Business News
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New rules for China audit JVs; SEC sues over data
Tweet Share on Facebook 3:50AM May 10, 2012 CommentSHANGHAI (AP) — China is issuing new rules requiring that a Chinese citizen heads the mainland Chinese operations of the world's big four auditing companies.
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Higher oil prices boost Repsol profit in Q1
Tweet Share on Facebook 3:17AM May 10, 2012 CommentMADRID (AP) — Spanish oil company Repsol saw its first-quarter profits rise 12.4 percent to €643 million ($833 million), excluding results from YPF and Repsol YPF Gas, the Argentine units nationalized by the Buenos Aires government.
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Emirates airline profits hit by higher fuel bill
Tweet Share on Facebook 2:41AM May 10, 2012 CommentDUBAI, United Arab Emirates (AP) — Emirates Group, the parent company of the Middle East's biggest airline, said Thursday its annual profit dropped 61 percent as soaring fuel costs ate into increased sales.
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International adoptions drop amid fraud crackdowns
Tweet Share on Facebook 1:24AM May 10, 2012 CommentHANOI, Vietnam (AP) — The number of international adoptions has fallen to its lowest point in 15 years, a steep decline attributed largely to crackdowns against baby-selling, a sputtering world economy and efforts by countries to place more children with domestic families.
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Foxconn building Shanghai HQ, aims at China market
Tweet Share on Facebook 12:59AM May 10, 2012 CommentSHANGHAI (AP) — Foxconn Technology Group, the world's biggest assembler of consumer electronics, began work Thursday on a Shanghai headquarters that it says will help spearhead its efforts to sell more in the China market.
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China's Huawei hopes to make a name for itself
Tweet Share on Facebook 12:01AM May 10, 2012 CommentNEW ORLEANS (AP) — Will Americans buy a Chinese smartphone? We're about to find out, as Huawei, one of the world's biggest phone makers, is planning a big push into U.S. cellphone stores.
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Trade, public anger sharpening Beijing-Manila spat
Tweet Share on Facebook 9:06PM May 09, 2012 Comment (1)BEIJING (AP) — The monthlong standoff between China and the Philippines over a South China Sea shoal is snowballing with hints of economic retaliation and sharpening public opinion that are narrowing the space for a negotiated settlement.
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News Corp 3Q beats Street despite probe costs
Tweet Share on Facebook 9:02PM May 09, 2012 CommentLOS ANGELES (AP) — Rupert Murdoch's News Corp., the global media conglomerate under fire for phone hacking and alleged bribery in Britain, posted a 47 percent increase in third-quarter net income thanks to strong performances at its U.S. pay TV networks and movie studio.
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Cisco's sobering forecast overshadows 3Q earnings
Tweet Share on Facebook 7:32PM May 09, 2012 CommentSAN FRANCISCO (AP) — Cisco raised the specter late Wednesday of a jarring slowdown in technology spending, alarming investors already fretting about the economy's fragile condition.
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SEC sues ex-Detroit mayor for influence peddling
Tweet Share on Facebook 7:21PM May 09, 2012 CommentWASHINGTON (AP) — Former Detroit Mayor Kwame Kilpatrick is facing federal civil charges of taking part in an influence-peddling scheme involving the city's public-employee pension funds.
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NY man admits illegally trading stock for 2nd time
Tweet Share on Facebook 7:04PM May 09, 2012 CommentNEW YORK (AP) — A onetime powerful biotechnology financier who was among America's wealthiest before a 1990s criminal fraud conviction pleaded guilty to fresh securities fraud charges Wednesday, admitting that his ban from acting as a securities broker or dealer didn't stop him from plunging illegally back into the world of biotech companies.
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Company recalls Nebraska lethal injection drug
Tweet Share on Facebook 6:47PM May 09, 2012 CommentLINCOLN, Neb. (AP) — A Swiss pharmaceutical company has issued a voluntary recall of a lethal injection drug held by Nebraska, but state officials said Wednesday they won't return the drug and the U.S. Food and Drug Administration says it won't enforce the company's decision.
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Honda wins appeal of small-claims hybrid judgment
Tweet Share on Facebook 6:39PM May 09, 2012 CommentLOS ANGELES (AP) — A judge overturned a nearly $10,000 small claims judgment against American Honda Motor Co. that was won by a car owner who said the automaker misrepresented that her hybrid Civic could get 50 miles per gallon, according to a ruling released Wednesday.
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US casinos rallying from recession woes, lows
Tweet Share on Facebook 6:18PM May 09, 2012 CommentATLANTIC CITY, N.J. (AP) — The nation's commercial casinos continued their slow-but-steady comeback from the recession last year, with revenues up 3 percent nationwide and jobs holding nearly steady, according to a report released Wednesday.
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Facebook gives more details on mobile usage
Tweet Share on Facebook 6:04PM May 09, 2012 CommentNEW YORK (AP) — Facebook says the number of people logging in is continuing to grow more quickly than the number of ads delivered.
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Macy's 1Q profit jumps 38 percent
Tweet Share on Facebook 5:31PM May 09, 2012 CommentNEW YORK (AP) — Macy's Inc.'s first-quarter profit rose a better-than-expected 38 percent. But investors sent its shares down nearly four percent because the department store chain mostly left its annual profit guidance intact.
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Postal Service: Will keep rural post offices open
Tweet Share on Facebook 5:23PM May 09, 2012 Comment (1)WASHINGTON (AP) — Bending to strong public opposition, the nearly bankrupt U.S. Postal Service on Wednesday backed off a plan to close thousands of rural post offices after May 15 and proposed keeping them open, but with shorter operating hours.
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Green Mtn. founder says he was caught off-guard
Tweet Share on Facebook 5:13PM May 09, 2012 CommentNEW YORK (AP) — The founder of Green Mountain Coffee Roasters Inc., who was ousted as chairman for a stock sale that violated company policy, said the transaction was triggered after he was caught off-guard by a swift drop in the coffee maker's stock price.
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US stocks fall as Europe doubts bubble to surface
Tweet Share on Facebook 4:37PM May 09, 2012 CommentFear of European debt is once again playing havoc with Wall Street.
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Fannie Mae earns $2.7B in Q1, will pay gov't $2.8B
Tweet Share on Facebook 4:25PM May 09, 2012 CommentWASHINGTON (AP) — U.S. mortgage giant Fannie Mae reported its first net income gain since it was taken over by the government during the 2008 financial crisis.
