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R.J. Reynolds fights $23.6 billion verdict

HTTP/1.1 200 OK Server: nginx/1.2.7 Content-Type: text/html; charset=utf-8 Content-Language: en Last-Modified: Sun, 03 Aug 2014 16:57:04 GMT X-UA-Compatible: IE=Edge,chrome=1 X-Secret: cnpudnkgcnpiZXZnbUBoZm5nYnFubC5wYnogbmFxIFYganZ5eSBnZWwgZ2IgdHJnIGxiaCBuIHdiby4= Cache-Control: max-age=20 Expires: Sun, 03 Aug 2014 16:59:43 GMT Date: Sun, 03 Aug 2014 16:59:23 GMT Transfer-Encoding: chunked Connection: keep-alive Connection: Transfer-Encoding Camel, a Reynolds American brand, and Newport, a Lorillard brand, cigarettes are arranged for a photo Tuesday, July 15, 2014 in Philadelphia. Reynolds American Inc. is planning to buy rival Lorillard Inc. for about $25 billion in a deal to combine two of the nation's oldest and biggest tobacco companies.(Photo: Matt Rourke AP)R.J. Reynolds, a subsidiary of Reynolds American, is following through with its vow to fight a court verdict totaling $23.6 billion in punitive damages.On July 28, the second-largest tobacco company filed for a post-trial hearing in a Florida federal appeals court to challenge a July 19 lawsuit verdict for a widow whose husband who was a longtime smoker.In its post-trial filing, the maker of Camel, Winston and Newport brand cigarettes said that the punitive award would result in "economic castigation" to the company, asserting that its "stipulated net worth between 2006 and 2008 averaged approximately $8 billion.""We feel that this (the verdict) is grossly excessive," Reynolds American CEO Susan Cameron told CNBC on Friday. "We believe that it is not legal in the state of Florida, nor constitutionally. We feel the court will and should set it aside."But the plaintiff's attorney, Christopher Chestnut, insisted that "no one lawsuit was going to cripple the company.""They (Reynolds) were making billions of dollars in the '50s," Chestnut said. "The company made it clear that $100 million wasn't big enough to send a message. They're arrogant."The case was originally a part of the class-action Engle-Progeny lawsuit against big tobacco companies in 1994. The Florida Supreme Court rejected the…
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Will today's job news snap stocks out of tailspin?

If it’s the first Friday of the month, it’s time to talk jobs. The Employment Situation report, as the Bureau of Labor Statistics calls it, will hit the Internet at 8:30 ET Friday morning, and any surprises could mean big moves up or down for the stock and bond markets. The jobs report is important because the labor market has been one of the biggest laggards in the U.S. economic recovery. While the official unemployment rate was 6.1% in June, 3.1 million had been unemployed for 27 weeks or more. Another 7.5 million were working part time, not because they wanted to, but because those were the only jobs they could find. The big pool of people eager for any kind of work has kept a lid on wages. Employers can tell workers they should stop asking for more money and be happy they have a job. As a result, real buying power has fallen as the prices of staples, such as food and energy, have risen. The danger for the economy: As consumers’ budgets get stretched, they spend less, which dampens the economy. But the quarterly employment cost index rose an unexpectedly brisk 0.7% in the second quarter, the Labor Department said Thursday. If today’s jobs report is better than the 233,000 economists expect, wages could start to pick up. That’s good news for stocks, because people can spend more. But it’s bad news for bonds, because it means the Federal Reserve could push up interest rates sooner than expected. ...
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Stocks give back gains on rising global fears

HTTP/1.1 200 OK Server: nginx/1.2.7 Content-Type: text/html; charset=utf-8 Content-Language: en Last-Modified: Tue, 29 Jul 2014 16:56:59 GMT X-UA-Compatible: IE=Edge,chrome=1 X-Secret: cnpudnkgcnpiZXZnbUBoZm5nYnFubC5wYnogbmFxIFYganZ5eSBnZWwgZ2IgdHJnIGxiaCBuIHdiby4= Cache-Control: max-age=20 Expires: Tue, 29 Jul 2014 16:58:39 GMT Date: Tue, 29 Jul 2014 16:58:19 GMT Transfer-Encoding: chunked Connection: keep-alive Connection: Transfer-Encoding Stocks give back gains on rising global fears 8 Share This Story!Let friends in your social network know what you are reading about Stocks give back gains on rising global fearsStocks pulled back and cut gains in late morning trading Tuesday as international conflict put a damper on a batch of mostly positive earnings reports. Post to Facebook Try Another Audio CAPTCHA Image CAPTCHA Help {# #} CancelSendSent!A link has been sent to your friend's email address.Posted!A link has been posted to your Facebook feed. Add Videos or PhotosBe first to contributeSign in now to share your story.Sign in with FacebookSign in with Google+Be first to contribute Verifying your credentials... Please wait. Uh oh! We're experiencing a few technical issues. Try again Post to Facebook Try Another Audio CAPTCHA Image CAPTCHA Help {# #} CancelSendSent!A link has been sent to your friend's email address. David Carrig, USA TODAY 12:05 p.m. EDT July 29, 2014Traders work on the floor of the New York Stock Exchange.(Photo: Spencer Platt, Getty Images)Stocks cut earlier gains and were mostly lower at midday Tuesday as international conflicts put a damper on a batch of mostly positive earnings reports.Investors fear the global economic effects of tougher European Union sanctions against Russia as the EU joins the U.S. in punishing Russia for its involvement in the downed Malaysia Airline plane that killed 298 people.Increased violence in Gaza as Israel continued its campaign against Hamas added to investor unease.In earlier trading, the Dow Jones industrial average rose back above the 17,000 level before retreating and…
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Boeing CEO sorry for 'cowering' workers remark

HTTP/1.1 200 OK Server: nginx/1.2.7 Content-Type: text/html; charset=utf-8 Content-Language: en Last-Modified: Sun, 27 Jul 2014 04:55:01 GMT X-UA-Compatible: IE=Edge,chrome=1 X-Secret: cnpudnkgcnpiZXZnbUBoZm5nYnFubC5wYnogbmFxIFYganZ5eSBnZWwgZ2IgdHJnIGxiaCBuIHdiby4= Cache-Control: max-age=20 Expires: Sun, 27 Jul 2014 04:57:09 GMT Date: Sun, 27 Jul 2014 04:56:49 GMT Transfer-Encoding: chunked Connection: keep-alive Connection: Transfer-Encoding The Associated Press 11:56 p.m. EDT July 26, 2014 James McNerney Jr., chairman, president and CEO, at Boeing, is the current head of the Business Roundtable. (Photo: Manuel Balce Ceneta, AP)SEATTLE (AP) — Boeing CEO Jim McNerney has apologized for saying the aerospace giant's employees were "cowering" during his tenure, a comment one union official called "a new low" in the company's relationship with workers.McNerney made the remark during a Wednesday call with analysts, when he was asked if he is thinking about retiring after he turns 65 next month. McNerney said he won't retire because "the heart will still be beating, the employees will still be cowering," The Seattle Times[1] reported.In an apology sent companywide on Friday, McNerney said the comment made during a call about the company's quarterly results was a "joke gone bad."Boeing employees and union leaders didn't find it funny.Machinists union international President Tom Buffenbarger issued a statement Friday saying the "unfunny and unnecessary remarks" serve as a "reminder that the Jack Welch style of anti-personnel management is still alive and well at Boeing."Welch, the former General Electric CEO, was known for his blunt candor as he closed factories and laid off thousands of employees in an effort to streamline the multinational conglomerate."If he is able to get his foot out of his mouth, the very next thing we hear from Mr. McNerney should be a sincere apology to all employees at Boeing," Buffenbarger added.Jon Holden, president of Machinists' District 751, described it as "a new low" in employee-company relations. The union…
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Barclays seeks dismissal of dark pool case

HTTP/1.1 200 OK Server: nginx/1.2.7 Content-Type: text/html; charset=utf-8 Content-Language: en Last-Modified: Thu, 24 Jul 2014 16:53:04 GMT X-UA-Compatible: IE=Edge,chrome=1 X-Secret: cnpudnkgcnpiZXZnbUBoZm5nYnFubC5wYnogbmFxIFYganZ5eSBnZWwgZ2IgdHJnIGxiaCBuIHdiby4= Cache-Control: max-age=20 Expires: Thu, 24 Jul 2014 16:55:47 GMT Date: Thu, 24 Jul 2014 16:55:27 GMT Transfer-Encoding: chunked Connection: keep-alive Connection: Transfer-Encoding File photo shows the Canary Wharf headquarters of Barclays Bank in London, England.(Photo: Oli Scarff - Getty Images)NEW YORK – Barclays filed a legal motion Thursday to dismiss a lawsuit that accused the British banking giant of fraud for operating a so-called dark pool trading venue that allegedly favored predatory high-frequency traders over other investors.The bank argued that New York Attorney General Eric Schneiderman lacked legal authority to file the lawsuit, and contended that the case, filed last month, "fails to identify any fraud — establishing no material misstatements, no identified victims and no actual harm.""Barclays works closely with its regulators in all jurisdictions and will continue to cooperate with the New York Attorney General," bank spokesman Mark Lane said in a statement after the New York Supreme Court was filed in Manhattan. "However, we do not believe that this suit is justified, and we have a duty to our shareholders, clients and staff to defend our position."Schneiderman spokesman Damien LaVera said the lawsuit "clearly details the allegations that Barclays engaged in a persistent pattern of fraud and deceit, lying to its investors in order to grow its own dark pool.""We are confident that a judge will reject this motion and allow us to prove these disturbing allegations in court," said LaVera.Barclays shares were up 1.49% at $14.66 in early afternoon trading Thursday.The legal salvos center on the June 25 lawsuit[1] in which Schneiderman targeted the Barclays LX dark pool — one of numerous private electronic venues away from traditional stock exchanges where the size and…
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Bartiromo: IMAX CEO Gelfond has global outlook

HTTP/1.1 200 OK Server: nginx/1.2.7 Content-Type: text/html; charset=utf-8 Content-Language: en Last-Modified: Tue, 22 Jul 2014 04:51:50 GMT X-UA-Compatible: IE=Edge,chrome=1 X-Secret: cnpudnkgcnpiZXZnbUBoZm5nYnFubC5wYnogbmFxIFYganZ5eSBnZWwgZ2IgdHJnIGxiaCBuIHdiby4= Cache-Control: max-age=20 Expires: Tue, 22 Jul 2014 04:52:10 GMT Date: Tue, 22 Jul 2014 04:51:50 GMT Transfer-Encoding: chunked Connection: keep-alive Connection: Transfer-Encoding Maria Bartiromo, USA TODAY contributor.(Photo: Todd Plitt, USA TODAY)The summer of the blockbuster movie is alive and well, but that liveliness might not e so visible in the U.S. Box office receipts here are flat to down during the last few years, as more consumers opt for fancy home entertainment systems and mobile devices to watch their flicks. But internationally, sales are soaring, as movie-goers in China, Russia and Latin America pay up to see blockbusters. In the U.S., the average price of a movie ticket can be anywhere from $8 to $10, but a ticket to an IMAX theater can be up to $13 to $15 because of a more innovative 3-D and IMAX experience. Prices have gone up because of the popularity of 3-D and IMAX films such as Star Trek: Into Darkness and Iron Man 3. But nowhere is the popularity as strong and as pricey as in places such as emerging markets, where consumers are soaking up one of the USA's greatest exports: entertainment. I caught up with the CEO of IMAX, Richard Gelfond to talk growth around the world. Our interview follows, edited for clarity and length.Q: Transformers: Age of Extinction has been the hot movie of the summer. But it's not just the U.S. Was this a surprise? A: Transformers was one of the first movies that was really designed for a global audience. Over the last several years, the box office has migrated from one that was primarily North American to one that's now primarily international and as a…
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