Stocks Fall After Fed Minutes Show Willingness to Taper in June
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ATLANTIC CITY, N.J.-- Just over a year after it opened, Atlantic City's newest casino has gone into bankruptcy and gotten out of it, ready to start again.
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*$525 mln sale expected to let Kodak emerge from bankruptcy this year. NEW YORK, Jan 11- Eastman Kodak Co's proposed $525 million sale of its digital imaging patents to Intellectual Ventures and RPX Corp got a bankruptcy judge's approval on Friday, bringing the photography innovator a step closer to exiting Chapter 11..
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*Deal will be financed by Zimplats, June deadline set. The deal, which will see the Zimplats unit lend the money needed to buy the stake, is Zimbabwe's largest local ownership transaction and a major scalp for Mugabe's controversial black economic empowerment push, the centrepiece of his campaign for re-election in polls due this year.
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*$525 mln sale expected to let Kodak emerge from bankruptcy this year. NEW YORK, Jan 11- Eastman Kodak Co's proposed $525 million sale of its digital imaging patents to Intellectual Ventures and RPX Corp got approval from a bankruptcy judge on Friday, bringing the photography company a step closer to exiting Chapter 11..
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*30,000 new jobs in next 3 yrs at Brazil's biggest employer. SAO PAULO, Jan 10- Grupo Pão de Açúcar, Brazil's biggest diversified retailer, said on Thursday it plans to open 500 new stores by 2015, accelerating growth in a bet that household consumption will continue to drive the local economy. Pão de Açúcar is Brazil's biggest private-sector employer.
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Jan 9- Morgan Stanley plans to slash 1,600 jobs in what may be just the beginning of a new round of layoffs at large investment banks, this time driven by a deeper reassessment of Wall Street businesses in the face of new regulations and capital standards.
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Jan 9- Morgan Stanley plans to cut 1,600 employees starting this week, two people familiar with the matter said on Wednesday, in the latest sign of a pullback on Wall Street as revenue from trading and deal-making remains in the doldrums.
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WASHINGTON, Jan 9- U.S. securities regulators on Wednesday filed civil charges against two auditors at accounting giant KPMG, alleging they failed to properly scrutinize the books of a Nebraska bank that collapsed under the weight of loan losses during the financial crisis.
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ZURICH, Jan 9- Nestle is working with Rothschild to divest some Latin American assets valued at more than $1 billion as it seeks regulatory approval for its acquisition of Pfizer's nutrition unit, Bloomberg reported, citing three people with knowledge of the matter.
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Jan 8- AMR Corp, the parent of American Airlines, said its business prospects have improved to the point equity holders might receive some value from its Chapter 11 reorganization. AMR, which filed for bankruptcy in November 2011, is weighing merging with rival US Airways Group Inc against exiting Chapter 11 as a standalone company.
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*Grassroots coalition is not a direct creditor of MF Global- judge. The coalition, a grassroots group led by Chicago- based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at MF Global were frozen when the company went under.
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NEW YORK, Jan 8- A Donald Trump-affiliated company formed to construct a luxury hotel and condominium complex in Philadelphia filed for bankruptcy late on Monday to prevent foreclosure by its lender. VTE Philadelphia LP, an entity that holds the vacant land on the Delaware River slated to become Trump Tower PA, filed for Chapter 11 in New York.
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Jan 8- The Federal Reserve has granted MetLife Inc a third extension to submit its capital plan as the insurer moves closer to completing the sale of its deposit-taking business to a unit of General Electric Co's GE Capital. MetLife has a bank holding charter because of its online banking business and is therefore overseen by the Fed.
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*Barrick Gold says approach "prudent and disciplined". LONDON, Jan 8- Barrick Gold Corp has ended talks to sell a stake in majority-owned African Barrick Gold to a Chinese buyer, dashing hopes of a potential $3 billion deal for the underperforming unit.
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*Sony considers sales of battery unit, no decision yet. LAS VEGAS, Jan 7- Sony Corp is considering the sale of its battery business but has made no decision yet, Chief Executive Kazuo Hirai said on Monday, as the company seeks to offload non-core assets and revive its consumer electronics business.
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BOSTON, Jan 8- The person hired to run the bankrupt pharmacy linked to a deadly U.S. meningitis outbreak is "hopelessly conflicted" and should be removed from the job, a U.S. Justice Department official said on Tuesday.
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Jan 7- The owner of the 129 Mandee, Annie Sez and Afaze women's clothing stores filed for bankruptcy after Superstorm Sandy cut into the New Jersey- based company's sales and derailed its turnaround.
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Things are getting serious at the Magic Kingdom: Disney started an internal cost-cutting review and is mulling layoffs.
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LOS ANGELES, Jan 7- Walt Disney Co, which reported record earnings in November, started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.
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Jan 3- The world's largest retailer Wal-Mart Stores Inc appointed Lev Khasis as president and chief executive of New Formats for Walmart International, a company spokesperson said.
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Jan 3- A U.S. bankruptcy judge could soon rule on whether the 2009 government-led restructuring of General Motors Co improperly favored hedge funds, and an adverse ruling could cost the automaker nearly $1 billion. After the automaker, or "Old GM," filed for bankruptcy in 2009, its best assets were sold to the new General Motors Co.