Senate confirms Jack Lew as Treasury Secretary

The Senate confirmed Jack Lew to be the next Treasury secretary. WASHINGTON (CNNMoney) Lew, 57, most recently served as the White House chief-of-staff. As a former budget director for Presidents Obama and Bill Clinton, Lew has overseen budget...

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Indiana reverses plan to halt federal unemployment benefits

The long-term unemployed will be among the first to feel the effects of the forced budget cuts scheduled to take effect on Friday. NEW YORK (CNNMoney) The state had said it would stop the checks this weekend because it needed additional guidance...

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It's official: Kuroda nominated to BoJ's top spot

Haruhiko Kuroda has been nominated to lead the Bank of Japan. HONG KONG (CNNMoney) Kuroda, the current president of the Asian Development Bank, has years of experience in international finance and monetary prescriptions that largely mirror those...

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Instagram hits 100 million users

Instagram now has 100 million active users each month. NEW YORK (CNNMoney) The milestone comes just a few months after the photo-sharing company's second birthday, and less than one year since Facebook (FB) bought Instagram for $1 billion. Co-founder...

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Gold posts best day of 2013

NEW YORK (CNNMoney) U.S. gold futures for April delivery rose $28.90, or 1.8%, to end the day at $1,615.50 per ounce. That's the precious metal's biggest jump both in terms of points and on a percentage basis for 2013. The rally came after gold...

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Defense stocks in cross hairs

Shares of defense contractors are under pressure as the industry is poised to be hit hard by forced budget cuts NEW YORK (CNNMoney) The so-called budget sequester will slash how much federal agencies are allowed to spend by $85 billion over seven...

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HP sells off the last scraps of Palm: webOS

HP bought Palm for its webOS, but it left the software for dead after HP killed off its TouchPad tablet and webOS smartphone line. NEW YORK (CNNMoney) LG is buying all of the assets associated with webOS: the source code, engineering talent, patents,...

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Americans still aren't saving enough

Of those surveyed, 38% said they were saving less than last year. NEW YORK (CNNMoney) Only half of respondents reported good savings habits, including having a spending and/or saving plan in place, according to the Consumer Federation of America...

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Italian election rattles world markets

HONG KONG (CNNMoney) The Hang Seng in Hong Kong fell 0.6%, while the Nikkei in Tokyo dropped about 1.4%. The Shanghai Composite was in positive territory after paring early losses. The Japanese yen, a safe-haven currency, strengthened overnight...

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Japan to tap Kuroda as next central bank governor

Haruhiko Kuroda is likely to be named the BoJ's next governor. HONG KONG (CNNMoney) After weeks of speculation, multiple Japanese media reports indicate that Prime Minister Shinzo Abe has chosen Asian Development Bank President Haruhiko Kuroda...

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HP takes cautious step into Android waters with new tablet

BARCELONA (CNNMoney) HP's bid to rejuvenate its flagging business is the Slate 7 -- which is not a premium-grade tablet, nor a remarkably cheap device. Instead, the $169 Slate 7 packs a 7-inch screen, 1024x600 resolution, a 1.6 GHz dual-core processor,...

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China's manufacturing sector stumbles

The pace of manufacturing expansion has slowed in China, according to HSBC. HONG KONG (CNNMoney) Global bank HSBC said its "flash" index of purchasing managers' sentiment fell to 50.4 in February from January's final reading of 52.3. Any reading...

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Judge rules against Apple in Einhorn cash fight

NEW YORK (CNNMoney) Einhorn's Greenlight Capital filed a lawsuit earlier this month seeking to "unbundle" a number of shareholder proposals that would have been voted on as a group, including one that would have made it difficult for the company to...

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Moody's downgrades United Kingdom from AAA

God save the AAA rating. NEW YORK (CNNMoney) The U.K. was knocked down one notch to Aa1, with its ratings outlook at stable. Moody's said the key drivers of the downgrade included the country's rising debt burden and tepid growth outlook over the...

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Samsung stuffs a phone in new Galaxy Note 8.0 tablet

t-ts-samsung-galaxy-note-8_00000111.jpg NEW YORK (CNNMoney) It runs Android 4.1, has a 1.6 GHz quad-core CPU, 2 gigabytes of RAM, and an 8-inch, 1280 x 800 display that you can control with Samsung's S-Pen stylus. But on the international version...

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Fed officials: Don't worry if we lose money

NEW YORK (CNNMoney) But that's okay, Fed officials say. After years of record profits, the Fed is likely to be saddled with losses starting in 2017 or 2018, economists predict in a paper that was presented Friday at the U.S. Monetary Policy Forum,...

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Wal-Mart: Small businesses are hurting, too

Wal-Mart said consumers aren't the only ones tightening their wallets. Small businesses that shop at its Sam's Club warehouse stores also are buying less as payroll taxes and higher gas prices take a toll. NEW YORK (CNNMoney) Small businesses frequently...

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Tesla stock tumbles 9%

Click on chart for more stock data. NEW YORK (CNNMoney) But he couldn't overcome criticism from investors Thursday who drove the stock sharply lower after the company posted a bigger than expected loss. Shares of Tesla (TSLA) ended about 9%...

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HP profit falls 16%, beating super-low expectations

HP's first-quarter earnings were weak, but expectations are so low that the figures came in above analysts' estimates. NEW YORK (CNNMoney) Sales fell in every HP business unit last quarter -- save one measly 1% gain in its relatively tiny financial...

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Americans in love-hate relationship with payday loans

Many borrowers say payday loans take advantage of them, but most would use one again, Pew found. NEW YORK (CNNMoney) Payday loans are advertised as short-term credit lines, typically extended for two weeks to help consumers get through to their...

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New York Times looks to sell Boston Globe

Boston Globe for sale. NEW YORK (CNNMoney) The firm has hired Evercore Partners to lead the search for a buyer and manage the sale. New York Times CEO Mark Thompson said the company is "proud of our association" with the Globe, as well as Worcester...

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Tesla posts loss, claims profits are in sight

Click the chart for more info. NEW YORK (CNNMoney) Tesla (TSLA) reported a loss of roughly $75 million for the fourth quarter on Wednesday, or 65 cents a share, wider than analysts had predicted. Sales came in slightly ahead of estimates at $306...

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Wake up, America! China is attacking

This building, in Shanghai's northern suburb of Gaoquio, is the headquarters for Unit 61398 of the Chinese military. Security firm Mandiant has tied this location to hundreds of cyberattacks. NEW YORK (CNNMoney) But many businesses are taking a...

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Millions expect to outlive retirement savings

LONDON (CNNMoney) Hard times are looming for millions of people who haven't saved enough for their retirement, according to a new global study by HSBC (HBC). With household incomes under pressure from the recession, unemployment and tax increases,...

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Bank of America boosts pay of CEO Brian Moynihan

Bank of America is giving CEO Brian Moynihan a nice raise. HONG KONG (CNNMoney) The CEO was granted $11.1 million in restricted shares for 2012, according to a regulatory filing made Tuesday by the bank. Moynihan's base salary is reportedly $950,000,...

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Burger King Twitter gets McHacked

Burger King's Twitter account was hacked by an apparent fan of McDonald's. NEW YORK (CNNMoney) Two weeks after traces of horse meat were found in beef patties at a European Burger King (BKW) supplier, the burger chain's Twitter account was hacked....

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Reader's Digest parent files for bankruptcy

NEW YORK (CNNMoney) This is the second time in four years that the iconic print magazine has faced bankruptcy. In 2009, its then debt-laden publisher Reader's Digest Association Inc., also filed for bankruptcy. In 2010, the company emerged from bankruptcy...

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A $160,000 jewelry heist at the Four Seasons

Bling, like these pieces from designer Jacob & Company, was taken from the midtown Manhattan Four Season Hotel early Saturday. NEW YORK (CNNMoney) The men walked out of the hotel with two high-end wrist watches, a diamond chain and a pendant...

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Maker's Mark won't water down whiskey, after all

Emerging markets are driving growth in the liquor business, and bourbon, with its sweeter taste, is appealing to consumers in countries like India. NEW YORK (CNNMoney) After an outpouring of outrage, Maker's Mark announced Sunday that it won't...

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