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Moody's Gives EU Negative Credit Rating

BRUSSELS (UPI) — Moody’s Investors Service Inc. Tuesday gave the European Union a negative credit rating, citing a possible “weakening of commitment” to the EU by member states. As European leaders held high-level talks on the region’s debt crisis, Moody’s said there had been a “deterioration of the creditworthiness of EU member states.” “Additionally, a […]

Construction Spending Dips In July

WASHINGTON (UPI) — Construction spending fell 0.9 percent in July to $834.4 billion on a seasonally adjusted annual basis, the U.S. Census Bureau reported Tuesday. Total construction spending in June was revised higher, from $842.1 billion to $842.2 billion, the bureau said. Spending for July was 9.3 percent above July 2011 when $763.5 billion was […]

Manufacturing Remained In Slump In August

TEMPE, Ariz. (UPI) — U.S. manufacturing contracted in August for the third time in more than three years, supply executives said Tuesday. The Institute of Supply Management’s headline index remained negative, showing a slightly accelerated contraction in August compared to July with the index dropping from 49.8 percent to 49.6 percent. The break-even point is […]

Walmart Tests Mobile Checkout System

BENTONVILLE, Ark. (UPI) — U.S. retail giant Walmart said it was testing a checkout system in which customers use their phones to scan items and then pay at self-serve kiosks. The motivation behind the new system, Walmart said, is the $12 million per second that the company pays cashiers, The Wall Street Journal reported Saturday. […]

New U.S. Factory Orders Were Up In July

WASHINGTON (UPI) — U.S. factory orders rebounded in July, with durable goods and non-durable goods up 4.1 percent and 1.5 percent, respectively, the Census Bureau said. New orders for both long-lasting merchandise, deemed durable goods, and quickly expended items, such as soap or paper products, rose 2.8 percent following a 0.5 percent decline in June, […]

Report: Drought Threatens Health Of Poor

WASHINGTON (UPI) — A World Bank Group report said drought in the United States and Eastern Europe drove food prices up sharply, “threatening the health” of millions of people. The price of corn and wheat rose by 25 percent in July, while soybean prices rose 17 percent, the World Bank Group’s Food Price Watch report […]

Investment CEO Sees Gold Standard Return

WESTPORT, Conn. (UPI) — Peter Schiff, vocal critic of the U.S. Federal Reserve System, said he anticipates a currency crisis and a U.S. return to the gold standard within two years. The chief executive of the global investment firm Euro Pacific Capital said an immediate need to peg the value of a dollar to gold […]

Bernanke Hints At Policy Action On Growth

JACKSON HOLE, Wyo. (UPI) — U.S. Federal Reserve Chairman Ben Bernanke said Friday the central bank “will provide additional policy accommodation” to promote economic growth and hiring. Speaking at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyo., Bernanke said the U.S. economy faces “daunting” challenges, five years after “significant financial […]

Buffett Gives Away $3 Billion On Birthday

OMAHA (UPI) — U.S. billionaire Warren Buffett says he has pledged an additional $3 billion of Berkshire Hathaway stock to foundations operated by his children. In 1996, Buffett pledged 17.5 million Class B shares of his firm’s stock to each of his children’s foundations. Buffett, who turned 82 Thursday, said in an open letter how […]

Expert: Costco Caters To Ultra-Affluent

STEVENS, Pa., (UPI) –  It’s not surprising Mitt and Ann Romney enjoy shopping at Costco, because it is the only discount retailer that attracts the affluent, a U.S. expert says. Pamela Danziger, president of Unity Marketing and luxury market expert, said Costco was the only discount chain that attracted more ultra-affluent — consumers with more […]

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