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US banks may face $120 billion shortfall in Fed crisis proposal

The largest banks in the US are set to face a USD 120 billion total shortfall of long-term debt under a Federal Reserve proposal devised to ensure their failure wouldn't hurt the broader financial system. It will become...


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Deutsche Bank to cut 9,000 jobs, exit 10 countries

Germany's biggest lender, Deutsche Bank, today unveiled a major cost-cutting drive under which the company will slash thousands of jobs and close down operations in 10 countries. The lender approved the new measures...


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Walgreens buys Rite Aid for $17.2 billion

In a mega-merger of pharmacies, Walgreens is buying Rite Aid for USD 17.2 billion. The deal puts together the second and third largest pharmacy chains in the US and Walgreens will now have control over nearly 13,000 U.S...


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Pep Boys sells business to Bridgestone

Iconic Philadelphia-based auto-parts and service store chain Manny, Moe & Jack has reached a deal with Bridgestone, the Japan-based tiremaker that owns Firestone tire stores, under which the latter has agreed to buy the former.


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McDonald's quarterly sales jump

Fast food giant McDonald's has announced its latest quarterly results, which showed that the quarterly sales of the firm have improved. The growth is sales showed that the new plans undertaken by CEO Steve Easterbrook...


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Credit Suisse plunges as investors question CEO's plans

The shares of Credit Suisse Group AG plunged as investors questioned the plan put forward by CEO Tidjane Thiam to reorganize the company along geographical lines, place the bank at the service of wealth management and...


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United Airlines appoints general counsel as acting CEO

United Airlines on Monday night named an acting CEO after its current chief executive suffered a heart attack after taking over the job just a month ago. The company released a statement announcing that general counsel...


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Wal-Mart ups pressure on suppliers as earnings fall

Wal-Mart stores suppliers are already being squeezed for price cuts and cost sharing by retailer and now the suppliers are staring directly at the pressure to ratchet up even more after the retailer last week...


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Russian hackers accused of breaching Dow Jones for trading tips

Russian hackers had succeeded in breaching Dow Jones & Co to steal information to trade on before it was made public, and the breach was "far more serious than a lower-grade intrusion" disclosed by the company.


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Burberry hit by fall in Asian sales

The shares of London-based luxury goods maker Burberry fell today after the company announced that its six-month revenue growth slowed a little, mainly due to plunge in sales in Hong Kong and mainland China.


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Forest Service sued for allowing Nestle to pipe out California water without

A lawsuit was filed by environmental and public interest groups against the U.S. Forest Service on Tuesday accusing the latter of violating federal laws by allowing Nestle to pipe out millions of gallons of water...


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SABMiller accepts AB InBevs $106BLN takeover offer

SABMiller on Monday finally accepted a USD 106 billion takeover proposal from Anheuser-Busch InBev, the world's largest brewer.' The deal would help in creating brewer making almost a third of the world's beer and...


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Gannett to acquire Journal Media Group for $280 million

US-based publishing company Gannett, which has media businesses in 92 local markets, on Wednesday announced that it has reached to buy Journal Media Group for about $280 million. Shareholders of Milwaukee-based...


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AB InBev makes $104 billion bid for SABMiller

World's largest brewer Anheuser-Busch InBev today launched a fresh bid for SABMiller, offering just over 68 billion pounds ($104 billion) for its largest rival to extend its reach into Africa and other markets...


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DuPont Co chief Ellen Kullman to retire at mid-month

The DuPont Co.'s chairwoman and CEO, Ellen Kullman, is set to retire at mid-month. The company announced on Monday that Kullman will step down on October 16. Edward Breen, a member of DuPont's board of directors, will...


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American Apparel files for bankruptcy

American Apparel today filed for chapter 11 bankruptcy protection. The company's move sends a clear message that the apparel retailers in the US are facing the pressure of tough competition and lower spending by...


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Mark Zuckerberg's dispute with neighbor gets weirder

The ongoing dispute between Facebook CEO Mark Zuckerberg and his neighbour has now taken a new turn and a jury will now have to decide if the Facebook CEO perpetrated fraud. According to real estate developer Mircea...


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Ralph Lauren steps down as CEO, but isn't leaving

Fashion icon Ralph Lauren has announced that he has decided to step down as the CEO of the iconic brand and hand over his title to a new person. Lauren, 75, however, stressed that he's not slowing down but rather see 41...


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Michigan millionaire: $310 million winning Powerball ticket sold in Three Rivers

The winning ticket to the second largest Powerball jackpot of 2015, the $310 million Powerball jackpot, was sold in Three Rivers, Michigan. Lottery officials said there was one ticket sold that matched all 5...


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VW's billions wiped off from market value after rigging revelations

Volkswagen AG's market value get less by around 15 billion euros ($16.9 billion) on Monday after it came out in open that the German automaker rigged US emissions tests for about 500,000 diesel cars. By midday trading in...


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Illinois fires state lottery manager Northstar after report

The state of Illinois on Friday reached a deal to terminate the contract of Northstar Lottery Group, the private company which manages the state's lottery. The news was confirmed in a statement released by the governor's...


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GM, US reach agreement on criminal ignition probe: report

General Motors has reached a deal with the Justice Department in order to settle a criminal probe into the failure on its part to recall deadly defective ignition switches, the Wall Street Journal reported Wednesday...


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US stocks get ready for possible Fed lift-off

Wall Street is likely to open on a positive note today as the US Federal Reserve starts a two-day meeting during which the concerned officials may decide to hike the interest rate after almost a decade. The Fed rate decision...


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MillerCoors to shut down brewery in North Carolina

America's second-largest brewer MillerCoors LLC on Monday announced its plan to shutdown the Eden, NC brewery due to decline in sales. The brewery is one of eight breweries owned by the company. It is scheduled to shut...


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Apple wows world with products launch, but investors nonplussed

Apple's latest event went off successfully in San Francisco on Wednesday night but the Wall Street's reaction was not so enthusiastic. Apple has unveiled two new iPhones, a 32-centimetre iPad Pro and an upgrade to Apple TV...


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United CEO Jeff Smisek resigns amid federal probe

United Airlines chairman and CEO Jeff Smisek is stepping down in connection with an investigation into the dealings of the airline with the former chairman of the agency which is tasked with operating airports in...


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Euro continues to rise vs dollar as hopes on Fed lift-off fade

The euro continued to gain on for the third day in a row against the dollar on Tuesday amid reports that the U.S. Federal Reserve would not raise interest rates next week due to global economic crisis. The latest data...


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European shares rebound but China plummets Asia

European stocks jumped today rising high on surge in mining and commodities giant Glencore after it pledged to slash its debt by a third. The market in China reopened today after a four-day break and it did not bring any...


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Princess Charlotte is worth $5 billion

Four-month old Princess Charlotte is the youngest member of the royal family but she will be worth nearly $5 billion to the British economy, according to Brand Finance, while her brother Prince George will be...


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Small business employment jumped by 85,000 jobs in August: ADP report

The August ADP Small Business Report has shown that employment in private sector small business increased by 85,000 jobs from July to August. Since small businesses make important contribution to economic growth...


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