Euro-Area Unemployment ...

Euro-Area Unemployment Reaches Record 11%, Led By Spain

By Simone Meier - Jun 1, 2012

Euro-area unemployment reached the highest on record as a deepening economic slump and budget cuts prompted companies from Spain to Italy to reduce their workforces.

The jobless rate in the 17-nation euro zone was at 11 percent in April and March, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. The March figure was revised higher to 11 percent from 10.9 percent estimated earlier.

Europe’s companies are under pressure to lower costs to protect earnings as the worsening fiscal crisis erodes exports and consumer spending. Euro-area economic confidence dropped more

than economists forecast last month and manufacturing output contracted. Deutsche Lufthansa AG (LHA) said on May 30 that it may cut as many as 1,000 jobs at LSG Sky Chefs, the world’s largest inflight caterer, in a bid to lower costs through 2014.

Facebook suffers outage that cuts off users

1 June 2012 from  bbc.co.uk

Facebook has suffered a series of service disruptions which left many people unable to use the social network.

The problems meant that the site was unreachable for some people for almost two hours.

Sporadic disruptions were reported by many people and even those who could get through said pages were taking a long time to load.

Facebook apologised but said it had fixed the problem.

Stock slide

Tiger Woods...

Stallings sets Memorial pace, Tiger four back

May 31, 2012Reuters


Tiger Woods, without playing at his best, moved into contention at the Memorial tournament on Thursday while fellow American Scott Stallings made a welcome return to form by charging into a one-shot lead.
Four-times champion Woods birdied three of the four par-fives in surprisingly firm and fast-running conditions at a sun-drenched Muirfield Village Golf Club to card a two-under-par 70, finishing four strokes behind Stallings.
Americans Spencer Levin, who totaled only 21 putts, and Erik Compton opened with 67s while Australian Aaron Baddeley, South African Rory Sabbatini and Argentina's Andres Romero were among a group of seven players knotted on 69.
Woods, who won the most recent of his four titles here in 2009, was reasonably satisfied after mixing four birdies with a double-bogey at the treacherous par-four 18th, his ninth hole of the day.
"It was just a solid round today," the 36-year-old told reporters. "It certainly could have been a lot lower, but I'm pleased with the way I hit the golf ball today. I didn't do anything great and I didn't do anything poorly today.

Nancy Reagan endorses Romney's bid for president

Nancy Reagan endorses Romney's bid for president

5-31-2012
LOS ANGELES (AP) — Former first lady Nancy Reagan served lemonade and cookies to Mitt Romney and his wife and offered the presumptive Republican presidential nominee something extra — her endorsement.
The widow of President Ronald Reagan says she is firmly behind Romney. And she says that her "Ronnie" would have liked Romney's business background and what she calls his "strong principles."
Romney and his wife, Ann, visited Mrs. Reagan at her Los Angeles home on Thursday. The Republican presidential candidate has been campaigning and raising money on the West Coast this week.
In a statement issued after the Romneys' visit, Mrs. Reagan said she believes that Romney has the experience and leadership skills that, in her words, "our country so desperately needs."

Walt Disney Studios' next chairman, Alan Horn,

Alan Horn could revive Walt Disney Studios' magic

Walt Disney Studios' next chairman, Alan Horn, has a reputation for nurturing successful family-friendly films such as 'Harry Potter.'

By Dawn C. Chmielewski, Los Angeles Times
June 1, 2012

In naming film veteran Alan Horn to oversee its troubled movie studio, Walt Disney Co. has tapped an executive who nurtured the blockbuster "Harry Potter" franchise and could bring magic back to the studio that once controlled the family film market.

The former Warner Bros. Entertainment president takes over as Walt Disney Studios chairman June 11, assuming control of the Burbank company whose 1937 "Snow White and the Seven Dwarfs" heralded a golden age of animated movies and made Mickey Mouse, Ariel and the Lion King an indelible part of the American childhood.

Euro structure is 'unsustainable,'

Euro structure is 'unsustainable,' ECB chief warns

May 31, 2012Associated Press
From foxnews.com
FRANKFURT, Germany –  The head of the European Central Bank warned Thursday that the euro currency union is "unsustainable" without stronger political and financial ties, and called for a new course to save it from a crippling debt crisis.
Mario Draghi heaped criticism on European political leaders for being slow to respond to the 2½-year crisis, saying delays and half-measures had only made the situation worse.
Speaking to the European Parliament in Brussels, Draghi said the central bank has done what it could to fight the problems by reducing interest rates and giving $1.2 trillion (€1 trillion) in emergency loans to banks. Now, he said, it is up to the 17 member countries to devise a broad vision for the future.
The ECB cannot "fill the vacuum of the lack of action by national governments," he said, urging sweeping reforms to spur growth, reduce deficits and create a Europe-wide banking regulator.
Beyond that, the euro needs a fundamental reworking of its rules and management, he said, calling the current structure "unsustainable unless further steps are taken."

Police: 'Hero' saved others in Seattle shootings

Police: 'Hero' saved others in Seattle shootings

By GENE JOHNSON, Associated Press
5-31-2012

SEATTLE (AP) — Someone inside an artsy Seattle cafe where a gunman opened fire threw stools at the assailant during a shooting rampage police described as "callous, horrific and cold," a move that allowed others to run to safety.
Ian Lee Stawicki was armed with two .45-caliber handguns and began shooting Wednesday morning at Cafe Racer, killing four people. Police said he fled and later killed a female motorist, taking off with her SUV.
Stawicki later killed himself as police closed in.
Police said more people could have been injured or even killed at the cafe were it not for the actions of the man, whom they did not identify. They did not say whether he was a patron or an employee.
"The hero picked up a stool and threw it at the suspect. Hit him. Picked up another stool, as the suspect is shooting and now pointing (a gun) at him and hits him with another stool," Assistant Chief Jim Pugel

Sell in May and go away

Sell in May and go away: Stocks close dismal month

By CHRISTINA REXRODE, AP Business Writer
5-31-2012

NEW YORK (AP) — They sold in May and went away, all right.
With a disappointing finish on Thursday, the stock market closed what was by some measures its worst month in two years. Over five dismal weeks, Facebook fizzled, a debt crisis in Europe loomed, and nobody was in the mood to buy.
When May was mercifully over, the Dow Jones industrial average and other major indexes had erased most of the strong gains they built up through March and held on to in April.
"Any time the market dips like this, it erodes some confidence," said Craig Callahan, co-founder and president of ICON Advisers in Denver. "It scares people out of the market. All of the above, May has done that."

New York to ban sale of big sodas by restaurants and food carts

From Ronni Berke, CNN

 Thu May 31, 2012

New York (CNN) -- New York City is poised to ban the sale of large-sized sodas and other sugary beverages in an effort to combat rising obesity rates, a city official said Thursday.

The ban would outlaw the sale of such drinks larger than 16 ounces from restaurants, food carts and any other establishment that receives a letter grade for food service. It would not apply to grocery stores.

Romney gets backing of Rice

Romney gets backing of Rice, Shultz at Calif. fundraiser

By Seema Mehta

May 30, 2012

HILLSBOROUGH, Calif.—

Mitt Romney was endorsed by former secretaries of state Condoleezza Rice and George Shultz at a fundraiser here Wednesday night, with both arguing that Romney is best suited to right the nation’s economy and standing in the world.

Shultz noted that he had served Presidents Eisenhower, Nixon and Reagan, and knew both Bushes well, so he recognized leadership and he saw it in Romney.

“Look at these people, and you see they have good minds, not just intellects, but some sort of creative ability to grasp the depth of what’s going on and that’s really important and this man has that kind of mind,” Shultz told 300 people at a hilltop castle in this Bay Area suburb. “Then you find that all these people have the ability to identify long-term issues that you have to pay attention to.”

Motorcyclist clocked going 193 mph on NY highway

Associated Press 5.23.2012

ROSENDALE, N.Y. — Authorities say a 28-year-old man in upstate New York has been charged with driving his motorcycle at nearly 200 mph on a highway in the rain.

State police say a trooper clocked Anthony Anderson of Poughkeepsie driving at 193 mph around 8 p.m. Wednesday in the southbound lanes of Interstate 87 just south of Albany — the same stretch of road where another motorcyclist was spotted doing 166 mph earlier this month.

The trooper was able to get a description of the high-performance bike and alerted nearby patrols.

Troopers eventually stopped Anderson in the town of Rosendale.

euro zone ...Bank Reform

ECB's Draghi Calls for Bank Reform

 May 31, 2012 

By MARGIT FEHER

BRUSSELS—European Central Bank President Mario Draghi called on European politicians to come up with a vision for the euro zone for the years ahead to better tackle the region's debt crisis and to restore confidence, suggesting that a centralization of financial-sector regulation should be the first step.

"The sooner the vision is clarified the better for the European Union," Mr. Draghi said Thursday at a hearing in front of the European Parliament's Committee of Monetary and Financial Affairs.

Coming forward with a vision for the euro would restore confidence in the euro zone and be the best means to boost sagging economic growth, Mr. Draghi said.

German president ...Israel visit

German president criticizes settlements on Israel visit

May 31, 2012

BERLIN (JTA) - German President Joachim Gauck raised the issue of Israeli settlements during his official visit to Israel and the Palestinian Authority.

Speaking with Israeli Prime Minister Benjamin Netanyahu on May 30, Gauck asked the Israeli leader to show readiness to make a compromise on settlement construction.

Gauck also was to meet with Palestinian President Mahmoud Abbas and Palestinian Prime Minister Salam Fayyad, who have maintained that settlement expansion must stop if peace talks are to resume. The Israeli position is that peace talks should resume first, and that the settlement policy would then be on the table.

In a statement issued May 30, the American Jewish Committee's Berlin office applauded Gauck's "strong reaffirmation of German-Jewish relations" but also urged him to affirm his commitment to protecting Israel's security, in light of "an increasingly negative climate toward Israel" in Germany.

Recent polls have shown a decline in popular support for Israel among German citizens, noted Berlin AJC director Deidre Berger.

Rajon Rondo, Ray Allen

Rajon Rondo, Ray Allen rise to occasion

By Steve Buckley
Thursday, May 31, 2012

MIAMI — However it all shakes out, Game 2 of the Eastern Conference finals is going to be remembered as the night Rajon Rondo [stats] played all those minutes and scored all those points.

As in all 53 minutes in the Celtics [team stats]’ crushing 115-111 overtime loss to the Miami Heat last night at American Airlines [AMR] Arena.

As in a whopping 44 points, making for the most explosive offensive effort of Rondo’s career.
But, yes, the Celtics did lose, and decorum demands that Rondo’s effort be the footnote to that loss, not the other way around. But here’s the thing: This was the rare game in which the losing team produced not one but two significant story lines. You had your Rondo storyline, and you had — insert gasps of surprise here — your Ray Allen storyline.
Can we all agree that Rajon Rondo had a 44-point playoff game in him? Of course! He’s young, he’s healthy, he’s talented and, of course, the red-hot glare of the national spotlight agrees with him.
But can we also agree that Ray Allen didn’t have any clutch, let’s-send-this-baby-into-overtime shots remaining in his decidedly dented tank? He had looked every bit the old and injured player that he is in Game 1, Celts coach Doc Rivers being so candid as to put it out there that “. . . his leg is out on

Foreclosures made up 26%

Foreclosures made up 26% of U.S. home sales in first quarter

By Jessica Dickler @CNNMoney May 31, 2012

NEW YORK (CNNMoney) -- Homes in some stage of foreclosure accounted for more than one in four home sales during the first three months of the year, according to a report released Thursday.

Distressed properties that were either in default, scheduled for auction or bank-owned accounted for 26% of all residential sales during the first quarter, up from 22% in the previous quarter and 25% a year earlier, RealtyTrac said.

Altogether, 233,299 distressed properties were purchased during the quarter, an 8% increase from the previous quarter. Those homes sold for an average of $161,214, 27%

Europe ponders 'banking union'

Europe ponders 'banking union' to avert further euro crises

May 30, 2012 

  From latimesblogs.latimes.com

European leaders called Wednesday for the 17-nation Eurozone to create a "banking union" to collectively stabilize struggling financial institutions and protect national governments from taking on excessive debt to bail out their banks.

crude for July delivery was down 24 cents at $87.58

NYMEX-Crude extends losses, heads for worst month since 2008

Wed May 30, 2012 

TOKYO May 31 (Reuters) - U.S. crude extended losses into a third straight session on Thursday, on track for their biggest monthly drop since the financial crisis of 2008, as risk aversion kept its grip on markets amid mounting tensions about the euro zone debt crisis.

FUNDAMENTALS

* NYMEX crude for July delivery was down 24 cents at $87.58 a barrel by 0103 GMT, after settling down $2.94 at $87.82 on Wednesday. Prices were headed for a loss of more than 16 percent for May, the biggest monthly drop since late 2008.

Apple ... that's not so easy

Apple wants to make products in U.S., but that's not so easy

Critics want Apple to manufacture more products in the U.S. CEO Tim Cook does, too. But there's a lot in the way.

by Andrew Nusca  May 30, 2012

Let's make the iPhone in the good ol' U. S. of A. Who's with me?

There are few Americans who don't like the idea of an all-American iPhone, iPad or MacBook. "Designed in California," sure -- but why not made there, too?

During the D: All Things Digital conference this week, Apple chief executive Tim Cook suggestedthat he wanted his celebrated tech company to make more components, and perhaps assemble them, here in the U.S.

But it's not that easy.

Oracle CEO...

Oracle CEO Preps Cloud Services

By JOHN LETZINGMay 30, 2012

RANCHO PALOS VERDES, Calif.—Oracle Corp. ORCL -1.10% Chief Executive Larry Ellison said Wednesday the business software giant will release an extensive collection of tools based on the Internet "cloud" in about a week, as the company strives to maintain its edge.

"We have all our applications in the cloud, starting June 6th," Mr. Ellison said during an appearance at the D: All Things Digital conference near Los Angeles, adding that he may publish his first tweet to mark the occasion.

What Women Need to Know

Hormone Replacement Therapy After Menopause: What Women Need to Know

A government panel confirms that estrogen and progestin replacement therapy should be used sparingly, only to ward off the most intense symptoms of menopause, and not to protect against chronic disease.
By ALICE PARK May 30, 2012

Confirming what a growing number of studies has shown, the U.S. Preventive Services Task Force (USPSTF), a government panel that periodically reviews the evidence on screening and other preventive treatments, recommended this week that postmenopausal women should not take hormone replacement therapy to prevent conditions such as heart disease, cancer or dementia.

Before 2002, doctors recommended that women use supplemental hormone treatments to restore levels of estrogen and progestin, which naturally wane during and after menopause. The thinking was that the

Doc Watson dies

Folk music icon Doc Watson dies at 89
 May 30, 2012, 

Doc Watson, the Grammy-winning blindsinger-songwriter, passed way on Tuesday. He was 89.

According to People magazine, Watson had been hospitalized in Winston-Salem, N.C., for abdominal surgery.

Arthel Lane Watson, who was born in North Carolina, lost his eyesight as an infant due to an infection.

However, he went on to have a successful career as a bluegrass and folk musician, known for recordings including "Tom Dooley" and "Shady Grove."

Watson toured and recorded with his son, Eddy Merle, from the mid-1960s through the early 1980s.

Unfortunately, Merle was killed in a tractor accident on their family farm back in 1985.

However, in the 2000's, Watson was often joined onstage by his grandson, Merle's son Richard.

In all, Watson has won seven Grammy awards during his career, as well as a lifetime

Spain woes drag euro to 23-month low

Spain woes drag euro to 23-month low vs dollar

May 30, 2012

* Spanish banking problems weigh heavily on euro

* Euro hits near 2-yr low vs dollar; dollar index at 20-mth high

* Focus on rising Spanish debt yields and risk of bailout

* Italy pays hefty price to sell bonds

By Jessica Mortimer

LONDON, May 30 (Reuters) - The euro fell to it lowest in 23 months against the dollar on Wednesday as concerns grew about Spain's ailing banking sector and soaring borrowing costs, and after Italy was forced to pay dearly to sell debt.

commodities fell 1 percent

Corn, Copper, Crude Oil, Natural Gas Drop: Commodities At Close

By Christian Schmollinger - May 30, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 1 percent to 611.56 at 5:18 p.m. Singapore time. The UBS Bloomberg CMCI index of 26 raw materials decreased 1.1 percent to 1,455.874.

CRUDE OIL

Oil fell for a second day, heading for the biggest monthly drop in more than three years, before a report that may show stockpiles climbed to the highest level since 1990 in the U.S., the world’s biggest crude user.

Crude for July delivery decreased as much as $1.01 to $89.75 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.96 at 8:58 a.m. London time. The contract yesterday slid 10 cents to $90.76, the lowest close since May 24. Prices are down 14.2 percent