Stocks sinking...IMF greenlights Cyprus bailout...Analyst: Apple readies TV with 'iRing'

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Associated Press

Posted on April 3, 2013 at 2:02 PM

Updated Wednesday, Apr 3 at 2:02 PM

NEW YORK (AP) — Signs of weakness in the job market and service businesses are keeping stocks down on Wall Street. Payroll processor ADP reported that companies added fewer jobs in March than they did in February. Meanwhile, the Institute for Supply Management says growth in U.S. service industries like finance, health care and retail slowed last month. The Dow was 80 to 100 points lower in afternoon trading, while the S&P was down about 15 and the Nasdaq around 35.

NICOSIA, Cyprus (AP) — The International Monetary Fund has agreed to its part of the bailout for Cyprus. The IMF says it will put up about 10 percent of the overall $13 billion package. In a joint statement, IMF chief Christine Lagarde and the European Union's finance chief Olli Rehn says Cyprus still "significant challenges" ahead as it implements a multi-year program of austerity measures and reforms aimed at rebuilding the country's banking sector.

NEW YORK (AP) — A former Goldman Sachs trader has pleaded guilty to wire fraud. Matthew Marshall Taylor entered the plea today in federal court in Manhattan, admitting that he took a trading position 10 times larger than he would have been allowed. The trade cost his employer more than $118 million. Taylor will be sentenced in July and could face up to 20 years in prison.

NEW YORK (AP) — A tech industry analyst says Apple is getting set to launch its own TV set. Brian White of Topeka Capital Markets says the "iTV" will be 60 inches on the diagonal and will go on sale late this year for between $1,500 to $2,500. White says Apple also will release something called an "iRing" that fits on the viewer's finger, allowing the user to control the screen by pointing.

MOSCOW (AP) — With construction costs rising, Russia's 2014 Winter Olympics are becoming the most expensive Olympic games ever, and that's prompted a key investor to call for a special economic zone in the Sochi (SOH'-chee) area. Staging the games and building venues in the past has been funded by governments and sponsors, but Russian state-owned companies and oligarchs are paying for much of the 2014 infrastructure. The head of one of those companies is asking Moscow to offer tax rebates for Sochi operations.

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