February 22nd, 2012 by InvestorPoint
ATHENS, Greece, Feb. 22 (UPI) -- Fitch has downgraded its long-term rating on Greece's sovereign debt to "C" from "CCC," indicating "default is highly likely in the near term." The action by the rating agency comes on the heels of the second bailout of the debt-burdened country, calling on its private creditors to write off its debt. Fitch said the announcement acknowledged a common understanding had been reached between Greece and the private sector on the general terms of a private sector involvem...
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February 22nd, 2012 by InvestorPoint
HOBOKEN, N.J., Feb. 22 (UPI) -- Criminals are increasingly using the Internet to sell counterfeit medicines with some turning up in legitimate outlets such as pharmacies, a U.S. study found. A review study led by the International Journal of Clinical Practice published in its March edition estimates global sales of counterfeit medicines are worth more than $75 billion, having doubled in just five years between 2005 and 2010. Studies have identified large numbers of Web sites supplying prescription-o...
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February 22nd, 2012 by InvestorPoint
NEW YORK, Feb. 22 (UPI) -- Barnes & Noble has announced an 8 gigabyte version of its Nook Tablet for $199 while dropping the price of its Nook Color e-reader to $169. The storage capacity and price of the new Nook Tablet will put it in direct competition with its biggest rival, the Amazon Kindle Fire, PC Magazine reported Tuesday. The 8GB Nook Tablet will provide 1.5 gigabytes of storage for onboard Barnes & Noble content and 4 gigabytes for user-loaded content like music, videos, or PDFs. ...
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February 22nd, 2012 by InvestorPoint
AUSTIN, Texas, Feb. 22 (UPI) -- Having dropped out of the race for the Republican presidential nomination, Texas Gov. Rick Perry said he's pondering another run at the statehouse in 2014. Perry, the longest-serving governor in Texas history with three full terms, has kept a low profile since exiting the presidential race Jan. 19 but told The Austin American-Statesman he'll most likely make up his mind about running for governor again next year. Although there are no term limits in Texas, Perry said ...
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February 22nd, 2012 by InvestorPoint
BRUSSELS, Feb. 22 (UPI) -- The European Commission Wednesday threatened Hungary with sanctions if it did not get better control of its government deficit. "This unprecedented step follows the commission's repeated warnings to Hungary urging it to step up its efforts to end the country's excessive government deficit, and its subsequent failure to take appropriate action," the commission said in a statement. The commission said it would withhold a third of Hungary's European Union subsidies if it did ...
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February 22nd, 2012 by InvestorPoint
DETROIT, Feb. 22 (UPI) -- General Motors Co. confirmed Wednesday that Chief Executive Officer Daniel Akerson is writing a check for $1 million for Habitat for Humanity. GM spokesman Greg Martin confirmed reports that the CEO, who has a long history of philanthropic giving, would write the check for a program called Leaders to ReBuild Detroit, Crain's Detroit Business reported. The Detroit News said Akerson once walked into a soup kitchen in Detroit to give the program a five-figure check. Akerson ...
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February 22nd, 2012 by InvestorPoint
WASHINGTON, Feb. 22 (UPI) -- Sales receipts at U.S. chain stores jumped 3 percent in the week ending Saturday, the International Council of Shopping Centers said Wednesday. In a weekly report delayed by the President's Day holiday, the trade group said, "a confluence of a bout of romance, cold weather and spring apparel interest helped to lift this week's performance." Valentines Day, renewed interest in winter clearance items, given the return of chilly weather, and "some pre-seasonal whiffs of sp...
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February 22nd, 2012 by InvestorPoint
WASHINGTON, Feb. 22 (UPI) -- Existing U.S. home sales rose in January and unsold inventories declined, the National Association of Realtors said Wednesday. The second consecutive month of declining inventories means a reduced supply of homes in the market, which is an indication that home prices could rise. Prices have remained low since the December 2007 through June 2009 recession. NAR said there was a 6.1-month supply of homes on the market at the current pace of sales. That is down from a 6.2-m...
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February 22nd, 2012 by InvestorPoint
WASHINGTON, Feb. 22 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity fell 4.5 percent in the week ending Friday, as long-term interest rates rose. Interest rates for 30-year, fixed-rate conforming mortgages rose from 4.08 percent to 4.09 percent with average points rising from 0.51 to 0.53. Rates for 15-year, fixed-rate contracts also rose, climbing from 3.33 percent to 3.38 percent. Points for 15-year loans fell from 0.4 to 0.37. Along with the MBA's Mortgage Index, the Refin...
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February 22nd, 2012 by InvestorPoint
BRUSSELS, Feb. 22 (UPI) -- New factory orders rose in the European Union in December compared to November, the data office for the region Eurostat said Wednesday. New orders rose 1.9 percent month-to-month in the 17-member eurozone and 1.3 percent in the 27-member European Union, the data agency said. The range was surprising with new orders gaining by 19.4 percent in Denmark and falling 14.8 percent in Hungary. New orders in Germany, with the region's largest economy, rose 2.3 percent. In France,...
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