Latest Breaking Business News
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Wall Street lobbyists frequently help draft financial legislation
Kenneth E. Bentsen Jr., left, a Wall Street lobbyist, at a House financial services panel meeting. WASHINGTON -- Bank lobbyists are not leaving it to lawmakers to draft legislation that ...
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Abercrombie Fitch earnings stumble stock slumps
Teen retailer Abercrombie & Fitch Co. stumbled hard in its first quarter, with same-store sales diving 15% and profit missing Wall Street’s ...
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IFC Seeks to Invest $2 Billion in Brazil in Next Fiscal Year
International Finance Corp., a World Bank affiliate, is planning to invest around $2 billion in Brazilian companies in order to support the Latin American country's private-sector development, according to Loy Pires, IFC's senior manager for Brazil.The investment plan will take place in the next fiscal year starting July. By comparison, in the July 2012-June 2013 fiscal year, ...
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SURVEY Agriculture To Underpin Modest Brazil 1st Quarter GDP Recovery
Latin America's biggest country will show a modest recovery in gross domestic product when first-quarter figures are released next week, but economists say it is too soon to celebrate a full-fledged 2013 recovery.A survey of 14 economists by Dow Jones Newswires resulted in a median forecast of 2.38% for year-on-year first-quarter economic expansion. Actual fourth-quarter growth was 1.4%. ...
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LONDON MARKETS U.K. Stocks Slides As Miners Banks Decline
LONDON – U.K.'s FTSE 100 index dropped on Friday, with mining firms adding pressure as metals prices turned south and with banks extending the prior day's losses.The FTSE 100 index lost 0.8% to 6,645.67, on track for a 1.2% weekly loss.BT Group PLC dropped 1.9%, after J.P. Morgan Cazenove cut the telecoms firm to neutral from overweight, citing regulation, pension and BT Sport as ...
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Dow Chemical to Use Kuwait Award to Pay Down Up to $2 Billion in Debt
Dow Chemical Co. (DOW) said it will use part of a recent arbitration payment from the Petrochemical Industries Company of Kuwait to pay down up to $2 billion in debt this year.The company recently received $2.2 billion for damages in cash from its Kuwaiti partner--one of the largest ever from a corporate arbitration--after the state-owned firm pulled out at the last minute from a $17.4 billion ...
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MARKET SNAPSHOT U.S. Stocks Drop On Pace For Weekly Loss
U.S. stocks lost ground Friday after another volatile session for Asian markets, with upbeat durable-goods data failing to overcome negative sentiment.The Dow Jones Industrial Average (DJI) fell 91 points to 15,203, while the Standard & Poor's 500 Index (SPX) dropped 13 points to 1,637. The Nasdaq Composite (RIXF) lost 27 points to 3,433.The indexes opened with moderate losses, with the ...
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Video ATT adding new fee to wireless contracts
Stocks opened lower despite better than expected news on durable goods orders, AT&T has reportedly added a new 61 cent monthly fee for all wireless contracts, and new federal rules require more detailed labels on meat packages. Ashley Morrison ...
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McDonalds CEO Scolded By 9-Year-Old
Don Thompson, CEO of McDonald's Corp., found himself on the grill after a 9-year-old girl accused the fast food giant of trying to "trick kids into eating food that isn't good for them." Hannah Robertson, 9, flew in with her mom from Kelowna, British Columbia, to attend McDonald's annual shareholder meeting Thursday in Oak Brook, Ill., the company's ...
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US stocks fall amid global caution
US stocks have fallen in early trade with caution reigning a day after a shock sell-off in Asia and Europe and ahead of the three-day US Memorial Day holiday weekend. Thirty minutes into Friday trade, the Dow Jones Industrial Average was down 55.16 points (0.36 per cent) to 15,239.34. The broad-based S&P 500 lost 9.40 (0.57 per cent) to 1,641.11, while the tech-rich Nasdaq Composite fell 20.36 ...
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Google and Facebook in bidding war over Waze travel app company
The travel app company Waze is believed to be the subject of a billion-dollar bidding war between Google and Facebook, in a move apparently aimed at tying its social functions more closely into the rival firms' networks.A fortnight ago reports suggested that Facebook had bid $1bn for the business, in order to wrap the "social travel" element into its billion-strong social network. ...
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Microsoft And Game Publishers Will Reportedly Take A Cut Of Xbox One Used Game Sales
Microsoft (MSFT) has taken aim at used game sales in a somewhat surprising way. For Xbox One games, used game sales will be allowed but any retailer who chooses to sell them will need to use Microsoft's Azure-based cloud system to do ...
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Walt Disney Imagineers Drive Innovation Through Video Game Technology
Walt Disney World's Magic Kingdom, Disneyland and Disney California Adventure theme parks are open for a full 24 hours today to celebrate Memorial Day weekend and the official start of the summer tourist seasons. As visitors enter these parks, they'll find a lot of new rides and attractions. Many of the innovations behind today's high-tech experiences come from inspiration from ...
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Will Lafleys PG Return Work
Squawk Box " interview. "[But] the downside of course: What did [he] contribute to the current mess?" The appointment of Lafley as chairman and CEO of P&G, the company he ran from 2000 to 2009, was announced Thursday and is effectively immediately. He succeeded embattled chief executive Bob McDonald--who had taken the reigns when Lafley retired. ...
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UK Police Arrest Two Men on Pakistan Flight
Pakistan International Airlines flight on Friday on suspicion of "endangerment of an aircraft", after it was escorted to a different airport by fighter jets. The plane had been flying from Lahore in Pakistan to Manchester, before it was diverted to Stansted, in Essex, southern England. Flight PK709 from Lahore in Pakistan had been due to land at Manchester in northern England with 297 ...
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World stock markets to grind higher
"This is a classic holiday market reversal," said Neil Shah, a director at London's Edison Investment. When investors and traders return to their desks after the long weekend in the U.S. and the U.K., stocks would continue moving higher, he said. Japan, where the ...
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China solar companies shun home market in pursuit of margins
(Reuters) - Chinese solar panel makers are shunning their overcrowded home market in favor of lucrative exports, a switch that has helped to arrest a two-year slump in margins and push shares to 12-month ...
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Insight Luxury brands position for U.S. boom
PARIS/NEW YORK (Reuters) - Most men might balk at spending $600 on a pair of Dior sneakers but for U.S. shoppers like Ephraim, an upbeat 30-year-old, such indulgences are becoming increasingly ...
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Metals Stocks Gold backs off one-week high
MADRID (MarketWatch) -- Gold prices posted mild losses on Friday, backing away from a week-high settlement a day prior, and seeing little benefit from dollar weakness as investors readied for the long U.S. holiday ...
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Microsoft Xbox One a let down says Steven Butts of IGN
One thing's for sure: It's one big gamble for Microsoft. After eight years on the market, Microsoft's Xbox 360 is being replaced. The ...
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ECB Constancio Linking National Resolution Funds Isnt Enough
Europe must create a single resolution mechanism backed by a common pool of money to help wind down struggling banks, European Central Bank Vice President Vitor Constancio said Friday."An approach based solely on coordination between national authorities without a single resolution authority and without a common backstop would clearly not be sufficient," Mr. Constancio said at a ...
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A New Hedge Against Rising Rates
ProShares launched a high-yield corporate debt exchange-traded fund that will take a short position in U.S. Treasurys, offsetting exposure to junk bonds. The ProShares High Yield-Interest Rate Hedged ETF is the third of its kind, and the least expensive, with an annual expense ratio of 0.50%. The fund will trade under the symbol HYHG and track the ...
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Keystone makes TransCanada more cautious about future U.S. forays executive
CALGARY -- A senior TransCanada Corp. executive says the resistance to the approval of the proposed Keystone XL oilsands pipeline has made the company more cautious about future cross-border endeavours. Alex Pourbaix, president of energy and oil pipelines at the Calgary-based pipeline and utility company, said the long delays getting Keystone approved in the U.S. has been an ...
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Enbridge to meet re-elected B.C. Liberals on Northern Gateway
Enbridge Inc. is moving ahead with plans to meet five conditions for the British Columbia government to support its proposed Northern Gateway oil pipeline, after a Liberal re-election made clear terms needed to satisfy officials in the Pacific Coast province. Enbridge, the largest transporter of Canadian crude, plans to sit down with Premier Christy Clark's government to discuss her ...
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Experts urge buyers to take precautions when buying used cars and trucks
July Ono had been buying used cars online for years without problems. So she was stunned when she got a panicked phone call three years ago from a friend saying the Jeep Ms. Ono bought a month earlier was being towed away by a bailiff. In hindsight, Ms. Ono says she had been suspicious of the tall, charming stranger who had posted his car for sale on Craigslist. "I was sitting there ...
Featuring Birmingham
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Redevelopment of Fair Park at the heart of the budget mess
The city council of Birmingham is facing the difficult task of trying to redevelop a badly run-down part of the city with money that is short, and transforming the local economy to a cleaner one at a time of great recession, yet this must be done if we are to plan for the future.
Birmingham is a city that grew up as a manufacturing hub in the American south. The city was hit badly by the Great Depression, and it wasn’t until after the Second World War that things started to look up. The current situation in Birmingham is no different, although the local economy has diversified considerably since back then, it is still heavily reliant on manufacturing activities. Read more
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