Economix Blog: Bernanke Defends Stimulus as Necessary and Effective

The Federal Reserve’s chairman, Ben S. Bernanke, picked an unusual time to offer his most recent defense of the Fed’s campaign to stimulate the economy: 7 p.m. on a Friday night in San Francisco, 10 p.m. back home on the East Coast.The basic message was the same as Mr. Bernanke delivered to Congress earlier this week: The Fed regards its current efforts as necessary and effective, and the risks, while...

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Americans Spend More and Make Less, Data Shows

WASHINGTON — Consumer spending rose in January as Americans spent more on services, with savings providing a cushion after income recorded its biggest drop in 20 years. The Commerce Department said Friday that consumer spending increased 0.2 percent in January after a revised 0.1 percent rise the prior month. Spending had previously been estimated to have increased 0.2 percent in December....

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U.S. Economy Barely Grew in Fourth Quarter, Revision Shows

Breathe a tiny sigh of relief, if not contentment: the American economy grew a tiny bit in the last quarter of 2012. Output expanded at an annual rate of just 0.1 percent, below the country’s long-term average, not to mention way below the growth needed to get unemployment back to normal. But at least the economy did not shrink, as the Commerce Department had originally estimated last...

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DealBook: Regulators Block Ryanair’s Latest Attempt to Buy Aer Lingus

BRUSSELS – The European Commission on Wednesday blocked the third attempt by Ryanair to acquire Aer Lingus, saying a union of the two Irish airlines would damage competition and raise prices on air routes to Ireland.The decision was widely expected after Ryanair — the largest budget carrier in Europe — said earlier that the commission would prohibit the deal, worth about 700 million euros ($900 million).“The...

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British Media to Challenge Secrecy Bid in Litvinenko Case

The British Broadcasting Corporation said it and other news organizations would oppose an effort on Tuesday by the British government to limit information disclosed to the planned inquest into the death of Alexander V. Litvinenko, a former officer in the KGB who died of radiation poisoning in London more than six years ago. The BBC reported that the government had planned to apply for a so-called...

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DealBook: Barnes & Noble Founder Leonard Riggio to Bid for Bookstore's Retail Business

The founder of Barnes & Noble plans to bid for the retail business of the bookstore chain he started 40 years ago, as the company struggles with a changing competitive landscape.On Monday, Leonard Riggio told the company’s board that he would make an offer for Barnes & Noble Booksellers, barnesandnoble.com and other retail assets. The proposal would not include the e-book division, Nook Media.Like...

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Many States Say Cuts Would Burden Fragile Recovery

States are increasingly alarmed that they could become collateral damage in Washington’s latest fiscal battle, fearing that the impasse could saddle them with across-the-board spending cuts that threaten to slow their fragile recoveries or thrust them back into recession. Some states, like Maryland and Virginia, are vulnerable because their economies are heavily dependent on federal workers,...

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DealBook: In Dell’s Waning Cash Flows, Signs of Concern

The proposed Dell buyout may be motivated more by fear than greed.Dell’s founder, Michael S. Dell, and the investment firm Silver Lake are offering to take the company private in a $24.4 billion deal. One interpretation of the offer is that savvy investors, using cheap loans, see a nice opportunity to unlock the value from a company that has fallen out of favor with stock investors. The fact that...

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DealBook: Linn Energy to Buy Berry Petroleum for $2.5 Billion

Deal-making in the oil patch continued on Thursday, as Linn Energy agreed to buy the Berry Petroleum Company for about $2.5 billion, expanding its presence in oil-rich shale formations.Under the terms of the deal, an affiliate of Linn, LinnCo L.L.C., will issue 1.25 million new common shares for each Berry share. That amounts to $46.24 a share, a premium of roughly 20 percent to Berry’s closing price...

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Bits Blog: Marissa Mayer Puts Her Stamp on Yahoo.com

8:39 a.m. | Updated On Wednesday, Yahoo introduced a fresh new home page with Marissa Mayer’s stamp all over it.Yahoo’s home page has long been a sort of sad reflection of the company. A jazzed-up Craigslist of sorts, the site was often cluttered with low-quality ads and irrelevant content and in no way reflected the fact that Yahoo is one of the most visited sites on the Web. With more than 700...

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European Parliament Approves Plan to Bolster Carbon Trading

LONDON — In a move to bolster the floundering European market for carbon offsets, the environmental committee of the European Parliament voted Tuesday to allow the European Commission to reduce the numbers of carbon permits that it auctions in the next three years. Prices of carbon allowances, which permit companies to emit greenhouse gases, plunged below €3, or about $4, per ton last...

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Tech Industry Sets Its Sights on Gambling

Jim Wilson/The New York TimesCesar Miranda, left, and his brother, Edgar, working on their claw crane game in San Jose, Calif. SAN FRANCISCO — Look out Las Vegas, here comes FarmVille. Silicon Valley is betting that online gambling is its next billion-dollar business, with developers across the industry turning casual games into occasions for adults to wager. At the moment these games...

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Common Sense: High Taxes Are Not a Prime Reason for Relocation, Studies Say

Pool photo by Mikhail KlimentyevGerard Depardieu with Vladimir Putin in January. Russia granted Mr. Depardieu a passport after his spat with France over taxes. Last month, Vladimir V. Putin hugged his newly minted fellow Russian citizen, the actor Gerard Depardieu, posing for cameras at the Black Sea port of Sochi. “I adore your country,” Mr. Depardieu gushed — especially its 13 percent flat tax on...

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It's Scotch, but the Owners Live Elsewhere

BALLINDALLOCH, SCOTLAND — George S. Grant markets malt whisky made in the shadow of the snow-capped Ben Rinnes mountains, from the same spot where, five generations ago, his family bought a distillery in 1865 for £511. Nowadays the family’s Glenfarclas malt is produced in a modern, highly automated plant that exports it to the United States, Taiwan and other countries. But the profit...

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G.M., Hurt by Europe, Still Increases Profit

DETROIT – General Motors said its profit in the fourth quarter increased slightly as continued losses in Europe offset positive results in North America. G.M., the nation’s biggest carmaker, said it had net income of $900 million in the quarter, compared to $500 million in the same period a year earlier. Revenue increased to $39.3 billion, up from $38 billion. The company said strong...

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DealBook: Switzerland to Require Banks to Hold More Capital to Offset Mortgages

LONDON – Switzerland said on Wednesday that Swiss banks would be required to hold additional capital for residential mortgages amid concerns that the country’s booming property market was overheating.The country, which already has more stringent capital rules for its banks than other European nations, said lenders would be required to hold an additional 1 percent of risk-weighted assets to make the...

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Finmeccanica Chief Is Arrested in Bribery Case

Italy awoke Tuesday to yet another corporate scandal with political overtones, as Milan prosecutors arrested the head of the state-controlled aerospace company Finmeccanica in an investigation related to the sale of 12 helicopters to India in 2010. The Finmeccanica chairman and chief executive, Giuseppe Orsi, was taken in for questioning by prosecutors, as was Bruno Spagnolini, head of...

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DealBook: S.E.C.'s Revolving Door Hurts Its Effectiveness, Report Says

Robert S. Khuzami took a step through Washington’s revolving door on Friday, departing his post as one of Wall Street’s top enforcers en route to the private sector, where he is expected to reap millions.A new report suggests that Mr. Khuzami, like other Securities and Exchange Commission officials who pass between Washington and Wall Street, will be well worth the pay.The Project on Government Oversight,...

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Boeing 787 Completes Test Flight

A Boeing 787 test plane flew for more than two hours on Saturday to gather information about the problems with the batteries that led to a worldwide grounding of the new jets more than three weeks ago. The flight was the first since the Federal Aviation Administration gave Boeing permission on Thursday to conduct in-flight tests. Federal investigators and the company are trying to determine...

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John E. Karlin, 1918-2013: John E. Karlin, Who Led the Way to All-Digit Dialing, Dies at 94

Courtesy of Alcatel-Lucent USAJohn E. Karlin, a researcher at Bell Labs, studied ways to make the telephone easier to use. A generation ago, when the poetry of PEnnsylvania and BUtterfield was about to give way to telephone numbers in unpoetic strings, a critical question arose: Would people be able to remember all seven digits long enough to dial them? And when, not long afterward, the dial...

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