Business - BostonHerald.com

Business - BostonHerald.comBusiness - BostonHerald.com http://www.bostonherald.com/business/?srvc=rss The Boston Herald online: The closest distance between you and the news en-us Copyright 2012, Herald Interactive, Inc. Mon, 10 Dec 2012 11:04:14 -0500...

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Chinese industrial upswing helps markets

LONDON — News that manufacturing activity in China grew for the first time in 13 months helped offset disappointment over weaker U.S. figures, nudging global stocks higher on Monday. HSBC's Purchasing Managers' Index for China rose to 50.5 in November...

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Iron Mountain names William Meaney as new CEO

Boston-based information storage and management company Iron Mountain Inc. said today it has appointed William Meaney as its new president and chief executive officer and a member of the board of directors, effective Jan. 7. Meaney, 52, succeeds longtime...

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Ulta Beauty to open in Patriot Place

Beauty and cosmetics retailer Ulta Beauty plans to open a store at Patriot Place in the summer of next year, mall officials said today. The 10,000-square-foot beauty store in Patriot Place's South Marketplace will be Ulta Beauty's eighth Bay State location,...

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Cuba reports 3.1 percent economic growth for 2012

HAVANA — Cuba says it will finish the year with 3.1 percent economic growth, lower than expected but higher than in 2011. Authorities had previously projected growth of 3.4 percent. Cuba's economy expanded 2.7 percent last year. That also fell short...

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LeBron James chosen as SI's Sportsman of the Year

MIAMI - When LeBron James learned he was Sports Illustrated's Sportsman of the Year, the Miami Heat star was surprised. Not because he thought his achievements in 2012 weren't worthy, but because he figured what happened in 2010 was still holding...

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US builders boost spending 1.4 percent in October

WASHINGTON — U.S. builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing. The Commerce Department said Monday that construction spending rose 1.4 percent in October. It...

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Stocks turn mixed as US manufacturing contracts

NEW YORK — Stocks turned mixed on Wall Street Monday morning following an unexpected contraction in U.S. manufacturing last month. The Dow Jones industrial average rose 6 points to 13,032 as of 10:08 a.m. Eastern. The Standard and Poor's 500 was up...

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US manufacturing shrinks in November to 3-year low

WASHINGTON — A survey shows U.S. manufacturing shrank in November to its weakest level since July 2009. The impact of Superstorm Sandy and worries about automatic tax increases that could take effect in January combined to reduce factory orders and...

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Mass. gas prices drop another 2 cents

BOSTON — Gas prices in Massachusetts have eased down another two cents in the past week. AAA Southern New England reports Monday that the average price of a gallon of self-serve, regular has dropped to $3.54. Even though prices in Massachusetts are...

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Lincoln brand changes name as new MKZ goes on sale

DETROIT — After years of dismal sales, Ford's Lincoln luxury brand is reintroducing itself with a new name and a new midsize sedan. The brand will now be known as the Lincoln Motor Co., a change intended to separate Lincoln from the cheaper Ford brand...

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Fiat Industrial and CNH reach merger agreement

MILAN — The Italian heavy-duty vehicles maker Fiat Industrial reached an agreement Monday for a full merger with its U.S. subsidiary, the farm equipment maker CNH Global N.V., creating the world's third-largest capital goods company by sales. Fiat...

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Supreme Court orders new look at health care challenge

WASHINGTON — The Supreme Court has revived a Christian college's challenge to President Barack Obama's healthcare overhaul, with the acquiescence of the Obama administration. The court on Monday ordered the federal appeals court in Richmond, Va.,...

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Fiscal cliff quarrels keep US stocks in check

The stock market edged lower Monday morning, pulled down by old worries about the debt crisis in Europe and a political standoff over taxes and spending in the U.S. In early trading, the Dow Jones industrial average was down 66 points at 12,945. The...

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Supreme Court won't get into fight over grape patents

WASHINGTON — The Supreme Court won't hear an appeal from a California table grape organization over a lawsuit seeking to invalidate several government table grape patents. The high court on Monday refused to hear an appeal from the California Table...

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Warren Buffett urges Congress to raise taxes on wealthy

OMAHA, Neb. — Billionaire Warren Buffett is again calling for higher taxes on the "ultra-rich" and he's urging Congress to compromise on spending cuts and tax increases. Buffett expressed his views on fiscal policy in an opinion article Monday in...

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NYSE warns iParty over low stock price

Party goods retailer iParty Corp. said today it has received a compliance notice from the New York Stock Exchange due to the Dedham-based company's low selling stock price for a substantial period of time. The NYSE said iParty's continued listing is...

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Google buys Wi-Fi provider ICOA for $400 million

NEW YORK — Google has bought an operator of Wi-Fi hotspots in high-traffic locations such as airports, hotels and fast-food restaurants. Google Inc. is paying $400 million for ICOA Inc., a Warwick, R.I., company, as part of the search company's efforts...

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Mary Schapiro stepping down after leading SEC in crisis

WASHINGTON — Mary Schapiro is stepping down as chairman of the Securities and Exchange Commission after helping lead the Obama administration's regulatory response to the 2008 financial crisis. The SEC says Schapiro will leave on Dec. 14. She was...

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UK picks Canadian to lead Bank of England

LONDON — The British government has chosen the head of Canada's central bank to become governor of the Bank of England effective July 1. Treasury chief George Osborne announced the surprise choice of Mark Carney to the House of Commons on Monday....

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Ranbaxy recalls generic Lipitor doses

TRENTON, N.J. — Ranbaxy Pharmaceuticals Inc. has recalled dozens of lots of its generic version of cholesterol drug Lipitor because some may contain tiny glass particles, the latest in a string of manufacturing deficiencies that once led U.S. regulators...

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Oil rises as Israel-Hamas fight continues

The price of oil rose to $88 a barrel Monday as the conflict in Gaza between Israel and Hamas showed no signs of abating, raising concerns about Middle East crude supplies. By early afternoon in Europe, benchmark oil for December delivery was up $1.09...

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Lowe's 3Q net income climbs on fewer charges

NEW YORK — Lowe's Cos.' said Monday that its third-quarter net income surged 76 percent, helped by lower costs and higher revenue, as the company's efforts to revamp its merchandise and prices appeared to be gaining traction. Its adjusted earnings...

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Total sells Nigeria offshore oil stake for $2.5B

LAGOS, Nigeria — French oil firm Total SA says it has sold a stake in an offshore oil field in Nigeria for $2.5 billion to Chinese state oil company Sinopec Corp. Total made the announcement Monday in a statement posted to its corporate website. Sinopec...

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Intel CEO Paul Otellini to retire in May

SANTA CLARA, Calif. — Intel says its CEO, Paul Otellini, plans to retire in May after nearly 40 years with the company. Intel Corp. said Monday that its board will look at company executives as well as external candidates to replace Otellini. He has...

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US stocks open higher

NEW YORK — The stock market is starting the holiday week with a big gain. Just after the opening bell on Wall Street, the Dow Jones industrial average is up 102 points at 12,690. The Standard & Poor's 500 index is up 12 at 1,372. And the Nasdaq...

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SAS avoids bankruptcy after unions approve plan

COPENHAGEN, Denmark — Danish and Norwegian media are reporting that all eight unions have now approved a savings plan that will help the troubled SAS carrier stay afloat. Denmark's TV2 and Norway's NTB news agency are reporting that the Danish CAU...

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BCE resubmits Astral bid to broadcast regulator

TORONTO — Canada's largest telecommunications company, BCE Inc., resubmitted a bid to the country's broadcast regulator to buy Astral Media Inc. for $3.38 billion, the companies said Monday. The Canadian Radio-television Telecommunications Commission...

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Cisco Systems to buy Meraki for $1.2 billion

NEW YORK — Cisco Systems Inc., the world's largest maker of computer networking gear, said Sunday it is buying Meraki for $1.2 billion to expand its ability to let customers compute in the cloud. Cloud computing refers to the increasingly popular...

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US budget hopes shore up markets

LONDON — Optimism over the progress of crucial U.S. budget talks combined with hopes that Greece will get its next bailout payment to send markets sharply higher on Monday. The advance followed a rebound late Friday amid signs that President Barack...

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Mass. gas prices drop 3 cents per gallon

BOSTON -- The cost of a gallon of gasoline in Massachusetts has dropped another three cents, but remains more expensive than the national average. AAA Southern New England reports Monday that the average price of a gallon of self-serve, regular is...

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Hollywood expects to have a happy holiday season at the box office

LOS ANGELES — Movie theaters posted their worst attendance since 1994 last year, but Hollywood is poised for a big comeback — with the help of a secret agent, a sullen vampire and a hairy-footed hobbit. Domestic ticket sales are already up by 3 percent...

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Lance Armstrong cuts formal ties to Livestrong

AUSTIN, Texas — Lance Armstrong has cut formal ties with his cancer-fighting charity to avoid further damage brought by doping charges and being stripped of his seven Tour de France titles. Armstrong resigned from the board of directors for Livestrong...

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Stocks higher after bruising week

NEW YORK — Stocks are opening higher on this Veterans Day. Just after the start of trading, the Dow Jones industrial average is up eight points at 12,823. The Standard & Poor's 500 index is up two at 1,382. And the Nasdaq composite index is up...

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Signature brands make comebacks

Automakers are always looking for ways to be original when unveiling new models. In certain instances, this means shifting gears and storing vintage nameplates in the garage. "There just aren't that many that survive from the old days," said Scott Oldham,...

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Our experts see great returns

Our StoxSmart experts continue to soar. Of 7,867 U.S. stock funds tracked by Morningstar, the best performer this year is Fairholme, which has returned 32 percent. John Fish's 42 percent return blows that out of the water and Frank Quaratiello's 22...

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Elmo puppeteer accused of underage relationship

NEW YORK — The puppeteer who performs as Elmo on "Sesame Street" is taking a leave of absence from the popular kids' show following allegations that he had a relationship with a 16-year-old boy. Sesame Workshop says puppeteer Kevin Clash denies the...

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Fiat Industrial announces new management structure

MILAN — Capital goods maker Fiat Industrial on Monday announced a new management structure aimed at making it easier to merge with its U.S. subsidiary CNH Global N.V., the agriculture equipment maker. Fiat Industrial, which makes trucks, agriculture...

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Best Buy hires ex-Williams-Sonoma exec as CFO

NEW YORK — Struggling consumer electronics chain Best Buy said Monday that a former Williams-Sonoma executive will become its new chief financial officer beginning Dec. 10. It's the latest executive move for the Minneapolis company since turnaround...

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US fiscal uncertainty keeps lid on markets

LONDON — Uncertainty over whether Washington will agree a spending and taxation deal that is crucial to keeping the U.S. economic recovery on track kept a lid on global market gains on Monday. Economists have said the U.S. risks slipping into recession...

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