Archive for November, 2012

Gold Tumbles Most in Three Weeks on Fiscal-Cliff Concerns

Gold futures fell the most in three weeks as pessimism on a U.S. budget resolution eroded demand for commodities.

On the Comex in New York, gold futures for February delivery tumbled 1.5 percent to settle at $1,718.80 an ounce at 1:38 p.m., the biggest drop for a most-active contract since Nov. 2. In the first 30 seconds of floor trading, 7,700 contracts traded, according to PVM Futures Inc.

The Standard & Poor’s GSCI Spot Index of 24 raw materials fell as much as 1.4 percent, erasing this year’s gain. Erskine Bowles, the co-chairman of President Barack Obama’s 2010 fiscal commission, said that a deal with Congress to avert the so- called fiscal cliff is unlikely by the end of this year.

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Ikea apologizes for use of forced prison labor

Swedish furniture giant Ikea Group apologized Friday for using components made by forced prison labor, including political prisoners, in the former East Germany during the 1980s, according to The New York Times on Friday. Ikea issued the apology after a company-commissioned report by auditors Ernst & Young confirmed that some of Ikea’s suppliers used political prisoners as laborers, and that certain Ikea employees were aware of the situation.

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Rhode Island sues Curt Schilling, 38 Studios to recoup losses

Rhode Island on Thursday sued Curt Schilling and his bankrupt company, 38 Studios LLC, in an effort to recoup the $75 million in loans the state guaranteed to lure the video game maker from Massachusetts.

The suit, filed with the Rhode Island Superior Court, names Schilling, several 38 Studios executives, the company’s bankers and Keith Stokes, the former director of the Rhode Island Economic Development Corp., who resigned earlier this year over the 38 Studios deal.

In a detailed, 97-page complaint, the state alleged the Schilling and others engaged in financial misconduct, neglect, fraud, and conspiracy to deceive officials about the company’s prospects. The suit also alleges that Stokes, who led the Economic Development Corp. for about two years, helped mislead his board to secure the bonds for 38 Studios.

Read the full article here.

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