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Social networking top online activity in U.S.

US Internet users are spending nearly a quarter of their online time at blogs and social networks, with Facebook the most popular destination, according to a survey released by Nielsen. “Social media’s popularity continues to grow, connecting people with just about everything they watch and buy,” Nielsen said in a…

Amazon says tax delay will save jobs

Amazon said legislation allowing online retailers to delay for one year the collection of sales tax in California would save jobs and provide time for a national law to be drawn up. Debt-stricken California desperately needs revenue but a bill that could compel online shoppers to pay tax for the…

Tax rate adjustments to pay for Obama jobs plan

The president’s $447 billion plan for tax incentives and infrastructure spending to create new jobs would be paid for by adjusting the tax rates of wealthy Americans, such as hedge funds managers and corporate jet owners, laying the burden of continued economic recovery at the feet of those who’ve seen…

BofA plans 30,000 job cuts; investors underwhelmed

(Reuters) – Bank of America Corp said it is cutting 30,000 jobs in the coming years as it looks to slash annual expenses by $5 billion, but investors were disappointed in the scant new detail the bank provided about its plans. The bank’s chief executive,Brian Moynihan, said Bank of America…

Obama to send jobs bill to Congress

US President Barack Obama will ratchet up pressure on Republicans on Monday by sending his $447 billion American Jobs Act to Congress and calling on lawmakers to pass it, a White House official said. Obama will hold an event in the Rose Garden of the White House including people who…

Auto makers defy crisis at IAA motor show

Clouds may be gathering over the global economy, but auto makers are revving up to try and dispel any gloom with nearly 90 new models at the world’s biggest motor show, the IAA. With more than 1,000 exhibitors from 32 countries crowding into 235,000 square metres (23 hectares) of the…

Swiss banks ‘allegedly’ providing information to US

Swiss banks have “allegedly” begun providing information to Washington on accounts held by US citizens, Swiss media reported Saturday. Local daily Neue Zuercher Zeitung reported that US authorities had “allegedly” received information from Swiss banks on their American customers, without citing sources. It said that on Friday nine banks “allegedly…

Economic turmoil in Europe drives Dow down 300

NEW YORK — US stocks plunged on Friday, with the Dow Jones Industrial Average sliding more than 300 points, as global stock markets were stung by fresh anxiety in the eurozone over Greece’s bailout. The Dow fell 303.68 points (2.69 percent) to close at 10,992.13. The broader S&P 500 fell…

Apple wins key German patent case against Samsung

Apple won the latest battle in a global legal war with Samsung on Friday when a German court banned the Korean firm from selling a tablet computer in Germany, ruling it had copied the iPad. The court, in the western city of Duesseldorf, said Samsung’s Galaxy Tab 10.1 computer, a…

Major Yahoo shareholder calls for new board

NEW YORK (Reuters) – Shareholder activist Daniel Loeb has scooped up shares of Yahoo Inc and is demanding that the company overhaul its board, saying the directors have made “serious misjudgments” and “destroyed value” for stockholders. A “reconstituted board with new directors who will bring fresh eyes, relevant industry expertise…

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