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Citigroup to pay $7B in subprime mortgages probe

Jul 14, 2014

By ERIC TUCKER, Associated Press

WASHINGTON (AP) — Citigroup will pay $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis.

The agreement announced Monday comes weeks after talks between the sides broke down, prompting the government to ...

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VW to build new SUV in Tennessee, add 2,000 jobs

Jul 14, 2014

DETROIT (AP) — Volkswagen says it will build a new seven-passenger SUV at its Chattanooga, Tennessee, factory, adding about 2,000 jobs.

The German automaker says it will invest $600 million in the factory and a new research center that will employ about 200 engineers.

Production of the new SUV is ...

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Airbus launches new planes in wide body family

Jul 14, 2014

FARNBOROUGH, England (AP) — Airbus has launched updated versions of its A330 wide body aircraft in a bit to improve fuel efficiency, increase range and help the aircraft compete against Boeing's 787 Dreamliner.

Airbus told reporters Monday the new designs for the A330-800neo and the A330-900neo ...

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Developers aiming to get new F-35 at Farnborough

Jul 14, 2014

FARNBOROUGH, England (AP) — Lockheed Martin and the U.S. military say they are still hoping to show off the F-35B fighter at the Farnborough International Airshow — even though time is running out to get the aircraft across the Atlantic.

Developers are still hoping to debut the aircraft at the ...

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Mylan to buy Abbott business line in $5.3B deal

Jul 14, 2014

PITTSBURGH (AP) — The generic drugmaker Mylan is buying Abbott Laboratories' generic-drugs business in developed markets for stock valued at about $5.3 billion.

Mylan said Monday that the deal will diversify and expand its business outside the U.S. The combined company will be organized in the ...

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Oil edges lower after big drop on Libyan supplies

Jul 14, 2014

By PABLO GORONDI, Associated Press

The price of oil edged down toward $100 a barrel on Monday after its biggest one-day drop since April following growing expectations of more supplies from Libya.

By early afternoon in Europe, benchmark U.S. crude for August delivery was down 28 cents at $100.55 a ...

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China indicts US, British corporate investigators

Jul 14, 2014

By GILLIAN WONG, Associated Press

BEIJING (AP) — Chinese authorities have indicted British and American investigators hired by GlaxoSmithKline on charges of illegally obtaining and selling private information, state media reported Monday, as the Briton blamed the pharmaceutical company for ...

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ECB's Draghi set for grilling as industry falters

Jul 14, 2014

By PAN PYLAS, Associated Press

LONDON (AP) — European Central Bank President Mario Draghi is likely to face a barrage of questions Monday from lawmakers asking what can be done to reduce the value of the euro amid further signs the recovery in the 18-country eurozone is faltering.

The ECB is coming ...

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Swiss Lindt buys US candy maker Russell Stover

Jul 14, 2014

GENEVA (AP) — Swiss chocolate maker Lindt & Spruengli says it is buying U.S. manufacturer Russell Stover Candies, Inc., for an undisclosed sum.

Lindt CEO Ernst Tanner said Monday that the purchase provides "a unique opportunity for us to expand our North American chocolate business." The company ...

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Engineering company Aecom to buy URS for $4B

Jul 13, 2014

LOS ANGELES (AP) — Engineering design company Aecom Technology Corp. said Sunday it is buying URS Corp. for $4 billion in cash and stock, or about $56.31 per URS share.

The price is 8 percent above URS's closing stock price of $52.02 on Friday, but 19 percent above the average price for the last ...

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'Planet of the Apes' thumps chest with $73M debut

Jul 13, 2014

By JAKE COYLE, AP Film Writer

NEW YORK (AP) — The monkey business is a good business to be in at the box office.

"Dawn of the Planet of the Apes" roared to $73 million on its opening weekend, one of the summer's best debuts, according to studio estimates Sunday. The 20th Century Fox sequel easily ...

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Chinese firm buys UK's Pizza Express chain

Jul 13, 2014

LONDON (AP) — Pizza Express, one of Britain's best-known chain restaurants, has been sold to a Chinese private equity firm for about 900 million pounds ($1.5 billion.)

Gondola Group, which also owns other British restaurant chains, said it agreed to the sale with Hony Capital on Saturday in the ...

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US, Germany vow cooperation despite espionage spat

Jul 13, 2014

By BRADLEY KLAPPER, Associated Press

VIENNA (AP) — The United States and Germany are vowing to work closely together on global matters despite strains in their relationship linked to recent espionage accusations.

U.S. Secretary of State John Kerry and German Foreign Minister Frank-Walter Steinmeier ...

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Chinese officials will buy more electric cars

Jul 13, 2014

BEIJING (AP) — China says at least 30 percent of newly purchased government cars will be electric and other types of "new energy vehicles" as it attempts to tackle air pollution and encourage the electric car market.

The official Xinhua News Agency was quoting a joint plan from government ...

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Tracy Morgan released from rehab month after crash

Jul 12, 2014

By BRUCE SHIPKOWSKI, Associated Press

TRENTON, N.J. (AP) — Former "Saturday Night Live" star Tracy Morgan has been released from a rehabilitation facility as he heals from serious injuries he suffered in a car crash that left a fellow comedian dead, his spokesman said Saturday.

Morgan will continue ...

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Owners of Trump Plaza casino expect it will close

Jul 12, 2014

By WAYNE PARRY, Associated Press

ATLANTIC CITY, N.J. (AP) — Atlantic City's crumbling casino market disintegrated even further Saturday as the owners of the Trump Plaza casino in Atlantic City said they expect to shut down in mid-September.

Trump Entertainment Resorts told The Associated Press that ...

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Taking to the sky: Airshow ready for take off

Jul 12, 2014

By DANICA KIRKA, Associated Press

LONDON (AP) — A lot is at stake in the Farnborough International Airshow, the aviation industry's biggest annual event, which opens Monday.

The trade show is expected to see the first presentation of the world's most advanced fighter jet, new commercial aircraft as ...

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LeBron James returns to Cavs: 'I'm coming home'

Jul 12, 2014

By TOM WITHERS, AP Sports Writer

CLEVELAND (AP) — If LeBron James was going to win another NBA title, heal broken hearts and continue building his legacy, he knew there was only one place to go.

To Ohio. Home.

Four years after he left for Miami, a widely criticized departure that damaged his image and ...

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Chinese man accused of hacking into US computers

Jul 11, 2014

By JULIE WATSON, Associated Press

SAN DIEGO (AP) — U.S. authorities have charged a Chinese businessman with hacking into the computer systems of U.S. companies with large defense contracts, including Boeing, to steal data on military projects, including some of the latest fighter jets, officials ...

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Stocks stabilize, but end down for the week

Jul 11, 2014

By STEVE ROTHWELL, AP Markets Writer

NEW YORK (AP) — U.S. stocks stabilized and ended with a small gain Friday, but it wasn't enough to prevent the market's biggest weekly drop since April.

Investors became more cautious this week as corporate earnings for the April-June period began trickling in.

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