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The Obamas earned $500,000 last year but income drops

WASHINGTON (Reuters) - President Barack Obama and his wife Michelle reported half a million dollars in income for 2013, down from the previous year as revenues from his best-selling books continued to fall, according to their tax returns released by the White House on Friday. The Obamas earned $503,183 last year and after deductions had an adjusted gross income of $481,098. They paid $98,169 in federal taxes, or 20.4 percent, and donated nearly $60,000 to charities, the documents showed.

GM stock hits 10-month low after Standard & Poor's raises doubts about credit rating upgrade

DETROIT - Shares of General Motors Co. sank to a 10-month low Friday after Standard GM shares dropped to a low of $31.82, down 4 per cent, in afternoon trading. It's the first time the shares have dropped below GM's 2010 initial public offering price of $33 since June of last year. The shares have fallen more than 8 per cent since Feb. 13, when GM began a series of recalls, including 2.6 million small cars for a deadly ignition switch problem that is linked to 13 deaths. About half of that drop came on Friday.

GM stock hits 10-month low after Standard & Poor's raises doubts about credit rating upgrade

DETROIT - Shares of General Motors Co. sank to a 10-month low Friday after Standard GM shares dropped to a low of $31.82, down 4 per cent, in afternoon trading. It's the first time the shares have dropped below GM's 2010 initial public offering price of $33 since June of last year. The shares have fallen more than 8 per cent since Feb. 13, when GM began a series of recalls, including 2.6 million small cars for a deadly ignition switch problem that is linked to 13 deaths. About half of that drop came on Friday.

JPMorgan profits fall on weak mortgage, trading income

JPMorgan Chase Friday reported lower earnings due to a drop in its mortgage and trading businesses as the US banking giant seeks to turn the corner after costly legal settlements. JPMorgan, one of the first major companies to release first-quarter results, said net income was $5.3 billion, down 19 percent from a year ago. Key factors behind the decline included a big drop in mortgage banking income, lower earnings from fixed-income trading and a rise in provisions in case of credit losses.

Wells Fargo profit beats estimates, helped by one-time gains

By Peter Rudegeair and Anil D'Silva (Reuters) - Wells Fargo & Co, the biggest U.S. mortgage lender, reported a higher-than-expected 14 percent rise in first-quarter net profit, as a series of one-time gains helped offset the continued slowdown in its home loan business. Net income applicable to common shareholders rose to $5.60 billion, or $1.05 per share, in the quarter, from $4.93 billion, or 92 cents per share, a year earlier, the fourth-biggest U.S. bank said on Friday.

Wells Fargo's earnings surge 14 per cent as bank continues to trim loan losses

First-quarter profit for Wells Fargo EARNINGS: Net income after dividends on preferred stock rose to $5.6 billion in the January-March period from $4.9 billion a year earlier, the bank reported early Friday. On a per-share basis, earnings were $1.05, well above the 97 cents forecast by Wall Street analysts. Revenue in the first quarter fell to $20.6 billion from $21.3 billion a year earlier, in line with analysts' estimates.

AutoNavi agrees to be acquired by Alibaba in deal valued at $1.5B

Chinese digital mapping and navigation company AutoNavi Holdings Ltd. has agreed to be acquired by e-commerce company Alibaba Group Holding Ltd. in a deal valued at $1.5 billion. Alibaba will pay $5.25 per share to AutoNavi stockholders, or $21 per American depositary share. That is a 27 per cent premium over the company's closing price on Feb. 7, the last day of trading before its talks with Alibaba became public. Alibaba already owns approximately 28 per cent of AutoNavi's outstanding stock.

Resurgent emerging markets see biggest inflows in over a year

LONDON (Reuters) - A shift by investors' back into emerging market assets gathered pace over the last week, with China and Russia seeing some of the biggest demand as EM inflows reached their highest rate in over a year. Data from Boston-based fund tracker EPFR, which monitors funds with $23 trillion in assets, showed combined inflows to EM debt and equity funds climbed to $4.7 billion in the week to April 9.

Oil slips closer to $103 a barrel amid signs China's economic growth continues to slow

The price of oil slipped closer to $103 a barrel on Friday as recent signs of sputtering economic growth in China suggested demand for crude could weaken. Other factors influencing crude supplies included a report that U.S. crude reserves rose to a 38-year high and the delayed reopening of export terminals in Libya. By early afternoon in Europe, benchmark crude for May delivery was down 15 cents to $103.25 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, the Nymex contract fell 20 cents to settle at $103.40.

$810 million to fund services for Ontarians with developmental disabilities

TORONTO - Ontario's Liberal government plans to spend $810 million over the next three years to shorten the huge waiting lists to help people with developmental disabilities. There are 21,000 people with developmental disabilities in the province waiting for direct funding that allows them and their families to customize services and supports to meet individual needs. The government says the largest ever funding increase for the sector will help eliminate the waiting lists for children in two years and for adults in four years.
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