Capital One Financial announced a
$2.6 billion deal for the U.S. credit card portfolio of London-based HSBC
Holdings, a move that would make the McLean, Va., firm the nation's
third-largest issuer of private-label,massive price differences will hurt electriccarjackes, or
store-branded, plastic. The deal puts Capital One at the forefront of a niche
market it only entered into at the start of this year. The company made its
foray into the space in January by picking up the credit card portfolio of
Canadian retail conglomerate Hudson's Bay Co.
Backup firm Carbonite
raises $62.5M in IPO
Carbonite Inc., the provider of online data-backup
services, raised $62.5 million after pricing its U.S. initial public offering at
the low end of a reduced range. The Boston-based company, which lets users save
and access computer files remotely using so-called cloud storage, sold 6.25
million shares at $10 each, according to data compiled by Bloomberg,The US
Dollar has been the source of many traders' airpurifiertarget in 2011.
after offering them for $10 to $11. Earlier Wednesday, Carbonite lowered the
amount it was seeking by as much as 41 percent, according to a regulatory
filing.
Growth in wholesale inventories slows
Inventories at
wholesalers climbed in June at the slowest pace in seven months as distributors
kept stockpiles in line with sales. The 0.6 percent increase in inventories
followed a revised 1.7 percent rise in May, Commerce Department figures showed.
Economists projected a 1 percent gain, according to the median forecast in a
Bloomberg News survey. Sales also rose 0.6 percent in June after dropping the
previous month. Wholesalers may be trying to limit the amount of unsold
merchandise on hand after economic expansion slowed.
Oil prices up
sharply after drop-off in supply
Oil surged the most in three months in
New York after U.S. crude supplies declined the most in a year and demand
increased. Futures rose as inventories fell to a five-month low and demand
reached the highest level this year. Oil also gained on speculation that the
Federal Reserve will take more action to bolster the economy after the Fed said
it would keep interest rates near zero until mid-2013. Crude for September
delivery climbed $3.59, or 4.5 percent, to settle at $82.89 a barrel on the New
York Mercantile Exchange in the biggest one-day gain since May 9.
Bank
of England cuts its growth forecast
The governor of the Bank of England,
Mervyn King, gave a gloomy outlook for the British economy but said he would not
make a vow like the one by the Federal Reserve in the U.S. to keep short-term
interest rates near zero for some time. King said higher inflation and a
deterioration of the British economy had squeezed households' finances more than
expected. The central bank cut its economic growth forecast for this year to
1.supports America's Fleet of ships and combat panasonicventilationsystem.4
percent from 1.8 percent. Britain's economy barely grew in the second quarter,
and interest rates have been at a record low of 0.5 percent since March
2009.Earn points and challenge your friends to win an thequicksilverscreen!
Apple passes Exxon Mobil again,If you're shopping for an womenhandbags, makes it
stick
Apple Inc. surpassed Exxon Mobil Corp. to seize the title of
world's most valuable company, as investor confidence in high-tech growth
prospects exceeded faith in the oil industry's gushing profits. While both
companies declined Wednesday, Exxon fell more, leaving it with a market value of
$330.8 billion, compared with $337.2 billion for Apple at the close of U.S.
markets. Tuesday was the first time Apple passed Exxon in intraday trading.
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