Debt deal buoys stocks

President Obama’s announcement of a compromise deal on lifting the debt ceiling and avoiding U.S. default lifted Asians stocks this morning. Meanwhile stock futures were higher in U.S. markets ahead of Monday’s trading.

Pork belly futures dim

As of Friday, pork belly futures will be no more. The Chicago Mercantile Exchange is ending trading in the iconic livestock future, because of changes in the meat industry that have killed off demand.

Gov. Scott goes after Chicago Mercantile Exchange

Gov. Rick Scott is wooing the CME Group — parent of the Chicago Mercantile Exchange — to move operations to Florida, Crain’s Chicago Business is reporting. CME Chairman Terrence Duffy recently complained about the high cost of doing business in the firm’s home state after Illinois increased its business tax rate.

Former Ohio AG Cordray tapped to head CFPB

The Obama administration has nominated former Ohio Attorney General Richard Cordray as the head of the new Consumer Financial Protection Bureau, bypassing Harvard Professor Elizabeth Warren, who has been charged with setting up the agency. Cordray’s future is uncertain, since Republican senators have vowed to block any nomination.

Congress revisits deal to end debt crisis

As the deadline to extend the debt ceiling approaches, congressional leaders move to revive a ‘grand bargain’ to reduce the deficit that the Obama Administration proposed last week and that Republicans promptly rejected.

FBI seeking fugitive Medicare scammers

The FBI is struggling to catch 150 fugitive Medicare scammers from South Florida accused of stealing hundreds of million of dollars from the federal government. Many of them have fled to Cuba and Latin America to avoid prosecution. Medicare scamming has become an industry in South Florida, particularly Miami-Dade, much the way penny stock swindles once flourished in Boca Raton.

Florida more likely to cite public adjusters

Florida insurance regulators are more likely to discipline a public adjuster for mishandling a claim than when the complaint is against insurance company adjuster, the South Florida Sun Sentinel is reporting. Public adjusters generally are hired by consumers to get an independent evaluation of a claim.  The disparity is a sign of the clout the industry has in the state.

Former Murdoch exec Rebekah Brooks arrested

Rebekah Brooks, until recently Rupert Murdoch’s top newspaper executive and a member of his inner circle, has been arrested in the U.K. and charged with phone hacking and bribing the police. Brooks resigned last week because of the phone-hacking scandal that forced the News of the World to cease publication.

Hyatt buys 24 hotels from LodgeWorks

Hyatt Hotels will take over 24 hotels from LodgeWorks LP for $802 million, a deal that will put the company in nine new markets, none in Florida, however. Hyatt is building a hotel on Atlantic Avenue in Delray Beach.

On the menu: Fish sticks made of carp!

Canned carp! Yum! The Illinois Department of Natural Resources is planning to catch Asian carp, filet them and turn them either into fish sticks or canned them like tuna, and give the finished products to food banks. "The fish actually taste pretty good," says Tom Main, acting deputy director at the DNR. Asian carp is an invasive species in the Mississippi River basin, and environmental officials are battling to limit their spread.

TSA to test faster screenings in Miami

The Transportation Security Administration is testing a new system at airports in Miami and Dallas that will allow some American Airlines and Delta frequent flyers to move through security faster. The system is expected to expand to other airlines and other airports, as the TSA moves to more risk-based screenings.

'Potter' could be box office magic this weekend

The Harry Potter series is coming to an end, but it’s still working its magic. “The Harry Potter and the Deathly Hallows Part 2” could break the three-year-old box office record for an opening weekend set by “The Dark Knight.”

Obama pushes for debt ceiling deal

President Barack Obama continues to push for a “big deal” on the debt ceiling, giving congressional leaders 24 to 36 hours to negotiate a solution to the impasse between Republicans and Democrats.

Auto industry pushes back on fuel standards

Car makers are pushing back against higher fuel economy standards an industry group says threatens the fragile recovery companies have made in the lat couple of years. The group, the Alliance of Automobile Manufacturers will run ads in key markets that argue the 56 mpg fleet standard for 2025 is a bridge too far for the industry.

Netflix irritates customers with price move

Netflix’s move to raise prices is raising the ire of customers while winning the praise of investors. Previously, customers could rent DVDs through the mail and watch movies via the Internet for as little as $10 a month. Netflix is splitting the two into separate subscriptions that will cost customers $16 a month. Netflix share soared by 53 percent in trading Tuesday.

Murdoch’s News Corp. withdraws bid for BSkyB

Scandal-plagued News Corp. has withdrawn its $12 billion bid for BSkyB, Britain’s largest satellite broadcaster.  The company, headed by Australian newspaper mogul Rupert Murdoch, has been caught in a mammoth phone-hacking scheme that has enraged both the public and the British Parliament.

Bernanke: Fed is ready to step in

Ben Bernanke said the Federal Reserve is ready to step into bolster an economy threatened by a weakening jobs market, the looming crisis over the debt limit and the European debt crisis. But Bernanke told a congressional committee that nothing is imminent and offered no specifics.

Immelt: No magic to fix jobs market

GE CEO Jeffrey Immelt, head of President Barack Obama’s jobs and competitiveness council, said there is no magic potion to the weak jobs market. He did say the council is working on some practical solutions and urged companies to start hiring.

Bidders pack Rothstein auction

About 600 bidders crowded into the Broward Convention Center to attend the auction of billion-dollar scamster Scott Rothstein’s personal possessions — including a Mercedes and an arm’s worth of Rolex watches. Proceeds from the auction will be funneled into a fund to compensate Rothstein’s victims.

Sawgrass Mills plans expansion

Sawgrass Mills, the giant mall in Sunrise known for its outlet shops, is planning an 180,000-square-foot expansion that will begin in the fall. The mall, owned by Simon Property Group, now is home to 350 stores and has a list of retailers looking for space.


Asian firms take aim at American markets

More than 500 Chinese and Indian companies are displaying their wares to importers and distributors during separate shows at the Miami Beach Convention Center. Both shows, aimed at both the U.S. and Latin American markets, run through Wednesday.

Florida’s orange crop grows

Florida’s citrus growers had a pretty good year, according to the latest numbers from the U.S. Department of Agriculture. The number of boxes of oranges produced during the 2010-11 growing season exceeded the number from the year prior.

FCC moves against mystery fees

The Federal Communications Commission is requiring telephone companies to provide their customers with bills that clearly show various fees and charges. The move is an attempt to eliminate mystery fees and “cramming,” the practice of adding services without customer approval.

Business groups push for debt ceiling deal

A variety of business interests, including the U.S. Chamber of Commerce and the Business Roundtable, are pushing Congress and the White House to negotiate a deal that would end the impasse on the debt ceiling while laying out a plan to cut the deficit. A deal must be struck by August 2 or the federal government will be unable to pay its bills and default on its debt.

Obama warns on Social Security

President Barack Obama told CBS News Tuesday that Social Security checks might not go out on August 3 if the debt ceiling is not raised. Congressional Republicans and Democrats have been at an impasse over the issue.







New Ipad wins over reviewers


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