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Goldman says QE3 likely after Fed statement

SINGAPORE (Reuters) – Goldman Sachs said on Wednesday a third round of quantitative easing from the Federal Reserve is likely after the U.S. Federal Reserve promised to keep rates at extraordinarily low levels for at least two more years. “We now see a greater-than-even chance that the FOMC will resume…

Apple copycat ‘hiPhone 5′ comes calling in China

SHANGHAI (Reuters) – The newest version of Apple Inc’s popular iPhone has already hit the Chinese market — the fake market that is. The ‘hiPhone 5‘ is selling for as little as 200 yuan ($31) on China’s top e-commerce platform Taobao, which is owned by Alibaba Group. But one has to pay around 800 yuan for a…

Facebook agrees to disable California inmate accounts

LOS ANGELES — Facebook has agreed to disable the profiles of prison inmates in California whose accounts have been updated while they are behind bars. “Access to social media allows inmates to circumvent our monitoring process and continue to engage in criminal activity,” California Department of Corrections and Rehabilitation secretary…

Stocks rally at day’s end, erasing most of Monday’s major losses

NEW YORK (Reuters) – Stocks rallied on Tuesday in a volatile session as investors struggled to decipher the Federal Reserve’s signals on the economy after a dizzying two-week slide. The Dow Jones industrial average was up 429.69 points, or 3.97 percent, at 11,239.54, based on the latest figures. The Standard…

Fed vows low rates for two more years

The Federal Reserve pledged Tuesday to hold interest rates near zero for two more years and said it was mulling the tools it has to boost a slowing economy. Meeting as worries grew of a new recession, the Fed’s policy board said growth so far this year had been “considerably…

US stocks rebound after Monday’s rout

US stocks rebounded strongly in early trade Tuesday, surging well over one percent one day after their steepest plunge since the 2008 financial crisis. The Dow Jones Industrial Average added more than two percent in early trade before falling back slightly, while the Nasdaq’s early gain topped 2.6 percent. At 1415 GMT the…

Airplane banner calls for S&P officials to ‘all be fired’

Public backlash over the decision to downgrade U.S. credit has finally reached Standard & Poor’s doorstep — or at least their airspace. An airplane was seen flying over the credit ratings agency’s Wall Street headquarters Tuesday that said, “Thanks for the downgrade, you should all be fired.” (Business Insider has…

Apple becomes largest U.S. company

SAN FRANCISCO/NEW YORK (Reuters) - Apple Inc briefly edged past oil majorExxon Mobil to become the most valuable company in the United States after days of volatile stock market action. The market value of Apple rose on Tuesday to $341.5 billion, just above Exxon’s at $341.4 billion, even as the oil major rakes in more…

‘London riots facial recognition’ group forms on Google

A new Google Group called “London Riots Facial Recognition” emerged online in the wake of the London riots in an effort to identify the perpetrators. The group’s reported aim is to use tools similar to Facebook’s photo recognition to identify the looters who appear on photos of the riots on…

U.S. Fed under pressure to take action in wake of market meltdown

WASHINGTON (Reuters) – The Federal Reserve gathers on Tuesday under growing pressure to take some type of action to stem a financial market meltdown linked to fears of a new U.S. recession. The trouble is, the Fed’s policy toolkit looks rather depleted, making some question the likely effectiveness of any…

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