California city's drastic foreclosure remedy: Seizure

Richmond Mayor Gayle McLaughlin said the city is "stepping into the void with a local principal reduction program" after other attempts to stem foreclosures failed. NEW YORK (CNNMoney) As a first step, the San Francisco Bay city said it will work...

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More ho-hum economic growth ahead

NEW YORK (CNNMoney) Economists surveyed by CNNMoney are forecasting that growth slowed to 1.2% in the second quarter. That would be even worse than the already modest 1.8% gain in the first three months of the year. Four of the 18 economists who...

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Government shutdown won't shut Obamacare: Report

A federal shutdown wouldn't stop Obamacare, report says. WASHINGTON (CNNMoney) The new health care law draws funding from sources that are not subject to the congressional budget process, according to the nonpartisan Congressional Research Service....

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Tax reform secrecy plan blasted

A 50-year cloak of confidentiality is "far longer than presidential records are sealed," 30 groups wrote, urging the Senate Finance Committee to make proposals public in real time. NEW YORK (CNNMoney) Thirty organizations urged the Senate Finance...

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Regulators accuse JPMorgan of manipulating electricity markets

In an official notice, the Federal Energy Regulatory Commission alleged that the bank had engaged in "eight manipulative bidding strategies" in California and Midwestern markets. NEW YORK (CNNMoney) In an official notice, the Federal Energy Regulatory...

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CBS/Time Warner Cable talks turn bizarre

Summer hit "Under the Dome" is one of many shows some Time Warner Cable customers would lose access to if a deal isn't reached. NEW YORK (CNNMoney) Contract negotiations between CBS and Time Warner Cable continued into the early morning Tuesday,...

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China and European Union strike deal on solar panels

China and the EU have reached a deal over solar panels. HONG KONG (CNNMoney) The deal, reached after weeks of negotiations, will allow Chinese solar panel producers to export their goods to Europe, provided they offer the products above a minimum...

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JPMorgan to exit commodities businesses

NEW YORK (CNNMoney) The announcement comes as the bank reportedly nears a settlement with the U.S. government over the manipulation of electricity markets in California. JPMorgan (JPM, Fortune 500)said it "is pursuing strategic alternatives for...

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Starbucks sees big growth in China

Starbucks is opening more stores in inland Chinese cities, such as this one in Chengdu, Sichuan Province in Southwest China. NEW YORK (CNNMoney) According to its latest quarterly report, Starbucks (SBUX, Fortune 500) saw a 30% year-over-year jump...

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Samsung's record profit isn't good enough

The Samsung Galaxy S4 has sold well, but analysts worry the market might be saturated. HONG KONG (CNNMoney) Samsung is learning that difficult lesson Friday after reporting a record profit that nonetheless fell short of investor expectations. ...

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SAC indictment depicts culture of law-breaking

SAC built a reputation as one of the world's most profitable hedge funds. NEW YORK (CNNMoney) That's according to the criminal indictment announced Thursday against the hedge-fund firm, which for years has been one of the most profitable in the...

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Activision goes solo in $8.2 billion deal

World of Warcraft has attracted a cult following of almost 8 million subscribers. HONG KONG (CNNMoney) Activision Blizzard plans to buy back 429 million shares for about $5.8 billion from French media company Vivendi. Two company executives and...

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China leaders offer stimulus as growth lags

A construction worker helps build a hi-speed rail line in China. HONG KONG (CNNMoney) The measures include a tax break for small businesses, reduced export fees and a pledge to accelerate railway construction and investment. The policy shifts were...

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Sneaky credit card charges can cost you hundreds

NEW YORK (CNNMoney) There are the charges that pop up when a subscription or membership is automatically renewed, the fees you're hit with when a free trial unknowingly turns into an ongoing membership, the extra charges tacked on to a purchase after...

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Housing markets where cash is king

NEW YORK (CNNMoney) In June, 58% of the sales in the state were made in all-cash, according to a report by RealtyTrac. 10 cities where cash rules In these metro areas, 40% or more of all home sales in June were all-cash deals, according to...

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Could bond losses derail my college savings plan?

NEW YORK (Money Magazine) Though prices on existing bonds fall when interest rates rise, you're unlikely to face losses similar to what a bad year in stocks could generate. Plus, 529 plans' age-based funds -- invested more conservatively as kids...

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Netflix's 'Arrested Development' grows subscribers - but not enough

'Arrested Development' delivered a disappointing subscriber boost to Netflix. NEW YORK (CNNMoney) Netflix's video streaming service netted about 630,000 new American subscribers in the second quarter. That's pretty good, considering that Netflix...

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Toyota wrongful death trial kicks off in California

Toyota has been forced to undertake a number of major recalls in the past few years. NEW YORK (CNNMoney) Jury selection began Monday for a case in which the family of a deceased California woman claims the 2009 crash that killed her resulted from...

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Recovering U.K. opens gap over Europe

LONDON (CNNMoney) Second quarter GDP figures for the world's sixth-biggest economy due this week should show growth of about 0.6%, twice the rate of expansion seen in the first three months of the year. By comparison, economists say the eurozone...

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Abenomics boosted as LDP earns sweeping victory

Prime Minister Shinzo Abe is pursuing structural economic reforms in Japan. HONG KONG (CNNMoney) The result should boost the so-called Abenomics platform championed by Prime Minister Shinzo Abe -- a mix of coordinated government spending, central...

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China loosens grip on lending rates

Zhou Xiaochuan, governor of the People's Bank of China, at a press conference. HONG KONG (CNNMoney) The decision to remove a longstanding lower limit for interest rates on loans will give banks more autonomy and is widely seen as a sign of Beijing's...

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SEC charges Miami with fraud, accuses city of lying about finances

The SEC sanctioned Miami for similar conduct in 2003. NEW YORK (CNNMoney) The SEC said Michael Boudreaux helped falsify Miami's financial reports for the 2007 and 2008 fiscal years and lied about the city's finances in a series of 2009 bond offerings...

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Be set when the Fed's help ends

When the Fed's training wheels come off and yields turn around, position yourself to take advantage of higher rates. (Money Magazine) Look at what happened in late May and June after chairman Ben Bernanke said the Fed would, eventually, assuming...

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Judge orders Detroit to withdraw bankruptcy filing

Detroit might have to drop its bankruptcy case if a state court judge's order Friday afternoon is upheld on appeal. NEW YORK (CNNMoney) But Michigan Attorney General Bill Schuette said in a statement soon after the decision that he intended an...

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SEC charges Miami with fraud, accuses city of lying about finances

The SEC sanctioned Miami for similar conduct in 2003. NEW YORK (CNNMoney) The SEC said Michael Boudreaux helped falsify Miami's financial reports for the 2007 and 2008 fiscal years and lied about the city's finances in a series of 2009 bond offerings...

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Be set when the Fed's help ends

When the Fed's training wheels come off and yields turn around, position yourself to take advantage of higher rates. (Money Magazine) Look at what happened in late May and June after chairman Ben Bernanke said the Fed would, eventually, assuming...

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Judge orders Detroit to withdraw bankruptcy filing

Detroit might have to drop its bankruptcy case if a state court judge's order Friday afternoon is upheld on appeal. NEW YORK (CNNMoney) But Michigan Attorney General Bill Schuette said in a statement soon after the decision that he intended an...

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Fed dissenter argues for tapering QE3

Kansas City Federal Reserve President Esther George believes the U.S. economy is on a stable path. NEW YORK (CNNMoney) "In my view, we are on a steady and sustainable growth path," said Kansas City Fed President Esther George at a conference on...

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