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Kellogg Foundation to help in Detroit bankruptcy PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 28 January 2014 18:48

DETROIT (AP) — The W.K. Kellogg Foundation is giving $40 million to prevent the sale of Detroit art and help city retirees, raising the pool of money to $370 million.

The announcement was made Tuesday by a coalition of foundations. The group wants to continue to attract financial support from foundations and individuals while Michigan Gov. Rick Snyder tries to win approval for $350 million from the state.

City-owned art at the Detroit Institute of Arts could be vulnerable to sale in Detroit's bankruptcy. At the same time, Detroit's pension funds are short by $3.5 billion.

Detroit emergency manager Kevyn Orr has until March 1 to propose a plan to take the city out of bankruptcy.


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Feds: Russian man who created SpyEye pleads guilty PDF  | Print |  E-mail
Written by KATE BRUMBACK, Associated Press   
Tuesday, 28 January 2014 18:45

ATLANTA (AP) — A Russian man pleaded guilty to a conspiracy charge Tuesday after federal authorities say he created a computer program that has been used to drain bank accounts.

Aleksandr Andreevich Panin, who's also known as "Gribodemon" and "Harderman," pleaded guilty to a single count of conspiracy to commit bank fraud and wire fraud. He appeared in federal court wearing an orange jail uniform with his legs chained together as he entered a guilty plea after reaching a plea agreement with prosecutors.

Another man, Hamza Bendelladj, was also indicted in the case and pleaded not guilty in May after being extradited from Thailand, where he was arrested a year ago. The case against him is still pending.

Authorities say the 24-year-old Panin is the main author of SpyEye. The program is a type known as a banking Trojan, which was implanted onto computers to harvest financial information so its users could drain bank accounts. Authorities said the malware has infected more than 1.4 million computers in the United States and abroad and is responsible for untold amounts of financial theft.

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Farmers get probation in fatal listeria outbreak PDF  | Print |  E-mail
Written by DAN ELLIOTT, Associated Press   
Tuesday, 28 January 2014 18:47

DENVER (AP) — Two Colorado cantaloupe farmers linked to the nation's deadliest outbreak of foodborne illness in a quarter-century were sentenced Tuesday to probation and home detention, but the judge said he wasn't sending them to prison so they could work to pay off $150,000 each in restitution.

Before they were sentenced, Eric and Ryan Jensen read statements apologizing to the victims of the 2011 listeria outbreak, which killed 33 people and sickened 147 in 28 states, according to federal health authorities.

Both brothers pleaded guilty to federal charges of introducing adulterated food into interstate commerce. They could have faced six years in prison and fines of $1.5 million each, but Magistrate Judge Michael E. Hegarty said he chose not impose either so they could continue working to support their families and pay restitution.

Each will serve five years of probation and six months of home detention and perform 100 hours of community service.

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Stocks rise on Wall Street after 3 days of losses PDF  | Print |  E-mail
Written by STEVE ROTHWELL, AP Markets Writer   
Tuesday, 28 January 2014 18:38

NEW YORK (AP) — Investors' jitters over emerging markets faded on Tuesday and U.S. stocks rose for the first time in four days.

Global stock markets stabilized after three turbulent days when investors grew worried about growth in China and other developing economies. The sell-off began last Thursday, when a survey for January showed that Chinese manufacturing was set to contract, dragging down stocks in Asia, Europe and the U.S. The slide continued on Friday as currencies in countries including Argentina and Turkey slumped. On Monday, Asian markets dropped, although the selling on Wall Street eased.

By Tuesday, though, global markets regained their calm. In the U.S., earnings gains from big companies, including Pfizer, Comcast and D.R. Horton helped lift stock indexes. One area of disappointment, though, was Apple, whose weak revenue forecast pushed its stock to the biggest one-day loss in a year.

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