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Food prices climb almost 1% in April - (Finance, 19 articles)
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That suggests that the spike in fuel and food costs is not yet forcing workers and companies to demand higher wages and prices to offset those rising costs. Producer prices rose by a larger-than-expected 1.4 percent in May as energy prices leaped 4.9 percent, but core inflation at the producer level slowed as forecast, as car prices sank, a Labor Department report showed. The Office for National Statistics said on Tuesday that consumer prices rose 0.6 percent last month, taking the annual rate up to 3.3 percent from 3.0 percent in April. Oil prices, which have risen nearly 40 percent this year and hit then-record highs above $130 a barrel in May, and rising food costs have squeezed consumers. Rising food and energy prices could push UK consumer inflation above 4% this year, the governor of the Bank of England has warned. US producer prices jumped by more than expected in May, pushed higher by the soaring fuel and food prices that are hurting economies acround the world. Rising commodity and oil prices are pressuring inflation indices, which in addition to jeopardizing the economy could affect the popularity of President Luiz Inacio Lula da Silva, said David Fleischer
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Other stories about inflation, prices and bank:
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ABC News: Sirius-XM Merger Gets FCC Chief's Backing (Finance, 8 articles)
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The FCC is reviewing whether the transfer of satellite radio licenses is in the " public interest which analysts said includes issues such as pricing for subscribers. Last month, the Justice Department's antitrust division approved the deal after a drawn-out investigation concluded that the merger of the only satellite radio companies in the business would not result in an unfair competitive advantage. The Justice Department said that satellite radio competed with a larger entertainment market that includes digital music players, traditional radio and Internet radio.
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Ford meets with Tracinda, discusses turnaround (Finance, 4 articles)
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" The informal meeting was positive and a chance for the leaders of both companies to discuss elements of Ford's transformation plan that we have announced publicly Ford said in a statement. Kerkorian, a long-time activist investor in the auto industry, has acquired a roughly 5.5-percent stake in Ford, which remains controlled by its founding family. Tracinda has invested about $861 million in Ford stock over the past two months, including a heavily oversubscribed tender offer concluded earlier this month.
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Northwest Airlines announces larger capacity cuts (Finance, 5 articles)
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Northwest Airlines said Tuesday that it planned to eliminate more planes from its fleet, including Boeing, Airbus and McDonnell Douglas jets, by the end of December, its second cut in capacity this year. The airline attributed the reductions, the latest by a major airline, to the record price of jet fuel, which has nearly doubled in the last year. WASHINGTON- U.S. airlines projected Tuesday they could lose $10 billion in 2008 due to skyrocketing fuel costs, a sum that would almost match the industry's worst-ever year loss in 2002.
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Citi Settlement Ends Enron Creditors' 'Mega Claims' Suit (Finance, 4 articles)
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A federal appeals court yesterday thwarted attempts by a group of Enron investors to sue investment banks over their role in the Houston energy trader's collapse, giving Wall Street a powerful weapon to defend itself against future claims. Securities regulators yesterday sued two former Enron Corp. lawyers for allegedly participating in the devastating fraud and helping other executives at the Houston energy trader to mislead investors about financial setbacks and stock sales. SEC officials are seeking financial penalties and orders that would bar the men from serving as officers or directors of a publicly traded company.
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At Social Site, Only the Businesslike Need Apply (Finance, 4 articles)
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Private equity firm Bain Capital's Bain Capital Ventures led the investment round, and LinkedIn's existing investors, venture capital firms Sequoia Capital, Bessemer Venture Partners and Greylock Partners also put in money, the company said. Bain felt comfortable with its calculation given LinkedIn's popularity and the growth opportunities that lie ahead, Glass said. In that, it differs from Facebook and News Corp s MySpace, which center around personal interactions.
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Global music sales suffer sharp fall (Finance, 4 articles)
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Solar stocks shone brightly on Tuesday with Norwegian sector bellwether Renewable Energy jumping 7.7 per cent to NKr147.50 after it unveiled a $600m deal to supply silicon wafers to Taiwan's Gintech. The latest global sales figures for recorded music were published Tuesday and, to the chagrin of the industry, the song remains the same. The International Federation of Phonographic Industries (Ifpi) said that global sales of physical music, mostly CDs and music DVDs, fell 13 per cent in 2007, from $18.3bn to $15.9bn.
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CEO Fuld confident after Lehman cuts mortgage assets (Finance, 4 articles)
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" A few markets where Lehman is stronger just are doing as well said Bill Fitzpatrick, an analyst covering financial stocks at Optique Capital Management, which does not own Lehman shares. Hedge fund manager David Einhorn has questioned whether Lehman fully marked down assets hit by the collapse of the subprime home loan business. Almost 60 percent of Lehman's market value evaporated on the New York Stock Exchange this year amid speculation that the firm faced undisclosed mortgage losses.
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blaster@cs.columbia.edu
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