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  • New Citi CEO says no change of direction Tuesday, 16 Oct 2012 | 4:41 PM ET

    NEW YORK-- The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one." The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."

  • Experts list many ways funguses can taint drugs Tuesday, 16 Oct 2012 | 4:40 PM ET

    NEW YORK-- Experts say there are many ways funguses could have gotten inside the Massachusetts pharmacy at the center of the nation's deadly outbreak of fungal meningitis.

  • Fla. Attorney General not budging on settlement Tuesday, 16 Oct 2012 | 4:35 PM ET

    TALLAHASSEE, Fla.-- Florida Attorney General Pam Bondi is refusing to back down in her feud with the GOP- controlled Legislature when it comes to $300 million intended to help homeowners. She did not ask for spending approval over the state's share of a national $25 billion settlement with five of the nation's largest mortgage lenders.

  • News Corp shareholder protest votes defeated Tuesday, 16 Oct 2012 | 4:32 PM ET

    LOS ANGELES-- News Corp. managed to avoid rowdy protests at its annual shareholders meeting, but that didn't stop stockholders from voicing complaints about the grip founder and CEO Rupert Murdoch and his family have on the company.

  • S&P revises Penn State's outlook over lawsuits Tuesday, 16 Oct 2012 | 4:23 PM ET

    HARRISBURG, Pa.-- The ratings agency Standard& Poor's has revised Penn State University's outlook to negative from stable, citing litigation against the school over the Jerry Sandusky child molestation scandal, but affirmed its long-term bond rating.

  • Social Security benefits get a 1.7 percent bump Tuesday, 16 Oct 2012 | 4:21 PM ET

    WASHINGTON-- More than 56 million Americans on Social Security will get raises averaging $19 a month come January, one of the smallest hikes since automatic adjustments for inflation were adopted in 1975, the government announced Tuesday.

  • Baggage handler at NYC airport gets life in prison Tuesday, 16 Oct 2012 | 4:12 PM ET

    Former American Airlines baggage handler Victor Bourne was found guilty last year of charges he used his behind-the-scenes access at New York City's busiest airport to orchestrate the smuggling of more than 330 pounds of cocaine from 2000 to 2009.. District Judge Nicholas Garaufis said at the sentencing in federal court in Brooklyn.

  • Earnings propel Dow to its biggest jump in a month Tuesday, 16 Oct 2012 | 4:12 PM ET

    The stock market is closing with its biggest gain in a month following strong earnings from Mattel, Johnson& Johnson and other big companies. Mattel jumped 5 percent after reporting that brisk sales of American Girl dolls and Fisher-Price toys sent the company's profit well above analysts' forecasts.

  • Latin press group says violence threatens media Tuesday, 16 Oct 2012 | 4:05 PM ET

    SAO PAULO-- The Inter American Press Association says violence and authoritarian governments are the main problems independent press outlets face in Latin America. It says that in the past six months 13 journalists have been murdered in Mexico, Honduras, Brazil, and Ecuador "for the simple fact that they were doing their work."

  • Texas meat company recalling beef, pork products Tuesday, 16 Oct 2012 | 4:02 PM ET

    DALLAS-- Federal health officials say a Dallas- based meat distributor is recalling about 8,200 pounds of beef and pork products because they weren't inspected and were improperly labeled.

  • Hurricane Paul races toward Baja peninsula Tuesday, 16 Oct 2012 | 3:59 PM ET

    LOS CABOS, Mexico-- Hurricane Paul weakened to a Category 1 storm as it raced toward landfall Tuesday on a sparsely populated stretch of Mexico's southern Baja peninsula.

  • Va manufacturing research center gets new member Tuesday, 16 Oct 2012 | 3:57 PM ET

    PRINCE GEORGE, Va.-- An advanced manufacturing research center in Virginia's Prince George County is getting a new partner. Officials say Hermle Machine Company has joined the Commonwealth Center for Advanced Manufacturing as an industry member.

  • News Summary: Coca-Cola profit up as sales grow Tuesday, 16 Oct 2012 | 3:53 PM ET

    PROFIT POPS: The Coca-Cola Co. says its profit rose 4 percent in the third quarter, although revenue came in shy of Wall Street expectations. FOREX FALLS FLAT: The company's revenue rose 1 percent for the period as it was hit by unfavorable currency exchange rates.

  • Wells Fargo Securities forms new markets division Tuesday, 16 Oct 2012 | 3:49 PM ET

    SAN FRANCISCO-- Wells Fargo is forming a new markets division within its investment banking business that aligns services for traders as the nation's biggest mortgage lender reckons with its bigger Wall Street counterparts. Wells Fargo& Co., which is based in San Francisco, is combining investment sales and trading operations under common leadership.

  • News Summary: Squirrel boom frustrates farmers Tuesday, 16 Oct 2012 | 3:49 PM ET

    NUTS ABOUT FRUIT: A mild winter and a bumper crop of nuts have caused an explosion in the squirrel population in parts of the country, besieging fruit growers with their ravenous appetites, littering highways as roadkill, and keeping pest control experts busy.

  • News Summary: Price of cocoa surges 3 percent Tuesday, 16 Oct 2012 | 3:47 PM ET

    SWEET TOOTH: The price of cocoa surged 3 percent as new, positive signs for the U.S. economy are raising hopes that consumers may splurge on more chocolate confections in the months ahead. BRIGHT SPOTS: New reports showed consumer price increases were tame in September. Builder confidence improved in October.

  • Tenet Healthcare closes offering of $800M in notes Tuesday, 16 Oct 2012 | 3:45 PM ET

    DALLAS-- Tenet Healthcare Corp. said Tuesday that it completed its private offering of $500 million of its 4.75 percent senior secured notes due 2020 and $300 million of its 6.75 percent senior notes due 2020.. The Dallas- based hospital operator plans to use the proceeds to buy its 7.375 percent senior notes due 2013 through a tender offer.

  • Pa. Supreme Court hears Marcellus Shale case Tuesday, 16 Oct 2012 | 3:44 PM ET

    PITTSBURGH-- Pennsylvania's Supreme Court heard arguments Tuesday in a natural gas case that could create chaos for major energy companies and thousands of leaseholders. The Powers estate claims that the reference to "minerals" in the old deed gives them part ownership of the natural gas locked in the Marcellus Shale under the property.

  • News Summary: Stocks rise on Tuesday Tuesday, 16 Oct 2012 | 3:44 PM ET

    ANOTHER UP DAY: Stocks rose for the second day in a row, helped by stronger-than-expected earnings from companies including Mattel and Goldman Sachs. ECONOMIC NEWS: The government said September inflation was low, with most increases because of gasoline prices, which have come down since then.

  • Coca-Cola to launch 'beauty drinks' in France Tuesday, 16 Oct 2012 | 3:42 PM ET

    NEW YORK-- The Coca-Cola Co. and Sanofi are partnering to launch a line of "beauty drinks" in France. The Coca-Cola business unit in France said in a statement that the drinks will be sold in a "small scale pilot" limited to a number of pharmacies in the country.