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Financial News

Fed Beige Book: Economy shows modest growth

USA Today Money News Feed - Tue, 12/03/2013 - 8:12pm
The U.S. economy grew modestly since October, the Fed's latest Beige Book survey finds.
Categories: Financial News

Ram pickup repeats as Motor Trend Truck of the Year

USA Today Money News Feed - Tue, 12/03/2013 - 8:03pm
Ram's new diesel was a critical factor in winning the title for the second year
Categories: Financial News

Illinois Passes Pension Overhaul

Wall Street Journal Online - Tue, 12/03/2013 - 7:40pm
State legislators passed an overhaul of the state retirement system, cutting benefits for public-sector workers and retirees that sets up a court battle with organized labor.
Categories: Financial News

Super Bowl ad sellout announced by Fox

USA Today Money News Feed - Tue, 12/03/2013 - 7:23pm
Super Bowl ads going, going, gone
Categories: Financial News

Smaller Mortgage Lenders Lead Field

Wall Street Journal Online - Tue, 12/03/2013 - 7:01pm
Big banks have been retrenching from the mortgage business recently, leaving smaller players to pick up larger chunks of business.
Categories: Financial News

Canadian Dollar Heads South

Wall Street Journal Online - Tue, 12/03/2013 - 6:30pm
Investors are turning on the Canadian currency, as the country's economy falls back to earth.
Categories: Financial News

Daimler Starts Selling Mercedes Online

Wall Street Journal Online - Tue, 12/03/2013 - 6:30pm
The German luxury car maker is taking sales to the Web in its home market to widen its reach beyond its traditional dealer showrooms and to appeal to younger buyers.
Categories: Financial News

SpaceX Successfully Launches Satellite

Wall Street Journal Online - Tue, 12/03/2013 - 6:27pm
SpaceX successfully blasted its first commercial payload into space, establishing itself as a low-cost alternative to legacy satellite-launch providers backed by U.S. and foreign governments.
Categories: Financial News

Cyber Monday Was Biggest Online Shopping Day Ever

Time Magazine Latest Money News - Tue, 12/03/2013 - 6:22pm
Cyber Monday hit a new record this year as shoppers skipped physical stores for deals on websites. Monday shopping brought in $1.735 billion in desktop online spending this year, making it the most lucrative online shopping day in history. Compared to last year, there was an 18 percent increase in online shopping on the Monday after Thanksgiving weekend, according to comScore. Shoppers also hit online outlets the weekend before Cyber Monday, spending $1.594 billion — a 34 percent increase over last year. U.S. Consumers have spent a total of $23.9 billion online for the 2013 holiday season-to-date. Monday is the first full workday after Thanksgiving, and as employees return to their desks, they browse online for holiday deals. The success of the Cyber Monday stands in stark contrast to a lackluster Black Friday: sales the day after Thanksgiving fell an estimated 2.9% this year.
Categories: Financial News

High Court Hears Disgruntled Frequent Flier

Wall Street Journal Online - Tue, 12/03/2013 - 6:19pm
The high court heard arguments Tuesday in a case involving a rabbi who was kicked out of a frequent-flier program for what the airline deemed was "abuse" of his membership.
Categories: Financial News

Former Lampert Investors Got Sears Stock

Wall Street Journal Online - Tue, 12/03/2013 - 5:47pm
Investors who decided to exit Edward Lampert's hedge fund this year got paid in Sears stock. The move reduced Lampert's stake in the company to 48.4% from 55.4%.
Categories: Financial News

Former Tyco CEO Set for Parole

Wall Street Journal Online - Tue, 12/03/2013 - 5:08pm
Former Tyco CEO L. Dennis Kozlowski is set for parole early next year following his 2005 criminal conviction and imprisonment for looting the company.
Categories: Financial News

Microsoft Sells $8 Billion of Debt

Wall Street Journal Online - Tue, 12/03/2013 - 4:32pm
Microsoft transaction is the largest combined dollar- and euro-denominated investment-grade corporate bond deal in more than a decade.
Categories: Financial News

Westfield to Spin Off Australia, New Zealand Malls

Wall Street Journal Online - Tue, 12/03/2013 - 4:28pm
Westfield Group said it was spinning off its Australian and New Zealand malls in a bid to unlock value for shareholders.
Categories: Financial News

J.C. Penney Estimates Same-Store Sales Jumped in November

Wall Street Journal Online - Tue, 12/03/2013 - 4:24pm
The struggling retailer also said online sales were well ahead of year-earlier levels.
Categories: Financial News

Lennar Awarded $1 Billion in Defamation Case

Wall Street Journal Online - Tue, 12/03/2013 - 3:55pm
A Florida jury has awarded the home builder $1 billion in its civil lawsuit against a developer who Lennar alleges ran a smear campaign against it.
Categories: Financial News

Dow Slides Again; Longest Loss Streak in Six Weeks

Time Magazine Latest Money News - Tue, 12/03/2013 - 3:37pm
U.S. stocks fell Tuesday. After a period of all-time highs before Thanksgiving weekend, both the S&P 500 and the Dow Jones Industrial Average extended losses into a third session. The Nasdaq Composite also fell. “We’ve been at all-time highs, and people want to protect themselves as we head into year-end,” JJ Kinahan, chief strategist at TD Ameritrade told CNBC. [CNBC]
Categories: Financial News

EU Fines in Rate Case Expected Within Days

Wall Street Journal Online - Tue, 12/03/2013 - 2:41pm
European antitrust authorities are set to hit several banks with heavy fines as soon as Wednesday for allegedly colluding to rig interbank lending rates, people familiar with the matter said.
Categories: Financial News

Witness in SAC Trial Names Sources

Wall Street Journal Online - Tue, 12/03/2013 - 2:19pm
Jon Horvath, a former SAC Capital analyst, named in court two people who he said were sources of illegal stock tips at technology companies.
Categories: Financial News

Here’s How Much Money Top Musicians Are Making on Spotify

Time Magazine Latest Money News - Tue, 12/03/2013 - 1:00pm
Spotify, the on-demand music streaming service, has been under increasing fire from musicians who say it’s hurting the record industry. Radiohead frontman Thom Yorke pulled some of his solo work from the service earlier this year and said that the streaming service hardly pays new artists. Other artists such as Aimee Mann and the Black Keys have purposefully kept new releases off of the service for fear it would cannibalize sales. Though Spotify has long said it is  beneficial to artists, musicians remain skeptical. Now the startup is making an aggressive push to prove that it can make artists money. The company has launched a new Spotify Artists page which explains its business model and how royalties are distributed in extreme detail. Spotify has paid out $500 million in royalties to rights holders so far in 2013 and $1 billion total since 2009, about 70 percent of its total revenue. These rights holders, typically music labels and publishers, then pay artists a portion of the royalties, an amount that varies depending on individual record contracts. Spotify doesn’t pay on a “per song stream” model, exactly: the total royalty pie is split among all rights holders based on the percentage of total Spotify streams their songs garner. But the company estimates that the average song generates between $0.006 and $0.0084 per stream in royalties. This may seem like a pittance, but Spotify’s data shows that the numbers add up, at least for big artists. The company says the biggest album on the service each month typically generates more than $400,000 in royalties. A “current global star,” who Spotify chose not to disclose, generated more than $3 million in royalty payments between August 2012 and July 2013. Spotify expects these figures to increase dramatically as its revenue increases but the number of artists splitting the money remains more or less the same. (MORE: Radiohead’s Thom Yorke Removes Music From Spotify) Some back-of-the-napkin math using Spotify’s listenership data and these royalty figures provides a sense for how much money the hottest songs in music are
Categories: Financial News


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