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| Pentagon report sees delays in testing of new Boeing tanker Tuesday, Jan 28, 2014 08:10 PM PST A new Boeing Co aerial tanker that will refuel warplanes during flight is expected to see operational testing slip by at least 6 to 12 months, according to a U.S. Defense Department report due to be officially released on Wednesday. The $52 billion KC-46 tanker program, one of the Pentagon's biggest arms programs, calls for Boeing to deliver the first 18 of 179 new planes to the Air Force by 2017 to replace the current fleet of 50-year-old KC-135 tankers. The new report by the Pentagon's chief weapons tester, Michael Gilmore, said Boeing and the Air Force needed more time to complete developmental testing and initial training before operational testing could begin. Full Story | Top |
| U.N. envoy urges action on Yemen, Security Council to draft resolution Tuesday, Jan 28, 2014 08:01 PM PST  By Louis Charbonneau UNITED NATIONS (Reuters) - The United Nations' envoy on Yemen urged the Security Council on Tuesday to "do its part" in helping stop those attempting to obstruct the Yemeni transition, which diplomats said was a call for possible sanctions against former President Ali Abdullah Saleh. Jordan's U.N. ambassador and president of the Security Council this month, Prince Zeid Ra'ad Zeid al-Hussein, told reporters that the council would start "drafting a resolution in the coming days which will support the wishes and aspirations of the government and people of Yemen." "Council members also expressed their readiness to look into taking measures against any side that attempts to place obstacles to subvert," stability in Yemen, Prince Zeid told reporters. Full Story | Top |
| Republicans respond and respond to Obama State of Union Tuesday, Jan 28, 2014 08:01 PM PST  By Richard Cowan and Thomas Ferraro WASHINGTON (Reuters) - Republicans in the U.S. Congress responded in competing voices on Tuesday to President Barack Obama's annual State of the Union address as various wings of the party vied to advance their prescriptions for the country's best way forward. Representative Cathy McMorris Rodgers, who delivered the sanctioned Republican response to Obama, queued up long-standing party doctrine that "champions free markets and trusts people to make their own decisions, not a government that decides for you." McMorris Rodgers, a five-term congresswoman from Washington state, took a broad swipe at Obamacare, the 2010 landmark healthcare law that Republicans have tried to repeal, delay or significantly alter nearly 50 times since its enactment. "We've all talked to too many people who have received cancellation notices they didn't expect or who can no longer see the doctors they always have," McMorris Rodgers said of the Affordable Care Act, which got off to a troubled start. Full Story | Top |
| Obama speech calls for U.S. housing system overhaul Tuesday, Jan 28, 2014 07:24 PM PST President Barack Obama renewed his call on Tuesday to wind down mortgage-finance giants Fannie Mae and Freddie Mac and revamp the housing finance system to include a more limited government backstop. In his State of the Union address, Obama urged Congress to pass legislation that rebuilds the mortgage market to rely more on private capital but that also maintains support for creditworthy borrowers. "Send me legislation that protects taxpayers from footing the bill for a housing crisis ever again, and keeps the dream of homeownership alive," Obama said. "The most important investment many families make is their home." Fannie Mae and Freddie Mac, the two government-run companies that own or guarantee 60 percent of all U.S. home loans, play a huge role in keeping borrowing costs low for homeowners. Full Story | Top |
| Obama lays out go-it-alone approach in State of Union speech Tuesday, Jan 28, 2014 07:17 PM PST  By Steve Holland WASHINGTON (Reuters) - President Barack Obama vowed on Tuesday to bypass a divided Congress and take action on his own to bolster America's middle class in a State of the Union speech that he used to try to breathe new life into his second term after a troubled year. Standing in the House of Representatives chamber before lawmakers, Supreme Court justices and VIP guests, Obama declared his independence from Congress by issuing a raft of executive orders - a move likely to inflame already tense relations between the Democratic president and Republicans. Obama's actions, while relatively modest, collectively amounted to an outpouring of frustration at the pace of legislative action with Republicans in control of the House of Representatives and able to slow the president's agenda. Full Story | Top |
| Wal-Mart to upgrade China vendor compliance after state TV criticism Tuesday, Jan 28, 2014 07:06 PM PST  U.S. retailer Wal-Mart Stores Inc said on Wednesday it will upgrade its vendor compliance process in China, requiring more documentation and making use of a computer-based system to help suppliers manage associated paperwork. The announcement came after state-owned China Central Television (CCTV) criticized the world's No. 1 retailer for circumventing its quality control process and fast-tracking some products with higher profit margins. Wal-Mart will "ensure the correct documents and other required items are in place before the products are sold in our stores," the retailer said in a statement. Documentation includes labels that accurately reflect ingredients, government test reports, China Compulsory Certificates, sample products or photographs, copies of manufacturing permits, details substantiating health claims and claims such as "organic" and "world-famous", official barcodes and papers on intellectual property. Full Story | Top |
| Asian shares rally, reassured by Turkish rate hike Tuesday, Jan 28, 2014 07:03 PM PST  By Wayne Cole SYDNEY (Reuters) - Asian markets rallied on Wednesday after Turkey stunned investors with a huge hike in interest rates, stirring hopes the drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite generally. The bold move even managed to overshadow the U.S. Federal Reserve's meeting at which it is widely expected to trim its asset buying program by another $10 billion a month. S&P 500 e-mini futures climbed 0.5 percent and Japan's Nikkei jumped 1.7 percent as safe havens such as the yen and gold all eased. MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.5 percent after three sessions of falls. Full Story | Top |
| Indonesians still world's most bullish consumers, Americans less upbeat: survey Tuesday, Jan 28, 2014 07:02 PM PST  The Nielsen Global Consumer Confidence Index stayed at 94 in the fourth quarter for a third straight quarter, but was up 3 points from the same period a year earlier. Consumer sentiment in the United States slipped four points from a six-year high in the third quarter although it was five points higher than in the fourth quarter of 2012. "The lack of additional recent improvement in U.S. consumer sentiment is, in some measure, surprising given the improvements in employment, stock market values and housing that occurred over 2013," said Venkatesh Bala, chief economist at The Cambridge Group, a part of Nielsen. "It is likely that this is a reflection of the uneven manner in which such gains have been made, and also that levels of underemployment and long-term unemployment remain high, with many workers remaining discouraged and not participating in the workforce." In Japan, stock market gains did seem to have an impact, Nielsen said, helping consumer confidence jump by 6 points from the third quarter to its highest level since 2005. Full Story | Top |
| Factbox: Highlights of Obama's State of the Union address Tuesday, Jan 28, 2014 06:52 PM PST (Reuters) - The following are highlights from U.S. President Barack Obama's State of the Union address in Washington on Tuesday. JOBS AND THE ECONOMY To help Americans prepare for retirement, Obama will use executive authority to create a "starter" retirement savings account available through employers. Through an executive order, Obama said he will raise the minimum wage for workers holding federal contract jobs to $10.10 and will continue pressing Congress to make that rate the prevailing federal minimum wage nationally. To strengthen the long-term U.S. fiscal position, Obama committed to paying for new initiatives and supporting more budget deficit reduction. Full Story | Top |
| Obama urges Congress to pass anti-patent troll bill Tuesday, Jan 28, 2014 06:49 PM PST President Barack Obama called for Congress to pass legislation aimed at reining in what many companies complain are proliferating and frivolous patent infringement lawsuits. Tech companies have long complained about the lawsuits, often filed by companies derisively called "patent trolls," but retailers, coffee shops, banks and others have since been accused of infringement and joined the ranks of those lobbying lawmakers for protection. "And let's pass a patent reform bill that allows our businesses to stay focused on innovation, not costly, needless litigation," said Obama in his State of the Union address. There are a range of bills before Congress on the matter but two are seen as having the best chance of becoming law. Full Story | Top |
| Once the preserve of youth, Indian IT staffing enters middle age Tuesday, Jan 28, 2014 06:47 PM PST  By Aradhana Aravindan MUMBAI (Reuters) - The executive suite is not the only place that is greying in India's 40-year-old information technology sector. Staffing at Indian IT companies has long been characterized by what human resources professionals call a "classic pyramid", with hordes of junior-level staff at the bottom and a steep narrowing as it goes higher. Full Story | Top |
| Nasdaq's plan for cutting prices infuriates rivals Tuesday, Jan 28, 2014 06:41 PM PST  By John McCrank NEW YORK (Reuters) - Nasdaq OMX Group is pushing to cut the fees it charges big customers that trade on several of its exchanges, a move that is arousing the attention of regulators and triggering accusations from rivals that the company is seeking to stifle competition. In late October, Nasdaq told U.S. regulators that it wanted to offer cheaper trading for customers of one of its options exchanges, if their total volume of trading with all three of Nasdaq's options exchanges was substantial. Competition is fierce in the U.S. financial markets, with 12 U.S. options exchanges and 13 U.S. stock exchanges, as well as dozens of alternative trading venues. Full Story | Top |
| As Olympics loom, NBC leads in the race for prized viewers Tuesday, Jan 28, 2014 06:26 PM PST  Comcast Corp's NBC network, for years a ratings laggard, is ahead in a key contest among broadcasters even before it attracts millions of viewers this month to its marquee event, the Winter Olympics. "The Blacklist," which stars James Spader as a master criminal who helps the FBI, and the second-year drama "Chicago Fire" have pushed NBC into the lead among viewers 18 to 49, the group most prized by advertisers. NBC will begin its Olympics telecast on February 6 from Sochi, Russia, boosting ratings and giving the network its biggest opportunity this season to promote its regular primetime lineup. The network's overall ratings increased by 11 percent this season from a year earlier, to 9.2 million primetime viewers on average, according to the Nielsen ratings agency. Full Story | Top |
| Larger than life Oprah celebrating 60th birthday quietly at home Tuesday, Jan 28, 2014 06:24 PM PST  By Eric Kelsey LOS ANGELES (Reuters) - Fifty came with a televised bash, celebrity friends and a black-tie dinner, but Oprah Winfrey will have a low-key 60th birthday at home in California on Wednesday. Full Story | Top |
| Former Academy of Motion Pictures president Tom Sherak dies Tuesday, Jan 28, 2014 06:15 PM PST  Tom Sherak, the former president of the Academy of Motion Pictures Arts and Sciences, died on Tuesday after a long struggle with prostate cancer, his family said in a statement. Sherak served as president of the Academy, which organizes Hollywood's annual Oscars ceremony, from 2009 to 2012. Sherak was an executive with 20th Century Fox for 17 years, and until 2000 was chairman of the studio's domestic film group, overseeing the distribution of such high-profile films as "Titanic," "Alien" and "Die Hard." Sherak left Fox in 2000 to become a partner with former Disney film chairman Joe Roth in Revolution Studios, a startup film studio. He also had executive producing credits on 2001's "The One" and 2005 movie musical "Rent." In September 2013, Los Angeles Mayor Eric Garcetti appointed Sherak as the senior adviser and director of his newly formed Entertainment Industry and Production Office to help keep film production in Los Angeles after the city had been suffering declines due to incentives offered by foreign countries and other states. Full Story | Top |
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