US FINANCIAL MARKET
- Apple has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand, the Nikkei reported on Monday.
- Samsung said Monday that global sales of its Galaxy S smartphones surpassed 100 million units since the first model in the series was released less than three years ago. It has sold more than 25 million Galaxy S smartphones, 40 million Galaxy S II smartphones and 41 million Galaxy S III smartphones. Apple’s iPhone sales hit the 100-million mark in March 2011, nearly four years after the introduction of the phone in 2007.
- UPS said it would drop its 5.2 billion euro ($7 billion) bid for Dutch delivery firm TNT Express on the expectation of an EU veto. UPS will then have to pay TNT a termination fee in the amount of 200 million euros. Reportedly, Apple has asked Sharp and South Korea’s LG to roughly halve supplies of LCD panels from an initial plan for about 65 million screens in January-March.
- PayPal says it is expanding its payment service to more brick-and-mortar retailers, including RadioShack and Dollar General stores. As of the end of 2012 PayPal had agreements with 23 retailers to accept PayPal in their stores.
- Coca-Cola became one of the world’s most powerful brands by equating its soft drinks with happiness. Now it’s taking to the airwaves for the first time to address a growing cloud over the industry: obesity.
- Boeing will add 100 employees in Utah, while expanding manufacturing operations.
- The government stepped in Friday to assure the public that Boeing’s new 787 “Dreamliner” is safe to fly. Despite the recent incidents, Transportation Secretary Ray LaHood declared, “I believe this plane is safe, and I would have absolutely no reservations about boarding one of these planes and taking a flight.”
US ECONOMY & POLITICS
- The U.S. economy is expected to grow by 2.5%in 2013, improving to 3.5%growth in 2014, top Fed official Charles Evans said on Monday. Evans also forecast the U.S. unemployment rate would be 7.4%this year, easing to about 7%in 2014. Bringing unemployment down to the key level of 6.5%was likely to take much longer, probably until mid-2015, he said.
EUROPE & WORLD
- India’s inflation softened to 7.2%in December as lower core inflation offset higher food prices.
TODAY in HISTORY
- The first constitution of Connecticut, Fundamental Orders, was adopted (1639)
- The United States ratified treaty with England ending the Revolutionary War (1784)
- President Franklin D. Roosevelt met with Allied leaders in Casablanca, Morocco. Roosevelt became the first U.S. President to fly in an airplane while in office (1943)
- Marilyn Monroe married baseball legend Joe DiMaggio (1954). The marriage lasted nine months.
- The Miami Dolphins became the first NFL team to go undefeated and have a perfect season by beating the Washington Redskins in Super Bowl VII (1973)
- The Simpsons premiered on television (1990)
Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.
This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.
