Financial
50-acre Connecticut estate sells for $120 million PDF  | Print |  E-mail
Written by Associated Press   
Saturday, 12 April 2014 05:06

GREENWICH, Conn. (AP) — A 12-bedroom waterfront estate on 50 acres in wealthy Greenwich has been sold for $120 million.

Even though that's $70 million under Copper Beech Farm's initial listing price, real estate agent David Ogilvy tells the Greenwich Time (http://bit.ly/1jzpxJN ) he believes the sum is the most ever paid for a residential property in the United States. The paperwork finalizing the sale to a limited liability company was filed Friday.

The 13,000-square-foot French Renaissance-style home has a 75-foot pool, grass tennis court, a stone carriage house and two islands in Long Island Sound.

Ogilvy says Copper Beech Farm edged out a Silicon Valley property sold last year for $117.5 million.

Built in 1896, Copper Beech Farm was once owned by Andrew Carnegie's niece Harriet Lauder Greenway.


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Subway: 'Yoga mat' chemical almost out of bread PDF  | Print |  E-mail
Written by CANDICE CHOI, AP Food Industry Writer   
Friday, 11 April 2014 10:54

NEW YORK (AP) — Subway says an ingredient dubbed the "yoga mat" chemical will be entirely phased out of its bread by next week.

The disclosure comes as Subway has suffered from an onslaught of bad publicity since a food blogger petitioned the chain to remove the ingredient.

The ingredient, azodicarbonamide, is approved by the Food and Drug Administration for use as a bleaching agent and dough conditioner. It can be found in a wide variety products, including those served at McDonald's and Starbucks and breads sold in supermarkets. But the petition gained attention after it noted the chemical was also used to make yoga mats.

Tony Pace, Subway's chief marketing officer, told the AP in a phone interview that the chain had started phasing the ingredient late last year and that the process should be complete within a week. Subway is privately held and doesn't disclose its sales figures. But it has apparently been feeling pressure from the uproar.

"You see the social media traffic, and people are happy that we're taking it out, but they want to know when we're taking it out," Pace said. "If there are people who have that hesitation, that hesitation is going to be removed."

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Finance officials confident of global growth PDF  | Print |  E-mail
Written by HARRY DUNPHY, Associated Press MARTIN CRUTSINGER, Associated Press   
Saturday, 12 April 2014 04:59

WASHINGTON (AP) — An ambitious goal to boost global growth by $2 trillion in the next five years is within reach, finance officials of the world's major economies believe, despite a variety of threats, including rising political tensions over Russia's actions in Ukraine.

In a joint statement Friday, finance ministers and central bank governors from rich and developing nations skirted over substantial differences in such areas as central bank interest rate policies and whether to impose tougher sanctions on Russia because of its dealings with Ukraine.

Their talks resume Saturday with meetings of the policymaking committees of the International Monetary Fund and its sister institution, the World Bank.

The final Group of 20 communique pledged to keep working on concrete economic reforms that could boost global growth by 2 percent over the next five years. But finance officials concede that the economic reforms needed to achieve that goal will in many cases be politically difficult.

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Judge approves Detroit swaps deal with two banks PDF  | Print |  E-mail
Written by COREY WILLIAMS, Associated Press   
Friday, 11 April 2014 10:52

DETROIT (AP) — A federal judge on Friday approved bankrupt Detroit's plan to settle a bad multi-million dollar pension debt deal with two banks.

Judge Steven Rhodes signed off on the agreement to pay $85 million to UBS and Bank of America.

"The amount is reasonable and quite fairly compromises the counter-parties' claims," the judge said of the deal in which each bank will get $42.5 million secured from casino revenue.

It will be paid off in monthly, $4.2 million installments, Rhodes said during a hearing Friday morning.

Rhodes said the plan decreases the amount Detroit owes to the banks and extends the amount of time the city has to pay what is owed. Plus, it doesn't need a loan to pay it off, he said.

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