The Office

U.S. caught China buying more debt than disclosed - Yahoo! News

NEW YORK (Reuters) - The rules of Treasury auctions may not sound like the stuff of high-stakes diplomacy. But a little-noticed 2009 change in how Washington sells its debt sheds new light on America's delicate balancing act with its biggest creditor, China.

When the Treasury Department revamped its rules for participating in government bond auctions two years ago, officials said they were simply modernizing outdated procedures.

The real reason for the change, a Reuters investigation has found, was more serious: The Treasury had concluded that China was buying much more in U.S. government debt than was being disclosed, potentially in violation of auction rules, and it wanted to bring those purchases into the open - all without ruffling feathers in Beijing.

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Data shows troubling mix of weakness, inflation - Yahoo! News

WASHINGTON (Reuters) – A closely watched measure of consumer prices logged its biggest rise in nearly three years in May and a regional factory gauge contracted this month, showing the economy facing a troubling mix of weakness and inflation.

The Labor Department said on Wednesday its Consumer Price Index, excluding food and energy, increased 0.3 percent, the largest gain since July 2008, after rising 0.2 percent in April.

Core inflation was lifted by steep rises in motor vehicle and apparel prices. Analysts pointed to supply chain disruptions from Japan's earthquake as a factor behind the auto price rise.

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Giving a second listen to McCartney's first disc - Yahoo! News

NEW YORK – It's hard to think of how Paul McCartney could have given his first solo album a bigger publicity hurdle to overcome, unless he'd been arrested for some vile crime on the week of its release in April 1970.

The newly ex-Beatle distributed a questionnaire that was treated by fans and the media as definitive word that the world's most beloved rock band — true today as it was back then — had broken up. The music in "McCartney" was quickly overshadowed by anger and disappointment.

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Summers calls for new boost to economy - Yahoo! News

WASHINGTON (Reuters) – Former White House aide Larry Summers on Sunday urged expanded tax cuts on U.S. workers' wages, warning that America's economy was at risk of years of Japan-style stagnation without a further boost.

In an opinion piece published by Reuters on Sunday, Summers -- a Harvard professor and former Treasury secretary under President Bill Clinton -- argued that it would be "premature" to withdraw fiscal support for the economy at the end of 2011.

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Prada IPO five times subscribed: source - Yahoo! News

HONG KONG (Reuters) – Italian fashion house Prada, which is seeking to raise up to $2.6 billion through a Hong Kong IPO, has generated five times demand for its offer, a source familiar with the matter told Reuters on Sunday.

The source declined to say which institutions have committed funds to the IPO or at what price point was the book covered. The information was based on road shows up to last Thursday, the source added.

The Milan fashion house, known for its leather handbags, brightly-colored shoes and long boots, launched the retail portion of the IPO on Sunday.

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Future of Cpl. Klinger's beloved hot dogs in doubt - Yahoo! News

TOLEDO, Ohio – A family feud slathered with accusations of financial misdeeds is threatening the future of an Ohio restaurant whose hot dogs were made famous by cross-dressing Cpl. Max Klinger on "M-A-S-H."

The fight centers on the ownership of Tony Packo's, a corner bar and grill that grew out of the Great Depression and whose chili-topped hot dogs, stuffed cabbage and roast beef platters continued to please fans even after the iconic TV show ended its run three decades ago.

"If you're ever in Toledo, Ohio, on the Hungarian side of town, Tony Packo's got the greatest Hungarian hot dogs," Jamie Farr's character Cpl. Max Klinger said on an episode in 1976.

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Lagarde in lead for IMF, South Africa's Manuel opts out - Yahoo! News

PARIS (Reuters) – South Africa's Trevor Manuel ruled himself out of the race for the IMF's top job on Friday, making French finance minister Christine Lagarde an even firmer favorite, although the threat of a judicial inquiry remains.

Emerging market powers like Russia, India and China have declared they want an end to Europe's grip on the top job at the international lender, calling time on a pact that puts the IMF in European hands while the World Bank is run by an American.

Yet the only declared rival to Lagarde as the window for nominations draws to a close on Friday is Mexican Central Bank chief Agustin Carstens, whose policy views are seen as too conservative by many of his emerging market peers.

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Wall Street edges higher on trade data, mood fragile - Yahoo! News

NEW YORK (Reuters) – Wall Street edged higher on Thursday after six days of losses as a narrowed U.S. trade deficit was seen as one positive point for growth in a recent avalanche of weak economic data.

But the mood remained fragile with many analysts expecting the S&P 500 to retest its March 2010 lows after falling more than 6 percent since a peak in May, and the latest data from the labor market provided little room for optimism.

"We're basically trading off technicals," said William Larkin, a portfolio manager with Cabot Money Management in Salem, Massachusetts.

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A last 'Today' good morning for Meredith Vieira - Yahoo! News

NEW YORK – Meredith Vieira is saying her goodbyes to NBC's "Today" show.

The popular morning show co-host is ending her five-year run, telling viewers on Wednesday her decision to go is "right, but it's hard."

That decision is a personal one and by Vieira's choice. Seated beside longtime co-host Matt Lauer, she has helped keep "Today" the audience frontrunner among network morning shows.

Lauer called Vieira's final day "a very bittersweet Wednesday morning."

In what should be a smooth transition, "Today" show veteran Ann Curry will take over for Vieira at the anchor desk.

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Disney to cut 200 studio jobs: source - Yahoo! News

NEW YORK (Reuters) – Walt Disney Co will cut about 200 positions at its movie studio unit, according to a person familiar with the matter, as it reduces its focus on home entertainment distribution of DVDs.

The cuts, which make up just under 5 percent of its workforce, are expected to be announced internally next week, according to the person, who could not be named because the decision has not been made public.

The film studio has been realigning its distribution over the last 18 months and is increasing its input of movies from Marvel and Steven Spielberg's DreamWorks Studios.

DVD sales have been falling in the United States in the last year as more consumers use on-demand cable TV services and other digital outlets to watch movies at home.

News of the job cuts was first reported by Bloomberg.

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