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NEW YORK (AP) — Stocks are rising in afternoon trading on Wall Street after solid earnings reports from several companies. Banks and industrial companies gained the most. The British pound surged after the Bank of England held off on cutting interest rates.
WASHINGTON (AP) — Consumers wanting to know if their foods contain genetically modified ingredients will be able to find out for the first time. Congress sent legislation to President Barack Obama today that would require most food packages to carry a text label, a symbol or an electronic code readable by smartphone that indicates whether the food contains genetically modified ingredients, or GMOs. The Agriculture Department would have two years to write the rules. The White House says Obama will sign the bill.
NEW YORK (AP) — A federal appeals court has ruled that the government cannot force Microsoft to reveal content from a customer's email account stored in Ireland. Today's ruling by the 2nd U.S. Circuit Court of Appeals in Manhattan overturns a lower court decision. The appeals court says Congress didn't intend a U.S. law governing warrants to be enforced against a U.S.-based service provider storing contents of a customer's electronic communications on servers outside the United States. Dozens of businesses along with news organizations supported Microsoft in the case.
BRUSSELS (AP) — The European Union's executive arm is expanding its probe of Google to include the company's comparison shopping and advertising business. The investigation centers on whether the search giant breached anti-trust rules. The European Commission says its preliminary conclusion is that "Google has abused its dominant position by systematically favoring its comparison shopping service in its search result pages."
UNDATED (AP) — U.S. airlines posted a better on-time rate for May, and complaints dropped compared with the same month last year. The Department of Transportation says that 83.4 percent of domestic flights arrived on time in May, up from 80.5 percent a year earlier although down from April. The figures cover flights on the 12 largest airlines. Hawaiian Airlines and Alaska Airlines had the best on-time ratings, while Spirit Airlines and Virgin America had the worst. Complaints are down 24 percent from a year earlier.
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