FedEx says it can grow by cutting costs

NEW YORK (AP) — FedEx may be pessimistic about the U.S. economy, but it's confident about growing its earnings.The world's second-largest package delivery company, a bellwether for economic health because of the vast number and kinds of shipments it handles, lowered its economic forecast for the U.S., saying there remains a lot of uncertainty for the country.FedEx maintained its earnings forecast...

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Burundi tea earnings rise 27 pct in November on high prices

BUJUMBURA (Reuters) - Burundi's tea export revenues rose 27 percent in November from the same month last year thanks to a stronger regional market, a tea board official said on Thursday.The state-run tea board (OTB) said it collected $1.80 million from the sale of 589,907 kg, up from $1.42 million earned in November 2011 from the export of 563,140 kg."Supplies of the commodity in the region were...

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Discover Financial Services 4Q net income rises

 Discover Financial Services on Thursday reported higher earnings for its fiscal fourth quarter, as users of its namesake credit card stepped up purchases and the company wrote off fewer unpaid balances.Even so, the Riverwoods, Ill.-based company's results fell short of Wall Street expectations, and investors sent its shares down over 3 percent Thursday.Discover, the nation's sixth-largest credit...

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Richardson: NKorea trip is private, humanitarian

WASHINGTON (AP) — Former New Mexico Gov. Bill Richardson says the State Department should not be nervous about a visit he's making to North Korea with Google's executive chairman, Eric Schmidt.The State Department has advised against his making the trip. But Richardson says he doesn't work for the U.S. government.Richardson said Friday he's concerned about an American citizen detained in North Korea,...

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Abbas sees Palestinian unity as Fatah rallies in Gaza

GAZA (Reuters) - President Mahmoud Abbas predicted the end of a five-year split between the two big Palestinian factions as his Fatah movement staged its first mass rally in Gaza with the blessing of Hamas Islamists who rule the enclave."Soon we will regain our unity," Abbas, whose authority has been limited to the Israeli-occupied West Bank since the 2007 civil war between the two factions, said...

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Malala Yousafzai, Pakistani teen shot by Taliban, is released from UK hospital

A daily summary of global reports on security issues. Malala Yousafzai, the Pakistani teen who was shot in the head by the Taliban in the fall for promoting girls’ education, was released from a British hospital yesterday. Malala, who will spend the next few weeks with her family in the UKbefore returning to the hospital for more surgery, quickly became an international symbol of...

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What does Google want with North Korea?

Google chairman Eric Schmidt plans to visit North Korea as early as next week in what analysts see as part of North Korean leader Kim Jong-un’s drive to give an appearance of closing the vast digital divide between his isolated country and the rest of the world.Although Mr. Schmidt is not expected to reach any real deal with the North, his presence there seems to show a desire in North Korea to improve...

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France's Bardot threatens exile over elephants

PARIS (AP) — Sex symbol-turned-animal rights activist Brigitte Bardot is threatening to join actor Gerard Depardieu in Russian exile unless France halts the scheduled euthanasia of two sick circus elephants.The 1960s screen diva says authorities have ignored her "numerous proposals" to save Baby and Nepal, a pair of 42-year-old elephants dying of tuberculosis at a Lyon zoo.In a statement on her foundation's...

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Macy's key revenue figure rises in December

 Macy's said Thursday that revenue in stores open at least one year rose 4.1 in December, edging past Wall Street estimates.But the figure grew less than the company expected during the combined two-month November and December period, the key holiday shopping months, and Macy's lowered its fourth-quarter guidance.The department store chain also said it will close six underperforming stores.Analysts...

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Stocks sink as Congress heads for another showdown

 The stock market pulled back slightly Thursday, a day after the Dow Jones industrial average posted its strongest gain in more than a year.Retailers reported mixed sales and the prospect of a new budget battle in Congress helped nudge stocks lower.The Dow Jones industrial average was down 25 points to 13,387 an hour after the opening bell. UnitedHealth Group led the Dow lower, sinking $1.65...

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Stocks pause on Wall Street after a two-day rally

Stocks are little changed on Wall Street as the market pauses following a huge two-day rally.The Dow Jones industrial average was off four points at 13,408 at midday Thursday. UnitedHealth Group led the Dow lower after analysts at Deutsche Bank and other firms cut their ratings on the insurer's stock.The Standard & Poor's 500 index edged up a point to 1,463 and the Nasdaq composite rose three...

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World stocks put relief rally on pause

 Enthusiasm faded on Wall Street and in European markets Thursday over U.S. legislators' deal to stave off the so-called fiscal cliff, a series of automatic tax increases and spending cuts that could have hurt the world's largest economy.While the deal passed by Congress this week avoids the near-term risk of a major blow to businesses and households, it left unsolved several budget measures,...

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Stocks tread water as next fiscal showdown looms

The stock market crept higher in midday trading Thursday, one day after the Dow Jones industrial average posted its biggest gain in more than a year.Retailers reported mixed sales and the prospect of a new budget battle in Congress loomed.The Standard & Poor's 500 index inched up one point to 1,463 and the Nasdaq composite rose four points to 3,116.UnitedHealth Group held back the Dow, sinking...

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In South Korea, Kim Jong-un's New Year speech generates surprise - and doubt

North Korea’s leader Kim Jong-un signaled his desire for improved relations with South Korea in a New Year’s Day address that South Korean officials see as an unsatisfying attempt to appear conciliatory.A day after Kim Jong-un stressed the need for resolving North-South confrontation, South Korean Foreign Minister Kim Sung-hwan responded Wednesday by calling for North Korea to make “wise and right...

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Mandela's recovery "on track" at home: South African government

 Former South African President Nelson Mandela's recovery is 'on track' at his home in Johannesburg, the government said on Wednesday in its first statement since the anti-apartheid hero was released from hospital a week ago.Mandela, 94, who has been in frail health for several years, spent nearly three weeks in a Pretoria hospital in December for treatment of a lung infection and surgery to...

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Italy's Monti fires opening salvo of second-term campaign

 Italy's outgoing Prime Minister Mario Monti pledged to cut labor taxes to fuel growth on Wednesday as he shed his neutral technocrat stance and fired the opening salvo of his campaign for a second term.The former European Commissioner was appointed in November 2011 to lead an unelected right-left government of experts to save Italy from financial crisis after Silvio Berlusconi quit amid a sex...

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After 'peaceful' 2012, Kashmiris urge end to war-time measures

Government tallies in Kashmir find that 2012 was the most peaceful year since an armed rebellion began in the disputed region in 1989. Despite that, no measures have been taken to demilitarize the region or to revoke the draconian laws that provide impunity to paramilitary forces here.A report released by the Jammu and Kashmir state last week put hard numbers on the widely-observed notion that armed...

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Is Russia trying a dead whistle-blower because of a US law?

At the center of the stormiest US-Russia diplomatic crisis since the cold war stands the enigmatic figure of Sergei Magnitsky, for whom the US Senate has named a punitive new law that imposes harsh visa and economic sanctions against scores of Russian officials who are deemed to have committed serious human rights violations.The tale of Mr. Magnitsky, a corporate lawyer who blew the whistle on a vast...

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A look back at memorable days on Wall Street

2012 had its fair share of big days on the stock market. Here's a look back at what set off the biggest moves in the Dow Jones industrial average.The Biggest Drops:— Nov. 7: Down 313 points. On the day after the presidential election, investors worried that a divided government wouldn't reach deal on the budget in time to avoid across-the-board government spending cuts and tax increases Jan. 1.— June...

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Stocks shoot up as investors bet on 'cliff' deal

 The stock market shot higher on Monday even as the "fiscal cliff" neared. By the time trading ended, Republicans and Democrats still hadn't reached a budget compromise — but investors were betting that they would.It was a dramatic day on what turned out to be a strong year for stocks. The Standard & Poor's 500 index rose 13.4 percent for the year, after finishing flat in 2011. It was the...

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A surprisingly good vintage as market logs gains

 If you'd told investors what was going to happen in 2012 — U.S. economic growth at stall speed, an intensifying European debt crisis, a slowdown in China, fiscal deadlock in Washington, decelerating corporate earnings growth — and asked how the stock market would perform, few would have predicted a good year.But that's just what they got.The Dow Jones industrial average, the Standard & Poor's...

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Housing and jobs key to lifting S&P toward record

It may be a big if, but assuming Washington lawmakers can get past the "fiscal cliff," many analysts say that the outlook for stocks next year is good, as a recovering housing market and an improving jobs outlook helps the economy maintain a slow, but steady recovery.An advance of 10 percent in 2013 would send the S&P 500 toward, and possibly past, its record close of 1,565 reached in October...

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