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Facebook shutting down online Deals program

Facebook is ending a Deals program launched in April which offered online bargains like Groupon, LivingSocial and other companies. “After testing Deals for four months, we’ve decided to end our Deals product in the coming weeks,” the Palo Alto, California-based social network said in a statement. “We think there is…

Bernanke: It’s Congress’s turn to act on economy

JACKSON HOLE, Wyoming (Reuters) – Federal Reserve Chairman Ben Bernanke on Friday stopped short of detailing further action to boost the U.S. recovery but said the central bank would consider what more it could do to fight high unemployment, giving some comfort to investors. Bernanke said the Fed had marked…

Survey: Half of U.S. adults are using online social networks

WASHINGTON — Half of US adults are using social networks such as Facebook, Myspace or LinkedIn, according to a survey published Friday. The survey by the Pew Research Center’s Internet and American Life Project found that 65 percent of adult Internet users in the United States use social networks. That…

Can electric cars win over the mass market?

CHICAGO — It’s not every day that a US governor accepts an invitation to the launch of a Japanese-built car, but Nissan’s all-electric Leaf offers environmental credentials that top any nationalistic concerns. “Illinois is laying the groundwork for electric vehicles and a more green economy, and our efforts are paying…

Apple investors remain confident as Jobs steps down

SAN FRANCISCO/NEW YORK (Reuters) – Apple Inc’s first day without Steve Jobs as chief executive looked awfully similar to most other days: its share price beat the broader stock market. In announcing he could no longer fulfill his duties and would resign as chief executive, Jobs made headlines worldwide and…

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…

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