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Warren Buffett says second stimulus might be needed

Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 percent and a second stimulus package might be needed as the economy struggles to recover from recession.

Ethnic Chinese nabbed for stealing secrets, espionage

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Four employees of Australian miner Rio Tinto have been arrested in China on charges of stealing state secrets, the official Xinhua news agency said on Thursday, citing Shanghai's state security authorities. The suspects included Stern Hu, an Australian national and Rio Tinto's top iron ore salesman in China.
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Cyber attacks may not have come from North Korea

Cybersecurity analysts raised doubts on Wednesday that the North Korean state launched recent attacks on U.S. government and South Korean websites, saying industrial spies or pranksters could be the villains.
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Oil rebounds, snaps six-day losing streak

Oil rose by more than $1 on Thursday to trade above $61 a barrel, halting a six-session losing streak which has seen prices decline by 15 percent on concerns about the timing of any economic recovery.
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U.S. jobless claims drop steeply

The number of U.S. workers filing new claims for jobless benefits fell sharply last week but the decline was amplified by seasonal adjustments mainly connected with fewer-than-expected layoffs in the automotive sector, the Labor Department said on Thursday.
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Investors bet on quick deal in UBS tax row

Investors bet on Thursday the United States would not go as far as shutting down UBS there in a dispute over tax, instead expecting the Swiss bank to be hit by a hefty fine as part of a swift out-of-court settlement.
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Costco sales down an in-line 6 percent

Costco Wholesale Corp on Thursday reported an in-line 6 percent fall in sales, hit by a slide in demand during the recession for higher ticket items such as cameras and cell phones.
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Oil rises above $61, snaps 6-day losing streak

Oil rose by more than $1 on Thursday to edge back above $61 a barrel, halting a six-session losing streak which has seen prices decline by 15 percent on concerns about the timing of any economic recovery.
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Alcoa earnings help lift world stocks

Forecast-beating results from U.S. bellwether Alcoa helped lift European stocks and draw global equities out of the red on Thursday, while currency markets reversed some of their recent cautious patterns.
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Japan stocks fall after yen surge

Japan led a fall in Asian stocks on Thursday after the yen spiked to a five-month high against the dollar, with investors seeking to trim riskier bets amid concerns about the health of the global economy.
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CIT urges FDIC on issue of guaranteed debt: report

CIT Group Inc , a commercial U.S. lender struggling to finance its business, is pressing U.S. regulators to allow it to issue government-backed bonds to allay concerns over its financial health, the Financial Times reported on its website late on Wednesday.
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More web attacks likely, North Korea suspected

A fresh wave of cyber attacks that slowed U.S. and South Korean websites this week could come later on Thursday, a web security firm said, while the South's spy agency has said the hacking may be linked to North Korea.
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South Korea, U.S. Web sites down for 3rd day on attack

Some South Korean and U.S. Internet sites were down or slowed to a crawl for a third day on Thursday after attacks by a hacker that Seoul's National Intelligence Service said may be linked to a cyber warfare unit in the North.
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BofA, JPMorgan move cardholders to variable rates

Bank of America Corp and JPMorgan Chase & Co are switching some customers who have fixed-rate credit cards to potentially higher variable rates, acting before a new law takes effect that limits what card issuers can charge.
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U.S. denies Israeli report of deal on settlements

A U.S. official denied an Israeli newspaper report on Wednesday that Washington had agreed to the continued construction of 2,500 housing units in Jewish settlements in the West Bank, despite its calls for a freeze.
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AT&T takes issue with antitrust criticism

Telecommunications giant AT&T struck back on Wednesday at Sen. Herb Kohl, chair of a congressional antitrust panel, saying the lawmaker's concerns about a lack of competition in the wireless industry were unfounded.
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Judge asks if U.S. govt would shut UBS in tax fight

A judge ordered the U.S. government to say whether it was prepared to shut Swiss bank UBS AG in the United States as part of a battle to learn the identity of 52,000 secret accounts suspected of being used by Americans to avoid taxes.
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Alcoa's quarterly loss smaller than expected

Alcoa Inc posted a third consecutive quarterly loss on Wednesday, but cost cuts helped the largest U.S. aluminum maker beat Wall Street estimates by a large margin, sending its stock higher.

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