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Swiss drug maker Roche posts 7 percent profit drop

Jul 24, 2014

GENEVA (AP) — Swiss drugmaker Roche Holding AG has posted a net profit drop of 7 percent compared with a year ago, weighed down by a strong Swiss franc and charges from one of its diagnostic units.

The world's biggest manufacturer of cancer drugs, which reports earnings every six months, posted ...

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Boss of company in China meat scandal apologizes

Jul 24, 2014

By JOE McDONALD, AP Business Writer

BEIJING (AP) — The chairman of an American meat supplier apologized Thursday for a Chinese subsidiary that is accused of selling expired beef and chicken to restaurants including McDonald's and KFC.

Fast food chains in China suspended use of products from ...

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JFK returns to old look in new collectors' coins

Jul 24, 2014

By MICHAEL HILL, Associated Press

WEST POINT, N.Y. (AP) — President John F. Kennedy is getting his old look back on new collectors' coins.

The slain president's profile debuted on the half dollar 50 years ago, and the image was subtly tweaked in the 1990s. Now the U.S. Mint is producing collectors'

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UN human development report faults inequality

Jul 24, 2014

By ELAINE KURTENBACH, AP Business Writer

TOKYO (AP) — Improvements in life spans, education and incomes are slowing due to natural disasters, misguided government policies and worsening inequality in a world where the 85 richest people have as much wealth as the 3.5 billion poorest people, the ...

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South Korea unveils stimulus after ferry sinking

Jul 23, 2014

By YOUKYUNG LEE, AP Business Writer

SEOUL, South Korea (AP) — South Korea's government unveiled stimulus plans Thursday after the shock of a deadly ferry sinking slowed economic growth to the lowest level in three quarters.

The finance ministry said government spending would increase by 11.7 ...

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Japan trade deficit at record $75B in first half

Jul 23, 2014

By ELAINE KURTENBACH, AP Business Writer

TOKYO (AP) — Japan's trade deficit surged to a record 7.6 trillion yen ($74.9 billion) in the first half of the year as exports failed to keep pace with surging imports, the Finance Ministry reported Thursday.

Japan's bulging import bill was partly due to a ...

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Facebook 2Q earnings, revenue soar

Jul 23, 2014

By The Associated Press

MENLO PARK, Calif. (AP) — Facebook is on a roll. The world's largest online social network posted sharply higher earnings on Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often.

The company's shares climbed nearly 4 percent in ...

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Twitter admits to diversity problem in workforce

Jul 23, 2014

SAN FRANCISCO (AP) — Twitter is acknowledging that it has been hiring too many white and Asian men to fill high-paying technology jobs, just like several other major companies in Silicon Valley.

The lack of diversity in Twitter's workforce of roughly 3,000 people was spelled out in data released ...

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GM issues 6 more safety recalls

Jul 23, 2014

DETROIT (AP) — General Motors issued six more recalls on Wednesday, bringing its annual total to 60 recalls covering almost 30 million vehicles.

The latest recalls cover nearly 823,000 cars, trucks and SUVs mostly in North America but including a small number of exports. The largest is for faulty ...

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Former trader gets 2 years in prison for fraud

Jul 23, 2014

NEW HAVEN, Conn. (AP) — A federal judge sentenced a former Wall Street trader to two years in prison on Wednesday for securities fraud, saying he took advantage of a government bailout program.

The judge also fined Jesse Litvak $1.75 million.

"This was a market that was dead in the water," Judge ...

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Trump: DC hotel will be among world's best

Jul 23, 2014

WASHINGTON (AP) — Donald Trump has big plans for the Old Post Office building, a historic structure in downtown Washington that he's pledging to transform into the city's most luxurious hotel. As for the White House, four blocks away? He's not saying.

The real estate mogul and reality TV star was ...

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Stopping deadly oil train fires: New rules planned

Jul 23, 2014

WASHINGTON (AP) — Responding to a series of fiery train crashes, the government proposed rules Wednesday that would phase out tens of thousands of older tank cars that carry increasing quantities of crude oil and other highly flammable liquids through America's towns and cities.

But many details ...

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Meat supplier in China scandal has global reach

Jul 23, 2014

NEW YORK (AP) — It isn't a household name, but the company that's at the center of a food scandal in China helps make some of the world's most popular foods, including the Big Macs and Quarter Pounders served at McDonald's locations.

OSI Group, a privately-held company based in Aurora, Illinois,

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Stocks turn mostly higher as earnings roll in

Jul 23, 2014

By KEN SWEET, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes were mostly higher in afternoon trading Wednesday as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies. Biotechnology stocks were among the biggest gainers.

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NYC official: Thieves got into 1K StubHub accounts

Jul 23, 2014

By JENNIFER PELTZ, Associated Press

NEW YORK (AP) — The Manhattan district attorney says six people have been indicted in an international ring that managed to take over more than 1,000 StubHub users' accounts and fraudulently buy tickets to such prime events as Jay-Z and Elton John concerts, a New ...

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US economy, though sluggish, may now be sturdier

Jul 23, 2014

By The Associated Press

WASHINGTON (AP) — Out of a seemingly hollow recovery from the Great Recession, a more durable if still slow-growing U.S. economy has emerged.

That conclusion, one held by a growing number of economists, might surprise many people. After all, in the five years since the ...

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Senate bill targets companies that move overseas

Jul 23, 2014

WASHINGTON (AP) — The Senate voted Wednesday to advance an election-year bill limiting tax breaks for U.S. companies that move operations overseas. But big hurdles remain.

The Senate voted 93-7 to begin debating the bill, which would prevent companies from deducting expenses related to moving ...

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US stocks drift following mixed corporate earnings

Jul 23, 2014

NEW YORK (AP) — Stocks are little changed in midday trading as traders look over a mixed batch of corporate earnings.

Boeing fell 2 percent Wednesday after its revenue fell short of what analysts were expecting.

Apple rose 3 percent after its earnings came in ahead of forecasts. Apple sold 13 ...

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China detains employees of suspect meat seller

Jul 23, 2014

By JOE McDONALD, AP Business Writer

BEIJING (AP) — Five employees of a company accused of selling expired beef and chicken to McDonald's, KFC and other restaurants in China were detained by police Wednesday after an official said illegal activity was an organized effort by the supplier.

China's food ...

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IMF cuts forecast for US economic growth in 2014

Jul 23, 2014

WASHINGTON (AP) — The International Monetary Fund has shaved its forecast for U.S. economic growth this year, mostly because of a sharp contraction in the first quarter.

But the global lending organization still expects that growth accelerated in the April-June quarter and will remain healthy for ...

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