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Greece swaps bonds worth $232.5 billion

Mar 12, 2012

By NICHOLAS PAPHITIS, Associated Press

ATHENS, Greece (AP) — Greece implemented the biggest debt writedown in history on Monday, swapping the bulk of its privately-held bonds with new ones worth less than half their original value.

Although the exchange will keep Greece solvent and at the ...

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Tiffany hits back at Swatch over joint venture

Mar 12, 2012

GENEVA (AP) — Swiss watchmaker Swatch Group says it is being sued for 541.9 million Swiss francs ($589 million) by its former business partner Tiffany & Co. over a contract dispute.

Swatch says the New York-based jeweler is striking back after the Swiss group last year claimed 3.8 billion in ...

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Volkswagen targets revenue rise in 2012

Mar 12, 2012

BERLIN (AP) — Volkswagen AG said Monday it was targeting a further increase in deliveries and revenues in 2012 despite difficult trading conditions in Europe as the region's biggest carmaker by sales revealed that its board's overall pay would be almost doubled to euro70.59 million ($93 million).

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Dubai owner mulls sale of New York's Essex House

Mar 12, 2012

By ADAM SCHRECK, Associated Press

DUBAI, United Arab Emirates (AP) — The Dubai owner of Jumeirah Essex House, the art deco hotel perched prominently on the edge of New York's Central Park, said Monday it is putting the property up for sale.

A subsidiary of the Dubai Holding investment company ...

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Apple's market clout likely to draw more scrutiny

Mar 12, 2012

By MICHAEL LIEDTKE, Associated Press

SAN FRANCISCO (AP) — In everything it does, from product design to business deals, Apple strives for as much control as possible.

But as the world's most valuable company sets out to define and dominate the rapidly evolving markets it created with the iPhone ...

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Markets steady as Greece awaits bailout

Mar 11, 2012

By PAN PYLAS, Associated Press

LONDON (AP) — Markets were steady Monday ahead of a meeting of European finance ministers that is expected to pave the way for a second massive bailout for Greece that will prevent the debt-ridden country's imminent bankruptcy.

Ministers from the 17 countries that ...

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Crowd-financing plays starring role in SXSW films

Mar 11, 2012

By JAKE COYLE, Associated Press

AUSTIN, Texas (AP) — The film "Girl Walk // All Day" opens on a blonde girl joyfully dancing past unimpressed New Yorkers on the Staten Island Ferry.

Moving to the remixed beats of the DJ known as Girl Talk, she and other dancers breeze through New York's urban ...

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Amateurs battle malware, hackers in UK cybergames

Mar 11, 2012

By RAPHAEL SATTER, Associated Press

BRISTOL, England (AP) — Amateur cybersleuths have been hunting malware, raising firewalls and fending off mock hack attacks in a series of simulations supported in part by Britain's eavesdropping agency.

The games are intended to pull badly-needed talent into ...

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Top ECB official sees 'mild recession' in eurozone

Mar 11, 2012

By DAVID McHUGH, Associated Press

FRANKFURT, Germany (AP) — A top European Central Bank official says the 17 countries that use the euro will probably see a "very mild recession" this year and that higher oil prices should not have a lasting impact on inflation.

Benoit Coeure, an ECB executive ...

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'Lorax' trumps 'John Carter' with $39.1M weekend

Mar 11, 2012

LOS ANGELES (AP) — "Dr. Seuss' the Lorax" has easily beaten Edgar Rice Burroughs' "John Carter" at the weekend box office.

Studio estimates Sunday put "The Lorax" at No. 1 for the second-straight weekend as the animated adventure based on the children's book took in $39.1 million. That raised its ...

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7 reasons the job gains could last this time

Mar 11, 2012

By PAUL WISEMAN, Associated Press

WASHINGTON (AP) — Wait — haven't we seen this movie before?

Companies are generating waves of jobs, and unemployment is down.

The same thing happened last year around this time. Then everything faded to black starting with the earthquake in Japan, which struck a ...

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Obama's health care law: A trek, not a sprint

Mar 11, 2012

By RICARDO ALONSO-ZALDIVAR, Associated Press

WASHINGTON (AP) — It took only a year to set up Medicare. But if President Barack Obama's health care law survives Supreme Court scrutiny, it will be nearly a decade before all its major pieces are in place.

And that means even if Obama is re-elected,

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Swiss voters reject 6 weeks paid vacation

Mar 11, 2012

By JOHN HEILPRIN, Associated Press

BERN, Switzerland (AP) — Swiss citizens appear to be leading the way on European austerity, rejecting a minimum six weeks paid vacation a year.

Swiss polls closed Sunday on several national referendums, including one pushed by a union to raise the minimum ...

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Sarkozy threatens French pullout of visa-free zone

Mar 11, 2012

By JAMEY KEATEN, Associated Press

PARIS (AP) — President Nicolas Sarkozy threatened Sunday to pull France out of the European Union's coveted visa-free Schengen zone unless the bloc makes progress on protecting EU borders from illegal immigration.

Sarkozy's pledge on the hot-button theme of ...

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Brazil's new consumer class flocks to US to buy

Mar 11, 2012

By GISELA SALOMON and JENNY BARCHFIELD, Associated Press

RIO DE JANEIRO (AP) — The overstuffed bags filling Fernando Mello's luggage cart wobbled precariously as the gym owner made his way home one morning through Rio's international airport. Navigating the terminal, Mello was part of a horde of ...

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At SXSW, apps buzz is location, location, location

Mar 10, 2012

By JAKE COYLE, Associated Press

AUSTIN, Texas (AP) — After a series of emails and phone calls, Paul Davison is located in a busy hallway at the Austin Convention Center.

Davison is founder and CEO of the location-based social network startup Highlight, one of the most talked-about apps at the ...

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Economic spying case over DuPont's chemical grows

Mar 10, 2012

By PAUL ELIAS, Associated Press

SAN FRANCISCO (AP) — The Chinese call it "Titanium white." And it does make many things white, from the inside of Oreo cookies to the paint on cars. Paper, toothpaste, plastics, cosmetics and just about any other commonplace item colored white includes titanium ...

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In Stockton, Calif., slow fall off financial cliff

Mar 10, 2012

By HANNAH DREIER, Associated Press

STOCKTON, Calif. (AP) — A red, white and blue sign declaring Stockton an "All-America City" still adorns City Hall, but the building's crumbling facade tells the real story of the community's recent fortunes.

Since the sign went up nearly a decade ago, Stockton ...

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Union leaders seek to mend divisions over pipeline

Mar 10, 2012

By SAM HANANEL, Associated Press

WASHINGTON (AP) — Unions may be united in working to re-elect President Barack Obama, but their leaders also are trying to repair bitter divisions over his rejection of an oil pipeline from Canada to Texas.

Trade unions representing workers who stand to benefit ...

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Obama strikes back at GOP critics on gas prices

Mar 10, 2012

By ANNE GEARAN, Associated Press

WASHINGTON (AP) — President Barack Obama is hitting back at Republican criticism of his energy policies and his role in controlling gasoline prices.

Obama used his weekly radio and Internet address Saturday to underscore his administration's work to develop ...

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