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NYT > Business
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Fugitive Hedge Fund Manager Surrenders
Posted: July 2nd, 2008, 11:29am EDT by By ABHA BHATTARAI
The surrender of Samuel Israel III to law enforcement officials on Wednesday ended a manhunt that began shortly after he faked his suicide on the day that he was to report to prison.
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Deepening Cycle of Job Loss Seen Lasting Into ’09
Posted: July 2nd, 2008, 11:25am EDT by By PETER S. GOODMAN
Experts say the troubles dogging the economy will be stubborn, leaving in place tight credit and scant job opportunities perhaps well into next year.
Yahoo! News: Business
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Fugitive ex-hedge fund manager Israel surrenders (Reuters)
Posted: July 2nd, 2008, 11:23am EDT
Reuters - Fugitive former hedge fund manager
Samuel Israel III surrendered to police in Massachusetts on
Wednesday, ending a federal manhunt after he staged his own
death to avoid a 20-year prison sentence.
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U.S. jobs picture grim, housing struggles (Reuters)
Posted: July 2nd, 2008, 11:21am EDT
Reuters - U.S. private employers slashed 79,000
jobs in June while planned layoffs at U.S. firms rose nearly 50
percent above year-ago levels, according to data that may spell
bad news for a government payrolls report this week.
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Blue chip stocks edge up on bank's forecast (Reuters)
Posted: July 2nd, 2008, 11:19am EDT
Reuters - Stocks rose on Wednesday after a
profit forecast by a major German bank helped return confidence
in U.S. financial shares and data showed a
stronger-than-expected increase in factory orders in May.
NYT > Business
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U.S. May Factory Orders Beat Expectations
Posted: July 2nd, 2008, 11:09am EDT by By REUTERS
New orders at U.S. factories rose by a sharper-than-expected 0.6 percent on a boost in orders for new aircraft, the Commerce Department reported.
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Bank Takes Environmental Step Into Rural Town
Posted: July 2nd, 2008, 11:02am EDT by By LONG HWA-SHU
HSBC has moved its North American headquarters to a sprawling facility that it bills as carbon neutral in a hamlet about 30 miles north of Chicago.
Yahoo! News: Business
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Circuit City shares fall after Blockbuster pulls bid (Reuters)
Posted: July 2nd, 2008, 10:57am EDT
Reuters - Circuit City Stores Inc shares
sank as much as 16 percent on Wednesday after Blockbuster Inc
abandoned its bid for the electronics retailer, saying
a deal was not in the movie rental company's best interest amid
current market conditions.
NYT > Business
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UnitedHealth Settles Options Suit and Lowers Outlook
Posted: July 2nd, 2008, 10:54am EDT by By THE ASSOCIATED PRESS
The health insurer lowered its 2008 profit outlook on Wednesday, and it announced an agreement to pay $895 million to settle a class-action lawsuit.
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Kroger Expands Voluntary Recall of Ground Beef
Posted: July 2nd, 2008, 10:51am EDT by By REUTERS
Kroger said on Wednesday it expanded its voluntary recall of ground beef products sold in two states because the meat had been linked to recent outbreaks of E. coli bacteria.
Yahoo! News: Business
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Merrill says GM bankruptcy "not impossible" (Reuters)
Posted: July 2nd, 2008, 10:38am EDT
Reuters - General Motors Corp will need to
raise as much as $15 billion in cash to shore up liquidity and
bankruptcy is "not impossible" if the U.S. auto market
continues to slump, Merrill Lynch said on Wednesday.
NYT > Business
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Clay Felker, Magazine Pioneer, Dies at 82
Posted: July 2nd, 2008, 10:18am EDT by By DEIRDRE CARMODY
At New York magazine, Mr. Felker was credited with inventing a widely imitated formula for glossy weeklies.
Yahoo! News: Business
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Westfield OKs London retail development (AP)
Posted: July 2nd, 2008, 9:52am EDT
AP - Australia's Westfield Group Ltd. said Wednesday it has reached agreements with British government and Olympic agencies to start building a 1.5 billion pound ($3 billion) shopping mall in east London.
NYT > Business
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Walgreen Same-Store Sales Up in June
Posted: July 2nd, 2008, 9:49am EDT by By REUTERS
The drugstore operator said on Wednesday that sales at stores open at least one year rose 3.4 percent, led by general merchandise purchases.
Yahoo! News: Business
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Microsoft seeks allies for new Yahoo move: report (Reuters)
Posted: July 2nd, 2008, 7:31am EDT
Reuters - Microsoft Corp is preparing a
new bid for Yahoo Inc's search business and has
approached other media companies about joining it in a deal
that would effectively lead to Yahoo's breakup, the Wall Street
Journal said.
NYT > Business
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Wanted: Skilled Workers for a Growing Economy in Brazil
Posted: July 2nd, 2008, 3:15am EDT by By ANDREW DOWNIE
Many experts say the dearth of highly skilled labor, particularly engineers and tradesmen, will jeopardize Brazil’s economic and political rise.
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Economic Scene: Dispelling the Myths of Summer
Posted: July 2nd, 2008, 12:56am EDT by By DAVID LEONHARDT
The current economic downturn has no one dominant mythology, and several are making the rounds. Many of these fictions will get good air time this summer.
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Judge Clears U.S. Request for UBS Clients’ Names
Posted: July 2nd, 2008, 12:55am EDT by By LYNNLEY BROWNING and JULIA WERDIGIER
A federal judge on Tuesday cleared the way for prosecutors to force the Swiss bank UBS to turn over the names of clients as part of an investigation of its offshore private banking practices.
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Fuselage Damage May Slow Boeing
Posted: July 2nd, 2008, 12:49am EDT by By BLOOMBERG NEWS
Already facing a delay of at least 14 months on its new 787 Dreamliner aircraft, damage to the fourth of six test planes could have an effect on the full program.
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Advertising: Speaking to Women, With Firsthand Experience
Posted: July 2nd, 2008, 12:49am EDT by By STUART ELLIOTT
The Omnicom Group, the largest advertising holding company, is forming the consultancy to help marketers reach women, the largest consumer group.
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Blockbuster Drops Bid for Circuit City
Posted: July 2nd, 2008, 12:45am EDT by By THE ASSOCIATED PRESS
Blockbuster said on Tuesday that it was withdrawing its proposal to acquire Circuit City Stores.
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CIT Group Is Selling Off Bad Loans
Posted: July 2nd, 2008, 12:45am EDT by By REUTERS
The CIT Group said it had agreed to sell nearly $10 billion of mortgage assets in a deal that would remove problem loans from its balance sheet. Its shares rose almost 30 percent.
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Microsoft Buys Online Concern
Posted: July 2nd, 2008, 12:36am EDT by By DOW JONES
Microsoft said on Tuesday that it would buy Powerset Inc., an Internet search company, the latest in a string of acquisitions aimed at bolstering its position online.
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A.I.G. Pays Its Ex-Chief $47 Million
Posted: July 2nd, 2008, 12:35am EDT by By REUTERS
The resignation of the company’s former chief executive, Martin J. Sullivan, took effect on Tuesday.
washingtonpost.com - Business
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SUV Drivers Burned Twice: At the Pump, on the Car Lot
Posted: July 2nd, 2008, 12:00am EDT by Annys Shin
Americans' love affair with 22-inch rims, eight cylinders and four-wheel drive wrapped in an 8,000-pound package is over. And the breakup is going to cost. -
Tomatoes Still Lead List of Suspects in Salmonella Probe
Posted: July 2nd, 2008, 12:00am EDT by Annys Shin
The tomato investigators are stumped. Over the past four weeks, they have pored over records, collected hundreds of samples and interviewed dozens of patients to find the cause of a salmonella outbreak. So far, their efforts haven't produced an answer, and they have begun to question whether their... -
For Hosts, Games Lose Some Luster
Posted: July 2nd, 2008, 12:00am EDT by Maureen Fan
BEIJING -- It seemed like a great idea last year, starting a hotel-reservation Web site for this summer's Olympic Games. Companies had been calling travel agencies 17 months in advance to book rooms. -
A Backlog Of Cases Alleging Fraud
Posted: July 2nd, 2008, 12:00am EDT by Carrie Johnson
More than 900 cases alleging that government contractors and drugmakers have defrauded taxpayers out of billions of dollars are languishing in a backlog that has built up over the past decade because the Justice Department cannot keep pace with the surge in charges brought by whistle-blowers,... -
Obama Got Discount on Home Loan
Posted: July 2nd, 2008, 12:00am EDT by Joe Stephens
Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois. -
McCain Stressing Trade On Latin American Trip
Posted: July 2nd, 2008, 12:00am EDT by Juliet Eilperin and Michael D. Shear
CARTAGENA, Colombia, July 1 -- Sen. John McCain arrived here Tuesday night on his third foreign trip since clinching the Republican presidential nomination, the latest attempt to embellish his international credentials at a time when the electorate is increasingly focused on domestic issues. -
Groups Sue U.S. for Data On Tracking By Cellphone
Posted: July 2nd, 2008, 12:00am EDT by Ellen Nakashima
Two civil liberties groups filed a lawsuit against the U.S. government yesterday, seeking records related to the government's use of cellphones as tracking devices. -
Blockbuster Calls Off Its Offer for Circuit City
Posted: July 2nd, 2008, 12:00am EDT by Ylan Q. Mui
Blockbuster yesterday abandoned its efforts to acquire the Richmond-based electronics retailer Circuit City despite financial backing from billionaire investor and board member Carl C. Icahn. -
Google Ad Deal Is Under Scrutiny
Posted: July 2nd, 2008, 12:00am EDT by Peter Whoriskey
The Justice Department has opened a formal antitrust investigation into a deal struck last month that would allow Internet titan Google to provide some search advertising for Yahoo, according to sources familiar with the inquiry. -
New York Ends Grasso Compensation Lawsuit
Posted: July 2nd, 2008, 12:00am EDT by Christopher Twarowski
New York Attorney General Andrew M. Cuomo yesterday dropped his case challenging the nearly $190 million compensation package of former New York Stock Exchange chairman Dick Grasso, hours after a state appeals court dismissed the two remaining claims.
NYT > Business
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Constellation’s Profit Rises 50% in First Quarter
Posted: July 1st, 2008, 11:38pm EDT by By THE ASSOCIATED PRESS
Constellation Brands said Tuesday that its fiscal first-quarter profit jumped 50 percent, lifted by price increases as well as strong sales of its new higher-margin wine brands.
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Profit at Apollo Group
Posted: July 1st, 2008, 9:25pm EDT by By THE ASSOCIATED PRESS
The Apollo Group, an education company that owns the University of Phoenix, says it earned $139.1 million in the third quarter as enrollment grew by 11 percent.
Yahoo! News: Business
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Fed must prevent wage-price spiral: Lockhart (Reuters)
Posted: July 1st, 2008, 7:56pm EDT
Reuters - The Federal Reserve must "react decisively" to stop inflation from pushing up wages, one of its top policy-makers said on Tuesday, dropping a clear hint about the possibility of interest-rate hikes ahead. -
Starbucks to cut up to 12,000 jobs, close 600 stores (Reuters)
Posted: July 1st, 2008, 7:55pm EDT
Reuters - Starbucks Corp said on
Tuesday it plans to close 600 underperforming U.S. stores and
cut up to 12,000 full- and part-time positions, as it copes
with an economic downturn and increasing competition.
NYT > Business
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Oil Demand Will Grow, Despite Prices, Report Says
Posted: July 1st, 2008, 7:53pm EDT by By CLIFFORD KRAUSS
The International Energy Agency said that demand for oil should continue to climb, despite the doubling of oil prices and the weakening economic growth.
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U.S. Markets Follow Europe and Asia Lower
Posted: July 1st, 2008, 7:51pm EDT by By MICHAEL M. GRYNBAUM and DAVID JOLLY
The 32-point gain in the Dow ended a volatile day that offered few clues about where the market may be headed.
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Sales Plunge as Automakers Are Hit Hard by High Gas Prices
Posted: July 1st, 2008, 7:49pm EDT by By NICK BUNKLEY
Sales of new vehicles plunged in June, as high gas prices and a weak economy kept consumers away from showrooms.
Yahoo! News: Business
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U.S. wins court order for UBS Swiss bank records (Reuters)
Posted: July 1st, 2008, 7:45pm EDT
Reuters - A federal judge in Miami has
authorized U.S. officials to seek information from UBS AG
about U.S. taxpayers suspected of using Swiss bank
accounts to evade income taxes, part of a probe that could
crack open Switzerland's tradition of bank secrecy.
NYT > Business
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New York Ends Pay Suit Against Grasso
Posted: July 1st, 2008, 7:43pm EDT by By THE ASSOCIATED PRESS
Richard A. Grasso will keep the $139.5 million he was paid as the former New York Stock Exchange chief.
Yahoo! News: Business
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Blockbuster abandons Circuit City acquisition (Reuters)
Posted: July 1st, 2008, 7:39pm EDT
Reuters - Blockbuster Inc on
Tuesday abandoned its offer to buy electronics retailer Circuit
City Stores Inc , after weeks of investor speculation
that the deal was falling apart.
NYT > Business
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Mall Developer Seeks Advice From Women
Posted: July 1st, 2008, 7:12pm EDT by By SANA SIWOLOP
Listening to female shoppers may seem like a logical thing to do, yet many developers and consultants say such input is often missing in the early stages of shopping center development.
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Another Setback for UBS in Tax Inquiry
Posted: July 1st, 2008, 6:48pm EDT by By LYNNLEY BROWNING
A federal judge on Tuesday cleared the way for prosecutors to force the Swiss bank UBS to turn over the names of clients as part of an investigation of its offshore private banking practices.
Yahoo! News: Business
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U.S. auto sales hit 15-year low (Reuters)
Posted: July 1st, 2008, 6:29pm EDT
Reuters - U.S. auto sales plunged in June to a
15-year low, but a month-end clearance sale helped General
Motors Corp retain its No. 1 spot and steer clear of the
wipeout many had feared, sending its shares higher.
NYT > Business
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Starbucks to Close 500 More U.S. Stores
Posted: July 1st, 2008, 5:42pm EDT by By REUTERS
The company said Tuesday it would close 600 stores in the United States and lay off as many as 12,000 full- and part-time employees, the most in its history.
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Rhode Island Court Rejects Lead Paint Ruling
Posted: July 1st, 2008, 5:25pm EDT by By ABHA BHATTARAI
The state’s top court overturned a landmark jury decision that would have forced three paint manufacturers to pay billions of dollars to clean up contaminated homes.
Yahoo! News: Business
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Manufacturers struggle to overcome rising prices (AP)
Posted: July 1st, 2008, 5:10pm EDT
AP - Each week, Ira Cooper opens a letter from another supplier with the same message as the last: We're raising our prices, effective immediately. We can't tell you how long the new prices will last.
washingtonpost.com - Business
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U.N. Report Calls for Government Intervention on Global Economy
Posted: July 1st, 2008, 5:02pm EDT by Michael A. Fletcher
Greater government intervention is needed to moderate the severe economic swings and inequalities that seem to be an unavoidable byproduct of globalization, according to a United Nations report released yesterday.
Yahoo! News: Business
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GM's sales surprise lifts Wall St., Starbucks up late (Reuters)
Posted: July 1st, 2008, 5:02pm EDT
Reuters - U.S. stocks rose on Tuesday, after
embattled automaker GM surprised Wall Street with
stronger-than-expected June sales and financial shares reversed
earlier losses as investors scoured for bargains, overshadowing
concerns about record oil prices.
NYT > Business
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Microsoft Buys Linguistic Web Search Firm Powerset
Posted: July 1st, 2008, 4:55pm EDT by By REUTERS
Microsoft said it had agreed to buy Powerset, a start-up that is working on a new class of Web search that relies on insights from linguistics rather than simple keyword strings.
washingtonpost.com - Business
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General Motors holds off Toyota as June sales fall
Posted: July 1st, 2008, 4:38pm EDT by TOM KRISHER and DEE-ANN DURBIN
DETROIT -- General Motors Corp. soundly beat Toyota Motor Corp. in June to retain its traditional U.S. sales lead, but GM sales still dropped 18.2 percent during a dismal month for large automakers. -
Starbucks Closing 600 Stores in the U.S.
Posted: July 1st, 2008, 4:26pm EDT by Post
SEATTLE -- Starbucks Corp. has announced it's closing 600 underperforming stores in the United States. -
U.S. Car Sales Fell Sharply in June
Posted: July 1st, 2008, 4:04pm EDT by William Branigin and Howard Schneider
U.S. car sales plunged in June, dragged down by high fuel prices and a weak economy, but General Motors held onto its traditional lead in domestic sales by recording a smaller decline than Toyota, according to figures released today.
NYT > Business
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BP Staff in Russia May Have to Leave
Posted: July 1st, 2008, 3:51pm EDT by By ANDREW E. KRAMER
BP appeared to be in danger of losing control of its Russian joint venture after learning that local authorities had refused to issue work permits to critical expatriates on its staff.
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Paulson, in Europe, Finds Misery Loves Company
Posted: July 1st, 2008, 3:26pm EDT by By MARK LANDLER
With both sides of the Atlantic suffering from sagging growth, soaring inflation and shaky banks, the Treasury secretary tries to reassure Europe that the U.S. will right its economy.
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Moody’s Says Workers Overrated Some Securities
Posted: July 1st, 2008, 2:12pm EDT by By VIKAS BAJAJ
Already under scrutiny for its role in the credit crisis, the Moody’s Corporation said that some employees violated its code of conduct in rating some complex European securities.
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Wal-Mart Faces Fine in Minnesota Suit
Posted: July 1st, 2008, 12:53pm EDT by By STEVEN GREENHOUSE
A state judge has ruled that the discount store chain violated state laws on rest breaks and other wage matters more than two million times and could face more than $2 billion in fines.
washingtonpost.com - Business
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Off the Grid
Posted: July 1st, 2008, 11:00am EDT by Mike McKechnie
Builder Mike McKechnie of Mountain View Builders will be online Tuesday, July 1 at 11:00 a.m. ET to discuss his efforts in creating energy efficient, sustainable homes for the masses.
Yahoo! News: Business
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Asia stocks slip, oil rises, stagflation lingers (Reuters)
Posted: July 1st, 2008, 3:31am EDT
Reuters - Most Asian stock markets were down on
Tuesday as oil and food prices showed no signs of defusing
stagflation fears, particularly with soybean prices at a record
and oil above $141 a barrel.
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InBev sticks to Anheuser proposal despite rejection (Reuters)
Posted: July 1st, 2008, 3:10am EDT
Reuters - InBev stuck to its proposal
to take over reluctant bid target Anheuser-Busch and
said it would seek to give the latter's shareholders a direct
voice if the U.S. brewer still refused to talk.
NYT > Business
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Bits: A Cringing Quarter for Venture Capitalists
Posted: July 1st, 2008, 2:28am EDT by By MATT RICHTEL
In the second quarter, 50 merger and acquisition deals of venture-backed companies were completed. That’s down from 70 in the first quarter.
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Promise of Biofuel Clouded by Weather Risks
Posted: July 1st, 2008, 2:26am EDT by By JAD MOUAWAD
Recent storms and floods have highlighted the risks of an economy that has grown more dependent on corn for fuel.
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Some Glimmers of Good News in Crop Forecast
Posted: July 1st, 2008, 1:32am EDT by By DAVID STREITFELD
Recent floods were likely to have damaged the corn and soybean harvest less than feared and farmers have planted more corn than previously expected, the government said.
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Kenneth Macke, Who Led Target, Dies at 69
Posted: July 1st, 2008, 12:52am EDT by By DENNIS HEVESI
Mr. Macke was a former chairman and chief executive of the Dayton Hudson Corporation, the forerunner of the retail giant Target Corporation.
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State of Florida Sues Countrywide
Posted: July 1st, 2008, 12:46am EDT by By REUTERS
Florida sued Countrywide Financial and its chief executive, Angelo R. Mozilo, on Monday, accusing it of engaging in unfair and deceptive trade practices in mortgage lending.
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Midwest Business Activity Remained Weak in June
Posted: July 1st, 2008, 12:46am EDT by By REUTERS
Business activity in the Midwest contracted for a fifth consecutive month but at a less severe rate, as production and new orders both slipped, a report showed Monday.
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Stocks & Bonds: Markets End Flat as Energy Shares Offset Financials
Posted: July 1st, 2008, 12:46am EDT by By REUTERS
The Dow and the Standard & Poor’s 500-stock index were little changed on Monday