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Gold strikes new record high on U.S. default fears

Gold forged a record high above $1,625 per ounce here on Wednesday, as investors parked their cash in the precious metal in the face of heightened concerns over a potential US default. The price of gold struck $1,625.70 an ounce at about 0600 GMT on the London Bullion Market, beating…

Saudi billionaire, News Corp. benefactor, rebuffs calls for restructuring

LONDON (Reuters) – News Corp’s major shareholder Prince Alwaleed bin Tala has rebuffed calls to change the company’s dual-class structure or leadership, the Financial Times reported in its Tuesday edition. “Investors went into News Corp knowing the class A and B share structure,” Alwaleed was quoted as saying in an…

IMF chief warns of global dangers of U.S. default

IMF chief Christine Lagarde warned Tuesday the clock was ticking on a US debt deal, as the dollar slid to new lows amid concerns of a looming and unprecedented default by the world’s top economy. President Barack Obama, in a solemn late night address to the nation, hit out at what…

Soros to return outsiders’ hedge fund money

BOSTON (Reuters) – Billionaire investor George Soros, whose stock-picking career has spanned nearly four decades, said he will manage money only for himself as new regulations threaten to crimp the hedge fund industry he made famous. The octogenarian fund manager, known as much for earning $1 billion on a nervy…

Racial wealth gap greatest in quarter century

If it seems like the consequences of the dire economic climate keep rushing on, that’s because they are. A new Pew Research Center analysis of census data shows that the wealth gap between white people and minorities is the widest it has been in 25 years. The average white households’…

Fingerprint analysis tech aims to revolutionize drug testing

A new technology that analyzes the sweat from a person’s fingertips looks to revolutionize the drug testing market, providing on-site results in minutes with a test so advanced it can even detect marijuana intoxication. Using gold nanoparticles and special antibodies, the tech produced by British firm Intelligent Fingerprinting latches on…

BP rebounds into $5.62-billion net profit

British energy giant BP rebounded into net profit in the second quarter of 2011, aided by high oil prices, after a huge loss last year in the wake of the Gulf of Mexico oil spill disaster, it said Tuesday. Earnings after taxation hit $5.62 billion (3.87 billion euros) in the…

China closes two fake Apple stores

Chinese authorities have closed two fake Apple stores in the country’s southwestern Yunnan province, state media reported Monday, following a storm of publicity over the rip-off shops. An investigation of 300 IT stores in the city of Kunming found five outlets using the Apple trademark without the US giant’s permission,…

Japan passes second recovery budget

Japan’s parliament on Monday enacted a $25 billion extra budget to pay for relief and rebuilding after the March 11 quake-tsunami, as Prime Minister Naoto Kan faced mounting pressure to resign. Earlier in the day a ruling party heavyweight suggested Kan could be closer to stepping down with the budget…

‘Anonymous’ hackers access Austrian bank data

The Austrian branch of the hacker group Anonymous accessed the bank data of 96,000 people in an attack on the website of the country’s GIS television licence agency, officials said on Monday. The hacker group, which was targeted last week by US authorities in a crackdown that included 16 arrests,…

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