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News In Brief

PODCAST: Debt talks continue in Washington, California legally defines the hot dog

Katharine Crnko Jul 7, 2011

Here are today’s top headlines from the Marketplace Morning Report and from around the web.

A couple of jobs reports are just out this morning and they show an improving employment picture for the country. Payroll firm ADP said private employers added 157,000 workers in June. And the Labor Department said fewer people filed for first time jobless claims last week.

House Majority Leader Eric Cantor says any deal between the White House and Congressional Republicans to avert a government default must include “reforms to the system” so the public will have confidence that Washington can manage the country’s finances.

The New York Stock Exchange, an icon of American capitalism, moved closer to ceding control to a German company Thursday, with few investors lodging any protest.

The European Central Bank has just raised its key interest rate by a quarter of 1 percent. That Follows China’s interest rate hike yesterday.

Here at home, retailers say sales were up in June because of big summer discounts. Costco, Target and Limited Brands all had results that were higher than expected.

Rupert Murdoch’s News Corp stock is down another 3 percent after more companies are pulling ads from his British newspaper. That’s after a big phone hacking scandal keeps getting bigger.

To the State of California, where lawmakers recently passed their first on-time budget in five years. And perhaps because they’re now at a loss of things to do, they’ve passed SB 946. That’s a bill that, among other things, defines a hot dog. If you’re curious, the bill says a hot dog is a whole, cured, cooked sausage that is skinless or stuffed in a casing, and may be served on a bun or roll. California, by the way, already defines a beverage as “a liquid for drinking, including water.”

Prince William and his new wife Kate will be in Southern California this weekend. William will play in a charity polo match Saturday. The Los Angeles Times reported William had a high-profile Beverly Hills plastic surgeon on retainer in case of an accident. Turns out the polo club is in charge of medical help. And besides, the doctor said he didn’t expect any broken bones at a charity event with royalty present.

You can read the rest of today’s stories from the Marketplace Morning Report here.

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