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Obama rounds out economic team with Commerce, trade picks

May 8, 2013 13:49
By Jeff Mason and Doug Palmer WASHINGTON (Reuters) - President Barack Obama tapped Mike Froman and Penny Pritzker for the last two vacant Cabinet slots on his economic team on Thursday, turning to a law school classmate who is already one of his chief advisers and a billionaire businesswoman who helped put him in the White House.

Obama tells Mexicans a 'new Mexico' is emerging

May 8, 2013 13:04
By Steve Holland and Mark Felsenthal MEXICO CITY (Reuters) - President Barack Obama told the Mexican people on Friday that he sees a "new Mexico" emerging, with a deepening democracy and growing economy, and that Mexico and the United States should be viewed as equal partners. "I have come to Mexico because it is time to put old mindsets aside," Obama said in a speech to university students. "It's time to recognize new realities, including the impressive progress in today's Mexico."

As deficit bargain remains elusive, pessimism abounds at annual fiscal 'summit'

The Canadian PressMay 7, 2013 19:19
WASHINGTON - On this, some of Washington's highest-ranking budget players can agree: A "grand bargain" this year to close the nation's chronic budget deficits seems like a long shot. That was the consensus at an annual Washington "fiscal summit" thrown by billionaire deficit hawk Pete Peterson, who's staked $1 billion of his fortune on a foundation aimed at raising public awareness of the dangers of the government's growing debt.

Disney 2nd-quarter results top analyst forecasts; shares rise modestly

The Canadian PressMay 7, 2013 19:16
LOS ANGELES, Calif. - Disney topped analyst expectations as revenue gains at its parks and movie studio led to a 32 per cent increase in net income during the January-March quarter. Net income grew to $1.51 billion, or 83 cents per share. Factoring out one-time items, adjusted earnings came to 79 cents per share, beating the 77 cents expected by analysts surveyed by FactSet. Revenue grew 10 per cent to $10.55 billion, also topping the $10.49 billion expected by analysts.

U.S. think tank says immigrant amnesty would worsen deficits

May 7, 2013 14:07
By Richard Cowan and Thomas Ferraro WASHINGTON (Reuters) - Granting legal status to 11 million undocumented foreigners living in the United States would significantly add to government budget deficits, according to a study released on Monday by the conservative Heritage Foundation. Heritage, a think tank headed by former Senator Jim DeMint, has assumed a leading role in opposition to a bipartisan, comprehensive immigration bill being considered by the U.S. Senate.

Guantanamo camp burns through $900,000 a year per inmate

May 7, 2013 14:05
WASHINGTON (Reuters) — It's been dubbed the most expensive prison on Earth and President Barack Obama cited the cost this week as one of many reasons to shut down the detention center at Guantanamo Bay, which burns through some $900,000 per prisoner annually.

Berkshire Hathaway first-quarter profit rises 51 percent

May 7, 2013 12:52
OMAHA, Nebraska (Reuters) - Warren Buffett's company Berkshire Hathaway Inc on Friday said first-quarter profit rose nearly 51 percent, helped by improved results in insurance and gains from its investments and derivative contracts. Net income increased to $4.89 billion, or $2,977 per Class A share, from $3.25 billion, or $1,966 per share, a year earlier. Quarterly operating profit rose 42 percent to $3.78 billion, or $2,302 per share, from $2.67 billion, or $1,615 per share.

Bloomberg makes final adjustments to NYC's fiscal year 2014 budget

May 7, 2013 11:41
NEW YORK (Reuters) - New York City's mayor Michael Bloomberg presented an updated budget proposal for the coming fiscal year on Thursday with largely cosmetic changes before it goes to the city's legislature for debate. Bloomberg presented the adjusted figures for fiscal year 2013-14 as a last update to his $70 billion budget presented in January. The city's current fiscal year ends on June 30.

Same-sex provision should not derail U.S. immigration move: Obama

May 7, 2013 11:28
By Steve Holland and Mark Felsenthal SAN JOSE, Costa Rica (Reuters) - President Barack Obama signaled on Friday that a proposal to add a same-sex partnership measure to an immigration overhaul should not be allowed to derail the entire legislative effort. Obama has used the prospect of new immigration laws as a major selling point for stronger U.S. relations with Latin America on a three-day tour of Mexico and Costa Rica that ends on Saturday.

No plan for Jimmy Carter to visit North Korea to free American

May 7, 2013 11:20
WASHINGTON (Reuters) - Former U.S. President Jimmy Carter, who has traveled to North Korea before to try to free a detained American, has no plans to do so for an American sentenced on Thursday to 15 years of hard labor, Carter's spokeswoman said. "President Carter has not had an invitation to visit North Korea and has no plans to visit," Carter's press secretary, Deanna Congileo, told Reuters in an email.
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