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  • NEW YORK, May 29- The accused mastermind behind the underground website Silk Road will be sentenced on Friday for orchestrating a scheme that enabled more than $200 million of anonymous online drug sales using the digital currency bitcoin. District Judge Katherine Forrest must impose on Ulbricht, who admitted to creating Silk Road but denied wrongdoing.

  • *Small-cap benchmark Russell 2000 to add, delete components. *$5 trillion benchmarked to Russell indexes. NEW YORK, May 29- Investors trying to capitalize on the annual tweaks to the makeup of Russell stock indexes may produce a rush of transactions worth over $40 billion in the final moments of trading on Friday, June 26, when those changes are formalized.

  • *First-quarter GDP seen revised down to show contraction. GDP forecast shrinking at a 0.8 percent annual rate. WASHINGTON, May 29- The U.S. economy likely contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls and a resurgent dollar, but activity since has rebounded modestly.

  • WASHINGTON— A brutal winter, plunging investment by energy companies and a widening trade gap likely combined to shrink the U.S. economy at the start of the year. But the slump is expected to prove short-lived. So is a labor dispute that slowed trade at West Coast ports.

  • 2 to plead guilty in Los Angeles fashion district raids Thursday, 28 May 2015 | 9:52 PM ET

    LOS ANGELES— A father and son have agreed to plead guilty to crimes stemming from an investigation into suspected money laundering for Mexican drug cartels in the Los Angeles fashion district. Xilin Chen and his son, Tom Chen, signed plea agreements in federal court in Los Angeles this week, and a judge is expected to accept the agreements at a hearing Friday.

  • NEW YORK, May 28- Visa Inc's public warning to FIFA that it may end its sponsorship if world soccer's governing body does not quickly clean up its act will likely prompt other sponsors to take a tough stance as a major corruption scandal involving FIFA unfolds, brand experts said. After U.S. prosecutors indicted nine FIFA officials and five sports media and...

  • SAN FRANCISCO, May 28- Stockton, California, urged an appellate court on Thursday to back the city's exit from municipal bankruptcy after a holdout creditor appealed its plan. Stockton said in a brief on Thursday that the creditor, two funds managed by Franklin Templeton Investments, was trying to relitigate its case using the same flawed legal arguments that a...

  • DIARY- Top Economic Events to June 11 Thursday, 28 May 2015 | 8:01 PM ET

    SOFIA- European Central Bank board member Yves Mersch speaks at the Bulgarian Authorities 2015 IMF/World Bank Constituency Meetings- 1100 GMT. BARCELONA, Spain- European Central Bank board member Vitor Constancio speaks at the XXXI Reunion Circulo de Economia- 0730 GMT. HARTFORD, United States- Federal Reserve Bank of Boston President Eric Rosengren speaks...

  • LOS ANGELES— Neverland Ranch is up for sale. The California property that once served as Michael Jackson's home and personal fantasyland is being listed at $100 million, according to the Wall Street Journal. Despite rumors after Jackson's death that the hilly property might be transformed into a Graceland-like homage to the King of Pop, Colony Capital has...

  • Bolan, because it ends the SEC case against him while permitting him to go back to work immediately, "he said. The settlement was reached on the eve of a trial before an SEC administrative law judge over charges the SEC first leveled against Bolan and Ruggieri in September. The SEC had alleged that Ruggieri, who worked at Wells Fargo in New York, in 2010 and 2011 traded...

  • BILLINGS, Mont.— U.S. transportation officials are extending an order for railroads to notify states about shipments of hazardous crude oil shipments. Trains hauling crude from the Bakken region of North Dakota and Montana have been involved in multiple fiery derailments in recent years, including a 2013 derailment that killed 47 people in Lac-Megantic,...

  • Former Peanut Corporation of America owner Stewart Parnell, his food broker brother, Michael Parnell, and the former quality assurance manager of the company's Georgia plant, Mary Wilkerson, were convicted in September on charges related to a salmonella outbreak in 2008 and 2009 that was blamed for 714 illnesses nationwide. Ken Hodges, an attorney for Stewart...

  • NEW YORK, May 28- A reported jump in weekly U.S. crude production data that set oil traders atwitter on Thursday was chiefly caused by revisions to two-month-old figures, not a surge in immediate output, a U.S. official said. On Thursday, the Energy Information Administration's Weekly Petroleum Status Report showed field production of crude oil rose by 304,000...

  • SAN FRANCISCO— Apple has bought a company that makes augmented-reality software, which adds information or images to real-world scenes when viewed through a special headset or even a smartphone camera. Apple, Google, Facebook and Microsoft are all working on augmented- or virtual-reality products. Apple on Thursday confirmed the purchase of Munich- based...

  • MGM's Clark Dumont confirmed that preliminary votes showed all of the casino-hotel company's 11 incumbent directors were re-elected. Land and Buildings withdrew its election fight May 20, saying it was encouraged by steps MGM was taking. Dumont says MGM CEO Jim Murren told shareholders at the meeting that the company has been looking at the real estate...

  • OMAHA, Neb.— Union Pacific has furloughed about 900 railroad workers because shipping demand has been weaker than expected. Union Pacific Corp. spokesman Aaron Hunt said the recent furloughs were also part of the railroad's effort to align its workforce with the current market. The number of shipments Union Pacific has been delivering so far this year is down...

  • JPMorgan to lay off 5,000 employees across firm: WSJ Thursday, 28 May 2015 | 5:59 PM ET

    NEW YORK— JPMorgan Chase& Co. will cut about 5,000 jobs over the next year, as the bank closes branches and slims down its operations, The Wall Street Journal reported Thursday, citing anonymous sources. JPMorgan CEO Jamie Dimon, at an investor conference this week, said that the average Chase branch would lose one employee— mostly through attrition.

  • NEW YORK— Walgreens Chairman James Skinner said Thursday that the drugstore operator never intended to leave the United States when it bought European health and beauty retailer Alliance Boots last year. As Walgreens prepared to buy full control of Alliance Boots, which is based in Switzerland, it looked into the possibility of moving its headquarters to...

  • CHICAGO— Former U.S. House Speaker Dennis Hastert agreed to pay $3.5 million in hush money to keep an unidentified person silent about "prior misconduct" by the Illinois Republican who was once third in line to the U.S. presidency, according to a federal grand jury indictment handed down on Thursday in Chicago. He is also charged with one count of lying to the FBI...

  • UPDATE 2-Greek crisis overshadows G7 growth talks Thursday, 28 May 2015 | 5:36 PM ET

    DRESDEN, Germany, May 28- The head of the International Monetary Fund warned that Greece could fall out of the euro zone as it struggled to sort out its debt stand-off, which is adding to concern about the patchiness of global economic recovery. Greece was not officially on the agenda of the Group of Seven meeting on Thursday in a former palace in the eastern Germany...