China's factory growth slower but resilient at year end

Growth in China's factories slowed slightly in December as export orders and output weakened, official data showed on Wednesday, adding to views that while the world's second-largest economy remains resilient, it lost some steam in late 2013. The official Purchasing Managers' Index (PMI), published by the National Bureau of Statistics, dipped to 51.0 in December. Many economists have said China's economy was likely to show weaker momentum in the final three months of 2013 after a rebound between July and September, due to slowing credit growth and a fall-off in restocking demand. Domestically, tight liquidity is weighing on factory output and orders," said Li Heng, an economist at Minsheng Securities in Beijing.

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Bombardier gets business jet order worth $2.2 billion

(Reuters) - Bombardier Inc (BBD-B.TO) said on Tuesday it received a firm order from an undisclosed customer to buy 38 business aircraft in a deal valued at about $2.2 billion. The Canadian plane maker said the order was for 28 Global business jets and 10 Challenger 605 jets. Bombardier on Monday announced an order for 10 Challenger 350 business jets from an undisclosed customer in a deal worth about $259 million. Shares of Bombardier closed at C$4.61 on the Toronto Stock Exchange on Tuesday.

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Target faces problems with gift cards sold over holidays

Target Corp, which is dealing with one of the largest ever payment-data breaches in U.S. retail history, said on Tuesday that some of the gift cards it sold over the holiday season were not activated properly. "We are aware that some Target gift cards were not fully activated and apologize for the inconvenience," Target spokeswoman Molly Snyder said in an e-mail. Shoppers can bring the cards to the guest service desk at their local Target stores or call 1-800-544-2943 for assistance, Snyder added. Target's consumer perception scores dropped to their lowest level since 2007 after the breach, a survey showed.

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Gold plunged 28% in 2013: How everyone missed the call

Not only did gold futures fall in 2013, but they plunged, the first yearly decline since 2000 and the biggest since 1981. Why were the forecasts so wrong?

via Business News - Yahoo Finance http://finance.yahoo.com/news/everyone-missed-golds-big-2013-162929249.html

Economic confidence barely improves in 2013: Gallup

Americans’ confidence in the nation’s economy stood at -21 at the beginning of 2013 and has managed to show a modest improvement to -17, according to the latest survey by Gallup. The confidence survey ...

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Apple says has never worked with NSA on iPhone backdoors

Apple Inc responded on Tuesday to reports that the National Security Agency had developed a system to hack into and monitor iPhones called "Dropout Jeep," saying it never worked with the U.S. spy agency and was unaware of efforts to target its smartphones. Germany's Der Spiegel reported this week that a secretive unit of the NSA, now under fire for the extent and depth of its spying programs around the world, makes specialized gear and software to infiltrate and monitor a plethora of computing devices, including mobile phones. The report included an NSA graphic dated 2008 that outlined a system in development called DROPOUTJEEP, calling it a "software implant" that allows infiltrators to push and pull and retrieve data from iPhones such as contact lists. The iPhone was a relatively new-fangled gadget in 2008.

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Self-driving cars to be 9 percent of global auto sales in 2035: study

Sales of vehicles able to drive themselves will account for about 9 percent of global auto sales in about two decades, according to a forecast published on Tuesday by auto industry consultant IHS Automotive. The study focused on autonomous cars, which can drive with "no attention needed by the driver," IHS analyst Egil Juliussen said. But by 2035, sales of self-driving cars will reach 11.8 million, or 9 percent of the 129 million global auto sales expected that year, said Juliussen. The pace of growth for self-driving cars will exceed that of electric cars, which have been hobbled by the high cost of batteries, Juliussen said.

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China's largest auto parts company makes last-minute Fisker bid

(Reuters) - China's largest auto parts company made a surprise bid for Fisker Automotive just days before the bankrupt maker of the Karma plug-in hybrid sports car was to be sold to a Hong Kong tycoon, according to court documents. Fisker creditors asked the U.S. Bankruptcy Court in Wilmington, Delaware, to scrap Fisker's agreed sale to a company affiliated with Richard Li and instead hold an open auction at which auto parts supplier Wanxiang America Corp plans to bid. Wanxiang has agreed to make an initial bid of $24.725 million and said it will assume some liabilities of Fisker, according to documents filed at late Monday's deadline to object to Fisker's plans.

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Chinese recycling tycoon says he wants to buy New York Times

By Megha Rajagopalan BEIJING (Reuters) - An eccentric Chinese recycling magnate said on Tuesday he was preparing to open negotiations to buy the New York Times Co . Chen Guangbiao, a well-known philanthropist, is something of a celebrity in China. He said he expected to discuss the matter on January 5, when he is due to meet a "leading shareholder" in New York. Donald Trump, the real estate magnate who sells Trump-branded bottled spring water, was trying to figure out a way to buy the Times earlier this year, according to a report in New York magazine, which said that details of Trump's plans were "scant." It is unlikely that the Times, which has long been controlled by the Ochs-Sulzberger family, would sell to Chen.

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Gas prices, down in '13, set to go lower in '14

Drivers fueled up for the lowest price in three years during 2013, according to AAA, and even lower prices are expected in 2014. The motorist group reports that the national average price for a gallon ...



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Cohen's SAC Capital hedge fund gains 20.10 percent for year: source

Billionaire investor Steven A. Cohen's SAC Capital Advisors returned 20.10 percent this year, delivering some of the industry's best returns, even as his hedge fund pleaded guilty to insider trading charges ...

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Obamacare enrollees could be missing a crucial step

More than 1.1 million Americans have signed up for health insurance since the new marketplace’s rocky rollout in October. But a significant number of enrollees might be in for a rude awakening come the new year.

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11 companies that won 2013

Even as winners so vastly outnumbered losers, some companies clearly stood out as exceptional successes. These 11 companies have been hotter than Sriracha this year.

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Gold to log biggest annual loss in three decades: Last correction took 20 years

David Nelson of Belpointe says gold won't be bouncing back anytime soon

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Buyout kings seek U.S. partnerships as deal prices rise

Private equity firms are increasingly seeking to partner with U.S. companies rather than buying them outright, as they struggle to find ways to put their huge piles of money to work at a time when frothy markets have made takeovers expensive. Major U.S. buyout shops, such as Blackstone Group LP (BX) and Carlyle Group LP (CG.O), are looking at deals such as minority investments in companies or partnerships with companies looking to make an acquisition -- types of transactions that they largely shunned before the financial crisis of 2008. It sees potentially even more such deals for the U.S. fund it raised this year, the $13 billion Carlyle Partners VI fund. In September, for example, it agreed to invest $500 million for a minority stake in Beats Electronics LLC, the headphones company co-founded by rapper Dr. Dre.

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Hewlett-Packard to cut 5,000 more jobs

Hewlett-Packard Co said it would cut 5,000 more jobs, bringing the total number of layoffs to 34,000, or 11 percent of its workforce. The company said in a regulatory filing on Monday that it would record ...

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Official who oversaw building of Obamacare website retires

By Susan Cornwell WASHINGTON (Reuters) - U.S. health official Michelle Snyder, who oversaw the building of the troubled Obamacare website, HealthCare.gov, is retiring from her job as chief operating officer at the Centers for Medicare and Medicaid Services (CMS). CMS chief Marilyn Tavenner announced Snyder's departure to senior staff last week in a statement viewed by Reuters on Monday.

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2013 market movers: The biggest winners and losers

Which stocks fared best in this banner year and which didn't keep up with the market?

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After huge run-up, will burger stocks stumble in 2014?

If you were into burger and steak sellers in 2013, chances are you're showing quite a gain these days. Not in your waistline -- your stock portfolio.

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Twitter: Irrational exuberance meets reality

Trading in Twitter has been unusually heavy in recent days, with shares down 19% from the intraday high of $74.73 set Thursday as comparisons (and disagreements) to the dot-com bubble abound.

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Minimum wage hike: Good policy or good politics?

Thirteen states will raise their minimum wage this week and another 11 states plus the District of Columbia are expected to vote on increasing hourly wages in the new year.

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5 Retail surprises to watch for in 2014

Brian Sozzi of Belus Capital gave Breakout some of his predictions for the retail sector in 2014.

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5 disappearing brands in 2014

A new year usually signals a new start. But 2014 could be the end for several well-known companies and brands.

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US consumer confidence rises on better job outlook

U.S. consumers' confidence in the economy rose this month on a better outlook for hiring and growth. The Conference Board says its index of consumer confidence rose to 78.1 in December, up from 72 in the ...



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Ford blows its own horn on retail sales

Automakers are expected to report December sales on Friday, but Ford issued an announcement on Monday morning claiming that it will sell 2.4 million vehicles in 2013 and it will retain its lead as the ...

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U.S. consumer confidence rises in December

U.S. consumer confidence rose in December as consumers grew more optimistic about the job market, according to a private sector report released on Tuesday. The Conference Board, an industry group, said its index of consumer attitudes rose to 78.1 from an upwardly revised 72.0 in November. "Despite the many challenges throughout 2013, consumers are in better spirits today than when the year began," Lynn Franco, director of economic indicators at The Conference Board, said in a statement.



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What will be the biggest financial news story of 2014?

The Yahoo Finance staff reminisces about a year full of IPOs, political disasters, taper madness, and market highs, and shares their predictions for the biggest stories of 2014.

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Gold slides, on track for biggest annual loss in three decades

Gold slid more than 1% Tuesday, on course for its biggest annual decline in 32 years as prospects for global economic recovery prompted investors to switch to riskier assets.

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Home prices up 13.6% over the past 12 months

Home prices in most U.S. cities increased at a slower pace in October from September, as higher mortgage rates weighed on sales and dampened the housing recovery. The Standard & Poor's/Case-Shiller 20-city ...

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On defensive, JPMorgan hired China’s elite

Competitive pressures drove many of JPMorgan’s decisions to ramp up its “Sons and Daughters” hiring program, emails and documents show.

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Google, Apple forge auto ties

Technology giants Google Inc. and Apple Inc. are about to expand their battle for digital supremacy to a new front: the automobile.

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Here are Gartman’s top trades for 2014

The commodities king gives his picks for the coming year. With the new year just a few hours away, the world wants to know what Dennis Gartman, editor and publisher of The Gartman Letter, is predicting for 2014.

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Futures flat as Wall St heads for best year since 1997

U.S. stock index futures were little changed on Tuesday before housing and consumer confidence data, with the S&P 500 on track for its best year since 1997 and the Dow set to record its best performance since 1996. * The S&P 500 (^GSPC) is up 29.1 percent for the year and the Dow (^DJI) is up nearly 26 percent for 2013, boosted in large part by stimulus measures by the Federal Reserve. * The Nasdaq (^IXIC) is up 37.6 percent for the year, setting the technology-heavy index up for its best yearly performance since 2009. * Later in the session at 10:00 a.m. (1500 GMT), investors will eye the Conference Board's consumer confidence data.

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Why the dollar could see a wild 2014

Amelia Bourdeau, Director of FX sales at UniCredit AG, gives her three predictions for the currency markets in 2014. The euro hit a two-year high against the US dollar on Friday after officials from the European Central Bank and Germany's … Continue reading →

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Gold bulls retrench as price drops most in 32 years

Hedge funds got less bullish on gold for the seventh time in eight weeks as signs of accelerating U.S. economic and tame inflation growth drive prices to the worst annual drop in more than three decades.

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From taxes to executive pay, new rules for 2014

Dozens of corporate tax breaks expire Tuesday, and some new rules kick in Wednesday, as the new year begins.

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Unusual emerging-market bond bet pays off

The €130 million ($179 million) Edmond De Rothschild Emerging Bonds fund has returned 5.4% for the year, followed by Barcelona-based Trea Capital's €40 million 3G Opportunities Fund, which has returned about 4.4%, according to Morningstar.

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Chinese recycling tycoon says he wants to buy the New York Times

An eccentric Chinese recycling magnate said on Tuesday he was preparing to open negotiations to buy the New York Times Co.. Chen Guangbiao, a well-known philanthropist, is something of a celebrity in China.

via Business News - Yahoo Finance http://finance.yahoo.com/news/chinese-recycling-tycoon-says-wants-123059004.html

Americans on wrong side of income gap run out of means to cope

Rising income inequality is starting to hit home for many American households as they run short of places to reach for a few extra bucks.

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China says to continue prudent monetary policy in 2014: central bank

China will continue prudent monetary policy and keep policy consistent and stable in 2014, central bank Governor Zhou Xiaochuan said on Tuesday. Zhou reiterated in a new year message that China will push ...

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Successive suicide bombings in Russia kill over 30

A suicide bomber killed 14 people aboard an electric bus in the southern Russian city of Volgograd during the Monday morning rush hour, and authorities believe it was the work of the same group that set off a bomb at the railway station a day earlier.

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Crocs CEO McCarvel to retire as Blackstone invests $200 Million

Crocs Inc. (CROX) Chief Executive Officer John McCarvel will retire and Blackstone Group LP (BX) will invest $200 million in convertible preferred stock as the maker of colorful plastic clogs struggles to regain lost popularity. Crocs has been trying to revive its fortunes after consumers tired of its trademark clogs, knockoffs cut into sales and U.S. consumer spending slumped. The Blackstone investment comes after Crocs attempted to find a buyer for the whole company, people familiar with the situation said in November. "We've been unable to repurchase stock while negotiating this transaction, but we now expect to do so beginning in the first quarter of 2014," Jeff Lasher, chief financial officer, said in the statement.

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Home prices back at peaks in some areas

Home prices have zipped back into record territory in a handful of American cities, a milestone that comes seven years after the housing bust ravaged the market and the broader economy.

via Business News - Yahoo Finance http://finance.yahoo.com/news/home-prices-back-peaks-areas-010800129.html

Analysis: Transparency the crux in China's struggle to deal with rising debt

China's quest to solve its $3 trillion-and-growing public debt problem by starting a domestic municipal bond market hinges on the one thing its officials are most afraid of: transparency. As markets absorb the results of China's latest audit of its state finances, Beijing's long-standing vow to develop a municipal bond market to curtail rapid growth in other types of hidden public debt will take centerstage once more. By letting local governments sell bonds for cash, China wants to rely on nimble markets rather than inflexible regulations to keep spendthrift units in check. A bond market is the centerpiece in China's blueprint to mop up fiscal troubles and keep its economy growing at an even pace, giving it needed room to start other bold financial reforms.

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China halts imports of Pfizer drug on paperwork glitch

China suspended imports of U.S. drugmaker Pfizer Inc's AIDS-related drug Diflucan on Tuesday, citing a problem with late paperwork, the country's food and drug watchdog said in a statement on its website. Pfizer, the largest drugmaker in the United States, contravened Chinese law when one of its France-based factories failed to submit a supplementary application on time, the China Food and Drug Administration (FDA) said in the statement. With the country's healthcare spending forecast to nearly triple to $1 trillion by 2020 from $357 billion in 2011, according to consulting firm McKinsey, China is a magnet for makers of medicines and medical equipment. Pfizer has taken steps to resolve the issue and is working with China's FDA to ensure its products comply with Chinese law, it said in a statement on its Chinese-language website.

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Deutsche Telekom's new CEO faces twin tests

When Deutsche Telekom's new Chief Executive Tim Hoettges takes office on Wednesday, a revival of mergers and acquisitions in the sector and a dramatically changing competitive landscape in Germany will pose his biggest challenges. Hoettges will draw on such experience to decide how Deutsche Telekom, Europe's third-largest telco by sales, should navigate consolidation on both sides of the Atlantic and take on a rejuvenated Vodafone in Germany. Born in Solingen, a city in the prosperous eastern state of North Rhine-Westphalia, Hoettges is said to be straightforward, traditional and intense, unlike his long-time friend and outgoing CEO Rene Obermann, who is known for his easy charm. "Hoettges is not known for schmoozing corporate colleagues or politicians," said another banker who worked for him.

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Exclusive: China may raise Iran oil imports with new contract: sources

China may buy more Iranian oil next year as a state trader is negotiating a new light crude contract that could raise imports from Tehran to levels not seen since tough Western sanctions were imposed in 2012, running the risk of upsetting Washington. An increase would go against the spirit of November's breakthrough agreement relaxing some of the stringent measures slapped on Iran two years ago over its nuclear program. The November deal between Tehran and the group known as P5+1 -- made up of the United States and five other global powers -- paused efforts to reduce Iran's crude sales but required buyers to hold to "current average amounts" of Iranian oil imports. That agreement was seen as a reward for a softer diplomatic tone from Tehran that was forced, some U.S. officials and lawmakers say, by U.S. and EU sanctions that slashed Iran's oil exports by more than half to about 1 million barrels per day (bpd) and cost it as much as $80 billion in lost revenue.

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Netflix hikes CEO salary by 50 percent for 2014

(Reuters) - Netflix Inc raised the salary of its Chief Executive Reed Hastings by 50 percent to $6 million for 2014, a regulatory filing showed, as its stock quadrupled in value this year amidst new programming and a growth in subscriber base. Hastings will receive $3 million each in cash and stock options for the year, according to the filing with the U.S. Securities and Exchange Commission made late on Monday. Other top executives including Chief Financial Officer David Wells and Chief Content Officer Ted Sarandos will also get a pay hike in 2014, it said. In November, Netflix added four new television series and one miniseries from Disney's Marvel unit, and in December it secured the rights to make new episodes of a spinoff of the "Breaking Bad" television series, available within days to customers in Latin America and Europe, starting in 2014.

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Stocks say sayonara to a successful 2013

Global stocks are closing out 2013 sitting on sizable gains courtesy of super-easy monetary policies and an improving economic outlook, though some emerging markets have less to crow about as funds return ...

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Berkshire Hathaway to buy Phillips 66 unit for around $1.4 billion

Warren Buffett's Berkshire Hathaway Inc struck a deal to buy a Phillips 66 business that makes chemicals to improve the flow potential of pipelines for around $1.4 billion of stock. Phillips 66 said on Monday that Berkshire will pay for the unit, Phillips Specialty Products Inc, using about 19 million shares of Phillips 66 stock that it currently owns. "I have long been impressed by the strength of the Phillips 66 business portfolio," Buffett said in a statement. The exact number of shares Berkshire will pay for the unit will be determined by their price on the closing date, the companies said.

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Boeing tells state leaders 777X wing plant is at risk

Boeing Co (BA) will not build the wing for its new 777X jetliner in Washington state if members of its largest union reject its latest contract offer in a Friday vote, company executives told Seattle-area elected officials on Monday. But the company did not rule out locating final assembly of the plane or construction of its fuselage in the Puget Sound area if members of the 31,000-strong International Association of Machinists and Aerospace Workers District Lodge 751 turn down the proposal, three officials at the meeting said. "They made it very clear that if there is a 'no' vote on the contract, they will not build the composite wing here," said Suzette Cooke, mayor of Kent, Washington. The location of the final assembly and wing fabrication is in question because union members rejected Boeing's contract offer, prompting Boeing to look for other locations around the country, and prompting 22 bids from rival states.

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Fed's Fisher says his FOMC vote will reflect concerns on bond buying

Dallas Federal Reserve Bank President Richard Fisher said his votes on the central bank's policy panel in 2014 will reflect his concern that the Fed's bond-buying risks stoking inflation and exposing the institution politically. In an interview conducted on December 2 but posted to the Internet as a podcast on Monday, Fisher called the excess reserves piling up in the U.S. banking system potential "tinder" for inflation, and he said the central bank's plans to eventually unwind its extraordinary policies relied on an untested "theoretical exit strategy." Fisher, who rotates into a voting spot on the Fed's policymaking Federal Open Market Committee next month, expressed concern that as interest rates rise the Fed could begin to face paper losses on its massive portfolio. The Fed has held overnight interest rates near zero since December 2008 and has roughly quadrupled its balance sheet to about $4 trillion through three massive bond purchase programs.

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LinkedIn, Pinterest more popular than Twitter: study

More U.S. adults use LinkedIn and Pinterest than Twitter, but that website attracts a greater proportion of blacks and young adults than do its social media peers, a Pew Research Center study released on Monday showed. The figure was 22 percent for LinkedIn and 18 percent for Twitter, holding roughly steady from a year ago. About 29 percent of the blacks surveyed by Pew made use of Twitter, well above 16 percent for whites and Hispanics, the study showed. Twitter ranks higher than Pinterest in terms of engagement, however: 46 percent of users surveyed go onto the online messaging service daily, versus 23 percent for Pinterest and just 13 percent for LinkedIn.

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Merrill taps rich investors for ex-convict social-impact bond

Merrill Lynch and U.S. Trust reached out to some high-powered clients this quarter to invest in a social-impact bond whose proceeds finance a program to lower recidivism rates among ex-convicts in New York. The project raised $13.5 million over 60 days from clients of the Bank of America Corp-owned brokerage and wealth management firms. Investors included former U.S. Treasury Secretary Lawrence Sommers, Utah philanthropist James Sorenson, hedge fund founder Bill Ackman's Pershing Square Foundation and billionaire investor and oil trader John Arnold, according to the bank. "They are looking for new and creative ways ... to have a more direct connection between the dollars they are investing and the impact it is having on a social problem that they care about," Andy Sieg, head of global wealth and retirement solutions at Merrill Lynch said during a telephone news conference on Monday.

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Berkshire Hathaway to buy Phillips 66 unit for around $1.4 billion

Warren Buffett's Berkshire Hathaway Inc (BRK-A) struck a deal to buy a Phillips 66 (PSX.N) business that makes chemicals to improve the flow potential of pipelines for around $1.4 billion of stock. Phillips 66 said on Monday that Berkshire will pay for the unit, Phillips Specialty Products Inc, using about 19 million shares of Phillips 66 stock that it currently owns. "Berkshire Hathaway made a strong offer for our high-performing flow improver business," said Greg Garland, Chairman and CEO of Phillips 66 The exact number of shares Berkshire will pay for the unit will be determined by their price on the closing date, the companies said.

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Fisker founders, managers sued for misleading investor

(Reuters) - The founders and top managers of now-bankrupt Fisker Automotive never told potential investors that the green car startup lost access to federal funds that were crucial to the company's financial strength, according to an investor lawsuit. Co-founder Henrik Fisker, board members and executives kept quiet that the U.S. Department of Energy cut access to a $529 million green-technology loan in June 2011, according to the lawsuit, filed on Friday by Atlas Capital Management LP.

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Boeing wins deal worth up to $750 million for B-1 bomber work

Boeing Co has won a contract valued at up to $750 million over five years for continued work on the U.S. Air Force's fleet of B-1 bombers, the Pentagon announced on Monday. The contract, which includes ...

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