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Boeing’s Air Force Petition Sustained, Back in Running for $35 Billion Contract

By Mike Caggeso Associate Editor The Government Accountability Office backed The Boeing Co.'s (BA) petition that the U.S. Air Force altered the auction for a $35 billion aerial-tanker contract – a bid that went to rivals Northrop Grumman Corp. (NOC), and in turn, helped push Boeing's stock down more than 11%. Boeing filed the complaint […]

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More Trouble for Morgan Stanley with 56% Quarterly Earnings Loss

By Mike Caggeso Associate Editor Quarterly earnings at Morgan Stanley (MS) sunk a heavy 56% as falling institutional securities, declining investment-banking figures, and mounting trading losses hurt the second-largest U.S. investment bank. Shares were down 6.48% in pre-market trading on news that income from continuing operations fell to $1.03 billion, or 95 cents a share, […]

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China and U.S. Commence Trade Talks with $14 Billion in Deals, but Loose Ends Remain

By Jason SimpkinsAssociate Editor The United States and China got their fourth round of economic dialogue off to a good start yesterday (Tuesday), with the announcement of $14 billion in business deals. However, several points of tension ranging from currency devaluation to investment restrictions must still be resolved. Two delegations, one led by U.S. Treasury […]

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Stagflation Worries Loom as Inflation Soars and Housing Remains Weak

By Jennifer Yousfi Managing Editor Another round of troubling economic data indicates the U.S. Federal Reserve must act wisely in order to avoid a period of stagflation. Producer prices rose again in May, while housing starts continue to be at a record low. The United States last experienced soaring inflation coupled with a stagnation of […]

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FCC Chairman Backs Sirius-XM Merger; Awaits Commissioner Approval

By Mike Caggeso Associate Editor The dormant, yet important, proposed $5 billion merger of Sirius Satellite Radio Inc. (SIRI) and XM Satellite Radio Holdings Inc. (XMSR) cleared a major hurdle, as Federal Communication Commission Chairman Kevin Martin backed the merger – with stipulations. Concessions Martin recommended include: the stations turn over 24 channels to noncommercial […]

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ECB Rate Hike More Likely After European Inflation Hits New High

By Jennifer Yousfi Managing Editor Odds of a future rate hike for the European Central Bank (ECB) increased yesterday (Monday) on news that Eurozone inflation hit a 16-year high in May. With inflation accelerating "it becomes increasingly difficult to argue against an ECB hike in July," Carsten Brzeski, an economist at ING Groep NV (ADR: […]

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New Travel Arrangement with China Could Lead to Stronger Economic Growth in Taiwan

By Jason Simpkins Associate Editor After completeing their first offical talks since 1999, China and Taiwan will open the first permanent offices in each other's capitals and begin direct weekend passenger flights between their territories. The agreement is a positive step that will bring the two contentous regions closer together both politically and economically. Approximately […]

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Exxon Plans to Sell 2,220 Profit-Squeezed Gas Stations

By Mike Caggeso Associate Editor High gas prices have forced Exxon Mobil Corp. (XOM) – the world's largest oil company – from the retail gasoline business, the company said late Thursday afternoon. There are about 12,000 gas stations with the Exxon sign at the entrance, though the company owns about 2,220 of them. And Exxon […]

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Home Foreclosures Continue to Soar Delaying U.S. Economic Recovery

By Jennifer YousfiManaging Editor There's more bad news ahead for the U.S. economy as home foreclosures continue to rise. One out of every 483 U.S. households is at some stage of the foreclosure process, and with that many displaced or struggling homeowners, the economic recovery may well take longer than expected. "May was the third […]

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