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Carlyle Group files for IPO

The Carlyle Group, the investment company that bought one of Long Island's largest employers -- the vitamin maker NBTY Inc. -- has now decided to go public and has filed paperwork for an initial public offering. The Washington, D.C.-based Carlyle Group bought NBTY of Ronkonkoma for $3.8 billion last year. NBTY had been a publicly traded company until, after the 2010 buy, Carlyle took it private. NBTY, the maker of such well-known brands as Nature's Bounty, MET-Rx and Solgar nutritional supplements, has about 2,000 employees on Long Island, and about 14,000 worldwide. The company is the Island's sixth-largest in terms of sales. The Carlyle IPO will be managed by J.P. Morgan Securities Llc, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) Llc. -- JOSEPH MALLIA


Europe debt hurts U.S. stocks

Europe's debt problems rumbled through global financial markets again Tuesday. U.S. stocks fell sharply in early trading when it appeared that European markets were heading for a second straight day of deep losses. The Dow Jones industrial average lost as many as 307 points by 10:45 a.m. Late-day recoveries in both the U.S. and Europe left indexes with relatively modest losses. The Dow ended down 101 points. Europe's debt problems, which have simmered for more than a year, are deepening. Bailouts for Ireland and Greece have not quelled fears that either country will default on its loans, an event that could lead to the collapse of the euro. The Dow fell 100.96 points, or 0.90 percent, to 11,139.30. It's down 4 percent so far this month, its worst start to September since 2002. The Standard & Poor's 500 index dropped 8.73, or 0.74 percent, to 1,165.24. The Nasdaq composite fell 6.50, or 0.26 percent, to 2,473.83. -- AP

GOP slams bureau nominee

Senate Republicans said Tuesday the new Consumer Financial Protection bureau has too much unfettered power and President Barack Obama's choice to head the agency should not be approved. But at a Senate Banking Committee confirmation hearing on Richard Cordray's nomination, Democrats said the GOP was playing political games aimed at scuttling the bureau's ability to protect consumers who borrow money or make other financial transactions. Obama nominated Cordray, 52, the former Ohio attorney general, to head the bureau in July. -- AP

Yahoo's CEO dismissed

Yahoo Inc. said Tuesday it has removed chief executive Carol Bartz and replaced her on an interim basis with Chief Financial Officer Tim Morse, ending a rocky two-year run marked by stagnating growth and a bitter rift with Chinese partner Alibaba. The outspoken Bartz, famous for her salty language, in a two-sentence email to employees said that Chairman Roy Bostock fired her over the phone. Bostock had only just voiced his public support in June for the CEO, a lightning rod for criticism from Wall Street, and known for her tough attitude. Shares in the company rose in after-hours trade to $13.72, from a close of $12.91 on the Nasdaq. -- Reuters

Sunoco to quit oil refining

Sunoco Inc. said Tuesday it's getting out of the refining business. The Philadelphia company, which owns two refineries in Pennsylvania, announced plans to sell those refineries and focus on its pipelines and retail gas stations that provide a steadier cash flow. Sunoco's refineries in Philadelphia and Marcus Hook, Pa., can process a combined 505,000 barrels of oil per day. If it cannot sell its refineries, the company will shut down its main processing units in July 2012. The move is one more step in a major transformation for U.S. refining. -- AP

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