Sunday, June 21, 2009

Daily News Digest: Business News

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Sunday, June 21, 2009 12:01 AM PDT
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Today's Business News:
Ammonia leak at NC plant kills 1, injures 4
Sat, 20 Jun 2009 10:52 pm PDT
AP - An ammonia leak Saturday at a poultry processing plant in North Carolina killed one worker and injured four others, authorities said. Full Story
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Reports: Apple CEO Steve Jobs had liver transplant
Sat, 20 Jun 2009 09:46 pm PDT
AP - Apple Inc. co-founder and CEO Steve Jobs, whose recovery from pancreatic cancer appeared less certain when he had to take medical leave in January, received a liver transplant two months ago but is recovering well, The Wall Street Journal reported Saturday. Full Story
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Baucus, White House in deal with drug industry
Sat, 20 Jun 2009 09:39 pm PDT
AP - The pharmaceutical industry agreed Saturday to spend $80 billion over the next decade improving drug benefits for seniors on Medicare and defraying the cost of President Barack Obama's health care legislation, capping secretive negotiations involving key lawmakers and the White House. Full Story
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Nortel to sell itself off in pieces
Sat, 20 Jun 2009 12:50 pm PDT
AP - Nortel Networks, once a technology giant, has decided to sell itself off in pieces rather than attempt to emerge from bankruptcy as a restructured company. Full Story
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Fire moves into houses abandoned by foreclosures
Sat, 20 Jun 2009 09:44 pm PDT
AP - Like the house across the street gone missing and the one at the corner stripped of its front door, the weathered brown bungalow at 1430 Jane Ave. bided its time, edging nearer to a meeting with a wrecking crew. Full Story
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World stocks buoyed by US recovery hopes
Fri, 19 Jun 2009 03:27 am PDT
AP - World stock markets rose Friday after a run of stronger than anticipated U.S. economic data the previous day renewed investors' hopes that the world's largest economy may recover from recession this year. Full Story
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Moves away from safe havens hit dollar
Fri, 19 Jun 2009 02:38 pm PDT
AFP - The dollar drifted lower Friday as investors showed more confidence in world economic prospects, moving away from the safe-haven US currency. Full Story
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CarMax 1Q earns fall, still tops view
Fri, 19 Jun 2009 03:26 pm PDT
AP - Auto retailer CarMax Inc. said Friday its fiscal first-quarter profit fell 2.7 percent on a double-digit sales drop and increased costs at its auto financing arm, but the results still beat Wall Street expectations. Full Story
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UN: World hunger reaches 1 billion mark
Fri, 19 Jun 2009 11:53 am PDT
AP - The global financial meltdown has pushed the ranks of the world's hungry to a record 1 billion, a grim milestone that poses a threat to peace and security, U.N. food officials said Friday. Full Story
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Former Fannie Mae head to take over bank bailout
Fri, 19 Jun 2009 05:19 pm PDT
AP - Herbert Allison, the former head of troubled mortgage giant Fannie Mae, has been confirmed to oversee the government's $700 billion bank bailout program. Full Story
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Liz Claiborne forecasts wider-than-expected loss
Thu, 18 Jun 2009 07:18 am PDT
Reuters - Women's apparel manufacturer and retailer Liz Claiborne Inc (LIZ.N) on Thursday projected a wider second-quarter loss than analysts forecast, and its shares plummeted 13 percent. Full Story
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Senate confirms Allison as TARP chief
Fri, 19 Jun 2009 01:11 pm PDT
Reuters - The U.S. Senate on Friday confirmed Herb Allison, the former chief executive of mortgage finance company Fannie Mae, as assistant Treasury secretary to oversee the government's $700 billion bank bailout fund. Full Story
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Investors shun North Sea despite rebounding oil prices
Sat, 20 Jun 2009 08:59 pm PDT
AFP - Despite a recent spike in oil prices, energy industry chiefs warn that infrastructure investment in the North Sea will not jump in tandem as market volatility is scaring away investors. Full Story
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States' income tax revenue plunges in early 2009
Fri, 19 Jun 2009 12:46 pm PDT
AP - State personal income tax collections dropped 26 percent nationwide through first four months of this year compared with a year ago, putting many states' already-shaky budgets into deeper trouble, a research institute reported. Full Story
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In Seattle, a Tight Housing Market
Fri, 19 Jun 2009 05:08 am PDT
BusinessWeek Online - Two big factors will help bolster Seattle housing prices in the next few years: stringent building restrictions and basic geography. Full Story
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Jobless MBAs Opt for Entrepreneurship
Fri, 19 Jun 2009 05:08 am PDT
BusinessWeek Online - Lindsay Giovachino was feeling frustrated as she approached her business school graduation this past May at the University of Miami School of Business(Miami Full-Time MBA Profile). Like many of her classmates, she had cast a wide net in her job search, applying for management jobs in fields ranging from the nonprofit world to the music industry, with little luck. The final blow came when people started suggesting that Giovachino, an aspiring singer and songwriter who goes by the stage name Lucia, take an unpaid internship with a record company. ... Full Story
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The Allures and Perils of Foreign Government Bonds
Fri, 19 Jun 2009 05:08 am PDT
BusinessWeek Online - Foreign government bonds are on a tear. During the past three months, the sovereign debt of developed nations gained more than 5% in value, while emerging-market bonds surged 15%. Over the same period, supposedly ultra-safe U.S. Treasuries fell nearly 3%. Investors have taken notice: Since Apr. 15, $5 billion has flowed into international bond funds, which include in their portfolios sovereign debt from a wide range of foreign governments. Is it time to jump on the bandwagon? Full Story
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