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Global markets sinking in response to failure of GOP vote

NEW YORK (Reuters) – Stock index futures fell on Friday after lawmakers in Washington delayed a vote on a Republican proposal to raise the U.S. government’s debt limit. House of Representatives Speaker John Boehner’s failure to round up enough votes for his plan late Thursday exposed a rift in the…

House panel approves bill forcing ISPs to log users’ web history

The House Judiciary Committee approved legislation on Thursday that would require Internet service providers (ISPs) to collect and retain records about Internet users’ activity. CNET reported the bill would require ISPs to retain customers’ names, addresses, phone numbers, credit card numbers, bank account numbers, and temporarily-assigned IP addresses for 12…

IMF chief: Dollar status in doubt if debt crisis persists

WASHINGTON — IMF chief Christine Lagarde warned Thursday that failure to resolve the US debt crisis would likely raise “doubts” about the dollar’s status as the world’s prime reserve currency. “It would probably entail a decline of the dollar relative to other currencies, and probably doubts in the mind of…

Companies with ties to Madoff agree to $1 billion settlement

NEW YORK — Companies accused of aiding Bernard Madoff’s vast pyramid scheme have agreed to pay more than $1 billion to settle a fraud lawsuit, the trustee charged with recovering Madoff’s funds said Thursday. More than a dozen investment funds and a former chief executive of Tremont Group — accused…

Bankers warn Obama, Congress of ‘very grave’ threat if debt limit not extended

The heads of Wall Street’s top banks on Thursday urged President Barack Obama and Congress to reach a deal on the debt ceiling, warning of “very grave” dangers if agreement is not reached. “We strongly urge you to reach an agreement this week,” the chief executives of Bank of America, Citigroup, Goldman Sachs,JPMorgan…

Hackers access data on 35 mln S. Koreans: agency

Hackers using an Internet address registered in China have gained access to major South Korean websites and may have stolen the private information of 35 million users, authorities said Thursday. They breached the systems of Nate (www.nate.com) and Cyworld (www.cyworld.com), both run by SK Communications, the Korea Communications Commission said. Nate is a search engine with…

Struggling Nintendo reports quarterly loss, slashes 3DS price

Japan’s Nintendo Thursday reported a first-quarter loss, lowered its annual forecast and slashed the price of its 3DS handheld console by 40 percent less than six months after its launch. The gaming giant booked a net loss of 25.5 billion yen ($327.9 million) for the April-June quarter and cut its…

Judge throws out suit blocking stem cell funding

In a victory for President Barack Obama’s administration, a US federal judge dismissed a lawsuit that had temporarily blocked government funding for embryonic stem cell research. Wednesday’s ruling was issued by Judge Royce Lamberth, who last year saw merit in the plaintiffs’ case and stunned many scientists by ordering a…

Stocks plummet over debt fight fears

Spurred by plunging stocks and fears of global economic crisis, polarized US lawmakers called a key vote for Thursday and privately hunted for a compromise to avert a default on the country’s debt. Jittery stocks plummeted Thursday amid fears of global economic crisis, as President Barack Obama and his Republican…

GOP fault lines deepen as Boehner says tea party seeks ‘chaos’ in debt deal

The longer the nation’s debt crisis goes unsolved, it seems, the deeper and uglier the fault lines within the Republican Party grow. Paul Teller, the executive director of the Republican Study Committee, a large policy group made up of House Republicans, came under fire from a group of Republicans who…

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