Nancy Shevell, Mrs. Paul McCartney, resigns from MTA Board

Diane Alter – AHN News Reporter
NYC, NY, United States (AHN) – Nancy Shevell, otherwise known as Mrs. Paul McCartney, resigned from the Metropolitan Transportation Authority board Wednesday. Ms. Shevell was appointed to the MTA board in 2001 by former Gov. George Pataki. She is the third-longest serving current member and has remained as a holdover member since her term expired in 2010. Ms. Shevell is the vice president of New England Motor Freight and her family’s stable and prosperous businesses. Ms. Shevell did not give any explanation for her resignation, but her presence, and the loss of her high profile name, is a loss for the board. Ms. Shevell did not speak to reporters about [...] Continue Reading…

Wall Street opens mixed Friday on GE, Google earnings

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Wall Street opened mixed to lower Friday morning following earnings reports from General Eclectic and Google that disappointed. Just after the opening bell, the Dow Jones Industrial Average was flat, the S&P 500 Index was down 3 points and the NASDAQ fell 9 points. Weighing on stocks was an earnings report from Dow component General Electric. Shares of GE dropped more than 2 percent after the largest U.S. conglomerate reported roughly flat profit from continuing operations, and revenues that missed estimates. Meanwhile, Internet giant Google tumbled more than 8 percent, or 52.38, to 586.66, after the search engine reported quarterly profit and revenue that [...] Continue Reading…

Nation’s Mayors Support Gay Marriage But Complain About Unemployment

Tom Ramstack – AHN News Legal Correspondent
DC, Washington, United States (AHN) – The U.S. Conference of Mayors wrapped up its winter meeting Friday in Washington, D.C., with Chicago Mayor Rahm Emanuel stepping into controversies on same sex marriage and education. Emanuel joined about 80 other mayors from across the nation in endorsing laws to give legal recognition to same sex marriage, along with the tax breaks and other benefits spouses can share. The mayors signed on to a statement that said, “Our cities derive great strength from their diversity and gay and lesbian families are a crucial part. Studies have shown what we know through our hands-on experience that cities that celebrate and cultivate diversity are the [...] Continue Reading…

State Department to deny permit for Canada-U.S. oil pipeline project

Windsor Genova – AHN News News Writer
Washington, D.C., United States (AHN) – The U.S. State Department is reportedly denying a permit for the construction of Keystone XL, a 1,700-mile oil pipeline between Canada and the U.S. The news sent shares of TransCanada Corp., which will undertake the project, falling on Wednesday. According to sources, the State Department will not issue the permit following the White House’s admission that it won’t meet the Feb. 21 deadline set by Congress to approve the pipeline that will transport Canadian bitumen to U.S. refineries in the Gulf Coast. Meanwhile, 350.org, a group opposing the project, welcomed the news. Author, environmentalist and 350.org founder Bill McKibben said the denial of the Keystone [...] Continue Reading…

EU to delay oil embargo on Iran for sx months

Windsor Genova – AHN News News Writer
Brussels, Belgium (AHN) – A European Union official said Thursday the 27-nation bloc can start its oil embargo on Iran six months after agreeing to do so as three member countries—Greece, Italy and Spain—need to find alternative sources of oil first. The official privy to ongoing negotiations of EU foreign ministers on the imposition of the embargo also said the ban on Iranian petrochemical products may start three months after all EU states agree on the oil embargo in their meeting on Jan. 23, the deadline for coming up with a collective decision. The official added that it is possible that Italy may initially be exempted from imposing the oil embargo [...] Continue Reading…

U.S. consumer borrowing rises in November

Linda Young – AHN News Writer
Washington, D.C., United States (AHN) – Consumer borrowing in the United States rose in November by more than analysts had expected, fueled by purchases of cars and other items. Spending rose by $20.4 billion to $2.48 trillion, which was the largest monthly increase since November 2001, according to the Federal Reserve. That exceeded economists’ median estimate of $7 billion. The data suggests that consumers are borrowing again, which could signal a recovery in the economy. Consumers had saved more and borrowed and spent less since 2007.

Article © AHN – All Rights Reserved

View full post on All Stories

Dow ended final trading day of 2011 down, closed up for the year

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Last year was turbulent, trying and tumultuous for global stocks and commodities, And for many investors and traders, 2011 couldn’t end soon enough. In the final trading day of 2011, the Dow Jones Industrial Average closed down 69 points, but managed to eck out a 5.5 percent gain for the year. The closely tracked Standard & Poor’s 500 Index closed virtually flat, ending 2011 down 0.43 percent, while the tech heavy NASDAQ said good-bye to 2011 off 1.80 percent. Commodities fared much better. Oil gained 8.15 percent in 2011, and gold was the sole double digit finisher bidding the year adieu with a stellar [...] Continue Reading…

Ailing Yahoo! names ex-PayPal boss Thompson new CEO

AHN News Staff
Mountainview, CA, United States (AHN) – Former PayPal boss Scott Thompson has been named as the new chief executive of Internet search engine giant Yahoo. Thompson will replace Carol Bartz, who had been sacked by the group four months ago for failing to turn the firm around. A company statement said that Thompson, along with its board, would focus on company’s core business and try to identify the best approach for company as well as for its shareholders. “Scott brings to Yahoo a proven record of building on a solid foundation of existing assets and resources to reignite innovation and drive growth, precisely the formula we need at Yahoo,” chairman Roy Bostock said in [...] Continue Reading…

U.N. agency says Bangladesh no longer a “high risk” piracy area

Saleem Samad – AHN News Correspondent
Dhaka, Bangladesh (AHN) – Bangladesh has been removed from a list of “high risk” piracy prone areas compiled by the International Maritime Bureau (IMB), an anti-crime warning unit of International Chamber of Commerce. Bangladeshi authorities lobbied the IMB to remove itself, since the designation increased the cost of insurance to cargo ships destined for Chittagong in the Bay of Bengal. Foreign Affairs Secretary Khurshed Alam confirmed to news on Sunday. Bangladesh wrote a protest letter on December 20. In the protest letter, Bangladesh stated that incidents reported to the IMB were mostly “petty thefts” or “robbery” and under no circumstances constituted genuine “piracy” since they took place well within 200 nautical miles [...] Continue Reading…

White House prepares third U.S. debt ceiling hike

Matthew Borghese – AHN News Contributor
Washington, D.C., United States (AHN) – President Barack Obama’s administration is preparing to ask Congress to raise the national debt ceiling by $1.2 trillion. Congress is expected to approve the measure, having reached a hard-fought deal in summer to extend the debt ceiling and fund the government. Overall, the United States debt ceiling will rise to $16.39 trillion, a record high. Both houses of Congress are currently in recess, and House lawmakers won’t return to regular session until January 17, 2012. The U.S. Senate isn’t scheduled to meet again this year, and will return January 23, 2012. If the White House and Treasury Department announce plans to raise the debt [...] Continue Reading…