WASHINGTON, Nov 25- A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance. The debate over whether Washington should lift its nearly 40- year crude oil export ban will come sharply into focus in January, when Republicans take over...» Read More
NEW YORK-- Shares of Star Scientific fell 6 percent on Tuesday as investors likely viewed a $5 million payout in a patent dispute settlement as smaller than anticipated.
Weak or cautious forecasts this week from major manufacturers including 3 M Co., Korean steel maker Posco and heavy equipment manufacturer Caterpillar contributed to concern about global economic growth. Exxon Mobil Corp. fell $1.94, or 2.1 percent, to $90.25; and ConocoPhillips fell $1.12, or 2 percent, at $55.92;.
Unless Congress acts, the trust funds that support Social Security will run out of money in 2033, according to the trustees who oversee the retirement and disability program. At that point, Social Security would collect only enough tax revenue each year to pay about 75 percent of benefits.
WALLET, MEET PC: United Parcel Service Inc., the world's largest package delivery company, thinks online demand for gadgets will help its earnings this year, making up for slower shipments between businesses.
Other global companies, including Caterpillar on Monday, cited slower-than-expected growth in the U.S., China, and noted the broadening recession in Europe. South Korean steel maker Posco said that it expected growth in steel demand to range between 2 percent and 3 percent by 2013 because of slower demand globally in both developed and emerging countries.
PURCHASE, N.Y.-- PepsiCo Inc. will sell Japan's Suntory Holdings Ltd. a 51 percent stake in its Vietnam beverage business, with the two companies combining resources to expand in the growing market. Both Suntory and PepsiCo executives will help manage the business, which will serve as the bottler for both companies in Vietnam.
Benchmark oil dropped $2.32, or 2.6 percent, to $86.29 in afternoon trading in New York. The national average for a gallon of regular gasoline dropped 2 cents overnight to $3.65. That's why gasoline futures have plunged 12 percent in less than two weeks, including a 6- cent drop Tuesday to $2.59 per gallon.
A unionized job once meant a secure path to a middle-class life. President Barack Obama has signed a series of executive orders that encourage the use of union labor in federal construction projects, ease union financial reporting requirements and more.
NEW YORK-- Nobody was expecting this earnings season to be great. Stocks plunged Tuesday, making it one of the worst days on Wall Street so far this year and sending the major indexes to their lowest levels since early September. That was June 1, the day the government released an ominously weak jobs report.
GLENVIEW, Ill.-- Security products distributor Anixter International said Tuesday that its net income dropped 53 percent in the third quarter mostly because of impairment and inventory charges. The Glenview, Ill., company earned $20.5 million, or 61 cents per share, compared with $43.5 million, or $1.26 per share, a year earlier.
And it sparked the Wall Street protests that spread to other cities in the country. President Barack Obama would raise taxes on households earning more than $250,000 a year, plus set a minimum tax rate of 30 percent for those who earn $1 million or more.
SIOUX FALLS, S.D.-- South Dakota feedlots with capacities of 1,000 or more head had 195,000 cattle on feed for the slaughter market as of Oct. 1. The Agriculture Department says the inventory is down 10,000 head over the year but up 10,000 head over the month.
NOT ART: Lap dances are taxable because they don't promote culture in a community the way ballet or other artistic endeavors do, New York's highest court concluded Tuesday in a sharply divided ruling.
UPS said it predicts earnings of $4.55 to $4.65 per share, compared with its earlier forecast of $4.50 to $4.70. The new outlook indicates that earnings in the fourth quarter will exceed Wall Street expectations. For the three months ending in September, United Parcel Service Inc.' s net income fell 56 percent to $469 million, or 48 cents per share.
Peabody Energy Corp.' s shares fell in trading Tuesday after a Goldman Sachs analyst downgraded his rating on the coal company after a recent rally in its stock price.
DETAILS: JELD-WEN and Reliabilt Interior Bifold Doors manufactured by JELD-WEN, Inc. of Klamath Falls, Ore.; sold at Home Depot, Lowe's and other retailers between February 2011 and March 2012. The interior bifold doors were manufactured in the United States.
J.C. Penney Co. said Tuesday that for the entire month of November families can have a portrait done for free. The free portrait service is available at 530 Penney stores that have portrait studios. Penney operates more than 1,100 stores.
In areas such as mortgages, voter identification and immigration enforcement, the presidential candidates differ over how to use laws that guarantee equality and how far the Justice Department's civil rights division, which exerts strong influence on issues of race and ethnicity, should go to ensure all Americans are treated fairly.
OLYMPIA, Wash.-- Bill and Melinda Gates have donated $500,000 to the campaign to uphold Washington state's gay marriage law. The donation was announced Tuesday by Washington United for Marriage, which is working to approve Referendum 74. The donation was made on Oct. 15, but didn't publicly post online with the Public Disclosure Commission until Tuesday.