Sears to close up to 120 Kmart, Sears Full-line stores

(Reuters) - Retailer Sears Holdings Corp said it plans to close 100-120 Kmart and Sears Full-line stores and expects its adjusted fourth-quarter EBITDA to more than halve from a year ago. The company reported $933 million in adjusted fourth-quarter earnings before interest, taxes, depreciation, and amortization last year. The retailer, home to brands including Craftsman tools and Kenmore appliances, expects to earn $140-$170 million by selling of inventory in affected stores and selling or subleasing store space. ...

Fujifilm: too early say if it will invest in Olympus

TOKYO (Reuters) - Japan's Fujifilm Holdings is watching developments at Olympus Corp, but it is too early to say if it will invest in the rival endoscope maker, a senior executive told Reuters in an interview on Monday. A newspaper report said last week that scandal-ridden Olympus was seeking to replenish its capital base by issuing about 100 billion yen ($1.3 billion) in preferred shares, and that Fujifilm, Sony Corp and Panasonic Corp were among the firms who may invest. ...

U.S. economy hopes boost stocks, oil

NEW YORK (Reuters) - Wall Street stocks rose on Friday and oil prices edged up as upbeat data reinforced a slightly better outlook for the U.S. economy, curbing a bid for safe-haven U.S. Treasury debt. The euro was little changed, but was expected to face further weakness. Euro zone governments face large refinancing needs in early 2012, and investors say the region's leaders have not made much progress in dealing with their fiscal problems. ...

Hospitals to lockout striking nurses

Hospital officials say nurses who staged a one-day strike against nine hospitals in the San Francisco Bay area and Los Angeles will not be allowed to return to work Friday.

IMF urges members to boost funding under 2010 plan

(Reuters) - IMF chief Christine Lagarde on Thursday urged member countries to quickly sign off on an agreement last year to double IMF resources and give under-represented nations, such as China, greater voting power in the global lender. The changes to members' quotas, which determine how much each country contributes to the IMF and their voting shares, are critical as a euro zone debt crisis escalates and is set to slow global growth in 2012. ...

Boehner to Senate: Let's bargain on payroll tax

House Republican leaders are renewing their call for the Democratic-led Senate to bargain with them and try to end the stalemate over extending a payroll tax cut and jobless benefits.

Loonie touches one-week higher after ECB loans

TORONTO (Reuters) - The Canadian dollar rose to its loftiest level in more than a week against the U.S. currency on Wednesday as European banks borrowed large amounts from the European Central Bank, helping to ease fears about a credit crunch. Banks took a huge 489 billion euros at the European Central Bank's first ever offering of three-year funding on Wednesday and, raising hope the money may be used to buy Italian and Spanish bonds. ...

Kenya shilling flat vs dollar, seen firming a touch

NAIROBI (Reuters) - High interest rates in the money market and subdued dollar demand ahead of the festive season are expected to continue supporting the shilling, which was barely changed against the greenback in early trading on Wednesday, traders said. The shilling, which is down more than 3.5 percent this year, has bounced off a record low of 107 hit on October 11 after the central bank tightened monetary policy to combat inflation and exchange rate volatility. ...

Oracle results shock investors, shares plunge

(Reuters) - Oracle Corp's earnings fell short of Wall Street's forecasts for the first time in a decade as software and hardware sales sputtered, sending its shares down more than 10 percent and stoking fears a global recession will hurt tech spending. The rare slip-up by the world's No. 3 software maker raised questions about the health of the technology sector as many companies in the industry gear up to close deals before the end of 2011. ...

ConAgra 2nd quarter net income beats expectations

Food maker ConAgra Foods on Tuesday reported fiscal second quarter net income fell 15 percent but results beat expectations as the company raised prices to offset continuing higher prices.

Mexico City closes vast trash dump

Mexico City will close one of the world's largest garbage dumps by Dec. 31 and will instead turn the garbage from millions of people into reusable materials and energy, Mayor Marcelo Ebrard announced Monday.

Eurozone to pursue crisis action

BRUSSELS (Reuters) - European finance ministers will pursue plans on Monday to enhance the IMF's arsenal and press on with a drive for tighter fiscal rules in an attempt to assuage doubts they can overcome their sovereign debt crisis. They will discuss at the Monday teleconference the draft text of a new euro zone "fiscal compact" so that it can be finalized by the end of January, EU officials said. ...

Egypt's Alcotexa sells 1,728 T cotton in past week

CAIRO (Reuters) - Egypt's Alexandria Cotton Exporters' Association (Alcotexa) committed to sell 1,728 tonnes of cotton in the week that ended on December 17, an Alcotexa official said on Monday. The sales comprised 625 tonnes of the Giza 88 grade of cotton and 1,103 tonnes of Giza 86, the official said. The deal brings Alcotexa's export commitments for the 2011/12 season, which began in September 2011, to 23,429 tonnes worth $81.98 million. By this time last year, Alcotexa had sold 85,644 tonnes of cotton worth $312.76 million.

Overstock.com unloads goods at Utah auction

Overstock.com, the online retailer known for selling distressed merchandise, was feeling a little distressed itself. With household merchandise stacking up in a warehouse, it opened the doors Thursday for an auction of goods assembled hodgepodge that had to be bought together on pallets.

Overstock.com unloads goods at auction

Overstock.com, the online retailer known for selling distressed merchandise, was feeling a little distressed itself. With household merchandise stacking up in a warehouse, it opened the doors Thursday for an auction of goods assembled hodgepodge that had to be bought together on pallets.

Gold steady after carnage, Europe trouble eyed

SINGAPORE (Reuters) - Spot gold wallowed near a 2-1/2-month low on Thursday after dropping 3.5 percent in the previous session, as investors remained nervous about the euro zone debt crisis amid the year-end rush to liquidate positions. Asian shares retreated and the euro and commodities nursed stinging losses on Thursday, as fears grew that the euro zone debt crisis was spinning out of control after Italy's borrowing costs hit a new high in the euro era. ...

Top Sino-Forest shareholder slams default plan

TORONTO (Reuters) - Richard Chandler Corp, the largest shareholder in China-focused timber company Sino-Forest , slammed the beleaguered company's plan on Wednesday to trigger a debt default by failing to make a $10 million interest payment on its convertible notes. Sino-Forest, until months ago the largest listed forestry company on the Toronto Stock Exchange, has been reeling since June, when short-seller Carson Block and his firm Muddy Waters accused it of exaggerating the extent of its Chinese assets. ...

Exxaro employees to get payout in empowerment plan

JOHANNESBURG (Reuters) - South African miner Exxaro said on Wednesday that thousands of its lower-level employees were expected to benefit from a 1 billion rand payout this month following the maturity of its "empowerment" plan. To right the wrongs of apartheid and give blacks a bigger stake in the economy, South Africa requires companies including miners to meet quotas on black ownership, employment and procurement. In the local political and commercial jargon this is known as "empowerment". ...

Discounts squeeze Best Buy's quarterly profit

(Reuters) - Best Buy Co's quarterly profit fell as bigger discounts during the holiday season squeezed margins at the world's largest electronics chain, and its shares fell. Net earnings fell to $154 million, or 42 cents a share, in its third quarter ended November 26, from $217 million, or 54 cents a share, a year earlier. Excluding items, it earned 47 cents a share. Shares were down 8 percent at $25.45 in heavy premarket trading. (Reporting by Dhanya Skariachan; Editing by Derek Caney)

Protests boost sales and fears of sonic blaster

Police deployment of sonic blasters at Occupy Wall Street and G-20 protest rallies is fueling both sales and criticism of the devices, which emit beams of sound with laser-like intensity.

Amtrak celebrates 10 years on the Downeaster

Amtrak's Downeaster is celebrating its 10-year anniversary this week, capping off a year in which annual ridership surpassed half a million passengers, Amtrak launched its eTicketing pilot program and workers made progress on an expansion of service north to Freeport and Brunswick that's to begin in the new year.

Emboldened GOP wants to abolish state income taxes

A year after Republicans swept into office across the country, many have trained their sights on what has long been a fiscal conservative's dream: the steep reduction or even outright elimination of state income taxes.

New-home purchases fall, 2011 worst ever for sales

Fewer Americans bought new homes in December. The decline made 2011 the worst year for new-home sales on records dating back nearly half a century.

SAP bullish on 2012 after record results

FRANKFURT (Reuters) - SAP, the world's biggest maker of business software, was upbeat on its topline growth this year citing its investment in new technologies and robust corporate spending. Investors have worried that they may have overestimated the resilience of corporate tech spending in a deteriorating global economy, especially after SAP's big rival Oracle Corp reported weak quarterly results last month. But there have been increasing signs that the outlook may not be as dim as some feared. ...

SAP sets sights on fresh profit record

FRANKFURT (Reuters) - SAP, the world's biggest maker of business software, aims to set a fresh profit record this year as it banks on robust corporate spending on technology. Investors have worried that they may have overestimated the resilience of corporate tech spending in a deteriorating global economy, especially after SAP's big rival Oracle Corp reported weak quarterly results last month. But there have been increasing signs that the outlook may not be as dim as some feared. ...

Yahoo delivers another listless performance in 4Q

Yahoo slipped further behind in the online advertising race during the fourth quarter as the Internet company entered the fourth year of a revenue slump.

Ind. House Dems lose right-to-work referendum vote

Indiana House Democrats walked off the floor Monday after losing an effort to put a right-to-work measure aimed at unions before voters, possibly resuming an off-and-on boycott strategy aimed at derailing the measure for the second straight year.

Europe exhales after another good week

Europe has taken a step back from the brink.

Summary Box: Germany lowers 2012 growth forecast

SCALING BACK: Germany's government cut the country's 2012 growth forecast Wednesday for the second time in three months, citing a faltering global economy and Europe's debt crisis.

Asian firms may eye RIM platform; Samsung denies interest

TORONTO/SEOUL (Reuters) - Research In Motion is not on Samsung Electronics Co's immediate shopping list, but the ailing Blackberry maker may still be attractive to Asian smartphone makers looking to compete against Google's Android, the world's fastest growing mobile platform. Samsung said on Wednesday it has no interest in buying RIM or licensing its operating system, refuting a tech blog report that Canada-based RIM was looking to sell itself to the South Korean technology giant. ...

Zimbabwe CPI inflation quickens to 4.9 pct y/y

HARARE (Reuters) - Zimbabwe's headline consumer inflation rate quickened to 4.9 percent year-on-year in December, higher than government's year-end target for 2011. The National Statistical Agency said on Monday inflation quickened from 4.2 percent year-on-year in November while it slowed to 0.2 percent month-on-month compared with 0.5 percent in November. Higher food and beverage prices as well as communication and utility charges drove year-on-year inflation higher, the statistical agency's figures showed. Finance Minister Tendai Biti had projected inflation would end the year at 4. ...

Magna forecasts modest 2012 sales increase

(Reuters) - Magna International Inc forecast on Wednesday its sales would rise modestly in 2012, in line with analyst expectations, predicting higher vehicle production in North America and expansion in emerging markets. Magna, one of the world's biggest auto parts manufacturers, also expects to raise spending on fixed assets to between $1.3 billion and $1.5 billion this year. That is well up on forecast spending for 2011 of between $900 million and $1.0 billion. "Capex is up quite a bit. I was a bit surprised to see that. ...

Wall Street opens down after hitting 5-month high

NEW YORK (Reuters) - Stocks fell at open on Wednesday, a day after the Dow and S&P 500 hit five-month highs, with pressure on the euro testing the recent view that U.S. equities were decoupling from Europe. The Dow Jones industrial average was down 52.14 points, or 0.42 percent, at 12,410.33. The Standard & Poor's 500 Index was down 5.30 points, or 0.41 percent, at 1,286.78. The Nasdaq Composite Index was down 7.87 points, or 0.29 percent, at 2,694.63. (Reporting By Angela Moon; editing by Jeffrey Benkoe)

Mortgage applications picked up last week: MBA

NEW YORK (Reuters) - Applications for U.S. home mortgages rose in the first week of the year as demand for both purchases and refinancing perked up, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 4.5 percent in the week ended Jan 6. The MBA's seasonally adjusted index of refinancing applications gained 3.3 percent, while the gauge of loan requests for home purchases climbed 8.1 percent. ...

Brazil's Vale to build $1 bln rail lines in Malawi

LILONGWE (Reuters) - Malawi has signed a $1 billion deal with Brazil's Vale for the construction and rehabilitation of a rail line that will transport 18 million tonnes of coal from Mozambique, government officials said on Wednesday. Vale Logistics, a subsidiary of mining giant Vale, will build a new 138.5 km (86 mile) line from Chikhwawa in the south, to meet an existing line at Balaka. It will also rehabilitate 98.6 km of the existing link between Nkaya to Nayuchi. ...

Malawi, Brazil's Vale ink $1 bln rail line deal

JOHANNESBURG (Reuters) - Malawi said on Wednesday it has signed a $1 billion deal with Brazil's Vale for the construction and rehabilitation of a rail line that will transport 18 million tonnes of coal from Mozambique. "Vale will invest about $1 billion in Malawi over a period of three years for construction and rehabilitation of the railway line and it is expected to employ 4,500 workers of which 70 percent will be Malawians," Minister of Transport Sidick Mia told Reuters.

Gold edges up as Europe uncertainty supports

SINGAPORE (Reuters) - Gold inched up on Wednesday to flirt with a key resistance level, shrugging off a stronger dollar, as persistent uncertainties on the euro zone debt crisis lured investors to the safety of bullion. Bright economic prospects offered by Alcoa's upbeat outlook helped push Asian shares higher, although investors refrained from riskier bets before Italy and Spain put up bond auctions, seen as a test of investors' confidence in the euro zone. ...

Housing starts jump in December

TORONTO (Reuters) - Canadian housing starts climbed more than expected in December, lifted mostly by multiple-unit buildings like condominiums, the latest sign that low interest and mortgage rates are keeping the country's property market buoyant. Housing starts rose to a seasonally adjusted annualized rate of 200,200 units, up from an upwardly revised 185,600 units a month earlier, Canada Mortgage and Housing Corp said on Tuesday. The number of starts was well above the consensus expectation of analysts, who had called for 185,000 starts. ...

Brent firm on Iran's threats but mood cautious

SINGAPORE (Reuters) - Brent crude rose above $112.50 on Tuesday as tension over Iran's nuclear programme ratcheted up and on unrest in Nigeria, but gains are being capped by persistent worries about the strength of European economies after weak German data. Iran confirmed on Monday that it has started uranium enrichment at the Fordow bunker near the city of Qom, which the U.S. state department called a 'further escalation' of violations of U.N. resolutions. ...

Alcoa posts loss; gives positive aluminum outlook

(Reuters) - Alcoa Inc posted a fourth quarter loss due to a steep plunge in aluminum prices, but its revenue beat expectations and the company gave a positive outlook for global demand for the metal, especially in the aerospace and automotive markets. The largest U.S. aluminum producer forecast 7 percent growth in global aluminum demand this year and said cutbacks in production will result in a global supply deficit of 600,000 tonnes in 2012. Alcoa added that its growth projection was ahead of the 6. ...

Alcoa gives positive aluminum outlook

(Reuters) - Alcoa Inc posted a fourth quarter loss due to a steep plunge in aluminum prices, but its revenue beat expectations and the company gave a positive outlook for global demand for the metal, especially in the aerospace and automotive markets. The largest U.S. aluminum producer forecast 7 percent growth in global aluminum demand this year and said cutbacks in production will result in a global supply deficit of 600,000 tons in 2012. Alcoa added that its growth projection was ahead of the 6. ...

Fed's Lockhart says can't rule out more stimulus

ATLANTA (Reuters) - The Federal Reserve cannot rule out additional monetary easing even if steady growth and "acceptable" inflation make it harder to justify fresh action, a top Fed official said on Monday. Dennis Lockhart, president of the Atlanta Fed, said he expects the U.S. economy to grow between 2.5 percent and 3 percent this year, but noted risks remain from consumers' shaky financial position and Europe's unresolved banking problems. ...

Wall Street edges up ahead of Alcoa earnings

NEW YORK (Reuters) - U.S. stocks were slightly higher on Monday as a tug-of-war continued between investor optimism about U.S. corporate earnings and fears about a possible lack of demand for Europe's debt at auctions this week. Major indexes bounced between modest gains and losses at midday, with the technology sector leading losses. Google Inc was off 3.5 percent at $626.94. German Chancellor Angela Merkel and French President Nicolas Sarkozy met in Berlin, but traders expected little of significance to emerge. ...

Yahoo names PayPal executive new CEO

(Reuters) - Yahoo Inc said on Wednesday it has appointed Scott Thompson as its chief executive, effective from January 9, replacing interim CEO Tim Morse who will resume his role as chief financial officer. Thompson, who was previously president of PayPal, a unit of eBay Inc, will also join Yahoo's board. Yahoo Chairman Roy Bostock said Thompson's primary focus will be on the core business as the company continues its strategic review process. Yahoo has been in discussions about selling off its Asian assets for some weeks. ...

Man dies at Alaska center for street alcoholics

A man who was slurring his speech and appeared intoxicated was found dead on New Year's Day at a controversial center in Anchorage where chronic street alcoholics are allowed to keep drinking.

Factories, builders boost economy at end of year

U.S. manufacturers ended 2011 with their best month of growth since the late spring. And the struggling construction industry spent more on projects for the third time in four months.

Exxon wins less than expected from Venezuela dispute

CARACAS (Reuters) - An arbitration panel has awarded U.S. oil giant Exxon Mobil Corp $908 million in compensation for Venezuela's 2007 nationalization of its assets, less than 10 percent of what the company sought in a long legal battle with the OPEC nation. Venezuelan President Hugo Chavez likely will celebrate the ruling as a vindication of his nationalist confrontation with oil companies aimed at increasing revenue from the industry to boost funding for state-led anti-poverty programs. ...

Shell CEO keeping close eye on Petroplus: report

ZURICH (Reuters) - Royal Dutch Shell is closely watching developments at European oil refiner Petroplus , which is closing three of its refineries after running out of money for crude supplies since bankers froze its credit lines abruptly last week. "We are permanently watching the developments at Petroplus. Due to our size in Switzerland we rely on our customers to secure supplies," Shell Chief Executive Peter Voser was quoted as saying in an interview with Swiss newspaper Sonntag on Sunday. ...

Stocks slip on the last trading day of 2011

Stocks are slipping Friday on the final trading day of the year.

Brent oil steadies above $107, dollar weighs

SINGAPORE (Reuters) - Brent crude oil steadied above $107 a barrel on Thursday, as a stronger dollar and rising U.S. crude stocks offset Iranian threats to halt a vital oil trade route. Brent eased three cents to $107.53 a barrel by 0207 GMT, adding to a loss of nearly $2 the day before. Wednesday's decline snapped a string of six straight sessions of gains. U.S. crude rose 20 cents to $99.56 a barrel. "A big increase in U.S. ...