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Monday Afternoon Business Brief

October 8, 2012, 1:37 PM

Monday Afternoon Business Brief
  • Stocks have been lower today on Wall Street, with no new economic data. The focus on earnings will have to wait until those reports begin to trickle out this week, beginning with Dow component Alcoa tomorrow.
  • The European Union's financial affairs chief says he is "less pessimistic" about the future of the euro than he was earlier this year. But Olli Rehn warns that the region still has a long way to go before the debt crisis is resolved. He also hails today's official launch of Europe's new $648 billion permanent bailout fund, the European Stability Mechanism.
  • General Motors says it wants to hire up to 1,500 workers for a new computer technology center outside Detroit. Rather than outsourcing, the automaker wants to bring 90 percent of information technology in-house.  It plans to hire 10,000 people for four new technology centers in the next three to five years.
  • BP has finally found a buyer for its Texas City refinery, one of the largest in the U.S. The buyer is Marathon Petroleum, which could pay up to $2.5 billion. The refinery was the scene of a fatal fire and explosion in 2005.
  • Dish Network and media owner Gannett say they have reached an agreement in a fee dispute. It had threatened to leave more than 2 million Dish subscribers in 19 cities without access to local television stations owned by Gannett.

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