Historical data indicate a strong relationship between the age distribution of the U.S. population and stock market performance. A key demographic trend is the aging of the baby boom generation. As they reach retirement age, they are likely to shift from buying stocks to selling their equity holdings to finance retirement. Statistical models ...
discussions
WASHINGTON (Reuters) - Goldman Sachs Chief Executive Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, according to a government source familiar with the matter.
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L.A. Times
Goldman Sachs CEO hires criminal defense lawyer
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Lloyd Blankfein retains Reid Weingarten amid the governments inquiry into the financial crisis. The move hints there could be new push to investigate the firm and its executives on criminal grounds. Goldman Sachs Chief Executive Lloyd Blankfein has hired a prominent Washington criminal law attorney to defend him against any charges resulting from ...
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MARK DECAMBRE
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NY Post
Lloyd lawyers up
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Lloyd Blankfein, Goldman Sachs’ gold-plated chief executive, has hired a hot-shot white-collar criminal defense lawyer to represent him personally as a Justice Department probe of the firm’s management kicks into high gear. Washington power lawyer Reid Weingarten, who has represented a who’s who of business titans, will now...
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JULIA WERDIGIER
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NYT
The embattled Swiss bank, said Tuesday that it would cut 3,500 jobs over the next two and a half years to reduce its costs.
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TAIPEI/HONG KONG (Reuters) - Asian suppliers to Apple Inc have begun manufacturing a lower-priced version of its hot-selling iPhone 4 with a smaller 8 gigabyte flash drive, according to two people with knowledge of the matter.
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Business and financial news
Report: Second, cheaper iPhone coming
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Stories have been floating around for months that Apple (AAPL) was building not one but two new iPhones -- the widely expected iPhone 5 and a lower-cost phone that's basically the current iPhone 4 with less on-board memory. According to an item posted two weeks ago by Apple'N'Apps' Trevor Sheridan, company insiders are calling the second device ...
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The announcement follows reports of a Justice Department investigation and the rating agency's downgrade of U.S. debt.
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Yahoo! News
S&P replaces president with Citibank exec after U.S. downgrade
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SYDNEY/BANGALORE (Reuters) - The chief of Standard & Poor's will step down next month, to be replaced by a senior Citibank executive, in a move announced a few weeks after the credit rating agency downgraded U.S. government debt and sparked a row with Washington.
Financial Times
Sharma to step down as S&P president
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Rating agency executive to leave at the end of the year only weeks after the rating agency issued an unprecedented downgrade of the credit of the US
NPR Topics
Head Of Rating Agency S&P Stepping Down
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The announcement comes only weeks after the rating agency's unprecedented move to strip the U.S. of its AAA credit rating. The agency says Deven Sharma decided to move on after helping S&P separate its data, pricing and analytics business from its ratings business, a restructuring announced late last year.
Katrina Nicholas
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Business News
S&P President Sharma to Leave, Replaced by Citigroup’s Petersen
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Aug. 23 (Bloomberg) -- Standard & Poor’s, the rating company that downgraded the U.S. AAA credit ranking for the first time, will replace President Deven Sharma with Citibank NA Chief Operating Officer Douglas Peterson. Sharma, 55, will leave at the end of the year to “pursue other opportunities,” S&P’s parent McGraw-Hill Co. ...
NPR Topics
S&P President Sharma To Step Down
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Devin Sharma apparently had been planning to resign for awhile. But the announcement comes only weeks after the rating agency's unprecedented move to strip the U.S. of its AAA credit rating. Sharma will be replaced by an executive from Citigroup.
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Springwise
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Springwise
Crearmoda allows users to design their own clothing using a 3D simulator, and then offer up those designs for voting and incorporation by others.
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Yahoo! Finance
Spain eyes constitution change to limit deficit
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[AP] - Spain's prime minister and the opposition leader agreed Tuesday to work on amending the Constitution to limit the government deficit, an effort to allay fears the country may need help handling its debt.
Dj
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Nubricks
3 bed Villa, Spain – ID: 4412315
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Property ID: 4412315 Costa Blanca South, Costa Blanca, Alicante, Valencia region, Spain GBP: 261,223 Residential Property, Holiday Homes, House, Villa, 3 Bedrooms
Dj
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Nubricks
3 bed Villa, Spain – ID: 4412396
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Property ID: 4412396 Almeria, Andalucia, Spain GBP: 216,305 Residential Property, Holiday Homes, House, Villa, 3 Bedrooms
The Seattle Times
Spain eyes constitution change to limit deficit
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Spain's prime minister and the opposition leader agreed Tuesday to work on amending the Constitution to limit the government deficit, an effort to allay fears the country may need help handling its debt.
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TRIPOLI (Reuters) - Libyan rebels battled on Tuesday around Muammar Gaddafi's headquarters, where a son of the veteran leader had emerged overnight to confound reports of his capture and to rally cheering loyalists for a rearguard fightback.
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Yahoo! News
A free Saif al-Islam shatters the sense that rebels are close to victory
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The shocking appearance of Saif al-Islam Gaddafi on Tripoli's streets in the early hours of Tuesday morning shattered the sense that the rebels' victory in Libya was in hand. Supposedly in rebel custody, Colonel Muammar Gaddafi's son was instead seen talking to the press surrounded by supporters, raising concerns that the opposition might be ...
National Post
Reviving Libyan oil no easy task
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With Libyan rebels closing in on Muammar Gaddafi, a recognition fell on markets Monday that the task of restoring full oil production will be a monumental one.
Business
Rebel advance in Libya roils global oil prices
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Prices fall in several markets Monday, even as petroleum industry experts and political analysts say it could take more than a year for Libya to pump oil at pre-war levels. Global oil prices were roiled by news of the rebel advance in Libya and the prospect that oil would be flowing from that country again.
Msnbc.com
US senators to Libya rebels: Jail Lockerbie bomber
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New York's U.S. senators have asked the Libyan transitional government to hold the convicted Lockerbie, Scotland, plane bomber fully accountable for his terrorist actions.
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GM history in the second half of the 20th century is a story of executive arrogance, missed opportunities, poor decision-making and reckless finance. After WW2, everyone was making money hand-over-fist, and GM became known as “Generous Motors.” Starting in the mid-1950s, rather than risk a strike that could slow production and sales, ...
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Every Internet service that has a concept of users has to deal with identity. And for anything social (which seems like everything these days) identity is a huge part. For the Internet as a whole, there are battles waging to "own" identity—or, at the very least, not let someone else own it. And there have been efforts for years to make ...
discussions
Sure, you’re active in social media, but as a responsible small business owner you know that it’s your site and your own community where you should be building your home base. This is where you direct people you meet in other outlets and it’s where you’re trying to form the real conversations and conversions, because this is the only site ...
China's manufacturing sector improved in August, but growth remains sluggish, according to a bank report issued Tuesday.
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Howard Schneider
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Business News
GE ‘all in’ on aviation deal with China
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GRAND RAPIDS, Mich. — At a General Electric flight simulator here, the visibility has been set at near zero to mimic thick rain and clouds. But a video console near the pilot shows a vivid picture of nearby mountains precise enough to allow a plane to take off or land despite the conditions. The system is one of several highly valuable next- ...
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WSJ.com
BofA Takes a China Hit
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Shares in the U.S.'s largest bank slumped after China Construction Bank officials said BofA will keep at least half of its 10% stake in the Chinese lender.
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[AP] - H.J. Heinz's first-quarter net income slipped 6 percent as it shuttered plants, but the company still topped Wall Street expectations thanks to sales in emerging markets.
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I have wondered for a long time why they didn’t do this, so I am glad they are adding this feature. This was one of the things that kept me from having them be my main checking account. There are still several places that I have to use checks (remember I am in Amish country!).
Dominant tone is ‘risk on’, with perceived havens such as the US dollar weaker, but gold hits $1,900 an ounce for first time
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Dr. Mard Herrick has led the district since July 2006. He has been involved in education for almost 36 years and previously served as superintendent for San Antonio Southside and Palestine.
discussions
Focus Media Holding Ltd.’s /quotes/zigman/97560/quotes/nls/fmcn FMCN -1.16% U.S-listed shares climbed 7% a day after the Chinese digital-media company reported a spike in second-quarter earnings from the year-ago period.
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Melanie Turner
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Agriculture News
Deven Sharma, who presided over Standard & Poor’s first downgrade of the U.S. credit ranking, will be replaced by Douglas Peterson, Citibank NA chief operating officer Sharma told the Washington Post in an email that he is leaving to pursue other opportunities.
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Nevin Batiwalla
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Nashville Business News
Standard & Poor’s president resigns
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Standard & Poor's President Deven Sharma announced Monday night that he will leave by the end of the year. Sharma said he will take on a special assignment reviewing the company’s strategic portfolio before departing by year’s end. Douglas Peterson, chief operating office at Citibank, will replace Sharma as president. Sharma's departure ...
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SENDAI, Japan (Reuters) - U.S. Vice President Joe Biden visited Japan's quake-hit northeast on Tuesday and said the country would recover from the disaster just as the United States would overcome its debt crisis, warning doubters not to count the two countries out.
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Msnbc.com
Biden's 'noodle diplomacy' draws crowds
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Black bean sauce noodles and other delicacies served at one Beijing eatery are being snapped up by customers eager to order the dishes eaten by U.S. Vice President Joe Biden on a recent visit.
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Yahoo! News
Japan PM on way out, leadership race wide open
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TOKYO (Reuters) - Unpopular Prime Minister Naoto Kan confirmed on Tuesday he would step down as head of the ruling party this week if two key bills were enacted, clearing the way for a new leader to try to cope with Japan's nuclear crisis and slew of economic ills.
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[AP] - Stock futures are rising, potentially setting up another day of gains on Wall Street. Roughly one hour ahead of the opening bell, Dow Jones industrial average futures are up 101 points, or 1 percent, to 10,948.
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Default
Global stocks higher as U.S. stock futures look up
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BRUSSELS – Stocks rose around the world Tuesday and U.S. stock futures were pointing higher as investors shrugged off signs of deteriorating economic sentiment in Europe and hoped the Federal Reserve will act to keep the U.S. from sliding back into recession.
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LONDON (MarketWatch) — Britain’s benchmark stock index rose Tuesday, led by security provider G4S PLC and engineering firm John Wood Group PLC after both reported strong first-half results.
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