Markets hold onto rally Tuesday
NEW YORK, Oct. 16 (UPI) -- New York stock markets rallied Tuesday following upswings in Asia and Europe.
Stocks closed out a two-day upward correction after a week long slump. Investors were encouraged Monday when the Commerce Department said retail sales rose 1.1 percent August to September.
By close of trading Tuesday, the Dow Jones industrial average gained 127.55 or 0.95 percent to 13,551.78. The Nasdaq composite index, added 36.99 or 1.21 percent to 3,101.17. The Standard and Poor's 500 index added 14.79 points or 1.03 percent to 1,454.92.
On the New York Stock Exchange, 2,273 stocks advanced and 760 declined on a volume of 3.5 billion shares traded.
The benchmark 10-year treasury note fell 18/32 to yield 1.723 percent.
The euro rose to $1.3096 from Monday's $1.2949. Against the yen, the dollar rose to 78.88 yen from 78.66 yen.
In Japan, the Nikkei 225 index added 1.44 percent, 123.38 points, to 8,701.31.
In London, the FTSE 100 index gained 1.12 percent, 64.93, to 5,870.54.
Europe asks Google to tweak privacy policy
PARIS, Oct. 16 (UPI) -- Regulators in Europe that manage privacy issues on the Internet have asked Google to make its policies clearer to users.
The New York Times reported Tuesday that 27 separate regulators sent a letter to Google Chief Executive Officer Larry Page requesting the U.S. company make changes on privacy policies that affect a wide range of services offered by the Internet search engine.
One of the main concerns is that data Google collects data on user behavior from various services -- from a basic online search to watching a video on YouTube -- that can be used by Google in ways the average user does not understand.
"The new privacy policy allows an unprecedented combination of data across different Google services. We are not opposed to this, in principle, but the data could be employed in ways that the user is not aware of," said Isabelle Falque-Pierrotin, chairwoman of a privacy regulator in France.
Google defended its current policy of not collecting data on consumers unless they opt in, but some have complained that Google bans users from various services unless they hit an "I Agree" button.
Clicking on a button is not a guarantee that a user understands the system or that a user in a hurry has not clicked on the button without scrutinizing the terms of use at all.
"Our new privacy policy demonstrates our longstanding commitment to protecting our users' information and creating great products," said Peter Fleischer, an attorney who handles privacy issues for Google.
In a statement, Google said it was reviewing the letter from regulators.
Loblaw supermarkets ax 700 admin. jobs
TORONTO, Oct. 16 (UPI) -- Canada's largest supermarket chain, Loblaw Inc., announced Tuesday it is cutting 700 administrative jobs from its Toronto-area headquarters.
"The company expects to take a one-time estimated $60 million charge in the fourth quarter, reflecting the anticipated costs of the planned reductions," a company statement said.
The company has more than 1,000 stores under various names across Canada and employs more than 135,000 full-time and part-time staff.
Company President Vicente Trius downplayed the layoffs in the corporate release.
"In the past 12 months we have opened 14 new stores where we added more than 2,000 new jobs, making a positive contribution to the communities we serve," Trius wrote.
The company faces more competition, with U.S. companies including Walmart and Target opening new Canadian outlets and expanding into groceries, the Toronto Star said.
Citigroup CEO steps down
NEW YORK, Oct. 16 (UPI) -- Vikram Pandit, the chief executive officer of Citigroup Inc., is stepping down effective immediately, the bank's board said Tuesday.
The bank conducted a yearlong search for Pandit's replacement, The New York Times reported. Pandit had said he would step down when the bank was on solid ground, and the bank announced Monday it had earned $3.27 billion in the third quarter.
Still, his departure is something of a surprise, given there was no immediate warning that Pandit would leave Tuesday with his departure "effective immediately."
Pandit will be succeeded by Michael Corbat, the bank's head of European and Middle Eastern businesses.
Pandit led the bank through the financial crisis, which was just beginning to build up steam when he took over in December 2007.
Before he took the top job, the bank announced $18 billion in losses tied to collateralized debt obligations, which are securities used as insurance for the mortgage industry. Citigroup accepted $45 billion from the government to keep itself safely afloat during the financial crisis.
At the time, Pandit said he would not accept more than $1 in annual salary until the bank became profitable again. That came around by the end of 2010, when the bank repaid the government loan, including a $12 billion profit for taxpayers.
