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Today's News

Cuomo: Create tax-free zones around SUNY campuses

9 minutes ago

High-tech businesses from other states and abroad that move onto or next to college campuses in New York would operate free of all business, property and personal income taxes for 10 years under a proposal released Wednesday by Gov. Andrew Cuomo. Cuomo said the plan would create jobs in a long-stagnant upstate economy by connecting academic research campuses with businesses in those fields. "We create great businesses here in this state because we have great schools and we have great young minds," Cuomo said Wednesday in Buffalo during a daylong tour of announcements. "We lose them in the first year. Why? Because we have an anti-business reputation, we're a high tax state," Cuomo said. "What we want to do is create an environment where those businesses stay here and create jobs. ... There would be no place in the country that you could go and pay less taxes."

Jennifer Lopez to open cellphone stores

13 minutes ago

"Jenny from the Block" wants the block to buy Verizon phones from her. Singer and actress Jennifer Lopez says she's opening a chain of cellphone stores and a website under the Viva Mobil brand. The aim is to sell Verizon phones and services to Latinos. The first store will open in New York on June 15. Lopez says the stores will have bilingual staff and provide a "culturally relevant shopping experience." Viva Mobil will be an authorized Verizon reseller, with the same prices and plans as regular Verizon stores. Marketing cellphone service specifically to Latinos has not been a winning formula so far in the U.S. One company targeting Spanish speakers, Movida Communications, raised $40 million in 2007 and filed for bankruptcy the following year.

Seaworld 1Q loss narrows as customers spend more

13 minutes ago

Seaworld Entertainment Inc. on Wednesday said its first-quarter loss narrowed by nearly 11 percent thanks to a 12 percent jump in revenue. The theme park operator, best known for its water shows featuring killer whales and dolphins, posted a net loss of $40.4 million, or 49 cents per share, for the first three months of the year. That was down from a loss of $45.1 million, or 55 cents per share, in the year-earlier quarter. Seaworld, which held its initial public offering in April, said revenue rose to $238.6 million, from $212.4 million in 2012's first quarter. Admission revenue was up 14 percent to $152.4 million, while food, merchandise and other revenue gained 9 percent to $86.2 million. Costs and expenses increased at a slower pace than revenue, rising 5 percent to $274.5 million. President and CEO Jim Atchison said the increased revenue reflected new pricing strategies.

News Summary: EU steps up fight versus tax evasion

15 minutes ago

BREAKTHROUGH: The European Union's leaders took a major step in tackling tax-dodgers Wednesday by pushing to end bank secrecy across the bloc's 27 members by year-end. WHAT CHANGED: Luxembourg and Austria prize themselves on their banking secrecy and have long opposed the reforms, but they gave in after making sure they had enough time to negotiate banking deals with some non-EU countries. WHAT'S AT STAKE: European officials say tax fraud and evasion costs them an estimated 1 trillion euros ($1.3 trillion) a year at a time when much of the region is in recession and governments are forced to tighten their budgets.

Kindred Healthcare jumps following investor day

19 minutes ago

Shares of Kindred Healthcare Inc. jumped to an annual high Wednesday as Wall Street reacted positively to the company's investor day. THE SPARK: Kindred, which expects about $6.4 billion in annual revenue, said it is working to integrate its services, cut costs, and improve its business. THE BIG PICTURE: Kindred is based in Louisville, Ky., and it operates more than 200 nursing and rehabilitation centers, more than 100 long-term acute care hospitals, hospice locations, home health locations, and inpatient rehabilitation units. Its RehabCare unit provides services to 1,700 other facilities. THE ANALYSIS: Susquehanna Financial Group analyst Chris Rigg said the company is expecting sold cash flow in 2013, and its cash flows should improve over the next few years as a result of cost cuts and business restructuring. He said the shares should trade higher on those factors and the company's plans to eliminate underperforming nursing center assets.

AP Top Extended Financial Headlines At 4:50 p.m. EDT

19 minutes ago

Fed appears divided over when to slow bond purchases; some would consider a pullback soon CEO compensation from stock keeps growing as companies respond to shareholder activists Stocks fall after Fed minutes show policymakers had weighed a pullback on its stimulus program Bernanke warns that premature ending of Fed's stimulus efforts would carry substantial risks US home sales rise slightly to 4.97 million in April, highest in 3 years; inventories rise

AP Top Financial News At 4:50 p.m. EDT

19 minutes ago

A divided Fed wrestles with when to slow bond buys Median CEO pay rises to $9.7 million in 2012 Stocks fall on news Fed weighed cutting stimulus Bernanke signals Fed to maintain stimulus efforts US home sales tick up to highest in 3 years

A divided Fed wrestles with when to slow bond buys

19 minutes ago

The Federal Reserve is torn over when to slow its aggressive efforts to stimulate the economy. Its uncertainty burst into view Wednesday, when Chairman Ben Bernanke testified to Congress in the morning and the Fed in the afternoon released the minutes of its last policy meeting. Stock prices gyrated through the day as investors struggled to determine whether the Fed might soon pull back _ even gradually _ on its extraordinary efforts. At one point, the Dow Jones industrial average had jumped more than 150 points after Bernanke's testimony signaled his belief that it was too soon for the Fed to pull back on its support for the economy, including its $85 billion a month in Treasury and mortgage bond purchases. But the Dow plunged and closed down 80 points after minutes from the Fed's April

Twitter adds security measure to logins

21 minutes ago

Twitter is adding an extra security measure to users' accounts in an effort to prevent unauthorized logins. Twitter said in a blog post Wednesday that users will be able to enroll in a login verification program. For those who sign up, Twitter will send a six-digit code using a text message each time they sign in to Twitter.com. Besides their username and password, users will have to enter the code as well to log in. Microsoft Corp., Google Inc. and Facebook Inc. already allow two-step verification as an option. Twitter has been criticized for not having this option, especially following recent breaches of Twitter accounts belonging to major news organizations and other companies. Unlike the other Internet companies, though, Twitter will ask users for a verification code each time they lo

Key House chairman slams Senate immigration bill

22 minutes ago

A key House committee chairman on Wednesday sharply criticized a wide-ranging immigration bill just passed by a Senate committee, underscoring the difficulties ahead as the politically volatile measure moves forward in a divided Congress. Separately, a bipartisan House group that has been working behind the scenes to craft its own immigration measure encountered fresh difficulties. House Judiciary Committee Chairman Bob Goodlatte, R-Va., argued that the bill passed by the Senate Judiciary Committee on a bipartisan vote Tuesday "falls far short" of what is needed to end the problem of illegal immigration, and is unlikely to secure the border. "While I commend the Senate for their continuing efforts to tackle the extremely difficult task of reforming our broken system, I must observe that S. 744 repeats many of the mistakes of the past," Goodlatte said at a hearing of his committee on the legislation. "We have serious concerns."