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U.S. Trade deficit fell in 2007

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The Associated Press WASHINGTON _ Despite a soaring foreign oil bill and another record deficit with China, the overall U.S. trade deficit declined in 2007 after setting records for five consecutive years. The Commerce Department reported Thursday that the deficit dropped to $711.6 billion last year, a decline of 6.2 percent. The trade deficit with… Continue Reading U.S. Trade deficit fell in 2007

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Prime local real estate has world-wide appeal

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One country’s distress may be another’s opportunity. While the U.S. real estate market has seen double-digit price decreases along some parts of the west coast, Florida or Las Vegas, European investors are keeping an eye on prime American real estate. One new Colorado luxury project, for example, recently made its way to a Danish investors’… Continue Reading Prime local real estate has world-wide appeal

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Midwest ends Kansas City service

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Midwest Airlines announced today that it will discontinue service between Colorado Springs and Kansas City on April 5. Midwest said its withdrawal from Colorado Springs is because of rising fuel prices and competition with other carriers. Midwest has provided two daily flights using 50-seat regional jets since July 2007. The flights are operated by SkyWest… Continue Reading Midwest ends Kansas City service

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Effects of slowing office real estate market

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The commercial office real estate market seems to have leveled off after a busy 2007, which means an increase in rental rates. Steve Bach of Bach Real Estate Partners reports that metro office leasing and absorption are both down as of 2007 year end, compared to 2006. The real vacancy rate, in contrast, is closer… Continue Reading Effects of slowing office real estate market

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Coca-Cola profit up 79 percent

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The Associated Press The Coca-Cola Co., the world’s biggest beverage maker, said today its fourth-quarter profit rose 79 percent on a double-digit increase in sales as it benefited from growth in key soft-drink brands and in its water, sports drink and orange juice categories. The Atlanta-based company said it earned $1.21 billion, or 52 cents… Continue Reading Coca-Cola profit up 79 percent

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Despite gas prices, waste hauler turns profit

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The Associated Press Waste Management Inc., the nation’s largest garbage hauler, said Wednesday its fourth-quarter profit rose 26 percent on tax benefits and the sale of some operations, though higher fuel prices cut into income. The company said earnings rose to $309 million, or 61 cents per share, in the three months ended Dec. 31… Continue Reading Despite gas prices, waste hauler turns profit

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About 12,000 free tax preparation sites are available this year for low-income and elderly taxpayers. The Internal Revenue Service has expanded its partnerships with nonprofit and community organizations that perform tax preparation services. The IRS Volunteer Income Tax Assistance Program offers free tax help to people who earn less than $40,000. The Tax Counseling for… Continue Reading Free tax help for low-income, elderly taxpayers

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It’s taking 10.5 months, on average, to sell a home in the Pikes Peak region. That’s the latest reading from ERA Shields Real Estate, based on the latest Multiple Listing Service data. While homes in the $150,000 to $325,000 range are selling in 7.3 months, single family houses priced from $325,000 to $700,000 are averaging… Continue Reading 10 ½ months to sell a home

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GM reports $38.7 billion loss

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The Associated Press General Motors Corp. today reported a $38.7 billion loss for 2007, the largest annual loss ever for an automotive company Executives said the company will make a new round of buyout offers to U.S. hourly workers in hopes of replacing some of them with lower-paid help. The earnings report and buyout offer… Continue Reading GM reports $38.7 billion loss

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A new law allows homeowners whose mortgage debt was partly or entirely forgiven during 2007 to claim special tax relief. The Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, allows eligible homeowners to fill out newly revised Form 982 and attach it to their 2007 federal income tax return. Normally, debt forgiveness would… Continue Reading Law allows tax relief for mortgage debt forgiveness

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