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IMF urges euro action as Merkel tempers summit expectations

German Chancellor Angel Merkel talked down the chances Tuesday that a eurozone summit will deliver the silver bullet to resolve the debt crisis as the IMF pressed leaders to take urgent action. While senior eurozone finance officials met in Brussels to craft a second Greek bailout for Thursday’s summit, Merkel…

Apple profit rockets with hot iPad, iPhone sales

Apple revenue and profit rocketed to record highs in the recent quarter as sales of iPhones and iPads more than doubled with help from accelerating demand in Asia. Apple said Tuesday that its net profit more than doubled to $7.31 billion on unprecedented revenue of $28.57 billion in the quarter…

Nissan to expand U.S. availability of all-electric Leaf model

WASHINGTON — Nissan North America said Tuesday it was expanding the availability of the all-electric Nissan Leaf to more US outlets and raising the price for the 2012 model. Brian Carolin, senior vice president of sales and marketing, said the Leaf will be available this fall in 10 additional states…

Microsoft tycoon Bill Gates to reinvent toilets

WASHINGTON — The man who reinvented computers and made PCs a household item in most wealthy nations, Microsoft tycoon turned philanthropist Bill Gates, is now focusing his attention on recasting the toilet. The Bill and Melinda Gates Foundation is pledging millions of dollars in grants to reinvent the toilet, its…

BofA posts second-quarter loss on mortgage settlement

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted a second-quarter net loss after agreeing to an $8.5 billion settlement with mortgage bond investors. The largest U.S. bank by assets reported on Tuesday a net loss of $8.8 billion, or 90 cents per share, compared with net income of…

‘Air-conditioned clothes’ help Japan beat heat

As jackets go it looks far from fashionable, but its Japanese maker cannot meet sky-rocketing demand for “air conditioned” coats with built-in fans. Kuchofuku Co. Ltd — whose name literally means “air-conditioned clothing” — has seen orders soar amid power shortages in Japan after the devastating March 11 earthquake and…

Greek default must be avoided, says ECB chief

The responsibility to prevent Greece from defaulting lies with eurozone governments, European Central Bank chief Jean-Claude Trichet told a Slovak newspaper in an interview published on Tuesday. “A credit event, selective default or default must be avoided,” Trichet told the daily Hospodarske Noviny, repeating the central bank’s line two days…

News Corp shares recover ground in Australia

News Corp. shares recovered some ground on bargain-hunting in Australian trade Tuesday amid reports that under-fire tycoon Rupert Murdoch could step down as chief executive. The stock closed 2.40 percent, or 34 cents, higher at Aus$14.50, with one analyst saying the firm had been oversold, losing about a fifth of…

‘Anonymous’ launches social networking website AnonPlus

SAN FRANCISCO — Infamous hacker group Anonymous launched Monday its own social network after being rejected by Google’s freshly-launched online community. “Today we welcome you to begin anew,” the hacker alliance said at the website anonplus.com, which it described as a platform to distribute information. “Welcome to the Revolution –…

Reporter who blew whistle on Murdoch found dead

UPDATE: Police: Death of News of the World whistleblower ‘not suspicious’ The reporter who blew open the phone hacking scandals now threatening to topple News Corporation has been found dead in his London home, according to a report in The Guardian. Sean Hoare, who covered show business for the now-defunct…

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