SOME OF THE ENTERTAINMENT FEATURES on Nintendo's new Wii U won't be available when the game machine goes on sale Sunday, Nintendo said Friday. The new service, Nintendo TVii, promises to take into account all the ways users watch movies, TV shows and sports. If you like the TV show Modern Family, for example, it will present you with a list of the show's episodes gathered from available sources, whether that's Hulu, Netflix or traditional cable TV. Nintendo now says the service will be activated in December.
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SWEDISH FURNITURE GIANT Ikea expressed regret Friday that it benefited from the use of forced prison labor by some of its suppliers in communist East Germany more than two decades ago. The company released an independent report showing that East German prisoners, among them many political dissidents, were involved in the manufacture of goods supplied to Ikea 25 to 30 years ago. "We deeply regret that this could happen," said Jeanette Skjelmose, an Ikea manager.
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THE PENSION BENEFIT GUARANTY CORP., the federal agency that insures pensions for more than 40 million Americans, says its deficit grew to $34 billion for the budget year that ended Sept. 30, the largest in its 38-year history. Pension obligations grew by $12 billion to $119 billion last year. Assets used to cover those obligations increased by only $4 billion to $85 billion. The gap has grown wider in recent years because the weak economy has triggered more corporate bankruptcies and pension plan failures.
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JPMORGAN CHASE AND CREDIT SUISSE have agreed to pay a combined $417 million to settle federal civil charges that they sold risky mortgage bonds to investors before the 2008 financial crisis that the banks knew could fail. JPMorgan did not warn investors that homeowners were behind on their payments for the mortgages tied to the bonds, the Securities and Exchange Commission said Friday. Under the settlement, JPMorgan is paying $296.9 million and Credit Suisse will pay $120 million.
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AMOUNT NIKE IS SELLING its Cole Haan brand to private equity firm Apax Partners for, part of its effort to sell its leather shoe and bag division to focus on core brands