Latest Breaking Business News
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Direct Access Shuts Down After Traders Implicated in Bribery Probe
New York-based broker-dealer Direct Access Partners has closed its doors, said a person familiar with the matter, after allegations surfaced earlier this month of a multimillion dollar Venezuelan bribery scheme involving two of its traders.Goldman Sachs Execution & Clearing, the firm's clearing agent, stopped accepting trades after that probe came to light on May 8, effectively shutting ...
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Money-Market Fund Inflows $19.53 Billion in Latest Week -ICI
Assets in money-market funds increased by $19.53 billion in the week ended Wednesday as investors added money across fund categories, led by gains in institutional government and non-government funds, according to the Investment Company Institute.Money-market funds are widely owned by retail investors, companies and others looking for a safe place to put their cash. However, ICI has reported ...
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Chinas Steel Overcapacity Seen Continuing
Serious overcapacity in China's steel industry is unlikely to ease in 2013, which could hamper steel prices and jeopardize Chinese steelmakers' performance, a China-based analyst said Thursday.China is set to produce about 750 million metric tons of crude steel in 2013, while capacity will rise to 950 million tons a year as some 50 million tons new capacity is being built, said Jing ...
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Gold and Silver Climb Higher Stocks Remind Investors That Down Days Are Still Possible
NYSEARCA:SLV ) futures for July edged 4 cents higher to finish at $22.51.Both precious metals found a bid as equity markets took a hit. In Japan, the Nikkei plunged 7.3 percent, its worst single-day decline since the March 2011 earthquake and tsunami disaster. Stocks in the U.S. opened the day lower as well, but recovered most of the losses to finish the day only slightly in the ...
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Proxy advisory firm settles SEC charges over data breach
WASHINGTON (Reuters) - Institutional Shareholder Services has settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting data in exchange for meals and concert ...
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Analysis Markets face rough summer ride as Fed pullback feared
NEW YORK (Reuters) - For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming ...
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Biotech industry faces funding crunch report says
Despite an aging population and a growing demand for medication, the biotech industry is facing a funding crunch as investors turn to ';sexier'; industries with quicker product turnarounds and better chances of payoff, a new report suggests. Capital raised in the biotech industry in North America and Europe fell about 15% in 2012, to US$28.1-billion, the first drop since 2008, Ernst ...
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Gaps first-quarter profits rise 43 percent
GPS ), which owns the Gap, Old Navy and Banana Republic clothing chains, reported on Thursday a 43 percent increase in its fiscal first-quarter net income as the company continues to reap benefits from the turnaround plan that it began early last year. The company, based in San Francisco, also reiterated its full-year earnings outlook. The latest results are welcome news for customers and ...
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Wall Street ends down but off session lows
US stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of ...
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Pandora Stock Rises On Strong Earnings Report
Traders on the floor of the New York Stock Exchange walk wear an insignia for Pandora Media Inc., the online-radio company, on its first day of trading as a public company on June 15, 2011 in New York City. (Spencer Platt/Getty ...
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Former Goldman banker settles SEC pay-to-play charges
investment banker has agreed to a five-year securities industry ban and a record fine to settle U.S. Securities and Exchange Commission charges that he broke rules against influence peddling to win bond underwriting business in Massachusetts.Without admitting or denying wrongdoing, Neil Morrison, 38, accepted what the SEC said was the first industry ban for violating "pay-to-play" ...
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The unanswered question after earnings Will HPs bets pay off
Hewlett-Packard is way up. Is its salvation at hand? Hewlett-Packard Co.'s earnings yesterday weren't great, but the stock price closed up more than 17 percent at $24.86 today. A deeper dive into the financials reveals the reason why: While revenue is slipping in basically every category besides printers, HP has slashed its expenditures, increased its cash flow, paid down debt, and has ...
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COMMODITIES-Oil cuts loss shadowing Wall St rebound copper down
Thu May 23, 2013 5:35pm EDT * Oil erases bulk of early loss, rebounding with US stocks * Gold up after Fed official says no hurry to ditch stimulus * Copper slumps on weak China manufacturing activity data * Soybeans hits 8-month high; coffee, raw sugar up too By Barani Krishnan NEW YORK, May 23 (Reuters) - Oil tracked a recovery in U.S. stocks to erase the bulk of its early losses on Thursday ...
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Plant restart wont wait on investigations
The restart of the San Onofre nuclear plant could be authorized before the conclusion of investigations into the conduct of the plant operator, the chairman of the Nuclear Regulatory Commission told a Senate committee on ...
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HP Q2 earnings down 32 to USD1.1b
(MENAFN) Hewlett-Packard Co. (HP) CEO, Meg Whitman, announced that the PC maker's earnings during the second quarter dropped by 32 percent to USD1.1 billion from USD1.6 billion a year earlier, reported AP.However, the earnings results exceeded forecasts of the management and the analysts, due to Whitman's plan to reduce costs, overhaul the product line, and to focus on more profitable ...
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After Hours Pandora jumps Sears tanks after hours
SAN FRANCISCO (MarketWatch) -- Shares of Pandora Media Inc. and Marvell Technology both advanced in after-hours action Thursday following their quarterly earnings reports. Sears sank on a large loss for the ...
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Letters Orwellian changes to legal aid provision
Chris Grayling is disinterested in any contribution from the profession. It is beyond doubt that the tendering out of legal aid to private business will herald a decline in standards in a legal system that has been a model of justice for centuries. There is no provision whatsoever in the proposals to ensure standards are maintained when individuals are unable to choose their representation. Once ...
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Microsoft did not violate Google patent ITC says
WASHINGTON | Thu May 23, 2013 5:25pm EDT WASHINGTON May 23 (Reuters) - Microsoft Corp did not violate a patent owned by Google subsidiary Motorola Mobility when it made its popular Xbox, the International Trade Commission said on Thursday. The fight over the Xbox is related to the larger smartphone patent war between Apple, Microsoft and the mobile phone makers who use Google's ...
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Sears Shares Drop 13 After Big Loss
(Click here to get the latest quotes for the company.) The department-store chain reported an adjusted loss of $1.29 a share, compared with a loss of 31 cents a share in the year-earlier period.Revenue fell ...
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Gaps Earnings Beat Forecasts
Gap reported first-quarter earnings that beat Wall Street expectations, helped by a rise in same-store sales at its Old Navy and Gap chains and growth in Asia. What is Gap stock doing in after-hours ...
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Pandora Shares Jump After Revenue Beat
Pandora hit its earnings target Thursday and delivered better-than-expected revenue boosted by new subscribers and growth in the mobile advertising. "Mobile listening hours and mobile ad revenue reached record highs," said Pandora CEO Joe Kennedy. The company's shares jumped after the ...
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Ally Triples Offer for ResCap Claims
Ally Financial agreed Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital unit--nearly triple the amount it had initially offered. Ally hopes that the deal will put an end to allegations that ResCap was stripped of choice assets such as Ally Bank before being put into bankruptcy, leaving creditors of the subprime mortgage business empty-handed. Putting ...
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Google Faces New Antitrust Probe Report
Google , which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on Thursday. The source said that it was unlikely that the Federal Trade Commission had sent out civil investigative demands in relation to the probe, which would be the sign of a formal and more serious investigation. The FTC wrapped up ...
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Gap profit soars Aeropostale first quarter sales plummet
GPS.N ) reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in ...
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Google faces new federal antitrust probe source
WASHINGTON (Reuters) - U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on ...
London Featured
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London bike sharing a success
London in July of 2010 became one of over 44 cities in the world to introduce an aspect of communal consumerism into its public transport system with the implementation of a bike-sharing network and just ten weeks later had recorded over 1 million trips taken, proving the initiative to be feasible and sustainable.
Bike-sharing has been around since as early as the 1960s when the first community bike-sharing scheme was introduced in the Netherlands, but it lacked formal sharing systems and was overly-reliant on the good nature of the public, leading to mass theft, which ultimately destroyed the system. Read more
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