U.S. markets back on positive track
NEW YORK, Nov. 9 (UPI) -- Stocks headed into positive territory in New York Friday following losses in Asia and Europe.
Investors are focused on Greece, where members of Parliament will vote Sunday on an austerity budget that could make or break the international community's willingness to continue with bailout loans.
In Washington, the Department of Labor Statistics said import prices rose 0.5 percent in October after economists had predicted prices would remain unchanged.
In early afternoon trading, the Dow Jones industrial average after opening lower added 48.80 points or 0.38 percent to 12,860.12.
The Nasdaq composite index gained 26.56 points or 0.92 percent to 2,922.14. The Standard and Poor's 500 index added 10.17 points or 0.74 percent to 1,387.68.
The benchmark 10-year treasury fell 4/32 to yield 1.632 percent.
The euro fell to $1.2721 from Thursday's $1.2747. Against the yen, the dollar fell to 79.47 yen from 79.48 yen.
In Tokyo, the Nikkei 225 index lost 0.9 percent, 79.55 points, to 8,757.60.
In London, the FTSE 100 index lost 0.11 percent, 6.37, to 5,769.68.
U.K. has list of possible tax evaders
LONDON, Nov. 9 (UPI) -- British authorities say they are looking at HSBC bank accounts from the Bailiwick of Jersey for evidence of tax evasion and other criminality.
Her Majesty's Revenue and Customs is studying a list, provided by a whistle-blower, of 4,388 banking clients with accounts in Jersey -- an independent island on the Normandy coast in the English Channel -- The Daily Telegraph reported Friday.
"We can confirm we have received the data and we are studying it," a spokesman for HMRC said.
The newspaper said the list includes an assortment of criminals and wealthy bankers, three of whom have been accused of serious fraud.
The Telegraph named Daniel Bayes, described as "a drug dealer who is now in Venezuela," and Michael Lee, "who was convicted of possession of more than 300 weapons at his house in Devon."
Among the clients are a financial manager with $9.5 million in his bank account and several individuals described as celebrities.
"Clamping down on those who try to cheat the system through evading taxes and over-claiming benefits is a top priority for us and we value the information we receive from the public and business community," the HMRC spokesman said.
HSBC, one of the world's largest banks, said this week it has set aside $1.5 billion to settle money-laundering charges brought by U.S. authorities.
Banks are required to report movement of money that looks suspicious, such as large deposits made in cash. Failure to do so can result in charges of helping criminals turn traceable, ill-gotten gains into hard-to-trace funds, which is to say money laundering.
Iberia Airlines to cut 4,500 jobs
MADRID, Nov. 9 (UPI) -- Iberia Airlines told Spanish regulators it would trim its staff by 4,500 jobs and reduce its fleet by 25 planes in an effort to return to profitability.
The reduction amounts to nearly 25 percent of the company's workforce of 20,000.
Iberia's parent company, International Airlines Group, which includes Iberia and British Airways, said Thursday it had made a $144 million bid for 54.5 percent of Spanish airline Vueling, ThinkSpain reported.
IAG already owns the other 45.5 percent, the report said.
The bid is being made to stem losses in Spain, where the economy is doing poorly.
The BBC reported that Iberia expects to trim its passenger capacity by 15 percent as it reduces its fleet from 156 to 131 planes.
IAG posted a profit of $429.8 million in the first nine months of 2011 but lost $49.5 million in the same period of 2012.
Priceline to buy rival, neighbor Kayak
NORWALK, Conn., Nov. 9 (UPI) -- Internet travel price search company Priceline, based in Norwalk, Conn., said it has agreed to buy up-and-coming rival Kayak, also of Norwalk, for $1.8 billion.
The plan calls for Kayak to operate as a subsidiary and would leave its management team intact, Priceline said.
Kayak was launched eight years ago and went public in July. In the third quarter, the firm posted net earnings of $8 million with sales at $78.6 million, up nearly 30 percent from the third quarter of 2011, CNNMoney reported Friday.
The cash and stock deal is expected to close in early 2013 if regulators and shareholders approve it.
Kayak shares jumped 26 percent when the deal was announced, while Priceline shares slipped 3 percent.
Buying companies is not new to Priceline, which only 12-years old.
The firm also acquired Booking.com, which specializes in European hotel bookings and TravelJigsaw, a British car rental website. Kayak, however, is a first for Priceline, as its other major deals involved companies overseas.
