Financial life in a big town

Some shareholders have sued Hecla Mining Co. for stock losses they endured after the federal government shut down the Lucky Friday Mine for safety violations.

The Bricklayers of Western Pennsylvania Pension Plan this week filed the lawsuit in federal court in Idaho against Hecla, which is based in Coeur d’Alene.

Hecla announced on Jan. 11 that the mine will be closed for a year to make the changes ordered by federal regulators after two miners died in separate accidents last year.

The lawsuit contends the closure caused Hecla’s stock price to fall 21 percent to $4.61 per share on Jan. 11 and that the company prior to that had made false and misleading statements that artificially inflated the price of its stock.

“Defendants lacked a reasonable basis for their positive statements about the company’s operations and its expected silver production,” the lawsuit said, accusing the company of fraud.

Officials for Hecla said the company’s comments on its financial prospects were appropriate and the company will defend itself.

“This lawsuit has no merit,” said spokeswoman Melanie Hennessey, adding such lawsuits were common when a stock price dropped.

The company’s stock has since rebounded to more than $5.30 per share.

In January, Hecla announced that the Mine Safety and Health Administration had ordered it to remove sand and concrete material that had built up in the main elevator shaft of the Lucky Friday, one of the nation’s deepest underground mines. The company said the work would take up to a year, and the mine would be closed during that time.

The closure prompted Hecla to reduce its estimated silver production for 2012 from more than 9 million ounces to about 7 million ounces, all from its remaining Green’s Creek mine in Alaska.

Production is expected to resume in early 2013.

The mine has been shuttered since mid-December, when a rock burst injured seven miners.

Federal regulators have been conducting a close inspection of the mine because of the series of 2011 accidents. They decided they wanted the sand and concrete material removed because it can break off and fall down the shaft, injuring people or damaging the elevators.

The silver mine is located about 50 miles east of Coeur d’Alene in a region called the Silver Valley.

Miner Brandon Lloyd Gray, 26, was buried in rubble while trying to dislodge jammed rock last Nov. 17, and died two days later.

On April 15, miner Larry “Pete” Marek was crushed when his work area collapsed.

Federal inspectors found company safety failures led to his death.

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Orders to U.S. factories rose in December, supported by a rebound in business investment in capital goods such as heavy machinery.

The results cap off another strong year for U.S. manufacturing. Combined with strong figures released Thursday on job growth in January, they signal the economic recovery is gathering strength.

Factory orders rose 1.1 percent following a 2.2 percent gain in November, the Commerce Department reported Friday. For the year, total orders were up 12.1 percent following a gain of 12.9 percent in 2010. Orders had plunged 22.1 percent in the 2009, the year the deep recession ended.

For December, orders for so-called core capital goods, which are viewed as a good measure of business investment plans, rose 3.1 percent to an all-time high. That gain was driven in part by a rush by businesses to take advantage of expiring tax breaks.

The advances in 2011 pushed orders for the year up to $5.36 trillion, still slightly below the peak of $5.44 trillion set in 2008.

For December, orders for durable goods, items expected to last at least three years, rose 3 percent, a figure that was unchanged from a preliminary report last week. Orders for nondurable goods slipped 0.4 percent, reflecting declines in petroleum products.

The orders category that signals business investment plans, non-defense capital goods excluding aircraft, climbed to an all-time high of $68.9 billion in December.

While some of that surge likely reflected a rush to make orders before investment tax breaks expired at the end of last year, many economists believe the boom in spending on new equipment will continue even with the tax breaks gone because there is a large amount of pent-up demand on the part of businesses to modernize their operations.

Companies are hiring more, factories are making more goods and more people are buying cars. Those positive signs for the economy have to be balanced against the threat that Europe’s prolonged debt crisis is acting as a drag on global growth. That would hurt sales of U.S. exports.

In December, orders for commercial aircraft were up 18.9 percent, orders for autos increased 1.7 percent and demand for heavy machinery rose 6.7 percent, reflecting strong demand for oil field equipment and construction machinery.

Manufacturing has been a bright spot in the recovery, although there was a slowdown in the middle of last year as factories dealt with supply shortages caused by the Japanese natural disasters that occurred in March.

The Institute of Supply Management reported this week that its gauge of manufacturing activity expanded in January at the fastest pace in seven months. The index rose to 54.1, up from 53.1 in December. Readings above 50 indicate expansion and the index has been in expansion territory for 30 straight months.

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Hong Kong will spend nearly HK$80 billion ($10.3 billion) to bolster growth as the government forecasts the weakest expansion since 2009 on a

Spain’s Banco Santander saw its fourth-quarter profits plunged 98 percent after it took a euro1.8 billion ($2.4 billion) charge to protect its Spanish real estate portfolio, and as it set aside cash to cover bad loans.

Europe’s largest bank by market capitalization said Tuesday it earned euro47 million for the quarter that ended in December, down from euro2.1 billion in the same period a year earlier.

Without the provision, the bank said it would have had profit of euro1.7 billion in the fourth quarter.

Spain’s banks are under heavy pressure from the government to disclose additional losses on overvalued real estate including land and apartment buildings in their holdings.

Spain is mired in an economic morass and has the highest unemployment rate in the whole 17-nation eurozone, largely because of a big construction sector crash.

A more detailed look at the quarterly earnings figures showed that the bank’s revenue rose modestly to euro11 billion from euro10.6 billion a year earlier.

For the whole of 2011, Santander’s profit totaled euro5.4 billion, down from euro8.2 billion in 2010. The bank said profits from Latin America made up the bulk of its profits during the year. It said 51 percent of the total came from its operations there.

The growing importance of Latin America was evident in the bank’s loan book during the year. Total loans during the year were up 4 percent as Banco Santander SA boosted business in Latin America that helped buffer decreasing European operations.

Santander shares rose 1.1 percent to euro6.05 each in Tuesday morning trading after the results were released.

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Turkey stands by its forecast of 4 percent growth this year, Deputy Prime Minister Ali Babacan said, dismissing International Monetary Fund projections that the economy may barely expand.

The global environment is uncertain and there are major decisions to be taken in developed nations in the next four or five weeks that could change the outlook completely, Babacan said in a televised interview from Davos today. The IMF is

Listen up, beer lovers — you may soon be able to get your suds in grande form. At Starbucks.

Starbucks said Monday that it would begin offering beer and wine at select locations in Atlanta and Southern California by the end of this year, to go along with several locations in the Chicago area that have previously been announced.

Starbucks (, Fortune 500) began the initiative in the Pacific Northwest in late 2010.

"As our customers transition from work to home, many are looking for a warm and inviting place to unwind and connect with the people they care about," Clarice Turner, Starbucks’ senior vice president for U.S. operations, said in a statement payday loan lenders.

"We’re pleased with the response of our customers to the introduction of wine, beer and premium food at several of our stores in the Pacific Northwest, and we’re excited to see how the idea translates to other markets."

The "enhanced menu" at these locations will also include savory snacks, small plates, and hot flatbreads, Starbucks said. The wines and beers on offer "will be hand-selected to reflect local customer tastes and preferences," the company added. 

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Rescue crews say a rescue operation on a cruise ship that ran aground and capsized off Tuscany has been suspended after the Costa Concordia shifted a few inches (centimeters) in rough seas.

Fears are mounting that if the ship shifts significantly, the 500,000 gallons of fuel may begin to leak into the pristine waters around the island of Giglio.

Fire department spokesman Luca Cari said the ship had shifted a few centimeters vertically and horizontally Monday because of the seas. He said an underwater search for 16 people still unaccounted for from the 4,200 on board was suspended immediately.

Six people were killed when the ship ran aground Friday. Costa has said the captain, who has been jailed, made an unauthorized deviation from the ship’s planned course.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

ROME (AP) _ The captain of the cruise ship that capsized off Tuscany made an unauthorized, unapproved deviation from its programmed course, a “human error” that led to the grounding of the vessel, the chief executive of the ship’s Italian owner said Monday. At least six people died in the incident.

The comments from Costa Crociere chairman and CEO Pier Luigi Foschi ramped up the pressure on the captain, who already is under investigation by authorities for suspected manslaughter and as well as allegations he abandoned ship before the passengers were safe, violating the Italian navigation code.

The Costa Concordia ran into a reef Friday night and capsized into the port area of Giglio, sparking a frantic evacuation of the 4,200 people onboard. Coast Guard officials have expressed concern that the ship might slip off the rocks where it is currently perched.

On Monday, the rescue operation was called off as weather worsened and a sixth body was found. Foschi said it wasn’t because the ship had shifted but because divers heard “sounds” coming from inside and didn’t know what was causing them. Sixteen people remain missing Payday Loan for Bad Credit.

Foschi said the company, which is owned by the world’s largest cruiseline, Carnival Corp., stood by the captain, Francesco Schettino, and would provide him with legal assistance. But he said the company disassociated itself from his behavior.

Costa ships have their routes programmed, and alarms go off when they deviate, the chief executive said in a press conference.

“This route was put in correctly. The fact that it left from this course is due solely to a maneuver by the commander that was unapproved, unauthorized and unknown to Costa,” he said.

Schettino has insisted he didn’t leave the liner early, telling Mediaset television that he had done everything he could to save lives.

“We were the last ones to leave the ship,” he said.

Foschi said the liner had passed all safety and technical tests in its 2011 evaluation. He added that the company’s main concern was the safety and well-being of the passengers and crew, as well as to ensure fuel doesn’t leak out from the upended hull into the pristine waters off the island of Giglio.

There were 500,000 gallons of fuel on board, in 17 separate tanks, Foschi said.

“There are no signs of pollution” to date, but officials are on high alert in case the ship suddenly shifts due to worsening weather conditions, Foschi said. Sensors have been put in place to track the movements of the ship.

Questions have been swirling about why the ship had navigated so close to the dangerous reefs and rocks that jut off Giglio’s eastern coast, amid suspicions the captain may have ventured too close while carrying out a maneuver to entertain tourists on the island.

Residents of Giglio said they had never seen the Costa come so close to the dangerous “Le Scole” reef area.

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PARIS

Just as the jobs recovery seemed to be picking up, the number of Americans filing for first-time unemployment claims rose more than expected last week.

The Labor Department reported Thursday that 399,000 people filed for initial jobless benefits, up 24,000 from the week before. That’s awfully close to the 400,000 level economists often say is too high to bring the unemployment rate down substantially.

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Obama battles job crisis

Before Obama even took office, America had lost 4.4 million jobs. Track his progress since then.

But it’s too early to start worrying just yet. The encouraging news brought by last week jobs report is not off the table, economists say guaranteed fast personal loans.

"This can be a wonky period for claims," Jennifer Lee, senior economist with BMO Capital Markets said in a note. "So let’s give this a few weeks to see how it plays out."

The initial claims numbers are adjusted for seasonal trends, but economists still had expected a slight tick up last week due to temporary holiday jobs ending.

Many caution not to read too much into one week of data. They look instead to the four-week moving average, which smoothes out volatility. It also ticked up last week, but overall, has remained near the lowest levels since 2008 for about a month.

"We continue to view the labor market as gradually gaining momentum, so anticipate that claims will resume a modest downward trend in the coming months," Troy Davig, senior U.S. economist at Barclays Capital said in a research note.

Meanwhile, just over 3.6 million Americans filed continuing claims in the week ending December 31. That marked an increase of 19,000 from the week before.

The Labor Department’s monthly report released Friday showed employers added 200,000 jobs and the unemployment rate fell to 8.5% in December. (Check the unemployment rate in your state). 

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