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  • Europe poised between union and hegemony

    April 10, 2013 6:24 AM 185

    French and German overriding of the European Commission over the Stability Pact can be seen, ten years later, to have been disastrous. A vision more powerful, more engaging, more profound than “common interest” is now required if Europe is to survive, and divided Cyprus is a test case. Up until about 1990 significant ethical elements characterised the European

  • Checks going out Friday as part of foreclosure settlement

    April 10, 2013 6:10 AM 172

    More than 4 million borrowers — including an estimated 132,000 in New Jersey — who faced foreclosure in 2009 and 2010 will soon receive checks from their mortgage servicers to settle allegations of foreclosure abuses, federal regulators said Tuesday. Under a settlement reached with federal regulators this year, mortgage servicers will begin mailing out checks

  • JOLTS Shows 3.1 Unemployed per Job Opening in February 2013

    April 10, 2013 5:45 AM 191

    The BLS February JOLTS report, or Job Openings and Labor Turnover Survey shows there are 3.1 official unemployed per job opening. Job openings increased 8.7% from January to a total of 3,925,000. Actual hires, on the other hand, increased 2.8% to 4.418 million. Real hiring has only increased 22% from June 2009. Job openings are still below pre-recession

  • Fitch warns on China debt

    April 10, 2013 5:43 AM 173

    Fitch Ratings has issued a warning over excessive debt levels in China, arguing that a surge in credit and a reliance on murky lending practices have increased the chance of financial instability. Fitch cut China's long-term local currency rating Tuesday to A+ from AA-, bringing it in line with the country's foreign debt rating. The ratings downgrade

  • Europe Shares to Rise; Austerity Backlash Continues

    April 10, 2013 5:01 AM 170

    Text Size Published: Wednesday, 10 Apr 2013 | 1:44 AM ET European shares are expected to open higher on Wednesday as the U.S. Treasury Secretary concludes a visit to the euro zone, a region that is increasingly facing a backlash against austerity and bailouts. The FTSE is called up by 2 points at 6,315, the German DAX up 21 points at 7,658 and the French

  • Hostess workers left out

    April 10, 2013 4:48 AM 176

    Bankrupt Hostess yesterday received court approval to sell the last of its brands — but that may not help former New York-area workers. Buyers have bought all the labels, including McKee Foods, the maker of Little Debbie’s, which acquired local favorite Drake’s for $27.5 million. Still, the new owners are not rehiring 300 former New York City and Long Island

  • Macy’s Shows J.C. Penney How to Rebuild After Johnson

    April 10, 2013 4:21 AM 205

    At the heart of Ron Johnson’s plan to turn J.C. Penney Co. (JCP) into a mini mall of boutiques was the notion that the department-store model needed reinvention. Yet while J.C. Penney faced challenges on Johnson’s arrival -- not least that its middle-income customers had been hit hard by the economic downturn -- other department stores have been thriving

  • Herbalife is rocked by new crisis

    April 10, 2013 4:06 AM 184

    KPMG insider-trading scandal comes as L.A. firm fights pyramid scheme accusation. Just as the Los Angeles company appeared to be regaining its footing from a Wall Street hedge fund manager's assault, the company's auditor resigned abruptly because of an alleged insider-trading scandal. Accounting giant KPMG said Tuesday that Scott London, its chief Southern

  • China posts surprise trade deficit for March

    April 10, 2013 3:26 AM 205

    LOS ANGELES (MarketWatch) — China swung to a trade deficit of $880 million in March, the General Administration of Customs reported Wednesday, as imports surged 14.1% from a year earlier. The deficit, which followed February’s $15.3 billion surplus, missed a forecast for a surplus of $14.7 billion from a Dow Jones Newswires survey and a $15.2 billion

  • A Whale Of A Deal: SeaWorld Readies For $540M IPO At $24 To $27 A Share

    April 9, 2013 9:13 PM 209

    SeaWorld Entertainment, the business behind Shamu the killer whale, wants to make waves in the public market. The company says it will try for a $540 million IPO, in what would be among the largest offerings this year. SeaWorld plans to sell 20 million shares between $24 and $27 apiece. Half the stock comes from the company’s owner, private equity shop Blackstone