Thursday, June 2, 2011

Business

Kirit Amichandwala of Pangea3, a legal outsourcing firm, taught the procedures of its India office to staff in Texas.
Brandon Thibodeaux for The New York Times

Kirit Amichandwala of Pangea3, a legal outsourcing firm, taught the procedures of its India office to staff in Texas.

Companies that added to the financial woes of the American legal profession by sending work to low-cost countries are now creating jobs for lawyers in the United States.

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DealBook

Hong Kong Looks to Regain Footing as I.P.O. Leader

The sudden burst of activity on the Hong Kong stock market shows that recent worries over China's economic slowdown is fading as investors focus on Asia.

Trichet Urges Creation of Euro Oversight Panel

FRANKFURT — Jean-Claude Trichet, president of the European Central Bank, called for the creation of a central finance ministry to monitor spending in the European Union.

DealBook

Goldman Said to Receive Subpoena Over Financial Crisis

An inquiry by the Manhattan district attorney’s office is linked to a Senate panel report that found that the firm had “misled” its clients.

Bits Blog

Hacker Group Claims Responsibility for New Sony Break-In

A hacker group calling itself LulzSec claimed responsibility on Thursday for breaking into a Sony Web site and stealing personal information for about 52,000 customers.

Chaos in Yemen Drives Economy to Edge of Ruin

Even if its political situation stabilizes and the fighting ends, Yemen faces an economic collapse with shortages of oil, electricity and water and rising food prices.

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E-Mail Fraud Hides Behind Friendly Face

SAN FRANCISCO — The Gmail attacks Google disclosed used a rapidly proliferating form of e-mail fraud called spear phishing to steal hundreds of passwords and monitor accounts.

Fight Over Debt Ceiling Risks Credit Rating, Moody’s Warns

WASHINGTON — An unexpected report from Moody’s warning about a downgrade in the U.S.’s credit rating puts a spur to sputtering talks to reach an agreement on a long-term deficit-reduction plan.

DealBook

Groupon Files to Go Public With Stock Sale

The social buying site Groupon filed to go public, with plans to raise an estimated $750 million.

Abramson to Replace Keller as The Times’s Executive Editor

The New York Times announced that Jill Abramson, a managing editor, will succeed Bill Keller, who is stepping down to become a full-time writer.

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E. Coli Strain Was Previously Unknown, Official Says

BERLIN — The strain, which a World Health Organization official called unique in news reports on Thursday, has sickened 1,500 people in Germany, and killed at least 16.

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Stress Tests for Europe’s Banks Take Longer Than Expected

DealBook

Blackstone Blamed for British Nursing Home Woes

The private equity firm, which once owned Southern Cross, is being accused of contributing to the financial difficulties of the nursing home operator.

Companies May Face Rule to Shift Audit Firms

James R. Doty, chairman of the Public Company Accounting Oversight Board, said the measure might be necessary for auditors to retain independence from their clients.

I.H.T. Special Report: Business of Green

Environmentalists' Green Hopes Dashed by Cameron

LONDON — A year after promising to lead "the greenest government ever," the British prime minister's mixed record has left many green entrepreneurs uncertain of his commitment.

Today's Columnist
High & Low Finance

Statements Skip Over REIT’s Woes

Apple REIT Eight, a real estate investment trust that owns hotels, issues comforting account statements, but its latest quarterly report contains some unsettling red flags.

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