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The Dow Jones industrial average scored its biggest two-day percentage gain since 2008, while the S&P 500 and Nasdaq Composite racked up their biggest two-day increases since 2009. The company invited journalists to a Sept. 9 event, where it is expected to unveil new iPhones.
Google Inc has rejected EU antitrust charges that it abused its market power, exposing the company to the risk of a hefty fine if it does not alter its business practices. The company's comments came after the European Commission in April accused it of distorting internet search results to favor its shopping service, harming both rivals and consumers. "Economic data spanning more than a decade, an array of documents and statements from complainants all confirm that product search is robustly competitive," Kent Walker, Google's general counsel, wrote in a blog on Thursday.
The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year. Gross domestic product expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department said on Thursday in its second GDP estimate for the April-June period. The GDP report, which was released in the wake of a global stock market sell-off, should assure investors and cautious Fed officials that the United States is in good shape to weather the growing strains in the world economy.
The Peoria, Illinois-based company said it notified workers earlier this week it will reduce staff in its customer services support division by cutting 475 jobs. The move comes after the company previously announced about 270 layoffs for Illinois employees. "The restructuring is a result of a consolidation of several divisions combined with current business conditions," spokeswoman Lisa Miller said in a written statement.
The global stock market rout of the past week was sparked by concerns over a possible interest rate rise by the U.S. Federal Reserve and not by the devaluation of China's yuan currency, a senior Chinese central bank official told Reuters on Thursday. Yao Yudong, head of the bank's Research Institute of Finance and Banking, said the U.S. central bank should delay any rate hike to give fragile emerging market economies time to prepare. "China's exchange rate reform had nothing to do with the global stock market volatility, it was mainly due to the upcoming U.S. Federal Reserve monetary policy move," Yao said.
Boeing Co said on Thursday it has determined the basic design of its 777-9 jetliner, a key milestone that suggests it is on schedule to deliver the first of its new family of long-range 777X jets by 2020. Development of the 777X, which includes the 777-9 and smaller 777-8, comes as Boeing speeds up commercial aircraft production to more than 76 a month by 2020 from 62 now, taking output to the highest level in the company's 100-year history. Boeing expects to build the first 777-9, to be its largest twin-engined plane, in 2017.
McDonald's Corp and Tyson Foods both severed ties on Thursday with a Tennessee farm where workers were seen stabbing, beating and stomping on chickens in an undercover video shot by animal rights activists. The videotape, which was unveiled by Mercy For Animals at a news conference in Los Angeles, depicts gruesome animal cruelty toward the birds at what the group said was T&S Farm in Dukedom, Tennessee, which was under contract to Tyson Foods . "Animal well-being is a priority at our company and we will not tolerate the unacceptable animal treatment shown in this video," Tyson spokesman Worth Sparkman said in a written statement.
An American International Group Inc unit on Thursday asked a federal judge to order a Pennsylvania firm to pay it $1.76 billion in damages for allegedly overcharging for life insurance policies acquired from elderly individuals. At the outset of a trial in Manhattan federal court, a lawyer for AIG's Lavastone Capital accused Coventry First of artificially inflating the price of about 300 such policies, known as "life settlements," and using a network of subsidiaries to conceal the markups. "This is a racketeering scheme so audacious it would make the mob blush," Randy Mastro said in his opening statement.