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American Apparel slashes 500 jobs

In an apparent effort to revamp its production process, teen apparel retailer American Apparel LLC has decided to sack 500 employees. The troubled firm may start outsourcing part of its production, the Los Angeles Times...


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On Equal Pay Day, Idaho 5th worst in US

Today is Equal Pay Day, a day which marks the number of additional days the average American woman would have to work just to earn the same amount earned by her male counterpart last year.


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Goldman Sachs penalty in mortgage probe: $5.1 billion

Goldman Sachs has agreed to pay $5.1 billion to resolve US allegations that the firm did not properly vet mortgage-backed securities before selling them to investors as high-quality debt. The details of the accord were...


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Daily Mail parent eyes Yahoo bid, in talks with equity firms

Britain's Daily Mail is holding discussions with potential partners to launch a joint bid for Yahoo's internet assets, aiming to acquire the US Internet pioneer in order to boost advertising revenues from the...


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ZTE shares plunge after company says it could face US charges

Chinese tech giant ZTE is having a terrible week with the company's shares falling as much as 15% on Thursday as investors reacted to a management overhaul, lackluster financial results and a warning from the company that...


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Pfizer, Allergan to terminate merger over inversion rule changes

Pfizer and Allergan have decided to terminate their merger Wednesday after changes in tax regulations of the US spelled doom for the $160 billion deal. Sources said that Pfizer has agreed to pay Allergan a $400...


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2.6TB data leak reveals corruption amongst world leaders

A team of journalists has obtained something which they are referring as "biggest leak in history": a 2.6-terabyte stash of data about offshore savings and tax havens from Panama-based legal firm Mossack Fonseca...


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BlackBerry's fiscal fourth quarter sales disappoint

Canadian phone maker BlackBerry is still battling tough times as the company has just released its financials for its fiscal fourth quarter and the latest results showed that the company only managed to sell...


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Drone startup Airware raises $30 million

The Federal Aviation Administration (FAA) last week released a report projecting that a total of 7 million drones will be sold per year in the US by 2020. The FAA forecast said that around 4.3 million drones will be bought...


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Foxconn to buy Sharp after slashing original offer

Taiwan-based electronics giant Foxconn on Tuesday agreed to acquire Sharp Corp at a big discount to its original offer. Foxconn decided to acquire Sharp after holding talks for over a month. Foxconn, formally known as...


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Chicago's rating downgraded after pension overhaul

Fitch Ratings has cut the credit rating of Chicago to the lowest investment grade after the Illinois Supreme Court rejected Mayor Rahm Emanuel's plan for dealing with the mounting debt to the pension plans of...


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Japan's NTT to buy Dell Systems for $3.055 billion

In an apparent effort to expand its business in North America, Japan's NTT Data has decided to acquire Dell's technology services business for more than USD 3bn. This is going to be NTT Data's biggest-ever acquisition...


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Drone delivers package to populated area for first time

In a first, a drone has succeeded in delivering a package to a residential location in a small Nevada town. The maker of the drone and Nevada's governor on Friday said that it was the first fully autonomous urban drone...


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IHS, Markit to combine to create $13 billion company

US data provider IHS has acquired Europe's Markit to create a $13 billion combined company called IHS Markit. The headquarters of the new company will be in London, where Markit is currently based. The companies...


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Freedom chooses winning bidder for California newspapers

Freedom Communications on Sunday announced that it would accept a $51.8 million takeover bid from Digital First Media instead of a higher offer from Los Angeles Times owner Tribune Publishing.


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Judge halts Tribune bid for California newspapers

A federal judge on Friday passed an order granting a temporary restraining order blocking Tribune Publishing Co.'s purchase of Southern California newspapers the Orange County Register and the Press-Enterprise of Riverside.


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Lufthansa forecasts marginal profits in 2016

German airline group Lufthansa on Wednesday forecast marginal profits this year, despite the fall in fuel prices, warning of cut-price competition and falling average fares. The company has forecast to earn...


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Valeant stock plunges as activist Bill Ackman pledges proactive role

The stock of Valeant Pharmaceuticals International Inc suffered its worst-ever day on Tuesday as activist investor Bill Ackman said that his Pershing Square Holdings Ltd. hedge fund would take a "much more...


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Jobless numbers on the rise in Florida

The unemployment rate is one the rise in Florida, but the overall job market is better than what was a year ago. In Charlotte County, the unemployment rate jumped to 5.6 percent in January, up from 5.1 the previous...


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Dollar steadies before BOJ, Fed meetings

Currency markets started at a low pace on Monday, stabilizing after facing huge swings last week, with investors waiting for the outcome of the Japanese and US central bank policy meetings. The investors...


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United to retrofit 10-abreast seating on some of its 777s

United Airlines on Wednesday announced its plans to redesign 19 of its 74 Boeing 777 aircrafts into a high-density domestic configuration with 10-abreast seating in economy. The carrier confirmed to Today in the Sky that...


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Sharp agrees to a $5.8 billion takeover by Foxconn

Taiwan-based iPhone maker Foxconn has decided to acquire two-thirds of Japanese electronics maker Sharp. The acquisition is going to be largest of a Japanese tech firm by a foreign company. The deal is set to bolster Foxconn's...


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Oil below $33 on Saudi remarks, report of US inventory rise

Oil plunged below $33 per barrel on Wednesday after Saudi Arabia announced not to accept production cuts and an industry report said the crude stockpiles in the US hit a record. Saudi Oil Minister Ali al-Naimi said...


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China's yuan flat, central bank keeps firm hand

China's yuan did not budge significantly against the dollar on Monday as the central bank decided to hold the line via a steady midpoint fixing. Traders expressed hope the stability of the yuan would last at least until the end...


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HSBC 2015 results disappoint amid global economic turmoil

Europe's largest bank HSBC on Monday reported a pre-tax loss in the last quarter of 2015 with results missing the expectations of the expectations, as the bank faces the heat of "seismic shifts" in the world...


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Virgin Galactic rolls out second SpaceShipTwo VSS Unity

Virgin Galactic on Friday rolled out its second SpaceShipTwo at the Mojave Air and Space Port in California. Virgin Galactic christened the VSS Unity, the second of its SpaceShipTwo sub-orbital spacecraft, during a ceremony...


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Spanish police arrest five after raiding China bank ICBC's Madrid office

At least five directors of Industrial and Commercial Bank of China (ICBC) were arrested by Spanish police on Wednesday after they raided the Madrid offices of the lender as part of a probe into cases of money laundering.


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United Airlines technicians reject contract offer & move to strike

United Airlines technicians on Tuesday overwhelmingly rejected a contract offer, their union announced, adding that the union will now approach the US regulators and seek its approval to strike.


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BOJ launches negative interest rates

The Bank of Japan (BOJ) today started charging 0.1% on a portion of the excess funds of the financial institutions lying at the central bank. It is notable that the plan is termed a failure by financial markets...


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Tesla CEO Elon Musk sets March 31 unveiling of Model 3

Tesla Motors Inc CEO Elon Musk on Wednesday announced that the company will unveil its long-awaited Model 3 on March 31. The announcement is significant because it is the first time that a date has been set for the event...


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