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West Virginia official who called Michelle Obama ’ape in heels’ fired
The director of a West Virginia nonprofit agency who called first lady Michelle Obama ”an ape in heels” in a Facebook post has been fired and the institution put under outside management, state officials said on Tuesday. Pamela Taylor, director of the Clay County Development Corp (CCDC) which provides services to poor...
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Argentines declare $90 billion in tax amnesty, recession lingers
Argentina said on Tuesday that $90 billion in assets had been declared so far under the government’s tax amnesty plan, which outgoing Finance Minister Alfonso called ”an extraordinary success.” Other government data published Tuesday showed economic activity fell 4. 7 percent in October from the same month in 2015, ...
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Wing flap fault main theory behind Black Sea Russian jet crash
Russian investigators looking into the crash of a military plane that crashed, killing all 92 on board, believe a fault with its wing flaps was the reason it plunged into the Black Sea, an investigative source told the Interfax news agency on Tuesday. The plane, a belonging to the Defence Ministry, disappeared from ...
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Flight booking systems lack basic privacy safeguards, researchers say
Major travel booking systems lack a proper way to authenticate air travelers, making it easy to hack the short code used on many boarding passes to alter flight details or steal sensitive personal data, security researchers warned on Tuesday. Passenger Name Records (PNR) are used to store reservations with links to a ...
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Obama says he would have outrun Trump, but Trump says, ’No way!’
U. S. President Barack Obama said in an interview broadcast on Monday that he would have won most Americans’ support if he had been able to run against Donald Trump for a third term. ”No way!” Trump countered in a tweet, citing as liabilities U. S. companies taking jobs overseas, the fight against Islamic State milita...
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Australia’s Woolworths sells petrol chain to BP for $1.3 billion
Australia’s top grocer Woolworths Ltd ( ) said on Wednesday it will sell its chain of petrol stations to BP plc ( ) for A$1. 8 billion ($1. 3 billion) the latest disposal in a bid to return the company’s focus to its core supermarket business. The sale of the fuel business, comprising 527 petrol stations and 16 develo...
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Lactalis launches buyout bid to delist Parmalat
France’s Lactalis, the world’s largest dairy firm, said on Tuesday it was launching a buyout offer for shares in Italian group Parmalat ( ) it does not already own, with the aim to delist the company from the Milan stock exchange. The announcement comes as French media group Vivendi’s ( ) raid on Silvio Berlusconi’s b...
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In parting shot at Israel, Kerry warns Middle East peace in jeopardy
U. S. Secretary of State John Kerry on Wednesday said Israel’s building of settlements on occupied land was jeopardizing Middle East peace, voicing unusually frank frustration with America’s longtime ally weeks before he is due to leave office. In a swiftly issued statement, Israeli Prime Minister Benjamin Netanyahu a...
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Largest drop in two months as Wall St. rally loses steam
U. S. stocks fell in low volume on Wednesday in a broad decline triggered in part by a sharp drop in home resales. Contracts to buy U. S. homes fell in November to their lowest level in nearly a year, a sign that rising interest rates could be weighing on the housing market. The PHLX housing sector index . HGX fell ...
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Trump tax reforms could depend on little-known ’scoring’ panel
Donald Trump’s goal of overhauling the U. S. tax code in 2017 will depend partly on the work of an obscure congressional committee tasked with estimating how much future economic growth will result from tax cuts. Known as the Joint Committee on Taxation, or JCT, the nonpartisan panel assigns ”dynamic scores” to majo...
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U.S. set to announce response to Russian election hacking: sources
The Obama administration plans to announce on Thursday a series of retaliatory measures against Russia for hacking into U. S. political institutions and individuals and leaking information in an effort to help Donald Trump and other Republican candidates, two U. S. officials said on Wednesday. Both officials decline...
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Sprint, OneWeb say 8,000 jobs announced by Trump are part of SoftBank pledge
U. S. Donald Trump on Wednesday said telecommunications group Sprint Corp ( ) and a U. S. satellite company OneWeb will bring 8, 000 jobs to the United States, and the companies said the positions were part of a previously disclosed pledge by Japan’s SoftBank Group Corp. SoftBank ( ) holds stakes in both companies a...
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Writedown fears wipe $5 billion off Toshiba’s value as it weighs options
A looming writedown at Japanese conglomerate Toshiba Corp ( ) has wiped almost $5 billion off its value in two days and prompted a credit rating downgrade on Wednesday, as the company grapples to plug a potential dollar hole. Toshiba said late on Tuesday that cost overruns at a U. S. nuclear business it bought from ...
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Factbox: Toshiba’s dispute with CB&I over nuclear engineering unit
Click here to read the story: The following are the main issues at stake. WHAT IS NET WORKING CAPITAL? Net working capital is a measure of the financial strength of a business, defined as its current assets minus its current liabilities. When a company sells a business to another company, the sale agreement often inc...
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Through reclusive Wa, China’s reach extends into Suu Kyi’s Myanmar
China is extending its sway over an autonomous enclave run by Myanmar’s most powerful ethnic armed group, sources in the region told Reuters, bolstering Beijing’s role in the peace process that is the signature policy of Aung San Suu Kyi. The ”foreign policy” of the Wa State is closely monitored by Beijing, senior o...
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New York eases proposed cyber regulations after industry complaints
The rules from the New York State Department of Financial Services are being closely because they lay out unprecedented requirements on steps that financial firms must take to protect their networks and customer data from hackers and disclose cyber events to state regulators. ”Many organizations are going to have a lot...
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Senators ask Trump EPA chief pick to disclose energy industry ties
Democrats on the U. S. Senate’s environment panel on Wednesday asked Donald Trump’s choice to head the Environmental Protection Agency to disclose his ties to the energy industry ahead of his confirmation hearing early next year. The six senators sent a letter to Scott Pruitt, who as Oklahoma Attorney General led se...
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Dollar gains; Wall St. lower on home sales; oil off after data
The U. S. dollar rose on Wednesday on expectations for stronger U. S. economic growth, while stocks fell broadly as home resales dropped sharply. The U. S. Treasury yield declined, but worries in Europe about rescue plans for shaky Italian banks drove the spread between the benchmark and German Bund yields to the ...
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Commentary: With Trump, nuclear brinkmanship is back
With barely a single working day left until Christmas, Vladimir Putin and Donald Trump appeared to unexpectedly announce an intensified nuclear arms race. It was, perhaps, an early sign that relations between the U. S. and Russian leaders may not be as positive as some had expected. It is still not entirely clear exact...
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U.S. shale companies to boost spending as banks loosen purse strings
The credit increase is small, but with major oil producers worldwide aiming to hold down production in 2017, U. S. shale drillers are looking to boost market share to take advantage of higher prices, and greater availability of capital will make that easier. North oil and gas producers are expected to increase cap...
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U.S. appeals court rejects SEC’s use of administrative law judges
The ruling by the 10th U. S. Circuit Court of Appeals in Denver in the case of Colorado businessman David Bandimere marked a major setback for the SEC amid attacks by defendants who question the fairness of its administrative court system. The holding on Tuesday marked a departure from the U. S. Court of Appeals for th...
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South Carolina church shooter seeks to keep mental health evidence from jury
Dylann Roof, the man convicted in a church shooting in Charleston, South Carolina, asked a judge on Wednesday to keep details about his mental health sealed for the sentencing phase of his federal death penalty trial next week. Roof, a avowed white supremacist, was found guilty on Dec. 15 on 33 charges of federal h...
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Massachusetts delays retail sales of marijuana by six months
Meeting during a week, the state’s House and Senate voted to push back the licensing of cannabis shops from Jan. 1, 2018, until July 1 that year, according to a copy of the legislation posted online. The delay frustrated those who championed a Nov. 8 ballot measure, easily approved by voters, to allow use of the drug...
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U.S. fund investors cheer stocks at year’s end
Stock mutual funds and funds netted $1. 2 billion in the week through Dec. 21, while taxable bond funds added $1. 7 billion, the trade group said. Municipal bond funds, by contrast, posted $3. 9 billion in withdrawals. ”Investors have been embracing riskier assets and moving away from safer municipal bonds and Treasu...
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Oil holds near annual peaks, awaiting OPEC cuts, supply data
Crude oil prices edged up for a fourth consecutive session on Wednesday, close to their highest levels since ahead of U. S. oil inventory figures and as the market awaits evidence of OPEC supply reductions in the new year. U. S. benchmark West Texas Intermediate (WTI) crude oil futures CLc1 were up 30 cents, or 0. 6...
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FBI analysis fingers Russian spy agencies for U.S. election hacks
The FBI squarely blamed Russian intelligence services on Thursday for meddling in the 2016 U. S. presidential election, releasing the most definitive report yet on the issue, including samples of malicious computer code said to have been used in a broad hacking campaign. Starting in Russia’s foreign intelligence age...
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Clashes, air raids tarnish Russia and Turkey’s Syria truce
Clashes, shelling and air raids in western Syria marred a and ceasefire that aims to end nearly six years of war and lead to peace talks between rebels and a government emboldened by recent battlefield success. Russian President Vladimir Putin, a key ally of Syrian President Bashar announced the ceasefire on Thu...
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Gang-ravaged Mexico stuck in weed ban as U.S. opens up
Mexican advocates for drug reform are voicing alarm about the country’s widening gap with the United States on marijuana legislation, as criminal violence surges again south of the border. Tens of thousands have been killed over the years in Mexico, on the front line of a U. S. war on drugs. The country’s prohibition...
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New York, wary after Europe attacks, tightens security for New Year’s Eve
New York City will deploy trucks and thousands of police officers as part of a plan to protect revelers at this year’s New Year’s Eve celebrations in Times Square, mindful of two deadly truck attacks in Europe this year. As many as 2 million people are expected to gather on Saturday to welcome the new year and aut...
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Brazil’s president to pursue tax reform in 2017
Brazil will seek to simplify its tax code in 2017, President Michel Temer said on Thursday, aiming to broaden his reform agenda following proposals to modify the pension system and labor laws. A government source familiar with the matter told Reuters the reform could include streamlining the tax regime of the oil an...
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Bankers cautious on outlook for global equity deals after 2016 slide
Global equity raising fell by more than a quarter in 2016, data showed on Friday, hit by geopolitical shocks and a string of failed initial public offerings (IPOs) with the outlook for 2017 looking shaky. Companies raised $648. 9 billion in equity during 2016, against $873 billion last year, Thomson Reuters Equity Ca...
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Britain avoids M&A collapse as foreign buyers go Brexit bargain hunting
Britain avoided a collapse in mergers and acquisitions activity after the shock Brexit vote as foreign companies used sterling’s spectacular devaluation against the U. S. dollar to snap up British companies, Thomson Reuters data shows. British M&A totaled $177. 5 billion in 2016, down sharply from the record $394. 8 b...
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Iraqi forces launch second phase of Mosul offensive against Islamic State
Iraqi security forces on Thursday began the second phase of their offensive against Islamic State militants in Mosul, pushing from three directions into eastern districts where the battle has been deadlocked for nearly a month. Since the offensive to capture Mosul began 10 weeks ago, U. S. forces have retaken a quart...
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Mexico fuel price increase seen boosting sales of more efficient cars
An imminent jump in Mexican gasoline prices should not reduce auto sales in the near term but will ultimately boost the market for more cars, a leading Mexican auto industry group said on Thursday. This week, Mexico’s finance ministry said gasoline costs would rise by up to 20. 1 percent in January as it moved to en...
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Run-DMC founder sues Amazon.com, Wal-Mart over trademark
A founder of on Thursday filed a lawsuit accusing Amazon. com Inc and Stores Inc of selling a wide variety of clothing and accessories bearing the pioneering rap group’s name without permission. Darryl McDaniels, the owner of Brand LLC, the plaintiff in the lawsuit, is seeking at least $50 million of damages fro...
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Italy’s bailout fund makes offer for small banks’ bad loans: sources
Italian bank bailout fund Atlante has presented an offer for of the 3. 7 billion euros ($4 billion) of gross problematic loans of three small banks that were rescued last year, two sources close to the matter said. The move should help facilitate the sale of the banks Banca Etruria, Banca Marche and CariChieti ...
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Italy criticizes ECB over Monte Paschi capital decision
Italy’s economy minister has said the European Central Bank should have explained more clearly why it nearly doubled its estimate of the capital shortfall for the ailing bank Monte dei Paschi di Siena ( ) which is being bailed out by the state. In unusually critical comments of the euro zone’s banking supervisor, Pie...
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Argentine court revives bombing cover-up case against Fernandez
An Argentine appeals court on Thursday revived a case accusing former President Christina Fernandez of trying to cover up Iran’s alleged role in the bombing of a Buenos Aires Jewish center in 1994. The prosecutor who first brought the allegation, Alberto Nisman, died mysteriously in January 2015, and a judge later th...
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Trump populism comes to Canada as Conservatives seek leader
Canada’s answer to Donald Trump is a pediatric surgeon and former cabinet minister who, like the U. S. is railing against immigration and political elites. Kellie Leitch, 46, has vaulted to the front of the race to lead the opposition Conservative Party by pushing a ”Canadian values” platform that taps into discon...
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Judge orders psychiatric exam for South Carolina church shooter
A federal judge on Thursday ordered a psychiatric examination for Dylann Roof, days before he is to represent himself as prosecutors make the case that he should be executed for the June 2015 massacre at a Charleston, South Carolina, church. U. S. District Judge Richard Gergel said in an order he was requesting the ev...
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U.S. imprisonment rate falls to lowest since 1997: Justice Department
The U. S. prison population fell the most in almost four decades to 1. 53 million inmates in 2015, resulting in the lowest rate of incarceration in a generation, the said on Thursday. The drop has been driven by changes in federal and state corrections policies that include drug treatment programs and the sentencing...
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U.S. refiners face severe labor shortage for deferred maintenance
Fuel producers such as Marathon Petroleum Corp ( ) and Valero Energy Corp ( ) have delayed routine work in the past 24 months amid high margins. Those margins collapsed this year in a global fuel supply glut, providing an incentive for refiners to undertake the shutdowns necessary for maintenance. But refiners are now...
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U.S. goods trade deficit widens; labor market near full strength
A drop in U. S. exports last month pushed the country’s trade deficit in goods higher while the number of Americans filing for unemployment benefits fell last week in a positive sign for the labor market. The two reports released on Thursday suggested that when Donald Trump becomes America’s president next month, the ...
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General Cable to pay more than $75 million to settle bribery charges: U.S.
General Cable Corp ( ) a wire manufacturer, agreed to pay more than $75 million to resolve allegations that it had bribed officials in Angola, Bangladesh and China, the U. S. Justice Department and Securities and Exchange Commission said on Thursday. The company admitted its executives knew outside agents bribed off...
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Ukraine hit by 6,500 hack attacks, sees Russian ’cyberwar’
Hackers have targeted Ukrainian state institutions about 6, 500 times in the past two months, including incidents that showed Russian security services were waging a cyberwar against the country, President Petro Poroshenko said on Thursday. In December, Ukraine suffered attacks on its finance and defense ministries a...
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Battered Toshiba out of easy options to plug nuclear hole
Faced with the prospect of a writedown that could wipe out its shareholders’ equity, Japan’s Toshiba is running out of fixes: it is burning cash, cannot issue shares and has few easy assets left to sell. The conglomerate, which is still recovering from a $1. 3 billion accounting scandal in 2015, dismayed investor...
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Peabody extends debt deadline amid creditor support
Peabody Energy Corp said on Thursday it extended a deadline for creditors to join financing deals aimed at bringing the largest U. S. coal miner out of bankruptcy amid growing creditor support for its plan of reorganization. Last week, Peabody unveiled its plan to eliminate more than $5 billion of debt and raise capit...
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South Korea court issues arrest warrant for pension chief in corruption scandal
A South Korean court issued an arrest warrant on Saturday for the head of the national pension fund, the world’s third largest, in a corruption scandal that has led to President Park ’s impeachment, an official said. A special prosecutor probing the scandal has sought the arrest of the National Pension Service (NPS...
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Brazil says Greek ambassador murdered by wife’s policeman lover
A Rio de Janeiro policeman confessed to murdering Greece’s ambassador to Brazil in what investigators on Friday called a ”cowardly act” carried out at the direction of the diplomat’s Brazilian wife with whom the officer was romantically involved. Ambassador Kyriakos Amiridis, 59, was missing since Monday night. Franço...
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Singapore blogger seeking U.S. asylum regrets posts in home country
A Singaporean blogger who is seeking political asylum in the United States said on Friday he regretted inflammatory posts that landed him in jail twice in his home country. Amos Yee, 18, who is currently detained in Illinois, told Reuters that videos he filmed insulting Singapore’s late prime minister and various re...
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Taiwan announces U.S. itinerary for president, upsetting China
Taiwan President Tsai will transit through Houston and San Francisco during a January visit to allies in Latin America, her office said Friday, prompting China to repeat a call for the United States to block any such stopover. Tsai’s office declined to comment on whether she would be meeting members of U. S. Dona...
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Panama sees no change in Taiwan, China ties despite Trump
Panama does not expect any change in its relations with Taiwan or China, a senior official from the isthmus nation said on Friday, despite increased pressure from Beijing on Taiwan’s allies to sever ties. Taiwanese President Tsai will visit Latin America next month, against a tense backdrop after news of her phone c...
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Iraqi forces face fierce Islamic State combat in south Mosul
Iraqi forces faced fierce resistance from Islamic State militants in southern Mosul on Friday, the second day of a renewed push to take back the city after fighting stalled for several weeks. An officer in the federal police forces, which joined the battle on Thursday, said there were heavy clashes in the southea...
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Merkel says Islamist terrorism is biggest test for Germany
Islamist terrorism is the biggest test facing Germany, Chancellor Angela Merkel said on Saturday in a New Year’s address to the nation, and vowed to introduce laws that improve security after a deadly attack before Christmas in Berlin. Merkel, seeking a fourth term as chancellor in 2017, described 2016 as a year that ...
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Congo deal reached for Kabila to step down after 2017 elections
Congolese President Joseph Kabila will step down after elections to be held by the end of 2017 under a deal struck by political parties on Friday, the lead mediator of the talks said. Negotiators spent weeks in tense talks seeking to ensure Democratic Republic of Congo’s first peaceful transfer of power since indepe...
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Factbox: U.S. stock market performance in 2016
U. S. stocks saw solid gains in 2016, buoyed by a rally that fueled the Dow Jones Industrial Average to its best performance since 2013 and while the S&P 500 fell just short of a return. Below is a list of major indexes, sectors, and the S&P’s best and worst performers for the year. Index ...
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Dollar, stocks log yearly gains, oil the biggest winner
The dollar, oil and U. S. stocks slipped on Friday in thin trading on the last trading day of 2016, but ended the session with sizable gains for the year. The dollar logged its fourth straight year of gains against a basket of major currencies, while oil prices notched up their biggest annual gain since 2009. Global...
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U.S. dollar posts 2016 gain on Trump victory, Fed forecasts
The U. S. dollar slipped on Friday but notched its fourth straight year of gains against a basket of major currencies. The dollar index . DXY, which measures the greenback against a basket of six major rivals, gained about 3. 7 percent for the year. The index rose about 7. 1 percent during the fourth quarter, more tha...
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Speculators raise net long dollar bets in final week of 2016
Net long bets on the dollar fell last week for the first time since October, but rebounded as currency speculators again took bullish positions on the future of the greenback in the last trading week of the year. Analysts told Reuters they expect the dollar’s strength to continue in 2017 with the greenback set to end t...
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Wall St. thinks stocks will rise in 2017 - What could go wrong?
Wall Street’s rally could be derailed by renewed worries about Donald Trump’s policies, a resurgent dollar or potential events like cyber attacks or a trade war, investors say as they look to 2017. Stocks are at record highs on optimism Trump will boost the economy, and strategists in a recent Reuters poll expect ...
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Disney buying Netflix could be practical magic
(Reuters Breakingviews) Walt Disney may be looking for a bit of magic. The $160 billion entertainment conglomerate is on the hunt for technology to connect consumers directly with its movies and TV shows. It’s also in need of a successor to Chief Executive Bob Iger. A Netflix acquisition including founder Reed Ha...
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Actors seek posthumous protections after big-screen resurrections
(Story refiled to correct date in paragraph 11 from 1997 to 1977) By Lisa Richwine and Jill Serjeant Tuesday’s death of actor Carrie Fisher, who played Princess Leia in ”Star Wars,” set off waves of remembrance among fans but also speculation over her character’s return in episodes. Filmmakers are tapping adva...
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European cities ramp up security for New Year after Berlin attack
European capitals tightened security on Friday ahead of New Year’s celebrations, erecting concrete barriers in city centers and boosting police numbers after the Islamic State attack in Berlin last week that killed 12 people. In the German capital, police closed the Pariser Platz square in front of the Brandenburg Gat...