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Tuesday Afternoon Business Brief

October 9, 2012, 1:21 PM

Tuesday Afternoon Business Brief

Stocks are sliding on Wall Street following another weak forecast of global economic growth and poor expectations for U.S. corporate earnings. The International Monetary Fund says the global economy is weakening and the downturn afflicting developing nations has begun to spread. Dow component Alcoa reports third-quarter earnings after the closing bell.

  • It's a bit of good news, finally, for California drivers who've been shocked by the sharp rise in gasoline prices. The rapid rate of increase has slowed, although the cost of gas has inched up to a new record high of just over $4.67 a gallon. State officials hope that by speeding the transition to a winter blend of gasoline, they can free up supplies and send prices lower.
  • Some familiar hardware brands like Pfister and Kwikset are being sold by tool making giant Stanley Black & Decker. The hardware and home improvement unit is being purchased by Spectrum Brands, based in Madison, Wisconsin.
  • German chancellor Angela Merkel spent several hours today in Greece, which is on the front lines of the battle against the continent's debt crisis. She credited the Athens government for covering "much of the ground" required for recovery, but said more cost-cutting reforms are needed.
  • Apple has heard plenty of complaints about its new maps application, but nothing quite like this. Taiwan is asking Apple to blur a map image of its new $1.4 billion early warning radar station that can detect aircraft and missiles coming from as far as western China. A government spokesman there said rival Google had used only low-resolution photos covering sensitive facilities.

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