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Sources: GM May Accelerate Subcompact Sales in U.S.

By Mike Caggeso Associate Editor Plagued by plummeting U.S. sales and $4-a-gallon gasoline, General Motors Corp. (GM) may sell its four-foot-tall Chevrolet Beat in U.S. markets, sources told Bloomberg News.  The subcompact three-door hatchback was unveiled at last year's New York International Car Show, though GM said it would be produced overseas and wouldn't immediately […]

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Growing Brand Awareness of China Consumers Equals Profit

By Jennifer YousfiManaging Editor China's emerging middle class is chasing after the global consumer dream: name brand products. And the companies that make those products are profiting from China's growing desire for genuine merchandise rather than cheap knock-offs to grow their brands throughout the Asian nation. One such company is sports apparel maker Adidas AG […]

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Surging Demand, Weak Supply, and Dwindling Inventories, Drive Oil to Another Record High

By Jason SimpkinsAssociate Editor Crude futures closed at yet another record high yesterday (Wednesday) after government data showed a decline in crude inventories. The news followed a separate report from the International Energy Agency that said oil supplies would remain tight through 2013. The U.S. Energy Department yesterday reported a decline of 2 million barrels […]

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European Banks Boosted by More Positive Outlook

By Jennifer YousfiManaging Editor After the global financial industry shed $403 billion in write-downs, European banks are finally turning a corner and boosting their share prices. German giant Deustche Bank AG (DB) and Switzerland's UBS AG (UBS) both declared they would not need to raise further capital yesterday (Wednesday) as the bulk of losses tied […]

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CIT Group Exits Home Mortgage Market with $1.8 Billion in Deals

By Jennifer YousfiManaging Editor After posting four consecutive quarterly losses, CIT Group Inc. (CIT) took a step in the right direction yesterday (Tuesday), announcing it struck $1.8 billion in separate deals with Lone Star Funds and a subsidiary of Warren Buffet's Berkshire Hathaway Inc. (BRK.A, BRK.B). Dallas, Tex.-based Lone Star will acquire CIT's home lending […]

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Iraq Looks to Rebuild Once Prominent Energy Sector by Opening its Doors to Foreign Oil Majors

By Jason SimpkinsAssociate Editor Iraq has officially opened the door for foreign oil companies to invest in the country's rich energy sector for the first time in more than 30 years. Thirty-five foreign oil majors have been invited to bid for contracts to provide technical support and help boost production in eight oil and natural […]

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UBS Shakes Up Board Amid “Likely” IRS Probe

By Mike CaggesoAssociate Editor UBS AG (UBS) was at the center of a tornado of crushing news yesterday (Tuesday), as it announced major changes to its board amidst pressure from the U.S. Department of Justice to reveal the names of top clients taking advantage of the bank's tax breaks. Four of the No. 1 Swiss […]

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Five Ways to Profit as Gold Rallies Past $935 Amid Economic Mire 

By Mike Caggeso Associate Editor Spot price of gold eclipsed $935 in trading Monday, its first time above the mark since May 22, as another fresh round of record oil prices exacerbated existing market-wide turmoil. In light of the Federal Reserve's decision to hold interest rates at 2.0% – its first rate freeze since September […]

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A Bearish Dow Has its Worst June Since the Great Depression

By Jason Simpkins Associate Editor High oil prices, a steep drop in consumer confidence, declining home values and a weak dollar conspired to drive the Dow Jones Industrial Average to its lowest point in two years, and made for the benchmark index's worst June since the Great Depression. After falling more than 300 points last […]

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Consumer Spending Strong, but Will it Last?

By Jason SimpkinsAssociate Editor Consumer spending in the United States rose an unexpected 0.8% in the month of May, the biggest increase since last November, as nearly $50 billion worth of rebate checks were cashed and put to use. Incomes grew 1.9% in May – their biggest jump in nearly three years – and the […]

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