AP Business NewsBrief at 8:24 p.m. EST
(Associated Press Via Acquire Media NewsEdge) Dell's founder strikes deal to turn it aroundNEW YORK (AP) _ It's easy to forget now, but Michael Dell was the Mark Zuckerberg of his day. Hailed as a young genius, he created the inexpensive, made-to-order personal computer in his University of Texas dorm room and sold it straight to the public. In the 1980s and `90s, his face appeared on magazine covers, and well before he turned 40, he was a college dropout-turned-billionaire CEO, ranked alongside Bill Gates and Steve Jobs.
Dell to go private in $24.4B deal led by founderSAN FRANCISCO (AP) _ Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers. The complex agreement announced Tuesday will allow Dell Inc.'s management, including eponymous founder Michael Dell, to attempt a company turnaround away from the glare and financial pressures of Wall Street.
US sues S&P over pre-crisis mortgage ratingsWASHINGTON (AP) _ The Obama administration on Tuesday accused Standard & Poor's of refusing to warn investors that the housing market was collapsing in 2006 because it would be bad for business. The civil charges against the credit rating agency were the administration's most aggressive action to date against those deemed responsible for contributing to the worst financial crisis since the Great Depression. They followed years of criticism that the government had failed to do enough.
EPA: Decline in carbon pollution from power plantsWASHINGTON (AP) _ Heat-trapping gases from U.S. power plants fell 4.6 percent in 2011 from the previous year as plants burned less coal, the biggest source of greenhouse gas pollution, according to a new government report. The report, released Tuesday by the Environmental Protection Agency, said power plants remain the largest stationary source of carbon dioxide and other greenhouse gases that trigger global warming. Power plants were responsible for 2.2 billion metric tons of carbon dioxide equivalent in 2011.
Key allegations government is making against S&PHere is the basis of the case the U.S. government is making against Standard & Poor's Ratings Services in a 128-page lawsuit: _ THE CHARGE:
S&P lawsuit: Emails suggest concern about ratingsThe government's case against Standard & Poor's points to documents that authorities say support their accusations _ namely, that S&P intentionally gave high marks to risky mortgage investments that eventually collapsed and helped trigger the financial crisis. S&P disputes the allegations. It says the emails have been taken out of context and don't prove any wrongdoing.
Q&A: The federal charges against Standard & Poor'sWASHINGTON (AP) _ The U.S. government charged Standard & Poor's Ratings Services with misleading investors about the quality of mortgage-backed investments in the run-up to the financial crisis. It is the government's first big enforcement action related to a credit rating agency's actions before the 2008 crisis. S&P said it would vigorously defend itself against charges that it deemed "meritless."
Disney's stock shines even as earnings declineSAN FRANCISCO (AP) _ Disney won over more fans on Wall Street with its latest quarterly performance, despite a slight drop in its earnings. The downturn announced Tuesday was less pronounced than the modest dip analysts anticipated as Walt Disney Co. digested higher programming costs at its ESPN television network and dealt with a less appealing line-up of home video releases in its movie studio. Higher expenses for distributing box-office hits such as "Lincoln" and ""Wreck-It-Ralph" also created a drag during the holiday-season quarter.
Stocks rebound on home prices, earnings; Dow up 99NEW YORK (AP) _ The stock market bounced back Tuesday following a surge in U.S. home prices and signs of recovery in Europe's economy. Strong earnings reports also helped power the gains. The Dow Jones industrial average ended the day 99.22 points higher at 13,979.30, erasing a large part of its loss from Monday. The index traded above 14,000 during the day before falling back in the last hour.
New keyboard BlackBerry in US could take monthsTORONTO (AP) _ A modern BlackBerry with a physical keyboard might not arrive in the U.S. until May or June, a month or two behind other parts of the world, the chief executive of the smartphone maker suggested in an interview. Although Research in Motion Ltd. CEO Thorsten Heins said the exact release date will depend on each wireless provider, he said the physical keyboard version, the BlackBerry Q10, will likely come out eight to 10 weeks after a carrier releases a model with only a touch screen, the BlackBerry Z10. The Z10 is expected in the U.S. in mid-March, so eight to 10 weeks brings the U.S. date for the Q10 to mid-May to early June.
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