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Tuesday Afternoon Business Brief

June 10, 2014, 4:55 PM

Tuesday Afternoon Business Brief

It was great while it lasted. But the streak of record highs in the stock market ended today on Wall Street as the Standard & Poor's 500 index lost ground for just the second time this month. The slight loss for the index broke a four-day string of all-time highs. The S&P slipped 0.48 of point, or 0.02 percent, to close at 1,950.79 on a quiet day for trading.

  • Google is buying Skybox Imaging in a deal that could serve as a launching pad for the Internet company to send its own fleet of satellites to take aerial pictures and provide online access to remote areas of the world. The $500 million acquisition announced today initially will provide Google with the means to improve the quality and immediacy of the satellite imagery used in its digital maps.
  • New York City has agreed to pay nearly $600,000 to settle allegations that police wrongfully arrested a group of Occupy Wall Street protesters during a march on New Year's Day 2012. Attorneys from the firm Stecklow Cohen & Thompson say the $583,000 pact announced today is the largest settlement to date in a single Occupy-related civil rights case. It involves 14 demonstrators.
  • Insurer AIG says one of its top executives will take over as CEO on Sept. 1, replacing Robert Benmosche (ben-moh-SHAY). The company says Peter Hancock will become president and CEO and join the board. The 55-year-old Hancock is currently an executive vice president and CEO of AIG's property casualty unit. He joined AIG in 2010 and took the helm of AIG Property Casualty in March 2011.
  • The Hershey company says a Maryland candidate is milking its classic chocolate bar for political gain. Hershey's is suing state Sen. Stephen S. Hershey Jr., accusing him of improperly using signs and other campaign materials that mimic the look of a Hershey's candy bar. The company says in a federal lawsuit that the candidate's brown, rectangular campaign logo with white writing imitates the Hershey's bar packaging with its brown background and silver and white writing.

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