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Lawsuit: News Corp. directors knew about U.S. hacking a decade ago

The board of directors for News Corporation knew that two of its U.S. subsidiaries were involved in illegal hacking efforts against competitors but did nothing to stop it, according to a lawsuit filed this week by shareholders. The allegations point to News America Marketing and NDS Group, two News Corp.…

Fight brewing over U.S. offshore profit taxation

WASHINGTON (Reuters) – Large U.S. corporations are pressuring Congress and the White House to exempt overseas corporate profits from taxes, a policy shift that critics say would hurt the economy and increase the federal deficit. A fight is shaping up between supporters of territorial taxation, as this policy proposal is…

Release of key BP oil spill report expected soon

WASHINGTON (Reuters) – The results of a pivotal federal U.S. probe of last year’s massive BP oil spill could be released as early as Wednesday, according to a source familiar with the matter. The final report from U.S. Coast Guard and Bureau of Ocean Energy Management(BOEM) investigators has been heavily anticipated by investors eager for clues…

Eurozone debt crisis could rip E.U. apart: officials

The eurozone debt crisis now threatening banks could destroy six decades of post-war European integration, top EU officials warned on Wednesday. The dire warning that post World War II Europe risks disaster came shortly after Moody’s credit rating agency downgraded two French banks and as financial markets increasingly calculate the…

Microsoft previews Windows 8, stresses tablets

Microsoft pulled back the curtain on new Windows computer operating software designed to power not only personal computers but also rivals to Apple’s iPad. Windows division president Steven Sinofsky stressed touchscreen tablets on Tuesday as he boasted of the diverse types of hardware that Windows 8 will run after its…

Facebook appoints director of privacy

WASHINGTON — Facebook, which has been dogged by complaints over privacy, announced Tuesday that it has named a director of privacy at the social network. Erin Egan, a privacy and data security lawyer with the firm of Covington & Burling, will join Facebook in mid-October, the Palo Alto, California-based company…

Studies: Financial regulation leads to long-term growth

With the presidential campaign in motion, and President Obama urging immediate passage of his new jobs bill, the attention in Washington has shifted almost exclusively to the economy and job creation. And that means a shift away from regulation, right? Not necessarily. Some regulators and financial industry experts are predicting…

U.S. to require bankruptcy plans from ‘too big to fail’ firms

WASHINGTON — US regulators approved Tuesday a rule requiring 37 large US and foreign financial institutions to submit plans to allow for their orderly dismantlement in case of bankruptcy. In the wake of the 2008-2009 financial crisis, the Federal Deposit Insurance Corporation rule, which regulates banks, has adopted the rule…

Facebook rolling out ‘smart lists’ of friends

SAN FRANCISCO — Facebook on Tuesday introduced “smart lists” that automatically sort friends into categories and prioritize news from those dearest to members of the world’s largest online social network. The rollout of smart lists commences on Wednesday and comes as rival Google+ seeks to win over users by providing…

Nintendo looks to boost 3DS with new games

Nintendo unveiled a string of new software titles at a highly anticipated Tokyo trade show on Tuesday, as it attempts to boost sales and reignite interest in its struggling 3DS handheld games console. But Nintendo shares tumbled more than 5 percent on the Osaka bourse with investors underwhelmed by the…

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