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Stocks slumped again Wednesday as worries about the U.S. economy deepen. The Dow Jones industrial average was down 101 points in afternoon trading, putting in on track for its ninth straight day of losses, the longest losing streak since February 1978. The S&P 500 index was headed for its eighth straight loss. Investors are becoming… Continue Reading Dow average is headed for its ninth straight loss

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CenturyLink post 78 percent lower profit

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Phone company CenturyLink Inc.’s second-quarter profit fell 78 percent as it had to write off more than expected of the value of Qwest, which it bought in April. In another wrinkle to the $12.2 billion acquisition, the company lost more broadband subscribers in the Qwest areas than it gained, something that never happened when Qwest… Continue Reading CenturyLink post 78 percent lower profit

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Colorado Springs is set to have one economic development organization – one that combines the efforts of the Economic Development Corp. and the Chamber of Commerce. After an meeting Tuesday that lasted more than six hours, the two groups voted unanimously to merge operations – at least in principle, said Bill Hodgkins, board president for… Continue Reading Chamber/EDC merger: Structure? Jobs? Layoffs?

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Oil falls as nation’s crude supplies rise

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Oil prices fell Wednesday after the nation’s oil and gasoline supplies rose last week with the release of millions of barrels from the Strategic Petroleum Reserve. Benchmark West Texas Intermediate crude for September delivery lost $1.49 at $98.10 per barrel in midday trading on the New York Mercantile Exchange. In London, Brent crude rose 8… Continue Reading Oil falls as nation’s crude supplies rise

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Colorado Springs ranks number four on the most affordable cities, according to financial news magazine Kiplinger. The city is the only one in Colorado to make the list, “10 best value cities for 2011.” Kiplinger cited the Springs’ cost of living, median household income and the local unemployment rate. The list is supposed to showcase… Continue Reading Springs No. 4 most affordable, Kiplinger says

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Obama makes debt case at town hall Friday

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Less than two weeks away from the deadline for an unprecedented government default, President Barack Obama sought Friday to pressure House Republicans to come around to a deal that he insisted must include new taxes as well as unpalatable spending cuts. At the same time, even with no clear end in sight to negotiations that… Continue Reading Obama makes debt case at town hall Friday

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A potential buyer has expressed interest buying the full capacity of a planned transmission line to carry Wyoming wind power to Colorado. LS Power is the developer of the Wyoming Colorado Intertie line, which will stretch 180 miles from near Wheatland to near Brush, Colo. Adam Gassaway of LS Power has declined to identify the… Continue Reading Wyo-Colo wind power line gets buyer interest

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Employment up in Colorado

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Employers in Colorado added 4,500 nonfarm payroll jobs from May to June, dropping the state’s unemployment rate to 8.5 percent, according to the state’s Bureau of Labor and Employment. While there was a net increase overall, government jobs dropped by 2,600 jobs, while the private sector added 7,100. June marked the fourth straight drop in… Continue Reading Employment up in Colorado

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As the new Consumer Financial Protection Bureau officially opened its doors Thursday, the House was considering legislation that could restrict its authority to act against abuses of the financial system. Republican sponsors of the bill say they are simply trying to promote transparency and accountability in the agency that was created a year ago as… Continue Reading House tries to shackle sway of new consumer agency

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Colorado wine tasting gets scientific

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Colorado wine makers are participating in a wine quality research study in hopes of learning ways to make their wines better and grow the $42 million industry. The Colorado Wine Industry Development Board and Nebraska Winery and Grape Growers Association have commissioned a study with Colorado State University’s Stephen Menke, an enologist. The study will… Continue Reading Colorado wine tasting gets scientific

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