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$325 mln counterfeit ring busted

Friday, Mar 02, 2012 - 02:02

Mar 2 - Summary of business headlines: U.S. authorities break up one of the biggest counterfeit rings; AT&T goes after high data smartphone users; Yelp finds good reviews with IPO; Wall Street ends Friday trade lower, but posts mixed results for the week. Conway G. Gittens reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL It's being called one of the biggest counterfeit smuggling busts in U.S. history. Authorities say more than two dozen people were arrested in the U.S. and China, charged with running a $325 million fake goods operation, involving several well known brands including Nike sneakers, Louis Vuitton handbags, and UGG boots. The more than two year undercover operation showed the goods were smuggled through the port of New Jersey, the busiest part on the East Coast. AT&T is changing its policy for high data smartphone users with unlimited data plans. The No. 2 U.S. wireless carrier will start slowing down speeds for internet use and downloads for customers who reach a certain limit before the end of each month. AT&T says it has to do this in order to manage its network and keep service flowing for all customers. Nearly 49,000 people have signed an online complaint on change.org. There were few complaints as Yelp made its market debut. Shares of the review website priced above its expected offering price at $15 a share, closing with a gain of nearly 64 percent. Yelp's debut is the latest in a strong of hot initial public offerings from the Internet sector. Looking at market action: that IPO was not enough to liven-up Wall Street after stocks hit pre-crisis levels earlier in the week. For the week - the Dow was a loser, but the Nasdaq was a hit. Investors are skeptic. SOUNDBITE: HILDA ROSENSTIEN, INVESTOR, TEXAS (ENGLISH) SAYING: "I've always had the attitude that it's up and down and up and down and if it's up then it's probably going to go back down so it's the luck of the draw. That's the stock market." SOUNDBITE: JEAN HOFFMAN, INVESTOR, NEW YORK (ENGLISH) SAYING: "I understand the stock market is doing well right now, the average person doesn't feel that." In European action, investors were not willing to make any big changes ahead of the weekend. Conway Gittens, Reuters

$325 mln counterfeit ring busted

Friday, Mar 02, 2012 - 02:02

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