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Consumer, business spending boost US Q3 growth

The US economy registered an encouraging growth in the third quarter as strong consumer and business spending prevailed over the efforts by businesses to reduce an inventory glut. The Commerce Department said in its...


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Ex-RBS bond trader pleads guilty to defrauding customers

A former bond trader of Royal Bank of Scotland Group Plc on Monday pleaded guilty to conspiring to defraud the customers of the bank by misrepresenting the prices of bond transactions which were handled by him and...


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Toshiba to axe 7,000 jobs in PC & TV units, forecasts FY loss

Japanese electronics giant Toshiba Corp on Monday announced that it will slash 7,000 jobs in PC and TV units after a $1.3 billion accounting scandal. The move is aimed at shifting the focus of the company...


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BOJ keeps base money target, fine-tunes stimulus scheme

The Bank of Japan today decided to maintain its money printing drive at the current rate, but the BOJ reorganized its massive stimulus program in order to give impetus to Prime Minister Shinzo Abe's plans to prod reticen...


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French business halts as services hit by Paris attacks

French business slowed in December as last month's terrorist attacks in Paris affected the services across the country. A Purchasing Managers' Index for manufacturing and services fell to 50.3 from 51 in November...


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Mandatory FAA drone registration to start from December 21

Days ahead of Christmas, the FAA on Monday unveiled registration requirements for drone owners. It is expected that about 400,000 drones will be bought this holiday season. According to the Consumer Technology Association...


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Oil prices drop for seventh session on oversupply concerns

This is the longest losing streak of crude oil futures since mid-2014, as a forecast from the International Energy Agency (IEA) predicted that the oil prices would fall more in the near future. Brent crude LCOc1 fell below...


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America's middle class no longer in the majority

A new study done by the Pew Research Center has found that middle class in the US no longer constitutes the majority of the adult population of the country. The study said that in early 2015, there were 120.8 million...


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Yahoo may drop spinoff of Alibaba stake: report

Yahoo has reportedly given up its plan to spin off the large stake of the company in Chinese online giant Alibaba, CNBC television reported Tuesday. The report citing unnamed sources said the company decided to abandon its...


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Asian stocks reach three-week lows on oil drop

Asian stocks touched a new three-week lows on Tuesday after the fall in oil prices badly affected the shares of energy companies and many investors decided not to put their money in the market before the upcoming meeting...


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French shipping firm CMA CGM to pay $2.4 billion for NOL

French shipping giant CMA CGM has decided to pay USD 2.4 billion in order to acquire a controlling stake in Singapore's Neptune Orient Lines (NOL), the two companies said in a joint statement today. The price offered...


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OPEC meeting ends without agreement on production cuts

The meeting of the Organization of the Petroleum Exporting Countries (OPEC) ended with acrimony on Friday with the member nations failing to reach any agreement to restrain production, which means the OPEC members will...


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Yahoo board to discuss sale of core business: WSJ

Yahoo's board is scheduled to hold a meeting to discuss whether it should sell its core business and not its stake in Alibaba, a report in The Wall Street Journal said. The report added that the board members of Yahoo will...


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Morgan Stanley may cut hundreds of jobs: WSJ

Morgan Stanley is planning to slash hundreds of jobs in its debt and currencies division due to the fall of revenue, Wall Street Journal reported late Monday. The newspaper added that the US investment bank could sack...


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Amazon shows off new delivery drone prototypes

Online retail giant Amazon on Sunday revealed a new prototype of one of its delivery drones. Here are some interesting revelations: Amazon built a "hybrid" drone Amazon's prototype is an octocopter with eight propellers...


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Toys a bright spot this holiday season

The holiday shopping season formally kicked off on Friday and retailers and analysts have started debating how much online buying would affect the brick-and-mortar business this season. But no one doubted the fact...


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UK watchdog fines Barclays GBP 72 million for not minimising financial crime

Barclays has been fined 72 million pounds ($108.6 million) by Britain's markets watchdog for not minimising the risk that it might be used to aid financial crime. The Financial Conduct Authority today said the...


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Mortgage applications fall 3.2%: MBA

The Mortgage Bankers Association (MBA) released its report on mortgage applications on Wednesday, revealing a week-over-week decrease of 3.2% in the seasonally adjusted composite index of the group for the week...


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Calpers paid $3.4 billion to private-equity firms

Private-equity firms earned as much as USD 3.4 billion in profit sharing for investing on behalf of the California Public Employees' Retirement System since 1990. The $295 billion pension fund on Tuesday revealed...


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US politicians slam tax-avoiding Pfizer mega deal

American politicians on Monday strongly criticized pharma giants Pfizer's deal with Allergan in order to avoid tax. Democrats were most harsh on the New York-based drug maker, with presidential hopeful Hillary...


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Intel hires Qualcomm biggie to expand beyond ailing PC market

Dr. Venkata "Murthy" Renduchintala, the former co-president of Qualcomm's main chip unit, has joined Intel, the biggest rival of Qualcomm. At Intel, Renduchintala will be the president of the Client and Internet of Things...


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Starboard urges Yahoo not to spin off Alibaba stake: report

Starboard Value has reportedly asked Yahoo not to spin off its stake in Alibaba Group Holding. The activist investor has rather suggested Yahoo to sell its struggling Internet businesses, The Wall Street Journal reported...


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Citrix to fire 1,000 workers

Continuing with its restructuring process, Citrix Systems has decided to lay off 1,000 full-time and contract positions. The Fort Lauderdale-headquartered company announced Tuesday that it will spin off a...


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Icahn offloads eBay stake, opts for PayPal

Billionaire activist investor Carl Icahn on Monday swapped his entire equity stake in eBay in favour of PayPal Holdings, regulatory filings revealed. The Securities and Exchange Commission's filing showed that...


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Paris attacks: Shares, euro fall, oil and gold up

The euro on Monday touched its lowest in more than six months against the yen with investors seeking to put their money in gold and low-risk government debt after Friday's attacks in Paris. Oil prices jumped after France...


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Macy's stock falls

In the first hour of trading, the price of Macy's share went down more than 12 percent, putting it on track for its worst day since Jan. 20, 2009. when it lost 10.55 percent. Macy's Chairman and CEO Terry Lundgren...


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Weyerhaeuser buys Plum Creek for $8.44 billion

Weyerhaeuser Co has agreed to acquire Plum Creek Timber Co for $8.44 billion. The deal will allow Plum Creek Timber to form one of the biggest timberland and forest products companies in the world. The companies released a...


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Climate change could push 100 million more into poverty: World Bank

World Bank released a new report on Sunday warning that global warming could increase disease, destroy crops and push 100 million more people into poverty, stressing that the governments across the world must...


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Toyota to spend $6.6 billion on buybacks as profit jumps

Japanese automobile giant Toyota Motor Corp has announced to buy back as much as 798 billion yen ($6.6 billion) of its stock this fiscal year, spending a considerable amount of money to reward shareholders as profit...


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Nissan registers 38% profit rise, raises forecasts

The profit of Japanese automaker Nissan for the last quarter jumped 28%, mainly due to good sales in China, the US and Europe, prompting the company to raise its full-year projections. Yokohama-based Nissan Motor Co...


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