Latest Breaking Business News
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Colombia Stocks Rise Led by Banco de Bogota Peso Weakens
BOGOTA, Colombia – Colombian stocks rose Friday, led by a rise in banking stocks, while the peso plunged to a 16-month low.The Colcap index, a benchmark for the Colombian Stock Exchange, rose 0.3% to end at 1,704.66 points. Shares of financial firm Banco de Bogota rose 2.8% to COP70,000.Colombia's currency, the peso, ended at COP1,878.95 for a dollar, from COP1,865.99 a day earlier. ...
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Norway Oil Fund Voted to Separate J.P. Morgan Posts
The leadership of Norway's $740 billion oil fund voted at J.P. Morgan Chase's (JPM) annual meeting to separate the roles of chief executive and chairman at the bank, Norges Bank Investment Management chief executive Yngve Slyngstad said Friday.After facing some criticism in national media for keeping his voting secret on whether Jamie Dimon should remain as both CEO and chairman of the ...
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US stocks flat as bulls get cautious
NEW YORK (AFP) - US stocks closed flat Friday, reeling in early losses but showing caution following Japan's Thursday plunge and ahead of the three-day US Memorial Day holiday weekend.At the closing bell, the Dow Jones Industrial Average added 9.06 points (0.06 percent) at 15,303.56.The broad-based S&P 500 was down 0.88 (0.05 percent) at 1,649.63, while the tech-rich Nasdaq Composite ...
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The close TSX slightly higher Wall Street mixed
The Toronto Stock Exchange closed slightly higher, pulled down by declines in most sectors, particularly gold, but boosted by a 13 per cent spike in shares of Valeant Pharmaceuticals International.The S&P/TSX composite index finished up 9.13 points at 12,667.22. The Canadian dollar was down 0.25 of a cent to 96.89 cents ...
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Stocks fade on Wall Street post their first weekly loss in a month
NEW YORK - Stocks prices are closing mostly lower on Wall Street, giving the market its first weekly loss in a month. The Dow Jones industrial average edged up eight points to 15,303 Friday, a gain of 0.1 percent. The Dow was supported by a big gain in Procter & Gamble. The Standard & Poor's 500 fell a point to 1,649, or 0.1 percent. The market had its first weekly loss in five ...
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Oil finishes week down 2 percent on concerns about global demand Feds next move
NEW YORK - The price of oil fell 2 percent this week, as oil traders worried about global demand and shared the stock market's concerns about possible changes to the Federal Reserve economic stimulus program. The loss Friday was just 10 cents, to $94.15 a barrel. But four straight losses resulted in a weekly decline of $1.87 a barrel for the benchmark oil contract. The global economic ...
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Why arent more homeowners selling
The share of San Diego County borrowers who are underwater on their mortgages continues to fall due to home-price gains, says a recent analysis from real estate website Zillow. So why aren't more homeowners freed from negative equity listing their homes in this supply-constrained ...
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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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UPDATE 1-U.S. audit regulator reaches deal with China on document access
Fri May 24, 2013 4:14pm EDT * U.S.-China deal reached after years of negotiations * Deal will pave way for auditor enforcement actions * U.S. had been blocked from probing Chinese audit failures By Dena Aubin and Sarah N. Lynch NEW YORK, May 24 (Reuters) - U.S. regulators will get access to Chinese companies' audit documents under a deal announced on Friday, opening the way to probes of ...
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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 ...
Caribbean Spotlight
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Caribbean set to ban the discharge of all non-food waste anywhere in its waters
Every single year, around 50,000 cruise ships alone, carrying a total of 14.5 million passengers, call at various ports in the Caribbean. With them comes sewerage, solid waste, leftover food, oily bilge water, and ‘grey water’ (the waste water from showering, bathing, washing up etc). Years ago, all of this waste would have been dumped into the crystal oceans of the world by cruise lines and other shipping companies, but the Wider Caribbean region has taken steps to prevent the further destruction of their environments.
Right now, at any given time, there are hundreds of cruise ships, tankers, bulk carriers, fishing vessels and pleasure craft frequenting the waters of the Wider Caribbean, a huge area of ocean of around 3.3 million square kilometers. The Wider Caribbean is home to 28 nations, either island nations or countries with a coastline on the Caribbean. Read more
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