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Bernanke Unshaken by Jobless Rise
The surprising jump in the unemployment rate last month — a half-percentage point — hasn’t materially affected the economic outlook, Federal Reserve Chairman Ben Bernanke said in a speech Monday night.
Will Masses Embrace Apple’s $199 Handset?
Apple Inc. (NASDAQ:AAPL) took dramatic steps to boost sales of its iPhone handset, offering an aggressively priced new model that surfs the Internet at higher speeds and dropping its insistence on revenue-sharing with wireless carriers.
IEA Cuts Oil Demand Forecasts
The International Energy Agency on Tuesday lowered its forecast for global oil demand this year amid surging prices, but said the world’s hunger for oil is still knocking the market off balance.
British Bankers Association Aims to Strengthen Libor
The British Bankers Association introduced a raft of measures Tuesday designed to bolster sagging confidence in its benchmark lending rates, known as the London Interbank Offered Rate.
Icahn, Yahoo Wage Battle in Letters
Investor Carl Icahn accused Yahoo Inc.’s (NASDAQ:YHOO) board of pursuing a series of failed plans that have held back the company, while Yahoo spelled out its strategy for improving its operating performance as the two camps battle for shareholder support.
Discover Sues Rivals For Over $6 Billion
Discover Financial Services (NYSE:DFS) is seeking to collect more than $6 billion in damages from Visa Inc. (NYSE:V) and MasterCard Inc. (NYSE:MA) for imposing rules that it claims limited the company’s ability to expand during a period of enormous growth in the electronic-payments industry, according to court documents released on Monday.
Investors Rush to Tracinda’s Ford Tender
Investors stampeded to Kirk Kerkorian’s tender offer for 20 million Ford Motor Co. (NYSE:F) shares, with nearly half of the company’s 2.24 billion shares outstanding being offered for purchase well above current market values.
U.S. Stock-Index Futures Decline; Citigroup, JPMorgan Retreat
U.S. stock-index futures declined, following markets in Europe and Asia lower, after analysts said Lehman Brothers Holdings Inc. (NYSE:LEH) must unload more mortgage loans and speculation mounted that interest rates will rise.
Crude Oil Advances as Citigroup, Merrill Lynch Raise Forecasts
Crude oil rose more than $3 a barrel as Merrill Lynch & Co. (NYSE:MER) and Citigroup Inc. (NYSE:C) raised their price forecasts amid concern that supply from outside OPEC isn’t rising as fast as expected.
Fed, Banks Agree Default-Swap Changes to Reduce Risk
Regulators and banks agreed to changes aimed at easing the risk of a collapse in the $62 trillion market for credit-default swaps.
VMware Falls as Employee Grants Expire
On a generally down day for tech stocks, VMware (NYSE:VMW) dropped on news that a large number of employee share grants may begin trading this week.
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