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Tobacco firms sue US over graphic cigarette labels

Four tobacco companies filed a lawsuit against the US Food and Drug Administration (FDA) over what they say are unconstitutional requirements for warning labels on US cigarette packaging.

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PayPal founder's next project: Libertarian island nations

Peter Theil, the billionaire investor who co-founded Internet payments processor PayPal and made a key initial investment in Facebook, has a whole new idea occupying his time lately: according to a profile published in Details magazine Tuesday, he wants to build a series of island nations governed by a strict libertarian ideology.

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White House checks in with foursquare

WASHINGTON — The White House, in its latest social media foray, has joined the popular location-sharing service "foursquare."

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Probe to examine two years worth of DARPA contracts

A published report this week confirmed that the Pentagon is launching a probe that will look at the last two years worth of contracts handed out by the Defense Advanced Research Projects Agency (DARPA), to ensure there are no conflicts of interest or wasteful spending.

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Reporter claimed News Corp. phone hacking was 'widely discussed' at meetings

A (PDF), published Tuesday by the British Parliament, accuses high ranking executives and other journalists at the now-defunct News of the World of actively discussing phone hacking efforts during editorial meetings, and calls into question the testimony of Rupert and James Murdoch.

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Home Depot flexes muscles against Lowe's

NEW YORK (Reuters) - Home Depot Inc , the world's largest home improvement chain, raised its fiscal-year profit forecast for the second time in three months on Tuesday as timely promotions and renewed focus on cheaper products helped it gain market share from rival Lowe's Cos Inc .

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UK parliamentary body likely to recall James Murdoch

LONDON (Reuters) - A British parliamentary committee investigating phone hacking at a now defunct UK tabloid paper is very likely to recall News Corp executive James Murdoch in person after receiving further statements that cast doubt on his previous testimony.

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Wal-Mart profit up, U.S. same-store sales fall

CHICAGO (Reuters) - Sales at Wal-Mart Stores Inc's U.S. discount stores open at least a year fell 0.9 percent during its second quarter, marking the ninth straight quarterly decline as it tries to lure back bargain hunters.

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Economists: Threat of recession rising

WASHINGTON — The threat of a new recession is rising in the United States, economists say, as they slash their growth forecasts for the second half of the year.

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U.S. police search for thieves in Rembrandt heist

Police were on the lookout Monday for two people suspected in the theft of a Rembrandt drawing from a luxury hotel in the California beachfront resort of Marina del Rey, Los Angeles police said.

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Hollywood film giant links with China distributor

Relativity Media, the production company behind "The Social Network", has teamed up with two Chinese firms in a $100 million deal that gives it access to China's rapidly expanding film market.

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'Sugar Babies': Internet 'dating' for money

WASHINGTON — Pretty young women and older men of means -- 'sugar babies' and 'sugar daddies' -- are pairing up thanks to a US website that openly offers companionship for money, but balks at the word prostitution.

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