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Daily News Wrap Up - July 14.

<strong>Goldman reports soaring 2Q profits</strong>

Goldman Sachs Group Inc. posted record second quarter earnings as revenue from trading and stock underwriting delivered all time high results. Revenue at the New York-based bank jumped 46 percent to $13.8 billion compared to the same period last year. Net earnings grew 65 percent to $3.43 billion compared to a year ago.

<strong>House Health Plan proposes 5.4 percent surtax on high earners </strong>

House Democrats Tuesday proposed a new bill that will help fund an expansion of government health benefits by charging 5.4 percent tax from wealthy Americans. According to the proposed bill, a 5.4 percent surtax on individuals and families with annual gross income exceeding $1 million. Individuals and families with annual income between $350,000 and $500,000 would face 1 percent surtax, and those making between $500,000 and $1 million a year would have to pay 1.5 percent surtax.

<strong>Exxon makes $600 million investment in algae-based biofuel</strong>

Oil giant Exxon Mobil Corporation announced Tuesday it will invest more than $600 million and partner with biotech firm Synthetic Genomics Inc. to develop biofuels from photosynthetic algae at a large scale.

<strong>App Store: 1.5 billion downloads in 1 year</strong>

Just three months after iTunes hit the 1 billion milestone, and after Saturday's one-year anniversary of the popular mobile app store - iTunes has now reached a record number of 1.5 billion downloads. At present, the App Store offers more than 65,000 apps in 77 countries.

<strong>Intel reports loss on EU $1.45 Bln charge</strong>

Intel Corp., the world's biggest chipmaker, reported its first loss in 22 years on Tuesday as it recorded a $1.45 billion charge related to a European Union antitrust fine. The net loss was $398 million, or 7 cents a share, compared with a profit of $1.6 billion, or 28 cents a share, a year earlier. Revenue dropped to $8.02 billion, down from $9.5 billion for the same quarter last year.

<strong>Crude stockpiles fell, API</strong>

Crude oil inventories in the U.S. fell by 1.16 million barrels last week, gasoline stockpiles fell about 70,000 barrels and distillates including diesel and heating oil jumped almost 660,000 barrels, according to a report from the American Petroleum Institute late Tuesday. Refinery use increased 0.8 percentage point to 86 percent of capacity, the report said.

<strong>Dell execs say tech spending will be weak</strong>

Dell Inc. executives said world-wide technology spending is weak and likely will remain so for the near future as companies delay computer purchases and consumers gravitate to low-cost devices.

<strong>Gary Black resigns as Janus Capital group CEO</strong><br /> Janus Capital group Inc. on Tuesday announced the resignation of Gary Black, 49, as the company's CEO with effect from Monday. Black will be replaced on an interim basis by Tim Armour, a member of the board, the Denver-based company said today in a statement. Janus reported second quarter net income of $15.8 million or $0.10 a share, down from $65.6 million or $0.40 a share in the second quarter of 2008.

<strong>Senate hearings on climate bill</strong>

The U.S. Senate Environment and Public Works Committee chaired by Democrat Barbara Boxer held two separate hearings on climate change legislation today to adress economic opportunities for agriculture, forestry communities and others, and the role of transportation in climate change.
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Title Annotation:The Goldman Sachs Group Inc.'s sales report; Synthetic Genetics Inc. and Exxon Mobil Corp. teams up; Intel Corp.'s loss reports
Publication:International Business Times - US ed.
Article Type:Financial report
Date:Jul 14, 2009
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