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Intel loses court challenge against $1.4 billion EU fine

By Foo Yun Chee LUXEMBOURG (Reuters) – U.S. chipmaker Intel lost on Thursday its challenge against a record 1.06 billion euro ($1.44 billion) European Union fine handed down five years ago, as Europe's second highest court said regulators did not act too harshly. The European Commission in its 2009 decision said Intel tried to thwart rival Advanced Micro Devices (AMD) by giving rebates to PC makers Dell, Hewlett-Packard Co, NEC and Lenovo for buying most of their computer chips from Intel. The EU competition authority said Intel also paid German retail chain Media Saturn Holding to stock only computers with its chips. Judges at the Luxembourg-based General Court said on Thursday they backed the Commission's decision.

Buffett defends Coke, BNSF at Berkshire annual meeting

By Luciana Lopez OMAHA, Nebraska (Reuters) – Warren Buffett on Saturday defended his recent controversial vote on executive pay at Coca-Cola Co and disappointing performance at railroad BNSF as investors grilled him on his Berkshire Hathaway Inc conglomerate at its annual shareholder meeting. The investment guru was peppered with questions at the meeting, part of a mostly festive weekend that Buffett calls “Woodstock for Capitalists,” following concerns that Berkshire last year missed Buffett's five-year growth target for the first time in his 49 years at the helm. Buffett, 83, and his partner and company Vice Chairman Charlie Munger, 90, faced off with the audience and a hand-picked panel often excusing recent worries at the sprawling conglomerate. “Over any cycle we will over-perform, but there's no guarantee on that,” he said, saying that Berkshire is designed to perform best when markets are at their worst – unlike last year's 30 percent jump in the S&P 500.

Fed guessing game intensifies while West isolates Russia

By Robin Emmott BRUSSELS (Reuters) – The guessing game over U.S. interest rates is likely to intensify this week after new Fed Chair Janet Yellen raised the prospect of a hike early next year, while Russia's annexation of Crimea will keep investors focused on its next move. In a week heavy with diplomacy – U.S. President Barack Obama will meet Chinese counterpart Xi Jinping on Monday in The Hague – markets will seek clarity from the U.S. Federal Reserve on its monetary policy and from Russia over its intentions in Ukraine.

Loss at Volkswagen plant upends union’s plan for U.S. South

By Bernie Woodall CHATTANOOGA, Tennessee (Reuters) – In a stinging defeat that could accelerate the decades-long decline of the United Auto Workers, Volkswagen AG workers voted against union representation at a Chattanooga, Tennessee plant, which had been seen as organized labor's best chance to expand in the U.S. South. The loss, 712 to 626, capped a sprint finish to a long race and was particularly surprising for UAW supporters, because Volkswagen had allowed the union access to the factory and officially stayed neutral on the vote, while other manufacturers have been hostile to organized labor. UAW spent more than two years organizing and then called a snap election in an agreement with VW.

Exclusive: More well-known U.S. retailers victims of cyber attacks – sources

By Jim Finkle and Mark Hosenball BOSTON/WASHINGTON (Reuters) – Target Corp and Neiman Marcus are not the only U.S. retailers whose networks were breached over the holiday shopping season last year, according to sources familiar with attacks on other merchants that have yet to be publicly disclosed. Smaller breaches on at least three other well-known U.S. retailers took place and were conducted using similar techniques as the one on Target, according to the people familiar with the attacks. Only one well-known retailer, Neiman Marcus, has said that they too have been victim of a cyber attack since Target's December 19 disclosure that some 40 million payment card numbers had been stolen in a cyber attack. On Friday, Target said the data breach was worse than initially thought.

Asia shares sluggish, bond yields climb into US data

By Wayne Cole SYDNEY (Reuters) – Asian shares spent much of Friday in a state of suspended animation as tension mounted ahead of jobs data that could make or break the case for an imminent scaling back in U.S. stimulus. Government borrowing costs from Japan to Australia hit fresh highs on trepidation the Federal Reserve could start tapering its $85 billion of monthly debt purchases at its policy meeting on December 17 and 18.

U.S. consumer spending gauge rises in September, wholesale inflation muted

By Lucia Mutikani WASHINGTON (Reuters) – A gauge of U.S. consumer spending rose in September as Americans likely snapped up Apple's new iPhone and bought leisure goods, but falling sales of automobiles pointed to sluggish economic growth during the third quarter. Other data on Tuesday showed lackluster demand was keeping inflation muted, with wholesale prices unexpectedly falling last month. That should provide the Federal Reserve with ammunition to maintain monthly bond purchases for a while as it tries to nurse the economy back to health. …

U.S. stocks needn’t fret about a government shutdown

By Rodrigo Campos NEW YORK (Reuters) – Investors may be tempted to shy away from stocks in the next week or two as the latest version of the fiscal follies plays out in Washington. It's understandable. The prospect of a government shutdown or, worse, default on the federal debt, rekindles memories of 2011 when Washington's infighting prompted the loss of the United States' triple-A credit rating and was a primary driver behind the stock market's last full-on correction. …

Wall Street Week Ahead: Undervalued euro shares a hurdle for U.S. stocks

By Angela Moon NEW YORK (Reuters) – After Wall Street's biggest weekly decline since June and the worst week this year for the Dow average, investors will be searching for a rebound. But the best gains may not be at home as investors take notice of an improved outlook in Europe. Fund managers have started to shift to euro-zone equities after a series of economic indicators showed the region finally emerging from recession. The region outperformed U.S. stocks in recent weeks, ending 0.2 percent higher this week while Wall Street underwent a 2 percent loss. …

Analysis: Citigroup has an emerging markets headache

By David Henry (Reuters) – Stronger earnings by Citigroup Inc show it is on the path to recovery but its broad presence in emerging markets, many of which are experiencing slowing economic growth, may temper investors' optimism. Emerging markets have fueled two-thirds of Citigroup revenue growth for the last two years. The bank operates in about 100 countries globally, far more than most of its U.S. competitors, which means it can be hit by economic factors that shareholders know little about. …