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IBM buying Algorithmics for $387 million

NEW YORK — US computer giant IBM announced Thursday it is buying Algorithmics, a Toronto-based firm that makes risk analytics software, for $387 million. The acquisition of Algorithmics by the Armonk, New York-based IBM comes one day after it bought i2, a British firm that makes software for crime and…

Goldman Sachs to be fined over mortgage practices

NEW YORK — Goldman Sachs has agreed to pay a fine and reform some controversial mortgage practices that sparked the “robo-signing” scandal, the US Federal Reserve said on Thursday. The Fed’s announcement did not reveal the size of the fine, which stemmed from foreclosures carried out in 2009 and 2010…

White House predicts surge in U.S. growth

The US economy will not fall into a new recession and the country’s budget deficit will decline sharply in the next three years, the White House said Thursday. While growth will remain sluggish this year, in the 1.7-2.2 percent range, the economy is not expected to contract, according to a…

Jobless claims fall 12,000 last week

WASHINGTON (Reuters) – New claims for unemployment benefits fell as expected last week, a government report showed on Thursday, showing little sign of a pick-up in layoffs in the wake of a slump in business and consumer confidence. Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted…

Billing dispute reveals CIA torture flights

A billing dispute in New York has revealed details of secret CIA rendition flights that transported terror suspects around the world following the September 11 attacks, newspapers reported. The Washington Post, one of a handful of media outlets alerted to the public court documents by a London-based rights group, said…

Goldman Sachs and two other firms agree to end robo-signing

(Reuters) – Goldman Sachs and two other firms have agreed with the New York banking regulator to end the practice known as robo-signing, in which bank employees signed foreclosure documents without reviewing case files as required by law, the Wall Street Journal said. In an agreement with New York’s financial-services…

Factories falter as orders fade away

LONDON/SINGAPORE (Reuters) – Factory activity stalled last month as new orders tumbled, heightening fears that the global economy is heading for another downturn, a series of surveys showed on Thursday. The Purchasing Managers’ Indexes showed manufacturing activity contracted in the euro zone for the first time in almost two years…

Sony to release tablet computer this month

Sony’s first tablet computer will hit the Japanese market on September 17 as the company looks to take on Apple’s popular iPad, the electronics giant said Thursday. The Sony Tablet will be powered by Google’s Android software, allowing users to download content such as books, movies and games. The Sony…

Another Apple employee loses iPhone 5 prototype

SAN FRANCISCO — Technology news website CNET on Wednesday reported that a new version of Apple’s coveted iPhone went astray in a bar in a replay of an embarrassing loss that took place last year. An Apple employee lost a yet-to-be released iPhone model in a tequila bar in the…

Analysts: Antitrust suit a huge blow for AT&T

The decision by US authorities to challenge AT&T’s $39 billion takeover of T-Mobile is a bitter blow for the US telecoms giant, but it could benefit consumers, analysts said. As it filed a lawsuit to block the takeover on Wednesday, the US Department of Justice said the takeover bid —…

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