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Business Highlights

Published on NewsOK Modified: July 6, 2015 at 5:06 pm •  Published: July 6, 2015
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After vote win, Greek leaders face pressure to restart talks

ATHENS, Greece (AP) — Despite triumphing in a popular vote against austerity, Greece's leaders Monday faced the urgent need to heal ties with European creditors and reach a financial rescue deal to prevent it from falling out of the euro — possibly within days.

Prime Minister Alexis Tsipras won big in Sunday's referendum, with 61 percent of voters rejecting the economic measures creditors had proposed in exchange for loans Greece needs to remain afloat. He also received the rare backing of opposition parties to restart bailout negotiations.

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Chinese small investors look for way out of stocks

BEIJING (AP) — Shares in big state companies soared Monday after promises of government action to halt a slide in Chinese stock prices but many others sank as jittery small investors tried to cut their losses.

The market benchmark closed up 2.4 percent but still was down 27 percent from its June 12 peak. That came after a group of 21 state-owned brokerages pledged Saturday to buy stocks. On Sunday, the central bank promised more credit to finance trading. Regulators have reduced the number of planned share sales to ease fears of a glut.

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Don't twist that Oreo: Cookie gets skinny, 'sophisticated'

NEW YORK (AP) — Oreos are getting a skinny new look, and its maker says the new cookie is a "sophisticated" snack for grown-ups that isn't meant to be twisted or dunked.

Mondelez International Inc. says it will add "Oreo Thins" to its permanent lineup in the U.S. starting next week. The cookies look like regular Oreos and have a similar cookie-to-filling ratio, except that they're slimmer. That means four of the cookies contain 140 calories, compared with 160 calories for three regular Oreos.

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No more 'roar' as famed trading pits come to an end

NEW YORK (AP) — Pete Meegan had every intention of going back to college, but then he got a summer job in the Chicago trading pits and fell in love with the "roar" of the floor, the excitement of "4,000 people yelling, 'Buy! Buy! Buy!'" and decided no more classroom for him.

That roar will soon go silent. On Monday, most futures pits in Chicago and New York, where frenzied buying and selling once helped set prices on cattle and corn, palladium and gold, and dozens of other commodities, are expected to close for good. Traders yelled and shoved and flashed hand signals, just as they did in the movie "Trading Places." But now the computer — faster, cheaper and not nearly as noisy — has taken over.

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What's next, as Greece stumbles toward euro exit

FRANKFURT, Germany (AP) — Greece is at the last chance saloon, thirsty and out of credit. Next stop could be the badlands of euro exit.

Without a deal on more bailout loans, the heavily indebted country faces looming financial hurdles in the coming days.

If it stumbles, it could leave the shared currency in a chaotic mess. A resounding "no" vote in a referendum Sunday on the tough conditions attached to more loans leaves Athens at odds with its main creditors — the other eurozone governments, led by Germany.

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Growth in US services firms rises in June

WASHINGTON (AP) — U.S. service firms grew at a slightly faster pace in June, as business activity and new orders increased.

The Institute for Supply Management said Monday that its services index edged up to 56 in June from 55.7 in May. Any reading over 50 indicates that services firms are expanding.

Steady hiring over the past year has fueled a consumer spending rebound from a winter slump. Many economists say the economy will expand at an annual rate of 2.5 per cent in the second quarter, after shrinking during the first three months of 2015.

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Sears' REIT goes public as others consider similar moves

NEW YORK (AP) — Seritage Growth Properties, the real estate spinoff of Sears Holdings Corp., made its debut Monday on the New York Stock Exchange and estimated that it had raised about $1.6 billion from the offering.

Sears, which is dealing with slumping retail sales, formed the real estate investment trust to extract more revenue from its properties. It plans to sell and lease back about 235 properties, most of them Sears and Kmart stores, to the REIT.

Sears expects to raise $2.6 billion in proceeds from the REIT buying those properties.

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$333K in settlements for 6 pepper-sprayed Occupy protesters

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