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Moody’s downgrades Greek debt rating

Moody’s credit rating agency downgraded Greek debt by three notches on Monday and warned that the eurozone rescue was almost certain to trigger another two-notch cut to default status. Moody’s, taking a similar line to the Fitch agency on Friday, said that once old debt had been replaced with new…

Honda to recall 200,000 cars globally

Japan’s Honda Motor said Monday it would recall about 200,000 passenger cars globally due to defective engine parts. The company said it had received 63 customer reports in Japan of engine malfunctions as a result of the defect, but said none had led to accidents. In Japan alone, the car…

Watching the debate, U.S. markets show no panic yet

Market experts are closely following the US debt ceiling talks, but they appear more worried about the economic impact of failure to reach an accord rather than a dramatic slide in the stock market. Still, it is the fear of a dramatically lower stock market opening Monday that has helped…

U.S., New Zealand leaders bond on trade, security

The United States and New Zealand hailed new cooperation in a once frosty relationship as President Barack Obama called for work on a trans-Pacific trade deal by November. Obama welcomed New Zealand’s Prime Minister John Key to the White House on Friday, hours after deadly attacks stunned Norway — an…

Oracle to question Larry Page in Google patent lawsuit

Oracle will get to question Google co-founder Larry Page under terms set by a US judge presiding over a patent suit pitting the business software titan against the Internet giant. Oracle can depose Page “for a maximum of two hours, excluding breaks” regarding the value of Android and whether Google…

Verizon iPhone sales fall short of expectations

By Sinead Carew NEW YORK (Reuters) – Verizon Communications may have the iPhone, but the blockbuster smartphone has yet to pay off in its battle against AT&T Inc. In the second quarter, Verizon Wireless, the No. 1 U.S. mobile service, signed up 1.3 million fewer iPhone customers than AT&T, dashing…

MS Windows sales fizzle as tablets dominate market

SEATTLE (Reuters) – Sales of Microsoft Corp’s flagship Windows software disappointed for the third straight quarter, taking the gloss off better-than-expected earnings that were aided by an unusually low tax rate. The results failed to excite a market already wary about growth prospects for the company and PC industry as…

‘Anonymous’ defiant in the face of arrests

SAN FRANCISCO — Notorious hacker group Anonymous on posted a defiant message to police Thursday and boasted of plundering sensitive data from NATO computers. “We are not scared anymore,” read an online message that purported to be a response by Anonymous and splinter group Lulz Security. “Your threats to arrest…

Europe eyes sweeping new powers for rescue fund

BRUSSELS (Reuters) - Euro zone leaders were set to give their financial rescue fund sweeping new powers to prevent contagion and help Greece overcome its debt crisis, according to the draft conclusions of an emergency summit on Thursday. The leaders met in Brussels after the European Central Bank signaled in a policy reversal that it was willing…

Audit: Fed gave $16 trillion in emergency loans

The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank. Last year, the gross domestic product of the entire U.S. economy was…

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