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US regulators unveil plan to curb market volatility

NEW YORK — The US Securities and Exchange Commission has unveiled a plan that protects markets from the kind of big price swings in stocks that triggered last year’s “flash crash.” The new “limit up-limit down” safeguards, which the SEC unveiled Tuesday, would require trades in listed stocks to be…

Warning agencies to prep for shutdown, Obama digs in on budget war

WASHINGTON (AFP) – An impatient President Barack Obama is in a high-stakes battle to clinch a budget deal and avert a government shutdown by Friday’s deadline, but his dramatic intervention failed to break the deadlock. Obama upped the ante after he met top Republican and Democratic leaders at the White…

Gold price hits record high above $1,450 an ounce

LONDON – The price of gold hit a record high above $1,450 an ounce in trading here Tuesday as the ‘safe haven’ metal won support from geopolitical unrest and surging global inflation, traders said. Gold reached $1,450.65 an ounce at 1515 GMT on the London Bullion Market, beating the previous…

SpaceX unveils heavy launcher

WASHINGTON – SpaceX unveiled Tuesday what its chief executive Elon Musk has called the world’s most powerful rocket, the Falcon Heavy, which will have its first demonstration flight at the end of 2012. The launcher is designed to lift into orbit satellites or spacecraft weighing more than 53 metric tons,…

Hackers hunt prey on smartphones, Facebook

SAN FRANCISCO – Hackers are following prey onto smartphones and social networking hotspots, according to reports released Tuesday by a pair of computer security firms. Cyber criminals are also ramping up the sophistication and frequency of attacks on business and government networks, one of the companies, Symantec, said in the…

Time Warner told Ohio man he owed over $16 million for cable service

Most Americans live their lives working hard, supporting themselves and their families, quietly dreading outrageous utility bills, which can be a serious pitfall of life in the poor lane. But as one man in Ohio learned recently, you can’t always take obscene corporate demands seriously. All Daniel DeVirgilio said he…

Fur flies in battle of chocolate bunnies

VIENNA (Reuters Life!) – An Austrian chocolate company vowed on Tuesday to appeal a ruling by a Vienna court that stops it from producing Easter bunnies resembling those made by Switzerland’s Lindt & Spruengli. Austria’s Hauswirth has been locked in a seven-year battle with larger confectioner Lindt over the chocolate figures. Both chocolatiers make the…

AIG plans to buy back its bad mortgages

DUBROVNIK, Croatia (Reuters) – Bailed-out insurer American International Group<AIG.N> is working hard to invest cash it set aside for a failed deal to buy back assets from the Federal Reserve, Chief Executive Bob Benmosche said on Tuesday. But the company is still looking at taking part in the auction the Fed set up for the nearly…

US lawmakers target ‘rogue websites’ with online infringement act

Democratic and Republican members of the US Congress pledged Monday to pass legislation that would give US authorities more tools to crack down on websites engaged in piracy of movies, television shows and music and the sale of counterfeit goods. Senator Patrick Leahy, a Democrat from Vermont who chairs the…

Mercedes-Benz recalls U.S. M-Class vehicles

DETROIT (Reuters) – Daimler AG’s Mercedes-Benz is recalling 136,750 M-Class and M-Class AMG vehicles in the United States made from 1999 to 2004 for issues related to cruise control that may lead to a crash, U.S. federal safety regulators said. A filing with the U.S. National Highway Traffic Safety Administration shows that…

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