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Italians Expect Quality Wines For 2011

ROME, Aug. 29 (UPI) — Vintners in Europe’s largest wine-producing nation, Italy, are forecasting high-quality grapes for 2011, despite high summer temperatures. “There is a certain homogeneity in almost all the regions in 2011, but it’s possible we’ll produce a high-quality harvest,” said Giuseppe Martelli, director general of Assoenologi, which is the Italian association of […]

Bernanke Holds Back On New Initiatives

JACKSON HOLE, Wyo., Aug. 26 (UPI) — U.S. Federal Reserve Chairman Ben Bernanke said Friday the Fed would hold back on adding stimulus to overcome a sluggish economy. In a key speech at the Fed’s annual retreat in Jackson Hole, Wyo., Bernanke said the economy was recovering at a pace that was slower than expected, […]

Second Quarter GDP Revised Lower

WASHINGTON, Aug. 26 (UPI) — The Commerce Department Friday revised the U.S. real gross domestic product for the second quarter down to an annual rise of 1 percent. The preliminary estimate released a month ago pegged U.S. economic growth quarter-to-quarter at 1.3 percent. The Commerce Department, however, held onto its first-quarter GDP estimate of 0.4 […]

Corporations On Roll During Slump

WASHINGTON, Aug. 26 (UPI) — Corporate profits remain high while the U.S. economy struggles, the Commerce Department said Friday. The Bureau of Economic Analysis said corporate profits jumped by $57.3 billion in the second quarter after climbing by $19 billion in the previous quarter. The Commerce Department also said the economy grew at a sluggish […]

Markets Mixed On Bernanke Speech

NEW YORK, Aug. 26 (UPI) — U.S. markets posted solid gains Friday after Federal Reserve Chairman Ben Bernanke said the central bank was in a wait-and-see mode concerning economic policy. Bernanke declined to announce a third round of quantitative easing, a program of buying securities that is also known as printing money, but did say […]

Israel Seeks To Buy U.S. Equipment In Iraq

TEL AVIV, Israel, Aug. 26 (UPI) — Israel’s Defense Ministry is negotiating with the Pentagon to buy U.S. military equipment in Iraq that’s due to be shelved as surplus or sold as the last contingent of U.S. forces prepared to withdraw. The Jerusalem Post reported that the Israeli military “is looking to renew its aging […]

Jobs Resigns As Apple CEO

CUPERTINO, Calif., Aug. 24 (UPI) — Apple Inc. Chief Executive Officer Steve Jobs resigned Wednesday, telling the U.S. company’s board he can “no longer meet my duties and expectations.” The board announced the resignation, and said it has named Tim Clark to succeed Jobs, The Wall Street Journal reported. Cook, who has been serving as […]

N.J.’s Gov. Christie Blocks Fracking Ban, Orders Study

TRENTON, N.J., Aug. 25 (UPI) — Legislation that would have permanently banned hydraulic fracturing in New Jersey has been blocked by the governor, an industry association announced Thursday. Gov. Chris Christie conditionally vetoed the legislation and ordered state officials to begin the process of drawing up regulations to ensure that “fracking” is conducted safely. “Without […]

Long-term Mortgage Rates Rise

WASHINGTON, Aug. 25 (UPI) — Long-term mortgage rates rose during the week ending Thursday, the U.S. Federal Home Loan Mortgage Corp. reported. Interest rates were up after diving sharply in the previous week with turmoil in stock markets sending investors toward government bonds, which put benchmark rates lower. Freddie Mac said the average interest rates […]

One Firm Reshuffles Jobless Claims Number

WASHINGTON, Aug. 25 (UPI) — First-time jobless benefit claims rose by 5,000 in the week ending Saturday with the number skewed by a strike at Verizon, the Labor Department said. With 45,000 Verizon Communications workers on strike, the Labor Department said 8,500 of those filed for unemployment benefits during the week, CNNMoney reported. The catch […]

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