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UN, U.S. targets of major cyber spying campaign: report

Over 70 organizations including the United Nations and major US defense groups have been targets of a global cyber spying effort, according to security firm McAfee, with analysts pointing to China as the culprit, the Washington Post said Wednesday. Targets for the intrusions — identified from logs tracked to a…

Moody’s upholds United States’ AAA rating, but outlook ‘negative’

WASHINGTON — Rating agency Moody’s upheld its triple-A rating for the United States on Tuesday after Congress passed new legislation to raise the debt ceiling that averted a possible default. But Moody’s added a “negative outlook” on the grade, saying a historic downgrade could still come if fiscal discipline weakens…

Google+ the fastest-growing social network ever

WASHINGTON — Google is a latecomer to social networking but its new site, Google+, is growing much more rapidly than Facebook, Myspace and Twitter did in their early days, technology experts said Tuesday. While Google+ may be the fastest-growing social network ever, it remains to be seen, however, whether it…

Saudi tycoon to build new world’s tallest tower

RIYADH — Saudi billionaire Prince Alwaleed bin Talal launched Tuesday a project to build the world’s tallest tower at more than 1,000 metres (3,281 feet) in the Red Sea city of Jeddah. The project to built a tower topping Dubai’s world’s highest building, Burj Khalifa, “will soon see the light…

Little economic impact from U.S. debt deal: analysts

Spending cuts in the new deal to slash the US deficit and raise the borrowing ceiling will not have much immediate effect on the economy — or the deficit itself, analysts said Monday. Heralded as a political success that averts the United States being forced to default on its debt,…

Pentagon lands extra $50 billion out of debt deal

Out of a bill that was supposed to cut government spending and waste wherever it is found, lawmakers managed to cobble together an additional $50 billion for the U.S. Defense Department’s budget, using an accounting trick to disguise the move. Instead of cutting $400 billion from the Pentagon’s budget over…

Google faces 9 antitrust complaints in EU probe

BRUSSELS (Reuters) – Google faces a total of nine antitrust complaints which EU regulators are now investigating, two sources said on Tuesday, as rivals ramped up the pressure on the world No. 1 search engine. The European Commission has up to now only confirmed four cases against Google. The addition…

Toyota net profit tumbles 99% in April-June

Japan’s Toyota Motor on Tuesday said net profit plunged 99 percent in April-June on the impact of the March disasters, but raised its full year net profit forecast 39 percent on recovery hopes. The world’s biggest automaker stumbled to a net profit of 1.16 billion yen ($14.9 million) in the…

U.S. company profits surge, even as economy slows

Major US companies are packing away record profits even as the economy falters, unemployment remains high and the debt-ceiling crisis has shaken confidence in the country, analysts said. In July, corporate giants such as 3M, Caterpillar, Goodyear, Microsoft and Apple reported blockbuster results in the second quarter of 2011, though…

Ford recalls up to 1.2 million trucks in US, Canada

NEW YORK — Ford is recalling up to 1.22 million older pickup trucks due to a problem which could cause fuel leaks and a risk of fire, the company and US car-safety regulators announced on Monday. “Prolonged exposure to road deicing chemicals may cause severe corrosion of the fuel tank…

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