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Tuesday Evening Business Brief

March 11, 2014, 6:52 PM

Tuesday Evening Business Brief
  • Appearance was a factor on Wall Street today. Teen retailers American Eagle and Urban Outfitters sank after releasing results and projections that disappointed investors. But Men's Wearhouse and Jos. A. Bank rose sharply after the two clothing store chains agreed to combine after months of back-and-forth negotiations. Men's Wearhouse rose 5 percent and Jos. A. Bank rose 4 percent. The S&P lost nine points. The Dow slipped 67 points and the Nasdaq finished 27 points lower.
  • The Obama administration says it's making steady progress on health care sign-ups. The Department of Health and Human Services says more than 940,000 people signed up during February for private coverage, bringing total sign-ups to 4.2 million. But with open enrollment ending March 31, that means to meet the goal, another 1.8 million people would have to sign up by the end of the month, an average of about 60,000 a day.
  • European Union finance ministers have once again failed to agree on a sweeping new policy to fight tax evasion. The effort is being resisted by Luxembourg. The tiny country that long has prospered from a secretive banking culture. The proposed legislation would have created an EU-wide automatic exchange of data on bank deposits that would allow governments to "identify and chase up tax evaders.
  • The Food and Drug Administration says it has approved a nerve-stimulating headband as the first medical device to prevent migraine headaches. Agency officials said the Cephaly headband provides a new option for patients who cannot tolerate migraine medications. A review showed patients using the device experienced fewer migraines per month than patients using a placebo device. Cephaly is manufactured by Cephaly Technology of Belgium.
  • Would you prefer Parmesan or a little "hard grated cheese" on your pasta?  The European Union is arguing in trade talks that there should be a ban on the use of European names like Parmesan and Gorgonzola on cheese made in the U.S. The argument is that the American-made cheeses are shadows of the original European varieties and cut into the sales and identity of the European cheeses.

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