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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…

Stocks fall as debt-ceiling vote looms

NEW YORK — US stocks fell on Monday as a last-minute deal on raising the government’s debt ceiling and averting a potentially disastrous default headed for a contentious vote in Congress. The Dow Jones Industrial Average shed 10.75 points (0.09 percent) to close at 12,132.49. The broader S&P 500 dropped…

Android conquers almost 50 percent of smartphone market

FRANKFURT (Reuters) – Google’s Android platform has taken almost 50 percent of the global smartphone market, dominating in the Asia-Pacific region, research firm Canalys said on Monday. Android, which Google acquired in 2005 and launched on phones in 2008, is used by almost all the major phone makers including HTC,…

Vancouver drug control strategy calls for free crack pipes

The city of Vancouver is set to launch a novel approach to drug control by giving away free crack pipes in hopes of better connecting drug addicts with health workers, according to the Canadian Press. People addicted to crack-cocaine typically smoke it out of glass tubes, which can sometimes be…

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