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Nokia profits rise after sale of handset division

Jul 24, 2014

By JARI TANNER, Associated Press

HELSINKI (AP) — Telecommunications and wireless equipment maker Nokia Corp. saw its shares surge on Thursday after it reported higher profits and an improved earnings outlook in the wake of its sale to Microsoft of its troubled handset division.

The Finnish company ...

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European Central Bank in database security breach

Jul 24, 2014

BERLIN (AP) — The European Central Bank says contact data have been stolen from a database that serves its public website, though it's stressing that no internal systems or market-sensitive data were compromised.

The Frankfurt-based central bank for the 18 nations that share the euro said Thursday ...

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Oil drifts down despite China manufacturing bounce

Jul 24, 2014

By The Associated Press

The price of oil fell Thursday, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.

Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile ...

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Social Security's $300M IT project doesn't work

Jul 24, 2014

WASHINGTON (AP) — The Social Security Administration has spent nearly $300 million on a new computer system to handle disability claims, but the agency can't get it to work. And officials can't say when it will.

Six years ago, Social Security embarked on an aggressive plan to replace outdated ...

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HK firms on edge as democracy rally blockade looms

Jul 24, 2014

By KELVIN CHAN, AP Business Writer

HONG KONG (AP) — As activists vow to shut down Hong Kong's financial district in protest at China's attempt to hobble democratic elections in the city, businessman Bernard Chan is preparing for the worst.

Chan's investment company has added backup phone lines,

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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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