More From IBT Staff Reporter
Corrected: Money manager to stars ran fraud: prosecutors
Corrects spelling of Scorsese and Leibovitz
May 27, 2010
Wall Street flies on China comment, Microsoft upgrade
Stocks rallied on Thursday as investor worry was eased after China refuted a report that it was reviewing its euro-zone bond holdings due to the region's debt crisis.
May 27, 2010
AT&T: 40 percent of iPhone sales are to business users
AT&T Inc said on Thursday that 40 percent of its iPhone sales since the beginning of the year have been to business customers, suggesting that the phone is encroaching on an area dominated by Research in Motion's BlackBerry.
May 27, 2010
Pricey jewelry sales lift Tiffany, Signet profits
Tiffany & Co and Signet Jewelers Ltd reported better-than-expected profits for the Valentine's Day quarter as shoppers resumed buying pricey jewelry.
May 27, 2010
German agency not satisfied with Facebook changes
Germany's national consumer-protection agency may take legal measures against Facebook if it finds that the social network's new privacy controls do not meet German data-protection standards.
May 27, 2010
China remains good buy-in case, says BlackRock
Cheap stocks and robust consumption by its middle class are reason to buy into China now, even though markets have turned cautious on the world's No.3 economy, a fund manager at BlackRock told Reuters.
May 27, 2010
Treasury vows fight for strong financial reforms
The Treasury's number two official vowed on Thursday to fight efforts to weaken the U.S. financial reform bill and said it should include the so-called Volcker rule which would separate banking from proprietary trading.
May 27, 2010
Wall Street rallies on China comment and Microsoft
Stocks rose sharply on Thursday as investor worry was eased after China refuted a report that it was reviewing its holdings in euro-zone sovereign bonds due to the region's debt.
May 27, 2010
Business Books: Why Russia and China will eat your lunch
The Western multinationals that have dominated global trade for decades are going to have their lunch eaten in China and elsewhere, and many are unaware it's about to happen.
May 27, 2010
Economic growth lowered in first quarter
The U.S. economy grew at a slightly slower pace than previously estimated in the first quarter but the recovery still appeared solid, suggesting the economy could withstand fallout from a European debt crisis.
May 27, 2010
U.S. charges financial adviser to stars with fraud
Kenneth Starr, a New York investment adviser to celebrities such as movie director Martin Scorcese and actor Uma Thurman, was arrested by U.S. agents on Thursday on charges of running an alleged investment fraud of as much as $30 million, prosecutors said.
May 27, 2010
Senate Democrats try to soften fund manager tax
Democrats in the Senate concerned about the impact of a proposed tax hike on investment fund managers have drafted new options that would tax a smaller slice of their income at ordinary tax rates, a Democratic aide familiar with the discussions said.
May 27, 2010
Wall Street jumps on China comments
Major U.S. indexes advanced on Thursday as investors were soothed after China denied a report that it was reviewing its holdings in euro-zone sovereign bonds due to the region's debt crisis.
May 27, 2010
Wall Street climbs on China comments, Microsoft upgrade
Stocks advanced more than 2 percent on Thursday after China denied a report that it was reviewing its holdings in euro-zone sovereign bonds due to the region's debt crisis.
May 27, 2010
Australia's rice output to touch 205,000 tons
Australia's rice output in the crop year ended March 31 is expected to touch around 205,000 metric tons or triple from 63,000 tons, according to the grains report by the New South Wales Industry & Investment department.
May 27, 2010
Costco, Big Lots profits up as shoppers move past basics
Warehouse club operator Costco Wholesale Corp and close-out retailer Big Lots Inc both posted higher-than-expected quarterly profits as consumers were willing to spend on more than just essentials.
May 27, 2010
Special Report: For some people, CDOs aren't a four-letter word
Collateralized debt obligations are as hard to love as they are to fathom. The scourge of the financial world, these complex subprime mortgage-linked securities caused hundreds of billions of dollars in losses for banks, hedge funds and insurers.
May 27, 2010
Unemployment claims ease but job woes linger
Unemployment claims fell last week, suggesting the battered labor market is recovering but only slowly, the Labor Department said on Thursday.
May 27, 2010
Nosebleed won't stop? Coil surgery might help
NEW YORK (Reuters Health) - A small study suggests that a surgical treatment generally used on patients with tumors and certain brain disorders may put a stop to nosebleeds that won't stop any other way.
May 27, 2010
Medical research go online seeking for participants
A free online service has been launched to connect willing study participants with Australia's scientific institutes and universities.
May 27, 2010
Microsoft CEO unconcerned with Apple market cap
Microsoft Corp Chief Executive Steve Ballmer was unperturbed a day after rival Apple Inc shot past his firm as the world's biggest tech company by market value and said his aim was to develop a good product line and earn more profits.
May 27, 2010
Wall Street surges on China comments
Stocks surged 2 percent on Thursday after China denied a report it was reviewing its holdings in euro-zone sovereign bonds due to the region's debt crisis.
May 27, 2010
Herbs, supplements often sold deceptively
(Reuters) - Sellers of ginseng, echinacea and other herbal and dietary supplements often cross the line in marketing their products, going as far as telling consumers the pills can cure cancer or replace prescription medications, a U.S. government probe found.
May 27, 2010
Heinz sees 2011 earnings hurt by currencies
H.J. Heinz Co forecast a 7 percent to 10 percent increase in earnings as it continues to speed up growth in emerging markets and invest in new products and promotions.
May 27, 2010
AIDS funding squeeze puts lives at risk
Backtracking by international donors in funding for HIV/AIDS may undermine years of progress and is already putting lives at risk, the health aid group Medecins Sans Frontieres (MSF) said on Thursday.
May 27, 2010
Man Group says assets have stabilized
Hedge fund firm Man Group raised hopes it had finally stemmed client outflows and unveiled plans to launch new funds aided by its $1.6 billion purchase of smaller rival GLG last week, boosting its shares.
May 27, 2010
First-quarter growth lowered
The economy grew at a slower pace than previously estimated in the first quarter as business investment slackened, while hard-hit state and local governments reduced spending at the steepest rate since 1981.
May 27, 2010
Economic growth revised down to 3.0 percent
The economy grew at a slower pace than previously estimated in the first quarter as businesses investment slackened, while hard-hit state and local governments curbed spending at the steepest rate since 1981, a government report showed on Thursday.
May 27, 2010
AMA caution over plastic surgery and dental holidays
Australian Medical Association (AMA) vice president Steve Hambleton has urged caution on the risk of taking up cosmetic plastic surgery and dental holidays offered by a new launched Gold Coast Business.
May 27, 2010
Heinz profit up, sees 2011 hit by currencies
H.J. Heinz Co posted higher quarterly profit as increased spending on price promotions helped boost sales, but it also said earnings for the current fiscal year would be hit by currency fluctuations.
May 27, 2010
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