Caterpillar writes off most of China deal after fraud

(Reuters) – Caterpillar Inc uncovered “deliberate, multi-year, coordinated accounting misconduct” at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wiping out more than half its expected earnings for the fourth quarter of 2012.Shares of Caterpillar fell 1.5 percent in afterhours trading following news of the fraud, which was discovered...

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Beyond Politics, Food and Fashion at the Presidential Inauguration

Jacqueline Kennedy had Oleg Cassini, Nancy Reagan James Galanos—fashion designers that dressed them for the presidential inauguration and throughout their time in the White House. Michelle Obama also wears designer clothes but she’s probably best known for popularizing the J. Crew label, wearing its sweaters and skirts and, most notably, its moss green leather gloves to accompany the lemongrass yellow...

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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal. The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations. Sector indexes in transportation...

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Te'o tells ESPN: Not involved in creating hoax

NEW YORK (AP) — Notre Dame linebacker Manti Te'o insisted he had no role in the bizarre hoax involving his "dead" girlfriend and told ESPN on Friday night that he was duped by a person who has since apologized to him.In an off-camera interview Friday with ESPN, Te'o said Ronaiah Tuiasosopo, a 22-year-old acquaintance who lives in California, contacted him two days ago and confessed to the prank. Deadspin.com...

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U.S. 'needs tougher child labor rules'

Cristina Traina says in his second term, Obama must address weaknesses in child farm labor standards STORY HIGHLIGHTSCristina Traina: Obama should strengthen child farm labor standardsShe says Labor Dept. rules allow kids to work long hours for little pay on commercial farmsShe says Obama administration scrapped Labor Dept. chief's proposal for tightening rulesShe says Labor Dept. must fix lax standards...

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Armstrong admits doping: ‘I’m a flawed character’

CHICAGO (AP) — He did it. He finally admitted it. Lance Armstrong doped.He was light on the details and didn’t name names. He mused that he might not have been caught if not for his comeback in 2009. And he was certain his “fate was sealed” when longtime friend, training partner and trusted lieutenant George Hincapie, who was along for the ride on all seven of Armstrong’s Tour de France wins from...

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Oil falls as traders weigh China data, 2013 demand

The price of oil slipped to near $ 95 a barrel Friday but remained near four-month highs after new data showed China‘s economy rebounded in the final quarter of last year, suggesting an increase in energy demand.By early afternoon in Europe, benchmark oil for February delivery was down 26 cents to $ 95.23 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $ 1.25...

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London Firefighters to Protest Against Savage Cuts

LONDON, ENGLAND–(Marketwire – Jan 18, 2013) – London firefighters will be attending a mass lobby of the London Fire and Emergency Planning Authority (LFEPA) meeting on Monday to protest at plans to close 12 fire stations, remove 18 fire engines and slash 520 firefighter posts. The lobby has been called by the London region of the Fire Brigades Union.This follows a decision by the mayor of London,...

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Wall Street edges lower on earnings, China data

NEW YORK (Reuters) - Stocks fell modestly on Friday, a day after the S&P 500 rose to its highest level in five years, as a weak outlook from Intel was weighed against encouraging data out of China and a fourth-quarter profit at Morgan Stanley . The Dow Jones industrial average <.dji> was down 6.68 points, or 0.05 percent, at 13,589.34. The Standard & Poor's 500 Index <.spx>...

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IOC VP: Armstrong must tell 'whole truth'

LONDON (AP) — Lance Armstrong's doping confession to Oprah Winfrey was "too little, too late" and failed to provide any new information that will help clean up the sport he tarnished through years of cheating, the vice president of the IOC said Friday.A day after stripping Armstrong of his bronze medal from the 2000 Sydney Olympics, the IOC urged the disgraced former Tour de France champion to supply...

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