EconTracker News

Jun 28, 2012 10:38 AM by KPAX News Staff

Thursday business briefs

The brother of convicted con man Bernard Madoff, will plead guilty this week in New York to criminal charges in the multi-billion dollar fraud. Peter Madoff has agreed to serve 10 years in prison and forfeit $143 billion, including all of his personal property, according to papers signed by a Manhattan judge.

Investors don't have high hopes for today's European summit in Brussels. European leaders are meeting to discuss the region's growing debt crisis. German chancellor Angela Merkel has already said she doesn't want all euro-zone countries to share the debt burden.

Stocks rallied on Wall Street Wednesday on upbeat news about housing and manufacturing. The Dow Jones Industrials climbed 92 points while the NASDAQ was up 21 points.

Experts say now may be the time to buy a new car. The Kelley Blue Book says new vehicle prices are down about $500 in the past year. That's because Japanese automakers have restocked their dealers after last year's shortages.
Prices have dropped the most on the Toyota Prius and Honda Accord.

There's another player in the growing market for tablet computers. Google took the wraps of the Nexus 7, meant to go head to head with Amazon's Kindle. It has a seven-inch display screen, the same size as the Kindle, but slightly lighter and with a front facing camera. The Nexus 7 will be available next month at just under $200.

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