Latest Breaking Business News
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Going to SF Super Bowl L
The Super Bowl 50, in 2016, will be in the San Francisco Bay Area, and the NFL championship will go to Houston the following year, the league announced Tuesday. Team owners voted for the 49ers' new stadium as host of the big game. The facility, in Santa Clara, Calif., is scheduled to open for the 2014 season. San Francisco beat out South Florida, which was stymied in its bid to stage an ...
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Bernanke Expected to Deliver Dovish Message
Ben Bernanke is expected to maintain his dovish tone when he speaks to Congress Wednesday, and he is likely to dispel any notion that the Fed is ready to cut back on its easing policy. The markets have been speculating the Fed could start to gradually cut back on its $85 billion monthly bond buying program, and that view has been furthered by some hawkish Fed officials who would like to see ...
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ESPN Cutting 300-Plus Jobs Source
Walt Disney 's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts said. The job cuts, comprising 4 to 6 percent of ESPN's staff of 7,000, include open positions that will not be filled, said the source, who asked not to be named because the information is not public.But ESPN will continue hiring for ...
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Xbox One moves Microsoft closer to living room hub
The next-generation gaming console from the software giant is about much more than gaming. It should help Microsoft realize its vision of being at the center of consumer ...
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Saks shares rise on report it hired Goldman for strategic options
They closed up 11.3 percent at $13.67 in regular trade, giving Saks a market value of more than $2 billion. Before the report, shares rose as high as $13.55, their highest level in five years after the retailer reported better than expected sales in the first ...
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Is Sony un-Japanese enough to entertain change
TOKYO (Reuters) - Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, business partners and workers rather than shareholders seeking ...
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Fed officials dampen talk of imminent bond buying cutback
NEW YORK/FRANKFURT (Reuters) - Two senior Federal Reserve officials on Tuesday played down the chances that the U.S. central bank would signal a readiness to reduce its bond buying at its meeting next month, dampening speculation the Fed's ultra-easy monetary policy might end ...
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Disney-owned ESPN cutting hundreds of jobs source
(Reuters) - ESPN, the sports channel that is Walt Disney Co's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts ...
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Lorillard Adds $500 Million to Share-Repurchase Program
Lorillard Inc. (LO) has authorized an additional $500 million in share repurchases under the tobacco maker's buyback program, a move that doubles the amount of stock the company can buy.Buybacks are one of the greatest drivers behind the tobacco industry's profitability gains, as cigarette volumes have declined for years as fewer consumers smoke. Along with price increases and ...
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ADR Shares End Mostly Unchanged Ahead of Bernanke Testimony
International companies trading in New York closed mostly unchanged Tuesday ahead of testimony from Federal Reserve Chairman Ben Bernanke.The Bank of New York index of ADRs was little changed at 142.66.On Wednesday, Mr. Bernanke is scheduled to testify before Congress, and the minutes of the most recent meeting of the Fed's monetary-policy committee are to be released.On Tuesday, speeches ...
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Ecuador Report on Mining Reform Debate Due Next Week
QUITO, Ecuador – The economic committee of Ecuador's National Assembly expects to release a report next week on the first debate of a bill to reform the country's mining law.Approval of the bill is expected to pave the way for several large-scale mining contracts in Ecuador."We expect to have the report for the first debate on Thursday [May 30]," Oswaldo Larriva, ...
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MARKET SNAPSHOT U.S. Stocks Rise After Fed Officials QE Signal
NEW YORK – U.S. stocks rose on Tuesday, with the Dow industrials and S&P 500 finishing at record highs, after comments from two Federal Reserve officials suggested that the central bank is not close to tapering its bond-buying program.The Dow Jones Industrial Average (DJI) gained 52.30 points, or 0.3%, to end at 15,387.58, notching its 19th consecutive Tuesday rise.The S&P 500 ...
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Is the SP 500 Cheap
Factset wrote:"The forward 12-month P/E ratio for the S&P 500 now stands at 14.4, based on yesterday's closing price (1650.47) and forward 12-month EPS estimate ($114.94). This is the highest forward 12-month P/E ratio logged by the S&P 500 in more than three years (April 2010). Given the high values driving the P in the P/E ratio, how does this 14.4 P/E ratio compare to ...
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Xbox One Specifications Revealed at Microsoft Event
The company not only announced the hardware, but also confirmed the name of the system that was previously rumored to be called the Xbox 720 or Durango.The console features 8GB of RAM, an 8-Core CPU, 500GB hard drive, a Blu-ray drive, HDMI in and out ports, USB 3.0, 802.11n wireless, and a built-in Kinect sensor. Microsoft described the Xbox One as an "all in one system" that is made ...
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Best Buy Canada and Winners parent TJX see first-quarter slide
Under pressure from stiff competition, Best Buy Co.'s Canadian same-store sales fell in the first quarter but executives are hopeful a new cost reductions strategy will take hold in the wake of a broad restructuring of its international operations last year. "We are in early innings," chief financial officer Sharon McCollam told investors on a conference call to discuss financial ...
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Unions flag safety concerns at CP Rail as railway ramps up efficiency efforts
Concerns are being raised that efforts to improve efficiency at Canadian Pacific Railway Ltd. are contributing to a series of accidents at the railroad in recent months, including two more this week. The country's second-largest railway is in the midst of a massive restructuring under its new chief executive, Hunter Harrison, aimed at righting the railway's chronic underperformance. ...
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OPB Finance Trust is latest pension fund to issue debt
Less than a dozen years back, pension funds weren't in the habit of raising long-term capital by issuing bonds on a private placement basis. But that changed in late 2001, when Ontrea Inc., a wholly owned real estate subsidiary of The Ontario Teachers’ Pension Plan Board, raised $600-million of 10-year debt at 5.70%. That AAA-rated issue was a hot commodity, so hot that a road show ...
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Stocks turn higher after reassuring words from Fed official Home Depot gains after earnings
NEW YORK, N.Y. - Stocks are closing higher on Wall Street as investors bank on continued support from the Federal Reserve. The Dow Jones industrial average rose 52 points to close at 15,387 Tuesday, an increase of 0.3 per cent. The Standard & Poor's 500 index rose three points to 1,669, or 0.2 per cent. The Nasdaq composite rise five to 3,502, or 0.2 per cent. Stock indexes wobbled ...
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Video Microsoft announces Xbox One
NASA's GOES-13 satellite captured images of the storm system that sparked tornadoes in the middle of the country. The video includes images of the twister left dozens of people dead in Moore, ...
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Watch Apple CEO We Pay All the Taxes We Owe
I am not an unfair person. That's not who we yours accompany Apple's chief executive Timothy Cook this morning. Defending the global technology powerhouse from accusations -- -- tens of billions of dollars from US tax collectors. Apple CEO was adamant it's the tax code that needs fixing and not what he called. Apple sensible corporate behavior we pay all the taxes we -- Every ...
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Nutella Crisis Averted as Maker Caves
Fans of Nutella can once again breathe easy--at least the ones not allergic to nuts. Great had been their disbelief in recent days, following the announcement by Sara Rosso, founder of World Nutella Day and foremost amateur champion of the peanut butter-like hazlenut spread, that she would be cancelling her annual February 5 event and taking down her nut-worshiping website. These steps, ...
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JPMorgans CEO Keeps Dual Role
Jamie Dimon, chairman and CEO of JPMorgan Chase, left, and an unidentified man leave the company's annual shareholders meeting in Tampa, Fla., May 21, ...
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IMF to urge Britain to dump shares in Lloyds and RBS
International Monetary Fund (IMF) is set to tell the British government to dump its stakes in Royal Bank of Scotland and Lloyds following their bail-out during the financial crisis, The Times reported on Tuesday. An IMF report on the state of the ...
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Carlos Slim to sell stake in Philip Morris Mexico
Grupo Carso company is selling its stake in Philip Morris's Mexico unit to the US tobacco giant for $700 million, the firms said Tuesday. Grupo Carso holds a 20 percent stake in Philip Morris Mexico (PMM) and the companies expect to complete the transaction by September 30, ending a three-decade partnership between Slim and the maker of Marlboro cigarettes. Philip Morris holds almost ...
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US stocks rise ahead of Bernanke testimony
US stocks have closed higher after a strong earnings report from Home Depot and as the market anticipates Wednesday's testimony in Congress by Federal Reserve Chairman Ben Bernanke. The Dow Jones Industrial Average finished up 52.30 (0.34 per cent) at 15,387.58 on Tuesday. The broad-based S&P 500 added 2.87 (0.17 per cent) at 1,669.16, while the tech-rich Nasdaq Composite Index increased ...
Hong Kong Feature
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Electoral reform hot topic for Hong Kong
Hong Kong is going through more growing pains, perhaps even the most uncomfortable since the city was handed back to Beijing by Britain. Pro-democracy advocates want to be able to vote for the entire legislative council, a direct challenge to Beijing.
Hong Kong was handed back to China in 1997. At that time, Beijing made an agreement with Britain that under a law called the Basic Law, all the civil liberties which were existent in Hong Kong at the time of the hand over would remain in place for at least 50 years, by which time it is envisioned, by the pro-democracy camp at any rate, that the Special Administrative Region will be fully democratic at any rate. Read more
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