US-NEWS Summary

Sep 14, 2011, midnight

Republican wins in New York Democratic stronghold

NEW YORK (Reuters) - Republicans won an upset victory in a Democratic stronghold in New York on Tuesday in a special House of Representatives election for the seat vacated by former Representative Anthony Weiner, who resigned after a Twitter sex scandal. Republican Bob Turner, a retired media executive who had called the election a repudiation of President Barack Obama, defeated Democrat David Weprin, a state assemblyman, by six points, 53 percent to 47 percent, a New York cable television station said.

China's Wen vows to fight inflation, confident on growth

DALIAN, China (Reuters) - China will keep monetary policy tight to contain inflation while forging ahead with structural reforms and boosting consumption to sustain long-term economic growth, Premier Wen Jiabao said on Wednesday. Speaking at the World Economic Forum in the northeastern port city of Dalian, Wen said China's slowing economic growth was a result of the government's tightening measures to bring inflation under control and was "within expectations."

Cisco slashes sales outlook, enters new era

SAN FRANCISCO/NEW YORK (Reuters) - Cisco Systems Inc slashed its long-term forecasts, acknowledging an end to an era of scorching growth after cutting thousands of jobs in a sweeping four-month reorganization. The reduction in projections had been expected from a company grappling with both nimbler rivals and a rickety global outlook for government and corporate tech spending. Yet investors pushed its shares 1.6 percent higher, relieved the overhaul was bearing fruit: reducing costs and setting Cisco on a path for slower but more stable growth.

Senate panel backs freeze in Pentagon base budget

WASHINGTON (Reuters) - The nominee to become Defense Secretary Leon Panetta's top deputy cautioned against "draconian" cuts in the U.S. military budget on Tuesday as a proposal to tighten defense spending next year began working its way through the Senate. A Senate panel recommended $630 billion in defense spending for the 2012 fiscal year beginning in October, freezing the Pentagon's base budget at $513 billion and calling for $118 billion for the U.S. wars in Afghanistan and Iraq.

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