AP Business NewsBrief at 3:30 p.m. EST
(Associated Press Via Acquire Media NewsEdge) Investors give cool reception to new BlackBerrysNEW YORK (AP) _ The long-awaited debut of new BlackBerry smartphones is turning out to be a letdown on Wall Street. The stock of BlackBerry maker Research in Motion Ltd. began to sink almost as soon as company CEO Thorsten Heins began to show off the redesigned smartphones, the Z10 and Q10. The downturn didn't reverse, even with the publication of mostly positive reviews of the new models.
Fed says growth pause temporary, keeps up stimulusWASHINGTON (AP) _ The Federal Reserve said Wednesday that the U.S. economy "paused" in recent months because of temporary factors and reaffirmed its commitment to try to stimulate growth by keeping borrowing cheap for the foreseeable future. The Fed took no new action at its two-day policy meeting. But it stood behind aggressive steps it launched in December to try to reduce unemployment, in a statement released after the meeting.
US economy shrinks 0.1 pct., 1st time in 3 1/2 yearsWASHINGTON (AP) _ The U.S. economy unexpectedly shrank from October through December, the first quarterly drop since 2009 and a reminder of the economy's vulnerability as automatic cuts in government spending loom. The Commerce Department said the economy shrank at an annual rate of 0.1 percent mainly because companies restocked at a slower rate and the government slashed defense spending. Those trends partly reflected uncertainty late last year about the fiscal cliff, which Congress averted in a deal reached Jan. 1.
BlackBerry launches long-awaited comeback campaignNEW YORK (AP) _ A new generation of more versatile BlackBerry smartphones is finally about to hit the market after excruciating delays allowed mobile devices made by Apple, Samsung and others to build commanding leads in a market that is redefining society. BlackBerry maker Research in Motion Ltd. formally unveiled its long-awaited line-up of revamped smartphones and software Wednesday at simultaneous events held in New York, Toronto, London, Paris, Dubai, Johannesburg, Jakarta and Delhi.
RIM changes name to BlackBerry, unveils 2 phonesNEW YORK (AP) _ After lengthy delays, Research In Motion Ltd. unveiled its first two phones with the new BlackBerry 10 system. The Q10 will have a physical keyboard, while the Z10 has only a touch-screen keyboard. RIM says it will also change its name to BlackBerry to maintain a single brand. It will have the ticker symbol "BBRY" on the Nasdaq Stock Market. RIM redesigned the BlackBerry system to embrace the multimedia, apps and touch-screen experience prevalent today. The question is whether there's time for the once-pioneering BlackBerry to catch up to Apple's trend-setting iPhone and devices running Google's Android system.
Stocks edge lower after economy reportNEW YORK (AP) _ Stocks edged lower after a report that showed the U.S. economy unexpectedly contracted in the fourth quarter, putting the brakes on a January rally that has pushed stocks toward record levels. The Dow Jones industrial average fell 23 points to 13,931 as of 2:40 p.m. EST. The Standard & Poor's 500 fell 3 points to 1,505. The Nasdaq composite fell 4 points to 3,152.
Boeing focuses on 787 fix; 4Q profit tops estimateBoeing Co. said Wednesday that its top priority this year is fixing the battery problems that grounded its 787. The company made the pledge while reporting a fourth-quarter profit that topped Wall Street estimates, as rising profits from commercial jets offset a smaller profit from defense work.
Suppliers, grocers turning to DNA testing on meatDUBLIN (AP) _ Ireland's surprise discovery this month of horsemeat traces in factory-produced burgers is boosting business for one trade: Forensics labs that use DNA fingerprinting to tell you what's on your plate. Horsemeat, which costs a fraction of beef, might not be bad for you to eat but it's definitely bad for sales of products that are labeled as beef.
APNewsBreak: EPA moves to ban some rodent poisonsWASHINGTON (AP) _ The Environmental Protection Agency is moving to ban the sale of a dozen rat and mouse poisons sold under the popular D-Con brand in an effort to protect children and pets. The agency said Wednesday it hopes to reduce the thousands of accidental exposures that occur every year from rodent-control products. Children and pets are at risk for exposure because the products typically are placed on floors.
Time Inc. cuts 500 people, 6 pct of workforceNEW YORK (AP) _ Time Inc., the magazine unit of Time Warner Inc., says it is cutting 6 percent of its global staff of 8,000, or about 500 people. The cuts began Wednesday and will affect domestic and international workers.
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