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19-year-old faces five years in prison for streaming sporting events

A 19-year-old New York man faces up to five years in prison after federal authorities arrested him on Tuesday for allegedly streaming live copyrighted sporting events over the Internet. The U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) announced that Mohamed Ali was taken into custody at his…

Sanders: Strengthen Social Security by taxing large incomes

A forthcoming bill to be proposed by Sen. Bernie Sanders (I-VT), the only Democratic Socialist in the U.S. Senate, would make incomes above $250,000-a-year subject to the payroll tax, a move he says will make the nation’s most beloved social safety net program, Social Security, significantly stronger. The current payroll…

Madoff: Insider trading rife on Wall Street

Bernard Madoff, who ran one of the biggest Wall Street frauds in history, says that many of his former colleagues in the financial industry are also crooks. In a prison interview with Fox Business Network published Thursday, the Ponzi scheme mastermind claimed that insider trading “goes on at every major…

Warren Buffett to invest $5 bn in Bank of America

NEW YORK — Billionaire Warren Buffett’s Berkshire Hathaway will buy $5 billion in preferred shares of beleaguered US banking giant Bank of America, the bank said on Thursday. “Bank of America Corporation announced today that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a…

U.S. weekly jobless numbers surge

Initial US weekly jobless claims surged to 417,000 last week, dimming hopes of an imminent recovery in the jobs market, the US Labor Department said on Thursday. New claims for unemployment insurance rose in the week to January 20 from a revised 412,000 the previous week, well above the four-week…

Nokia unveils two cheap phones for emerging markets

NAIROBI (Reuters) – Ailing Nokia Oyj unveiled two cheap cellphone models inspired by consumer needs in Africa, aiming to strengthen its position against low-cost Asian rivals. Nokia shares have roughly halved this year as the company struggled to keep up with the pace of smartphone development while also losing ground…

Stock futures flat ahead of jobless claims

NEW YORK (Reuters) – Stock futures were little changed on Thursday as investors found little reason to buy after three days of gains on the S&P 500 and ahead of weekly data on jobless claims. Nasdaq futures were pressured as Apple Inc fell 2.7 percent to $366.15 in premarket trading.…

Steve Jobs resigns as CEO of Apple

Steve Jobs resigned as the CEO of Apple Inc. on Wednesday, in a long expected move after he began a dramatic fight with cancer. He has been replaced by Tim Cook, who was previously Apple’s Chief Operating Officer. “I have always said if there ever came a day when I…

CBO: Budget deal cuts U.S. deficit in half over next decade

WASHINGTON (Reuters) – A sweeping U.S. budget deal has brightened the country’s fiscal outlook but unemployment will remain high over the near term, nonpartisan congressional forecasters said on Wednesday. The report by the Congressional Budget Office is likely to add fuel to the debate over jobs and the economy that…

US wants UN to free $1.5 billion of Libya aid

UNITED NATIONS — The United States called an urgent meeting of the UN Security Council on Wednesday to press for an easing of Libya sanctions so that it can send $1.5 billion of humanitarian aid. The 15-member council will meet from 3:00 pm (1900 GMT) to discuss a proposed US…

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