MARKETS / FINANCE

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BofA cutting 3,500 jobs, more may follow: report

Bank of America is cutting 3,500 jobs this quarter and working on a restructuring that could eliminate thousands of additional positions, the Wall Street Journal reported, adding to a slew of layoff by major banks.

BofA to cut 3,500 jobs in current quarter: report

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Bank of America is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, the Wall Street Journal reported, citing people familiar with the situation.

Analysis: Critics say new law makes them tax agents

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A U.S. law meant to snuff out billions of dollars in offshore tax evasion has drawn the criticism of the world's banks and business people, who dismiss it as imperialist and the neutron bomb of the global financial system.
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U.S. needs to reform corporate tax, GE CEO says

The United States needs to reform its corporate tax code and should consider eliminating all loopholes that allow companies to pay less than the statutory rate, General Electric Co 's chief said.
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AIG repays government another $2.15 billion

Bailed-out insurer American International Group said on Thursday it closed the sale of its Taiwanese life insurance business and used the proceeds to repay the government another $2.15 billion.
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U.S. regional factory activity at 2-1/2 year low

Factory activity in the U.S. Mid-Atlantic region plunged to a nearly 2-1/2 year low in August and home resales unexpectedly dropped last month, stoking concerns that risks of recession are growing.
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AIG repays U.S. government another $2.15 billion

Bailed-out insurer American International Group said on Thursday it closed the sale of its Taiwanese life insurance business and used the proceeds to repay the government another $2.15 billion.
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U.S. probing S&P over financial crisis: source

The U.S. Justice Department is investigating the rating agency Standard & Poor's over its actions on mortgages leading up to the financial crisis, a source familiar with the matter said on Thursday.
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Fed says it is treating U.S., European banks the same

The Federal Reserve Bank is treating foreign banks the same as their U.S. peers, a top policymaker said on Thursday, contrary to a published report that said the U.S. central bank was keeping a closer eye on European banks struggling with the continent's debt crisis.
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Beaten-down Wall Street tanks on recession fears

Wall Street sank in volatile trading on Thursday, with the S&P 500 down more than 4 percent as weak U.S. economic data pressured markets already beaten down by renewed fears about the health of European banks.
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Manufacturing gauge drops to 2-1/2 year low

Factory activity in the U.S. Mid-Atlantic region slumped to a nearly 2-1/2 year low in August and home resales unexpectedly dropped last month, dampening hopes for a quick revival in economic growth.
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U.S. regional factory plunges to 2-1/2 year low

Factory activity in the U.S. Mid-Atlantic region plunged to a nearly 2-1/2 year low in August and home resales unexpectedly dropped last month, stoking concerns that risks of recession are growing.
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Bond yields plunge as economy fears mount

Treasury prices soared on Thursday and benchmark 10-year note yields fell below 2 percent for the first time as global economic fears sent investors scrambling for safe-haven government debt.
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Regional factory activity hits 2-1/2 yr low

Factory activity in the Mid-Atlantic region slumped to a nearly 2-1/2 year low in August and home resales unexpectedly dropped last month, dampening hopes for a quick revival in economic growth.
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Kerkorian sheds 20 million MGM shares; stock tumbles

Billionaire investor Kirk Kerkorian's Tracinda Corp disclosed in a filing that it sold 20 million shares in gambling and resort operator MGM Resorts International on Wednesday, leaving it with a 22.8 percent interest.
U.S. 2012 Election

Rick Perry: Evolution 'Just a Theory’

This week, Gov. Rick Perry has not been able to resist knocking down scientific theories that are considered facts by a good chunk of the modern world. First it was global warming; now, it's evolution.
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Philly Fed factory activity index worst in 2-1/2 years

A gauge of factory activity in the U.S. Mid-Atlantic region plummeted in August, falling to the lowest level since March 2009 and casting more doubts on the strength of the economic recovery, a survey showed on Thursday.
U.S. Housing Sector

U.S. Housing: Five Tips for Prospective Home Buyers

U.S. mortgage rates are falling to 50-year lows, even as existing home sales remains soft, with both stemming from uncertainty regarding the outlook for the U.S. economy. In this uncertain time, what should prospective home buyers do? Here are five tips that will help you make an informed home purchase decision.
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AIG, banks say class-action group too large

Bailed-out insurer American International Group and dozens of banks have filed motions in federal court to block a proposed nationwide class-action suit against them over AIG's 2008 near-collapse.

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