Regulators shut small banks in Florida, Washington to bring US bank failures this year to 127

Regulators shut banks in Florida, Washington state

WASHINGTON – Regulators on Friday shut down small banks in Florida and Washington state, bringing to 127 the number of U.S. bank failures this year on a wave of loan defaults and economic distress.
The Federal Deposit Insurance Corp. took over Haven Trust Bank Florida of Ponte Vedra Beach, Fla., … Original source on Gaea Times at : Regulators shut small banks in Florida, Washington to bring US bank failures this year to 127.

FDA approves Bayer oral contraceptive Beyaz with folate supplement

FDA approves oral contraceptive Beyaz with folate

SAN FRANCISCO – The Food and Drug Administration approved an oral contraceptive Friday from Bayer HealthCare Pharmaceuticals Inc. that includes a folate supplement.
The FDA approved Beyaz to prevent pregnancy and to treat moderate acne in females who are 14 or older and symptoms of premenstrual dysphoric disorder for those … Original article on : FDA approves Bayer oral contraceptive Beyaz with folate supplement.

David Beckham sues In Touch magazine publisher over claims he cheated on wife with hookers

Beckham sues publisher over prostitute claims

LOS ANGELES – Lawyers for David Beckham have filed a lawsuit in Los Angeles alleging that a magazine knowingly published false claims that the soccer superstar had sex with prostitutes.
The suit filed Friday in Los Angeles Superior Court accuses Delaware-based Bauer Publishing Company LP and its affiliates of libel, slander …. Original article  : David Beckham sues In Touch magazine publisher over claims he cheated on wife with hookers.

Japan releases Chinese captain in territorial dispute; China demands apology

Japan releases Chinese boat captain amid dispute

BEIJING – China demanded an apology and compensation from Japan on Saturday after it released a Chinese fishing boat captain held more than two weeks after a collision near disputed islands that has triggered the worst spat between the Asian neighbors in years.
Japanese authorities released Zhan Qixiong, 41, early …. Read the original article  : Japan releases Chinese captain in territorial dispute; China demands apology.

Bernanke says Federal Reserve’s efforts to aid economy, lower unemployment have fallen short

Fed boss says plodding economy still needs help

WASHINGTON – The economy is recovering from a deep recession more slowly than anticipated and still needs help from the Federal Reserve, Chairman Ben Bernanke said Friday.
The Fed’s efforts to pump up the economy and lower unemployment have fallen short, Bernanke indicated in remarks at a conference at … Read more >>.

Negotiations end for the day in McCourt divorce case that could determine Dodger ownership

Mediation ends for the day in McCourt divorce case

LOS ANGELES – Negotiations have ended for the day in the divorce case of Jamie and Frank McCourt that could determine future ownership of the Los Angeles Dodgers.
Both sides met all day Friday in a downtown Los Angeles courtroom before Superior Court Judge Peter Lichtman.
Court spokesman Allan … Read the original article on Gaea Times at : Negotiations end for the day in McCourt divorce case that could determine Dodger ownership.

Citi’s Pandit will work for $1 in 2010 too

WASHINGTON – Citigroup’s India-born CEO Vikram Pandit has decided to work for just $1 for the second year in a row.

Pandit, who has restored the ailing banking giant to profitability and brought it mostly out from under strict government scrutiny after a $45 billion rescue during the financial crisis, told the Citi board … Read : Citi’s Pandit will work for $1 in 2010 too.

Summary Box: House panel clears bill targeting countries engaging in currency manipulation

Summary Box: China targeted in currency bill

CHINA CURRENCY: The House Ways and Means Committee approves a bill that would give the government the power to impose economic sanctions on China and other countries found to be manipulating their currencies to gain trade advantages.
YUAN VALUE: American manufacturers contend the Chinese yuan is undervalued by as much …. Source  : Gaea News Network.

Los Angeles judge hears claims over who owns enormous emerald discovered in Brazil

LA judge weighs ownership of gigantic emerald

LOS ANGELES – One of several people claiming ownership of an 840-pound emerald has told a judge he paid for the behemoth gem shortly after it was unearthed in Brazil.
Anthony Thomas took the stand in a Los Angeles courtroom Friday and was questioned by lawyers for other people claiming … Read more : Los Angeles judge hears claims over who owns enormous emerald discovered in Brazil.

Health insurer rule draft yields few surprises on Wall Street

Health insurer rule draft yields few surprises

INDIANAPOLIS – The framework for a key health care reform rule governing insurance companies wound up falling mostly in line with Wall Street expectations, according to a Leerink Swann analyst.
A draft of the rule for medical loss ratios was released Thursday by the National Association of Insurance Commissioners.
Starting next … Read more »»».

Mass. Sen. Brown headlines Pa. GOP Senate fundraiser; Dem foe calls his opponent extremist

Mass. Sen. Brown headlines Pa. Senate fundraiser

PHILADELPHIA – Pennsylvania’s Republican candidate for U.S. Senate, Pat Toomey, continued his efforts to appeal to moderates with a visit Friday from Massachusetts Sen. Scott Brown, a tea party favorite until a centrist voting streak turned many former supporters against him.
Brown, headliner for a Toomey fundraiser at a posh …. Source  : Mass. Sen. Brown headlines Pa. GOP Senate fundraiser; Dem foe calls his opponent extremist.

Obama meets with Southeast Asian leaders to discuss territorial disputes with China, trade

Obama meets with Southeast Asian leaders
NEW YORK – U.S. President Barack Obama and Southeast Asian leaders met Friday to discuss territorial disputes with China and a fast-growing trade relationship, with Obama pledging to take a strong role in regional affairs.

The meeting took place at a time of friction between China, the other superpower in the …. Source article on Gaea Times at  : Obama meets with Southeast Asian leaders to discuss territorial disputes with China, trade.

Morgans Hotel Group: Federal lawsuit against Vegas casino over Hard Rock moniker without merit

Morgans: Lawsuit over Hard Rock name without merit

LAS VEGAS – Owners of the Hard Rock Hotel & Casino in Las Vegas say a federal lawsuit from the owners of the Hard Rock Cafe chain over their shared moniker is without merit.
Morgans Hotel Group Co. spokeswoman Jennifer Foley on Friday declined further comment on the restaurant … Read more >>>.

Gov’t seizes 3 failing wholesale credit unions; will resell $50 billion of toxic bonds

Gov’t seizes 3 failing wholesale credit unions

WASHINGTON – Federal regulators took over three key lenders to U.S. credit unions, after losses on mortgage investments threatened to topple them. The move was a reminder that parts of the financial system are still burdened by the toxic assets two years after the financial crisis peaked.
The National Credit …. Source article on Gaea Times at  : Gov’t seizes 3 failing wholesale credit unions; will resell $50 billion of toxic bonds.

Obama and Southeast Asian leaders call for freedom of navigation in South China Sea

Obama, SEast Asian leaders urge free navigation

NEW YORK – U.S. President Barack Obama and Southeast Asian leaders sent China a firm message Friday over territorial disputes between Beijing and its neighbors, calling for freedom of navigation in seas that China claims as its own.
Obama pledged to take a strong role in regional affairs, something welcomed …. Source article on Gaea Times at  : Obama and Southeast Asian leaders call for freedom of navigation in South China Sea.

Judge to approve $75M Citigroup settlement once bank adds assurances against future actions

Judge ready to approve $75M Citigroup settlement

WASHINGTON – A federal judge said Friday that she plans to approve the government’s $75 million settlement with Citigroup Inc. over charges it misled investors about billions in potential losses from subprime mortgages.
U.S. District Court Judge Ellen Segal Huvelle said she first wants assurances that Citigroup will maintain new … Original article on : Judge to approve $75M Citigroup settlement once bank adds assurances against future actions.

Analyst cuts estimates for Clorox after auto unit sale, but says deal makes sense for future

Analyst cuts Clorox estimates after auto unit sale

NEW YORK – Clorox Co. will make less money in fiscal 2011 because of the sale of its auto care products, but the deal makes sense for the company in the long-term, an analyst said Friday.
THE OPINION: Barclays Capital analyst Lauren Lieberman cut estimates for fiscal 2011 to … Read more : Analyst cuts estimates for Clorox after auto unit sale, but says deal makes sense for future.

Grains futures jump on Chicago Board of Trade; beef, pork futures trade mixed

Grains futures jump, livestock prices trade mixed

CHICAGO – Grain futures rose Friday on the Chicago Board of Trade.
Wheat for December delivery jumped 22.75 cents to $7.20 a bushel; December corn soared 22.5 cents to $5.2175 bushel; December oats added 14 cents to $3.52 a bushel; while soybeans for November delivery gained 32.5 cents to $11.26 …. Original article on Gaea Times at  : Grains futures jump on Chicago Board of Trade; beef, pork futures trade mixed.

AP-GfK Poll: Both parties disliked, Democrats struggle to overcome election enthusiasm gap

AP-GfK Poll: GOP more fired up as elections near

WASHINGTON – A political enthusiasm gap is helping Republicans in their effort to roll up big gains in the congressional elections. GOP supporters are a lot more interested in getting their party’s candidates elected than Democrats are in electing theirs, a new AP-GfK poll shows.
Democrats struggling to …. Original source  : AP-GfK Poll: Both parties disliked, Democrats struggle to overcome election enthusiasm gap.

Summary Box: Treasury prices slip after government reports some equipment orders rose.

Summary Box: Treasurys drop as durable orders rise

DURABLE BUMP: Bond prices fell after a suprise jump in durable goods orders.
TREASURY RATES: The 10 year note’s yield moved up to 2.61 percent, compared with 2.55 percent late Thursday.
THE FED BUYS: The Federal Reserve announced another purchase of Treasurys on Friday: $3.89 billion in bonds, bought with …. Source  : Summary Box: Treasury prices slip after government reports some equipment orders rose..