ECB Hikes Rates to 3.5 Percent Amid Inflation Pressure
The European Central Bank raised its key rate by a quarter point to 3.5 percent to curb inflation across the 11 euro countries. Officials cited by rising oil prices and a weak euro as factors pushing prices higher, while inflation in January reached the 2 percent target.
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European Central Bank
European Union
ECB
Dow hits record rally as Dow climbs 499 points on busy NYSE day
The Dow Jones Industrials surged 499.19 points to 10,630.60 marking the busiest trading day in NYSE history and erasing about 42 percent of recent losses in two days. Nasdaq rose 134.77 to 4,717.39 as tech shares led the rebound amid volatile markets. Analysts warn the surge may be a short term head fake in a year of high volatility.
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New York
Dow Industrials
Wall Street
New York Stock Exchange
Dow
David G. Sowerby
Loomis, Sayles & Co
AP Paoto
William Johnston
NYSE
Richard Grasso
Energy Price Surge Lifts Wholesale Inflation in February
Wholesale prices rose 1 percent in February driven by a 5 percent leap in energy costs the largest single month gain in a decade. The jump precedes potential Fed rate hikes as inflation signals persist despite a Dow surge to record intraday gains.
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Washington
Wall Street
Labor Department
Joel Naroff
Naroff Economic Advisors
Federal Reserve
Fed
BMW to cut losses and shed Rover unit stakes
BMW will dispose of the money losing Rover passenger car unit in a deal with Alchemy Partners of London. Alchemy will take on Rover and MG branding including Longbridge plant and rebrand as MG Car Co. Land Rover fate remains uncertain though Ford was rumored to buy it.
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BMW
Rover
Jon Moulton
Alchemy Partners
Alchemy
London
Frankfurt
Germany
Alchemy Partners Ltd
Longbridge
England
MG Car Co
Christian Breitsprecher
Deutsche Bank
Land Rover
Britain
Stephen Byers
New York Times
Ford Motor Co
Bell renews bid to enter Kansas long distance market
Southwestern Bell Telephone Co seeks entry to the long distance field in Kansas. The Kansas Corporation Commission will assess 14 requirements under federal law before the FCC decides on Bell's eligibility. McKenzie calls it great news for consumers, promising more choices, better service, and one stop shopping, while rivals warn of unfair advantage if Bell moves ahead before local competition fully develops.
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Forzxa
Southwestern Bell Telephone Co
Kansas Corporation Commission
Kansas
Kccs
Bell
Federal Communications Commission
Insas
McKenzie
At&t Corp
Oe McKenzie
Local market prices and commodity quotes update
As of Thursday, Farmers Cooperative Assn lists Eleva tor Wheat 2.46 and Soybeans 4.83 with Milo 1.77 and Corn 1.99. North Elevator shows Wheat 2.46 Soybeans 4.88 Milo 1.77 Corn 2.04 with USDA Loan Deficiency Payments Wheat 0.26 Soybeans 0.44. Nonferrous metals quoted in New York include Aluminum 72.5c/lb and Copper around 84.0c/lb, Zinc 6.33-6.83c, Gold 287.35 per troy oz, Silver 5.12 per oz, Platinum 472-483 per oz. Dodge City livestock market notes Kansas feedlot sales.
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Farmers Cooperative Assn
South
Midland
Milo
North
USDA
London
U.S
N.Y
Mercy
Handy & Harman
Slaughter Cattle Market Update Thursday Trade at Slow Pace
Slaughter cattle sales slow with limited demand and moderate inquiry. Week to date shows 200 head confirmed with 32,800 head confirmed for the period, including 32,600 previously contracted or formulated cattle. FOB feedlot net weights reflect 4 percent shrink, with steers and heifers described as small pens of select to choice grades and mixed commercial heifers.
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Chicago Besar of Trade
Kansas City Board of Trade
Peapod
Peapod Inc
Bill Malloy
IRS
Internal Revenue Service
Congress
Charles Rossetti
House’ Appropriations Committee
HMO Giant
American Medical Assn
HMO
Unitedealthcare Corp
AMA
Manhattan
Nonferrous Metals
Dodge City Livestock