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Top News & Analysis New York City

  • Jan 16- Qualcomm Inc, the U.S. chipmaker fending off a hostile bid by Broadcom Ltd, raised its profit forecast on Tuesday and said it might use funds to buy back stock if its $38 billion bid to acquire NXP Semiconductors NV fails. Broadcom's offer, unveiled on Nov. 6, valued Qualcomm at $70 per share. NXP closed at $119.40, above the $110 Qualcomm bid.

  • NEW YORK, Jan 16- A second winter storm in as many weeks is causing hundreds of flight cancellations across the United States, airlines reported on Tuesday, potentially dealing a further blow to carriers' first quarter outlooks. Rival Delta Air Lines, the No. 2 U.S. carrier by passenger traffic, said it had canceled about 275 Tuesday flights and expected additional...

  • DETROIT— The North American International Auto Show in Detroit opened to the press this week with one big question hanging in the air: How will autonomous vehicles change the industry? The answer is still unclear. General Motors spent heavily to update its top-selling Chevrolet Silverado pickup, cutting up to 450 pounds of weight by using more aluminum and...

  • Jan 16- A group of 21 U.S. state attorneys general filed suit to challenge the Federal Communications Commission's decision to do away with net neutrality on Tuesday while Democrats said they needed just one more vote in the Senate to repeal the FCC ruling. Even if Democrats could win a majority in the Senate, a repeal would also require winning a vote in the House...

  • *GE Capital to make statutory reserve contributions of $15 bln. NEW YORK, Jan 16- General Electric Co indicated it is looking closely at breaking itself up on Tuesday as the conglomerate announced more than $11 billion in charges from its long-term care insurance portfolio and new U.S. tax laws. Flannery already is eliminating thousands of jobs and cutting $3.5...

  • General Electric Co., down 55 cents to $18.21. Energizer Holdings Inc., up $7.49 to $59.11. UnitedHealth Group Inc., up $4.26 to $232.90.

  • Jan 16- A federal judge in Philadelphia on Tuesday rejected Wells Fargo& Co's bid to dismiss that city's lawsuit accusing the largest U.S. mortgage lender of predatory lending targeting black and Hispanic borrowers. District Judge Anita Brody said Philadelphia may pursue claims that the bank's alleged "reverse redlining" violated the federal Fair Housing...

  • The rules barred companies like AT&T, Comcast and Verizon from interfering with internet traffic and favoring their own sites and apps. FCC Chairman Ajit Pai's push to undo them inspired both street and online protests in defense of the Obama-era rules. FCC spokesman Brian Hart declined to comment on the litigation.

  • *Dow tops 26,000 but Wall Street gives up gains. NEW YORK, Jan 16- World stock markets slipped on Tuesday, giving back early gains as Wall Street pulled back from initial highs after a decline in oil and metals dragged energy and materials stocks lower. Wall Street had opened higher, as the Dow breached the 26,000 mark for the first time.

  • The FCC voted in December along party lines to reverse rules introduced in 2015 that barred internet service providers from blocking or throttling traffic or offering paid fast lanes, also known as paid prioritization. The new rules will not take effect for several months, the FCC has said. A reversal of the FCC decision needs the approval of the Senate, the House...

  • NEW YORK— The Consumer Financial Protection Bureau has decided to reconsider a key set of rules enacted last year that would have protected consumers against harmful payday lenders. The bureau, which came under control of the Trump administration late last year, said in a statement Tuesday that it plans to take a second look at the payday lending rules.

  • NEW YORK, Jan 16- The euro held close to a three-year high against the dollar on Tuesday, as the common currency recovered from earlier losses tied to doubts that the European Central Bank would back away from its pledge to keep buying bonds at next week's meeting. Digital currencies tumbled, with bitcoin dropping as much as 18 percent to a four-week low near...

  • NEW YORK, Jan 16- U.S. long-dated Treasury yields fell on Tuesday morning along with those of European bonds, after a Reuters report said the European Central Bank was not quite ready to end its bond-buying scheme at next week's meeting. "There's a pullback in bund yields and we're seeing a little bit of that spill over to the U.S.," said Subadra Rajappa, head of U.S. rates...

  • Public Citizen, which compiled media reports and publicly available government data, cited moves by groups associated with at least three foreign governments— Saudi Arabia, Malaysia and Kuwait— to book rooms and host events last year at the Trump International Hotel in Washington. Then-President-elect Donald Trump moved a year ago to give up direct...

  • Organizers of the new Visit U.S. Coalition said the decline started in 2015 and repeatedly said they are not blaming President Donald Trump, who has been criticized by some in the travel industry for spurring a "Trump slump" with anti-foreigner rhetoric and policies. "People misinterpreted a lot of our security protocols to be an unwelcoming message," said Geoff...

  • Most of the cuts, which could start as early as Tuesday and continue through the week, are in Houston, home to a majority of the company's employees, according to two sources familiar with the matter. Hedge fund Elliott Management Corp last month launched an activist campaign against Hess, saying it was frustrated by the company's "continuing underperformance"...

  • Jan 16- A federal judge in Philadelphia on Tuesday rejected Wells Fargo& Co's bid to dismiss that city's lawsuit accusing the largest U.S. mortgage lender of predatory lending targeting black and Hispanic borrowers. District Judge Anita Brody said Philadelphia may pursue claims that the bank's alleged "reverse redlining" violated the federal Fair Housing...

  • *OPEC/ Russia- led supply curbs prop up crude. NEW YORK, Jan 16- Oil prices dropped off three-year highs on Tuesday as traders booked profits but healthy demand underpinned prices near $70 per barrel, a level not seen since the market slump in 2014.. Prices have been driven up by oil production curbs in OPEC nations and Russia, and demand amid healthy economic growth.

  • *GE slides after saying it would take $6.2 bln 4th- quarter charge. NEW YORK, Jan 16- Wall Street's major stock indexes pared gains in late afternoon trading on Tuesday as lower oil prices weighed on the energy sector. "Lower energy prices are taking us down a little bit," said Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment...

  • The biggest loser so far has been Citigroup, which reported Tuesday an $18 billion loss largely due to the tax law. It was one of the largest quarterly losses in Citi's history. Citigroup, JPMorgan and other banks had assigned a value to these assets when the top U.S. corporate income tax rate was 35 percent.