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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 He has been replaced by Tim Cook, who was previously Apple’s Chief Operating Officer.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…

Moody’s cuts Japan debt rating

Major ratings agency Moody’s Investors Service downgraded Japan’s sovereign debt rating by one notch Wednesday, putting fresh pressure on the country’s political leaders to repair its finances. Moody’s said it was cutting Japan’s government bond rating to Aa3 from Aa2, citing the “large budget deficits and the build-up in Japanese…

Facebook makes sharing more selective

SAN FRANCISCO — Facebook on Tuesday announced it is rolling out improvements aimed at letting users be more selective about who gets to see what they post at the world’s largest online social network. The move came in the face of a challenge from a freshly launched Google+ social network,…

Biden: Super committee may not work

Vice President Joe Biden, aboard Air Force Two during his diplomatic tour of Asia, told reporters that he didn’t have total confidence that the so-called congressional super committee would be able to make the cuts needed. Biden told reporters that the committee has “a shot of getting a deal that…

British PM’s top aide was on News Corp. payroll while working for government

Former News of the World editor Andy Coulson, at the centre of phone hacking claims, was still being paid by the tabloid’s owners while employed as the Conservative Party’s media chief, the BBC said. Coulson received several hundred thousand pounds in severance pay after he began work in July 2007…

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