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Wal-Mart profit up, U.S. same-store sales fall

CHICAGO (Reuters) – Sales at Wal-Mart Stores Inc’s U.S. discount stores open at least a year fell 0.9 percent during its second quarter, marking the ninth straight quarterly decline as it tries to lure back bargain hunters. The world’s largest retailer said on Tuesday that it earned $1.09 per share…

Economists: Threat of recession rising

WASHINGTON — The threat of a new recession is rising in the United States, economists say, as they slash their growth forecasts for the second half of the year. Slowing global expansion, the plunge in US stock markets after Standard & Poor’s cut the country’s credit rating, and political pressure…

U.S. police search for thieves in Rembrandt heist

Police were on the lookout Monday for two people suspected in the theft of a Rembrandt drawing from a luxury hotel in the California beachfront resort of Marina del Rey, Los Angeles police said. “The Judgment,” a pen and ink drawing with an estimated value of $250,000, was on display…

Hollywood film giant links with China distributor

Relativity Media, the production company behind “The Social Network”, has teamed up with two Chinese firms in a $100 million deal that gives it access to China’s rapidly expanding film market. Relativity will co-produce and distribute “cross cultural” films and television programmes with China’s Huaxia Film Distribution and SkyLand Film-Television…

Warren Buffett calls for higher taxes on wealthy Americans

Warren Buffett wants to pay more taxes. In an op-ed in the New York Times Monday, the Oracle of Omaha calls on Congress to ask him and other “super-rich” Americans to contribute more to the federal government. Buffett called for the immediate increase in the tax rate for those making more…

‘Sugar Babies’: Internet ‘dating’ for money

WASHINGTON — Pretty young women and older men of means — ‘sugar babies’ and ‘sugar daddies’ — are pairing up thanks to a US website that openly offers companionship for money, but balks at the word prostitution. SeekingArrangement.com (SA) — which bills itself as the “premier Sugar Daddy dating site”…

Google to buy Motorola Mobility for $12.5 billion

BANGALORE (Reuters) – Google Inc said it will buy Motorola Mobility Holdings Inc for about $12.5 billion in cash. The $40 a share offer is at a 63 percent premium to Motorola Mobility’s Friday close on the New York Stock Exchange. (Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb…

Securities and Exchange Commission to check S&P’s math on downgrade

The US Securities and Exchange Commission has launched a probe into the process by which Standard & Poor’s downgraded the US credit rating, the Wall Street Journal reported. US officials lashed out at S&P after it docked the country’s credit rating from AAA to AA+, accusing the agency of committing…

Apple ‘sued for price fixing’

Five book publishers and computer manufacturer Apple have been sued for allegedly colluding to drive up the price of e-books, lawyers for the plaintiffs said. The class-action suit, filed in the US District Court here, claims HarperCollins, Hachette, Macmillan, Penguin and Simon & Schuster had worked with Apple to break…

Apple, publishers ‘sued for price fixing’

Five book publishers and computer manufacturer Apple have been sued for allegedly colluding to drive up the price of e-books, lawyers for the plaintiffs said. The class-action suit, filed in the US District Court here, claims HarperCollins, Hachette, Macmillan, Penguin and Simon & Schuster had worked with Apple to break…

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