BRIEFCASE.Byline: -- Staff and Wire Services Inflation deflates spending news WASHINGTON -- Consumers spent at a strong pace in April but much of their money went to fill up their gas tanks. Soaring gas prices sent consumer confidence plunging while an inflation gauge closely watched by the Federal Reserve rose by the largest amount in 13 months. The newest economic data released Friday depicted an economy slowing from the sizzling siz·zle intr.v. siz·zled, siz·zling, siz·zles 1. To make the hissing sound characteristic of frying fat. 2. To seethe with anger or indignation. 3. growth of the first three months of the year but one that was also being buffeted by rising inflation pressures. The Commerce Department reported that consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. jumped 0.6 percent last month, the biggest increase since a 0.8 percent rise in January. However, when inflation -- reflecting $3 and more for a gallon of gas -- was removed, the increase in spending was a much smaller 0.1 percent. An inflation reading tied to the personal spending report showed that core inflation -- excluding food and energy -- rose 2.1 percent in April compared with the same month a year ago. That was the biggest such increase in 13 months and it moved inflation above the Fed's comfort zone of 1 percent to 2 percent. Singapore casino account awarded SINGAPORE -- Las Vegas Sands Las Vegas Sands Corp. (NYSE: LVS) is a casino resort company based in Las Vegas, Nevada and majority owned by one of the world's richest men, Sheldon Adelson. Las Vegas Sands chairman Sheldon Adelson, the world's sixth richest man, has said that his company will soon be Corp., owner of The Venetian in Nevada, won a hotly contested license Friday to build Singapore's first casino, which could be the world's costliest casino resort project by the time it opens in 2009. Shares of Las Vegas Sands climbed rose $5.96, or 9.4 percent, to close at $69.63 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , near its 52-week high of $73.14. Singapore last year reversed its decades-old ban on casino gambling, and said it would award licenses to operate a casino resort at Marina Bay Marina Bay may refer to the following places: In Gibraltar
U.S. casino operators have been rushing to expand in Asia to tap the region's fast-growing ranks of millionaires and middle-class consumers. Las Vegas Sands was selected for the Marina Bay license over three other bidding groups -- MGM Mirage MGM Mirage (NYSE: MGM) is a Las Vegas, Nevada-based business engaged in the development, ownership and operation of hotels and casinos throughout the world. The company began operations on May 31, 2000 after the completion of a merger of MGM Grand Inc. and Mirage Resorts, Inc. and CapitaLand Ltd., Harrah's Entertainment Harrah's Entertainment, Inc. (NYSE: HET) is a gaming corporation that owns and operates casinos, hotels, and six golf courses under several brands. The company, based in Las Vegas, Nevada, is the largest gaming company in the world, with yearly revenues around $7.11 billion. Inc. and Keppel Land Ltd., and Genting International PLC and Star Cruises Ltd. London paper to launch in U.S. LONDON -- Rupert Murdoch's London-based The Times newspaper said Friday that it will launch a U.S. edition next month as part of a push to make the paper an international brand, entering a competitive New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of market at a challenging time in the newspaper industry. The 64-page U.S. edition will go on sale for a sample price of $1 in New York and New Jersey on June 6. ``This is a key moment in the development of The Times as an international media brand,'' said The Times Editor Robert Thomson, who helped orchestrate a major U.S. expansion of the Financial Times when he worked at the Pearson PLC-owned paper. ``We have seen a large increase in our Times Online readership in the U.S. and the appearance of the newspaper on the streets of New York marks the next stage in our print and Web expansion,'' Thomson added. The launch of the U.S. edition also coincides with the start of the World Cup in Germany on June 9, which is expected to be heavily featured in the newspaper's coverage. Portman to head budget office WASHINGTON -- Rob Portman won Senate confirmation as director of the White House budget office Friday, moving over from his post as U.S. trade representative. Portman, a former GOP congressman from Cincinnati, replaces White House Chief of Staff Joshua Bolten as director of the Office of Management and Budget The Office of Management and Budget (OMB), formerly the Bureau of the Budget, is an agency of the federal government that evaluates, formulates, and coordinates management procedures and program objectives within and among departments and agencies of the Executive Branch. . The 50-year-old Portman left a career on the House GOP leadership track to join the administration about a year ago, and he promptly helped win House passage of the controversial CAFTA cafta see catha edulis. accord by the narrowest of margins. He was confirmed as OMB OMB abbr. Office of Management and Budget Noun 1. OMB - the executive agency that advises the President on the federal budget Office of Management and Budget chief by a voice vote without opposition. InfoUSA founder won't be exiting OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb. -- Shareholders of database marketer InfoUSA Inc. rejected a campaign to replace company founder Vin Gupta and two other incumbent board members, the company said Friday. The company held its annual meeting Friday in Marshfield, Wis., even though it is based in Omaha. A preliminary vote count indicated that the dissident proposal from InfoUSA's fifth-largest shareholder was defeated. Gupta told the Omaha World-Herald the incumbent board members received 52 percent of the vote. Dolphin Limited Partnership and Dolphin Financial Partners, which together own 2 million shares, or 3.6 percent, of InfoUSA, had tried to persuade shareholders to elect three new board members. Dolphin's senior managing director Donald T. Netter had said the current board failed to protect shareholder interests and mismanaged company assets. Gupta, who owns about 40 percent of InfoUSA, denied Netter's accusations and urged shareholders to re-elect re·e·lect also re-e·lect tr.v. re·e·lect·ed, re·e·lect·ing, re·e·lects To elect again. re current board members. |
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