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  • News Summary: Portugal unveils more austerity Monday, 15 Oct 2012 | 2:38 PM ET

    MORE AUSTERITY: Portugal's government announced sharp tax increases for next year that risk worsening a recession and stoking public discontent. The budget for 2013 takes away the equivalent of a month's wages from many workers. More than a decade of meager growth compelled Portugal to ask for a $101 billion rescue last year to avert bankruptcy.

  • News Summary: US business stockpiles grew in Aug Monday, 15 Oct 2012 | 2:36 PM ET

    STOCKING UP: U.S. companies restocked their shelves at a solid pace in August while sales rose for a second straight month. The combination should help to boost economic growth. THE DETAILS: Business inventories grew 0.6 percent in August following a July gain of 0.8 percent that had been the strongest since January, the Commerce Department said Monday.

  • Sector Snap: Education companies mostly decline Monday, 15 Oct 2012 | 2:22 PM ET

    Recent data released by the Department of Education shows that students at for-profit schools have the highest default rates on student loans.

  • US court panel upholds ruling against Fla. tribe Monday, 15 Oct 2012 | 2:22 PM ET

    A three-judge panel of the 11th U.S. Circuit Court of Appeals ruled that the IRS can subpoena banks for the records, despite the Miccosukee tribe's claims that it is protected by sovereign immunity.

  • 4 college savings plans get top Morningstar honors Monday, 15 Oct 2012 | 2:21 PM ET

    BOSTON-- College savings plans offered through the states of Alaska, Maryland, Nevada and Utah earned top marks from Morningstar Inc. in the company's annual update to ratings of so-called 529 plans.

  • NJ Senator: Take politics out of minimum wage hike Monday, 15 Oct 2012 | 2:19 PM ET

    TRENTON, N.J.-- New Jersey Senate President Steve Sweeney says minimum wage increases should not be decided by politicians. It would ask voters to raise the wage by $1, to $8.25 per hour, and tie yearly increases to national economic data, called indexing. The Gloucester County Democrat says he decided to try to amend the constitution after Gov.

  • Celgene downgraded on potential acquisitions Monday, 15 Oct 2012 | 2:17 PM ET

    NEW YORK-- An Oppenheimer& Co. analyst downgraded shares of Celgene Corp. on Monday, saying he thinks the biotechnology company is getting ready to make some pricey new acquisitions. Peaker said he expects continued growth in sales of the cancer drug Revlimid, Celgene's biggest product, in the coming years.

  • Harris shares fall after Lazard downgrade Monday, 15 Oct 2012 | 2:16 PM ET

    Harris Corp.' s shares fell in trading Monday after a Lazard Capital Markets analyst downgraded his rating on the communication and information technology company's stock, citing worries about weaker revenue.

  • Aegerion shares rise on positive FDA review Monday, 15 Oct 2012 | 2:06 PM ET

    The FDA is not required to follow the drug panel's advice, though it often does. The disease occurs in about 1 in every 1 million people in the U.S., according to the FDA. The FDA said in its review that 69 percent of patients in a company trial lowered their bad cholesterol by about 15 percent after 26 weeks taking the drug.

  • Dollar rallies as US retail sales rise Monday, 15 Oct 2012 | 2:05 PM ET

    The Commerce Department said Monday that retail sales rose 1.1 percent in September to $412.9 billion. Traders are looking ahead to a summit of European Union leaders in Brussels later this week. The dollar rose to 78.70 Japanese yen from 78.38 Japanese yen and to 0.9340 Swiss franc from 0.9329 Swiss franc.

  • Portugal unveils more harsh austerity in budget Monday, 15 Oct 2012 | 2:04 PM ET

    LISBON, Portugal-- Portugal's government is taking the bailed-out country deeper into austerity, announcing Monday sharp tax increases next year that risk worsening a recession and stoking public discontent. The government says the measures are needed to cut the national debt as Portugal strives to restore its financial health.

  • Big winners from Pa. gas drilling impact fee Monday, 15 Oct 2012 | 1:58 PM ET

    Pennsylvania state officials said Monday about $200 million worth of impact fees from the Marcellus Shale natural gas drilling industry are about to be sent out, with the largest portion being directed to counties where the drilling occurred. _ Clearfield County, $1.15 million. _ Fayette County, $1.45 million.

  • Majority of Wis. school districts to lose aid Monday, 15 Oct 2012 | 1:57 PM ET

    MADISON, Wis.-- The majority of Wisconsin public school districts will see less money in state aid this year. The state Department of Public Instruction said Monday that 64 percent of districts, or 272 out of 424, will get less money than they did last school year.

  • 5 from W.Va. indicted in alleged coal check scheme Monday, 15 Oct 2012 | 1:56 PM ET

    ABINGDON, Va.-- A grand jury in Virginia has returned charges against five West Virginia men for an alleged scheme to withdraw more than $10 million in cash from financial institutions to pay kickbacks to mine supply buyers. In exchange for a 10 percent fee, J.D. "Dot" McReynolds of Tazewell, Va., provided cash and fraudulent invoices to the coal operators.

  • Analyst upgrades New Oriental, stock climbs Monday, 15 Oct 2012 | 1:50 PM ET

    NEW YORK-- Shares of New Oriental Education& Technology Group climbed more than 5 percent Monday as an analyst raised her rating on the Chinese education company because of the likelihood of a favorable outcome from an investigation by the Securities and Exchange Commission.

  • Survivors, captain hear Italian shipwreck evidence Monday, 15 Oct 2012 | 1:31 PM ET

    GROSSETO, Italy-- A theater in Italy turned into a courtroom Monday, providing extra space for all those who needed to hear the evidence against the captain of a shipwrecked cruise ship.

  • On the Call: Citigroup finance chief John Gerspach Monday, 15 Oct 2012 | 1:30 PM ET

    Citigroup, the country's third-largest bank, on Monday turned in a third-quarter performance that beat Wall Street expectations and pushed its stock higher. Gerspach also wasn't too certain that an upturn in mortgages, which dominated earnings reports from JPMorgan Chase and Wells Fargo last week, would be enough to rescue a struggling economy.

  • *5 from W.Va. indicted in alleged coal check scheme Monday, 15 Oct 2012 | 1:27 PM ET
  • Cancellations, delays add to Brazil airport chaos Monday, 15 Oct 2012 | 1:26 PM ET

    Separately, the check-in system at Tam airlines, Brazil's biggest, was down for three hours early Monday at all locations around the world where the company operates, adding to the air transport chaos in Latin America's biggest nation.

  • NHL labor talks to resume Tuesday in Toronto Monday, 15 Oct 2012 | 1:25 PM ET

    NEW YORK-- The NHL and locked-out players' union will resume negotiations Tuesday in Toronto after a four-day break following two days of meetings last week. Discussions on how to divide hockey-related revenue took a back seat last week in New York when the league and union worked on secondary issues that also need to be resolved.