Financial
Tech sell-off sends world stock markets lower PDF  | Print |  E-mail
Written by YOUKYUNG LEE, AP Business Writer   
Friday, 11 April 2014 06:34

SEOUL, South Korea (AP) — Global stock markets were lower Friday as investors marked down technology stocks and a drop in U.S. jobless claims failed to boost investor confidence.

European markets opened weaker, with Britain's FTSE 100 losing 1 percent to 6,575.83. Germany's DAX fell 1.2 percent to 9,338.48 and France's CAC-40 shed 1 percent to 4,369.26.

Wall Street looked set for lackluster trading. Dow and S&P 500 futures were both little changed.

The falls in Europe were foreshadowed by a weak performance in Asian markets. Investors knocked down Internet and technology companies after the tech-heavy Nasdaq Composite had its worst day since 2011.

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Family Dollar to cut jobs, close about 370 stores PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 10 April 2014 09:54

MATTHEWS, N.C. (AP) — Family Dollar plans to cut some jobs and close about 370 underperforming stores as it tries to reverse sagging sales and earnings. The discount store operator will also lower prices on about 1,000 basic items.

Family Dollar did not provide details on how many jobs were expected to be eliminated.

The chain said the store closings and job cuts should reduce annual operating expenses by $40 million to $45 million, starting with the fiscal third quarter. Family Dollar Stores Inc. currently has more than 8,100 stores in 46 states.

The job cuts and store closings are estimated to result in an approximately $85 million to $95 million restructuring charge during fiscal 2014's second half.

The Matthews, N.C., company also said it will slow new store openings beginning in fiscal 2015 to bolster its return on investment. It now anticipates opening 350 to 400 new stores. In fiscal 2014 it had about 525 new stores.

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House panel votes to hold IRS official in contempt PDF  | Print |  E-mail
Written by STEPHEN OHLEMACHER, Associated Press   
Thursday, 10 April 2014 12:58

WASHINGTON (AP) — A House Committee has voted to hold a former Internal Revenue Service official in contempt of Congress for refusing to answer questions at a pair of hearings.

The official, Lois Lerner, previously headed the IRS division that processes applications for tax-exempt status. Last May, after providing an opening statement, she refused to answer questions at a House Oversight Committee hearing about IRS agents improperly singling out tea party applications for extra scrutiny. She again refused to answer questions at hearing in March.

The Oversight Committee voted Thursday to hold her in contempt. Committee chairman Darrell Issa said Lerner had effectively waived her Fifth Amendment right not to answer questions by providing an opening statement at the 2013 hearing.

Lerner's lawyer and Democrats on the committee disagree.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Last Corvette retrieved from Kentucky sinkhole PDF  | Print |  E-mail
Written by BRUCE SCHREINER, Associated Press   
Thursday, 10 April 2014 06:27

The mangled remains of a powerful Corvette — barely recognizable to its former owner — were pulled from the depths of a sinkhole at a Kentucky museum Wednesday, completing weeks of painstaking work to retrieve eight classic cars that were gobbled up by the gaping hole.

The 2001 Mallett Hammer Z06 Corvette was buried in dirt and rocks, deep beneath the surface of the National Corvette Museum in Bowling Green. The mood was somber as the crumpled car, which boasted 700 horsepower thanks to performance enhancements, was pulled to the surface.

"It looks like a piece of tin foil," said Kevin Helmintoller, of Land O' Lakes, Fla., who donated the car to the museum last December. "I'm still glad I'm here, because I would have never believed it was this bad. I'm not positive I would have recognized it."

At around the time it was donated, the car was appraised at $125,000 because of the performance modifications, said museum spokeswoman Katie Frassinelli.

The cars looked like toys piled in a heap amid dirt and concrete fragments after the 40-foot-wide-by-60-foot-deep sinkhole opened beneath a museum display area in mid-February. It happened when the museum was closed, and no one was injured.

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