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Wednesday, April 17, 2013

Business Today: Growth fears hit shares and oil, gold stable

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04/17/2013
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Growth fears hit shares and oil, gold stable
LONDON (Reuters) - World shares and industrial commodities fell on Wednesday as global growth concerns overwhelmed support from the prospect of ongoing central bank stimulus in the United States and Japan.
Bank of America profit misses estimates as revenue falls
(Reuters) - Bank of America Corp reported a lower-than-expected first-quarter profit and its revenue fell, sending the No. 2 U.S. bank's shares down 3 percent before the bell on Wednesday.
Tesco quits U.S. and takes $3.5 billion global writedown
LONDON (Reuters) - Britain's biggest retailer, Tesco, wrote down the value of its global operations by $3.5 billion and announced plans to exit the United States, as it sought to rebuild after a year in which profit fell for the first time in two decades.
Futures drop as commodities, earnings drag
NEW YORK (Reuters) - Stock index futures fell on Wednesday, indicating the S&P 500 will retreat from its second-best daily performance of the year as commodities fell and after earnings reports from Yahoo and Intel.
BNY Mellon revenue falls 1 percent; tax case triggers loss
(Reuters) - BNY Mellon Corp said on Wednesday that first-quarter revenue fell 1 percent as the world's largest custody bank reported a loss due to a high-stakes tax battle with the U.S. Internal Revenue Service.
GM's Opel board meets to seal fate of German plant
FRANKFURT (Reuters) - Top executives from General Motors who sit on the board of loss-making European brand Opel are meeting on Wednesday to approve the first closure of a German car factory in decades.
BOJ official: mulling increasing frequency of JGB purchases
TOKYO (Reuters) - A senior Bank of Japan official said on Wednesday the central bank will consider increasing the frequency of its long-term government debt purchases in response to bond dealers' concerns about distorting markets.
Daimler exits EADS with $2.9 billion placement
FRANKFURT (Reuters) - Germany's Daimler sold its remaining stake in EADS for about 2.2 billion euros ($2.9 billion), exiting its aerospace activities completely nearly 13 years after it helped to found the Airbus parent company.
Germany launches tax probes against Credit Suisse employees
ZURICH/FRANKFURT (Reuters) - German prosecutors are investigating employees of Credit Suisse and its units Clariden Leu and Neue Aargauer Bank on suspicion of helping Germans evade taxes.
Cost cuts, American Girl help Mattel beat expectations
(Reuters) - No. 1 toymaker Mattel Inc reported stronger-than-expected first-quarter results, helped by tight cost controls and increased demand for American Girl and Monster High dolls.
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