PARIS, March 1 (Reuters) - Alex Ferguson's philosophy is behind the longevity of Manchester United's homegrown players, says Paris St Germain midfielder David Beckham. The former England captain and United player is still active at 37, having joined PSG on a five-month loan at the end of January. Former team mate Phil Neville, 36, plays at Everton and the 39-year-old Ryan Giggs, who started his youth career at Manchester City but ended it at United, is still at Old Trafford after signing his first professional contract there in 1990. ...
Read More..
Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Wall Street opens flat after two-day rally
Label: BusinessLOS ANGELES (Reuters) - Carrie Fisher, who played Princess Leia in the original "Star Wars" trilogy, was briefly hospitalized due to her bipolar disorder, the actress' spokeswoman said on Tuesday after video emerged of Fisher giving an unusual stage performance. The video came from a show Fisher gave aboard a cruise ship in the Caribbean last week, according to celebrity website TMZ, which posted the clip. The clip shows Fisher, 56, singing "Skylark" and "Bridge Over Troubled Waters," at times appearing to struggle to remember the lyrics. ...
Read More..
Wall Street little changed ahead of Bernanke testimony
Label: BusinessNEW YORK (Reuters) - Wall Street opened little changed as investors awaited a second round of testimony in Congress by Federal Reserve Chairman Ben Bernanke for clarity on the longevity of the Fed's economic stimulus program.
Calming some jitters over the euro zone, Italian debt prices and European stocks rose on Wednesday after Italy sold the maximum amount of bonds it planned to offer in a debt auction though borrowing costs soared.
Bernanke will make his second appearance before the Financial Services Committee at 10:00 a.m. ET (1500 GMT).
"The market got what it wanted yesterday from the Fed, so, as long as (Bernanke) doesn't say anything new, the market is likely to remain as status quo," said Joe Saluzzi, co- of trading at Themis Trading in Chatham, New Jersey.
A day earlier, Bernanke strongly defended the Fed's monetary stimulus efforts before Congress, easing financial market worries over an early retreat from the Fed's bond buying program, which had been triggered by minutes of the Fed's January meeting released a week ago.
His remarks, along with data showing sales of new homes hit a 4 1/2-year high, helped U.S. stocks rebound Tuesday from their worst decline since November.
Despite the bounce, the S&P 500 was unable to move back above 1,500, a closely watched level that had been technical support until recently, but may now prove a resistance point.
The Dow Jones industrial average <.dji> gained 1.76 points, or 0.01 percent, to 13,901.89. The Standard & Poor's 500 Index <.spx> dropped 0.36 points, or 0.02 percent, to 1,496.58. The Nasdaq Composite Index <.ixic> gained 0.70 points, or 0.02 percent, to 3,130.34.
The benchmark S&P 500, up 6 percent for the year, was within reach of record highs a week ago, before the minutes from the Fed's January meeting were released. Since then, the index has shed 1 percent as the minutes raised questions about whether the Fed may slow or halt its economy-stimulating measures soon.
Economic data was in focus with homes data due out at 10:00 a.m. ET (1500 GMT).
Earlier, separate data showed non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, jumped 6.3 percent, the biggest gain since December 2011. The market's reaction was muted.
In earnings news, discount retailer Target Corp
Dollar Tree Inc
Shares of Boyd Gaming
In Europe, shares rose, steadying after the previous session's sharp losses, though jitters over the euro zone kept a lid on gains.
Italy's 10-year debt costs rose more than half a percentage point at the first longer-term auction since an inconclusive parliamentary election, although they remained below the psychologically important level of 5 percent.
(Editing by Bernadette Baum)
Wall Street opens higher after drop on Italian vote
Label: BusinessDEAR ABBY: "Harold" and I have been married for more than 20 years and have three children ranging in age from teen to toddler. We are both college graduates and held middle-management jobs until recently.Two years ago, Harold was offered a temporary job in an exotic location in another country. We jumped at the chance. I can't work due to the regulations here, but the money is good.Now that I'm not working, Harold suddenly believes he has the right to tell me what to do, how to manage daily activities, how to care for the children, etc. ...
Read More..
Wall Street edges up after Italy exit polls
Label: BusinessNEW YORK (Reuters) - Stocks opened slightly higher on Monday after initial polls showed pro-reform center-leftists could win the Italian general election, though caution remained as defensive sectors led gains on the S&P 500.
The Dow Jones industrial average <.dji> rose 41.47 points or 0.3 percent, to 14,042.04, the S&P 500 <.spx> gained 6.81 points or 0.45 percent, to 1,522.41 and the Nasdaq Composite <.ixic> added 18.79 points or 0.59 percent, to 3,180.61.
(Editing by Kenneth Barry)
Investors face another Washington deadline
Label: BusinessNEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.
Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.
Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.
"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.
Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.
But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.
National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.
"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
OPTIONS BULLS TARGET GAINS
The spending cuts, if they go ahead, could hit the defense industry particularly hard.
Yet in the options market, bulls were targeting gains in Lockheed Martin Corp
Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.
"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.
The stock ended up 0.6 percent at $88.12 on Friday.
If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp
General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.
EYES ON GDP DATA, APPLE
The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.
U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.
Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.
Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.
On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.
(Additional reporting by Doris Frankel; Editing by Kenneth Barry)
Investors face another Washington deadline
Label: BusinessNEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.
Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.
Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.
"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.
Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.
But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.
National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.
"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
OPTIONS BULLS TARGET GAINS
The spending cuts, if they go ahead, could hit the defense industry particularly hard.
Yet in the options market, bulls were targeting gains in Lockheed Martin Corp
Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.
"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.
The stock ended up 0.6 percent at $88.12 on Friday.
If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp
General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.
EYES ON GDP DATA, APPLE
The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.
U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.
Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.
Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.
On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.
(Additional reporting by Doris Frankel; Editing by Kenneth Barry)
Wall Street opens higher on data, HP earnings
Label: BusinessNEW YORK (Reuters) - Stocks opened higher Friday after two days of losses, lifted by better-than-expected earnings from Hewlett-Packard Co
HP, a Dow component, jumped 7.4 percent to $18.34 in early trading.
The Dow Jones industrial average <.dji> was up 45.85 points, or 0.33 percent, at 13,926.47. The Standard & Poor's 500 Index <.spx> was up 6.06 points, or 0.40 percent, at 1,508.48. The Nasdaq Composite Index <.ixic> was up 18.48 points, or 0.59 percent, at 3,149.98.
(Reporting by Ryan Vlastelica; Editing by Bernadette Baum)
Wall Street opens lower after jobless data
Label: BusinessTORONTO, Feb 20 (Reuters) - Canada's Rebecca Marino, a rising star in women's tennis, stepped away from the sport in search of a normal life on Wednesday, weary of battling depression and cyber-bullies. Ranked number 38 in the world two years ago, the 22-year-old admitted she had long suffered from depression and was no longer willing to make the sacrifices necessary to reach the top. "After thinking long and hard, I do not have the passion or enjoyment to drive myself to the level I would like to be at in professional tennis," Marino explained in a conference call. ...
Read More..
Wall Street set for flat open after data, Fed minutes on tap
Label: BusinessNEW YORK (Reuters) - Stocks were little changed on Wednesday after housing and inflation data pointed to a continuation of modest economic improvement and ahead of the minutes from the Federal Open Market Committee's January meeting later in the session.
Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.
The data should enable the Fed to maintain its easy monetary policy in its efforts to stimulate the economy.
Later in the session, investors will look to the minutes from the Fed's January meeting for any indication as to how long the current monetary policy will remain in effect.
"It's hard in any given data point to take a strong conclusion that we are moving dramatically forward, but over time, clearly things are getting better," said Robert Lutts, chief investment officer at Cabot Money Management in Salem, Massachusetts.
Lutts described an economy that was addicted to stimulus.
"The bottom line is the economy is on heroin today and we will at one time move to a diluted form of heroin, but it's very important for people to remember we are still on an unbelievably aggressive, never-seen-before accommodative policy and this economy is going to improve."
The S&P 500 <.spx> is up more than 7 percent for the year, fueled by legislators' ability to sidestep an automatic implementation of spending cuts on tax hikes on January 1, better-than-expected corporate earnings and modestly improving economic data that has been tepid enough for the Fed to maintain its stimulus policy.
The Dow Jones industrial average <.dji> dropped 5.99 points, or 0.04 percent, to 14,029.68. The Standard & Poor's 500 Index <.spx> lost 2.60 points, or 0.17 percent, to 1,528.34. The Nasdaq Composite Index <.ixic> shed 3.12 points, or 0.10 percent, to 3,210.48.
U.S. oil and gas producer Devon Energy Corp
OfficeMax Inc
Toll Brothers Inc
SodaStream
According to Thomson Reuters data through Tuesday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Nick Zieminski)
Wall Street opens higher on M&A activity
Label: BusinessNEW YORK (Reuters) - Stocks opened slightly higher on Tuesday, putting the S&P 500 on track to extend its seven-week winning streak on increased mergers and acquisitions activity.
The Dow Jones industrial average <.dji> was up 2.69 points, or 0.02 percent, at 13,984.45. The Standard & Poor's 500 Index <.spx> was up 3.02 points, or 0.20 percent, at 1,522.81. The Nasdaq Composite Index <.ixic> was up 5.50 points, or 0.17 percent, at 3,197.53.
(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)
Yen resumes fall after G20, earnings worries hit stocks
Label: BusinessLONDON (Reuters) - The yen resumed falling on Monday after Japan signaled it would push ahead with expansionist monetary policies having escaped criticism from the world's 20 biggest economies at the weekend.
European shares and industrial metals dropped on lingering worries about the economic outlook, especially for the euro zone. The risk of an inconclusive outcome in Italian elections at the weekend also added to investor concerns.
However, activity was curtailed by the closure of markets in the United States for the Presidents' Day holiday.
The yen, which has dropped 20 percent against the dollar since mid-November, fell further after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism.
"Future yen direction will continue to be driven by domestic monetary policy from the Bank of Japan and improving international investor confidence, which are both driving the yen weaker," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.
Japan's prime minister Shinzo Abe seized the opportunity to keep pressure on the central bank to loosen policy, telling the Japanese parliament that buying foreign bonds could be among options the Bank of Japan could adopt.
The result was the dollar rising 0.5 percent to 93.98 yen, near a 33-month peak of 94.47 yen set a week ago. The euro rose 0.2 percent to 125.32 yen, roughly midway between Friday's two-week low of 122.90 and a 34-month high of 127.71 yen hit earlier this month.
Strategists said that while the yen was likely to stay weak, its decline could lose momentum as investors wait for more clarity on who will be taking the helm at the Bank of Japan when the current governor steps down on March 19.
"The big unknown is who will get appointed as the new BoJ governor, so it is difficult to put on massive positions beforehand," said Saeed Amen, currency strategist at Nomura.
Abe is poised to nominate the new governor in the coming days. Sources have told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.
Elsewhere in the currency market, sterling hit a seven-month low against the dollar, after a key policymaker made comments about the need for further weakness and recent poor data which has kept alive worries of another British recession.
Sterling fell 0.15 percent to $1.5492 having earlier touched $1.5438, its lowest since July 13.
DATA LOOMS
A big week for data on the outlook for the world's economy weighed on other riskier asset markets following the recent dire fourth-quarter growth numbers for the euro zone and Japan, along with Friday's soft U.S. manufacturing figures.
In European markets, attention is focused on the euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week. These could affect hopes for a recovery this year.
Analysts expect Thursday's euro area flash PMI indices, which offer pointers to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving hopes for a recovery in the second half of 2013 intact.
Concerns over an inconclusive outcome in the Italian elections on Sunday and Monday have added to the weaker sentiment as a fragmented parliament could hamper a future government's efforts to reform the struggling economy.
The worries about the outlook for Italy were encouraging investors back into safe-haven German government bonds on Monday, with 10-year Bund yields easing 3.6 basis points to be around 1.63 percent.
"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt in the near term.
Italian 10-year yields were 7 basis points higher on the day at 4.44 percent.
EARNINGS HIT
European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.
Danish brewer Carlsberg
The 6.8-percent drop for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.3 percent at midday. Germany's DAX <.gdaxi>, France's CAC-40 <.fchi> and UK FTSE-100 <.ftse> ranged between 0.1 percent up and 0.3 percent lower.
Earlier, the effect of the G20 statement and the comments from Abe indicating a renewed drive to stimulate the Japanese economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.
MSCI's world equity index <.miwd00000pus> was flat as markets extended a two-week period of consolidation that has followed the big run-up in January, when demand was buoyed by the efforts of central banks to stimulate the world economy.
Data from EPFR Global, a U.S.-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.
But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.
CHINA RETURN
In the commodity markets, traders played catch-up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, which had kept activity subdued, with worries about the economic outlook weighing on sentiment.
Copper, for which China is the world's largest consumer, dipped to a near three-week low of $8,127.50 a metric ton (1.1023 tons) on the London futures market. Benchmark tin and nickel also touched three-week lows.
Bargain hunters helped gold rise from a six-month low to be up 0.2 percent to $1,611.87 an ounce with jewelers in China returning to the physical market after the Lunar New Year holiday.
Crude oil markets were mostly steady after some weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.
"We continue to see a mixed picture out of the United States. Industry output was lower than expected but that shouldn't affect the general upward direction," Olivier Jakob, analyst at Geneva-based Petromatrix, said.
Brent crude was flat at $117.66 a barrel after posting its first weekly loss since the first half of January. U.S. crude slipped 19 cents to $95.67.U.S. crude.
(Additional reporting by Marius Zaharia and Ron Bousso. Editing by Philippa Fletcher)
Florida hit by "tsunami" of tax identity fraud
Label: BusinessMIAMI (Reuters) - Bruce Parton was only a few weeks from retirement after 30 years as a mail carrier in sunny Florida.
He never lived to fulfill his retirement plan of moving back to a quiet life in the Catskill mountains of New York, not far from where he grew up on Long Island.
Instead, he was gunned down on his daily mail route in December 2010 by members of an identity theft ring who stole his master key as part of a scheme to claim fraudulent tax refunds.
Using stolen names and Social Security numbers, criminals are filing phony electronic tax forms to claim refunds, exploiting a slow-moving federal bureaucracy to collect the money before victims, or the Internal Revenue Service, discover the fraud.
Parton was a victim of what officials say has ballooned into a massive, and dangerous, illegal industry that could cost the nation $21 billion over the next five years, according to the U.S. Treasury Department.
While that is a relatively small sum compared to the $1.1 trillion collected from individual tax payers in the last fiscal year, the crime has been growing by leaps and bounds in the last three years.
"We are on the top of a national trend that is causing a hemorrhage of tax dollars," said Wifredo Ferrer, United States Attorney for south Florida. "It's a tsunami of fraud."
While the IRS says it has detected cases in every state except North Dakota and West Virginia, the fraud's epicenter is Florida, and it is mostly concentrated in Miami and Tampa.
Miami has 46 times the per-capita rate of false tax refund claims than the rest of the country, and 70 times the national average in dollar terms, Ferrer told Reuters.
"For whatever reason, we always tend to lead the nation when it comes to fraud," he said, noting that his office has been battling massive Medicare fraud in recent years that has since spread to other parts of the country.
Florida's high proportion of older residents, who can be more vulnerable to fraud, may be one reason for the high levels of fraud in the state.
Nationwide, the number of cases of tax identity theft detected by authorities sky-rocketed to more than 1.2 million cases in 2012 from only 48,000 in 2008, according to the Treasury Department.
The real number of phony tax filings is likely much higher as the fraud is hard to track, according to a November General Accountability Office report.
GANG LINKS
The tax ID theft problem is particularly troubling as, unlike Medicare fraud, it is associated with violent crime and armed gangs.
Tampa police first detected it in 2010 when officers discovered wanted street criminals engaged in tax fraud. "They were holed up in hotels with laptops churning out tax claims," said congresswoman Kathy Castor, who represents the area and is pressing the IRS to get tougher on the fraud.
When agents raided a Howard Johnson in East Tampa in late 2010, they found suspects smoking marijuana and four laptop computers being used to file fraudulent tax returns on Turbo Tax, the tax preparation software, according to police records.
The suspects had lists of personal information containing more than 1,000 names and confidential personal information, multiple re-loadable debit cards, and records of numerous financial transactions. The investigation revealed that the suspects had been camped out in the hotel room for more than a week filing claims.
Tax identity fraudsters are apparently drawn by the ease of the crime, officials say.
"The scheme is very basic, it works virtually the same in almost every case," said Ferrer. "All they need is your name and the tax ID number."
Armed with that information a refund claim can be filed electronically, making up other details on the form, including addresses, employer data, income and deductions.
Criminals obtain the vital numbers using various tactics, often by bribing office workers with access to personnel files inside companies, as well as large public institutions such as hospitals and schools, according to prosecutors.
Last summer a hacker stole 3.8 million unencrypted tax records from the South Carolina Department of Revenue in what is believed to be the largest security breach of a U.S. tax agency. Authorities say they do not know the hacker's motive.
One North Miami man, Rodney Saint Fleur, was charged last year with using the LexisNexis research service account at the law firm where he worked to access names and Social Security numbers of 26,000 people as part of an identity theft scheme, according to court documents.
Victims in Florida have varied from hospital patients, to Holocaust survivors at an elderly Jewish community center, as well as active duty military serving overseas.
In December, a former U.S. Marine from North Miami was sentenced to nearly five years in prison for stealing the identities of more than 40 fellow Marines stationed at Camp Leatherneck in Afghanistan as part of a plot to claim $54,000 in fraudulent income-tax refunds.
In Parton's case the criminals were after his master key that gives postal workers access to mail drop-off boxes and apartment mailboxes. He was shot twice in the chest by a gunman as part of a plot to steal identities in people's mail for tax refund fraud.
The gunman, Pikerson Mentor, 31, was sentenced last month to life plus 42 years.
More than 600 people turned up for Parton's funeral, including postal workers and people who got to know him on his route. "He had been doing that mail route for 10 years and he always had a smile for everyone," said his daughter, Nina Parton.
The criminals stay under the radar using identities of the elderly or the very young, who are unlikely to be filing for earned income, as well as the deceased. They typically claim small refunds, around $3,000, but use multiple identities, with payments often made to pre-paid debit cards.
FIGHTING BACK
The IRS said last week it is intensifying a crackdown on identify theft, with 3,000 agents devoted to tackling the problem, double the number assigned in 2011.
The number of IRS criminal investigations into identity theft more than tripled in the year to September 2012, and it was on pace to double again this year, acting IRS Commissioner Steven Miller told reporters.
The tax collection agency prevented $20 billion in attempted tax refund fraud in fiscal year 2012, up from $14 billion a year earlier, he said.
"It's one of the biggest challenges that faces the IRS today," Miller said. "We're doing much better on all fronts but we have much more to do."
Despite the increase in investigations, the agency still had a backlog of 300,000 cases of people waiting for legitimate refunds after they were victims of fraud. It takes an average of six months to resolve a case, Miller said.
"The IRS have put a lot of resources on it, but they always seem to be behind the curve," said Keith Fogg, a tax professor at Villanova University School of Law.
Electronic filing, which now accounts for 80 percent of returns and was introduced to speed up delivery of refunds, has made the system more vulnerable to fraud.
The IRS is seeking to speed up the loading of data from W-2 payroll forms issued at the beginning of the tax season, a time lapse which gives fraudsters a window of opportunity to file using false data.
The IRS is also looking for ways to authenticate the identity of tax filers at the time of filing to pre-empt fraud, as well as working with the Social Security Administration to limit access to a registry of social security data of deceased tax payers, the so-called "Death Master File", a frequent target of fraud.
"We will not be prosecuting our way out of this. That's not going to be the answer. We're going to have to make it more and more difficult for criminals to profit from this behavior," said Miller. "If they're not successful they will move onto something else."
(Editing by Mary Milliken and Claudia Parsons)
G20 defuses talk of "currency war", no accord on debt
Label: BusinessMOSCOW (Reuters) - The Group of 20 nations declared on Saturday there would be no 'currency war' and deferred plans to set new debt-cutting targets in an indication of concern about the fragile state of the world economy.
Japan's expansive policies, which have driven down the yen, escaped criticism in a statement thrashed out in Moscow by financial policymakers from the G20, which groups developed and emerging markets and accounts for 90 percent of the world economy.
After late night talks, finance ministers and central bankers agreed on wording closer than expected to a joint statement issued last Tuesday by the Group of Seven rich nations backing market-determined exchange rates.
A draft communique seen by delegates on Friday had steered clear of the G7's call for economic policy not to be targeted at exchange rates. But the final version included a G20 commitment to refrain from competitive devaluations and stated monetary policy would be directed at price stability and growth.
"The language has been strengthened since our discussions last night," Canadian Finance Minister Jim Flaherty told reporters. "It's stronger than it was, but it was quite clear last night that everyone around the table wants to avoid any sort of currency disputes."
The communique did not single out Japan for aggressive monetary and fiscal policies that have seen the yen drop 20 percent, a trend that may now continue.
"The market will take the G20 statement as an approval for what it has been doing -- selling of the yen," said Neil Mellor, currency strategist at Bank of New York Mellon in London. "No censure of Japan means they will be off to the money printing presses."
The statement reflected a substantial, but not complete, endorsement of Tuesday's statement by the G7 nations - the United States, Japan, Britain, Canada, France, Germany and Italy.
"We all agreed on the fact that we refuse to enter any currency war," French Finance Minister Pierre Moscovici told reporters.
NO FISCAL TARGETS
The text also contained a commitment to credible medium-term fiscal strategy, but stopped short of setting specific goals.
A debt-cutting pact struck in Toronto in 2010 will expire this year if leaders fail to agree to extend it at a G20 summit of leaders in St Petersburg in September.
European Economic and Monetary Affairs Commissioner Olli Rehn said he expected concrete debt targets to be agreed at the September meeting.
"We have a common view on the need to have a credible medium-term plans for fiscal consolidation, which is also essential so we have foundation for sustainable growth," he told Reuters.
The United States says it is on track to meet its Toronto pledge but argues that the pace of future fiscal consolidation must not snuff out demand. Germany and others are pressing for another round of binding debt-cutting goals.
Backing in the communique for the use of domestic monetary policy to support economic recovery reflected the U.S. Federal Reserve's commitment to monetary stimulus through quantitative easing, or QE, to promote recovery and jobs.
QE entails large-scale bond buying -- $85 billion a month in the Fed's case -- that helps economic growth but creates money, much of which has leaked into emerging markets, threatening to destabilize them.
That was offset in the communique by a commitment to minimize "negative spillovers" of the resulting financial flows that emerging markets fear may pump up asset bubbles and ruin their export competitiveness.
"Major developed nations (should) pay attention to their monetary policy spillover," Vice Finance Minister Zhu Guangyao was quoted by state news agency Xinhua as saying in Moscow.
"Major developed countries' implementation of excessively relaxed currency policy has an influence on the world economy."
Russia, this year's chair of the G20, said the group had failed to reach agreement on medium-term budget deficit levels and also expressed concern about ultra-loose policies that it and other big emerging economies say could store up trouble for later.
Finance Minister Anton Siluanov said a rebalancing of global growth required more than an adjustment of exchange rates.
"Structural reforms in all countries, either with a positive or negative balance of payments, should play a bigger role," he said in an address to Saturday's talks.
The G20 put together a huge financial backstop to halt a market meltdown in 2009 but has failed to reach those heights since. At successive meetings, Germany has pressed the United States and others to do more to tackle their debts. Washington in turn has urged Berlin to do more to increase demand.
On currencies, the G20 text reiterated its commitment last November, "to move more rapidly toward mores market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments".
It said disorderly exchange rate movements and excess volatility in financial flows could harm economic and financial stability.
(Additional reporting by Gernot Heller, Lesley Wroughton, Maya Dyakina, Tetsushi Kajimoto, Jan Strupczewski, Lidia Kelly, Katya Golubkova, Jason Bush, Anirban Nag and Michael Martina. Writing by Douglas Busvine. Editing by Timothy Heritage/Mike Peacock)
Wall Street opens flat with data on tap
Label: BusinessFinola Hughes has called the upcoming 50th anniversary of "General Hospital" a "really sweet" moment."I think the fact that we, at 'GH,' are doing so well right now, and to enter into our 50th anniversary on such a high, it feels really sweet," the actress, who plays Port Charles Police Chief Anna Devane, told Access Hollywood, when asked about the daytime drama's impending anniversary.
Read More..
Wall Street falls on Europe data but deals support
Label: BusinessDEAR ABBY: My daughters are attractive young women, both doing well in their professional careers. "Melanie," who is 27, is married to "Sam," an extremely attractive and successful man.My 30-year-old daughter, "Alicia," has been divorced for a year. Her marriage failed two years ago because she and her husband had an appetite for sex outside their marriage. While I was disturbed about that, I was horrified to learn that Melanie allows her sister to occasionally have sex with Sam.Melanie's argument is that Sam is less likely to cheat given this situation. ...
Read More..
Wall Street up modestly, extends recent rally
Label: BusinessDEAR ABBY: My daughters are attractive young women, both doing well in their professional careers. "Melanie," who is 27, is married to "Sam," an extremely attractive and successful man.My 30-year-old daughter, "Alicia," has been divorced for a year. Her marriage failed two years ago because she and her husband had an appetite for sex outside their marriage. While I was disturbed about that, I was horrified to learn that Melanie allows her sister to occasionally have sex with Sam.Melanie's argument is that Sam is less likely to cheat given this situation. ...
Read More..
Wall Street opens flat with Obama speech on deck
Label: BusinessSCHLADMING, Austria, Feb 12 (Reuters) - Even without their two biggest names, Lindsey Vonn and Bode Miller, the American ski team are enjoying a great world championships, with two golds for Ted Ligety and a bronze for Julia Mancuso. Behind their success lies a well-financed back-up scheme, launched more than a decade ago for the Salt Lake City Olympics, that makes the United States Alpine ski team one of the richest in the world. Since the scheme was set up ahead of the 2002 Winter Games, money has been pouring into the sport in the U.S. ...
Read More..
Wall Street opens lower as market takes a breather
Label: BusinessNEW YORK (Reuters) - U.S. stocks opened slightly lower as the market took a breather with the S&P 500 index near a record high, while low volume could make trading volatile and exaggerate moves.
The Dow Jones industrial average <.dji> was down 23.46 points, or 0.17 percent, at 13,969.51. The Standard & Poor's 500 Index <.spx> was down 1.99 points, or 0.13 percent, at 1,515.94. The Nasdaq Composite Index <.ixic> was down 1.86 points, or 0.06 percent, at 3,192.01.
(Reporting By Angela Moon; Editing by Kenneth Barry)
Stocks end higher for sixth straight week, tech leads
Label: BusinessNEW YORK (Reuters) - The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.
The S&P 500 also posted a sixth straight week of gains for the first time since August.
The technology sector led the day's gains, with the S&P 500 technology index <.splrct> up 1.0 percent. Gains in professional network platform LinkedIn Corp
Shares of LinkedIn jumped 21.3 percent to $150.48 after the social networking site announced strong quarterly profits and gave a bullish forecast for the year.
AOL Inc shares rose 7.4 percent to $33.72 after the online company reported higher quarterly profit, boosted by a 13 percent rise in advertising sales.
Data showed Chinese exports grew more than expected, a positive sign for the global economy. The U.S. trade deficit narrowed in December, suggesting the U.S. economy likely grew in the fourth quarter instead of contracting slightly as originally reported by the U.S. government.
"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.
Trading volume on Friday was below average for the week as a blizzard swept into the northeastern United States.
The U.S. stock market has posted strong gains since the start of the year, with the S&P 500 up 6.4 percent since December 31. The advance has slowed in recent days, with fourth-quarter earnings winding down and few incentives to continue the rally on the horizon.
"I think we're in the middle of a trading range and I'd put plus or minus 5.0 percent around it. Fundamental factors are best described as neutral," Dickson said.
The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.
For the week, the Dow was down 0.1 percent, the S&P 500 was up 0.3 percent and the Nasdaq up 0.5 percent.
Shares of Dell
Dell's largest independent shareholder, Southeastern Asset Management, said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell.
Signs of economic strength overseas buoyed sentiment on Wall Street. Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand. German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.
Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.
Earnings have mostly come in stronger than expected since the start of the reporting period. Fourth-quarter earnings for S&P 500 companies now are estimated up 5.2 percent versus a year ago, according to Thomson Reuters data. That contrasts with a 1.9 percent growth forecast at the start of the earnings season.
Molina Healthcare Inc
The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 3.6 percent at 13.02. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.
"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."
Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.
Advancers outpaced decliners on the NYSE by nearly 2 to 1 and on the Nasdaq by almost 5 to 3.
(Additional reporting by Angela Moon; Editing by Bernadette Baum, Nick Zieminski, Kenneth Barry and Andrew Hay)
Subscribe to:
Posts (Atom)
Copyright © News carducci. All rights reserved.
Design 
And Business Directories
