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Today in business: 5 things you need to know
Citigroup slashes 11,100 jobs, a gloomy report on Apple weighs down stocks, and more in our roundup of the business stories that are making news and driving opinion
 
Despite the holiday shopping binge and recent debut of the iPad Mini, Apple is suffering an unexpected decline in its stock price today.
Despite the holiday shopping binge and recent debut of the iPad Mini, Apple is suffering an unexpected decline in its stock price today. Kevork Djansezian/Getty Images

1. CITIGROUP TO CUT 11,000 JOBS
Citigroup announced Wednesday that it will cut 11,000 jobs, reducing its workforce by 4 percent as a way to cut costs. About 6,200 of those jobs will be eliminated from the company's consumer banking business. The reductions come after the bank's powerful chairman, Michael O'Neill, engineered the October ouster of former chief executive Vikram Pandit, and named a handpicked successor, Michael Corbat, according to several people close to the bank. Citigroup also said it would take a $1 billion charge in the fourth quarter. In its third quarter, the company recorded a profit of $468 million. [New York Times]
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2. APPLE WEIGHS ON MARKETS
Despite some positive economic data, an unexpected decline in shares of Apple kept U.S. stocks down early Wednesday. The iPhone and iPad maker's shares dropped nearly 5 percent after a consulting firm released a report predicting that Apple's dominant hold on the tablet market would loosen. With fiscal cliff talks stalled, investors don't need an excuse to get skittish, but "it's Apple that is dragging the whole market down for today," said Tim Ghriskey, chief investment officer at Solaris Asset Management. [Reuters]
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3. BUSY L.A. PORT REOPENS AFTER STRIKE
Longshoremen and port clerks resumed work at the Los Angeles and Long Beach harbors on Wednesday after management struck a deal with labor unions to end a strike that brought the nation's busiest shipping complex to a halt for more than a week. The first task was to begin loading and unloading at least 13 cargo ships that had been in limbo for days after the clerks, who have been without a contract for two years, walked off the job, halting the flow of billions of dollars worth of goods. "We expect to start seeing some significant movement today," Los Angeles port spokesman Phillip Sanfield said. [Associated Press]
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4. PRIVATE FIRMS ADD MORE JOBS THAN EXPECTED
Businesses added 118,000 jobs in November, which was better than expected given that Hurricane Sandy reduced hiring in the Northeast by 86,000 jobs, according to a report by payroll processing firm ADP. The superstorm "wreaked havoc on the job market," said Mark Zandi, chief economist at Moody's Analytics, which helps ADP prepare the report. "This is especially impressive given the uncertainty created by the presidential election and the fast-approaching fiscal cliff," Zandi said. Some economists say the ADP report suggests Friday's closely watched federal employment numbers could be a bit stronger than expected. [USA Today]
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5. TESCO ABANDONS U.S. EXPANSION
British supermarket chain Tesco said Wednesday that it is considering selling its Fresh & Easy food shops in the U.S. because they're failing to make a profit and meet sales targets. The company also announced that Fresh & Easy CEO Tim Mason would be leaving. Tesco renewed its focus on restoring profits in its home market by investing $1.6 billion there, as critics complained that the company's expansion into the U.S. and other countries wasn't paying off. [New York Times]

 

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