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Friday, September 27, 2013

Business Today: Stock futures drop as Washington debt deadlines approach

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09/27/2013
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Stock futures drop as Washington debt deadlines approach
NEW YORK (Reuters) - U.S. stock index futures fell on Friday as deadlines loomed for a political agreement in Washington that would keep the U.S. government running and avoid a debt default, with no clear solution in sight.
U.S. consumer spending rises, incomes up most in six months
WASHINGTON (Reuters) - U.S. household spending rose in August as incomes increased at their fastest pace in six months, signs that momentum could be growing in the U.S. economy despite months of harsh government austerity.
BP battles for billions in new Gulf trial phase
HOUSTON/LONDON (Reuters) - BP will battle to hold down fines that could hit $18 billion in a new phase of the Gulf of Mexico trial that will rule on how much oil it spilled in 2010 and judge its efforts to plug its well.
How Jack Ma can keep a tight grip on Alibaba after an IPO
NEW YORK/SAN FRANCISCO (Reuters) - Alibaba Group Holding Ltd founder Jack Ma wants to keep a tight grip on the Chinese e-commerce company he founded even after he takes it public, and U.S. law gives him several ways to do so.
J.C. Penney says to raise up to $932 million in stock sale
(Reuters) - Struggling department store operator J.C. Penney Co Inc expects to raise up to $932 million from a share sale, leaving it with about $2.2 billion in cash at the end of the year.
BlackBerry reports deep loss, revenue drop, as warned
TORONTO (Reuters) - BlackBerry Ltd reported a quarterly loss of nearly $1 billion on Friday, in line with last week's warning, days after accepting its largest shareholder's tentative $4.7 billion bid to take it out of the public eye.
China to allow banks to sell $49 billion of asset-backed securities: sources
BEIJING (Reuters) - China will allow selected banks to issue asset-back securities (ABS) worth 300 billion yuan ($49 billion) by the end of June next year, expanding a pilot program to support the economy, three industry sources said.
Ousted boss Diamond says to buy more Barclays shares
LONDON (Reuters) - Bob Diamond, who was ousted last year as the boss of British bank Barclays Plc , said the bank has grown stronger since he left and he plans to buy shares in its 6 billion pound ($9.6 billion) rights issue.
Europe's plan to address weak banks risks unraveling
BRUSSELS/FRANKFURT (Reuters) - The European Central Bank's (ECB) plan to test the health of the euro zone's largest lenders without the means to plug any holes it uncovers risks foiling what some see as the bloc's final chance to put its financial crisis behind it.
Big reform plans for China's newest trade zone set high expectations
SHANGHAI (Reuters) - China has formally announced detailed plans for a new free-trade zone (FTZ) in Shanghai, touted as the country's biggest potential economic reform since Deng Xiaoping used a similar zone in Shenzhen to pry open a closed economy to trade in 1978.
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