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News Summary: RBS ends debt talks with Dubai firm

Submitted by Fox First at Ten on July 10th

By The Associated Press NO DEAL: The Royal Bank of Scotland backed out of talks with Dubai Group, an investment company controlled by the emirate's ruler, to rework terms on $10 billion in debt. DEBT LOAD: The latest impasse is a reminder of challenges still facing Dubai's state-linked

News Summary: Marks & Spencer shakes up management

Submitted by Fox First at Ten on July 10th

By The Associated Press WEAK QUARTER: U.K. retailer Marks & Spencer is changing its management team following a disappointing second quarter, when clothing and general merchandise sales fell 7 percent. EXEC CHANGES: Kate Bostock, the executive director for general merchandise, will leave the

News Summary: ASML shares jump on Intel deal

Submitted by Fox First at Ten on July 10th

By The Associated Press INVESTMENT BUMP: Shares in ASML Holding NV gained nearly Tuesday on news that Intel Corp intends to take a 15 percent stake in the company for around $3.07 billion, and will also help fund its research into new technologies. MORE POSSIBLE: The chip-making equipment

News Summary: China's trade growth weakens

Submitted by Fox First at Ten on July 10th

By The Associated Press TRADING DOWN: China's trade growth plunged in June, hurt by weak U.S. and European demand, with potential impact on economies as far-flung as Africa and Australia. IMPORT-EXPORT SLOWDOWN: Import growth fell by half from May's level to 6.3 percent, as factories

USA Today names editor-in-chief

Submitted by Fox First at Ten on July 10th

NEW YORK (AP) - USA Today named David Callaway, the head of financial news website MarketWatch, editor-in-chief on Tuesday. Callaway will replace John Hillkirk, who stepped down in November to help oversee investigative reporting projects as a senior editor. In May, Gannett Co., the owner of USA

Southwest shares rise on analysts' forecasts

Submitted by Fox First at Ten on July 10th

DALLAS (AP) - Shares of Southwest Airlines climbed Tuesday after Wall Street analysts raised their profit forecasts and one upgraded the stock, suggesting that the carrier will outperform its peers. THE SPARK: Sterne Agee upgraded Southwest to "Buy" from "Neutral." Analyst Jeffrey A. Kauffman said

US Congress conducting rate-fixing inquiries

Submitted by Fox First at Ten on July 10th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - Two congressional committees are raising questions about what U.S. regulators knew concerning allegations that a key global interest rate was being manipulated. The chairman of a House Financial Services oversight subcommittee has asked

Euro falls to new 2-year low against dollar

Submitted by Fox First at Ten on July 10th

NEW YORK (AP) - Concerns about a plan to help Spain's troubled banks pushed the euro to a two-year low against the dollar Tuesday. European officials backed Spain's $123 billion bank bailout plan Tuesday and said that the country will receive its first payment of $37 billion by the end of

Oil price drops as China slows, Norway strike ends

Submitted by Fox First at Ten on July 10th

NEW YORK (AP) - Oil prices tumbled Tuesday on further signs of an economic slowdown in China and after the government of Norway intervened to end a strike that threatened North Sea oil production. Benchmark U.S. crude fell by $2.08, or 2.4 percent, to finish at $83.91 per barrel. Brent crude lost $

CFTC files civil fraud charges against Peregrine

Submitted by Fox First at Ten on July 10th

WASHINGTON (AP) - Federal regulators have filed civil fraud charges against Peregrine Financial Group, accusing the firm and its owner of misusing customer funds and failing to keep them separate from the firm's money as required by law. The Commodity Futures Trading Commission announced the