WASHINGTON (Reuters) – The U.S. economy contracted slightly less than initially estimated in the first quarter, while corporate profits rebounded, according to a government report on Friday that hinted the recession was moderating.

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GDP hints recession is moderating

NEW YORK (Reuters) – U.S. automaker Chrysler hopes to end a third day of bankruptcy court hearings on Friday with approval to sell most of its operations to a group led by Italy’s Fiat, although opponents are likely file immediate appeals.

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Chrysler hopes for Friday OK to sell assets to Fiat

The economy sank at a 5.7 percent pace in the first quarter as the brute force of the recession carried over into this year. However, many analysts believe activity isn’t shrinking nearly as much now as the downturn flashes signs of letting up. The Commerce…

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Economy sinks at a 5.7 percent pace in 1Q

NEW YORK (Reuters) – Tiffany & Co said quarterly earnings fell a worse-than-expected 62 percent as jewelry sales suffered amid the recession.

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Tiffany profit drops 62 percent; shares lower

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Economy Plunges 5.7%

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For South Korea, It’s Business as Usual

Q. I recently inherited an IRA from a family member. The financial adviser with the company that holds the account tells me that it now becomes a ”decedent IRA” with mandatory annual distributions. I want to avoid the tax implications…

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Ask the Biz Brain: What to do with an inherited IRA

Cablevision accused of abusing control sports channels Verizon Communications filed a complaint yesterday with the Federal Communications Commission, accusing rival Cablevision Systems of abusing its control of regional sports networks….

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Garden State Briefs

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Geithner Faces Tough China Talks

Detained pro-democracy leader Aung San Suu Kyi urgently needs medical attention in the prison where she is being held during her trial, her party said Friday. A party statement said it was “gravely concerned” about the Nobel Peace Prize laureate’s health,…

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Supporters say Suu Kyi needs urgent medical care

Workers at six General Motors Corp. factories have voted overwhelmingly to approve contract concessions and local union leaders say the deal appears headed for ratification. United Auto Workers members at factories in Spring Hill, Tenn.; Orion Township,…

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UAW members likely to approve GM concessions

The economy sank at a 5.7 percent pace as the brute force of the recession carried over into the start of the year. However, many analysts believe activity isn’t shrinking nearly as much now as the downturn flashes signs of letting up. The Commerce Department’…

Related:
Recession – Loom – Business – get hired NOW – Economy

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Economy dips at a 5.7 percent pace in 1Q

The stock market is still set for a higher open after the government said the overall economy shrank in the first quarter at a slower pace than it initially estimated. The Commerce Department now says first-quarter gross domestic product fell by 5.7 percent….

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Stock futures hold gains after GDP data

WASHINGTON (Reuters) – The U.S. economy contracted slightly less than initially estimated in the first quarter, while corporate profits rebounded, according to a Commerce Department report on Friday that hinted that the recession was moderating.

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U.S. GDP falls 5.7 percent in first-quarter

Jewelry retailer Tiffany & Co. said Friday that its first-quarter profit plunged 62 percent on a steeper-than-expected drop in sales as consumers continued to pull back on spending. Still, the earnings matched Wall Street’s expectations and the company…

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Wall Street – New York City – retail – NewYork – Tiffany & Co.

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Tiffany’s 1Q profit tumbles, but meets view