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Mt. Gox set to liquidate as court denies rehabilitation

Mark Karpeles, chief executive of Mt. Gox, attends a news conference at the Tokyo District Court in Tokyo Mt. Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court-appointed administrator said on Wednesday. CEO Mark Karpeles is also likely to be investigated for liability in the collapse of the Tokyo-based firm, the provisional administrator, lawyer Nobuaki Kobayashi, said in a statement published on the Mt. Gox website. "The Tokyo District Court recognized that it would be difficult for the company to carry out the civil rehabilitation proceedings and dismissed the application for the commencement of the civil rehabilitation proceedings," he said. In Wednesday's order for provisional administration, the court put the company's assets under Kobayashi's control until bankruptcy proceedings officially commence and a bankruptcy trustee is named.


U.S. industry shows some vigor, but housing soft

Workers install a roof on a multi-family building in Broomfield Groundbreaking for new homes also increased but remained well below the post-recession peak hit in November, signaling the drag the housing market is placing on the economy. Output at the nation's factories, mines and utilities rose 0.7 percent last month after an upwardly revised gain of 1.2 percent in February, the Federal Reserve said on Wednesday. Economists had expected industrial production to rise 0.5 percent.


CSX railroad expects modest 2014 profit growth

In this March 22, 2014 picture, a crew member walks on a CSX freight train engine in Brunswick, Md. CSX Corp. reports quarterly earnings after the market close on Tuesday, April 15, 2014. (AP Photo/Patrick Semansky) OMAHA, Neb. (AP) — CSX railroad expects to deliver modest profit growth this year, but the impact of the severe winter will linger into the second quarter.


Yahoo, PNC among early winners among US stocks

FILE- In this Friday, June 29, 2012, file photo Specialists Frank Masello, left, and John T. O'Hara work on the trading floor of the New York Stock Exchange in New York shortly before the closing bell. World stock markets rose Wednesday April 16, 2014 as China's slowdown in the first quarter was less severe than expected. (AP Photo/David Karp, File) Stock indexes are opening higher after more U.S. companies reported solid earnings and some encouraging news about China's economy.


Anti-Obamacare States Are Falling Far Behind In Insuring People

Anti-Obamacare States Are Falling Far Behind In Insuring People The ranks of the uninsured are thinning most quickly in states that have actively embraced Obamacare, a new poll finds. The uninsured rate has fallen about 2.5 percentage points this year in states that agreed to expand Medicaid and established their own insurance exchanges under the Affordable Care Act, according to a Gallup poll released Wednesday. In states that either rejected Medicaid expansion or refused to set up state-run exchanges, or both, that percentage has only fallen 0.8 percent so far this year.


US factory output extended solid gains in March

FILE -In this Tuesday, Sept. 10, 2013, file photo, workers man the Motorola smartphone plant in Fort Worth, Texas. The Federal Reserve reports on industrial production for March later Wednesday April 16, 2014. (AP Photo/LM Otero, File) WASHINGTON (AP) — U.S. factory output rose further last month, extending strong growth from February after harsh weather had caused production to tumble in January. Manufacturers produced more furniture, clothing, chemicals and aerospace products.


Deutsche Bank denies report its CEOs' jobs are at risk

Jain and Fitschen, Co-CEOs of Deutsche Bank AG arrive for the bank's annual news conference in Frankfurt Deutsche Bank denied a media report that said its co-Chief Executives Anshu Jain and Juergen Fitschen could be replaced, possibly with former UBS finance chief John Cryan. Germany's Manager Magazin on Wednesday cited "insiders" saying Deutsche Bank supervisory board chairman Paul Achleitner was preparing to bring in a new chief executive. In a summary of its report, the magazine said Achleitner has met in recent weeks with potential candidates including Cryan, the European head of Singaporean sovereign fund Temasek , who was at the top of the list.


Fed should try to align projections with policy statement: Lockhart

Dennis Lockhart, President, Federal Reserve Bank of Atlanta, takes part in a panel discussion titled "Twist and Shout: The Limits of U.S. Monetary Policy" at the Milken Institute Global Conference in Beverly Hills, California The U.S. Federal Reserve should try to make its communications on the expected path of interest rates more consistent with its policy statements, a top official at the central bank said on Wednesday. Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said the Fed's most recent projections for interest rates had been out of step with its pledges on policy. "It seemed to be inconsistent with the underlying decision of the committee and the underlying guidance," Lockhart told reporters in Atlanta, adding that he still feels the U.S. economy is strengthening quickly enough for the Fed to raise rates in the second half of 2015. The Fed issues a quarterly graphic that shows the level at which policymakers see the central bank's benchmark interest rate over the next few years.


Wall Street climbs after China data; Yahoo jumps

Traders work on the floor of the New York Stock Exchange NEW YORK (Reuters) - U.S. stocks rose at the open on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it has a stake. The Dow Jones industrial average rose 51.8 points, or 0.32 percent, to 16,314.36, the S&P 500 gained 7.02 points, or 0.38 percent, to 1,850 and the Nasdaq Composite added 31.464 points, or 0.78 percent, to 4,065.625. (Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)


China Q1 GDP at 18-month low, to cut reserve ratio for small banks

Labourers work at a construction site in Beijing By Adam Rose and Xiaoyi Shao BEIJING (Reuters) - China's economy expanded 7.4 percent between January and March, its slowest pace in 18 months, prompting authorities to act for the second time in as many weeks to shore up growth. Hours after the National Bureau of Statistics released the data, Premier Li Keqiang was quoted by state media as saying that China would reduce the amount of cash that some village banks hold at the central bank to help the farm sector. The relaxation of reserve requirements, alongside tax breaks for more companies to support job creation, comes just two weeks after China took its first step this year to juice its slackening economy - cutting taxes for small firms and speeding up investment in railways. The unveiling of new pro-growth measures in quick succession suggests China may be more worried about the foundering economy than it lets on, even though it has ruled out the use of major stimulus to fight short-term dips in growth.


GM to seek court protection against ignition suits

A man walks past a row of General Motors vehicles at a Chevrolet dealership on Woodward Avenue in Detroit, Michigan (Reuters) - General Motors Co said it would ask a U.S. bankruptcy court to bar plaintiffs from proceeding with lawsuits against the automaker for claims related to any actions before it filed for bankruptcy in 2009. The defect has been linked to the deaths of at least 13 people and resulted in the recall of 2.6 million GM vehicles. In a filing with U.S. District Court for the Southern District of Texas on Tuesday, GM asked for a stay on litigation related to ignition claims until a judicial panel on multidistrict litigation decides on a motion to consolidate the claims and the bankruptcy court rules on whether the claims violate GM's 2009 bankruptcy sale order.


U.S. industrial output rises in March, manufacturing gains

Ford assembly line employees work on 3500 Duramax engine as they move along the assembly line at the Ford Lima Engine Plant in Lima By Elvina Nawaguna WASHINGTON (Reuters) - U.S. manufacturing output rose for a second straight month in March in a sign of recovery from a long winter that had put a damper on activity. Factory production increased 0.5 percent in March, according to data from the Federal Reserve on Wednesday. Overall industrial production was up 0.7 percent, beating analysts' expectations. February's industrial production was revised up to a gain of 1.2 percent from a previously reported 0.6 percent rise, due to stronger gains for durable goods manufacturing and for mining, the Fed said.


Russian economy hit by Ukraine turmoil

A man passes by the car painted in the colors of Russian flag near a Soviet-era monument to Vladimir Lenin in the central square in Donetsk, Ukraine, Tuesday, April 15, 2014. Several government buildings have fallen to mobs of pro-Moscow loyalists in recent days as unrest spreads across the east of the country. (AP Photo/Efrem Lukatsky) MOSCOW (AP) — Russia's economy slowed sharply in the first three months of the year as uncertainty over the crisis in Ukraine spooked investors into pulling money out of the country, a government minister said Wednesday.


US home building up in March after frigid winter

This Friday, March 21, 2014 photo shows roofers installing a roof on a new construction home in Pepper Pike, Ohio. The Commerce Department reports on U.S. home construction in March later Wednesday April 16, 2014. (AP Photo/Tony Dejak) WASHINGTON (AP) — U.S home construction rose moderately in March as builders resumed work at the end of a frigid winter. But applications for building permits slid, clouding the outlook for future construction.


Ford to offer 50th anniversary Mustang

Bill Ford, Ford Motor Company's executive chairman, stands with the all-new 2015 Mustang convertible as it's introduced on the 86th floor observation deck of the Empire State Building during the New York International Auto Show, Wednesday, April 16, 2014, in New York. (AP Photo/John Minchillo) NEW YORK (AP) — Ford is building a limited-edition Mustang GT to honor the pony car's 50th anniversary.


The Zero Marginal Cost Society: Unlocking Wealth & Cities Too, But Beware the Regulatory Wrinkles

The Zero Marginal Cost Society: Unlocking Wealth & Cities Too, But Beware the Regulatory Wrinkles Cities that understand the forces behind the collaborative economy and can boldly embrace new models of value creation (at little of no cost) will be global role models in the years to come.


Megaupload's Dotcom, facing legal threat, launches political party

Kim Dotcom talks exclusively to Reuters during his Internet Party pool party at the Dotcom mansion in Coatesville By Naomi Tajitsu AUCKLAND (Reuters) - Internet tycoon Kim Dotcom holds court while bathing in the pool of a sprawling New Zealand mansion, fist bumping and chatting with some of the 700 guests gathered to celebrate the political party he launched last month to promote Internet freedom. In Dotcom's alternate universe, he is fighting extradition from his adopted country to the United States, where the hulking 40-year-old stands accused of massive copyright infringement related to the Megaupload file sharing site he founded in 2005. Last week, Hollywood studios filed their own lawsuit against Megaupload and Dotcom, and a few days later four major music labels followed their lead, cranking up pressure on the father-of-five who faces an extradition hearing in July. His anger over the injustice he says he faced during and after the dramatic raid, which was swiftly followed by the closure of Megaupload, prompted him to set up a political organization called the Internet Party.


Bank of America posts loss, hurt by legal expenses

CHARLOTTE, N.C. (AP) — Bank of America said Wednesday that it swung to a loss in the first quarter, hurt by $6 billion in legal expenses.

Bank of America posts loss as litigation charges weigh

A Bank of America sign is pictured in Encinitas, California (Reuters) - Bank of America Corp posted a first-quarter loss as the No. 2 U.S. bank recorded $6 billion in litigation expenses related to a settlement with the Federal Housing Finance Agency and other mortgage-related matters.


The 5 Dumbest Credit Mistakes

The 5 Dumbest Credit Mistakes Several years ago, I watched in amazement when the CEO of a major identity theft protection firm, appeared in a series of commercials waving his Social Security card in the air, parading his Social Security number on a billboard through heavily populated urban areas and screaming his SSN through a bullhorn as a challenge to those who believed that he couldn't protect it. As a result, he couldn't protect it and became a 13-time victim of the crime.


China's growth slows to 7.4 percent in 1Q

FILE - In this Tuesday, April 8, 2014 file photo, a worker walks past a container vessel docked in Qingdao port in east China's Shandong province. China's economic growth slowed to 7.4 percent in the first quarter, raising the risk of job losses and a potential impact on its trading partners. The figure reported Wednesday, April 16 by the government was down from the previous quarter's 7.7 percent. (AP Photo/File) CHINA OUT BEIJING (AP) — China's economic growth slowed further in the latest quarter but appeared strong enough to satisfy Chinese leaders who are trying to put the country on a more sustainable path without politically dangerous job losses.


Credit Suisse profits down 34 percent

FRANKFURT, Germany (AP) — Swiss bank Credit Suisse says its net profit fell 34 percent in the first quarter, more than expected, as bond-market woes hurt earnings at its investment banking business.

Why A Broken Appliance Can Actually Be A Blessing

Why A Broken Appliance Can Actually Be A Blessing It's a situation most of us can identify with--our furnace or water heater breaks or our home air conditioning system fails. While it makes sense to replace these outdated appliances for more energy-efficient ones, the immediate need to fix the problem usually wins out. Most of us haven't saved enough to do an appliance overhaul. So we fix the issue, continue with the status quo, and - as an unintended result - we keep wasting power.


GM to ask bankruptcy court for lawsuit protection

DETROIT (AP) — General Motors revealed in court filings late Tuesday that it will soon ask a federal bankruptcy judge to shield the company from legal claims for conduct that occurred before its 2009 bankruptcy.

Samsung Gear Devices Compatible with 20 Galaxy Devices

Samsung Gear Devices Compatible with 20 Galaxy Devices Good news for fitness fans:  Samsung Electronics announced the compatibility of the Samsung Gear 2 Gear 2 Neo and Gear Fit. As of the 15th of April 2014, the Samsung Gear 2 Gear 2 Neo …


Samsung Speaks Up on its New Website, design.samsung.com

Samsung Speaks Up on its New Website, design.samsung.com As far as design goes, generally, what we see is what we get. However, design is much more than what we simply ‘see’. When we talk about product design, we need to consider things like …


Protecting You From Credit Report Errors, Unreliable Scores

Protecting You From Credit Report Errors, Unreliable Scores Aleta from Mena, Arkansas, has had a hard time getting a decent rate on a car loan all because of a mistake on her credit report. The problem started when she received a bill that was caused by a computer glitch and not because of money she actually owed. She tried to resolve the problem but the company ended up turning the bill over to a collection agency and the erroneous charge ended up on her credit report.


US Airways Explains How It Tweeted That Infamous Nude Photo

US Airways Explains How It Tweeted That Infamous Nude Photo Unless you're living in a cave and are completely off the grid, you may have noticed that US Airways sent out a tweet on Monday that included a graphic image of a woman sexually pleasuring herself with a toy airplane. US Airways spokesman Matt Miller told The New York Daily News that the tweet "was an honest mistake." On behalf of the airline, Miller said, "first and foremost, we apologize." He also clarified that no employee would be fired over the incident.


The Senate Banking Committee Proposes Adoption of an Untried Model to Replace Fannie Mae and Freddie Mac

The Senate Banking Committee Proposes Adoption of an Untried Model to Replace Fannie Mae and Freddie Mac A lot of ink is being spilled on which side of the aisle is getting the better of the bipartisan deal, but that is a sideshow. The critical question is whether the basic structure proposed as a replacement for Fannie/Freddie would meet the objective of creating effective secondary mortgage markets?


How to Select the Best Digital Agency for Your Online Business

How to Select the Best Digital Agency for Your Online Business To make sure you engage the right company for your business, ask these five key questions during the interview.


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