Daily Archives: July 31, 2013

Bus strike to snarl commute for some workers in Phoenix area

PHOENIX (Reuters) – Transit officials warned thousands of Phoenix area commuters to make alternative rush-hour travel plans because of a bus strike that will start on Thursday after contract talks between union drivers and management collapsed. read more

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Egypt's Bank of Alexandria downgraded by Moody's

Egypt: Egypt’s Bank of Alexandria’s local-currency deposit rating for one notch has been downgraded by Moody’s Investors Service downgraded to B3 from B2, with ‘negative’ outlook, Ahram has reported. The action follows the lowering of the standalone baseline credit assessment of Intesa Sanpaolo (Intesa), Bank of Alexandria’s parent bank with a 70.25 percent stake, to Baa3 from Baa2, which in Moody’s view reduces Intesa’s capacity and potentially its willingness to support the Egyptian bank. Moody’s cited the “stressed operating environment'” in Egypt, which it has rated Caa1, with a negative outlook, as a reason to expect the weakening of Bank of Alexandria’s asset quality and profitability, and subsequently Intesa’s incentive to support it in the future. [AMEInfo.com]

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Late-comer candidate sees opportunity in chaotic New York City mayoral race

NEW YORK (Reuters) – In a New York City mayoral race marked by scandal and the clear absence of a front runner, wealthy tech entrepreneur Jack Hidary sees an opening for another candidate – one with a sweeping vision for the city’s future. read more

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EUR/USD fundamental and tech levels

EUR/USD fundamental and tech levels: Read the full report read more

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Chinese Manufacturing Unexpectedly Strengthens

The increase in an index of manufacturing activity indicates that recent economic support measures in Beijing may be having some effect on demand. read more

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China HSBC PMI dips to 11-month low in July as demand sags

BEIJING (Reuters) – China’s factory activity shrank for a third straight month in July to its lowest level in nearly a year as new orders fell, a private survey showed on Thursday, signaling the persistent pressure on the economy has extended into the third quarter. read more

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Whistleblower suit: Hospitals defrauded Medicaid

Tenet and Health Management Associates allegedly paid kickbacks and defrauded Medicaid. read more

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Cleveland kidnap victims kept diaries during captivity -prosecutors

CLEVELAND (Reuters) – The three women who endured years of isolation, sexual assaults, beatings and starvation as prisoners of a Cleveland school bus driver documented their ordeal in diaries kept during their captivity in his house, prosecutors revealed on Wednesday. read more

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NZD/AUD: Now ”Expensive”, But a Correction Looks Unlikely

The NZD/AUD continues to soar, and today has made fresh 5-year highs above 0.8900. We thought it might be worthwhile cross-checking the recent gains against what short-term ‘’fundamentals’’ ar saying. read more

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DealBook: Banks Find S.&P. More Favorable in Bond Ratings

Standard and Poor’s has been giving higher ratings than its big rivals to certain mortgage-backed securities, according to an analysis conducted for The Times. read more

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Some Dell swing shareholders ready to compromise: sources

NEW YORK (Reuters) – Some of Dell Inc’s largest investors who have abstained from voting on a $24.4 billion bid led by founder Michael Dell to take the No. 3 PC-maker private told the company’s board this week that they would back the deal at the buyout group’s latest offer price, three sources close to the matter said. read more

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Strike for Day Seeks to Raise Fast-Food Pay

Employees hope that one-day strikes at fast-food restaurants will draw attention to their demand for higher wages. read more

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Comcast and CBS Post Strong Results, Aided by Web

Comcast surpassed analysts’ earnings projections while CBS Corporation reported its highest quarterly profits ever. read more

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Raskin Would Be First Female Deputy at Treasury

President Obama has nominated Sarah Bloom Raskin to be deputy Treasury secretary; if confirmed by the Senate, she would be the highest-ranking woman to serve in that department. read more

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