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Tuesday A.M. Report

Wells Fargo to repay entire $25B of TARP with $10.4B stock offering: Wells Fargo said Monday that it will repay the government’s entire $25 billion investment, made under the Troubled Asset Relief Program, after the San Francisco bank raises $10.4 billion in a stock offering. Wells Fargo, which has substantial operations in Minnesota, will raise another $1.35 billion by issuing stock in lieu of cash to certain compensation programs and raise another $1.5 billion through asset sales by the end of 2010. The remainder will come from the bank’s internal resources. Read full story

Best Buy 3Q profits quadruple, company expects slimmer 4Q: Best Buy Co. reported today that third-quarter profits were four times higher than they were a year ago. But the Richfield-based retail giant’s stock still dropped as it warned of a lower profit margin for the current quarter as holiday shoppers choose cheaper gizmos. Read full story

General Mills announces another dividend increase: There’s more cash on the way for General Mills shareholders. Golden Valley-based General Mills said Monday that its board of directors will increase the company’s quarterly dividend rate to 49 cents per share. The rate increase means the food manufacturer’s common shareholders will receive dividends of $1.92 per share for the present 2010 fiscal year. Read full story

Hargett new president of Minnesota Black Chamber of Commerce board: The Minnesota Black Chamber of Commerce said Monday that Lea Hargett, the vice president of its board of directors, will become president of the board immediately. Hargett replaces the group’s long-time president, Barbara Jo Davis, who is retiring.  Hargett founded the busiess consulting firm JOG Associates in 2004. Read full story

Developer, Real Estate Recycling  helping villages in Africa: Thanks to Real Estate Recycling President Jeff Hall, 5,000 villagers in Sierra Leone will have solid roofs over their heads, expanded classrooms, latrines, mosquito nets and nearby drinking water. The efforts are part of the Sierra Leone Plymouth Partnership, founded by the real estate executive, which has brought about $100,000 of aid into three Sierra Leone villages every year since 2006. Read full story

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