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BofA posts second-quarter loss on mortgage settlement

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted a second-quarter net loss after agreeing to an $8.5 billion settlement with mortgage bond investors. The largest U.S. bank by assets reported on Tuesday a net loss of $8.8 billion, or 90 cents per share, compared with net income of…

‘Air-conditioned clothes’ help Japan beat heat

As jackets go it looks far from fashionable, but its Japanese maker cannot meet sky-rocketing demand for “air conditioned” coats with built-in fans. Kuchofuku Co. Ltd — whose name literally means “air-conditioned clothing” — has seen orders soar amid power shortages in Japan after the devastating March 11 earthquake and…

Greek default must be avoided, says ECB chief

The responsibility to prevent Greece from defaulting lies with eurozone governments, European Central Bank chief Jean-Claude Trichet told a Slovak newspaper in an interview published on Tuesday. “A credit event, selective default or default must be avoided,” Trichet told the daily Hospodarske Noviny, repeating the central bank’s line two days…

News Corp shares recover ground in Australia

News Corp. shares recovered some ground on bargain-hunting in Australian trade Tuesday amid reports that under-fire tycoon Rupert Murdoch could step down as chief executive. The stock closed 2.40 percent, or 34 cents, higher at Aus$14.50, with one analyst saying the firm had been oversold, losing about a fifth of…

‘Anonymous’ launches social networking website AnonPlus

SAN FRANCISCO — Infamous hacker group Anonymous launched Monday its own social network after being rejected by Google’s freshly-launched online community. “Today we welcome you to begin anew,” the hacker alliance said at the website anonplus.com, which it described as a platform to distribute information. “Welcome to the Revolution –…

Reporter who blew whistle on Murdoch found dead

UPDATE: Police: Death of News of the World whistleblower ‘not suspicious’ The reporter who blew open the phone hacking scandals now threatening to topple News Corporation has been found dead in his London home, according to a report in The Guardian. Sean Hoare, who covered show business for the now-defunct…

Gingrich campaign $1 million in debt from private jets, web developers

All candidates for federal office, including presidential hopefuls and those running for Congress, were required to file their second quarter campaign finance paperwork with the Federal Election Commission last Friday. While this sounds like — and is — a bunch of paperwork, for the public, it’s a glimpse into candidates’…

Former Fox News producer claimed network’s ‘Brain Room’ led to phone hacking

A former producer with Fox News claimed in a lengthy essay gaining new traction this week that the conservative television station has a “Brain Room” in its New York headquarters which enables employees to view private telephone records with ease. Though published years ago, the allegations have returned to relevance…

Moody’s suggests U.S. eliminate debt ceiling

NEW YORK (Reuters) – Ratings agency Moody’s on Monday suggested the United States should eliminate its statutory limit on government debt to reduce uncertainty among bond holders. The United States is one of the few countries where Congress sets a ceiling on government debt, which creates “periodic uncertainty” over the…

China firms have ‘widespread weaknesses’: agency

Ratings agency Fitch warned Monday of “widespread weaknesses” in Chinese corporate governance and a lack of “quality information” for shareholders after a spate of accounting scandals overseas. Chinese companies were at “above average” risk of being accused of fraud — sometimes wrongly — which could hamper their attempts to raise…

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