Headline
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Officials reject conspiracies on unemployment rate
2012-10-06 10:33:53 UTC
WASHINGTON (AP) — When conspiracists suggested Friday that the Obama administration had engineered a sharp drop in unemployment to aid President Barack Obama's re-election, the response was swift.
Career government officials, economists and even some Mitt Romney supporters issued a collectiv...
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Analysts: Spike in Calif. gas prices may linger
2012-10-05 08:38:34 UTC
SAN FRANCISCO (AP) — The recent spike in gasoline prices around the nation is expected to wane slowly in coming weeks, but California may not be so lucky due to supply challenges fueled by refinery issues and pipeline outages, analysts said.
Throughout the state, the average price of a gallon ...
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Auto sales, home prices help buoy weak US economy
2012-10-03 08:29:48 UTC
WASHINGTON (AP) — The U.S. economy is looking more resilient, thanks in part to encouraging signs for the two most expensive purchases most Americans make: cars and homes.
Cheap loans and a bounty of fuel-efficient models enticed people to buy new vehicles at a brisk pace last month. And the...
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NY AG sues JPMorgan over Bear Stearns securities
2012-10-02 10:31:25 UTC
NEW YORK (AP) — The New York attorney general's office has hit JPMorgan Chase & Co. with a civil lawsuit, alleging that investment bank Bear Stearns — prior to its collapse and subsequent sale to JPMorgan in 2008 — perpetrated massive fraud in deals involving billions in residential mortgage-ba...
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Airlines' profit outlook recovering
2012-10-01 11:00:36 UTC
BERLIN (AP) — The outlook for the airline industry is improving, with profits expected to reach $4.1 billion this year and $7.5 billion in 2013, the International Air Transport Association said Monday.
The industry group raised its forecast for 2012 from $3 billion, saying passenger numbers ...
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Xstrata board recommends Glencore merger
2012-10-01 10:40:14 UTC
LONDON (AP) — The board of Anglo-Swiss mining company Xstrata PLC said Monday it is recommending shareholders accept merger terms with Swiss commodities trader Glencore PLC — a deal that would create an industry behemoth with revenues of around $175 billion.
Xstrata said in a statement it was ...
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Putin rolls back protege's modest liberal legacy
2012-09-29 13:00:17 UTC
MOSCOW (AP) — President Vladimir Putin is turning back the clock on his predecessor's reforms — literally.
This week, Putin signaled his intent to reverse one of the few high-profile reforms Dmitry Medvedev enacted while president: keeping Russia stuck in summer time all year after clocks spra...
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Markets steady as focus remains on Spain, Greece
2012-09-27 12:32:41 UTC
LONDON (AP) — Financial markets recovered their poise Thursday, a day after investors were spooked by rising levels of discontent in Greece and Spain over upcoming austerity packages.
Though the mood in markets has improved modestly, investors remain concerned about developments in Europe, w...
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Asia's budget airline boom bypasses China
2012-09-27 10:27:57 UTC
HONG KONG (AP) — When businesswoman Ren Hong flew home after a recent trip to Beijing on state-owned Air China, she was hoping for a decent inflight meal to tide her over until she got back to the spicy cuisine of her native Sichuan province.
The airline's meager offering, which was little mor...
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NYT to sell Indeed.com for $100M gain
2012-09-25 21:17:41 UTC
Leading Japanese HR services business Recruit Co. will acquire top job search site Indeed.com, the companies announced today.
Stamford, Conn.-based Indeed was launched in 2004 and claims to attract 80 million unique visitors per month. It has localized versions in more than 50 counties, and it...
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US consumer confidence jumps to 7-month high.
2012-09-25 19:38:50 UTC
NEW YORK (AP) — Americans' confidence in the economy jumped this month to the highest level since February, bolstered by a brighter outlook for overall business conditions and hiring.
The Conference Board said Tuesday that its Consumer Confidence Index rose to 70.3. That's up from 61.3 in Augu...
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Economists say US needs more taxes, spending cuts
2012-09-24 13:45:07 UTC
NEW YORK (AP) — The best way to reduce the federal deficit is through a combination of higher taxes and spending cuts, according to a group of economists.
The 236 members of the National Association for Business Economics recently surveyed say the country needs more fiscal stimulus through 2...
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Unproductive Congress skips town until November
2012-09-22 11:59:41 UTC
WASHINGTON (AP) — The most partisan, least productive Congress in memory has skipped out of Washington so lawmakers can make their case for voters to re-elect them.
The Senate closed the Capitol not long after sending President Barak Obama a spending bill that will make sure the government won...
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Zara store owner Inditex profit up 32 pct in H1
2012-09-19 09:35:58 UTC
MADRID (AP) — Spanish clothes retailer Inditex, which owns the Zara store chain, has posted a 32 percent increase in first-half net profit as it continued expanding in emerging markets.
Inditex said Wednesday that sales for the first six months of the year were €7.2 billion ($9.4 billion), u...
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China files trade case against Washington
2012-09-18 08:37:34 UTC
BEIJING (AP) — China filed a World Trade Organization case Monday challenging U.S. anti-dumping measures on billions of dollars of kitchen appliances, paper and other goods, adding to worsening trade strains as global demand weakens.
Beijing's move came shortly before the Obama administration ...
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Global markets slip as Fed-driven euphoria fades
2012-09-17 11:37:32 UTC
LONDON (AP) — Global stock markets were muted Monday as the boost faded from the Federal Reserve's announcement last week of new measures to energize the U.S. economy.
Signs that European governments will take longer than expected to agree the details and set up their banking supervisor also...
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India central bank cuts cash reserve ratio
2012-09-17 11:06:48 UTC
NEW DELHI (AP) — India's central bank Monday cut the cash reserve ratio as it tries to kick-start flagging growth and welcomed government efforts to open Asia's third-largest economy to more foreign investment.
The Reserve Bank of India said the share of deposits that banks must keep with it...
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Spanish rail and subway transport hit by strikes
2012-09-17 11:01:28 UTC
MADRID (AP) — Hundreds of Spanish train services have been canceled, resulting in traffic jams on roads into Madrid and Barcelona, as rail and subway workers staged strikes to protest wage cuts and reforms.
State rail company RENFE said Monday it had canceled some 300 high-speed and intercit...
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Federal judge hands Samsung setback against Apple
2012-09-15 22:05:39 UTC
NEW YORK (AP) — In a preliminary move, a federal judge has denied Samsung's request for a ban on imports of the iPhone, iPad and iPod.
It's another setback for Samsung in a globe-spanning legal battle, where each company is accusing the other of violating its patents.
A judge at the Interna...
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Dow average dumps Kraft Foods for UnitedHealth
2012-09-14 18:17:06 UTC
NEW YORK (AP) — The Dow Jones industrial average is dumping Cool Whip for copays.
The Dow, perhaps the most widely known barometer of the U.S. stock market, announced Friday that it would boot Kraft Foods to make room for UnitedHealth Group, the insurance company.
The change takes effect Se...
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Fed to spend $40B a month on bond purchases
2012-09-13 19:17:02 UTC
WASHINGTON (AP) — The Federal Reserve unleashed a series of bold and open-ended steps Thursday to stimulate the economy by making it cheaper for consumers and businesses to borrow and spend.
The Fed said it will spend $40 billion a month to buy mortgage bonds for as long as it deems necessary ...
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As Fed ends meeting, many expect bold action
2012-09-13 04:20:08 UTC
WASHINGTON (AP) — The Federal Reserve ends a two-day meeting Thursday with expectations high for some new action to jolt the lackluster U.S. economy.
Many investors hope the Fed will take the bold step of launching a third bond-buying program. The goal would be to try to lower long-term intere...
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New iPhone with taller screen out next week
2012-09-12 19:10:11 UTC
SAN FRANCISCO (AP) — Apple is holding an event in San Francisco during which it announced a new iPhone, capable of faster data speeds and sporting a taller screen. It also unveiled new iTunes software and new iPod devices.
The iPhone 5 will go on sale next week. It will work with fourth-genera...
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Spain PM's bailout comments spur market wariness
2012-09-11 17:54:42 UTC
MADRID (AP) — Investors reacted warily Tuesday to comments by Spain's prime minister that he won't accept certain conditions in return for a European Central Bank proposal to buy Spanish government bonds.
In his first televised interview since being elected last November, Mariano Rajoy warned ...
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Philips to cut 2,200 more jobs by 2014
2012-09-11 08:32:47 UTC
AMSTERDAM (AP) — Royal Philips Electronics NV, the largest maker of lights, said Tuesday it plans to cut another 2,200 jobs by 2014 to save €300 million ($383 million) a year.
The company had already planned 4,500 cuts for 2011-2014. The company employed 122,000 at the end of 2011.
Philips ...