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Tuesday Evening Business Brief

November 27, 2012, 4:51 PM

Tuesday Evening Business Brief
  • Stocks finished lower on Wall Street amid indications that little progress is being made in Washington in talks over how to narrow the U.S. government's budget deficit. The Dow dropped 89 points to 12,878. The S&P was down 7, while the Nasdaq shed 9 points.
  • The Obama administration has declined to label China a currency manipulator, noting that Beijing has allowed its currency to rise nearly 10 percent in value against the dollar since June 2010.  Republican presidential nominee Mitt Romney had vowed during the campaign to brand China a currency manipulator if he won the White House.
  • An executive vilified by Hewlett-Packard on allegations of an accounting ruse is stepping up his attack on the company accusing him. In a letter to HP's board released today, former Autonomy CEO Mike Lynch defends his record. He also suggests Hewlett-Packard is using the charges of financial wrongdoing to cover up damage caused by its own mismanagement.
  • The World Bank has announced a half billion dollar loan to Tunisia to support economic reforms to improve the North African country's investment climate. The loan is intended to support reforms to remove red tape for investments, improved financial sector regulation, training programs for youth and increased government transparency.
  • The price of oil slipped today. Crude oil fell 56 cents to close at $87.18 on the New York Mercantile Exchange.

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