Stock market posts quarterly gain; GM announces more recalls; Google to shut …

July 1, 2014 Posted by admin

Stock market update:

The broad U.S. stock market posted its sixth straight quarter of gains, shaking off the economic chill caused by a nasty winter and geopolitical risks abroad to post a solid gain of nearly 5% in the second quarter. (USA Today)

European stocks were little changed, with the Stoxx Europe 600 Index capping its fourth straight quarterly gain. (Bloomberg News)

Gold posted a second straight quarterly advance, the first back-to-back gains since 2011, as increasing demand for a haven drove a surprise 2014 rally. (Bloomberg Businessweek)

Business news:

General Motors announced six new recalls today affecting 7.6 million vehicles in North America and 800,000 more overseas. (NBC News) GM will spend whatever it takes to compensate victims of accidents in Cobalts, Ions and other cars with faulty ignition switches, said Ken Feinberg, the lawyer hired to make the payments. (Bloomberg News)

U.S. Bancorp is paying $200 million to resolve claims by the federal government that shoddy underwriting of home loans insured by the Federal Housing Administration violated federal law. ( Star Tribune)

Pending home sales surged more than expected in May, the latest sign a sluggish housing recovery is picking up steam. (Associated Press)

American Apparel has refused to call a stockholder meeting requested by ousted Chief Executive Dov Charney and maneuvered to block him from retaking control of the company. (Los Angeles Times)

In a major victory for opponents of hydraulic fracturing, the New York State Court of Appeals, the state’s highest court, affirmed a ruling today giving local governments the final say on allowing the controversial drilling method within their borders. (Columbia-Greene Media)

Quinpario Acquisition closed today on its $538.7 million acquisition of Jason Inc., a Milwaukee-based owner of multiple manufacturing companies. (St. Louis Post-Dispatch)

In this Oct. 17, 2012, file photo, a man raises his hand during at Google offices in New York. Google today said it plans to shut down its 10-year-old Orkut social network at the end of September. (AP Photo/Mark Lennihan, File) 

Technology news:

Google today said it plans to shut down its 10-year-old Orkut social network at the end of September. (InformationWeek)

The Supreme Court has decided not to hear an appeal by Google over whether it violated federal wiretapping law when its Street View mapping cars collected consumers’ personal data. (Los Angeles Times)

As the fiscal year comes to a close, will be starting the next one with a new chief financial officer soon. (ZDNet)

Microsoft Devices — still popularly known as Nokia, despite the acquisition — is getting ready to launch two new Lumia smartphones into the Australian market. (CNET News)

World business news:

Several dozen BNP Paribas bankers will face demotions and cuts to their pay and bonuses as part of its expected record $8.9 billion settlement with U.S. authorities. (Financial Times)

The Italian government has sided with cruise ship owner Costa Crociere and selected its home base of Genoa as the port where the crippled Costa Concordia ship will be dismantled for scrap. (Associated Press)

French Foreign Minister Laurent Fabius said today he expected progress on a $12 billion deal to sell fighter jets to India, setting his hopes on changes promised by the newly installed government. (Daily Times)

The jailed governor of a mineral-rich region in Peru who helped derail Newmont’s $5 billion Conga gold project will run for re-election on an anti-mining ticket this year from prison. (Reuters)

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