Business News
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Dow Jones average continues a two-week slide
Tweet Share on Facebook 5:06PM May 15, 2012 CommentEurope's latest political impasse cast a gloom over financial markets Tuesday. The euro plunged, and the Dow Jones industrial average extended a slide that has wiped out nearly 5 percent of its value in two weeks.
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Greece to head to polls again after talks collapse
Tweet Share on Facebook 4:39PM May 15, 2012 CommentATHENS, Greece (AP) — Greece headed into a month of political uncertainty after power-sharing talks collapsed Tuesday, triggering new elections that could determine whether the country retains its tenuous position in Europe's currency.
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Americans spending a bit more as gas prices fall
Tweet Share on Facebook 4:38PM May 15, 2012 CommentWASHINGTON (AP) — Americans are starting to see some relief from higher gas prices, a change that could revive the economy in the months ahead.
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Boehner: Spending cuts must exceed debt limit hike
Tweet Share on Facebook 4:38PM May 15, 2012 CommentWASHINGTON (AP) — House Speaker John Boehner said Tuesday that when Congress raises the nation's borrowing cap he will again insist on spending cuts and budget reforms to offset the increase.
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Penney reports loss and plummeting sales in 1Q
Tweet Share on Facebook 4:20PM May 15, 2012 CommentNEW YORK (AP) — J.C. Penney is reporting a bigger-than-expected loss and plummeting profits in the first quarter as many of its customers are rejecting a new bold pricing strategy that puts an end to rampant discounting in favor of everyday low prices.
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Facebook raises IPO price as offering nears
Tweet Share on Facebook 3:33PM May 15, 2012 Comment
Facebook's logo.
NEW YORK (AP) — Already expected to be the largest-ever initial public offering for an Internet company, Facebook is making its IPO even bigger.
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Ex-tabloid boss Brooks faces phone hacking charges
Tweet Share on Facebook 3:32PM May 15, 2012 CommentLONDON (AP) — One of Rupert Murdoch's most trusted lieutenants and five people close to her were charged Tuesday with conspiring to hide evidence of phone hacking, bringing the scandal that has raged across Britain's media and political elite uncomfortably close to Prime Minister David Cameron.
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Hollande Has a Tough To-Do List
Tweet Share on Facebook 1:30PM May 15, 2012 Comment
President-elect Francois Hollande waves from his car as he drives down the Champs Elysees avenue in Paris, France, after the handover ceremony with outgoing French President Nicolas Sarkozy.
PARIS (AP) — Francois Hollande campaigned for the French presidency with some pretty radical promises. But his carefully worded agenda and his political record suggest as president he's likely to revert to the moderate consensus-building that has characterized his career.
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Obama, bipartisan leaders to meet at White House
Tweet Share on Facebook 1:13PM May 15, 2012 CommentWASHINGTON (AP) — President Barack Obama will host bipartisan congressional leaders at the White House Wednesday to discuss economic proposals Obama wants Congress to act on this year.
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Asia stocks fall amid political turmoil in Greece
Tweet Share on Facebook 12:37PM May 15, 2012 CommentBANGKOK (AP) — Asian stocks fell Wednesday after a failure by Greece's political leaders to form a coalition government set the stage for new elections next month, keeping Europe's debt crisis centerstage.
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US companies are adding more slowly to stockpiles
Tweet Share on Facebook 12:31PM May 15, 2012 CommentWASHINGTON (AP) — U.S. companies restocked more slowly in March, a trend that has helped slow economic growth this year.
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Lower Gas Prices Not Low Enough for Summer Road Trips
Tweet Share on Facebook 12:29PM May 15, 2012 Comment
Washingtonians pumping gasoline costing over $4 a gallon.
NEW YORK (AP) — Cheaper gas won't be enough to get many more Americans on the road this summer. They're still too worried about their jobs and the economy.
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Saks' 1Q profits up, but revenue disappoints
Tweet Share on Facebook 11:49AM May 15, 2012 CommentNEW YORK (AP) — Saks reported a 13 percent bump in first-quarter profit, but weak demand of women's designer merchandise helped to pull revenue below Wall Street estimates.
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Eurozone avoids recession as Germany powers ahead
Tweet Share on Facebook 10:37AM May 15, 2012 CommentFRANKFURT (AP) — Germany prevented the economy of the 17 countries that use the euro from falling into a recession in the first quarter of the year despite a raging debt crisis that's raising the specter of the breakup of the currency union.
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Foreign holdings of US debt hit record high
Tweet Share on Facebook 10:25AM May 15, 2012 CommentWASHINGTON (AP) — Foreign demand for U.S. Treasury securities rose to a record high in March. China, the largest buyer of Treasury debt, increased its holdings for a third straight month.
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Greeks head back to the ballot box in June
Tweet Share on Facebook 10:25AM May 15, 2012 CommentATHENS, Greece (AP) — Greece will hold a new election in June after days of talks failed to resolve the country's political deadlock, party leaders said Tuesday.
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Treasury Secretary Says JPMorgan Loss Shows Need for Tough Rules
Tweet Share on Facebook 10:18AM May 15, 2012 Comment
A JPMorgan Chase building is shown on May 11, 2012, in New York.
WASHINGTON (AP) — Treasury Secretary Tim Geithner said Tuesday that the recent $2 billion trading loss by JPMorgan "helps make the case" for tougher rules on financial institutions, as regulators continue to implement the 2010 law aimed at policing Wall Street.
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UK airport delays blamed on wind, short staffing
Tweet Share on Facebook 10:11AM May 15, 2012 CommentLONDON (AP) — Long waits at British airport immigration desks have been blamed on staff cuts, airline schedules, security policies and even the wind.
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US consumer prices flat as gas costs fall
Tweet Share on Facebook 9:12AM May 15, 2012 CommentWASHINGTON (AP) — U.S. consumer prices were flat last month as cheaper gas offset modest increases for food, clothing and housing. The data indicate that inflation remains in check.
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Poll: Half of Americans call Facebook a fad
Tweet Share on Facebook 8:13AM May 15, 2012 CommentHalf of Americans think Facebook is a passing fad, according to the results of a new Associated Press-CNBC poll. And, in the run-up to the social network's initial public offering of stock, half of Americans also say the social network's expected asking price is too high.
