Saturday , 20 September 2014

Business News

ExxonMobil ‘Winding Down’ Drilling at Russian Well

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Photo by David McNew/Getty Images(NEW YORK) — ExxonMobil will suspend drilling at its oil well in the Russian Arctic, complying with U.S. sanctions against Russia. The company said that it would wind down operation, with the permission of the U.S. Treasury Department. ExxonMobil cited “the need to protect the safety of the individuals as well as the risk to the ... Read More »

Ali Baba Soars in Its First Public Day on the Stock Market

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vichie81/iStockphoto/Thinkstock(NEW YORK) — A long-awaited IPO got a lot of attention on Friday, but it didn’t do too much to help the markets. The Dow Jones Industrial Average went up 13.75 points Friday, closing at 17,279.74. The Nasdaq lost 13.64 points, ending the day at 4,579.79, while the S&P 500 lost .96 of a point, closing at 2,010.40. The Chinese ... Read More »

Home Depot Says 56 Million Cards Affected in Data Breach

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Romanista/iStock Editorial/Thinkstock(NEW YORK) — More than two weeks after Home Depot’s cyber-attack was first discovered, the retailer said Thursday that the payment data breach exposed 56 million credit and debit cards. The company said the breach has been contained and the malware responsible has been eliminated. The malware was custom-built to evade detection and, contrary to earlier reports, had not ... Read More »

More Gains on Wall Street After Positive Unemployment Numbers

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JaysonPhotography/iStockphoto/Thinkstock(NEW YORK) — Thursday marked a third consecutive day of gains for Wall Street, partially bolstered by a positive weekly unemployment report from the Department of Labor. The Dow Jones Industrial Average finished up 109.14 to a record close of 17,265.99. The Nasdaq jumped 31.24 to 4,593, while the S&P 500 climbed 9.79, ending the day at an all-time high ... Read More »

Federal Reserve: Interest Rates to Remain at Record Lows

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iStock/Thinkstock(WASHINGTON) — The Federal Reserve is keeping interest rates near zero again — at least until the economy gathers more steam. Fed Chair Janet Yellen said Wednesday the continued sluggish job market is the reason the nation’s central bank won’t raise interest rates this month. “Still too many people who want jobs, but cannot find them. Too many who are ... Read More »

Wall Street Gains on Positive Economic Reports

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JaysonPhotography/iStockphoto/Thinkstock(NEW YORK) — A pair of positive economic reports boosted Wall Street to another day of gains on Wednesday. The Dow Jones Industrial Average climbed 24.95 to a 17156.92 finish. The Nasdaq jumped 9.43 to 4562.19, while the S&P 500 closed back above 2000, gaining 2.59 to a close of 2001.57. The Federal Reserve announced in a statement on Wednesday ... Read More »

UPS to Hire Nearly 100,000 Temporary Employees for Holiday Season

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Viktor Lugovskoy/iStock Editorial/Thinkstock(NEW YORK) — UPS announced on Tuesday that it will higher nearly 100,000 seasonal employees to help handle the seasonal surge in shipping from October through January. “We have initial volume forecasts from our customers and are starting the hiring process for our temporary peak season jobs,” Senior Vice President of Human Resources and Labor Relations John McDevitt ... Read More »

Wall Street Posts Gains as Federal Reserve Considers Raising Interest Rates

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tarabird/iStockphoto/Thinkstock(NEW YORK) — Wall Street got back on track Tuesday with all three major indices posting gains as Federal Reserve policymakers consider raising interest rates. The Dow Jones Industrial Average posted a gain of 100.83, finishing the day at 17131.97. The Nasdaq climbed 33.86 to 4552.76, while the S&P 500 closed at 1998.98, jumping 14.85. Policymakers began two days of ... Read More »

Deaths from GM Ignition Switch Defect Exceed Initial Estimate

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General Motors(NEW YORK) — The number of people who’ve died in connection to GM’s failed ignition switch and are eligible for compensation is higher than the automaker’s initial estimate and will likely increase further, according to independent administrators handling the claims process. GM had previously estimated that at least 13 deaths resulted from its defective ignition switches, but Ken Feinberg, ... Read More »

Mixed Day on Wall Street, US Manufacturing Output Down

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stu99/iStockphoto/Thinkstock(NEW YORK) — After the first week of losses in nearly a month, Wall Street was mixed on Monday, with two of the major indices posting losses. The Dow Jones Industrial Average climbed 43.63, finishing back above 17000 at 17031.14. The Nasdaq dropped 48.7 to a close of 4518.90, while the S&P 500 slipped 1.41 to 1984.13. Last month, the ... Read More »