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U.S. fiscal year budget deficit widens to $587 billion
The U.S. budget deficit widened to $587 billion for the fiscal year 2016 on slower-than-expected revenues and higher spending for programs including Social Security and Medicare, the Treasury Department said on Friday. It was the first time the deficit increased in relation to economic output since 2009, according to figures from the Congressional Budget Office. Last fiscal year's deficit was... [Read more]
Verizon says Yahoo hack ‘material,’ could affect deal
By David Shepardson WASHINGTON (Reuters) – Verizon Communications Inc said on Thursday it has a “reasonable basis” to believe Yahoo Inc's massive data breach of email accounts represents a material impact that could allow Verizon to withdraw from its $4.83 billion deal to buy the technology company. Verizon's general counsel Craig Silliman told reporters at a roundtable... [Read more]
Samsung expects another $3 billion hit to profit from Note 7 failure
Samsung Electronics Co Ltd on Friday said it expects to take a hit to its operating profit of about $3 billion over the next two quarters due to the discontinuation of its fire-prone Galaxy Note 7 smartphone. The outlook brings to more than $5 billion the total losses the global smartphone leader has forecast as a result of the overheating issues, after it said on Wednesday it would suffer a $2.3... [Read more]
BMW recalls 33,026 cars in Russia: watchdog
MOSCOW (Reuters) – Russian standards agency Rosstandart said on Wednesday it had been informed about a voluntary recall by German carmaker BMW of 33,026 cars of the X3 F25 and X4 F26 models. Excerpt from: BMW recalls 33,026 cars in Russia: watchdog Read More →
Apple to set up R&D center in Shenzhen, bolster China ties
By Sijia Jiang HONG KONG (Reuters) – Apple Inc will set up a research and development center in China's manufacturing metropolis Shenzhen, the U.S. tech giant said on Wednesday, as the firm looks to spur growth in … Read more here: Apple to set up R&D center in Shenzhen, bolster China ties Read More →
U.S., Canada to continue lumber trade talks as deadline passes
The top U.S. and Canadian trade negotiators said on Wednesday they would continue talks toward a new trade agreement on softwood lumber, despite the expiration of a “standstill” period prohibiting legal challenges over the long-standing dispute. U.S. producers complain that Canadian lumber is subsidized, and they have in the past launched trade challenges that resulted in the United … View... [Read more]
Salesforce still mulls bid for Twitter as shareholders resist: sources
Salesforce.com Inc is still deliberating whether it should make an offer for Twitter Inc in the face of resistance from Salesforce shareholders over the strategic merits and valuation of such a deal, people familiar with the matter said on Monday. Twitter shares have lost as much as a third of their value since Oct. 5 on concerns the company has attracted less interest from potential acquirers than... [Read more]
‘Flash crash’ thrashes sterling; dollar slides on U.S. jobs data
By Richard Leong and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – Sterling plunged on Friday after what traders called a “flash crash” knocked the currency to a 31-year low, while the dollar slipped on news of unexpectedly weak U.S. jobs growth in September. “I think it’s a warning shot from the markets to the UK about what type of potential volatility … View original... [Read more]
U.S. job growth slows; markets bet on December rate hike
U.S. employment growth eased for the third straight month in September and the jobless rate rose, but the slowdown was not expected to prevent the Federal Reserve from raising interest rates later this year. The… Excerpt from: U.S. job growth slows; markets bet on December rate hike Read More →
Replacement Samsung Note 7 phone emits smoke on U.S. plane: family
By Steve Bittenbender LOUISVILLE, Ky. (Reuters) – A replacement model of the fire-prone Samsung Note 7 smartphone began smoking inside a U.S. plane on Wednesday, the family that owns it said, prompting fresh investigations by the Consumer Product Safety Commission and the Federal Aviation Administration. A problem with the replacement… Go here to see the original: Replacement Samsung... [Read more]