Latest Breaking Business News
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Stanford Art Collection $2.9 Million for Victims
Former billionaire Allen Stanford, convicted last year of running one of the biggest investment frauds in history, had particularly expensive tastes in art. Wednesday in Dallas, an auction of some of his most prized possessions brought in just over $2.9 million. The proceeds are to be turned over to victims of the $7 billion scam, who thus far have recovered next to nothing. ...
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Refuse to Testify Youre Fired
Lois Lerner, the IRS official who headed the division that targeted Tea Party and other conservative groups for special tax scrutiny, invoked her Fifth Amendment right to refuse questions before Congress on Wednesday. The decision could cost her her job.And it doesn't mean that she won't be forced to answer questions. In fact, it's relatively easy for Congress to force her to ...
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Wall Street declines after Fed releases minutes
Source: Reuters US stocks have fallen, with a selloff accelerating in late afternoon trade, after minutes from the latest US Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. The minutes followed comments from Chairman Ben Bernanke who said the Fed could decide to scale back the pace of bond purchases at one of ...
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Exxon Mobil Sued For Anti-Gay Employment Discrimination
There are still 29 states where a person can be fired for being gay, but Illinois is not one of them. Nevertheless, it seems that Exxon ...
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QA Microsoft Veep Phil Harrison Talks Xbox One Used Games Always-On and More
REDMOND, Washington — After Microsoft revealed the brand-new Xbox One console to the world yesterday, a common reaction wasn’t one of amazement or eagerness, but confusion. Since most of the presentation showcased fantasy football, Skype, and multimedia applications, anyone wanting to hear about games was left hungry for details. Wired sat down with Microsoft corporate vice ...
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Bob Lutz Chinese parts maker offer $20 million for Fisker sources
Wanxiang and VL Automotive are looking to buy Fisker, which has not built a car since July, through a prepackaged bankruptcy deal. A separate team of investors is looking to buy out the U.S. Department of Energy's position in ...
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PepsiCo rethinks U.S. pricing to attract more everyday buyers
The strategy, which PepsiCo refers to as "hybrid everyday value," involves narrowing the gap between soda prices on holidays and regular days. It aims to lessen the discounts on holidays, when a 12-pack of 12-ounce cans can cost as little as $2.50 to $3, and lower prices throughout the rest of the year, when the same package can cost as much as ...
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After Hours Hewlett-Packard in focus after hours
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. shares will be in focus after hours Wednesday as the computer maker reports fiscal second-quarter ...
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The Wall Street cicada index
Super Bowl to predict stock market returns, why not a plague of locusts? There are already goldbugs, so why not bug bugs? Standard & Poor's market-data guru Howard Silverblatt agrees. When MarketWatch called to sound him out this morning, it turned out he'd already thought to check out the cicada market theory and had been pleasantly surprised by the results. Of course, that ...
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H-P earnings drop but beat Street estimates
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. said Wednesday afternoon that earnings fell 32% for its second fiscal quarter, though the adjusted bottom line beat Wall Street's estimates. For the period ended April 30, ...
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U.S. Capital-Equipment Financing Up 23 in April-Survey
A survey of credit providers showed that loans and leases for business equipment in the U.S. rose 23% in April from a year ago, as companies went on their largest buying spree of the year so far.Respondents to the Equipment Leasing and Finance Association's monthly survey published Thursday said they financed $7.5 billion of new equipment last month, up from $6.1 billion in April 2012. ...
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MARKET SNAPSHOT U.S. Stocks Drop On Fed Tapering Worries
NEW YORK – U.S. stocks extended losses on Wednesday after minutes from the Federal Reserve latest meeting and comments from the Fed chief suggested the central bank may begin tapering its bond-buying program in coming months.Stocks had a wild ride during the session, as investors digested congressional testimony by Fed Chairman Ben Bernanke and the release at 2 p.m. Eastern of the minutes ...
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Long-Term Mutual Funds Inflows Total $8.51 Billion in Latest Week - ICI
Long-term mutual funds increased by $8.51 billion in the latest week as investors put money into most fund categories, the Investment Company Institute said.Investors have generally been returning to equity mutual funds since January, after avoiding them for several years after the 2008 financial crisis.For the week ended May 15, equity funds had inflows of $2.38 billion, lower than gains of ...
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Pipeline plan to send crude from Montreal to Maine raises ire in New England
New England is in an uproar over a pipeline reversal that would allow Canadian oil sands to be transported from Montreal to Portland in Maine, en route to global ...
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Bernankes leadership a critical factor for Fed policy
on Bernanke's testimony , it was far from a definitive statement about the future course of policy. Chairman Bernanke's leadership, in particular his ability to prevent premature tightening, will be an important factor in determining how policy evolves in coming ...
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How commodities can help a portfolio
(MoneyWatch) One of the most persistent mistakes made when building a portfolio is evaluating potential investments in isolation, instead of considering how their addition impacts the overall risk and return of the portfolio as a whole. The following is a great example of why this is a mistake. I happened upon it when preparing a presentation on commodities' impact on portfolios. We'll ...
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US STOCKS SNAPSHOT-Wall St extends losses SP down 1 pct
NEW YORK | Wed May 22, 2013 3:33pm EDT NEW YORK May 22 (Reuters) - U.S. stocks extended their decline on Wednesday, with the S&P 500 falling 1 percent following remarks by Federal Reserve Chairman Ben Bernanke which suggested the central bank was not ready to pull back on its economic stimulus efforts but may act if the economy continues to improve. The Dow Jones industrial average was ...
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Europe targets Switzerland in fight against bank secrecy
Reuters © (L-R) Greece's Prime Minister Antonis Samaras listens to Austria's Chancellor Werner Faymann and Latvia's Prime Minister Valdis Dombrovskis as they pose for a family photo during a European Union leaders summit in Brussels May 22, 2013. REUTERS/Laurent ...
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‘Boom Town Baby’ African stock markets soaring
The barrage of hourly tweets sent out by Aly-Khan Satchu - East Africa's version of CNBC's Mad Money host Jim Cramer - cheers on what Satchu says is a growing sentiment among investors: If you're not investing in Africa, you should be. Or as Satchu loudly proclaims on his Twitter feed or newspaper column: "IT'S BOOM TOWN ...
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Fed weighed slowing its pace of bond purchases
Several Federal Reserve policymakers this month favored slowing the Fed's efforts to maintain record-low long-term interest rates as early as June _ if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains.Minutes of the Fed's April 30-May 1 meeting released Wednesday show "a number" of members ...
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GlaxoSmithKline US team up to make new drugs to combat antibiotic resistance terror threats
LONDON - GlaxoSmithKline PLC says it's starting an unusual collaboration with the U.S. government to develop several antibiotics for both bioterrorism threats and bacterial infections resistant to current medicines. Antibiotic resistance will become a global crisis, experts predict, because most drug companies have cut investment in antibiotics. Instead, they're developing ...
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Existing US and Minnesota home sales flat during April prices still rising
Home sales in Minnesota and across the country are being stifled by a shortage of inventory, though sale prices continue to rise, according to a pair of state and national reports released this morning. In Minnesota, existing home sales increased only 0.3 percent from April 2012 to April 2013, according to the Minnesota Association of Realtors. The median price of those sales increased 12 ...
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Stocks fall after Fed minutes show policymakers had weighed a pullback on its stimulus program
NEW YORK - Stocks fell in afternoon trading Wednesday on news that several Federal Reserve policymakers in a meeting earlier this month favored cutting back on stimulus programs as early as June if the economy continued to improve. The release of minutes of the April 30-May 1 meeting reversed a surge earlier in the day on hopes that the Fed was a long way from stopping its stimulus efforts. ...
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Basile to star at Inside the Design Studio
, multiple Orchid winner especially for restaurant design, will reveal his secrets "Inside the Design Studio," sponsored by the San Diego Architectural ...
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LRAD avoids proxy fight with big shareholder
Under terms of the settlement, LRAD agreed to nominate two independent directors proposed by Iroquois and a third director who was mutually agreed to by the company and ...
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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