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Business News

Experts see trouble ahead for developed world (AP)

Fri, 03 Sep 2010 17:37:43 GMT

AP - Is the global economy out of the woods? Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook — especially for the United States and much of the industrialized world.

Taxpayers likely to face initial loss on GM IPO: sources (Reuters)

Fri, 03 Sep 2010 23:33:47 GMT

Reuters - The U.S. government is likely to take a loss on General Motors Co in the first offering of the automaker's stock, six people familiar with preparations for the landmark IPO said.

Campbell reports Q4 profit rise on better margins (AP)

Fri, 03 Sep 2010 20:48:36 GMT

AP - Summer is rarely a hot sales season for Campbell Soup Co., and this year's sweltering June and July made that even more true, but the company said Friday that cost-cutting and strong drink sales helped its net income climb.

Petrobras sells 64 bln dlrs of stock to fund oil exploration (AFP)

Fri, 03 Sep 2010 20:57:08 GMT

AFP - Brazil's Petrobras unveiled one of the world's biggest share offerings Friday, a sale of up to 64 billion dollars in new stock to finance oil exploration aimed at turning Brazil into a leading oil exporter of the 21st century.

Exclusive: American Apparel in talks with restructuring firm (Reuters)

Sat, 04 Sep 2010 01:38:15 GMT

Reuters - Hipster brand American Apparel Inc is in talks to bring in an outside restructuring firm as the manufacturer and retailer struggles to fix its flagging operations, sources told Reuters on Friday.

MGIC added $1.2B in mortgage coverage in August (AP)

Fri, 03 Sep 2010 18:50:41 GMT

AP - Private mortgage insurer Mortgage Guaranty Insurance Corp. said Friday it added $1.2 billion in new primary insurance coverage in August and the number of delinquent loans it insures declined.

Obama says his economic policies halted "bleeding" (Reuters)

Sat, 04 Sep 2010 10:01:58 GMT

Reuters - President Barack Obama, previewing a big push on the U.S. economy next week, on Saturday defended policies that he said "have stopped the bleeding" and put the middle class on the road to recovery.

Spending cuts before 2011 could hurt recovery: IMF, ILO (AFP)

Fri, 03 Sep 2010 17:53:04 GMT

AFP - The IMF and the UN labour agency are urging advanced economies not to cut government spending before 2011, warning that a move to tighten fiscal policies could hurt the global recovery.

Kia recalls tied to electrical issue (Investor's Business Daily)

Fri, 03 Sep 2010 22:31:00 GMT

Investor's Business Daily - The South Korean automaker is recalling 56,000 cars, the Soul and Sorento, sold in the U.S. and South Korea, because of defective wiring harnesses that could cause fires. Kia Motors said some harnesses made by Johnson Controls for lighting in '10 model-year Soul cars and 2011 model-year Sorento SUVs were improperly soldered, leading to possible electrical shorts. Kia's Soul sales had more than doubled through Aug. in the U.S. to nearly 44,000 units.

European stocks drop before ECB rate call (AFP)

Thu, 02 Sep 2010 11:02:55 GMT

AFP - European stock markets slid on Thursday as investors took profits from recent gains amid caution before the latest interest rate decision from the European Central Bank.

Obama planning new package of economic aid (AP)

Fri, 03 Sep 2010 19:44:53 GMT

AP - Eager to jumpstart the economy ahead of crucial midterm elections, President Barack Obama said Friday he intends to unveil a new package of proposals, likely including tax cuts and targeted spending, to spark job growth.

Crafting a Career in Eco-Chic Jewelry (BusinessWeek)

Fri, 03 Sep 2010 12:08:42 GMT

BusinessWeek - Goldman Sachs may not have a lot of friends in the White House these days, but one of its former employees has made a good impression. After three years as an analyst in Goldman's fixed-income, currencies, and commodities division, Monique Pean began her own jewelry line that can now be found in Barneys, Jeffrey New York, and around the neck of Michelle Obama.

BP raises blowout preventer, key evidence in probe (AP)

Sat, 04 Sep 2010 10:22:27 GMT

AP - BP PLC was on Saturday slowly raising the 300-ton blowout preventer that failed to stop oil from spewing into the Gulf of Mexico, careful not to damage or drop a key piece of evidence in the spill investigation.

Stocks rally as jobs data spurs optimism (Reuters)

Fri, 03 Sep 2010 20:43:39 GMT

Reuters - Wall Street closed a stellar week on Friday after recent economic data, including a stronger-than-expected labor market report, bolstered optimism that the economy would not fall back into recession.

Obama promises more stimulus as unemployment edges up (AFP)

Fri, 03 Sep 2010 20:17:12 GMT

AFP - President Barack Obama promised a fresh slew of measures to boost the ailing US economy Friday after fresh data showed unemployment was again on the rise.

Anglo Irish Bank to be "decommissioned": minister (Reuters)

Sat, 04 Sep 2010 10:32:16 GMT

Reuters - Nationalized Anglo Irish Bank will be "decommissioned," with a decision on its fate expected within a few weeks, a junior government minister was quoted on Saturday as saying.

China tells state companies to explore Potash bid (Reuters)

Sat, 04 Sep 2010 03:09:42 GMT

Reuters - Chinese officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton's $39 billion bid for Potash Corp, a source with direct knowledge of the matter said.