ECONOMY & MARKETS

Chinese City Orders Two Fake Apple Shops to Close

Chinese city orders two fake Apple shops to close

Chinese officials in Kunming have ordered two fake Apple shops to close, not because of piracy or copyright concerns, but because the stores in the southwestern city did not have an official business permit.

Lawmakers split as debt deadline looms, markets uneasy

Lawmakers split as debt deadline looms, markets uneasy
A sharply divided Congress pursued rival budget plans on Monday that appeared unlikely to win broad support, pushing the United States closer to a ratings downgrade and debt default that would send shockwaves through global markets.
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China, Iran eye barter plan to bypass US sanctions-FT

Iran and China are discussing using a barter system to exchange Iranian oil for Chinese goods and services, as U.S. sanctions have blocked China from paying at least $20 billion for oil, the Financial Times said.
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Obama, Congress fail to break debt deadlock

U.S. lawmakers failed to achieve a budget breakthrough and instead worked on rival plans on Sunday in a impasse that heightened prospects for a catastrophic U.S. debt fault.
Alcoa Inc. (NYSE: AA)

Top Earnings at a Glance (SLIDESHOW)

The earnings season is when a large number of publicly traded companies release their quarterly earnings reports. The earnings season is so far topping Street views at a pace above typical quarters.
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June Unemployment Increases in 28 States, D.C.

June's unemployment numbers showed unemployment increased in 28 states plus the District of Columbia. Nevada had the highest unemployment rate of all states in June, at 12.4 percent.
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Russia Decides Beer is Alcohol, not Food

A new measure, signed into law by Russian President Dmitry Medvedev, classifies beer as alcohol, limiting its sales at unlicensed kiosks and banning sales between certain hours.
People watch a melting ice polar bear at Circular Quay in central Sydney

Climate Change Will Bring 'Sudden and Abrupt' Shocks Worldwide: U.N. Expert

A senior United Nations official warned that climate change could become a catalyst for sudden and abrupt shocks worldwide and have far-reaching implications for global stability and security. Achim Steiner, executive director of the U.N. Environmental Program, told the U.N. Security Council Wednesday that natural resources are at risk.

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