Business briefs

2013-02-13T00:00:00Z Business briefsFrom Wire Reports From Wire Reports Arizona Daily Star
February 13, 2013 12:00 am  • 

G7 seeks to defuse currency-war fears

The Group of Seven leading industrial nations, which includes the U.S., Japan and Germany, warned Tuesday that volatile movements in exchange rates could adversely hit the global economy.

There have been increasing concerns around the world that countries might manipulate their exchange rates through their domestic economic policies in order to gain an edge. The process could spark a "currency war" - where countries compete against one another to get the lowest exchange rates.

The G-7 finance ministers and central bankers insisted they remained committed to exchange rates driven by the market - not government or central bank policies - and will consult closely when it comes to sharp movements in foreign currency markets.

Comcast to buy stake in NBCUniversal

Comcast says it's buying General Electric's 49 percent stake in NBCUniversal joint venture for $16.7 billion. Comcast Corp. had bought a majority stake in the television and movie company in 2011.

Apple CEO: Lawsuit is a 'silly sideshow'

Apple CEO Tim Cook is calling a shareholder lawsuit against the company a "silly sideshow," even as he said he is open to looking at shareholder proposals for sharing more cash with investors.

S&P parent expects to beat gov't lawsuit

The McGraw-Hill Cos., Standard & Poor's parent, is prepared to spend years beating back a federal lawsuit that accuses the company of giving falsely high ratings to mortgage investments that helped trigger the financial crisis, its executives said Tuesday.

January surplus shrinks deficit

The federal government reported a rare surplus for January and is on track to run the lowest annual deficit since President Obama took office.

The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.

Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That's nearly $60 billion lower than the same period a year ago.

The Associated Press

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