people into buying into the new health care law just hit another snag: The ‘young invincibles’ just aren’t that into it. More than half of 18- to 29-year-olds said they disapprove of the new law.
Fed Uncertainty Sends Dow, S&P 500 Down for Fifth Day
U.S. stocks fell on Thursday, with the Dow and S&P 500 dropping for a fifth straight session, after mixed economic data left traders guessing when the Federal Reserve would begin to slow its stimulus program.
Remembering Nelson Mandela's Unsung Economic Legacy
Mandela's role in building the continent's largest economy ranks among the South African leader's greatest accomplishments.
More Credible Critics Will Make Bitcoin More Valuable
Why the constant drumbeat of illegitimacy could fuel the next leg of the Bitcoin Rally. First it was the gold bugs. Then the fringe economists and media. Now, some very important people and institutions have joined the Bitcoin fray.
Guess What: The 1 Percent Are Earning Less and Paying More
The federal tax burden is starting to even out.
Will Apple Have to Sacrifice Its Brand to Succeed in China?
A reported deal between Apple and the world's largest cell carrier, China Mobile, could be a boon for the tech giant.
3 Reasons Fast Food Joints Shouldn’t Pay Workers $15 an...
Fast food workers in 100 cities are walking off the job today protesting their low wages. Here are three reasons they shouldn't be paid more.
Raising the Minimum Wage Would Help McDonald’s and Walmart
You’re not likely to hear the CEO of any company that employs a lot of low-wage workers saying the minimum wage ought to be higher. But if it were, such companies might turn out to be unlikely beneficiaries.
Bitcoin May Be in a 'Bubble' but It Can Also Buy You a Tesla
A Lamborghi dealership in Costa Mesa, California, says it just sold a Tesla S for bitcoins and will accept the virtual currency for any future car purchase.“Bitcoin, a fully encrypted and fully digital currency, has been used by a recent client of ours to pay for a Tesla Model S Performance we had in our inventory,” the dealership posted on its web site.
Even as Housing Cools It's Still a Seller's Market:...
The U.S. housing market appears to be cooling off but that's not a bad thing, according to Zillow CEO Spencer Rascoff.
What Target Is Doing Wrong This Christmas
Retail is a competitive business all year but especially around the holidays. What is Target getting wrong this season?
The One Threat to Stocks That No One Is Expecting
Russ Koesterich of BlackRock reveals an market indicator that has him very concerned about stocks going forward
Which Cities are Making Americans Richer--and Poorer
When it comes to jobs, the big picture in the U.S. is one of lackluster growth and an elevated unemployment rate of 7.3%. But within the U.S., there are some cities that are booming - pockets of economic opportunity where good jobs with solid wages are being created.
Nelson Mandela, Revered Statesman, Dies at 95
Former South African President Nelson Mandela has died at age 95 of complications from a recurring lung infection.
The Saudis Still Hate Iran, Watch for Higher Crude: Dan...
On the surface the oil deal between Iran and Saudi Arabia looks like global progress. Dan Dicker of oilprice.com isn't so sure.
This Could Bring Apple Back Near Its All-Time Highs
With news of a China Mobile deal, there may be other reasons to be optimistic about Apple, says one strategist.
U.S. Economy Grew Faster Than Expected 3.6% in Q3
The US economy grew at an annual rate of 3.6 percent in the third quarter, significantly more than initially estimated, the Commerce Department reported Thursday.
Drug-Cost Surprises Lurk Inside New Health Plans
Americans with chronic illnesses—who are expected to be among the biggest beneficiaries of the health law—face widely varying out-of-pocket drug costs that could be obscured on the new insurance exchanges. Some medications for conditions including hepatitis, rheumatoid arthritis, HIV and cancer can retail for thousands of dollars a month, and some plans require patients to pay as much as 50% of the cost. On "silver," or midlevel, plans in Miami-Dade County, Fla., with comparable premiums, monthly out-of-pocket costs for Atripla range from $55 on Molina Marketplace Silver to $902 on Cigna Corp.'s Health Flex 1500. On a single Cigna plan, Health Savings 3400, out-of-pocket costs for Atripla vary from zero if patients buy from an in-network pharmacy to $1,127 if they don't.
Can Walmart and McDonald’s Afford a $15 Minimum Wage?
The holiday season seems as good a time as any to question whether Wal-Mart Stores Inc. (NYSE: WMT) can afford to pay its workforce, some of whom make as little as $8 an hour, a higher wage — as much as ...
ECB Holds Rates, Focus Shifts to New Forecasts
By Sakari Suoninen and Eva Taylor FRANKFURT (Reuters) - The European Central Bank is ready to take fresh policy action to support the euro zone economy but has not yet worked out a detailed plan of which policy tool to use when, the bank's president said on Thursday. After its final policy meeting of 2013, Mario Draghi also said the ECB will only offer banks a fresh batch of long-term loans if it is confident they will lend on the funds, putting a question mark over the tool markets expect the ECB to use next. The ECB left its key interest rate at 0.25 percent, choosing not to follow through on November's surprise cut. "We are monitoring developments closely and are ready to consider all available instruments." In the run-up to Thursday's meeting, several policymakers flagged the ECB's readiness to ease policy further, if needed, with unconventional instruments, such as asset purchases - known as quantitative easing (QE) - or a negative deposit rate.
China's Central Bank Bans Some Bitcoin Transactions
China's central bank warned Thursday that Bitcoin carries substantial risks and issued new rules that prohibit financial institutions from dealing in the digital currency. Demand for bitcoin has been particularly ...
Britain Announces Sharp Upward Revision to Growth Forecasts
Britain's government announced the biggest upgrade to official growth projections in more than a decade on Thursday, following the UK economy's surprisingly strong turnaround. In a budget update, finance minister George Osborne said the economy was on track to grow by 1.4 percent this year - more than double the 0.6 percent penciled in at the time of the March budget. Having been a laggard for several years, Britain has overtaken its euro zone peers to become one of the fastest-growing advanced economies in the world.
Apple Deals for Topsy, Primesense Could Signal a Radical...
Apple’s acquisitions over the past few years have provided a pretty obvious road map of where the company was heading but a couple of recent deals have left pundits scratching their heads. It’s a lack of clarity around the purchases of Topsy and Primesense that could signals Apple is about to think different and head off in an unexpected direction.
Who are the best tippers?
Think you tip better than the next guy? A new survey will show you how you compare. Those making more than $100,000 tip taxi drivers the most generously of all income groups, paying roughly 15% on top ...
Should the Government Raise the Minimum Wage?
After President Obama's speech on inequality and today's protests at fast food restaurants, tell us what you think about the minimum wage.
Analysis: Boeing bidders dangle goodies to win 777X jetliner
NEW YORK/CHARLESTON, South Carolina (Reuters) - South Carolina will clinch a long-awaited land sale next week that should help Boeing Co (BA) expand aircraft production. Perhaps more importantly, the $13.8 million deal may help South Carolina win assembly work for Boeing's next big jet. The acreage near Boeing's assembly line in North Charleston is just one of a tantalizing collection of goodies that states across the country are dangling to try to lure the lucrative new jet program, known as the 777X, that promises thousands of jobs and billions of dollars in economic benefit to the winning state. Boeing has requested proposals for the jetliner program from more than a dozen states after the unionized machinists in Washington state last month roundly rejected a labor contract that would have guaranteed the plane was built there.
U.S. judge weighs penalties after Bank of America fraud...
A U.S. judge is considering an alternative that could result in Bank of America Corp paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis. At a hearing on Thursday, U.S. District Judge Jed Rakoff in Manhattan asked the bank and the Justice Department to brief him on the alternative, which is based on the grains rather than the losses resulting from the sales. The hearing followed a jury verdict on October 23 in which a federal jury found Bank of America liable for fraud for selling substandard mortgage to government sponsored mortgage finance companies Fannie Mae and Freddie Mac. The verdict was a big win for the government in its efforts to hold Wall Street accountable for the financial crisis, and the Justice Department has requested a penalty based on the gross losses Fannie Mae and Freddie Mac incurred.
Deutsche Bank quits commodities, but keeps index funds
Deutsche Bank, which is quitting trading in most raw materials markets, will retain its near $9 billion commodities index fund business, a strategy industry experts said helps the German bank profit from fees and maintain ties with some of the largest investors. A top-five financial player in commodities, Deutsche Bank said on Thursday it will cease trading energy, agriculture, base metals, coal and iron ore, while retaining precious metals and a limited number of financial derivatives traders. But the bank will continue to deal in commodity indexes, said spokeswoman Renee Calabro in New York. Industry experts said commodity indexes were shielded from the lower profit margins, higher capital requirements and growing political and regulatory scrutiny that were forcing banks out of proprietary and physical trading of commodities.
J.C. Penney gets SEC inquiry regarding its financial...
(Reuters) - Department store chain J.C. Penney Co Inc said it received a letter of inquiry from the U.S. Securities and Exchange Commission, seeking an explanation on the company's financial position. The company said the SEC requested information on October 7 regarding its liquidity, cash position, debt, and public offering of common stock announced on September 26. The company said it is cooperating with the U.S. regulatory body on its request and providing the necessary material, in a regulatory filing with the SEC.
Southwest, Virgin win waiver to purchase LaGuardia slots
ATLANTA/WASHINGTON (Reuters) - Southwest Airlines (LUV) is purchasing 22 of the 34 takeoff and landing slots at New York's LaGuardia Airport that American Airlines (AAMRQ.PK) has given up in return for government approval of its merger with US Airways Group Inc (LCC). Virgin America plans to buy the remaining 12. US Airways and American agreed to give up dozens of airport slots to settle a lawsuit brought by the Department of Justice that sought to block the airlines from merging to create the world's largest carrier.
GM's Holden to exit Australia as early as 2016: reports
General Motors Co (GM) has decided to pull out of vehicle production in Australia as early as 2016, local media reported on Friday, in what would be a major blow to the struggling industry. Citing unnamed senior government sources, the Australian Broadcasting Corp said an announcement on the decision to close was supposed to have been made this week but had been put off until early next year. A GM spokesman in Detroit declined to comment on the reports. Both Industry Minister Ian Macfarlane and shadow minister Kim Carr said they understood no decision had been made.
U.S. lawmaker urges continuation of Boeing F/A-18 fighter...
Randy Forbes, a key member of the House Armed Services Committee, on Thursday urged Defense Secretary Chuck Hagel to rethink the U.S. Navy's current plan to allow Boeing Co's F/A-18 fighter jet production to close in 2016. Forbes released a December 4 letter to Hagel in which he raised concerns about the fighter industrial base and warned about relying solely on the next-generation F-35C fighter jet being developed by Lockheed Martin Corp since it will not be ready for operational use on an aircraft carrier until 2019. The lawmaker's warning comes amid a concerted push by Boeing for additional U.S. and foreign orders for its popular F/A-18 Super Hornet and the EA-18G Growler electronic attack plane based on the same airframe to keep production going. Boeing executives say they see good prospects for additional F/A-18 orders from the U.S. Navy, Canada, Australia, Denmark and several other countries, and they plan to continue investing in the fighter line.
Ex-Dell employee avoids prison for help in insider...
A former Dell Inc supply manager who cooperated with government insider trading investigations, including a probe of a portfolio manager at SAC Capital Advisors, avoided prison on Thursday as a result of his cooperation. Daniel DeVore, 49, pleaded guilty in 2010 to conspiracy to commit securities fraud and wire fraud for passing confidential information about Dell and its suppliers. U.S. District Judge Jed Rakoff in Manhattan sentenced DeVore to time served plus two years of supervised release.
China's biggest jeweler sees gold in the masses
The world's most valuable jewelry retailer Chow Tai Fook (1929.HK), which counts Cartier (CFR.VX) and Tiffany & Co (TIF) as competitors, is on a quest to conquer the hearts of China's future big spenders. Superman and the Angry Birds team also feature in Chow Tai Fook Jewellery Group's range of fashionable, and affordable, pieces which the company hopes will win over the millions of Chinese who live outside major cities but who are reaping the benefits of a rapidly growing economy and who remain enamored by the gleam of gold. "We are quite similar to the fast fashion way of business in that our products are only available for a limited period of time," Kent Wong, managing director of Chow Tai Fook, told Reuters. China, the world's second largest economy, is on track to overtake India as the world's biggest consumer of gold this year as falling prices encourage purchases for both personal use and investment.
Fed uncertainty sends the Dow, S&P 500 down for fifth day
U.S. stocks fell on Thursday, with the Dow and S&P 500 dropping for a fifth straight session after a round of mixed economic data left traders guessing as to when the Federal Reserve would begin to slow its stimulus program. The Dow and the S&P 500 are in their worst stretch since September. However, the moves have been slight, with the S&P 500 down about 1.2 percent over the period. Traders have been trying to second-guess how the Fed views strong data and whether the numbers are strong enough for the central bank to slow its $85 billion-a-month bond-buying program, which it said it would do when certain economic metrics meet its targets.