Business
Appellate court: Berlusconi ran illegal scheme
A Milan appeals court has explained why it upheld Silvia Berlusconi's tax fraud conviction, saying the politician illegally purchased the rights to broadcast U.S. movies on his private TV network, then falsely declared the payments to avoid taxes. The court made its ruling May 8, and on Thursday it followed ...
Markets roiled by Nikkei's 7.3 percent slide
Financial markets around the world were roiled Thursday after Japanese stocks suffered their biggest slide since the country was hit by a devastating tsunami more than two years ago. As a day of huge volatility ended in Europe, a steadier tone on Wall Street was emerging, easing concerns that the ...
Ralph Lauren's 4Q profit rises 35 pct
Ralph Lauren Corp. reported a 35 percent increase in fourth-quarter profit as the luxury retailer benefited from lower cotton prices and cost controls. But the seller of Polo and other brands saw its stock fall Thursday because its revenue fell below Wall Street expectations amid poor weather, economic challenges in ...
Oil falls on concerns for China demand, Fed policy
The price of oil fell Thursday as weak manufacturing data from China raised questions about the strength of oil demand in the world's No. 2 economy. Oil's decline was exacerbated by sharp declines in global stock markets amid indications that the U.S. Federal Reserve's may pull back on its economic ...
US stock market recovers most of an early loss
Stock prices are slightly lower at midday on Wall Street after manufacturing contracted unexpectedly in China this month. The Dow Jones industrial average was down 10 points at 15,297 as of noon Eastern Daylight Time, a loss of 0.1 percent. It had been down 127 points in the early going ...
Birth control coverage up for federal appeal
In the most prominent challenge of its kind, Hobby Lobby Stores Inc. is asking a federal appeals court Thursday for an exemption from part of the federal health care law that requires it to offer employees health coverage that includes access to the morning-after pill. The Oklahoma City-based arts-and-crafts chain ...
Sales gains lift Dollar Tree's 1Q profit 15 pct
Discount retailer Dollar Tree Inc. said Thursday that its net income increased 15 percent in the first quarter as consumers spent more at its stores, which sell goods for $1 or less. The results beat Wall Street expectations, and its shares rose almost 5 percent in morning trading. Dollar stores ...
ECB official: New bank authority 'indispensable'
A top European Central Bank official is calling for quick creation of an agency with powers to restructure and wind down busted banks, in an apparent pushback against Germany's insistence that such fundamental changes should take time. Benoit Coeure said in the text of a speech Thursday in Copenhagen that ...
EU performs abrupt U-turn on olive oil regulation
The EU has something important to say about its proposal to regulate olive oil on restaurant tables: Uh, never mind. Last week, the European Commission, the EU's executive branch, said that restaurants should only be allowed to serve oil to customers in non-refillable bottles with proper content labeling. The refillable ...
Stock slump continues on Wall Street
A global stock market slump is continuing on Wall Street as traders worry about how committed the Federal Reserve remains to keeping up its bond-buying program. The Dow Jones industrial average fell 112 points to 15,191 in early trading Thursday, or 0.7 percent. The Standard & Poor's 500 fell 16 ...
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