Wall Street dealers lose edge in U.S. Treasury auctions as investor clout grows

NEW YORK (Reuters) - A dramatic increase in the amount of government bonds that investors purchase directly from the U.S. Treasury Department in its regular debt auctions is reducing the advantage large dealers have traditionally held in the sale process. The Treasury will not disclose the names of investors who can purchase directly from the government in its auctions but speculation is rife that...

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S&P downgrades Cyprus on default fears

NICOSIA, Cyprus (AP) — The Cyprus government has vowed to do what is needed to finalize a bailout agreement with international lenders after ratings agency Standard & Poor's downgraded Cyprus further into junk status amid concerns that the country could default on its debts. The U.S. agency said Friday that the two-notch downgrade to CCC+ was due to a "considerable and rising" risk that the country,...

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Wall St clings to hopes for budget deal, but market risks rising

NEW YORK (Reuters) - If the United States sails over the fiscal cliff in less than two weeks, it probably will not mean disaster for the stock market, investors said on Friday, but the margin for error is getting dangerously thin. At heart are fears over how long the U.S. economy, the world's largest, can hold up under the brunt of higher taxes and big spending cuts that would be triggered by the...

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How the Dow Jones industrial average fared

Investors sent Washington a reminder Friday that Wall Street is a power player in talks to avoid the "fiscal cliff." Stocks fell sharply after House Republicans called off a vote on tax rates and left federal budget talks in disarray 10 days before sweeping tax increases and government spending cuts take effect. The Dow Jones industrial average was down as much as 189 points before recouping some...

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Wall Street falls on fiscal cliff setback

NEW YORK (Reuters) - U.S. stocks finished lower on Friday after a Republican plan to avoid the "fiscal cliff" failed to gain sufficient support on Thursday night, draining hopes that a deal would be reached before 2013. Still, stocks managed to rebound from the day's lows near the end of the session, and for the week, major averages still ended higher, with the S&P 500 gaining 1.2 percent. Trading...

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NHL lockout has chilling effect on business

BUFFALO, N.Y. (AP) — Most everywhere Lou Billittier turns these days, the Buffalo restaurateur is reminded of the NHL lockout, and its impact on his blue-collar, sports-mad town where Dominik Hasek became a star and the French Connection is still revered.Billittier misses the familiar faces of Sabres players having their traditional game-day lunch at his restaurant, Chef's. He recalled a recent conversation...

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Finding the right footwear a constant challenge for offensive lineman Sewell

When Matt Sewell starts the season with a new pair of football cleats, he'll go to great lengths to make sure they last.The McMaster Marauders hulking offensive lineman isn't superstitious or especially finicky about his footwear. It's just with size 17 feet, finding shoes that fit is a constant challenge.So when the six-foot-eight, 340-pound Sewell gets his hands on a suitable pair of shoes, he goes...

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NHL cancels all games through Jan. 14

NEW YORK (AP) — The NHL could be one step away from canceling another hockey season because of a labor fight with the players.In the latest round of cancellations, the NHL on Thursday wiped out all games through Jan. 14. More than 50 percent of the schedule has been lost, and the rest is now in great danger, too."I don't want to characterize what today's cancellations mean or don't mean," NHL deputy...

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Top prospect Parker chooses Duke

CHICAGO (AP) — Jabari Parker still had just about everyone guessing. Then, he pulled out that blue T-shirt with a white "D," and, finally, it became clear.The prized prospect from Chicago's Simeon Career Academy, one of the most highly touted recruits in years, is headed to Duke to play for Mike Krzyzewski. Parker made the announcement in front of a national TV audience Thursday, in his high school...

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AP Sources: Jets could trade QBs Sanchez, Tebow

FLORHAM PARK, N.J. (AP) — Mark Sanchez is no longer the face of the New York Jets. He could soon be a former member of the team.And Tim Tebow might even beat him out the door.A person with knowledge of the situation told The Associated Press on Thursday that the Jets will consider all of their options regarding the two quarterbacks during the offseason. That means both Sanchez and Tebow are in limbo...

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Exclusive: U.S. likely to extend Iran sanction waivers-sources

WASHINGTON (Reuters) - The United States is likely to exempt India, South Korea, Turkey and others from Iranian financial sanctions for another six months on Friday as a reward for reducing crude purchases from the Islamic republic, two U.S. government sources said.Oil shipments by Iran have more than halved in 2012 in the face of U.S. and European Union sanctions aimed at cutting Tehran's foreign...

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Rona says looking to sell non-core assets

(Reuters) - Canadian home-improvement retailer Rona Inc , the target of a C$1.8 billion takeover proposal by U.S.-based Lowe's Cos Inc earlier this year, said it expects to dispose of non-core assets and redeploy capital to leverage core assets. The company wants to improve its retail EBITDA (earnings before interest, tax, depreciation and amortization) margin in line with industry...

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Maintenance deals drive Micro Focus earnings beat

LONDON (Reuters) - Information technology company Micro Focus International  posted better-than-expected first-half core earnings after it moved towards more lucrative maintenance contracts, with fewer low-margin consultancy deals.The British mainframe software specialist posted a 3 percent rise in adjusted core earnings of $92.2 million on Thursday, ahead of analysts' average forecasts of about...

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CIBC profit rises on markets-related income

TORONTO (Reuters) - Canadian Imperial Bank of Commerce  reported a 13 percent increase in quarterly earnings, driven by higher income from its wholesale banking and wealth management businesses.CIBC, Canada's fifth-largest bank, said on Thursday that it had earned C$852 million ($858.05 million), or C$2.02 a share, in the fourth quarter ended on October 31, compared with C$757 million, or C$1.79...

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Sudan rules out devaluation despite black market gap

KHARTOUM (Reuters) - Sudan  plans to close the gap between official and black market exchange rates through higher earnings from resources like gold and oil instead of devaluing the pound again, a vice-president said on Wednesday.Sudan has been in economic crisis since South Sudan seceded last year, taking with it three-quarters of the once unified nation's oil output. This had been Sudan's main...

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