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Wednesday Morning Business Brief

August 6, 2014, 6:21 AM

Wednesday Morning Business Brief
NEW YORK -

After starting the week on a strong note, the stock market took a hit yesterday amid investor anxiety over the situation in Ukraine and a report indicating a slowing of economic growth in China. At one point, the Dow Jones industrial average plummeted by nearly 200 points. At the end of the day, the Dow lost 139 points, and the index was at its lowest level since mid-May. The same worries are dragging overseas markets down in Wednesday trading. Benchmarks indexes in Germany, France and Britain are all down more than 1 percent. Japan's Nikkei lost 1.1 percent.

  • The Commerce Department releases international trade figures for June this morning. In Berlin, Germany's Economy Ministry releases June industrial figures for Europe's largest economy. Quarterly financial results are scheduled before the market opens for Chrysler Group LLC and Mondelez International Inc.
     
  • President Barack Obama says the U.S. must do more to boost its financial foothold in Africa as economies on the continent grow stronger. Obama spoke yesterday at a U.S.-Africa summit in Washington that has brought together business leaders and politicians. In conjunction with the summit, the White House announced $33 billion in commitments - much of it from the private sector - aimed at increasing U.S. economic ties with Africa.
     
  • Microsoft CEO Satya Nadella has lured away an executive from smartphone chip maker Qualcomm to hammer out more deals that will expand the software maker's presence in the mobile device market. Margaret "Peggy" Johnson will serve as Microsoft Corp.'s executive vice president of business development after spending the past 24 years at Qualcomm Corp. She will report directly to Nadella in her new job.
     
  • Shares of Walgreen Co. fell yesterday on media reports that the nation's largest drugstore chain will not reincorporate itself overseas - a politically touchy move that could have significantly lowered its tax bill. Walgreen owns a 45 percent stake in Alliance Boots, the largest drugstore chain in the United Kingdom. Walgreen says it will acquire the remaining stake of the company, but it will not pull off an inversion with the Swiss health and beauty retailer.

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