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Apple Inks Deal With World’s Largest Mobile Carrier

Time Magazine Latest Money News - Wed, 12/04/2013 - 9:19pm
At long last, the world’s largest mobile carrier by users, China Mobile, will start offering iPhones on its network after the company signed a deal with Apple. The U.S. tech behemoth has been reluctant to use the Chinese carrier’s relatively unreliable 3G network, but as China Mobile goes 4G on Dec. 18, the iPhone is expected to be an integral part, the Wall Street Journal reports. Gaining access to China Mobile’s 700 million subscribers could add almost 20 million additional iPhone activations in 2014, says research firm Trefis, representing a 17% increase from Apple’s handset sales in the fiscal year that ended Sept. 28. Experiencing slowing revenue growth in the U.S., there is a major opportunity for Apple in China, a market where it has so far struggled amid competition from lower-cost rivals. [WSJ]
Categories: Financial News

Asian Shares Fall Before US Jobs Report

Wall Street Journal Online - Wed, 12/04/2013 - 8:43pm
Markets edged down, with Australia and Singapore leading the region lower. Qantas plunged over 10% in Sydney after announcing steep first-half losses and job cuts. The S&P/ASX 200 fell 0.6%.
Categories: Financial News

Qantas to Cut 1,000 Jobs, May Sell Assets

Wall Street Journal Online - Wed, 12/04/2013 - 8:41pm
Qantas Airways forecast a steep first-half loss, potential asset sales and deep spending cuts that will include the axing of another 1,000 jobs.
Categories: Financial News

Samsung Aims to Woo Business Clients

Wall Street Journal Online - Wed, 12/04/2013 - 7:58pm
Samsung is looking to sell more smartphones to corporate and government clients, but to do so, the technology giant has to address problems with its mobile security platform.
Categories: Financial News

Intuitive Surgical Warns of Problem With Robot Tool

Wall Street Journal Online - Wed, 12/04/2013 - 7:51pm
Intuitive Surgical warned customers last month that instruments used in its surgical robots can momentarily stall during procedures.
Categories: Financial News

Carl Icahn Softens Stance on Apple's Cash

Wall Street Journal Online - Wed, 12/04/2013 - 7:06pm
The activist billionaire is softening his approach to getting at Apple's bulging cash pile, now seeking a shareholder vote for a more-modest share buyback than what he proposed earlier this year.
Categories: Financial News

AT&T, T-Mobile Weigh Bids for Wireless Spectrum

Wall Street Journal Online - Wed, 12/04/2013 - 6:26pm
AT&T and T-Mobile US are considering bids for a block of spectrum licenses held by Verizon Wireless, people familiar with the matter said.
Categories: Financial News

Pump Up in Demand Fuels Gasoline

Wall Street Journal Online - Wed, 12/04/2013 - 5:43pm
Gasoline prices are rising as the holiday season kicks off, as stronger demand in the U.S. and elsewhere takes a bite out of fuel supplies.
Categories: Financial News

EU Hands Out Record Fine in Rate Probe

Wall Street Journal Online - Wed, 12/04/2013 - 5:27pm
Six financial institutions were fined $2.32 billion by European Union regulators for colluding in an attempt to manipulate key benchmark interest rates, the EU's largest-ever penalty in a cartel case.
Categories: Financial News

Moody's Raises Spain's Rating Outlook

Wall Street Journal Online - Wed, 12/04/2013 - 5:22pm
The ratings firm cited "evidence of a sustained rebalancing" in the country's economy that supports its view that public finances are slowly improving.
Categories: Financial News

Rockwell's 'Saying Grace' Fetches $46 Million

Wall Street Journal Online - Wed, 12/04/2013 - 5:12pm
Norman Rockwell's "Saying Grace," a painting that adorned the cover of the Saturday Evening Post in 1951, sold for $46 million at Sotheby's in New York, setting a record for the American Art category.
Categories: Financial News

Meet the New Richest Person in China

Time Magazine Latest Money News - Wed, 12/04/2013 - 4:18pm
The founder of China’s largest search engine, Baidu, became the richest person in China Wednesday, according to the Bloomberg Billionaire Index. Robin Li, who took the number two spot two weeks ago as Baidu shares rallied, was worth $12.231 billion Wednesday, according to Bloomberg. That’s enough to beat out Wang Jianlin, who founded China’s largest commercial property developer and movie theater operator, by $64 million. [Bloomberg]
Categories: Financial News

Barrick Gold Upends Board

Wall Street Journal Online - Wed, 12/04/2013 - 4:14pm
Barrick, the world's largest gold miner, announced a raft of boardroom changes and the exit date of founder and chairman Peter Munk, as it looks to ease investors' concerns over corporate governance at the gold-mining giant.
Categories: Financial News

Stocks Fall Amid Budget Talks

Time Magazine Latest Money News - Wed, 12/04/2013 - 4:11pm
Stocks in the United States dropped for the fourth straight day Wednesday, as investors looked for clues about a possible looming policy change in the Federal Reserve and hoped for a budget deal on Capitol Hill. The S&P 500 fell 0.1 percent to 1,792.81. The four-day slump is the longest run of declines for the S&P 500 in 10 weeks in what has otherwise been a banner year that has seen it climb 26 percent, Bloomberg reports. The Dow Jones Industrial Average dropped 24.85 points, 0.2 percent, to 15,889.99. [Bloomberg]
Categories: Financial News

Jamaica Scientist Launches Medical Marijuana Firm

Time Magazine Latest Money News - Wed, 12/04/2013 - 3:22pm
(KINGSTON, Jamaica) — A prominent Jamaican scientist and entrepreneur is launching a company that aims to capitalize on the growing international market for medical marijuana. Henry Lowe is a researcher who specializes in medicinal chemistry and the chairman of an institute that develops therapeutic and cosmetic products from various plants. Lowe is calling his new venture “Medicanja.” He says it will focus on medicinal compounds in marijuana, known locally as “ganja,” and will not violate any laws or treaties. Marijuana has been pervasive but prohibited on the Caribbean island since 1913. But increasingly vocal advocates say Jamaica could give its chronically struggling economy a big boost by embracing cannabis-related investing and loosening up drug laws. Lowe asserted Wednesday that Jamaica has potential to become a powerhouse in medical marijuana and health tourism.
Categories: Financial News

SAC Analyst Describes How Fund Sought Information

Wall Street Journal Online - Wed, 12/04/2013 - 3:03pm
SAC Capital placed such importance on information gathered from company executives when deciding which stocks to buy or sell that it offered training sessions led by "intelligence professionals" on how to use meetings to extract clues, jurors were told.
Categories: Financial News

Three Wall Street Trade Associations Sue U.S. Regulator

Wall Street Journal Online - Wed, 12/04/2013 - 2:43pm
Three Wall Street trade groups are suing the Commodity Futures Trading Commission alleging procedural violations at the agency.
Categories: Financial News

Madoff Ex-Exec Details Alleged Forgeries

Wall Street Journal Online - Wed, 12/04/2013 - 2:43pm
Witness gives account in court of inner-workings of the giant Ponzi scheme, including techniques for forging documents.
Categories: Financial News

Lehman Brothers Estate Shopping 20% Stake in D.E. Shaw

Wall Street Journal Online - Wed, 12/04/2013 - 2:03pm
Lehman Brothers' estate is shopping its 20% stake in New York hedge-fund D.E. Shaw Group, sources say, with bids expected in December.
Categories: Financial News

Dish to Bid in Spectrum Auction

Wall Street Journal Online - Wed, 12/04/2013 - 2:02pm
Dish will bid for spectrum in an auction scheduled for next month and won't face competition from the nation's top cellphone carriers, according to an FCC list.
Categories: Financial News


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