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U.S. Economy, Nation's Business
Mark Cuban continues testimony at trial
Billionaire and Dallas Mavericks owner Mark Cuban testified Monday that he generally doesn't agree to treat as confidential any information that people tell him about investments. Cuban made the comment at his insider-trading trial to counter a government claim that he broke a secrecy vow in 2004 when he unloaded ...
Court considers ending Stanford Ponzi scheme suits
The Supreme Court is considering shutting down class-action lawsuits from investors who lost billions in former Texas tycoon R. Allen Stanford's massive Ponzi scheme. Justices listened to lawyers argue over whether lawsuit should proceed against individuals, law firms and investment companies that allegedly aided Stanford's fraud. He was sent to ...
Hungary rejects Croatia's CEO extradition request
A Budapest court has rejected a European arrest warrant issued by Croatia for the head of Hungary's main oil company, who is wanted for his alleged involvement in a bribery case. MOL Rt. chairman and chief executive Zsolt Hernadi is wanted due to allegations he bribed former Croatian Prime Minister ...
White House open to short-term hike in debt limit
Senate Democrats are drafting legislation to raise the nation's debt limit without the type of unrelated conditions that Republicans have said they intend to demand, officials said Monday, as the White House signaled it would accept even a brief extension in borrowing authority to prevent an unprecedented default. The details ...
Gov't seeks delay in NSA case over US shutdown
The Justice Department says that because of the shutdown, it wants a federal court to delay a court case in which the government has said it will reveal more secret documents about the National Security Agency's surveillance program. In a new filing with the Foreign Intelligence Surveillance Court, the government ...
BP trial focus shifts to how much oil spilled
The focus of a trial over BP's 2010 oil spill in the Gulf of Mexico has shifted to the multibillion-dollar question of how much crude gushed from BP's blown-out well. Lawyers for BP and the federal government began Monday presenting U.S. District Judge Carl Barbier with conflicting scientific theories to ...
Iraqi Kurds OK Abu Dhabi's Taqa plans to pump oil
Iraq's northern self-ruled Kurdish region has given the green light to a consortium led by a United Arab Emirates state-run energy investment company to pump oil, a statement said Monday, in a latest move shows the Kurds' determination to pursue ambitious oil plans despite central government objections. Ethnic Kurds and ...
Stocks fall as government shutdown drags on
Investors kept their focus on Washington Monday, sending stocks lower with little hope for a deal to end the government shutdown. Speaker John Boehner on Sunday ruled out a vote in the House of Representatives on a straightforward bill to increase the borrowing authority of the U.S. government without concessions ...
Car rental company Hertz begins move to SW Florida
Executives at car rental company Hertz are moving to new headquarters in southwest Florida. Hertz Chairman and CEO Mark Frissora will be among the company executives starting work Monday at temporary offices in Naples. Richard Broome, the company's vice president of corporate affairs, told The News-Press (http://newspr.es/GCKXqn) about 25 company ...
Blackberry shares up on report of buyout interest
Shares of BlackBerry Ltd. rose more than 4 percent Monday on a report that the company is in sale talks with a handful of companies. Reuters reported Friday that the struggling smartphone maker was holding discussions with Cisco, Google and SAP about a possible sale of all or part of ...
NY probes rights sale of World Trade Center name
New York is expanding its probe nationwide into the 1980s sale of the rights to the World Trade Center name to a nonprofit for $10, resulting in millions of dollars in fees for use of the name in 28 states, according to an official familiar with the investigation. The official ...
Obama may be open to short-term debt ceiling hike
A senior Obama economic adviser is suggesting that the White House would be open to a short-term increase in the nation's borrowing authority. But the adviser, National Economic Council Director Gene Sperling, says a long-term extension of the debt limit would be better for the economy. Sperling says the size ...
Shutdown impact: Tourists, homebuyers hit quickly
A government shutdown is having far-reaching consequences for some, but minimal impact on others. Mail is being delivered. Social Security and Medicare benefits continue to flow. But vacationers are being turned away from national parks and Smithsonian museums, and that's having a ripple effect on those businesses and communities that ...
US budget showdown weighs on markets
The mood in financial markets was cautious on Monday as the partial shutdown of the U.S. government entered a seventh day and lawmakers appeared to be making little headway in raising the country's debt ceiling. Stocks drifted lower and the price of oil dropped sharply as traders became nervous about ...
Families hoard cash 5 yrs after crisis
They speak different languages, live in countries rich and poor, face horrible job markets and healthy ones. When it comes to money, though, they act as one: They're holding tight to their cash, driven more by a fear of losing what they have than a desire to add to it. ...
Inquiry blames Cypriot ex-president for crisis
The "reckless" economic policies of Cyprus' former president are mainly to blame for the financial crisis that brought the country to near bankruptcy, an independent inquiry concluded Monday. The three-member panel of former judges said Dimitris Christofias also ignored warnings over excessive spending and worsened problems by delaying talks on ...
Twitter tunes in to TV partnerships ahead of IPO
People don't just watch TV anymore; they talk about it on Twitter. From the comfort of couches, they share reactions to touchdowns and nail-biting season finales — and advertisers and networks are taking note. Examples of Twitter's influence abound. The recent finale of "Breaking Bad" generated a record 1.24 million ...
Court won't hear appeal of landmark 1996 lawsuit
The Supreme Court won't hear an appeal of a Florida lawsuit making it easier for sick smokers or their survivors to pursue lawsuits against tobacco companies. The court on Monday refused to hear an appeal from Philip Morris USA Inc., R.J. Reynolds Tobacco Co., and Liggett Group LLC. They wanted ...
Greece expects economy to grow, finally
Greece expects its economy to grow next year — at last. In its draft budget presented Monday, the government forecast the economy would grow 0.6 percent in 2014, its first annual increase since 2007. This year it is predicted to shrink 4 percent, leaving the economy 25 percent smaller than ...
Stocks sink as Washington stalemate drags on
The stock market is opening sharply lower as the U.S. government heads into a second week of a partial shutdown with no signs of a budget agreement in sight. The Dow Jones industrial average fell 119 points, or 0.8 percent, to 14,953 after the first few minutes of trading Monday. ...
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