Recent Updates
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Fed to Lend $200 Billion More to Ease Market Strain
Business Law 03/11/2008Scrambling to ease the strain on the credit market, the Federal Reserve announced a $200 billion program on Tuesday that would allow financial institutions, including the nation’s major investment banks, to borrow ultra-safe Treasury money by using s...
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Sharp drop in jobs suggests US economy in recession
Business Law 03/09/2008Dangerous cracks in the nation's job market are deepening. Employers slashed jobs by the largest amount in five years and hundreds of thousands of people dropped out of the labor force — ominous signs that the country is falling toward a recession or...
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A glance at the top players in Enron saga
Business Law 03/02/2008KENNETH L. LAY Birth date: April 15, 1942. Career: Former chairman and CEO. Founded Enron in 1985 when his Houston Natural Gas merged with InterNorth in Omaha, Neb., and became chairman and CEO the next year. Stepped down as CEO in February 2001 when...
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Insurer AIG Posts $5.3B Loss in 4Q
Business Law 02/29/2008American International Group Inc., the largest insurer in the U.S., lost more than $5 billion in the fourth quarter as bad credit ate into its investments, the company said Thursday.AIG has been thrust to the forefront of the credit crisis gripping f...
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Sprint posts big loss, stops dividend
Business Law 02/28/2008Sprint has lost tends of thousands of key customers to rivals such as AT&T Inc. and Verizon Wireless, hurt by poor customer service and lackluster selection of handsets. The company recently hired a new chief executive, Dan Hesse, to fix its aili...
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Retail sales stage unexpected rebound
Business Law 02/13/2008Sales at retailers unexpectedly rose 0.3 percent in January, partly reflecting stronger sales of new cars and gasoline, according to a Commerce Department report on Wednesday.January's sales increase followed a 0.4 percent decline in December and was...
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US DOJ won't appeal Stolt-Nielsen decision
Business Law 12/24/2007The U.S. Justice Department said on Friday it will not appeal the dismissal of its indictment of Norwegian shipping group Stolt-Nielsen in a price fixing case.Earlier this month, a Pennsylvania court threw out a criminal indictment against the compan...
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Shoppers rush to stores before Christmas
Business Law 12/24/2007The nation's shoppers -- taking advantage of deep discounts and expanded hours -- jammed stores over the last weekend before Christmas to try to grab a hard-to-find Wii or scoop up bargains on other items. But the spending surge may not be enough to ...
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News Corp. to sell 8 TV stations for $1.1 billion
Business Law 12/23/2007News Corp., the media company controlled by Rupert Murdoch, will sell eight of its Fox network-affiliated television stations in the U.S. to Oak Hill Capital Partners for about $1.1 billion in cash.The sale in small markets will leave News Corp. with...
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Investors Focus on Housing Data and Fed
Business Law 12/16/2007Stock investors smarting from months of volatility are hoping this holiday-shortened week provides signs of a badly-needed yearend rally. The days leading up to Christmas -- which in recent years have been positive for stocks -- will bring readings o...
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Qantas plead guilty to price-fixing
Business Law 11/28/2007Australian airline Qantas Airways has agreed to plead guilty to fixing prices in international air cargo shipments and pay a 61-million-dollar fine, the US Justice Department said Tuesday.Between June 2000 and February 2006, Qantas engaged in a consp...
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Virgin Mobile sinks with wider 3Q loss
Business Law 11/16/2007Despite an analysts' upgrade, shares of Virgin Mobile USA Inc. fell Friday to their lowest point since the company's recent trading debut after the company said its third-quarter loss widened as operating expenses rose.The wireless service provider's...