Latest Breaking Business News
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Sears CEO Lampert terse on $279M in red ink
Eddie Lampert is finally breaking his silence, but he still seems to have trouble saying, "Ship Your Pants."The notoriously tight-lipped hedge-fund tycoon, who took over as CEO of Sears Holdings in February, made a rare conference-call appearance yesterday after the retailer reported a wider-than-expected loss.The Yale-educated billionaire was notably stiff during the call, with a ...
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Some Hulu bigs flee as sale proceeds
The No. 1 thing being streamed by Hulu these days just may be anxiety.As first-round bids for the big premium online video destination were due yesterday, recent changes to the 6-year-old venture’s business model have left many employees of the firm jittery - and some heading for the exits, The Post has learned."Everyone is looking for jobs," one West Coast source told The Post ...
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Microsoft Cleared of Xbox Patent Violation
Motorola Mobility, which is owned by Google, had asked the US International Trade Commission in 2010 to halt the import of the device due to the alleged patent violation. The case was part of a broader patent war between the companies. Microsoft claims that phones running Google's Android software violate its patents, while Google says ...
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Watching Risk-Reward Ratios Economic Data Still Positive - But Rate is Slowing
Risk-reward ratios are on our radar screen these days as we review the most recent economic data against the backdrop of recent market movement. This is not to say that we are in any way suggesting a top, a bear market, or even that a correction is on the horizon, even taking into account this past week's movement and volatility--although each of these scenarios remains a possibility. At ...
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US STOCKS-Wall St posts 1st weekly loss since mid-April on Fed angst
Fri May 24, 2013 4:35pm EDT * S&P 500 slips but well off lows as investors buy on the dip * P&G shares jump after CEO replacement * Investors anxious about Fed's possible stimulus exit * Dow up 0.1 pct; S&P 500 down 0.1 pct; Nasdaq flat By Angela Moon NEW YORK, May 24 (Reuters) - The S&P 500 declined for a third day on Friday, with the three major U.S. stock indexes posting their first ...
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A First Per-Student Spending Down at Schools
The amount of money spent per public school student fell in 2011 for the first time since the Census Bureau began keeping records more than three decades earlier, as economic woes finally caught up with educational realities. "This is clearly the fallout from the Great Recession," said Michael Petrilli, executive vice president of the Thomas B. Fordham Institute, a conservative ...
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Banks Violated Mortgage Pact NY AG
Wells Fargo and other banks violated the terms of a settlement designed to end mortgage servicing abuses. Schneiderman, who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal, said other states had found similar problems. "Several other states have identified similar recurring deficiencies by the participating servicers," ...
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Falcones Helicopter Heads to Hamptons
One of the incoming flights we noticed today is a helicopter that belongs, in part, to former hedge fund titan Philip Falcone. It's not a Harbinger Capital asset, by the way. Falcone personally is listed as one of the owners. ...
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Wall Street is writing its own regulation bill
USA Bank lobbyists have a direct influence on financial legislation drafted in Congress, and are in some cases even writing the measures themselves. Citigroup this month drafted a regulation bill that has already passed through a House committee. To soften financial regulations, bank lobbyists frequently 'assist' lawmakers in writingdraft legislation that serves to benefit them at ...
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Xbox One uncertainty earnings drag down GameStop
Xbox 360 games won't work with the Xbox One Neither of those factors are pleasing investors, who had sent shares soaring more than 100 percent over the past 12 months through last Friday. GameStop's shares tumbled 11 percent Friday to $32.10, putting the week's drop at 19 percent. Particularly worrisome is what GameStop's business will look like if it becomes more ...
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Exclusive Mall owner General Growth eyes NYs Madison Ave - sources
Attendees pass by the General Growth Properties booth during the International Council of Shopping Centers convention in Las Vegas, May 18, ...
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MARKET SNAPSHOT U.S. Blue-chip Stocks Catch Updraft On PG
NEW YORK – Blue-chip stocks flirted with gains late in Friday's session, led by a rally in Procter & Gamble Co. shares. Broader indexes traded off their lows, as investors avoided big bets ahead of the long holiday weekend and after a volatile week linked to Japan and the Federal Reserve.The Dow Jones Industrial Average (DJI) was off 2 points to 15,292 after several attempts at ...
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Canada International Reserves Down $68 Million in Week Ended May 23
Canada's official international reserves fell $68 million in the week ended May 23, the Bank of Canada reported on its website.At May 23, the official international reserves totaled $70.703 billion, compared with $70.771 billion at May 15.The reserves included:-U.S. dollars, $38.878 billion;-other foreign currencies, $18.848 billion;-gold, $141 million;-special drawing rights, $8.458 ...
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Precious Metals Highlights Top Stories Of The Day
TOP STORIES South Africa Mines Minister Says National Union of Mineworkers 'Under Siege'JOHANNESBURG--South Africa's mining minister seemed to take sides Friday in a contentious labor union battle, even as labor tensions remain high between rival unions at the country's mines.STORIES OF INTEREST 2nd UPDATE: Barrick's Pascua-Lama Mine Halted by Chilean ...
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A larger issue at much lower rates Empire Life cleans up
Four years after tapping the debt markets, The Empire Life Insurance Co. has returned with a similar structure but this time out will it enjoy the benefits of both lower interest rates and a lower spread relative to the benchmark, the yield on five-year bonds issued by the government of Canada. In May 2009, the Kingston-based insurer that’s part of the E-L Financial Group, raised ...
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Wall Street on track for first losing week since mid-April
US stocks mostly declined for a third day, putting indexes on track, on lingering concern that the US central bank may scale back its stimulus ...
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US STOCKS SNAPSHOT-Wall St wanes on Fed uncertainty SP dips for 3rd day
NEW YORK | Fri May 24, 2013 4:10pm EDT NEW YORK May 24 (Reuters) - The S&P 500 declined for a third day on Friday with the three major U.S. stock indexes posting their first negative week since mid-April on lingering concern that the U.S. central bank may scale back its stimulus measures to support the economy. The Dow Jones industrial average edged up 8.60 points, or 0.06 percent, to ...
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Americans plan summer vacations but with incomes stagnant some families keep trips modest
NEW YORK - This summer, high rollers are flying to lavish hot spots for their vacations. The rest of us are driving to less luxurious places like nearby campgrounds. The good news: At some U.S. campgrounds these days you get live bands, air guitar contests and chocolate pudding slip `n slides. Americans' plans for summer travel mirror the current state of the economy. Rising home prices ...
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Yahoo among bidders for Hulu sources
Yahoo! jumped into the bidding today for Web video destination Hulu, The Post has learned. Sources close to the process say the bids from Yahoo! and half a dozen other suitors value Hulu north of a billion dollars. If Yahoo is successful, it could be CEO Marissa Mayer’s second $1 billion deal inside a month. The company just acquired micro-blogging service Tumblr for $1.1 billion.Yahoo ...
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How the smartphone killed the three-day weekend
By Bob Sullivan, Columnist, NBC News Memorial Day weekend marks the beginning of summer and all it evokes: vacations, slower workweeks, casual dress codes, getting the pool ready and pulling out the outdoor furniture.It would seem an ideal time to take a break, but our ability to unplug and relax is under assault. A three-day weekend? We can barely get through three waking hours without working, ...
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Weird weather a boon for BrandAlley
Model Amy Hannam has some last minute adjustments made at the BrandAlley garden at the Chelsea flower show in London. Photograph: Andrew ...
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Rupert Murdoch plans to poison News Corp takeover bids
The plan will act as a powerful disincentive to anyone seeking to challenge Rupert Murdoch's control of the two companies. Photograph: Facundo ...
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Vince Cable The traditional high street banks have forgotten how to lend
When Jonathan Eddy wanted finance for his Basingstoke-based business, one of the traditional high street banks offered him a competitively priced loan - but then threw in fees that made it too expensive for him to proceed. Eddy, managing director of Asset Advantage, has a clear view why. "The traditional high street banks have forgotten how to lend," he ...
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Energy suppliers held back gas during UK shortage
gas in storage tanks at a time when the market ran into an acute shortage two months ago, triggering a doubling of wholesale prices.The revelations came after claims the UK was within six hours of running out of gas completely on 22 March and will feed rising public and political anger over soaring power bills and previous allegations of market manipulation.The National Grid, which keeps data on ...
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METALS OUTLOOK Gold Market To Watch Economic Data Options Expiration
Ben Bernanke on Wednesday regarding the fate of the Fed's bond-buying program. Worries that the Fed will taper off its asset purchases to stimulate the U.S. economy have hit gold and other markets, and the results of economic data releases will color traders' perceptions of what the Fed might do with the program. Market participants said they'll also watch to see how the Comex ...
Silicon Valley Focus
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Silicon Valley's Expo ambitions
Moffet Field, a fairly unknown former military airbase in Silicon Valley near Mountain View and Sunnyvale, may become the centerpiece of the 2020 World Expo if Governor Schwarzenegger and other advocated of a California bid get their way.
California wants one of its cities to host the 2020 World Expo, the event is a seminal one on the world calendar and is expected to draw in over 70 million visitors to Shanghai, the city currently hosting the exhibition, which last six months. Read more
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