NYC residents complain about 'Occupy' protesters (AP)

NEW YORK – New Yorkers who live near the park where anti-Wall Street protesters have been camping out for more than a month are complaining that their quality of life has declined. At a two-hour meeting Thursday night, some neighbors said protesters urinated in the streets and beat drums in the middle of the night. "They're defecating on our doorsteps," said Catherine Hughes, a member of the area's community board, a representative panel that helps funnel local concerns to city officials. Some neighbors who attended the packed meeting called for the protesters to vacate Zuccotti Park, the plaza where protesters have set up their base camp. But the board voted unanimously for a resolution that recognized the protesters' First Amendment rights while calling for a crackdown on noise and public...

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Japan's Tepco to sell 20 percent stake in wind power unit:Nikkei (Reuters)

TOKYO (Reuters) – Tokyo Electric Power Co (9501.T) is likely to sell a 20 percent stake in wind power developer Eurus Energy Holdings to trading firm Toyota Tsusho (8015.T) to help raise funds to compensate victims of Japan's nuclear crisis, a newspaper said on Sunday. Tokyo Electric, the owner of the crippled Fukushima Daiichi nuclear plant, is expected to sell the stake for a little less than 20 billion yen ($262 million) and post a profit of about 10 billion, which will be used for compensation, the Nikkei business daily reported. The company, better known as Tepco, has issued a statement, saying that it has not made such a decision. Tepco is still reeling from the radiation crisis at its Fukushima atomic plant triggered by the March 11 earthquake and tsunami in Japan's northeast. It...

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Local Chrysler union backs new labor agreement (AP)

DETROIT – A Detroit-area union is supporting a new labor contract with Chrysler Group, giving the agreement a boost after "no" votes at other key locals. An official at the Sterling Heights Assembly Plant says 53 percent of those voting supported the new contract. The plant employs 2,400 assembly workers who make the Dodge Charger and Chrysler 200. Chrysler and the United Auto Workers reached the agreement last week, but it must be ratified by workers. The UAW isn't releasing votes from individual plants, so it's unclear how close the contract is to passing. But progress has been bumpy, with large locals in Belvidere, Ill., and Warren, Mich., rejecting the agreement. Voting ends next week. Chrysler's contract is less generous than those already ratified by workers at General Motors and Ford....

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McDonald's keeps gaining, talks price hikes (AP)

NEW YORK – McDonald's Corp.'s third-quarter net income rose by 9 percent as it kept defying a tough economy and attracting more customers. But those diners might want to get ready to pay more. The world's largest hamburger chain, which has performed well throughout the recession and its aftermath, noted potential challenges like the rising cost of beef and higher labor costs. McDonald's, a bellwether for the rest of the fast-food industry, hinted that it could raise menu prices for the third time this year. Companies of all stripes, from restaurants to clothing makers, raised prices this year as the cost for many raw materials spiked, and it appears that more increases are coming. For McDonald's that means the beef in its burgers, the grain in its buns and the coffee in its lattes. But companies...

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Dutch PM under fire over euro zone bailout (Reuters)

AMSTERDAM (Reuters) – Dutch opposition parties took aim at Prime Minister Mark Rutte on Saturday, demanding the minority coalition government secure a definitive and sustainable solution to Europe's debt crisis or risk a loss of parliamentary support. The minority coalition government of Liberals and Christian Democrats needs the support of the pro-European opposition for any measures to solve the debt crisis because its main ally, the eurosceptic Freedom Party, is firmly opposed to bailouts. "The package that comes from the summit must be sufficiently robust to actually lead us out of the crisis and we will ultimately judge the results from the summit on that basis," said Job Cohen, leader of the largest opposition party PvdA. Euro zone leaders will meet on Sunday and Wednesday in a bid...

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German tax cut row worsens ahead of EU summit (Reuters)

BERLIN (Reuters) – A festering dispute in Angela Merkel's center-right coalition worsened on Saturday when the chancellor publicly rejected a claim by one of her junior coalition partners that a tax cut proposal had been scrapped. Merkel said in a speech in Wiesbaden on Saturday that the center-right government was still aiming to cut taxes by 6 or 7 billion euros ($8.3 billion or $9.7 billion) in 2013, ahead of the next federal election, even though the Christian Social Union (CSU) allies oppose it. "There's no way that the plan has been taken off the table," Merkel said, referring to the announcement on Thursday by Finance Minister Wolfgang Schaeuble and Economy Minister Philipp Roesler to cut taxes in 2013. Without the support of the CSU, which shares power with Merkel's Christian Democrats...

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China's Wen says jobs a priority despite economic headwinds (Reuters)

BEIJING (Reuters) – China will make job creation a more urgent priority in the face of slowed economic growth and weakened exports, Premier Wen Jibao said in comments published on Sunday, also warning that efforts to tame housing prices were at a critical point. While visiting the southern region of Guangxi, Wen took on the issues that have raised worries about the direction of the world's second biggest economy: inflation, housing costs, weakened demand from rich economies, and the pressure to secure jobs for millions of university students and rural migrants. "Currently, economic growth is slowing and external demand is falling, and we should make employment even more of a priority in economic and social development, doing our utmost to expand employment," Wen told officials in Guangxi,...

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Mortgage insurer subsidiary seized by regulators (AP)

PHOENIX – Insurance regulators in Arizona have seized the main subsidiary of private mortgage insurer PMI Group Inc., which will begin paying claims at just 50 percent. The seizure follows heavy losses at PMI since the housing market bubble burst. Two months ago, state regulators ordered the Arizona-based subsidiary, PMI Mortgage Insurance Co., to stop selling new policies after it came under scrutiny because it didn't have enough money on hand to meet the requirements of regulations in that state. A statement on PMI's website says a court order, signed by an Arizona Superior Court judge on Thursday, gives Arizona's Department of Insurance full possession and control of the subsidiary. Beginning Monday, PMI says claims will be paid at just 50 percent, in lieu of a moratorium on claim payments....

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EU leaders press Italy for reform at crisis summit (Reuters)

BRUSSELS (Reuters) – European Union leaders piled pressure on Italy on Sunday to speed up economic reforms to avoid a Greece-style meltdown as they began a crucial two-leg summit called to rescue the euro zone from a deepening sovereign debt crisis. The aim is to agree by Wednesday on reducing Greece's debt burden, strengthening European banks, improving economic governance in the euro area and maximizing the firepower of the EFSF rescue fund to prevent contagion engulfing bigger states. Before the 27 leaders began talks on a comprehensive plan to stem the crisis, German Chancellor Angela Merkel and French President Nicolas Sarkozy held a private meeting with Italian Prime Minister Silvio Berlusconi, officials said. Diplomats said they wanted to maximize pressure on Rome to implement structural...

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Big banks under pressure in Europe crisis (AP)

BRUSSELS – Big banks found themselves under pressure in Europe's debt crisis Saturday, with finance chiefs pushing them to raise billions of euros in capital and accept huge losses on Greek bonds they hold. The continent's biggest financial institutions were at the center of talks as leaders entered marathon negotiations in Brussels, at the end of which they have promised to present a comprehensive plan to take Europe out of its crippling debt crisis. "Between now and Wednesday we have to find a solution, a structural solution, an ambitious solution and a definitive solution," French President Nicolas Sarkozy said as he arrived in Brussels. "There's no other choice." In addition to new financing for Greece, leaders want to make the banking sector fit to sustain worsening market turmoil and...

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PMI unit seized by Arizona insurance regulators (Reuters)

(Reuters) – The main subsidiary of mortgage insurer PMI Group Inc (PMI.N) has been seized by Arizona insurance regulators, and will begin paying only 50 percent of claims starting on Monday, PMI Group said on Saturday. The remaining amount of each claim will be deferred, the company said on its website. Under a court order obtained by Arizona regulators, "the Arizona Department of Insurance now has full possession, management and control of PMI," the company said in a brief statement. The seizure of Arizona-based PMI Mortgage Insurance Co comes two months after two PMI units were ordered to stop writing new business due to their failure to meet capital requirements. PMI, like other U.S. mortgage insurers, has suffered throughout the housing downturn and has extremely high risk-to-capital...

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Panasonic to slash domestic chip output: Nikkei (Reuters)

TOKYO (Reuters) – Japanese electronics maker Panasonic Corp will scale back domestic semiconductor output by the end of March 2012 and cut about 1,000 jobs, reflecting its recent move to reduce TV panel production, the Nikkei business daily said on Sunday. All of the firm's five domestic chip-manufacturing facilities, including the state-of-the-art Uozu plant in Toyama prefecture, will cut output, the report said. The company is likely to outsource more semiconductors from such firms as Taiwan Semiconductor Manufacturing Co and boost its outsourcing ratio from the current 10 percent to around 30-40 percent within a few years, the report said. Officials with the company were not immediately available for comment. Panasonic will reduce plasma TV panel production and lay off about 1,000 people,...

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S&P upgrades Ford debt 2 notches after labor deal (AP)

NEW YORK – Ford's credit rating was lifted to within one level of investment grade Friday, making it cheaper for the automaker to borrow, after it secured a new contract with workers. Standard & Poor's Ratings Services raised Ford two levels to "BB+" from "BB-," saying the agreement will allow its North American operations to remain profitable. Ford Motor Co. shares rose 48 cents, or 4 percent, to $12.19 in early afternoon trading. The agency said strong performance in North America has helped Ford generate global profits in the past two years. The new 4-year contract with the United Auto Workers "will allow for continued profitability and cash generation in North America," it said. The union, which represents 41,000 Ford employees, approved the contract Wednesday. It includes signing...

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Why I Like This Homebuilder -- Even in the Struggling Housing Market (The Motley Fool)

You might not be feeling too upbeat about the housing sector, but you cannot afford to ignore this homebuilder. NVR (NYSE: NVR - News), one of the largest homebuilders, managed to notch higher sales in its third quarter, but couldn't go beyond a flat bottom line. OK, so what's good about that? Well, there are some really interesting things about NVR and its numbers that are worth knowing before tossing the company aside as another poor homebuilder. Lots to cheerIt seems like homebuyers are finally putting the sweet memories of the first-time homebuyer tax credit behind and plodding back to shop. What else can be the reason behind NVR's 5% rise in third-quarter revenues when its first and second quarters saw miserable sales drops of 13% and 28% year over year, respectively? Higher orders...

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Eurozone closer to cutting Greece's huge debts (AP)

BRUSSELS – Finance ministers from the 17 euro countries agreed Friday to pay Greece its next batch of bailout loans, avoiding a potentially disastrous default, and moved closer to reducing the country's massive debt burden. But Greece's debts are only one piece of Europe's economic puzzle. The ministers meeting in Brussels were also struggling with two more complicated — and arguably more important — issues: boosting the firepower of the eurozone's euro440 billion ($607 billion) bailout fund to keep the crisis from spreading and forcing weak banks to increase their capital buffers as a defense against market turmoil. A European Union official said ministers had made progress on strengthening the banks, and that a plan should be ready for a summit of EU leaders Sunday. He spoke on condition...

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Cain 9-9-9 Tax Plan Moves Toward 0-0-9 Tax Plan for Poor, Corporations (ContributorNetwork)

COMMENTARY | If you thought presidential hopeful Herman Cain's tax plan was a simple flat tax system that would impose a 9 percent corporate tax on businesses, a 9 percent tax on personal income, and a 9 percent consumption tax on purchased goods, think again. Offered initially as a broad plan with few specifics, the "9-9-9 Tax Plan" has come under fire in recent weeks by partisan and nonpartisan actors alike as a wealth enhancer for the rich, a massive tax cut engine for businesses, and crushing tax burden to be assumed by the poor. To allay critics and detractors, Cain has offered more details in the past few days, with some of the taxes in the corporate and personal income categories edging more toward zero with each detail -- and some actually getting there. "If you are at or below...

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Japan says to act decisively on excessive forex moves (Reuters)

TOKYO (Reuters) – Japan's finance minister said on Saturday he would take decisive action against excessive and speculative yen moves, Kyodo news agency reported, threatening to conduct currency intervention after the yen rose to a record high against the dollar. Jun Azumi was also quoted by Kyodo as saying that the yen's appreciation was not so much a reflection of Japan's economic fundamentals, but reflected the relative economic conditions in Japan, Europe and the United States. "I would like to take decisive action on excessive and speculative movements," Azumi was quoted by Kyodo as telling reporters. "We're in a situation where the foreign exchange rates would wipe out earnings by hard working companies." His comments came after the U.S. dollar tumbled on Friday and hit a record low...

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Protest forces iconic London cathedral to close (AP)

LONDON – Protesters who have camped outside St. Paul's Cathedral in central London for six days have forced the venerable cathedral to close to visitors for the first time since World War II, church officials said Friday. The Dean of St. Paul's, Rev. Graeme Knowles, said the decision to shut the doors of the iconic London church to visitors and tourists following the afternoon service was made with "heavy hearts" because of health and safety concerns. He urged the protesters — numbering roughly 500, according to organizers, allied with the "Occupy Wall Street" demonstrations — to leave now that they have made their point. "I'm asking the protesters to recognize the huge issues we face, asking them to leave the vicinity of the building so it can open as soon as possible," he told reporters....

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9-9-9 Tax Plan Changes: Herman Cain Wages War on Workers (ContributorNetwork)

COMMENTARY | With the new additions to the 9-9-9 Tax Plan, Herman Cain gives the perception that he is waging war on working-class Americans. His new Opportunity Zones give companies the opportunity to abstain from paying minimum wages and allows for "Right to Work" areas anywhere in the country. The plan would also allow special breaks to people who live in Opportunity Zones. These changes are going to make Cain's road to the White House even rockier. Minimum Wage The thought that doing away with the minimum wage will create jobs appears to be along the same lines as trickle-down economics. While this might work in theory, like trickle-down, it does not take greed into consideration. One of the main causes for the current economic crisis is greed. It was progressed by the greed of...

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Commodity traders: The trillion dollar club (Reuters)

NEW YORK (Reuters)- For the small club of companies who trade the food, fuels and metals that keep the world running, the last decade has been sensational. Driven by the rise of Brazil, China, India and other fast-growing economies, the global commodities boom has turbocharged profits at the world's biggest trading houses. They form an exclusive group, whose loosely regulated members are often based in such tax havens as Switzerland. Together, they are worth over a trillion dollars in annual revenue and control more than half the world's freely traded commodities. The top five piled up $629 billion in revenues last year, just below the global top five financial companies and more than the combined sales of leading players in tech or telecoms. Many amass speculative positions worth billions...

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