New York, NY, United States (AHN) – Steve Jobs’ resignation as Apple CEO, speculation on Federal Reserve Chairman Ben Bernanke’s upcoming economic stimulus plan and rising claims for jobless benefits has weakened the United States stock market during Thursday morning’s trade.

The Dow Jones Industrial Average fell by 54 points, or 0.5 percent, at 11,266. The S&P 500 was down by 4 points, or 0.3 percent, at 1174, while the Nasdaq was minus 17 points, or 0.7 percent, at 2451.

Apple shares dropped 4.7 percent in pre-market trading. The world’s most valuable technology company makes up 3.2 percent of the S&P 500, 9.3 percent of the Nasdaq Composite Index and 15 percent of the Nasdaq 100. Halfway through the morning, Apple shares were losing 2 percent at $368.53, while rivals Google and IBM were gaining 2 percent and 1 percent, respectively.

Chief Operating Officer Tim Cook will succeed the cancer-stricken Jobs, who will become Apple chairman.

TiVo shares were up 13.1 percent to $9.18; Applied Materials dropped 2.7 percent to $11.05; while Diageo improved 3.7 percent to $76.46.

Investors are awaiting Bernanke’s announcement on new policies to pump up the world’s largest economy. He will speak in Jackson Hole, WY, on Friday.

Also impacting the market is a Labor Department report saying that the number of people filing for unemployment benefits increased by 5,000 to 417,000 claims as of August 20. This was the first time that claims rose unexpectedly compared with last week’s 412,000. The increase downplayed forecasts of a decrease of 8,000, to 400,000 claims.

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New York, NY, United States (AHN) – Steve Jobs’ resignation as Apple CEO, speculation on Federal Reserve Chairman Ben Bernanke’s upcoming economic stimulus plan and rising claims for jobless benefits has weakened the United States stock market during Thursday morning’s trade.

The Dow Jones Industrial Average fell by 54 points, or 0.5 percent, at 11,266. The S&P 500 was down by 4 points, or 0.3 percent, at 1174, while the Nasdaq was minus 17 points, or 0.7 percent, at 2451.

Apple shares dropped 4.7 percent in pre-market trading. The world’s most valuable technology company makes up 3.2 percent of the S&P 500, 9.3 percent of the Nasdaq Composite Index and 15 percent of the Nasdaq 100. Halfway through the morning, Apple shares were losing 2 percent at $368.53, while rivals Google and IBM were gaining 2 percent and 1 percent, respectively.

Chief Operating Officer Tim Cook will succeed the cancer-stricken Jobs, who will become Apple chairman.

TiVo shares were up 13.1 percent to $9.18; Applied Materials dropped 2.7 percent to $11.05; while Diageo improved 3.7 percent to $76.46.

Investors are awaiting Bernanke’s announcement on new policies to pump up the world’s largest economy. He will speak in Jackson Hole, WY, on Friday.

Also impacting the market is a Labor Department report saying that the number of people filing for unemployment benefits increased by 5,000 to 417,000 claims as of August 20. This was the first time that claims rose unexpectedly compared with last week’s 412,000. The increase downplayed forecasts of a decrease of 8,000, to 400,000 claims.

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New York, NY, United States (AHN) – IT firm Apple became the most valuable company in the world on Tuesday when its market capitalization exceeded Exxon Mobil.

Its market capitalization closed $363.69 billion despite a 2.8 percent drop, while Exxon was at $331 billion, which was the result of a 4.4 percent decline of its shares, which closed at $68.03.

Exxon held the top spot since 2005, which Apple became second in May 2010 when it overtook Microsoft.

One factor in favor of Apple is that it introduces new technology produces at an average of every three years, while Exxon has limited growth prospects because of its heavy reliance on oil prices and new oil discoveries.

Given its record, Apple – which launched the iPad in 2010 – would likely roll out another new gadget in 2013.

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New York, NY, United States (AHN) – The battle to fill the top International Monetary Fund post vacated by the resignation of Managing Director Dominique Strauss-Kahn has apparently been reduced to a war between Europe and developing nations.

Mexico’s Central Bank Governor, Agustin Carstens, took the struggle to a higher level on Tuesday by seeking the vote of developing countries to counter the solid support enjoyed by French Finance Minister Christine Lagarde from European nations.

Even the U.S. is apparently siding with Europe’s choice in a tit-for-tat political arrangement to ensure Washington keeps its grip on the top spot at the World Bank and the number two post in IMF.

Carstens criticized European leaders for imposing Lagarde on the rest of the world. The governor said that if the selection of Strauss-Kahn’s replacement would be treated as “business as usual,” changes would never take place.

Carstens pointed out that although there was no final list of candidates yet for the IMF managing director post, Europe has made up its mind in backing Lagarde. The IMF will close application for the position on Friday.

Lagarde, however, is also courting the vote of developing nations despite being frontrunner of the race. She met with Indian officials as part of her world tour to seek their support for her candidacy. The French minister even promised to represent the needs of emerging economies by partly “becoming an Indian.”

Lagarde will next try to convince Chinese officials to back her up, based on her merit. Carstens is holding his global tour and plans to court the votes of Indian, Chinese and Japanese officials.

Indian Finance Minister Pranab Mukherjee said he agreed with Lagarde that the next IMF managing director should be picked based on merit and not geography. But he declined to indicate if India would support Lagarde or Carstens.

The IMF is expected to name Strauss-Kahn’s successor by the end of June. Another rival of Carstens and Lagarde for the position is South African former Finance Minister Trevor Manuel.

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Dallas, TX, United States (AHN Sports) – Vancouver business magnate Tom Gaglardi is expected to acquire the cash-strapped Dallas Stars, a source close to situation reported Friday.

Gaglardi will reportedly shell out around $250 million and at least 50 percent of lease to the American Airlines Arena in an effort to purchase the money-losing Stars.

However, the potential sale faces several requirements, including the approval by bankruptcy court of Fort Worth and the creditors of current owner Tom Hicks.

The Stars lost millions of dollars a year under Hicks, who also sold the Texas Rangers and shares of the Liverpool soccer club.

Still, the source added the structure of the deal nears completion and expected to be approved by the NHL in July.

The Stars, who missed the postseason for the third straight year, could benefit under new management after slightly improving their record to 42-29-11 during the 2010-2011 NHL season.

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Dhaka, Bangladesh (AHN) – The world’s poorest country, Bangladesh, envisions alleviating poverty by half and will dramatically increase its human development budget by nearly 30 percent.

Planning minister A.K. Khandaker told journalists on Sunday that beginning July 1 government will invest in health services, education and infrastructure development.

Power, energy and transport sectors received top priority, Khandaker said.

After years of under-investment in power generation, the impoverished nation of 150 million has a daily shortfall of 2,000 megawatts, with rolling blackouts hitting the private sector, particularly manufacturing, hard.

The National Economic Council (NEC), chaired by Prime Minister Sheikh Hasina, on Sunday approved a 460 billion taka ($6.3 billion) budget, of which 251.8 billion Taka, or 55 percent, will be its own money, aimed at accelerating development activities, according to state-run news service Bangladesh Sangbad Sangstha.

The remaining 41 percent ($2.54 billion) will be from development partners as foreign aid, Khandaker said in briefing journalists after the meeting.

The World Bank says Bangladesh needs annual economic growth of 8 percent to achieve its goal of becoming a middle income country by 2021.

Nearly 13 percent has been budgeted for free primary schools and subsidies for controversial Koranic schools, while much-talked-about rural development and rural institutions have received 9 percent and 8.57 percent for health, nutrition, population and family welfare.

The government, after several hiccups, finally approved a national health policy on Monday to keep pace with visible success in reaching the health-for-all goal.

Opposition and economists are critical of the government for the slow and non-implementation of scores of development projects. The planning minister had no explanation for this widespread criticism, but said steps have been taken to vigorously monitor the performance of the projects.

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New York, NY, United States (AHN) – Two funds have filed a lawsuit against British bank Hong Kong and Shanghai Banking Corporation for profiting from hedge fund Bernard Madoff’s Ponzi scheme.

Alpha Prime Fund and Senator Fund filed a claim against HSBC before a New York bankruptcy court on Friday. The two funds said HSBC served as custodian of Madoff’s funds and failed in its duty to monitor the discredited banker.

It is the second claim filed against HSBC after Madoff trustee, lawyer Irving Picard, filed a lawsuit against HSBC and several feeder funds for $9 billion in December. Picard charged that the bank and funds should have spotted Madoff’s fraud.

Irving claimed that HSBC asked accountancy firm KPMG twice to investigate the bank’s suspicion that Madoff’s investment company was involved in fraud, but the bank had a strong financial incentive to take part in the scheme by being silent about it.

HSBC previously said that KPMG did not conclude in its two reports that fraud was being committed by Madoff’s firm. The bank claimed lack of knowledge about the Ponzi scheme and cited a $1 billion loss as proof that it , too, was a victim of Madoff. HSBC previously asked a New York district court judge to dismiss Picard’s lawsuit.

Madoff, who is serving a 150-year sentence in a North Carolina federal prison, confirmed that HSBC went over his company’s books twice, but missed things.

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New York, NY, United States (AHN) – Stihl Inc. is voluntarily recalling 2.3 million gas-powered lawn tools because of the risk of fuel spills catching fire and causing burns, the U.S. Consumer Product Safety Commission announced Wednesday.

Affected products are gas powered Stihl trimmers, brushcutters, KombiMotors, hedge trimmers, edgers, clearing saws, pole pruners, and backpack blowers that utilize a toolless fuel cap.

CPSC officials said consumers should stop using the recalled yard power tools immediately and return them to an authorized Stihl dealer for a refund.

“The level of ethanol and other fuel additives can distort the toolless fuel cap, allowing fuel to spill, posing a fire and burn hazard,” CPSC said in a statement.

Virginia Beach, VA-based STIHL says no injuries have been reported among the 81 reports of difficulty with either installing or removing the fuel caps and reports of fuel spillage.

The recalled tools were sold nationwide from July 2002 through May 2011 for between $190 and $650.

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Washington, DC, United States (AHN) – The top U.S. defense official on Tuesday argued against proposed Administration defense budget cuts, cautioning they would affect overall military inventory that American forces desperately need due to the ongoing wars.

Addressing an audience at the American Enterprise Institute, a Washington-based think tank, Gates minced no words. “The overarching goal will be to preserve a U.S. military capable of meeting crucial national security priorities even if fiscal pressure requires reductions in that force’s size,” he said. “I’ve said repeatedly that I’d rather have a smaller, but superbly capable military than a larger, hollow, less capable one.”

President Barack Obama has proposed to cut $400 billions over the next decade from security agency budgets, but observers feel the big chunk of cuts would come from the Defense Department.

Gates, who is relinquishing his post next month, went down memory lane to hit out at Washington policy makers saying, “Our record of predicting where we will use military force since Vietnam is perfect — we have never once gotten it right.”

Answering questions after his speech, Gates said, “There isn’t a single instance: Grenada, Panama, the first Gulf War, the Balkans, Haiti, you can just keep going through the list, where we knew and planned for such a conflict six months in advance.”

Citing the Mideast group Hezbollah as having more missiles and rockets than most states and possibly chemical or biological warheads, Gates cautioned, “We need to have in mind the greatest possible flexibility and versatility for the broadest range of conflict.”

Also in the Middle East, the outgoing defense secretary warned Iraq against regional threats. “The Iraqi military would say they need continued assistance in terms of logistics, intelligence,” Gates said. “They have no capacity to defend their own airspace.”

Gates suggested, “There are some areas where we could continue to assist them, and I think at relatively small cost to ourselves, especially given the investment that has already been made.”

“As is often the case in Iraq, it will take some time for the political leaders to figure out a way to move forward on this,” he added. “… I hope they figure out a way to ask and I think that the United States would be willing to say yes when that time comes.”

Earlier, Pentagon spokesman Geoff Morrell told journalists the secretary is being helpful to his successor, CIA Director Leon Panetta, noting that, “This process is beginning under Secretary Gates. It is one he has devised.”

“But ultimately it is going to be seen through to fruition by his successor and I don’t think he wants to constrain his successor in any way in terms of how to get at these savings,” Morrell added.

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Oklahoma City, OK, United States (AHN) – Robbers shot an off-duty major with the Oklahoma County Sheriff’s Office as the man was delivering money to a bank from a restaurant where he worked part time.

Investigators think Maj. John Waldenville, 60, was targeted because he was carrying the money bag. One of the gunmen’s bullets struck Waldenville in the eye and ricocheted down his skull, missing his brain. Waldenville’s eye was destroyed and he has multiple facial fractures.

Waldenville is a 25-year veteran with the sheriff’s office. He also holds a master’s degree in business administration. He supervises the sheriff’s office administrative services bureau.

He worked part-time security for the Cattlemen’s Steakhouse in Oklahoma City. The shooting happened around midnight.

Oklahoma City Police are looking for two black men who were reportedly wearing hooded sweatshirts at the time of the robbery.

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