U.S. market gains hold Tuesday
NEW YORK, June 14 (UPI) -- U.S. markets made solid gains Tuesday as government data on producer prices and retail sales came in close to expectations.
Producer prices, a basic measure of inflation, rose 0.2 percent in May compared to April, as expected. Retail sales in May fell 0.2 percent, which was less than the consensus forecast that called for a 0.6 percent drop.
By close of trading on Wall Street, the Dow Jones industrial average, down six consecutive weeks, added 123.14 points, or 1.03 percent, to 12,076.11. The Standard & Poor's 500 index added 16.04 points, or 1.26 percent, to 1,287.87. The Nasdaq composite index gained 39.03, or 1.48 percent, to 2,678.72.
On the New York Stock Exchange, 2,543 stocks advanced and 513 declined on a volume of 3.5 billion shares traded.
The benchmark 10-year treasury note lost 1 0/32 to yield 3.108 percent.
The euro rose to $1.4445 from Monday's $1.4413. Against the yen, the dollar rose to 80.44 yen from Monday's 80.24 yen.
In Tokyo, the Nikkei 225 index gained 1.05 percent, 99.58, to 9,547.79.
In London, the FTSE 100 index rose 0.51 percent, 29.67, to 5,803.13.
Nokia bests Apple in patent disputes
BERLIN, June 14 (UPI) -- Finnish mobile phone giant Nokia said it reached an agreement with Apple Inc. that settles their patent disputes with an unspecified amount in royalties.
The companies had locked horns in patent disputes for two years, The New York Times reported Tuesday.
There were more than 40 legal disputes filed between the two technology firms in several countries.
Nokia said the agreement covers all outstanding complaints filed with the International Trade Commission. Apple said the companies "agreed to drop all of our current lawsuits."
Stephen Elop, Nokia's president and chief executive officer, said, "We are very pleased to have Apple join the growing number of Nokia licensees."
"This settlement demonstrates Nokia's industry-leading patent portfolio and enables us to focus on further licensing opportunities," Elop added.
Apple downplayed the agreement, saying it did not cover, "the majority of the innovation that makes the iPhone unique," but Nokia shares rose 1.8 percent in Helsinki, Finland, when the news of the agreement broke.
German intellectual property expert Florian Mueller in German said, "The deal structure is very telling. A combination of a payment for past infringements as well as running royalties is a clear indication that there's serious money in this for Nokia."
Resumes left for IMF: Lagarde and Carstens
FRANKFURT, Germany, June 14 (UPI) -- The International Monetary Fund said it had narrowed its choices for a new managing director to Agustin Carstens of Mexico and Christine Lagarde of France.
Carstens is the governor of the central bank of Mexico, while Lagarde is the French finance minister, The New York Times reported Tuesday.
The IMF has traditionally chosen a leader from Europe, but emerging countries were vocal this year about having a leader chosen from a different region.
Out of the running is Stanley Fischer, governor of the Bank of Israel and a former IMF deputy director. Fischer said his candidacy had been scrubbed because the age limit for candidates is 65. Fischer is 67.
In a statement, Fischer said, "I think that the age restriction, which was set in the past at 65, is not relevant today."
It is possible Fischer was also ruled out because, as dual citizen of the United States and Israel, his directorship would have angered Arabs, the Times said.
Russian candidate Grigori Martchenko has also apparently been ruled out, which leaves Lagarde, a European, as the front runner.
Lagarde visited China, Brazil and India recently to build a consensus of support.
The new director will succeed Dominique Strauss-Kahn, who resigned in May after being arrested in New York City and charged with sexual assault of a hotel maid.
Strauss-Kahn not only lost his IMF directorship, but also his potential candidacy to become the next president of France.
3M CEO George Buckley to be knighted
MINNEAPOLIS, June 14 (UPI) -- A U.S. chief executive officer with dual citizenship, who grew up in poverty, says the queen of England is about to make him a knight.
George Buckley, CEO of 3M Co. said, "My knees aren't as good as they used to be," in anticipation of an investiture ritual that includes kneeling before the queen, who will tap him on the shoulders with a sword, the Minneapolis Star Tribune reported Tuesday.
Buckley is to be given the rank of knight bachelor, which comes with the option of placing "sir" before his name.
Knight bachelor is the lowest level of knighthood but includes some of Britain's most famous citizens including explorer Francis Drake and 17th century mathematician Isaac Newton.
"This really is a great honor, the pinnacle for someone born a commoner," Buckley said.
Buckley was cited for his business accomplishments and contributions to the University of Huddersfield, his alma mater, the newspaper said.
