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Turkish PM vows to maintain fiscal discipline

May 11, 2012

ANKARA, Turkey (AP) — Turkey's prime minister says his country will maintain fiscal discipline to curb its current deficit in an apparent response to concerns raised by the Standard & Poor's ratings agency.

Recep Tayyip Erdogan told a conference in Istanbul on Friday: "We will not give up fiscal ...

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Merkel faces more ballot woe in German state vote

May 11, 2012

By GEIR MOULSON, Associated Press

BERLIN (AP) — A bad European week for Chancellor Angela Merkel looks likely to end with more electoral woes — this time, the likely re-election of a center-left government in Germany's most populous state, which Merkel has sought to portray as irresponsibly ...

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Poland Approves Retirement Age Hike

May 11, 2012

By MONIKA SCISLOWSKA, Associated Press

WARSAW, Poland (AP) — Poland's lawmakers on Friday approved a controversial government plan to raise the retirement age to 67 for most Poles, a key part in efforts to cut state debt, maintain robust growth and keep up investor confidence in this emerging ...

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UK bank shares fall after JPMorgan loss disclosed

May 11, 2012

By ROBERT BARR, Associated Press

LONDON (AP) — Shares in major British banks fell Friday in the first day of trading after JPMorgan Chase revealed a loss of $2 billion in six weeks in trading on derivatives by its London operation.

Barclays, which has a large investment banking arm, was the ...

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EU predicts 0.3 pct eurozone contraction in 2012

May 11, 2012

By PAN PYLAS and RAF CASERT, Associated Press

BRUSSELS (AP) — The European Union estimates that the economy of the 17 countries that use the euro is in recession in the wake of a debt crisis that has prompted savage spending cuts and a jump in unemployment to record highs.

The European ...

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Dismal China, India data signal slowing growth

May 11, 2012

By ELAINE KURTENBACH, Associated Press

SHANGHAI (AP) — Dismal data from China and India on Friday may signal a further weakening of the global recovery, undermining hopes the dynamic emerging economies of Asia can help prop up growth.

China reported its industrial production rose 9.3 percent from ...

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JPMorgan loss another headache for markets

May 11, 2012

By PAN PYLAS, Associated Press

LONDON (AP) — Global markets fell on Friday after a big surprise trading loss at JPMorgan Chase shook investor confidence, while political chaos in Greece continued to cast uncertainty over its future in the euro currency bloc.

JPMorgan, the largest U.S. bank, said ...

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Higher fuel costs push IAG to Q1 loss

May 11, 2012

LONDON (AP) — Higher fuel prices and other costs pushed the owner of British Airways and Iberia to a loss in the first quarter, International Consolidated Airlines Group said Friday.

IAG reported a net loss of €146 million ($189 million) in the first three months of the year. A year earlier, a ...

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Greek president in last-ditch coalition effort

May 11, 2012

ATHENS, Greece (AP) — Greek President Karolos Papoulias has called the leaders of Greece's political parties to meetings on Sunday, in a last-ditch effort to broker a deal for a coalition government.

Papoulias' office announced Saturday that the president would meet initially with the heads of the ...

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Remains retrieved from Indonesian plane crash

May 11, 2012

By ANDI JATMIKO, Associated Press

MOUNT SALAK, Indonesia (AP) — Clearer weather finally allowed Indonesian helicopters to land Saturday and retrieve some remains of the 45 people aboard a Russian-made plane that crashed into a volcano during a demonstration flight.

Investigators still have found ...

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India March industrial output falls 3.5 pct

May 11, 2012

By ERIKA KINETZ, Associated Press

MUMBAI, India (AP) — India's March industrial output fell 3.5 percent from a year ago, the government said Friday, worse than expected on weak manufacturing and investment.

Manufacturing activity fell 4.4 percent and capital goods production — a sign of crucial ...

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China's Inflation Eases

May 11, 2012

By ELAINE KURTENBACH, Associated Press

SHANGHAI (AP) — China's economy is slowing further, defying hopes it may have "bottomed out," with data for April showing sharper than expected declines in investment and industrial production.

Data released by the National Bureau of Statistics on Friday showed ...

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Nissan Profit Soars Despite Tsunami

May 11, 2012

By YURI KAGEYAMA, Associated Press

TOKYO (AP) — Nissan Motor Co.'s January-March profit more than doubled to 75.3 billion yen ($941 million) as the Japanese automaker achieved record sales despite production disruptions from last year's tsunami.

Nissan annual global sales reached a record 4.85 ...

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CBS sues ABC over upcoming reality show

May 10, 2012

By ANTHONY McCARTNEY, Associated Press

LOS ANGELES (AP) — CBS sued ABC on Thursday to stop an upcoming reality show that CBS claims is being developed in violation of its copyrights and with secrets obtained from the long-running reality show "Big Brother."

The federal lawsuit seeks an injunction ...

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China's inflation rate slows slightly to 3.4 pct

May 10, 2012

By ELAINE KURTENBACH, Associated Press

SHANGHAI (AP) — China's inflation rate slowed slightly to 3.4 percent in April, down from 3.6 percent a month earlier, giving the government greater leeway to ease policy to boost the economy.

The National Bureau of Statistics announced the figure Friday,

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FDIC head outlines strategy for seizing firms

May 10, 2012

By MARCY GORDON, Associated Press

WASHINGTON (AP) — The next time a big bank or financial firm fails, regulators hope to avoid a major blow to the economy by seizing the firm's parent company while allowing its healthy subsidiaries to continue operations, the head of the Federal Deposit Insurance ...

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Digital 'wallets' proliferate at cellphone show

May 10, 2012

By PETER SVENSSON, Associated Press

NEW ORLEANS (AP) — Cash, coins and credit cards are so Twentieth Century.

At least, that's the opinion of the electronics manufacturers, phone companies, banks and credit card issuers that expect cellphones to be the main way consumers pay for purchases in the ...

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Coty boosts buyout bid for Avon to about $10.7B

May 10, 2012

By MAE ANDERSON, Associated Press

NEW YORK (AP) — Beauty products maker Coty Inc. is raising its buyout offer for direct-seller Avon Products Inc. by about 6.5 percent to almost $10.7 billion, with help from billionaire investor Warren Buffett's Berkshire Hathaway.

Avon, whose brands include ...

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Freddie Mac names ex-E*Trade head as new CEO

May 10, 2012

By MARCY GORDON, Associated Press

WASHINGTON (AP) — Donald Layton, the former chief executive of brokerage firm E(asterisk)Trade Financial Corp, will be the next CEO of Freddie Mac.

The government-controlled mortgage company says Layton will take over the top job on May 21. He will succeed ...

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US deficit looms large despite April surplus

May 10, 2012

By MARTIN CRUTSINGER, Associated Press

WASHINGTON (AP) — For the first time in nearly four years, the U.S. government last month took in more money than it spent.

The surplus for April was a welcome sign that the economy is trudging back to health. Still, it's just one month of black ink in a ...

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